10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________________

FORM 10-Q

_________________________________________________________________

☒ Quarterly Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

For the quarterly period ended: June 30, 2024

Commission File Number: 1-10853

TRUIST FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

_________________________________________________________________

North Carolina		56-0939887
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
214 North Tryon Street
Charlotte,	North Carolina	28202
(Address of principal executive offices)		(Zip Code)
Registrant’s telephone number, including area code:		(336)	733-2000

_________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $5 par value	TFC	New York Stock Exchange
Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock	TFC.PI	New York Stock Exchange
5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock	TFC.PJ	New York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock	TFC.PO	New York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred Stock	TFC.PR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

At July 31, 2024, 1,339,143,439 shares of the registrant’s common stock, $5 par value, were outstanding.

TABLE OF CONTENTS
TRUIST FINANCIAL CORPORATION
FORM 10-Q
June 30, 2024
		Page No.
PART I - Financial Information
	Glossary of Defined Terms	1
	Forward-Looking Statements and Other Terms	3
Item 1.	Financial Statements
	Consolidated Balance Sheets (Unaudited)	4
	Consolidated Statements of Income (Unaudited)	5
	Consolidated Statements of Comprehensive Income (Unaudited)	6
	Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)	7
	Consolidated Statements of Cash Flows (Unaudited)	8
	Notes to Consolidated Financial Statements (Unaudited)
	Note 1. Basis of Presentation	9
	Note 2. Discontinued Operations	11
	Note 3. Securities Financing Activities	13
	Note 4. Investment Securities	14
	Note 5. Loans and ACL	16
	Note 6. Goodwill and Other Intangible Assets	28
	Note 7. Loan Servicing	29
	Note 8. Other Assets and Liabilities	30
	Note 9. Borrowings	31
	Note 10. Shareholders’ Equity	31
	Note 11. AOCI	32
	Note 12. Income Taxes	33
	Note 13. Benefit Plans	33
	Note 14. Commitments and Contingencies	34
	Note 15. Fair Value Disclosures	37
	Note 16. Derivative Financial Instruments	41
	Note 17. Computation of EPS	46
	Note 18. Operating Segments	46
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
	Regulatory and Supervisory Considerations	49
	Executive Overview	50
	Analysis of Results of Operations	52
	Analysis of Financial Condition	61
	Risk Management	70
	Liquidity	74
	Capital	76
	Critical Accounting Policies	78
Item 3.	Quantitative and Qualitative Disclosures About Market Risk (see Market Risk in MD&A)	70
Item 4.	Controls and Procedures	80
PART II - Other Information
Item 1.	Legal Proceedings	81
Item 1A.	Risk Factors	81
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	81
Item 3.	Defaults Upon Senior Securities - (none)
Item 4.	Mine Safety Disclosures - (not applicable)
Item 5.	Other Information	81
Item 6.	Exhibits	82

Glossary of Defined Terms

The following terms may be used throughout this report, including the consolidated financial statements and related notes.

Term	Definition
ACL	Allowance for credit losses
AD and CL	Acquisition and development and commercial land
AFS	Available-for-sale
Agency MBS	Mortgage-backed securities issued by a U.S. government agency or GSE
ALCO	Asset and Liability Committee
ALLL	Allowance for loan and lease losses
AOCI	Accumulated other comprehensive income (loss)
BCBS	Basel Committee on Banking Supervision
BHC	Bank holding company
BHCA	Bank Holding Company Act of 1956, as amended
Board	Truist’s Board of Directors
BRC	Board Risk Committee
C&CB	Corporate and Commercial Banking, an operating segment prior to the Company’s realignment as of January 1, 2024
CB&W	Consumer Banking and Wealth, an operating segment prior to the Company’s realignment as of January 1, 2024
CCAR	Comprehensive Capital Analysis and Review
CD	Certificate of deposit
CDI	Core deposit intangible
CECL	Current expected credit loss model
CEO	Chief Executive Officer
CET1	Common equity tier 1
CFO	Chief Financial Officer
CFTC	Commodity Futures Trading Commission
CIO	Chief Information Officer
Company	Truist Financial Corporation and its subsidiaries (interchangeable with “Truist” below)
CP	Construction and permanent
CRE	Commercial real estate
CSBB	Consumer and Small Business Banking, an operating segment after the Company’s realignment as of January 1, 2024
DIF	Deposit Insurance Fund administered by the FDIC
EPS	Earnings per common share
Exchange Act	Securities Exchange Act of 1934, as amended
EVE	Economic value of equity
FASB	Financial Accounting Standards Board
FDIC	Federal Deposit Insurance Corporation
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
FRB	Board of Governors of the Federal Reserve System
FTE	Full-time equivalent employee
GAAP	Accounting principles generally accepted in the United States of America
GCO	Governance and Controls Organization
GDP	Gross Domestic Product
GSE	U.S. government-sponsored enterprise
HFI	Held for investment
HQLA	High-quality liquid assets
HTM	Held-to-maturity
IH	Insurance Holdings, a discontinued operating segment following the announcement of the sale of TIH
IPV	Independent price verification
IRR	Interest rate risk
LCR	Liquidity Coverage Ratio
LHFS	Loans held for sale
LOCOM	Lower of cost or market
Market Risk Rule	Market risk capital requirements issued jointly by the OCC, U.S. Treasury, FRB, and FDIC
MBS	Mortgage-backed securities
MD&A	Management’s Discussion and Analysis of Financial Condition and Results of Operations
MRO	Model Risk Oversight
MSR	Mortgage servicing right
NA	Not applicable
NII	Net interest income
NIM	Net interest margin, computed on a TE basis
NM	Not meaningful
NPA	Nonperforming asset
NPL	Nonperforming loan
NSFR	Net stable funding ratio
NYSE	New York Stock Exchange
OAS	Option adjusted spread
OCC	Office of the Comptroller of the Currency
OCI	Other comprehensive income (loss)

Truist Financial Corporation 1

Term	Definition
OPEB	Other post-employment benefit
OREO	Other real estate owned
OT&C	Other, Treasury and Corporate
Parent Company	Truist Financial Corporation, the parent company of Truist Bank and other subsidiaries
PCD	Purchased credit deteriorated loans
ROU assets	Right-of-use assets
RSU	Restricted stock unit
RUFC	Reserve for unfunded lending commitments
S&P	Standard & Poor’s
SBIC	Small Business Investment Company
SCB	Stress Capital Buffer
SEC	Securities and Exchange Commission
TBVPS	Tangible book value per common share
TE	Taxable-equivalent
TIH	Truist Insurance Holdings, LLC, an entity sold on May 6, 2024
TRS	Total Return Swap
Truist	Truist Financial Corporation and its subsidiaries (interchangeable with the “Company” above)
Truist Bank	Truist Bank, a North Carolina-charted member bank
U.S.	United States of America
U.S. DOJ	United States Department of Justice
U.S. Treasury	United States Department of the Treasury
UPB	Unpaid principal balance
VaR	Value-at-risk
VIE	Variable interest entity
WB	Wholesale Banking, an operating segment after the Company’s realignment as of January 1, 2024

2 Truist Financial Corporation

Forward-Looking Statements and Other Terms

From time to time we have made, and in the future will make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results.

This report, including any information incorporated by reference in this report, contains forward-looking statements. We also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, and others. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, and results may differ materially from those set forth in any forward-looking statement. While no list of assumptions, risks, and uncertainties could be complete, some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements include:

•evolving political, business, economic, and market conditions at local, regional, national, and international levels;

•monetary, fiscal, and trade laws or policies, including as a result of actions by governmental agencies, central banks, or supranational authorities;

•the legal, regulatory, and supervisory environment, including changes in financial-services legislation, regulation, policies, or government officials or other personnel;

•our ability to address heightened scrutiny and expectations from supervisory or other governmental authorities and to timely and credibly remediate related concerns or deficiencies;

•judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings that create uncertainty for or are adverse to us or the financial-services industry;

•the outcomes of judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, or disputes to which we are or may be subject and our ability to absorb and address any damages or other remedies that are sought or awarded and any collateral consequences;

•evolving accounting standards and policies;

•the adequacy of our corporate governance, risk-management framework, compliance programs, and internal controls over financial reporting, including our ability to control lapses or deficiencies in financial reporting, to make appropriate estimates, or to effectively mitigate or manage operational risk;

•any instability or breakdown in the financial system, including as a result of the actual or perceived soundness of another financial institution or another participant in the financial system;

•disruptions and shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations;

•our ability to cost-effectively fund our businesses and operations, including by accessing long- and short-term funding and liquidity and by retaining and growing client deposits;

•changes in any of our credit ratings;

•our ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss;

•negative market perceptions of our investment portfolio or its value;

•adverse publicity or other reputational harm to us, our service providers, or our senior officers;

•business and consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households;

•our ability to execute on strategic and operational plans, including simplifying our businesses, achieving cost-savings targets and lowering expense growth, accelerating franchise momentum, and improving our capital position;

•changes in our corporate and business strategies, the composition of our assets, or the way in which we fund those assets;

•our ability to successfully make and integrate acquisitions and to effect divestitures, including the ability to successfully deploy the proceeds from the sale of TIH and perform our obligations under the transition services arrangements supporting TIH in a cost-effective and efficient manner;

•our ability to develop, maintain, and market our products or services or to absorb unanticipated costs or liabilities associated with those products or services;

•our ability to innovate, to anticipate the needs of current or future clients, to successfully compete, to increase or hold market share in changing competitive environments, or to deal with pricing or other competitive pressures;

•our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure, including those that safeguard personal and other sensitive information;

•our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk;

•our ability to satisfactorily and profitably perform loan servicing and similar obligations;

•the credit, liquidity, or other financial condition of our clients, counterparties, service providers, or competitors;

•our ability to effectively deal with economic, business, or market slowdowns or disruptions;

•the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk;

•our ability to keep pace with changes in technology that affect us or our clients, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property;

•our ability to attract, hire, and retain key teammates and to engage in adequate succession planning;

•the performance and availability of third-party service providers on whom we rely in delivering products and services to our clients and otherwise in conducting our business and operations;

•our ability to detect, prevent, mitigate, and otherwise manage the risk of fraud or misconduct by internal or external parties; our ability to manage and mitigate physical-security and cybersecurity risks, including denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction;

•natural or other disasters, calamities, and conflicts, including terrorist events, cyber-warfare, and pandemics;

•widespread outages of operational, communication, and other systems;

•our ability to maintain appropriate corporate responsibility practices, oversight, and disclosures;

•policies and other actions of governments to manage and mitigate climate and related environmental risks, and the effects of climate change or the transition to a lower-carbon economy on our business, operations, and reputation; and

•other assumptions, risks, or uncertainties described in the Risk Factors (Item 1A), Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 7), or the Notes to the Consolidated Financial Statements (Item 8) in our Annual Report on Form 10-K or described in any of the Company’s subsequent quarterly or current reports.

Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, or Current Report on Form 8-K.

Unless the context otherwise requires, “sale of TIH” and similar phrases refer to the sale of our majority stake in TIH on May 6, 2024.

Truist Financial Corporation 3

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES

Unaudited (Dollars in millions, except per share data, shares in thousands)	Jun 30, 2024		Dec 31, 2023
Assets
Cash and due from banks	$	5,204	$	5,000
Interest-bearing deposits with banks	35,675		25,230
Securities borrowed or purchased under agreements to resell	2,338		2,378
Trading assets at fair value	5,558		4,332
AFS securities at fair value	55,969		67,366
HTM securities (fair value of $42,143 and $44,630, respectively)	52,447		54,107
LHFS (including $1,284 and $852 at fair value, respectively)	1,457		1,280
Loans and leases (including $14 and $15 at fair value, respectively)	305,692		312,061
ALLL	(4,808)		(4,798)
Loans and leases, net of ALLL	300,884		307,263
Premises and equipment	3,244		3,298
Goodwill	17,157		17,156
CDI and other intangible assets	1,729		1,909
Loan servicing rights at fair value	3,410		3,378
Other assets (including $1,371 and $1,311 at fair value, respectively)	34,781		34,997
Assets of discontinued operations	—		7,655
Total assets	$	519,853	$	535,349
Liabilities
Noninterest-bearing deposits	$	107,310	$	111,624
Interest-bearing deposits (including $43 and $0 at fair value, respectively)	278,101		284,241
Short-term borrowings (including $2,041 and $1,625 at fair value, respectively)	22,816		24,828
Long-term debt	34,616		38,918
Other liabilities (including $2,739 and $2,597 at fair value, respectively)	13,183		12,946
Liabilities of discontinued operations	—		3,539
Total liabilities	456,026		476,096
Shareholders’ Equity
Preferred stock	6,673		6,673
Common stock, $5 par value	6,691		6,669
Additional paid-in capital	36,364		36,177
Retained earnings	22,603		22,088
AOCI, net of deferred income taxes	(8,504)		(12,506)
Noncontrolling interests	—		152
Total shareholders’ equity	63,827		59,253
Total liabilities and shareholders’ equity	$	519,853	$	535,349
Common shares outstanding	1,338,223		1,333,743
Common shares authorized	2,000,000		2,000,000
Preferred shares outstanding	223		223
Preferred shares authorized	5,000		5,000

The accompanying notes are an integral part of these consolidated financial statements.

4 Truist Financial Corporation

CONSOLIDATED STATEMENTS OF INCOME

TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES

Unaudited (Dollars in millions, except per share data, shares in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest Income
Interest and fees on loans and leases	$	4,879	$	4,915	$	9,744	$	9,571
Interest on securities	838		749		1,643		1,501
Interest on other earning assets	634		511		1,148		887
Total interest income	6,351		6,175		12,535		11,959
Interest Expense
Interest on deposits	2,016		1,527		3,980		2,652
Interest on long-term debt	446		734		928		1,248
Interest on other borrowings	362		311		728		589
Total interest expense	2,824		2,572		5,636		4,489
Net Interest Income	3,527		3,603		6,899		7,470
Provision for credit losses	451		538		951		1,040
Net Interest Income After Provision for Credit Losses	3,076		3,065		5,948		6,430
Noninterest Income
Wealth management income	361		330		717		669
Investment banking and trading income	286		211		609		472
Card and payment related fees	230		236		454		466
Service charges on deposits	232		240		457		490
Mortgage banking income	112		99		209		241
Lending related fees	89		86		185		192
Operating lease income	50		64		109		131
Securities gains (losses)	(6,650)		—		(6,650)		—
Other income	78		114		144		140
Total noninterest income	(5,212)		1,380		(3,766)		2,801
Noninterest Expense
Personnel expense	1,661		1,705		3,291		3,373
Professional fees and outside processing	308		311		586		598
Software expense	218		223		442		423
Net occupancy expense	160		166		320		335
Amortization of intangibles	89		99		177		199
Equipment expense	89		87		177		189
Marketing and customer development	63		69		119		137
Operating lease depreciation	34		44		74		90
Regulatory costs	85		73		237		148
Restructuring charges	33		48		84		104
Other expense	354		221		540		465
Total noninterest expense	3,094		3,046		6,047		6,061
Earnings
Income (loss) before income taxes	(5,230)		1,399		(3,865)		3,170
Provision (benefit) for income taxes	(1,324)		230		(1,092)		591
Net income (loss) from continuing operations	(3,906)		1,169		(2,773)		2,579
Net income from discontinued operations	4,828		176		4,895		281
Net income	922		1,345		2,122		2,860
Noncontrolling interests from discontinued operations	19		36		22		38
Preferred stock dividends and other	77		75		183		178
Net income available to common shareholders	$	826	$	1,234	$	1,917	$	2,644
Basic earnings from continuing operations	$	(2.98)	$	0.82	$	(2.21)	$	1.80
Basic EPS	0.62		0.93		1.43		1.99
Diluted earnings from continuing operations	(2.98)		0.82		(2.21)		1.79
Diluted EPS	0.62		0.92		1.43		1.98
Basic weighted average shares outstanding	1,338,149		1,331,953		1,336,620		1,330,286
Diluted weighted average shares outstanding	1,338,149		1,337,307		1,336,620		1,338,346

The accompanying notes are an integral part of these consolidated financial statements.

Truist Financial Corporation 5

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES

Unaudited (Dollars in millions)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	922	$	1,345	$	2,122	$	2,860
OCI, net of tax:
Net change in net pension and postretirement costs	34		8		35		(6)
Net change in cash flow hedges	(38)		(317)		(228)		(192)
Net change in AFS securities	4,664		(550)		4,088		303
Net change in HTM securities	57		65		108		120
Other, net	1		1		(1)		2
Total OCI, net of tax	4,718		(793)		4,002		227
Total OCI	$	5,640	$	552	$	6,124	$	3,087
Income Tax Effect of Items Included in OCI:
Net change in net pension and postretirement costs	$	11	$	3	$	11	$	—
Net change in cash flow hedges	(12)		(97)		(70)		(59)
Net change in AFS securities	1,439		(187)		1,262		75
Net change in HTM securities	18		17		33		32
Total income taxes related to OCI	$	1,456	$	(264)	$	1,236	$	48

The accompanying notes are an integral part of these consolidated financial statements.

6 Truist Financial Corporation

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES

Unaudited (Dollars in millions, shares in thousands)	Shares of Common Stock	Preferred Stock		Common Stock		Additional Paid-In Capital		Retained Earnings		AOCI		Noncontrolling Interests		Total Shareholders’ Equity
Balance, April 1, 2023	1,331,918	$	6,673	$	6,660	$	34,582	$	27,038	$	(12,581)	$	22	$	62,394
Net income	—	—		—		—		1,309		—		36		1,345
OCI	—	—		—		—		—		(793)		—		(793)
Received in connection with TIH minority stake sale, net	—	—		—		1,317		—		—		96		1,413
Issued in connection with equity awards, net	58	—		—		1		(2)		—		—		(1)
Cash dividends declared on common stock	—	—		—		—		(693)		—		—		(693)
Cash dividends declared on preferred stock	—	—		—		—		(75)		—		—		(75)
Equity-based compensation expense	—	—		—		90		—		—		—		90
Other, net	—	—		—		—		—		—		1		1
Balance, June 30, 2023	1,331,976	$	6,673	$	6,660	$	35,990	$	27,577	$	(13,374)	$	155	$	63,681
Balance, April 1, 2024	1,338,096	$	6,673	$	6,690	$	36,197	$	22,483	$	(13,222)	$	232	$	59,053
Net income	—	—		—		—		903		—		19		922
OCI	—	—		—		—		—		4,718		—		4,718
Issued in connection with equity awards, net	127	—		1		(12)		(3)		—		—		(14)
Cash dividends declared on common stock	—	—		—		—		(696)		—		—		(696)
Cash dividends declared on preferred stock	—	—		—		—		(77)		—		—		(77)
Equity-based compensation expense	—	—		—		103		—		—		—		103
Sale of remaining stake in TIH	—	—		—		—		—		—		(197)		(197)
Other, net	—	—		—		76		(7)		—		(54)		15
Balance, June 30, 2024	1,338,223	$	6,673	$	6,691	$	36,364	$	22,603	$	(8,504)	$	—	$	63,827
Balance, January 1, 2023	1,326,829	$	6,673	$	6,634	$	34,544	$	26,264	$	(13,601)	$	23	$	60,537
Net income	—	—		—		—		2,822		—		38		2,860
OCI	—	—		—		—		—		227		—		227
Received in connection with TIH minority stake sale, net	—	—		—		1,317		—		—		96		1,413
Issued in connection with equity awards, net	5,147	—		26		(44)		(3)		—		—		(21)
Cash dividends declared on common stock	—	—		—		—		(1,384)		—		—		(1,384)
Cash dividends declared on preferred stock	—	—		—		—		(178)		—		—		(178)
Equity-based compensation expense	—	—		—		173		—		—		—		173
Other, net	—	—		—		—		56		—		(2)		54
Balance, June 30, 2023	1,331,976	$	6,673	$	6,660	$	35,990	$	27,577	$	(13,374)	$	155	$	63,681
Balance, January 1, 2024	1,333,743	$	6,673	$	6,669	$	36,177	$	22,088	$	(12,506)	$	152	$	59,253
Net income	—	—		—		—		2,100		—		22		2,122
OCI	—	—		—		—		—		4,002		—		4,002
Issued in connection with equity awards, net	4,480	—		22		(55)		(5)		—				(38)
Cash dividends declared on common stock	—	—		—		—		(1,390)		—		—		(1,390)
Cash dividends declared on preferred stock	—	—		—		—		(183)		—		—		(183)
Equity-based compensation expense	—	—		—		166		—		—		—		166
Sale of remaining stake in TIH	—	—		—		—		—		—		(197)		(197)
Other, net	—	—		—		76		(7)		—		23		92
Balance, June 30, 2024	1,338,223	$	6,673	$	6,691	$	36,364	$	22,603	$	(8,504)	$	—	$	63,827

The accompanying notes are an integral part of these consolidated financial statements.

Truist Financial Corporation 7

CONSOLIDATED STATEMENTS OF CASH FLOWS(1)

TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES

Unaudited (Dollars in millions)	Six Months Ended June 30,
	2024		2023
Cash Flows From Operating Activities:
Net income	$	2,122	$	2,860
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses	951		1,040
Depreciation	315		350
Amortization of intangibles	198		267
Securities (gains) losses	6,650		—
Gain on sale of TIH, net of tax	(4,814)		—
Net change in operating assets and liabilities:
LHFS	(432)		(580)
Pension asset	(95)		(1,388)
Derivative assets and liabilities	(470)		414
Trading assets	(1,226)		808
Other assets and other liabilities	(3,595)		547
Other, net	251		(470)
Net cash from operating activities	(145)		3,848
Cash Flows From Investing Activities:
Proceeds from sales of AFS securities	27,607		4
Proceeds from maturities, calls and paydowns of AFS securities	7,911		3,518
Purchases of AFS securities	(26,048)		(282)
Proceeds from maturities, calls and paydowns of HTM securities	1,810		1,918
Originations and purchases of loans and leases, net of sales and principal collected	5,719		3,258
Net cash received (paid) for FHLB stock	252		—
Net cash received (paid) for securities borrowed or purchased under agreements to resell	40		866
Net cash received (paid) for asset acquisitions, business combinations, and divestitures	12,060		—
Other, net	701		235
Net cash from investing activities	30,052		9,517
Cash Flows From Financing Activities:
Net change in deposits	(11,996)		(7,452)
Net change in short-term borrowings	(2,015)		1,003
Proceeds from issuance of long-term debt	8,204		40,884
Repayment of long-term debt	(12,242)		(39,152)
Cash dividends paid on common stock	(1,390)		(1,384)
Cash dividends paid on preferred stock	(183)		(178)
Net cash received (paid) for hedge unwinds	—		(378)
Net cash from TIH minority stake sale	—		1,922
Other, net	(50)		(41)
Net cash from financing activities	(19,672)		(4,776)
Net Change in Cash and Cash Equivalents	10,235		8,589
Cash and Cash Equivalents of Continuing and Discontinued Operations, January 1	30,644		21,421
Cash and Cash Equivalents of Continuing and Discontinued Operations, June 30	$	40,879	$	30,010
Supplemental Disclosure of Cash Flow Information:
Net cash paid (received) during the period for:
Interest expense	$	5,791	$	4,041
Income taxes	379		560

(1)Cash flows of discontinued operations are reflected within operating, investing, and financing activities in the Consolidated Statements of Cash Flows. The cash balance of these operations were reported as assets of discontinued operations on the Consolidated Balance Sheets prior to the sale of TIH. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations.

The accompanying notes are an integral part of these consolidated financial statements.

8 Truist Financial Corporation

NOTE 1. Basis of Presentation

General

See the Glossary of Defined Terms at the beginning of this Report for terms used herein. These consolidated financial statements and notes are presented in accordance with the instructions for Form 10-Q, and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations, and cash flow activity required in accordance with GAAP. In the opinion of management, all normal recurring adjustments necessary for a fair statement of the consolidated financial position and consolidated results of operations have been made. The year-end consolidated balance sheet data was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The information contained in the financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2023 should be referred to in connection with these unaudited interim consolidated financial statements. The Company updated its accounting policies in connection with recently adopted accounting standards, as applicable, which are described in this footnote. There were no other significant changes to the Company’s accounting policies from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023 that could have a material effect on the Company’s financial statements.

Discontinued Operations

The Company classifies assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable to occur within one year, and the disposal group is available for immediate sale in its present condition. The Company also considers whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. An asset or business that meets the criteria for held for sale classification is reported as discontinued operations when the disposal represents a strategic shift that has had or will have a major effect on the Company’s operating results.

Assets and liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets for prior periods commencing in the period in which the asset or business meets all of the held for sale criteria described above. Net income from discontinued operations, net of tax, is separately reported in the Consolidated Statements of Income for current and prior periods commencing in the period in which the asset or business meets all of the held for sale criteria described above, including any gain or loss recognized on the sale or adjustment of the carrying amount to fair value less cost to sell.

Certain activity of TIH impacting the Company's footnote disclosures has been removed or revised. The footnote disclosures included herein are presented on a continuing operations basis, unless otherwise noted.

Refer to “Note 2. Discontinued Operations” for additional information.

Segment Realignment

Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. First, the CB&W segment was renamed CSBB and the C&CB segment was renamed WB. Second, the Wealth business was realigned into the WB segment from the CSBB segment, representing a separate reporting unit in that segment. Third, the small business banking client segmentation was realigned into the CSBB segment from the WB segment. Further, TIH was the principal legal entity of the IH segment. As the operations of TIH were included in discontinued operations prior to the sale of TIH, the Company no longer presents the IH segment as one of its reportable segments. The segment disclosures have been revised to reflect the new structure. Refer to “Note 18. Operating Segments” for additional information.

Reclassifications

In addition to the reclassifications discussed above in the Consolidated Balance Sheets, Consolidated Statements of Income, and certain footnotes for discontinued operations and the segment realignment, as applicable, certain other amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the current presentation.

Truist Financial Corporation 9

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL; determination of fair value for securities, MSRs, LHFS, trading loans, and derivative assets and liabilities; goodwill and other intangible assets; income taxes; and pension and postretirement benefit obligations.

Changes in Accounting Principles and Effects of New Accounting Pronouncements

Standard / Adoption Date	Description	Effects on the Financial Statements
Standards Not Yet Adopted
Improvements to Reportable Segment Disclosures December 31, 2024	Improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses.	Truist is evaluating the impact of this standard on its disclosures. This standard relates to footnote disclosures only.
Improvements to Income Tax Disclosures January 1, 2025	Improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.	Truist is evaluating the impact of this standard on its disclosures. This standard relates to footnote disclosures only.

10 Truist Financial Corporation

NOTE 2. Discontinued Operations

On February 20, 2024, the Company entered into an agreement to sell the remaining stake of the common equity in TIH to an investor group led by Stone Point Capital LLC and Clayton, Dubilier & Rice for a purchase price that implied an enterprise value for TIH of $15.5 billion. The divestiture of TIH represents a strategic shift that has a major effect on our operations and financial results. The Company reclassified all of the assets and liabilities of TIH to discontinued operations in connection with the announcement of the disposition of the business. As such, financial information attributed to TIH has been recast to reflect discontinued operations for the periods presented herein. The following footnotes reflect impacts of discontinued operations: “Note 1. Basis of Presentation,” “Note 2. Discontinued Operations,” “Note 6. Goodwill and Other Intangible Assets,” “Note 8. Other Assets and Liabilities,” “Note 12. Income Taxes,” “Note 13. Benefit Plans,” “Note 17. Computation of EPS,” and “Note 18. Operating Segments.”

The following is a summary of the assets and liabilities of discontinued operations:

(Dollars in millions)	Dec 31, 2023
Assets of discontinued operations:
Cash and due from banks	$	72
Interest-bearing deposits with banks	342
Premises and equipment	72
Goodwill	3,745
CDI and other intangible assets	1,251
Other assets	2,173
Total assets of discontinued operations	$	7,655
Liabilities of discontinued operations:
Other liabilities	$	3,539
Total liabilities of discontinued operations	$	3,539

The following presents operating results of TIH classified as discontinued operations:

(Dollars in millions)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest Income
Interest on other earning assets	$	7	$	20	$	31	$	21
Total interest income	7		20		31		21
Noninterest income
Insurance income	427		938		1,319		1,753
Other income	4		5		9		8
Total noninterest income	431		943		1,328		1,761
Expenses
Personnel expense	251		551		885		1,064
Professional fees and outside processing	37		41		85		68
Software expense	8		14		25		28
Net occupancy expense	5		14		20		28
Amortization of intangibles	—		32		21		68
Equipment expense	2		5		11		13
Marketing and customer development	5		10		15		20
Restructuring charges	63		6		82		13
Other expense	26		57		84		109
Total noninterest expense	397		730		1,228		1,411
Earnings
Gain on sale of TIH	6,903		—		6,903		—
Income before income taxes from discontinued operations	6,944		233		7,034		371
Provision for income taxes	2,116		57		2,139		90
Net income from discontinued operations	4,828		176		4,895		281
Noncontrolling interests	19		36		22		38
Net income from discontinued operations attributable to controlling interest	$	4,809	$	140	$	4,873	$	243

Truist Financial Corporation 11

The components of net cash provided by operating, investing, and financing activities of discontinued operations included in the Consolidated Statements of Cash Flows are as follows:

(Dollars in millions)	Six Months Ended June 30,
	2024		2023
Net cash from operating activities	$	71	$	581
Net cash from investing activities	12,056		(12)
Net cash from financing activities	(41)		(649)

On May 6, 2024, the Company completed the sale. The transaction improved Truist’s relative capital position while allowing Truist to maintain strategic flexibility. Upon closing, the transaction resulted in the deconsolidation of the TIH subsidiary from Truist. The following is a summary of the transaction, subject to post-closing adjustments and the finalization of tax impacts:

(Dollars in millions)	May 6, 2024
Cash received	$	12,562
Assets of discontinued operations:
Cash and due from banks	93
Interest-bearing deposits with banks	1,952
Premises and equipment	58
Goodwill	3,743
CDI and other intangible assets	1,227
Other assets	2,873
Total assets of discontinued operations	9,946
Liabilities of discontinued operations:
Other liabilities	4,090
Total liabilities of discontinued operations	4,090
Net assets of discontinued operations	5,856
Noncontrolling interest	197
Pre-tax gain	6,903
Current and deferred tax impact	(2,089)
After-tax gain	$	4,814

In connection with the sale of TIH, the Company has entered into various agreements with entities controlled by the buyers and TIH, including a transition services agreement and several commercial agreements, ranging from one to seven years. The transition services agreement includes the following support services: information technology, finance and accounting, human resources, marketing and communications, procurement, and real estate. The Company is compensated for such services on a monthly basis. The commercial agreements represent arrangements for both the Company and TIH to continue engaging in certain business activities after the completion of the sale. Such activities include referral services and certain insurance brokerage and administration services. In addition, TIH retained its depository relationship with Truist Bank after completion of the sale. As of May 6, 2024 TIH held $1.5 billion of deposits at Truist Bank, which are no longer eliminated as a result of the deconsolidation of the TIH subsidiary from Truist effective with completion of the sale. Prior to the sale of TIH, such deposits were not presented in assets of discontinued operations as they were eliminated upon consolidation.

12 Truist Financial Corporation

NOTE 3. Securities Financing Activities

Securities purchased under agreements to resell are primarily collateralized by U.S. government or agency securities and are carried at the amounts at which the securities will be subsequently sold, plus accrued interest. Securities borrowed are primarily collateralized by corporate securities. The Company borrows securities and purchases securities under agreements to resell as part of its securities financing activities. On the acquisition date of these securities, the Company and the related counterparty agree on the amount of collateral required to secure the principal amount loaned under these arrangements. The Company monitors collateral values daily and calls for additional collateral to be provided as warranted under the respective agreements. The following table presents securities borrowed or purchased under agreements to resell:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Securities purchased under agreements to resell	$	989	$	1,168
Securities borrowed	1,349		1,210
Total securities borrowed or purchased under agreements to resell	$	2,338	$	2,378
Fair value of collateral permitted to be resold or repledged	$	2,089	$	2,175
Fair value of securities repledged	98		12

For securities sold under agreements to repurchase, the Company would be obligated to provide additional collateral in the event of a significant decline in fair value of the collateral pledged. This risk is managed by monitoring the liquidity and credit quality of the collateral, as well as the maturity profile of the transactions. Refer to “Note 14. Commitments and Contingencies” for additional information related to pledged securities. The following table presents the Company’s related activity, by collateral type and remaining contractual maturity:

	June 30, 2024								December 31, 2023
(Dollars in millions)	Overnight and Continuous		Up to 30 days		30-90 days		Total		Overnight and Continuous		Up to 30 days		Total
U.S. Treasury	$	98	$	—	$	—	$	98	$	12	$	—	$	12
State and Municipal	400		—		—		400		415		—		415
Agency MBS – residential	—		—		—		—		—		1,500		1,500
Corporate and other debt securities	523		80		50		653		420		80		500
Total securities sold under agreements to repurchase	$	1,021	$	80	$	50	$	1,151	$	847	$	1,580	$	2,427

There were no securities financing transactions subject to legally enforceable master netting arrangements that were eligible for balance sheet netting for the periods presented.

Truist Financial Corporation 13

NOTE 4. Investment Securities

The following tables summarize the Company’s AFS and HTM securities:

June 30, 2024 (Dollars in millions)	Amortized Cost		Gross Unrealized				Net unrealized gains (losses)		Fair Value
			Gains		Losses
AFS securities:
U.S. Treasury	$	12,291	$	9	$	(34)	$	(25)	$	12,266
GSE	380		1		(37)		(36)		344
Agency MBS – residential	46,246		14		(5,617)		(5,603)		40,643
Agency MBS – commercial	2,922		—		(635)		(635)		2,287
States and political subdivisions	420		12		(20)		(8)		412
Other	17		—		—		—		17
Total AFS securities, excluding portfolio level basis adjustments	62,276		36		(6,343)		(6,307)		55,969
Portfolio level basis adjustments(1)	(174)						174		—
Total AFS securities	$	62,102	$	36	$	(6,343)	$	(6,133)	$	55,969
HTM securities:
Agency MBS – residential	$	52,447	$	—	$	(10,304)	$	(10,304)	$	42,143
December 31, 2023 (Dollars in millions)	Amortized Cost		Gross Unrealized				Net unrealized gains (losses)		Fair Value
			Gains		Losses
AFS securities:
U.S. Treasury	$	10,511	$	2	$	(472)	$	(470)	$	10,041
GSE	393		3		(34)		(31)		362
Agency MBS – residential	60,989		—		(9,700)		(9,700)		51,289
Agency MBS – commercial	2,817		—		(569)		(569)		2,248
States and political subdivisions	421		17		(13)		4		425
Non-agency MBS	3,698		—		(717)		(717)		2,981
Other	20		—		—		—		20
Total AFS securities	$	78,849	$	22	$	(11,505)	$	(11,483)	$	67,366
HTM securities:
Agency MBS – residential	$	54,107	$	—	$	(9,477)	$	(9,477)	$	44,630

(1)Represents fair value hedge basis adjustments related to active portfolio layer method hedges, which are not allocated to individual securities. For additional information, refer to “Note 16. Derivative Financial Instruments.”

The amortized cost and estimated fair value of certain MBS securities issued by FNMA and FHLMC that exceeded 10% of shareholders’ equity are shown in the table below:

	June 30, 2024
(Dollars in millions)	Amortized Cost		Fair Value
FNMA	$	26,456	$	21,642
FHLMC	26,664		21,677

The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected life of MBS may be shorter than the contractual maturities because borrowers have the right to prepay their obligations with or without penalties.

	Amortized Cost										Fair Value
June 30, 2024 (Dollars in millions)	Due in one year or less		Due after one year through five years		Due after five years through ten years		Due after ten years		Total		Due in one year or less		Due after one year through five years		Due after five years through ten years		Due after ten years		Total
AFS securities:
U.S. Treasury	$	3,361	$	8,890	$	9	$	31	$	12,291	$	3,352	$	8,881	$	8	$	25	$	12,266
GSE	2		5		12		361		380		2		5		11		326		344
Agency MBS – residential	—		108		426		45,712		46,246		—		102		400		40,141		40,643
Agency MBS – commercial	—		—		71		2,851		2,922		—		—		66		2,221		2,287
States and political subdivisions	49		48		168		155		420		48		47		170		147		412
Other	—		7		10		—		17		—		7		10		—		17
Total AFS securities	$	3,412	$	9,058	$	696	$	49,110	$	62,276	$	3,402	$	9,042	$	665	$	42,860	$	55,969
HTM securities:
Agency MBS – residential	$	—	$	—	$	—	$	52,447	$	52,447	$	—	$	—	$	—	$	42,143	$	42,143

14 Truist Financial Corporation

The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position:

	Less than 12 months				12 months or more				Total
June 30, 2024 (Dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
AFS securities:
U.S. Treasury	$	4,789	$	(3)	$	1,191	$	(31)	$	5,980	$	(34)
GSE	7		—		255		(37)		262		(37)
Agency MBS – residential	6,326		(37)		28,448		(5,580)		34,774		(5,617)
Agency MBS – commercial	114		—		2,168		(635)		2,282		(635)
States and political subdivisions	10		—		260		(20)		270		(20)
Other	—		—		7		—		7		—
Total	$	11,246	$	(40)	$	32,329	$	(6,303)	$	43,575	$	(6,343)
HTM securities:
Agency MBS – residential	$	—	$	—	$	42,143	$	(10,304)	$	42,143	$	(10,304)
	Less than 12 months				12 months or more				Total
December 31, 2023 (Dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
AFS securities:
U.S. Treasury	$	356	$	(2)	$	8,806	$	(470)	$	9,162	$	(472)
GSE	16		—		255		(34)		271		(34)
Agency MBS – residential	258		(4)		51,006		(9,696)		51,264		(9,700)
Agency MBS – commercial	61		(2)		2,185		(567)		2,246		(569)
States and political subdivisions	35		—		243		(13)		278		(13)
Non-agency MBS	—		—		2,981		(717)		2,981		(717)
Other	—		—		20		—		20		—
Total	$	726	$	(8)	$	65,496	$	(11,497)	$	66,222	$	(11,505)
HTM securities:
Agency MBS – residential	$	—	$	—	$	44,630	$	(9,477)	$	44,630	$	(9,477)

At June 30, 2024 and December 31, 2023, no ACL was established for AFS or HTM securities. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. The Company does not expect to incur any credit losses on investment securities.

The following table presents gross securities gains and losses recognized in earnings:

(Dollars in millions)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Gross realized losses(1)	$	(6,650)	$	—	$	(6,650)	$	—

(1)Includes $485 million pre-tax gain on terminated hedges for the three and six months ended June 30, 2024.

Following the sale of TIH, Truist executed a strategic balance sheet repositioning of a portion of its AFS investment securities portfolio by selling $27.7 billion of lower-yielding investment securities, resulting in an after-tax loss of $5.1 billion in the second quarter of 2024. The investment securities that were sold had a book value of $34.4 billion including the impact of hedges. Truist invested approximately $18.7 billion of the sale proceeds in shorter duration, higher-yielding investment securities.

Truist Financial Corporation 15

NOTE 5. Loans and ACL

The following tables present loans and leases HFI by aging category. Government guaranteed loans are not placed on nonperforming status regardless of delinquency because collection of principal and interest is reasonably assured.

	Accruing
June 30, 2024 (Dollars in millions)	Current		30-89 Days Past Due		90 Days Or More Past Due(1)		Nonperforming		Total
Commercial:
Commercial and industrial	$	155,824	$	109	$	8	$	459	$	156,400
CRE	21,362		8		—		360		21,730
Commercial construction	7,786		—		1		—		7,787
Consumer:
Residential mortgage	53,049		732		402		161		54,344
Home equity	9,584		58		7		123		9,772
Indirect auto	21,157		592		1		244		21,994
Other consumer	28,380		214		19		64		28,677
Credit card	4,859		78		51		—		4,988
Total	$	302,001	$	1,791	$	489	$	1,411	$	305,692
(1)Includes government guaranteed loans of $375 million in the residential mortgage portfolio.
	Accruing
December 31, 2023 (Dollars in millions)	Current		30-89 Days Past Due		90 Days Or More Past Due(1)		Nonperforming		Total
Commercial:
Commercial and industrial	$	160,081	$	230	$	7	$	470	$	160,788
CRE	22,281		5		—		284		22,570
Commercial construction	6,658		—		1		24		6,683
Consumer:
Residential mortgage	54,261		639		439		153		55,492
Home equity	9,850		70		11		122		10,053
Indirect auto	21,788		669		2		268		22,727
Other consumer	28,296		271		21		59		28,647
Credit card	4,961		87		53		—		5,101
Total	$	308,176	$	1,971	$	534	$	1,380	$	312,061
(1)Includes government guaranteed loans of $418 million in the residential mortgage portfolio.

16 Truist Financial Corporation

The following tables present the amortized cost basis of loans by origination year and credit quality indicator:

June 30, 2024 (Dollars in millions)	Amortized Cost Basis by Origination Year												Revolving Credit		Loans Converted to Term		Other(1)
	2024		2023		2022		2021		2020		Prior								Total
Commercial:
Commercial and industrial:
Pass	$	12,060	$	19,581	$	24,237	$	13,427	$	7,316	$	15,212	$	57,473	$	—	$	(271)	$	149,035
Special mention	188		720		431		366		117		187		780		—		—		2,789
Substandard	249		755		736		437		203		548		1,189		—		—		4,117
Nonperforming	14		134		59		48		27		38		139		—		—		459
Total	12,511		21,190		25,463		14,278		7,663		15,985		59,581		—		(271)		156,400
Gross charge-offs	6		65		39		7		5		5		53						180
CRE:
Pass	925		3,052		4,387		2,344		1,882		4,656		1,572		—		(18)		18,800
Special mention	202		212		484		29		6		258		98		—		—		1,289
Substandard	144		325		160		258		146		248		—		—		—		1,281
Nonperforming	1		3		112		3		51		190		—		—		—		360
Total	1,272		3,592		5,143		2,634		2,085		5,352		1,670		—		(18)		21,730
Gross charge-offs	—		11		74		—		18		97		—		—		—		200
Commercial construction:
Pass	318		1,415		2,507		1,209		109		170		996		—		—		6,724
Special mention	2		60		362		217		43		—		4		—		—		688
Substandard	5		25		173		47		35		—		90		—		—		375
Total	325		1,500		3,042		1,473		187		170		1,090		—		—		7,787
Consumer:
Residential mortgage:
Current	922		2,857		13,085		15,963		5,513		14,709		—		—		—		53,049
30 - 89 days past due	13		14		68		67		46		524		—		—		—		732
90 days or more past due	—		25		34		23		25		295		—		—		—		402
Nonperforming	—		3		12		23		6		117		—		—		—		161
Total	935		2,899		13,199		16,076		5,590		15,645		—		—		—		54,344
Gross charge-offs	—		—		—		—		—		2		—		—		—		2
Home equity:
Current	—		—		—		—		—		—		6,103		3,481		—		9,584
30 - 89 days past due	—		—		—		—		—		—		38		20		—		58
90 days or more past due	—		—		—		—		—		—		5		2		—		7
Nonperforming	—		—		—		—		—		—		42		81		—		123
Total	—		—		—		—		—		—		6,188		3,584		—		9,772
Gross charge-offs	—		—		—		—		—		—		6		—		—		6
Indirect auto:
Current	3,944		3,821		6,578		3,700		1,841		1,282		—		—		(9)		21,157
30 - 89 days past due	22		103		183		120		67		97		—		—		—		592
90 days or more past due	—		—		1		—		—		—		—		—		—		1
Nonperforming	2		37		75		56		31		43		—		—		—		244
Total	3,968		3,961		6,837		3,876		1,939		1,422		—		—		(9)		21,994
Gross charge-offs	1		51		116		50		25		47		—		—		—		290
Other consumer:
Current	5,237		7,856		6,297		2,957		1,520		1,841		2,652		17		3		28,380
30 - 89 days past due	20		64		66		26		13		17		6		2		—		214
90 days or more past due	2		10		5		—		—		—		2		—		—		19
Nonperforming	1		13		17		13		7		13		—		—		—		64
Total	5,260		7,943		6,385		2,996		1,540		1,871		2,660		19		3		28,677
Gross charge-offs	26		103		86		41		20		16		14		—		—		306
Credit card:
Current	—		—		—		—		—		—		4,838		21		—		4,859
30 - 89 days past due	—		—		—		—		—		—		76		2		—		78
90 days or more past due	—		—		—		—		—		—		50		1		—		51
Total	—		—		—		—		—		—		4,964		24		—		4,988
Gross charge-offs	—		—		—		—		—		—		147		4		—		151
Total	$	24,271	$	41,085	$	60,069	$	41,333	$	19,004	$	40,445	$	76,153	$	3,627	$	(295)	$	305,692
Gross charge-offs	$	33	$	230	$	315	$	98	$	68	$	167	$	220	$	4	$	—	$	1,135

Truist Financial Corporation 17

December 31, 2023 (Dollars in millions)	Amortized Cost Basis by Origination Year												Revolving Credit		Loans Converted to Term		Other(1)
	2023		2022		2021		2020		2019		Prior								Total
Commercial:
Commercial and industrial:
Pass	$	26,836	$	29,877	$	15,683	$	8,436	$	5,918	$	11,539	$	55,026	$	—	$	(211)	$	153,104
Special mention	688		623		557		152		37		197		1,003		—		—		3,257
Substandard	754		628		428		290		289		367		1,201		—		—		3,957
Nonperforming	36		116		99		12		42		31		134		—		—		470
Total	28,314		31,244		16,767		8,890		6,286		12,134		57,364		—		(211)		160,788
Gross charge-offs	20		72		126		21		5		35		111		—		—		390
CRE:
Pass	3,760		4,931		2,651		1,903		2,813		2,666		1,221		—		(70)		19,875
Special mention	185		315		140		79		203		37		—		—		—		959
Substandard	259		350		190		65		243		289		56		—		—		1,452
Nonperforming	2		52		28		15		174		13		—		—		—		284
Total	4,206		5,648		3,009		2,062		3,433		3,005		1,277		—		(70)		22,570
Gross charge-offs	—		58		10		20		29		47		2		—		—		166
Commercial construction:
Pass	1,029		2,196		1,370		287		89		125		840		—		—		5,936
Special mention	3		218		208		—		—		—		1		—		—		430
Substandard	24		48		27		174		—		—		20		—		—		293
Nonperforming	—		23		—		—		1		—		—		—		—		24
Total	1,056		2,485		1,605		461		90		125		861		—		—		6,683
Gross charge-offs	—		5		—		—		—		—		—		—		—		5
Consumer:
Residential mortgage:
Current	2,846		13,481		16,509		5,738		2,822		12,865		—		—		—		54,261
30 - 89 days past due	10		52		43		38		40		456		—		—		—		639
90 or more days past due	7		22		25		31		28		326		—		—		—		439
Nonperforming	—		7		13		7		13		113		—		—		—		153
Total	2,863		13,562		16,590		5,814		2,903		13,760		—		—		—		55,492
Gross charge-offs	—		—		2		1		1		6		—		—		—		10
Home equity:
Current	—		—		—		—		—		—		6,175		3,675		—		9,850
30 - 89 days past due	—		—		—		—		—		—		47		23		—		70
90 days or more past due	—		—		—		—		—		—		7		4		—		11
Nonperforming	—		—		—		—		—		—		42		80		—		122
Total	—		—		—		—		—		—		6,271		3,782		—		10,053
Gross charge-offs	—		—		—		—		—		—		10		—		—		10
Indirect auto:
Current	4,611		8,049		4,689		2,479		1,330		639		—		—		(9)		21,788
30 - 89 days past due	83		213		150		86		71		66		—		—		—		669
90 days or more past due	—		1		1		—		—		—		—		—		—		2
Nonperforming	20		85		63		39		33		28		—		—		—		268
Total	4,714		8,348		4,903		2,604		1,434		733		—		—		(9)		22,727
Gross charge-offs	25		202		118		58		59		69		—		—		—		531
Other consumer:
Current	9,903		7,676		3,715		1,914		1,049		1,207		2,816		13		3		28,296
30 - 89 days past due	86		85		41		23		16		12		7		1		—		271
90 days or more past due	9		8		1		1		—		—		2		—		—		21
Nonperforming	6		14		14		8		6		10		—		1		—		59
Total	10,004		7,783		3,771		1,946		1,071		1,229		2,825		15		3		28,647
Gross charge-offs	97		166		93		50		34		14		23		—		—		477
Student:(2)
Gross charge-offs	—		—		—		—		—		108		—		—		—		108
Credit card:
Current	—		—		—		—		—		—		4,942		19		—		4,961
30 - 89 days past due	—		—		—		—		—		—		84		3		—		87
90 days or more past due	—		—		—		—		—		—		51		2		—		53
Total	—		—		—		—		—		—		5,077		24		—		5,101
Gross charge-offs	—		—		—		—		—		—		220		3		—		223
Total	$	51,157	$	69,070	$	46,645	$	21,777	$	15,217	$	30,986	$	73,675	$	3,821	$	(287)	$	312,061
Gross charge-offs	$	142	$	503	$	349	$	150	$	128	$	279	$	366	$	3	$	—	$	1,920

(1)Includes certain deferred fees and costs and other adjustments.

(2)Truist sold its student loan portfolio at the end of the second quarter of 2023. Charge-offs include $98 million related to the sale.

18 Truist Financial Corporation

ACL

The following tables present activity in the ACL:

(Dollars in millions)	Balance at Apr 1, 2023		Charge-Offs		Recoveries		Provision (Benefit)		Other(1)		Balance at Jun 30, 2023
Commercial:
Commercial and industrial	$	1,497	$	(107)	$	13	$	133	$	—	$	1,536
CRE	251		(35)		—		186		—		402
Commercial construction	87		—		—		22		—		109
Consumer:
Residential mortgage	332		(1)		2		(13)		—		320
Home equity	87		(2)		5		(5)		—		85
Indirect auto	993		(115)		31		72		—		981
Other Consumer	779		(104)		20		113		—		808
Student(2)	98		(103)		—		5		—		—
Credit card	355		(53)		9		54		—		365
ALLL	4,479		(520)		80		567		—		4,606
RUFC	282		—		—		(9)		—		273
ACL	$	4,761	$	(520)	$	80	$	558	$	—	$	4,879
(Dollars in millions)	Balance at Apr 1, 2024		Charge-Offs		Recoveries		Provision (Benefit)		Other(1)		Balance at Jun 30, 2024
Commercial:
Commercial and industrial	$	1,360	$	(83)	$	14	$	46	$	1	$	1,338
CRE	663		(97)		5		90		—		661
Commercial construction	198		—		1		7		—		206
Consumer:
Residential mortgage	222		(1)		2		(18)		—		205
Home equity	90		(3)		4		(3)		—		88
Indirect auto	923		(136)		30		128		—		945
Other consumer	959		(141)		28		112		—		958
Credit card	388		(74)		9		84		—		407
ALLL	4,803		(535)		93		446		1		4,808
RUFC	297		—		—		5		—		302
ACL	$	5,100	$	(535)	$	93	$	451	$	1	$	5,110
(Dollars in millions)	Balance at Jan 1, 2023		Charge-Offs		Recoveries		Provision (Benefit)		Other(1)		Balance at Jun 30, 2023
Commercial:
Commercial and industrial	$	1,409	$	(182)	$	26	$	284	$	(1)	$	1,536
CRE	224		(41)		1		218		—		402
Commercial construction	46		—		1		62		—		109
Consumer:
Residential mortgage	399		(2)		4		—		(81)		320
Home equity	90		(4)		11		(12)		—		85
Indirect auto	981		(242)		57		172		13		981
Other consumer	770		(209)		37		211		(1)		808
Student(2)	98		(108)		—		10		—		—
Credit card	360		(104)		18		94		(3)		365
ALLL	4,377		(892)		155		1,039		(73)		4,606
RUFC	272		—		—		1		—		273
ACL	$	4,649	$	(892)	$	155	$	1,040	$	(73)	$	4,879

Truist Financial Corporation 19

(Dollars in millions)	Balance at Jan 1, 2024		Charge-Offs		Recoveries		Provision (Benefit)		Other(1)		Balance at Jun 30, 2024
Commercial:
Commercial and industrial	$	1,404	$	(180)	$	46	$	68	$	—	$	1,338
CRE	616		(200)		12		233		—		661
Commercial construction	174		—		1		31		—		206
Consumer:
Residential mortgage	298		(2)		3		(94)		—		205
Home equity	89		(6)		9		(4)		—		88
Indirect auto	942		(290)		58		235		—		945
Other consumer	890		(306)		56		318		—		958
Credit card	385		(151)		18		155		—		407
ALLL	4,798		(1,135)		203		942		—		4,808
RUFC	295		—		—		9		(2)		302
ACL	$	5,093	$	(1,135)	$	203	$	951	$	(2)	$	5,110

(1)Includes the amounts for the ALLL for PCD acquisitions, the impact of adopting the Troubled Debt Restructurings and Vintage Disclosures accounting standard, and other activity.

(2)Truist sold its student loan portfolio at the end of the second quarter of 2023.

The commercial ALLL decreased $16 million and the consumer ALLL increased $2 million in the three months ended June 30, 2024. The decrease in the commercial ALLL primarily reflects a decrease in commercial loan balances that was partially offset by an increased reserve rate in the commercial real estate portfolio. The change in the consumer ALLL primarily reflects lower loan balances that were largely offset by a higher reserve rate on the nonprime auto lending portfolio. The commercial ALLL increased $11 million and the consumer ALLL decreased $23 million in the six months ended June 30, 2024. The increase in the commercial ALLL primarily reflects an increase in reserves related to the CRE and commercial construction portfolios, partially offset by a decrease in commercial loan balances. The change in the consumer ALLL was primarily driven by a decrease in loan balances that was partially offset by an increase in reserve rates related to certain consumer non-real estate portfolios.

The quantitative models have been designed to estimate losses using macro-economic forecasts over a reasonable and supportable forecast period of two years, followed by a reversion to long-term historical loss conditions over a one-year period. Forecasts of macroeconomic variables used in loss forecasting include, but are not limited to, unemployment trends, U.S. real GDP, corporate credit spreads, property values, home price indices, and used car prices.

The overall economic forecast incorporates a third-party baseline forecast that is adjusted to reflect Truist’s interest rate outlook. Management also considers optimistic and pessimistic third-party macro-economic forecasts in order to capture uncertainty in the economic environment. These forecasts, along with the primary economic forecast, are weighted 40% baseline, 30% optimistic, and 30% pessimistic in the June 30, 2024 ACL, unchanged since December 31, 2023. While the scenario weightings were unchanged, the economic outlook relative to the prior period varied by economic variable and time period. The economic outlook generally reflected improvement in the Housing Price Index, softness in GDP growth, and no material change in forecasted unemployment compared to the prior quarter. The overall economic forecast shaping the ACL estimate at June 30, 2024 included GDP growth in the low-single digits and an unemployment rate near the mid-single digits.

Quantitative models have certain limitations with respect to estimating expected losses, particularly in times of rapidly changing macro-economic conditions and forecasts. As a result, management believes that the qualitative component of the ACL, which incorporates management’s expert judgment related to expected future credit losses, will continue to be an important component of the ACL for the foreseeable future. The June 30, 2024 ACL estimate includes adjustments to consider the impact of current and expected events or risks not captured by the loss forecasting models, the outcomes of which are uncertain and may not be completely considered by quantitative models. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.

20 Truist Financial Corporation

NPAs

The following table provides a summary of nonperforming loans and leases, excluding LHFS:

	June 30, 2024				December 31, 2023
	Recorded Investment				Recorded Investment
(Dollars in millions)	Without an ALLL		With an ALLL		Without an ALLL		With an ALLL
Commercial:
Commercial and industrial	$	92	$	367	$	123	$	347
CRE	83		277		154		130
Commercial construction	—		—		—		24
Consumer:
Residential mortgage	1		160		1		152
Home equity	1		122		1		121
Indirect auto	28		216		20		248
Other consumer	—		64		—		59
Total	$	205	$	1,206	$	299	$	1,081

The following table presents a summary of nonperforming assets and residential mortgage loans in the process of foreclosure:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Nonperforming loans and leases HFI	$	1,411	$	1,380
Nonperforming LHFS	9		51
Foreclosed real estate	5		3
Other foreclosed property	51		54
Total nonperforming assets	$	1,476	$	1,488
Residential mortgage loans in the process of foreclosure	$	184	$	214

Truist Financial Corporation 21

Loan Modifications

The following tables summarize the amortized cost basis and the weighted average financial effect of loans to borrowers experiencing financial difficulty that were modified during the period, disaggregated by class of financing receivable and type of modification granted.

Three Months Ended June 30, 2024 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Interest Rate Adjustment and Term Extension		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total Modified Loans		Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial	$	198	$	—	$	—	$	—	$	—	$	—	$	—	$	52	$	250	0.16	%
CRE	31		—		—		—		—		—		—		—		31		0.14
Commercial construction	5		—		—		—		—		—		—		—		5		0.06
Consumer:
Residential mortgage	—		24		14		25		—		59		14		1		137		0.25
Home equity	—		1		—		—		2		—		—		—		3		0.03
Indirect auto	—		6		—		642		3		—		—		4		655		2.98
Other consumer	—		10		—		—		—		—		—		1		11		0.04
Credit card	—		—		—		—		—		—		—		10		10		0.20
Total	$	234	$	41	$	14	$	667	$	5	$	59	$	14	$	68	$	1,102	0.36	%
Six Months Ended June 30, 2024 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Interest Rate Adjustment and Term Extension		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total Modified Loans		Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial	$	321	$	—	$	—	$	2	$	—	$	—	$	—	$	67	$	390	0.25	%
CRE	170		—		—		—		—		—		—		13		183		0.84
Commercial construction	45		—		—		—		—		—		—		—		45		0.58
Consumer:
Residential mortgage	—		43		26		33		—		112		23		2		239		0.44
Home equity	—		1		—		—		5		—		—		—		6		0.06
Indirect auto	—		12		—		989		8		—		—		7		1,016		4.62
Other consumer	—		19		—		1		1		—		—		1		22		0.08
Credit card	—		—		—		—		—		—		—		20		20		0.40
Total	$	536	$	75	$	26	$	1,025	$	14	$	112	$	23	$	110	$	1,921	0.63

22 Truist Financial Corporation

Three Months Ended June 30, 2023 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Interest Rate Adjustment and Term Extension		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total Modified Loans		Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial	$	265	$	—	$	—	$	21	$	44	$	—	$	—	$	—	$	330	0.20	%
CRE	49		—		—		—		—		—		—		—		49		0.21
Commercial construction	2		—		—		—		—		—		—		—		2		0.03
Consumer:
Residential mortgage	—		25		39		36		1		89		18		5		213		0.38
Home equity	—		—		—		—		3		—		—		1		4		0.04
Indirect auto	—		7		—		141		4		—		—		7		159		0.62
Other consumer	—		5		—		—		1		—		—		1		7		0.02
Credit card	—		—		—		—		—		—		—		5		5		0.10
Total	$	316	$	37	$	39	$	198	$	53	$	89	$	18	$	19	$	769	0.24	%
Six Months Ended June 30, 2023 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Interest Rate Reduction and Term Extension		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total Modified Loans		Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial	$	499	$	—	$	—	$	21	$	44	$	—	$	—	$	—	$	564	0.34	%
CRE	139		—		—		48		—		—		—		—		187		0.82
Commercial construction	3		—		—		—		—		—		—		—		3		0.05
Consumer:
Residential mortgage	—		53		69		54		2		180		37		8		403		0.71
Home equity	—		—		—		—		5		—		—		2		7		0.07
Indirect auto	—		12		—		145		9		—		—		11		177		0.69
Other consumer	—		9		—		1		3		—		—		2		15		0.05
Credit card	—		—		—		—		—		—		—		9		9		0.19
Total	$	641	$	74	$	69	$	269	$	63	$	180	$	37	$	32	$	1,365	0.42	%

Truist Financial Corporation 23

Three Months Ended June 30, 2024
Loan Type	Financial Effect
Renewals
Commercial and industrial	Extended the term by 28 months and increased the interest rate by 0.05%
CRE	Extended the term by 15 months and increased the interest rate by 0.01%
Commercial construction	Extended the term by 10 months and increased the interest rate by 0.8%
Term Extensions
Residential mortgage	Extended the term by 103 months.
Home equity	Extended the term by 170 months.
Indirect auto	Extended the term by 26 months.
Other consumer	Extended the term by 22 months.
Capitalizations
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Residential mortgage	Provided 198 days of payment deferral.
Indirect auto	Provided 193 days of payment deferral.
Combination - Interest Rate Adjustment and Term Extension
Home equity	Extended the term by 282 months and decreased the interest rate by 3%.
Indirect auto	Extended the term by 13 months and decreased the interest rate by 4%.
Combination - Capitalization and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 82 months.
Combination - Capitalization, Interest Rate and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 142 months, and decreased the interest rate by 0.8%.
Six Months Ended June 30, 2024
Loan Type	Financial Effect
Renewals
Commercial and industrial	Extended the term by 22 months and increased the interest rate by 0.2%
CRE	Extended the term by 8 months and increased the interest rate by 0.27%
Commercial construction	Extended the term by 12 months and increased the interest rate by 0.1%
Term Extensions
Residential mortgage	Extended the term by 105 months.
Home equity	Extended the term by 161 months.
Indirect auto	Extended the term by 26 months.
Other consumer	Extended the term by 24 months.
Capitalizations
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Commercial and industrial	Provided 97 days of payment deferral.
Residential mortgage	Provided 198 days of payment deferral.
Indirect auto	Provided 186 days of payment deferral.
Other consumer	Provided 157 days of payment deferral.
Combination - Interest Rate Adjustment and Term Extension
Home equity	Extended the term by 278 months and decreased the interest rate by 3%.
Indirect auto	Extended the term by 15 months and decreased the interest rate by 4%.
Other consumer	Extended the term by 57 months and decreased the interest rate by 0.21%.
Combination - Capitalization and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 83 months.
Combination - Capitalization, Interest Rate and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 139 months, and decreased the interest rate by 0.7%.

24 Truist Financial Corporation

Three Months Ended June 30, 2023
Loan Type	Financial Effect
Renewals
Commercial and industrial	Extended the term by 5 months and increased the interest rate by 0.3%.
CRE	Extended the term by 11 months.
Commercial construction	Extended the term by 2 months.
Term Extensions
Residential mortgage	Extended the term by 145 months.
Indirect auto	Extended the term by 22 months.
Other Consumer	Extended the term by 24 months.
Capitalizations
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Commercial and industrial	Provided 189 days of payment deferral.
Residential mortgage	Provided 214 days of payment deferral.
Indirect auto	Provided 125 days of payment deferral.
Combination - Interest Rate Adjustment and Term Extension
Commercial and industrial	Extended the term by 76 months and increased the interest rate by 3%.
Residential mortgage	Extended the term by 123 months and increased the interest rate by 1%.
Home equity	Extended the term by 169 months and decreased the interest rate by 3%.
Indirect auto	Extended the term by 10 months and decreased the interest rate by 7%.
Other consumer	Extended the term by 26 months and decreased the interest rate by 1%.
Combination - Capitalization and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 103 months.
Combination - Capitalization, Interest Rate and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 169 months, and increased the interest rate by 0.1%.
Six Months Ended June 30, 2023
Loan Type	Financial Effect
Renewals
Commercial and industrial	Extended the term by 5 months and increased the interest rate by 0.3%.
CRE	Extended the term by 10 months and increased the interest rate by 0.1%.
Commercial construction	Extended the term by 3 months.
Term Extensions
Residential mortgage	Extended the term by 151 months.
Indirect auto	Extended the term by 22 months.
Other consumer	Extended the term by 24 months.
Capitalizations
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Commercial and industrial	Provided 189 days of payment deferral.
CRE	Provided 232 days of payment deferral.
Residential mortgage	Provided 209 days of payment deferral.
Indirect auto	Provided 125 days of payment deferral.
Other consumer	Provided 151 days of payment deferral.
Combination - Interest Rate Adjustment and Term Extension
Commercial and industrial	Extended the term by 76 months and increased the interest rate by 3%.
Residential mortgage	Extended the term by 114 months and increased the interest rate by 0.4%.
Home equity	Extended the term by 229 months and decreased the interest rate by 3%.
Indirect auto	Extended the term by 11 months and decreased the interest rate by 7%.
Other consumer	Extended the term by 63 months and decreased the interest rate by 2%.
Combination - Capitalization and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 107 months.
Combination - Capitalization, Interest Rate and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 125 months, and decreased the interest rate by 0.1%.

Truist Financial Corporation 25

The tables above exclude trial modifications totaling $48 million and $88 million as of June 30, 2024 and 2023, respectively. Such modifications will be included in the modification activity disclosure if the borrower successfully completes the trial period and the loan modification is finalized.

As of June 30, 2024 and December 31, 2023, Truist had $474 million and $702 million, respectively, in unfunded lending commitments to lend additional funds to borrowers experiencing financial difficulty for which Truist has modified the terms of the receivables in the ways described above during the twelve months preceding June 30, 2024 and December 31, 2023, respectively.

Upon Truist’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

Truist closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table summarizes the period-end delinquency status and amortized cost of loans that were modified in the last 12 months. The period-end delinquency status of loans that were modified are disclosed at amortized cost and reflect the impact of any paydowns, payoffs, and/or charge-offs that occurred subsequent to modification.

	Payment Status (Amortized Cost Basis)
June 30, 2024 (Dollars in millions)	Current		30-89 Days Past Due		90 Days or More Past Due		Total
Commercial:
Commercial and industrial	$	692	$	12	$	55	$	759
CRE	213		10		2		225
Commercial construction	72		—		—		72
Consumer:
Residential mortgage	326		88		93		507
Home equity	12		—		—		12
Indirect auto	979		185		50		1,214
Other consumer	30		2		—		32
Credit card	18		5		2		25
Total	$	2,342	$	302	$	202	$	2,846
Total nonaccrual loans included above	$	166	$	49	$	143	$	358
	Payment Status (Amortized Cost Basis)
December 31, 2023 (Dollars in millions)	Current		30-89 Days Past Due		90 Days or More Past Due		Total
Commercial:
Commercial and industrial	$	887	$	48	$	92	$	1,027
CRE	233		11		1		245
Commercial construction	22		—		—		22
Consumer:
Residential mortgage	427		116		90		633
Home equity	11		—		—		11
Indirect auto	730		148		20		898
Other consumer	24		1		—		25
Credit card	11		3		2		16
Total	$	2,345	$	327	$	205	$	2,877
Total nonaccrual loans included above	$	155	$	85	$	137	$	377

26 Truist Financial Corporation

The following table provides the amortized cost basis of financing receivables that were modified in the last twelve months and were in payment default at period end:

June 30, 2024 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total
Commercial:
Commercial and industrial	$	55	$	—	$	—	$	—	$	—	$	—	$	—	$	55
CRE	2		—		—		—		—		—		—		2
Consumer:
Residential mortgage	—		14		8		38		29		4		—		93
Indirect auto	—		1		—		48		—		—		1		50
Credit card	—		—		—		—		—		—		2		2
Total	$	57	$	15	$	8	$	86	$	29	$	4	$	3	$	202
December 31, 2023 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total
Commercial:
Commercial and industrial	$	72	$	—	$	—	$	20	$	—	$	—	$	—	$	92
CRE	1		—		—		—		—		—		—		1
Consumer:
Residential mortgage	—		13		6		34		31		5		1		90
Indirect auto	—		1		—		17		—		—		2		20
Credit card	—		—		—		—		—		—		2		2
Total	$	73	$	14	$	6	$	71	$	31	$	5	$	5	$	205

Unearned Income, Discounts, and Net Deferred Loan Fees and Costs

The following table presents additional information about loans and leases:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Unearned income, discounts, and net deferred loan fees and costs	$	602	$	553

Truist Financial Corporation 27

NOTE 6. Goodwill and Other Intangible Assets

Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. First, the CB&W segment was renamed CSBB and the C&CB segment was renamed WB. Second, the Wealth business was realigned into the WB segment from the CSBB segment, representing a separate reporting unit in that segment. Third, the small business banking client segmentation was realigned into the CSBB segment from the WB segment. Further, TIH was the principal legal entity of the IH segment. As the operations of TIH were included in discontinued operations prior to the sale of TIH, the Company no longer presents the IH segment as one of its reportable segments. Following the realignment of these business activities, the Company’s three reporting units with goodwill balances are CSBB, WB, and Wealth.

In conjunction with these realignments, goodwill of $1.7 billion was realigned to WB from CSBB based on the relative fair value of CSBB and Wealth, and goodwill of $220 million was realigned to CSBB from WB based on the relative fair value of WB and the realigned small business banking client segmentation. In addition, the Company completed an assessment of any potential goodwill impairment for all impacted reporting units immediately prior and subsequent to the realignments and determined that no impairment existed. The quantitative valuation of WB performed in conjunction with these goodwill realignments indicated that as of January 1, 2024, the fair value of the WB reporting unit exceeded its carrying value by less than 10%, indicating that the goodwill of the WB reporting unit may be at risk of impairment.

The Company monitored events and circumstances during the period from January 1, 2024 to June 30, 2024, including macroeconomic and market factors, industry and banking sector events, Truist specific performance indicators, a comparison of management’s forecast and assumptions to those used in its January 1, 2024 quantitative valuations associated with the realignments of goodwill, and the sensitivity of the January 1, 2024 quantitative results to changes in assumptions as of June 30, 2024. Based on these considerations, Truist concluded that it was not more-likely-than-not that the fair value of one or more of its reporting units is below its respective carrying amount as of June 30, 2024.

The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. Activity during 2024 primarily relates to the segment realignment described above. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations and “Note 18. Operating Segments” for additional information on segments.

(Dollars in millions)	CSBB		WB		Total
Goodwill, December 31, 2023	$	13,503	$	3,653	$	17,156
Segment realignment	(1,498)		1,498		—
Adjustments and other	—		1		1
Goodwill, June 30, 2024	$	12,005	$	5,152	$	17,157

The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets:

	June 30, 2024						December 31, 2023
(Dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
CDI	$	2,453	$	(1,735)	$	718	$	2,473	$	(1,650)	$	823
Other, primarily client relationship intangibles	1,593		(582)		1,011		1,598		(512)		1,086
Total	$	4,046	$	(2,317)	$	1,729	$	4,071	$	(2,162)	$	1,909

28 Truist Financial Corporation

NOTE 7. Loan Servicing

The Company acquires servicing rights, and retains servicing rights related to certain of its sales or securitizations of residential mortgages, commercial mortgages, and other consumer loans. Servicing rights are capitalized by the Company as Loan servicing rights on the Consolidated Balance Sheets. Income earned by the Company on its loan servicing rights is derived primarily from contractually specified servicing fees, late fees, net of curtailment costs, and other ancillary fees.

Residential Mortgage Activities

The following tables summarize residential mortgage servicing activities:

(Dollars in millions)	Jun 30, 2024			Dec 31, 2023
UPB of residential mortgage loan servicing portfolio	$	263,173		$	269,068
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate	208,270			213,399
Mortgage loans sold with recourse	158			173
Maximum recourse exposure from mortgage loans sold with recourse liability	98			109
Indemnification, recourse and repurchase reserves	48			52
As of / For the Six Months Ended June 30, (Dollars in millions)	2024			2023
UPB of residential mortgage loans sold from LHFS	$	4,651		$	7,101
Pre-tax gains recognized on mortgage loans sold and held for sale	34			34
Servicing fees recognized from mortgage loans serviced for others	294			364
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others	0.28		%	0.27		%
Weighted average interest rate on mortgage loans serviced for others	3.63			3.54

The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value:

(Dollars in millions)	2024		2023
Residential MSRs, carrying value, January 1	$	3,088	$	3,428
Acquired	—		123
Additions	78		129
Sales	(2)		(429)
Change in fair value due to changes in valuation inputs or assumptions(1)	88		64
Realization of expected net servicing cash flows, passage of time, and other	(135)		(133)
Residential MSRs, carrying value, June 30	$	3,117	$	3,182

(1)The six months ended June 30, 2023 includes realized gains on the portfolio sale of excess servicing.

The sensitivity of the fair value of the Company’s residential MSRs to changes in key assumptions is presented in the following table:

	June 30, 2024							December 31, 2023
	Range				Weighted Average			Range				Weighted Average
(Dollars in millions)	Min		Max					Min		Max
Prepayment speed	6.6	%	15.7	%	7.4		%	6.7	%	18.2	%	7.5		%
Effect on fair value of a 10% increase					$	(80)						$	(82)
Effect on fair value of a 20% increase					(155)							(160)
OAS	2.5	%	12.2	%	4.7		%	2.2	%	12.0	%	4.6		%
Effect on fair value of a 10% increase					$	(61)						$	(60)
Effect on fair value of a 20% increase					(119)							(118)
Composition of loans serviced for others:
Fixed-rate residential mortgage loans					99.6		%					99.6		%
Adjustable-rate residential mortgage loans					0.4							0.4
Total					100.0		%					100.0		%
Weighted average life					7.5 years							7.5 years

The sensitivity calculations above are hypothetical and should not be considered predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in the above table, the effect of an adverse variation in one assumption on the fair value of the MSRs is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another, which may magnify or counteract the effect of the change. See “Note 15. Fair Value Disclosures” for additional information on the valuation techniques used.

Truist Financial Corporation 29

Commercial Mortgage Activities

The following table summarizes commercial mortgage servicing activities:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
UPB of CRE mortgages serviced for others	$	28,964	$	31,681
CRE mortgages serviced for others covered by recourse provisions	9,642		9,661
Maximum recourse exposure from CRE mortgages sold with recourse liability	2,809		2,813
Recorded reserves related to recourse exposure	13		16
CRE mortgages originated during the year-to-date period	419		2,989
Commercial MSRs at fair value	279		272

NOTE 8. Other Assets and Liabilities

Lessee Operating and Finance Leases

The Company leases certain assets, consisting primarily of real estate, and assesses at contract inception whether a contract is, or contains, a lease. The following tables present additional information on leases, excluding leases related to the lease financing businesses:

	June 30, 2024						December 31, 2023
(Dollars in millions)	Operating Leases			Finance Leases			Operating Leases			Finance Leases
ROU assets	$	962		$	16		$	1,057		$	10
Total lease liabilities	1,283			18			1,387			12
Weighted average remaining term	5.9 years			8.4 years			6.2 years			6.6 years
Weighted average discount rate	3.2		%	5.2		%	3.1		%	5.1		%

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2024		2023		2024		2023
Operating lease costs	$	66	$	66	$	143	$	139

Lessor Operating Leases

The Company’s two primary lessor businesses are equipment financing and structured real estate with income recorded in Operating lease income on the Consolidated Statements of Income. The following table presents a summary of assets under operating leases held for investment. This table excludes subleases on assets included in premises and equipment.

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Assets held under operating leases(1)(2)	$	1,905	$	2,160
Accumulated depreciation	(530)		(583)
Net	$	1,375	$	1,577

(1)Includes certain land parcels subject to operating leases that have indefinite lives.

(2)Excludes operating leases held-for-sale that totaled $116 million and $32 million at June 30, 2024 and December 31, 2023, respectively.

Bank-Owned Life Insurance

Bank-owned life insurance consists of life insurance policies held on certain teammates for which the Company is the beneficiary. The carrying value of bank-owned life insurance was $7.8 billion and $7.7 billion at June 30, 2024 and December 31, 2023, respectively.

30 Truist Financial Corporation

NOTE 9. Borrowings

The following table presents a summary of short-term borrowings:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
FHLB advances	$	19,400	$	20,500
Securities sold under agreements to repurchase	1,151		2,427
Securities sold short	2,041		1,625
Other short-term borrowings	224		276
Total short-term borrowings	$	22,816	$	24,828

The following table presents a summary of long-term debt:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
	Carrying Amount		Carrying Amount
Truist Financial Corporation:
Fixed rate senior notes(1)	$	23,045	$	19,808
Floating rate senior notes	—		999
Fixed rate subordinated notes(1)(2)	1,813		1,831
Capital notes(2)	631		629
Truist Bank:
Fixed rate senior notes	2,954		4,170
Floating rate senior notes	—		1,250
Fixed rate subordinated notes(2)	4,742		4,770
Floating rate FHLB advances	—		4,200
Other long-term debt(3)	1,431		1,261
Total long-term debt	$	34,616	$	38,918

(1)Certain senior and subordinated notes convert from fixed to floating one year prior to maturity, and are callable within the final year of maturity at par.

(2)Subordinated and capital notes with a remaining maturity of one year or greater qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations.

(3)Includes debt associated with finance leases, tax credit investments, and other.

NOTE 10. Shareholders’ Equity

Common Stock

The following table presents total dividends declared per share of common stock:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cash dividends declared per share	$	0.52	$	0.52	$	1.04	$	1.04

Share Repurchase Activity

In June 2024, Truist announced that the Board of Directors had authorized the repurchase of up to $5.0 billion of common stock beginning in the third quarter of 2024 through 2026 as part of Truist’s overall capital distribution strategy. Repurchased shares revert to the status of authorized and unissued shares upon repurchase.

Truist Financial Corporation 31

NOTE 11. AOCI

AOCI includes the after-tax change in unrecognized net costs related to defined benefit pension and OPEB plans as well as unrealized gains and losses on cash flow hedges, AFS securities, and HTM securities previously transferred from AFS securities.

(Dollars in millions)	Pension and OPEB Costs		Cash Flow Hedges		AFS Securities		HTM Securities		Other, net		Total
AOCI balance, April 1, 2023	$	(1,549)	$	47	$	(8,542)	$	(2,533)	$	(4)	$	(12,581)
OCI before reclassifications, net of tax	(5)		(321)		(496)		—		1		(821)
Amounts reclassified from AOCI:
Before tax	17		5		(71)		82		—		33
Tax effect	4		1		(17)		17		—		5
Amounts reclassified, net of tax	13		4		(54)		65		—		28
Total OCI, net of tax	8		(317)		(550)		65		1		(793)
AOCI balance, June 30, 2023	$	(1,541)	$	(270)	$	(9,092)	$	(2,468)	$	(3)	$	(13,374)
AOCI balance, April 1, 2024	$	(1,078)	$	(490)	$	(9,354)	$	(2,296)	$	(4)	$	(13,222)
OCI before reclassifications, net of tax(1)	34		(99)		(325)		—		1		(389)
Amounts reclassified from AOCI:
Before tax	—		79		6,529		75		—		6,683
Tax effect	—		18		1,540		18		—		1,576
Amounts reclassified, net of tax	—		61		4,989		57		—		5,107
Total OCI, net of tax	34		(38)		4,664		57		1		4,718
AOCI balance, June 30, 2024	$	(1,044)	$	(528)	$	(4,690)	$	(2,239)	$	(3)	$	(8,504)
(Dollars in millions)	Pension and OPEB Costs		Cash Flow Hedges		AFS Securities		HTM Securities		Other, net		Total
AOCI balance, January 1, 2023	$	(1,535)	$	(78)	$	(9,395)	$	(2,588)	$	(5)	$	(13,601)
OCI before reclassifications, net of tax	(31)		(196)		407		—		2		182
Amounts reclassified from AOCI:
Before tax	33		5		(136)		152		—		54
Tax effect	8		1		(32)		32		—		9
Amounts reclassified, net of tax	25		4		(104)		120		—		45
Total OCI, net of tax	(6)		(192)		303		120		2		227
AOCI balance, June 30, 2023	$	(1,541)	$	(270)	$	(9,092)	$	(2,468)	$	(3)	$	(13,374)
AOCI balance, January 1, 2024	$	(1,079)	$	(300)	$	(8,778)	$	(2,347)	$	(2)	$	(12,506)
OCI before reclassifications, net of tax(1)	35		(331)		(780)		—		(1)		(1,077)
Amounts reclassified from AOCI:
Before tax	—		134		6,371		141		—		6,646
Tax effect	—		31		1,503		33		—		1,567
Amounts reclassified, net of tax	—		103		4,868		108		—		5,079
Total OCI, net of tax	35		(228)		4,088		108		(1)		4,002
AOCI balance, June 30, 2024	$	(1,044)	$	(528)	$	(4,690)	$	(2,239)	$	(3)	$	(8,504)
Primary income statement location of amounts reclassified from AOCI	Other expense		Net interest income and Other expense		Securities gains (losses) and Net interest income		Net interest income		Net interest income

(1)Includes the impact of the remeasurement of the pension plan and the reduction of pension benefit obligations following the sale of TIH. Refer to “Note 13. Benefit Plans” for additional information.

32 Truist Financial Corporation

NOTE 12. Income Taxes

For the three months ended June 30, 2024, the benefit from income taxes was $1.3 billion compared to a provision for income taxes totaling $230 million for the three months ended June 30, 2023, representing effective tax rates of 25.3% and 16.4%, respectively. For the six months ended June 30, 2024, the benefit from income taxes was $1.1 billion and the provision for income taxes was $591 million for the six months ended June 30, 2023, representing effective tax rates of 28.3% and 18.6%, respectively. The tax benefit on the pre-tax loss for the three and six months ended June 30, 2024 was driven by the discrete impact of the balance sheet repositioning of securities. The Company calculated the provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income and adjusting for discrete items that occurred during the period.

NOTE 13. Benefit Plans

The components of net periodic (benefit) cost for defined benefit pension plans are summarized in the following table:

		Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	Income Statement Location	2024		2023		2024		2023
Service cost(1)	Personnel expense / Net income from discontinued operations	$	84	$	93	$	180	$	186
Interest cost	Other expense	112		112		220		223
Estimated return on plan assets	Other expense	(238)		(228)		(482)		(456)
Amortization and other	Other expense	—		19		1		39
Net periodic (benefit) cost		$	(42)	$	(4)	$	(81)	$	(8)

(1)Includes $3 million and $6 million for the three months ended June 30, 2024 and 2023, respectively, and $10 million and $13 million for the six months ended June 30, 2024 and 2023, respectively, of service cost reported in net income from discontinued operations for the qualified defined benefit pension plan for employees of TIH.

Truist may make contributions to the qualified pension plans up to the maximum amount deductible for federal income tax purposes. Truist did not make a discretionary contribution to the pension plan during the six months ended June 30, 2024.

Following the sale of TIH, Truist retained the postretirement benefit obligation for TIH employees and changed the status of TIH employees by eliminating their eligibility to earn future service credits. Changes in pension plan obligations associated with the disposal of operating segments such as TIH require the remeasurement of postretirement benefit obligations prior to the disposal, updates to pension plan assumptions inherent in valuations, and identification and recognition of valuation changes specific to the sale, including the establishment of a new periodic service cost using assumptions as of the remeasurement date. The remeasurement process of impacted pension plans included a reduction in pension benefit obligations of $783 million, primarily driven by an increase in the weighted average assumed discount rate from 5.12% to 5.78%, and a decrease in the value of plan assets by $508 million, primarily driven by market prices. The impact of the sale on Truist pension plans resulted in a reduction of pension benefit obligations by $97 million which was recorded as a reduction of AOCI. Refer to “Note 11. AOCI” for additional information.

Truist Financial Corporation 33

NOTE 14. Commitments and Contingencies

Truist utilizes a variety of financial instruments to mitigate exposure to risks and meet the financing needs and provide investment opportunities for clients. These financial instruments include commitments to extend credit, letters of credit and financial guarantees, derivatives, and other investments. Truist also has commitments to fund certain affordable housing investments and contingent liabilities related to certain sold loans.

Tax Credit and Certain Equity Investments

The following table summarizes certain tax credit and certain equity investments:

(Dollars in millions)	Balance Sheet Location	Jun 30, 2024		Dec 31, 2023
Investments in affordable housing projects and other qualified tax credits:
Carrying amount	Other assets	$	7,164	$	6,754
Amount of future funding commitments included in carrying amount	Other liabilities	2,509		2,473
Lending exposure	Loans and leases for funded amounts	2,183		1,981
Renewable energy investments:
Carrying amount	Other assets	496		285
Amount of future funding commitments not included in carrying amount	NA	562		747
SBIC and certain other equity method investments:
Carrying amount	Other assets	796		758
Amount of future funding commitments not included in carrying amount	NA	567		589

The following table presents a summary of tax credits and amortization expense associated with the Company’s tax credit investment activity. Activity related to the Company’s renewable energy investments, other than qualified tax credits, was immaterial.

		Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	Income Statement Location	2024		2023		2024		2023
Tax credits:
Investments in affordable housing projects, other qualified tax credits, and other community development investments	Provision for income taxes	$	185	$	160	$	370	$	317
Amortization and other changes in carrying amount:
Investments in affordable housing projects and other qualified tax credits	Provision for income taxes	$	170	$	150	$	341	$	298
Other community development investments	Other noninterest income	3		3		5		5

Letters of Credit and Financial Guarantees

In the normal course of business, Truist utilizes certain financial instruments to meet the financing needs of clients and to mitigate exposure to risks. Such financial instruments include commitments to extend credit and certain contractual agreements, including standby letters of credit and financial guarantee arrangements.

The following is a summary of selected notional amounts of off-balance sheet financial instruments:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Commitments to extend, originate, or purchase credit and other commitments	$	206,600	$	207,285
Residential mortgage loans sold with recourse	158		173
CRE mortgages serviced for others covered by recourse provisions	9,642		9,661
Other loans serviced for others covered by recourse and other provisions	1,538		1,032
Letters of credit	6,843		6,239

34 Truist Financial Corporation

Total Return Swaps

The Company enters into TRS transactions with third party clients, whereby a VIE purchases reference assets identified by a client. The Company financially supports the VIE’s purchases of the reference assets. Reference assets are typically fixed income instruments primarily composed of syndicated bank loans. The TRS contracts pass through interest and other cash flows on the reference assets to the third-party clients, along with exposing those clients to decreases in value on the reference assets and providing them with the rights to appreciation on the reference assets. The terms of the TRS contracts require the third party clients to post initial margin collateral, as well as ongoing variation margin as the fair values of the underlying reference assets change. The following table provides a summary of the TRS transactions with the associated VIE referenced assets, which include trading loans and bonds:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Total return swaps:
VIE assets	$	1,833	$	1,641
Trading loans and bonds	1,676		1,572
VIE liabilities	273		50

The Company concluded that the associated VIEs should be consolidated because the Company has (i) the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) the obligation to absorb losses and the right to receive benefits, which could potentially be significant. The activities of the VIEs are restricted to buying and selling the reference assets, and the risks/benefits of any such assets owned by the VIEs are passed to the third-party clients via the TRS contracts. For additional information on TRS contracts and the related VIEs, see “Note 16. Derivative Financial Instruments.”

Pledged Assets

Certain assets were pledged to secure municipal deposits, securities sold under agreements to repurchase, certain derivative agreements, and borrowings or borrowing capacity, as well as to fund certain obligations related to nonqualified defined benefit and defined contribution retirement plans and for other purposes as required or permitted by law. Assets pledged to the FHLB and FRB are subject to applicable asset discounts when determining borrowing capacity. The Company has capacity for secured financing from both the FRB and FHLB and letters of credit from the FHLB. The Company’s letters of credit from the FHLB can be used to secure various client deposits, including public fund relationships. Excluding assets related to nonqualified benefit plans, the majority of the agreements governing the pledged assets do not permit the other party to sell or repledge the collateral. The following table provides the total carrying amount of pledged assets by asset type:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Pledged securities	$	38,187	$	41,270
Pledged loans:
FRB	82,929		73,898
FHLB	71,827		67,748
Unused borrowing capacity:
FRB	63,142		55,252
FHLB	32,892		24,712

Legal Proceedings and Other Matters

Truist and its subsidiaries are routinely named as defendants in or parties to numerous actual or threatened legal proceedings and other matters and are or may be subject to potential liability in connection with them. The legal proceedings and other matters may be formal or informal and include litigation and arbitration with one or more identified claimants, certified or purported class actions with yet-to-be-identified claimants, and regulatory or other governmental information-gathering requests, examinations, investigations, and enforcement proceedings. Claims may be based in law or equity—such as those arising under contracts or in tort and those involving banking, consumer-protection, securities, antitrust, tax, employment, and other laws—and some present novel legal theories, allegations of substantial or indeterminate damages, demands for injunctive or similar relief, and requests for fines, penalties, restitution, or alterations in Truist’s business practices. Our legal proceedings and other matters exist in varying stages of adjudication, arbitration, negotiation, or investigation and span our business lines and operations.

The course and outcome of legal proceedings and other matters are inherently unpredictable. This is especially so when a matter is still in its early stages, the damages sought are indeterminate or unsupported, significant facts are unclear or disputed, novel questions of law or other meaningful legal uncertainties exist, a request to certify a proceeding as a class action is outstanding or granted, multiple parties are named, or regulatory or other governmental entities are involved. As a result, we often are unable to determine how or when actual or threatened legal proceedings and other matters will be resolved and what losses may be incrementally and ultimately incurred. It is possible that the ultimate resolution of these matters, including those described below, if unfavorable, may be material to the consolidated financial position, consolidated results of operations, or consolidated cash flows of Truist, or cause significant reputational consequences.

Truist Financial Corporation 35

Truist establishes accruals for legal proceedings and other matters when potential losses become probable and the amount of loss can be reasonably estimated. Accruals are evaluated each quarter and may be adjusted, upward or downward, based on our best judgment after consultation with counsel and others. No assurance exists that our accruals will not need to be adjusted in the future. Actual losses may be higher or lower than any amounts accrued, possibly to a significant degree.

The Company estimates reasonably possible losses, in excess of amounts accrued, of up to approximately $375 million as of June 30, 2024. This estimate does not represent Truist’s maximum loss exposure, and actual losses may vary significantly. Also, the outcome of a particular matter may be one that the Company did not take into account in its estimate because the Company judged the likelihood of that outcome to be remote. In addition, the matters underlying this estimate may change from time to time. Estimated losses, like accruals, are based upon currently available information and involve considerable uncertainties and judgment.

For certain matters, Truist may be unable to estimate the loss or range of loss, even if it believes that a loss is probable or reasonably possible, until developments in the matter provide additional information sufficient to support such an estimate. These matters are not accrued for and are not reflected in the estimate of reasonably possible losses.

The following is a description of certain legal proceedings and other matters in which Truist is involved:

Bickerstaff v. SunTrust Bank

This class action case was filed in Fulton County State Court on July 12, 2010, and an amended complaint was filed on August 9, 2010. Plaintiff alleges that all overdraft fees charged to his account which related to debit card and ATM transactions are actually interest charges and therefore subject to the usury laws of Georgia. The amended complaint asserts claims for violations of civil and criminal usury laws, conversion, and money had and received, and seeks damages on a class-wide basis, including refunds of challenged overdraft fees and pre-judgment interest. On October 6, 2017, the trial court granted plaintiff’s motion for class certification and defined the class as “Every Georgia citizen who had or has one or more accounts with SunTrust Bank and who, from July 12, 2006, to October 6, 2017 (i) had at least one overdraft of $500.00 or less resulting from an ATM or debit card transaction (the “Transaction”); (ii) paid any Overdraft Fees as a result of the Transaction; and (iii) did not receive a refund of those Fees,” and the granting of a certified class was affirmed on appeal. The class seeks a return of up to $452 million in paid overdraft fees from the 2006 to 2017 period above, plus prejudgment interest which, based on the amount of claimed fees, was estimated to be approximately $415 million as of June 30, 2024. A court-ordered mediation was held on February 28, 2024, but no resolution was reached. On March 4, 2024, the trial court issued an order granting in part and denying in part Truist’s motions to amend the class definition to narrow the scope of the class, to compel arbitration against certain class members, and for summary judgment. Truist and the class have separately appealed the trial court’s order to the Georgia Court of Appeals.

Recordkeeping Matters

The SEC and CFTC have requested information from various subsidiaries of the Company that conduct broker-dealer, investment adviser, and swap dealer activities regarding compliance with applicable recordkeeping requirements for business-related electronic communications. The Company has cooperated with these requests and is in advanced discussions regarding resolutions of these matters with the agencies, though there can be no assurance as to the outcome of these discussions.

Investigation Regarding Trusts

In 2016 and 2018, the Civil Division of the U.S. DOJ issued subpoenas to a corporate predecessor of Truist Bank under the Financial Institutions Reform, Recovery, and Enforcement Act. These subpoenas requested documents and other information related to specified trusts for which Truist Bank serves as trustee. Truist Bank is continuing to cooperate in the investigation and is in discussions regarding resolution of this matter, though there can be no assurance as to the outcome of these discussions.

FDIC Special Assessment

In November 2023, the FDIC issued a final rule to implement a special assessment to recoup losses to the DIF associated with bank failures in the first half of 2023. The assessment is based on an insured depository institution’s estimated uninsured deposits reported as of December 31, 2022. The special assessment for Truist is $595 million, with $507 million recognized in the fourth quarter of 2023 and additional adjustments of $75 million and $13 million recognized in the first and second quarters of 2024, respectively, due to increases in the estimated relevant losses to the DIF reported by the FDIC. In June 2024, the FDIC provided notification that the collection period will be extended an additional two quarters beyond the initial eight quarterly installments. The special assessment will be paid in ten quarterly installments beginning in the second quarter of 2024. The ultimate amount of expenses associated with the special assessment will also be impacted by the finalization of the losses incurred by the FDIC in the resolutions of Silicon Valley Bank and Signature Bank, which could result in additional expense.

36 Truist Financial Corporation

NOTE 15. Fair Value Disclosures

Recurring Fair Value Measurements

Accounting standards define fair value as the price that would be received on the measurement date to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants, with a three-level measurement hierarchy:

•Level 1: Quoted prices for identical instruments in active markets

•Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets

•Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable

The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis:

June 30, 2024 (Dollars in millions)	Total		Level 1		Level 2		Level 3		Netting Adjustments(1)
Assets:
Trading assets:
U.S. Treasury	$	133	$	—	$	133	$	—	$	—
GSE	42		—		42		—		—
States and political subdivisions	968		—		968		—		—
Corporate and other debt securities	1,800		—		1,800		—		—
Loans	1,847		—		1,847		—		—
Equity securities	395		395		—		—		—
Other	373		277		96		—		—
Total trading assets	5,558		672		4,886		—		—
AFS securities:
U.S. Treasury	12,266		—		12,266		—		—
GSE	344		—		344		—		—
Agency MBS – residential	40,643		—		40,643		—		—
Agency MBS – commercial	2,287		—		2,287		—		—
States and political subdivisions	412		—		412		—		—
Other	17		—		17		—		—
Total AFS securities	55,969		—		55,969		—		—
LHFS at fair value	1,284		—		1,284		—		—
Loans and leases	14		—		—		14		—
Loan servicing rights at fair value	3,410		—		—		3,410		—
Other assets:
Derivative assets	1,095		1,486		1,749		3		(2,143)
Equity securities	276		270		6		—		—
Total assets	$	67,606	$	2,428	$	63,894	$	3,427	$	(2,143)
Liabilities:
Interest-bearing deposits:
Brokered time deposits	$	43	$	—	$	43	$	—	$	—
Short-term borrowings:
Securities sold short	2,041		234		1,807		—		—
Other liabilities:
Derivative liabilities	2,739		752		4,545		23		(2,581)
Total liabilities	$	4,823	$	986	$	6,395	$	23	$	(2,581)

Truist Financial Corporation 37

December 31, 2023 (Dollars in millions)	Total		Level 1		Level 2		Level 3		Netting Adjustments(1)
Assets:
Trading assets:
U.S. Treasury	$	144	$	—	$	144	$	—	$	—
GSE	50		—		50		—		—
States and political subdivisions	760		—		760		—		—
Corporate and other debt securities	1,293		—		1,293		—		—
Loans	1,575		—		1,575		—		—
Equity securities	181		181		—		—		—
Other	329		280		49		—		—
Total trading assets	4,332		461		3,871		—		—
AFS securities:
U.S. Treasury	10,041		—		10,041		—		—
GSE	362		—		362		—		—
Agency MBS – residential	51,289		—		51,289		—		—
Agency MBS – commercial	2,248		—		2,248		—		—
States and political subdivisions	425		—		425		—		—
Non-agency MBS	2,981		—		2,981		—		—
Other	20		—		20		—		—
Total AFS securities	67,366		—		67,366		—		—
LHFS at fair value	852		—		852		—		—
Loans and leases	15		—		—		15		—
Loan servicing rights at fair value	3,378		—		—		3,378		—
Other assets:
Derivative assets	951		956		1,867		5		(1,877)
Equity securities	360		245		115		—		—
Total assets	$	77,254	$	1,662	$	74,071	$	3,398	$	(1,877)
Liabilities:
Short-term borrowings:
Securities sold short	$	1,625	$	185	$	1,440	$	—	$	—
Other liabilities:
Derivative liabilities	2,597		487		4,171		24		(2,085)
Total liabilities	$	4,222	$	672	$	5,611	$	24	$	(2,085)

(1)Refer to “Note 16. Derivative Financial Instruments” for additional discussion on netting adjustments.

At June 30, 2024 and December 31, 2023, investments totaling $483 million and $459 million, respectively, have been excluded from the table above as they are valued based on net asset value as a practical expedient. These investments primarily consist of certain SBIC funds.

The following discussion focuses on the valuation techniques and significant inputs for brokered time deposit liabilities that are measured at fair value on a recurring basis. For additional information on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities that are measured at fair value on a recurring basis, see “Note 18. Fair Value Disclosures” of the Annual Report on Form 10-K for the year ended December 31, 2023.

Brokered time deposits: The Company has elected to measure certain CDs that contain embedded derivatives at fair value. This fair value election better aligns the economics of the CDs with the Company’s risk management strategies. The Company elects, on an instrument by instrument basis, whether a new issuance will be measured at fair value. The Company has classified CDs measured at fair value as level 2 instruments due to the Company’s ability to observe all significant inputs to model-derived valuations in active markets. The Company employs a discounted cash flow approach based on observable market interest rates for the term of the CD and an estimate of the Bank’s credit risk. For any embedded derivative features, the Company uses the same valuation methodologies as if the derivative were a standalone derivative, as discussed in the “Derivative assets and liabilities” section in “Note 18. Fair Value Disclosures” of the Annual Report on Form 10-K for the year ended December 31, 2023.

38 Truist Financial Corporation

Activity for Level 3 assets and liabilities is summarized below:

Three Months Ended June 30, 2024 and 2023 (Dollars in millions)	Loans and Leases		Loan Servicing Rights		Net Derivatives
Balance at April 1, 2023	$	17	$	3,303	$	(18)
Total realized and unrealized gains (losses):
Included in earnings	—		70		(20)
Purchases	—		123		—
Issuances	—		92		18
Sales	—		(1)		—
Settlements	(1)		(90)		(11)
Balance at June 30, 2023	$	16	$	3,497	$	(31)
Balance at April 1, 2024	$	14	$	3,417	$	(21)
Total realized and unrealized gains (losses):
Included in earnings	—		30		(4)
Issuances	—		52		12
Sales	—		(1)		—
Settlements	—		(88)		(7)
Balance at June 30, 2024	$	14	$	3,410	$	(20)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2024	$	—	$	30	$	1
Six Months Ended June 30, 2024 and 2023 (Dollars in millions)	Loans and Leases		Loan Servicing Rights		Net Derivatives
Balance at January 1, 2023	$	18	$	3,758	$	(36)
Total realized and unrealized gains (losses):
Included in earnings	—		65		(22)
Purchases	—		123		—
Issuances	—		140		16
Sales	—		(429)		—
Settlements	(2)		(160)		11
Balance at June 30, 2023	$	16	$	3,497	$	(31)
Balance at January 1, 2024	$	15	$	3,378	$	(19)
Total realized and unrealized gains (losses):
Included in earnings	—		112		(7)
Issuances	—		84		11
Sales	—		(2)		—
Settlements	(1)		(162)		(5)
Balance at June 30, 2024	$	14	$	3,410	$	(20)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2024	$	—	$	112	$	(9)
Primary income statement location of realized gains (losses) included in earnings	Other income		Mortgage banking income		Mortgage banking income

Fair Value Option

The following table details the fair value and UPB of certain loans and time deposits that were elected to be measured at fair value:

	June 30, 2024						December 31, 2023
(Dollars in millions)	Fair Value		UPB		Difference		Fair Value		UPB		Difference
Trading loans	$	1,847	$	1,944	$	(97)	$	1,575	$	1,664	$	(89)
Loans and leases	14		15		(1)		15		16		(1)
LHFS at fair value	1,284		1,271		13		852		828		24
Brokered time deposits	43		43		—		—		—		—

Truist Financial Corporation 39

Nonrecurring Fair Value Measurements

The following table provides information about certain assets measured at fair value on a nonrecurring basis still held as of period end. The carrying values represent end of period values, which approximate the fair value measurements that occurred on the various measurement dates throughout the period. These assets are considered to be Level 3 assets.

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Carrying value:
LHFS	$	6	$	19
Loans and leases	682		840
Other	193		454

The following table provides information about valuation adjustments for certain assets measured at fair value on a nonrecurring basis. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end.

	Six Months Ended June 30,
(Dollars in millions)	2024		2023
Valuation adjustments:
LHFS	$	(16)	$	(27)
Loans and leases	(557)		(311)
Other	(166)		(86)

LHFS with valuation adjustments in the table above consisted primarily of residential mortgages and commercial loans that were valued using market prices and measured at LOCOM. The table above excludes $167 million and $409 million of LHFS carried at cost at June 30, 2024 and December 31, 2023, respectively, that did not require a valuation adjustment during the period. The remainder of LHFS is carried at fair value.

Loans and leases consist of larger commercial loans and leases that are collateral-dependent and other secured loans and leases that have been charged-off to the fair value of the collateral. Valuation adjustments for loans and leases are primarily recorded in the Provision for credit losses in the Consolidated Statement of Income. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional discussion of individually evaluated loans and leases.

Other includes foreclosed real estate, other foreclosed property, partnership investments, premises and equipment, OREO, and held for sale operating leases, and consists primarily of residential homes, commercial properties, vacant lots, and automobiles. Partnership investments are measured based on discounted expected future cash flows. The remaining assets are measured at LOCOM, less costs to sell.

Financial Instruments Not Recorded at Fair Value

For financial instruments not recorded at fair value, estimates of fair value are based on relevant market data and information about the instruments. Values obtained relate to trading without regard to any premium or discount that may result from concentrations of ownership, possible tax ramifications, estimated transaction costs that may result from bulk sales, or the relationship between various instruments.

An active market does not exist for certain financial instruments. Fair value estimates for these instruments are based on current economic conditions and interest rate risk characteristics, loss experience, and other factors. Many of these estimates involve uncertainties and matters of significant judgment and cannot be determined with precision. Therefore, the fair value estimates in many instances cannot be substantiated by comparison to independent markets. In addition, changes in assumptions could significantly affect these fair value estimates. Financial assets and liabilities not recorded at fair value are summarized below:

		June 30, 2024				December 31, 2023
(Dollars in millions)	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
HTM securities	Level 2	$	52,447	$	42,143	$	54,107	$	44,630
Loans and leases HFI, net of ALLL	Level 3	300,870		293,395		307,248		300,830
Financial liabilities:
Time deposits	Level 2	38,415		38,157		43,561		43,368
Long-term debt	Level 2	34,616		34,381		38,918		38,353

The carrying value of the RUFC, which approximates the fair value of unfunded commitments, was $302 million and $295 million at June 30, 2024 and December 31, 2023, respectively.

40 Truist Financial Corporation

NOTE 16. Derivative Financial Instruments

Impact of Derivatives on the Consolidated Balance Sheets

The following table presents the gross notional amounts and estimated fair value of derivative instruments employed by the Company:

	June 30, 2024						December 31, 2023
	Notional Amount		Fair Value				Notional Amount		Fair Value
(Dollars in millions)			Assets		Liabilities				Assets		Liabilities
Cash flow hedges:
Interest rate contracts:
Swaps hedging commercial loans	$	25,538	$	—	$	—	$	17,673	$	—	$	—
Fair value hedges:
Interest rate contracts:
Swaps hedging long-term debt	17,768		—		—		14,268		—		—
Swaps hedging AFS securities	11,810		—		—		24,178		—		—
Swaps hedging U.S. Treasury	980		—		—		—		—		—
Total	30,558		—		—		38,446		—		—
Not designated as hedges:
Client-related and other risk management:
Interest rate contracts:
Swaps	150,670		560		(2,091)		154,692		637		(1,926)
Options	26,820		64		(86)		34,593		114		(106)
Forward commitments	554		1		(3)		178		—		(11)
Other	4,012		—		—		3,033		—		—
Equity contracts	42,809		1,763		(2,382)		39,561		1,164		(1,733)
Credit contracts:
Trading assets	610		—		—		100		—		—
Loans and leases	325		—		—		225		—		—
Risk participation agreements	7,443		—		(2)		7,499		—		(3)
Total return swaps	1,577		53		(5)		1,598		41		(7)
Foreign exchange contracts	21,750		221		(206)		24,480		256		(256)
Commodity	10,686		462		(448)		8,367		513		(503)
Total	267,256		3,124		(5,223)		274,326		2,725		(4,545)
Mortgage banking:
Interest rate contracts:
Swaps	354		—		—		105		—		—
Options	400		1		—		400		3		—
Interest rate lock commitments	1,306		3		(9)		746		5		(10)
When issued securities, forward rate agreements and forward commitments	2,109		17		(5)		1,438		12		(17)
Other	460		1		—		94		—		—
Total	4,629		22		(14)		2,783		20		(27)
MSRs:
Interest rate contracts:
Swaps	16,948		—		—		15,252		—		—
Options	13,674		84		(78)		14,854		75		(109)
When issued securities, forward rate agreements and forward commitments	1,250		6		(2)		933		8		—
Other	2,583		2		(3)		1,692		—		(1)
Total	34,455		92		(83)		32,731		83		(110)
Total derivatives not designated as hedges	306,340		3,238		(5,320)		309,840		2,828		(4,682)
Total derivatives	$	362,436	3,238		(5,320)		$	365,959	2,828		(4,682)
Gross amounts in the Consolidated Balance Sheets:
Amounts subject to master netting arrangements and exchange traded derivatives			(1,647)		1,647				(1,268)		1,268
Cash collateral (received) posted for amounts subject to master netting arrangements			(496)		934				(609)		817
Net amount			$	1,095	$	(2,739)			$	951	$	(2,597)

Truist Financial Corporation 41

The following table presents the offsetting of derivative instruments including financial instrument collateral related to legally enforceable master netting agreements and amounts held or pledged as collateral. U.S. GAAP does not permit netting of non-cash collateral balances in the Consolidated Balance Sheets:

June 30, 2024 (Dollars in millions)	Gross Amount		Amount Offset		Net Amount in Consolidated Balance Sheets		Held/Pledged Financial Instruments		Net Amount
Derivative assets:
Derivatives subject to master netting arrangement or similar arrangement	$	1,671	$	(1,394)	$	277	$	—	$	277
Derivatives not subject to master netting arrangement or similar arrangement	81		—		81		—		81
Exchange traded derivatives	1,486		(749)		737		—		737
Total derivative assets	$	3,238	$	(2,143)	$	1,095	$	—	$	1,095
Derivative liabilities:
Derivatives subject to master netting arrangement or similar arrangement	$	(3,778)	$	1,832	$	(1,946)	$	157	$	(1,789)
Derivatives not subject to master netting arrangement or similar arrangement	(790)		—		(790)		—		(790)
Exchange traded derivatives	(752)		749		(3)		—		(3)
Total derivative liabilities	$	(5,320)	$	2,581	$	(2,739)	$	157	$	(2,582)
December 31, 2023 (Dollars in millions)	Gross Amount		Amount Offset		Net Amount in Consolidated Balance Sheets		Held/Pledged Financial Instruments		Net Amount
Derivative assets:
Derivatives subject to master netting arrangement or similar arrangement	$	1,775	$	(1,392)	$	383	$	—	$	383
Derivatives not subject to master netting arrangement or similar arrangement	97		—		97		—		97
Exchange traded derivatives	956		(485)		471		—		471
Total derivative assets	$	2,828	$	(1,877)	$	951	$	—	$	951
Derivative liabilities:
Derivatives subject to master netting arrangement or similar arrangement	$	(3,627)	$	1,600	$	(2,027)	$	151	$	(1,876)
Derivatives not subject to master netting arrangement or similar arrangement	(568)		—		(568)		—		(568)
Exchange traded derivatives	(487)		485		(2)		—		(2)
Total derivative liabilities	$	(4,682)	$	2,085	$	(2,597)	$	151	$	(2,446)

The following table presents the carrying value of hedged items in fair value hedging relationships:

	June 30, 2024						December 31, 2023
			Hedge Basis Adjustment						Hedge Basis Adjustment
(Dollars in millions)	Hedged Asset / Liability Basis		Items Currently Designated		Discontinued Hedges		Hedged Asset / Liability Basis		Items Currently Designated		Discontinued Hedges
AFS securities(1)(2)	$	26,411	$	(160)	$	17	$	51,782	$	6	$	(5)
Loans and leases	316		—		6		322		—		7
Long-term debt	30,799		(532)		(432)		27,572		(237)		(475)

(1)The amortized cost of AFS securities was $29.2 billion at June 30, 2024 and $62.2 billion at December 31, 2023. Further, as of June 30, 2024, closed portfolios of securities hedged under the portfolio layer method have an amortized cost of $28.6 billion, of which $11.8 billion was designated as hedged. The remaining amount of amortized cost is from securities with terminated hedges where the basis adjustment is being amortized into earnings using the effective interest method over the contractual life of the security and hedges not designated under the portfolio-layer method.

(2)The decline in hedged AFS securities from December 31, 2023 to June 30, 2024 was due to the balance sheet repositioning in May 2024. Refer to “Note 4. Investment Securities” for additional information.

42 Truist Financial Corporation

Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income

Derivatives Designated as Hedging Instruments under GAAP

No portion of the change in fair value of derivatives designated as hedges has been excluded from effectiveness testing.

The following table summarizes amounts related to cash flow hedges, which consist of interest rate contracts:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2024		2023		2024		2023
Pre-tax gain (loss) recognized in OCI:
Commercial loans	$	(129)	$	(419)	$	(432)	$	(256)
Pre-tax gain (loss) reclassified from AOCI into interest expense or interest income:
Commercial Loans	(79)		(5)		(134)		(5)

The following table summarizes the impact on net interest income related to fair value hedges:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2024		2023		2024		2023
Investment securities:
Amounts related to interest settlements	$	115	$	87	$	278	$	163
Recognized on derivatives	185		42		627		(53)
Recognized on hedged items	(172)		(31)		(608)		75
Net income (expense) recognized(1)	128		98		297		185
Loans and leases:
Recognized on hedged items	—		—		(1)		(1)
Long-term debt:
Amounts related to interest settlements	(51)		(47)		(90)		(93)
Recognized on derivatives	(63)		(291)		(295)		(135)
Recognized on hedged items	41		299		252		157
Net income (expense) recognized	(73)		(39)		(133)		(71)
Net income (expense) recognized, total	$	55	$	59	$	163	$	113

(1)Includes $10 million and $20 million of income recognized for the three and six months ended June 30, 2024, respectively, and $12 million and $22 million for the three and six months ended June 30, 2023, respectively, from securities with terminated hedges that were reclassified to HTM. The income recognized was offset by the amortization of the fair value mark.

Truist Financial Corporation 43

The following table presents information about the Company’s cash flow and fair value hedges:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Cash flow hedges:
Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI	$	(363)	$	(106)
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2029)	(165)		(194)
Estimated portion of net after-tax gain (loss) on active and terminated hedges to be reclassified from AOCI into earnings during the next 12 months	(300)		(203)
Maximum time period over which Truist is hedging a portion of the variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing instruments	4 years		5 years
Fair value hedges:
Unrecognized pre-tax net gain (loss) on terminated hedges(1)	$	(62)	$	(64)
Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months	(79)		(60)

(1)Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $393 million at June 30, 2024 and $413 million at December 31, 2023.

Derivatives Not Designated as Hedging Instruments under GAAP

The Company also enters into derivatives that are not designated as accounting hedges under GAAP to economically hedge certain risks as well as in a trading capacity with its clients.

The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges:

		Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	Income Statement Location	2024		2023		2024		2023
Client-related and other risk management:
Interest rate contracts	Investment banking and trading income and other income	$	27	$	52	$	66	$	86
Foreign exchange contracts	Investment banking and trading income and other income	36		(26)		101		(29)
Equity contracts	Investment banking and trading income and other income	7		(22)		(10)		(20)
Credit contracts	Investment banking and trading income and other income	14		(26)		(10)		(59)
Commodity contracts	Investment banking and trading income	4		7		6		17
Mortgage banking:
Interest rate contracts – residential	Mortgage banking income	—		23		(1)		22
Interest rate contracts – commercial	Mortgage banking income	—		(2)		—		(1)
MSRs:
Interest rate contracts – residential	Mortgage banking income	(23)		(83)		(114)		(82)
Interest rate contracts – commercial	Mortgage banking income	(1)		(7)		(7)		(4)
Total		$	64	$	(84)	$	31	$	(70)

44 Truist Financial Corporation

Credit Derivative Instruments

As part of the Company’s corporate and investment banking business, the Company enters into contracts that are, in form or substance, written guarantees; specifically, risk participations, TRS, and credit default swaps. The Company accounts for these contracts as derivatives.

Truist has entered into risk participation agreements to share the credit exposure with other financial institutions on client-related interest rate derivative contracts. Under these agreements, the Company has guaranteed payment to a dealer counterparty in the event the counterparty experiences a loss on the derivative due to a failure to pay by the counterparty’s client. The Company manages its payment risk on its risk participations by monitoring the creditworthiness of the underlying client through the normal credit review process that the Company would have performed had it entered into a derivative directly with the obligors. At June 30, 2024, the remaining terms on these risk participations ranged from less than one year to 13 years. The potential future exposure represents the Company’s maximum estimated exposure to written risk participations, as measured by projecting a maximum value of the guaranteed derivative instruments based on scenario simulations and assuming 100% default by all obligors on the maximum value.

The Company has also entered into TRS contracts on loans and bonds. To mitigate its credit risk, the Company typically receives initial margin from the counterparty upon entering into the TRS and variation margin if the fair value of the underlying reference assets deteriorates. For additional information on the Company’s TRS contracts, see “Note 14. Commitments and Contingencies.”

The Company enters into credit default swaps to hedge credit risk associated with certain loans and leases. The Company accounts for these contracts as derivatives, and accordingly, recognizes these contracts at fair value.

The following table presents additional information related to interest rate derivative risk participation agreements and total return swaps:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Risk participation agreements:
Maximum potential amount of exposure	$	454	$	520
Total return swaps:
Cash and other collateral received	431		437

The following table summarizes collateral positions with counterparties:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Dealer and other counterparties:
Cash and other collateral received from counterparties	$	567	$	609
Derivatives in a net gain position secured by collateral received	584		735
Unsecured positions in a net gain with counterparties after collateral postings	89		126
Cash collateral posted to counterparties	1,097		960
Derivatives in a net loss position secured by collateral	1,210		1,052
Central counterparties clearing:
Cash collateral, including initial margin, posted to central clearing parties	13		14
Derivatives in a net loss position	—		8
Derivatives in a net gain position	2		2
Securities pledged to central counterparties clearing	647		1,249

Truist Financial Corporation 45

NOTE 17. Computation of EPS

Basic and diluted EPS calculations are presented in the following table:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions, except per share data, shares in thousands)	2024		2023		2024		2023
Net income (loss) available to common shareholders from continuing operations	$	(3,983)	$	1,094	$	(2,956)	$	2,401
Net income available to common shareholders from discontinued operations	4,809		140		4,873		243
Net income available to common shareholders	$	826	$	1,234	$	1,917	$	2,644
Weighted average number of common shares	1,338,149		1,331,953		1,336,620		1,330,286
Effect of dilutive outstanding equity-based awards(1)	—		5,354		—		8,060
Weighted average number of diluted common shares	1,338,149		1,337,307		1,336,620		1,338,346
Basic earnings from continuing operations	$	(2.98)	$	0.82	$	(2.21)	$	1.80
Basic earnings from discontinued operations	3.60		0.11		3.64		0.19
Basic EPS	$	0.62	$	0.93	$	1.43	$	1.99
Diluted earnings from continuing operations	$	(2.98)	$	0.82	$	(2.21)	$	1.79
Diluted earnings from discontinued operations	3.60		0.10		3.64		0.19
Diluted EPS	$	0.62	$	0.92	$	1.43	$	1.98
Anti-dilutive awards	11,975		9,123		12,082		4,251

(1)For periods ended with a net loss available to common shareholders from continuing operations, anti-dilutive financial instruments have been excluded from the calculation of GAAP diluted EPS.

NOTE 18. Operating Segments

Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. First, the CB&W segment was renamed CSBB and the C&CB segment was renamed WB. Second, the Wealth business was realigned into the WB segment from the CSBB segment, representing a separate reporting unit in that segment. Third, the small business banking client segmentation was realigned into the CSBB segment from the WB segment.

Following the segment realignment, Truist operates and measures business activity across two segments: CSBB and WB, 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.

On February 20, 2024, the Company entered into an agreement to sell the remaining stake of the common equity in TIH to an investor group, representing substantially all of the Company’s IH segment, which represented a material strategic shift for the Company, and as a result, the Company recast results for all periods presented under the discontinued operations basis of presentation. On May 6, 2024, the Company completed the sale of its remaining equity interests in TIH. TIH was the principal legal entity of the IH segment. As the operations of TIH were included in discontinued operations prior to the sale of TIH, the Company no longer presents the IH segment as one of its reportable segments. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations.

Consumer and Small Business Banking

CSBB serves consumer and small business clients, providing deposits and payment services, credit cards, loans, and mortgages through an extensive network of branches, ATMs, digital channels, contact centers, and other channels. Lending solutions include personal and unsecured loans originated through the branch network and digital channels; indirect lending services providing a comprehensive set of technology-enabled consumer lending solutions including point-of-sale offerings for autos, recreational vehicles, outdoor power sports, equipment, and home improvement; and real estate lending providing residential mortgages through its retail, direct, and correspondent channels, with the loans either sold in the secondary market, typically with servicing rights retained, or held in the Company’s loan portfolio, and home equity loans delivered through the branch network. CSBB also serves as an entry point for clients to access services from other businesses.

Wholesale Banking

WB segment delivers a comprehensive suite of tailored solutions with specialized product and industry expertise delivered through local coverage of corporate, commercial, and real estate clients combined with national coverage from investment banking and commercial real estate businesses. This segment is focused on providing core banking, cash management, payments, specialized lending, investment banking, capital markets, strategic advisory, and market-making. In addition to the services provided by Truist’s SEC registered investment advisors, Truist’s wealth professionals provide asset management, trust, brokerage, and investment-related services, institutional investment management, full-service, and online/discount brokerage products, family office services, as well as other wealth management disciplines.

46 Truist Financial Corporation

Other, Treasury & Corporate

OT&C includes management of the Company’s investment securities portfolio, long-term debt, derivative instruments used for balance sheet hedging, short-term liquidity and funding activities, balance sheet risk management and most real estate assets, as well as the Company’s functional activities such as finance, enterprise risk, legal, and enterprise technology and management, among others. Additionally, OT&C houses intercompany eliminations, including intersegment net referral fees and residual interest rate risk.

Truist promotes revenue growth through the Company’s Integrated Relationship Management approach, which is designed to deepen client relationships and bring the full breadth and depth of Truist’s products and services to meet clients’ financial needs. The objective is to provide Truist’s entire suite of products to its clients with the end goal of providing clients the best financial experience in the marketplace. Revenues of certain products and services are reflected in the results of the segment providing those products and services and are also allocated to CSBB and WB. These allocated revenues between segments are reflected as net referral fees in noninterest income and eliminated in OT&C.

The segment results are presented based on internal management methodologies that were designed to support these strategic objectives. Unlike financial accounting, there is no comprehensive authoritative body of guidance for management accounting equivalent to GAAP. The performance of the segments is not comparable with Truist’s consolidated results or with similar information presented by any other financial institution. Additionally, because of the interrelationships between the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities.

Because business segment results are presented based on management accounting practices, the transition to the consolidated results prepared under U.S. GAAP creates certain differences, which are reflected as residuals in OT&C. Business segment reporting conventions include, but are not limited to, the items as detailed below.

Segment net interest income reflects matched maturity funds transfer pricing, which ascribes credits or charges based on the economic value or cost created by assets and liabilities of each segment. Residual differences between these credits and charges are captured in OT&C.

Noninterest income includes inter-segment referral fees, as well as federal and state tax credits that are grossed up on a pre-tax equivalent basis, related primarily to certain community development investments. Recoveries for these allocations are reported in OT&C.

Corporate expense allocations, including overhead or functional expenses that are not directly charged to the segments, are allocated to segments based on various drivers (number of FTEs, number of accounts, loan balances, net revenue, etc.). Recoveries for these allocations are reported in OT&C.

Provision for credit losses represents net charge-offs by segment combined with an allocation to the segments for the provision attributable to each segment’s quarterly change in the ALLL. Provision for income taxes is calculated using a blended income tax rate for each segment and includes reversals of the noninterest income tax adjustments described above. The difference between the calculated provision for income taxes at the segment level and the consolidated provision for income taxes is reported in OT&C.

The application and development of management reporting methodologies is an active process and undergoes periodic enhancements. The implementation of these enhancements to the internal management reporting methodology may materially affect the results disclosed for each segment, with no impact on consolidated results. When significant changes to management reporting methodologies take place, the impact of these changes is quantified and prior period information is revised as practicable.

Truist Financial Corporation 47

The following table presents results by segment:

Three Months Ended June 30, (Dollars in millions)	CSBB				WB				OT&C(1)				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Net interest income (expense)	$	1,286	$	1,544	$	2,187	$	2,329	$	54	$	(270)	$	3,527	$	3,603
Net intersegment interest income (expense)	1,342		1,082		(497)		(562)		(845)		(520)		—		—
Segment net interest income	2,628		2,626		1,690		1,767		(791)		(790)		3,527		3,603
Allocated provision for credit losses	309		227		142		309		—		2		451		538
Segment net interest income after provision	2,319		2,399		1,548		1,458		(791)		(792)		3,076		3,065
Noninterest income	507		514		991		891		(6,710)		(25)		(5,212)		1,380
Amortization of intangibles	45		53		41		46		3		—		89		99
Other noninterest expense	1,600		1,563		1,307		1,251		98		133		3,005		2,947
Income (loss) before income taxes from continuing operations	1,181		1,297		1,191		1,052		(7,602)		(950)		(5,230)		1,399
Provision (benefit) for income taxes	283		309		237		203		(1,844)		(282)		(1,324)		230
Segment net income (loss) from continuing operations	$	898	$	988	$	954	$	849	$	(5,758)	$	(668)	$	(3,906)	$	1,169
Identifiable assets (period end) of continuing operations	$	143,857	$	155,760	$	207,946	$	216,220	$	168,050	$	174,517	$	519,853	$	546,497
Six Months Ended June 30, (Dollars in millions)	CSBB				WB				OT&C(1)				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Net interest income (expense)	$	2,550	$	3,234	$	4,421	$	4,550	$	(72)	$	(314)	$	6,899	$	7,470
Net intersegment interest income (expense)	2,681		2,082		(1,044)		(946)		(1,637)		(1,136)		—		—
Segment net interest income	5,231		5,316		3,377		3,604		(1,709)		(1,450)		6,899		7,470
Allocated provision for credit losses	612		497		340		544		(1)		(1)		951		1,040
Segment net interest income after provision	4,619		4,819		3,037		3,060		(1,708)		(1,449)		5,948		6,430
Noninterest income	1,010		1,068		1,974		1,840		(6,750)		(107)		(3,766)		2,801
Amortization of intangibles	91		106		83		93		3		—		177		199
Other noninterest expense	3,199		3,136		2,639		2,509		32		217		5,870		5,862
Income (loss) before income taxes from continuing operations	2,339		2,645		2,289		2,298		(8,493)		(1,773)		(3,865)		3,170
Provision (benefit) for income taxes	562		629		451		463		(2,105)		(501)		(1,092)		591
Segment net income (loss) from continuing operations	$	1,777	$	2,016	$	1,838	$	1,835	$	(6,388)	$	(1,272)	$	(2,773)	$	2,579
Identifiable assets (period end) of continuing operations	$	143,857	$	155,760	$	207,946	$	216,220	$	168,050	$	174,517	$	519,853	$	546,497

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

48 Truist Financial Corporation

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MD&A is intended to assist readers in their analysis of the accompanying Consolidated Financial Statements and supplemental financial information. It should be read in conjunction with the Consolidated Financial Statements, the accompanying Notes to the Consolidated Financial Statements in this Form 10-Q, other information contained in this document, as well as with Truist’s Annual Report on Form 10-K for the year ended December 31, 2023.

A description of certain factors that may affect our future results and risk factors is set forth in Part I, Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023.

Regulatory and Supervisory Considerations

We are subject to significant regulatory frameworks that affect the products and services that we may offer and the manner in which we may offer them, the risks that we may take, the ways in which we may operate, and the corporate and financial actions that we may take. We are also subject to direct supervision and periodic examinations by various governmental agencies and self-regulatory organizations that are charged with overseeing the kinds of business activities in which we engage. The regulatory and supervisory framework applicable to banking organizations is intended primarily for the protection of depositors and other customers, the DIF, the broader economy, and the stability of the U.S. financial system, rather than for the protection of shareholders and non-deposit creditors. In addition to banking laws and regulations, Truist is subject to various other laws and regulations, all of which directly or indirectly affect the operations and management of Truist and its ability to make distributions to shareholders. The descriptions below summarize certain updates to significant federal and state laws to which Truist is subject since the filing of the Annual Report on Form 10-K for the year ended December 31, 2023. These descriptions do not summarize all possible or proposed changes in laws or regulations and are not intended to be a substitute for the related statutes or regulatory provisions. Refer to “Regulatory and Supervisory Considerations” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional disclosures.

In November 2023, the FDIC issued a final rule to implement a special assessment to recoup losses to the DIF associated with bank failures in the first half of 2023. The assessment is based on an insured depository institution’s estimated uninsured deposits reported as of December 31, 2022. The special assessment for Truist is $595 million, with $507 million recognized in the fourth quarter of 2023 and additional adjustments of $75 million and $13 million recognized in the first and second quarters of 2024, respectively, due to increases in the estimated relevant losses to the DIF reported by the FDIC. In June 2024, the FDIC provided notification that the collection period will be extended an additional two quarters beyond the initial eight quarterly installments. The special assessment will be paid in ten quarterly installments beginning in the second quarter of 2024. The ultimate amount of expenses associated with the special assessment will also be impacted by the finalization of the losses incurred by the FDIC in the resolutions of Silicon Valley Bank and Signature Bank, which could result in additional expense.

In March 2024, the FDIC released proposed revisions to its statement of policy on bank merger transactions. The proposal reflects regulatory, legislative, and industry changes since the statement of policy was last published for comment and amended, makes the statement more principles-based, communicates the FDIC Board’s expectations regarding the evaluation of merger applications filed under the Bank Merger Act, and describes the types of merger applications for which the FDIC is the responsible agency. Also, in July 2024, the FDIC released a proposed rule to amend its regulations under the Change in Bank Control Act, which generally provides that no person may directly or indirectly acquire control of an insured depository institution unless the person has given the appropriate federal banking agency prior notice of the proposed transaction and the agency has not disapproved it. The FDIC’s regulations contain a rebuttable presumption that the acquisition of voting securities of a holding company like Truist that directly or indirectly controls an insured state nonmember bank like Truist Bank constitutes such an acquisition of control requiring prior notice to the FDIC if, immediately after the transaction, the acquiring person will own, control, or hold with power to vote 10 percent or more of any class of voting securities of the holding company and other specified conditions are met. The proposed rule removes an explicit exemption for transactions where the FRB reviews a notice under the Change in Bank Control Act. In addition, the FDIC seeks information and comment about its approach in response to these notices, including the role played by asset managers and other institutional investors with FDIC-supervised institutions. We continue to evaluate both proposals and the potential impacts, if adopted as proposed, on the Company and Truist Bank.

The FRB’s capital plan rule provides that a BHC must update and resubmit its capital plan if the BHC determines there has been or will be a material change in its risk profile, financial condition, or corporate structure since it last submitted the capital plan. Truist determined that the sale of our remaining equity interests in TIH constituted such a material change and, therefore, addressed the material change in our capital plan submitted in April 2024. The capital plan rule further provides that, upon the occurrence of an event requiring resubmission and pending the FRB’s consideration of the resubmitted capital plan, a BHC may not make any capital distribution unless it has received prior approval of the FRB. In July 2024, the FRB notified Truist that the FRB’s prior approval was no longer required to make capital distributions in connection with the April 2024 capital plan.

Truist Financial Corporation 49

In June 2024, the FDIC adopted a final rule to significantly modify the required frequency and informational content of resolution plan submissions applicable to insured depository institutions with $50 billion or more in total assets. As a covered insured depository institution in group A under the rule, Truist Bank must develop an identified strategy for its resolution that is adaptable across a range of possible failure scenarios. The rule also introduces a new credibility standard for evaluating the adequacy of resolution plan submissions. The contours of the FDIC’s application of this new credibility standard remain to be seen and may require the exercise of a meaningful degree of judgment by the FDIC. A failure by Truist Bank to satisfy the credibility standard, or any other provision of the rule, may cause the FDIC to require Truist Bank to reconsider portions of its resolution plan or result in an enforcement action by the FDIC. Truist Bank will be required to submit to the FDIC full resolution plans every three years and interim targeted information between full resolution plan submissions. The final rule is effective October 1, 2024, and the first full resolution plan submission by Truist Bank will be due no sooner than 270 days after the effective date.

In August 2024, the FDIC and the FRB issued final joint guidance regarding resolution plans submitted by large bank holding companies. Truist, as a domestic triennial full filer under the rule, is required to submit a resolution plan every three years, beginning on October 1, 2025, which reflects the characteristics of the firm and its business operations and supports the goal of substantially mitigating serious adverse effects on the financial stability of the United States in the event of the firm’s failure. The agencies have not yet finalized a rule requiring large bank holding companies to issue long-term debt that would serve as pre-positioned resolution resources in the event of a firm’s failure. The long-term debt rule, when finalized, may have an impact on Truist’s resolution plan strategy which may result in revisions to its resolution plan submission.

Executive Overview

In the second quarter, we continued to see solid momentum in our core banking businesses as evidenced by strong year-over-year growth in investment banking and trading revenue and continued expense discipline. Client deposits stabilized, and asset quality metrics remained within our expectations. While loan demand remained muted, we were encouraged by an improvement in our dialogue with clients and our expanded capacity to support their needs.

On May 6, 2024, we completed the divestiture of TIH. We utilized a portion of the capital created from the sale of TIH to reposition our balance sheet, which is expected to replace TIH’s earnings contribution, create additional liquidity, and improve our interest rate risk profile. These actions along with organic capital generation resulted in an increase to our CET1 capital ratio to 11.6%. Financial information attributed to TIH has been reflected in discontinued operations for the periods presented within and, unless otherwise stated, the following discussion excludes amounts reported as discontinued operations. Refer to “Note 2. Discontinued Operations” for additional information.

The sale of TIH resulted in after-tax cash proceeds to Truist of approximately $10.1 billion, reflecting certain closing adjustments for cash, debt and debt-like items, including the settlement of certain previously granted TIH equity awards, working capital, transaction expenses and an investor return amount associated with the originally sold 20% stake. Upon closing, the transaction resulted in the deconsolidation of the TIH subsidiary from Truist and resulted in an approximate after-tax gain of $4.8 billion. Additionally, following the sale, Truist retained the related postretirement benefit obligation for TIH employees, and remeasured the postretirement benefit obligation of the plan in the second quarter of 2024. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations and “Note 13. Benefit Plans” for additional information related to the postretirement benefit obligation remeasurement.

Following the sale of TIH, Truist executed a strategic balance sheet repositioning of a portion of its AFS investment securities portfolio by selling $27.7 billion of lower-yielding investment securities, resulting in an after-tax loss of $5.1 billion in the second quarter of 2024. The investment securities that were sold had a book value of $34.4 billion and a weighted average book yield of 2.80% for the remainder of 2024 including the impact of hedges and based on the Federal Funds futures curve at the time. Including the tax benefit, the repositioning generated $29.3 billion available for reinvestment.

Truist invested approximately $18.7 billion of the $39.4 billion generated from the sale of TIH and the balance sheet repositioning in shorter duration investment securities yielding 5.27%. The remaining $20.7 billion was invested in cash. The blended reinvestment rate on the new investment securities purchased and cash is 5.22% for the remainder of 2024 including the impact of hedges and based on the Federal Funds futures curve at the time.

Our Board authorized the repurchase of up to $5 billion of common stock beginning in the third quarter of 2024 through the end of 2026. The most recent FRB stress test highlighted our ability to weather a variety of stressed economic scenarios.

We believe that Truist's strengthened capital position offers us the opportunity to grow our core banking franchise, while also prudently returning capital to our shareholders through our strong dividend and recently announced share repurchase program.

50 Truist Financial Corporation

Following the departure of our CIO in April 2024, we have appointed an interim CIO while our search for a permanent CIO continues. Our interim CIO has 20 years of banking experience across risk management, commercial, consumer, operations, technology, and vertically integrated businesses. He oversees the provision of comprehensive technology, data, security, and information related platforms.

In August 2024, the Company announced the hiring of a new CIO who will join the Company in the fourth quarter of 2024 and will lead the enterprise technology team. The new CIO has over 25 years of experience across a range of technology roles, primarily in the financial services industry.

In July 2024, we successfully completed the sale of Sterling Capital Management LLC, a Wealth business. Cash proceeds and the initial gain recognized on the sale were not material.

Financial Results

Net income available to common shareholders for the second quarter of 2024 of $826 million was down 33% compared with the second quarter of 2023. On a diluted per common share basis, earnings for the second quarter of 2024 were $0.62, a decrease of $0.30, or 33%, compared to the second quarter of 2023. Truist’s results of operations for the second quarter of 2024 produced an annualized return on average assets of 0.70% and an annualized return on average common shareholders’ equity of 6.1% compared to prior year returns of 0.95% and 8.6%, respectively.

Net loss from continuing operations was $3.9 billion for the second quarter of 2024, compared to net income of $1.2 billion for the second quarter of 2023.

•Results from continuing operations for the second quarter of 2024 included securities losses of $6.7 billion ($5.1 billion after-tax, or $3.80 per share), from the strategic balance sheet repositioning of a portion of the available-for-sale investment securities portfolio, a charitable contribution to the Truist Foundation of $150 million ($115 million after-tax, or $0.09 per share), and restructuring charges of $33 million ($26 million after-tax, or $0.02 per share).

•Results from continuing operations for the second quarter of 2023 included restructuring charges of $48 million ($37 million after-tax, or $0.03 per share).

Net income from discontinued operations was $4.8 billion for the second quarter of 2024, compared to $176 million for the second quarter of 2023.

•Results from discontinued operations for the second quarter of 2024 included a gain on the sale of TIH of $6.9 billion ($4.8 billion after-tax, or $3.60 per share), and restructuring charges of $63 million ($47 million after-tax, or $0.03 per share).

Taxable-equivalent net interest income for the second quarter of 2024 was down $77 million, or 2.1%, compared to the second quarter of 2023 primarily due to higher funding costs and lower earning assets, partially offset by the balance sheet repositioning. Net interest margin was 3.03%, up 13 basis points.

•The yield on the average total loan portfolio was 6.44%, up 37 basis points, reflecting higher market interest rates, and the yield on the average securities portfolio was 2.77%, up 60 basis points, reflecting the balance sheet repositioning and higher market interest rates.

•The average cost of total deposits was 2.09%, up 56 basis points. The average cost of short-term borrowings was 5.58%, up 39 basis points. The average cost of long-term debt was 4.87%, up 25 basis points. The increase in rates on deposits and other funding sources was largely attributable to the higher rate environment.

Noninterest income was down $6.6 billion compared to the second quarter of 2023 primarily due to $6.7 billion of securities losses resulting from the balance sheet repositioning and lower other income, partially offset by higher investment banking and trading income and wealth management income. Excluding securities losses, noninterest income was up $58 million compared to the second quarter of 2023.

Noninterest expense was up $48 million, or 1.6%, compared to the second quarter of 2023 due to a $150 million charitable contribution to the Truist Foundation (other expense) and the FDIC special assessment adjustment in the second quarter of 2024 of $13 million (regulatory costs), partially offset by lower personnel expense. Adjusted noninterest expense, which excludes the charitable contribution, the FDIC special assessment adjustment, restructuring charges, the amortization of intangibles, and a small loss on the early extinguishment of debt in 2023, decreased $86 million, or 3.0%, compared to the earlier quarter.

The higher effective tax rate in the current quarter compared to the second quarter of 2023 is due to a tax benefit on the pre-tax loss, which is driven by the discrete impact of the balance sheet repositioning of securities.

Truist Financial Corporation 51

Asset quality remained solid during the second quarter of 2024.

•Nonperforming loans and leases held for investment were 0.46% of loans and leases held for investment at June 30, 2024, up one basis point compared to March 31, 2024.

•The allowance for credit losses was $5.1 billion and includes $4.8 billion for the allowance for loan and lease losses and $302 million for the reserve for unfunded commitments. The ALLL ratio was 1.57%, up one basis point compared with March 31, 2024.

•The provision for credit losses was $451 million compared to $538 million for the second quarter of 2023 primarily reflecting a lower allowance build.

•The net charge-off ratio was 58 basis points, up 4 basis points compared to the second quarter of 2023 primarily driven by higher net charge-offs in the CRE, other consumer, indirect auto, and credit card portfolios, partially offset by lower net charge-offs in the commercial and industrial portfolio. Additionally, the second quarter of 2023 included $98 million of charge-offs related to the sale of the student loan portfolio.

Capital ratios were significantly strengthened during the second quarter of 2024.

•Truist’s CET1 ratio was 11.6% as of June 30, 2024, up 150 basis points compared to March 31, 2024 due to the sale of TIH and organic capital generation, partially offset by the balance sheet repositioning.

•Truist's board of directors authorized a $5 billion share repurchase program beginning in the third quarter of 2024 through 2026 as part of the Company's overall capital distribution strategy.

•Truist completed the 2024 CCAR process and received a preliminary SCB requirement of 2.8% for the period October 1, 2024 to September 30, 2025, down 10 basis points from the SCB requirement for the period October 1, 2023 to September 30, 2024. The Federal Reserve will provide Truist with its final SCB requirement by August 31, 2024.

•Truist declared common dividends of $0.52 per share during the second quarter of 2024. The dividend payout ratio for the second quarter of 2024 was 85%. Truist did not repurchase any shares in the second quarter of 2024.

•Truist’s average consolidated LCR was 110% for the three months ended June 30, 2024, compared to the regulatory minimum of 100%.

Analysis of Results of Operations

Net Interest Income and NIM

Taxable-equivalent net interest income for the second quarter of 2024 was down $77 million, or 2.1%, compared to the second quarter of 2023 primarily due to higher funding costs and lower earning assets, partially offset by the balance sheet repositioning. Net interest margin was 3.03%, up 13 basis points.

•Average earning assets decreased $32.0 billion, or 6.3%, primarily due to declines in average total loans of $20.7 billion, or 6.3%, and a decrease in average securities of $17.1 billion, or 12%, partially offset by growth in other earning assets of $4.6 billion, or 13%. The change in average securities was driven by maturities and the balance sheet repositioning and change in other earning assets (increase in balances held at the Federal Reserve) was driven by the balance sheet repositioning.

•The yield on the average total loan portfolio was 6.44%, up 37 basis points, reflecting higher market interest rates, and the yield on the average securities portfolio was 2.77%, up 60 basis points, reflecting the balance sheet repositioning and higher market interest rates.

•Average deposits decreased $11.8 billion, or 2.9%, average short-term borrowings increased $2.0 billion, or 8.4%, and average long-term debt decreased $26.9 billion, or 42%.

•The average cost of total deposits was 2.09%, up 56 basis points. The average cost of short-term borrowings was 5.58%, up 39 basis points. The average cost of long-term debt was 4.87%, up 25 basis points. The increase in rates on deposits and other funding sources was largely attributable to the higher rate environment.

52 Truist Financial Corporation

Taxable-equivalent net interest income for the six months ended June 30, 2024 was down $570 million, or 7.5%, compared to the six months ended June 30, 2023 primarily due to higher funding costs and lower earning assets, partially offset by the balance sheet repositioning. Net interest margin was 2.96%, down seven basis points compared to the prior period.

•Average earning assets decreased $27.3 billion, or 5.4%, compared to the prior period primarily due to declines in average total loans of $19.4 billion, or 5.9%, and average securities of $13.2 billion, or 9.4%, partially offset by an increase in other earning assets of $5.0 billion, or 17%. The change in average securities was driven by maturities and the balance sheet repositioning and change in other earning assets (increase in balances held at the Federal Reserve) was driven by the balance sheet repositioning.

•The yield on the average total loan portfolio was 6.41% for 2024, up 47 basis points, compared to the prior period primarily reflecting higher market interest rates. The yield on the average securities portfolio was 2.61% for 2024, up 45 basis points compared to the prior period, reflecting the balance sheet repositioning and higher market interest rates.

•Average deposits decreased $15.6 billion, or 3.9%, average short-term borrowings increased $2.1 billion, or 9%, and average long-term debt decreased $18.7 billion, or 33%.

•The average cost of total deposits was 2.06% for 2024, up 74 basis points compared to the prior period. The average cost of short-term borrowings was 5.60% for 2024, up 66 basis points compared to the prior period. The average cost on long-term debt was 4.80% for 2024, up 43 basis points compared to the prior period. The increases in rates on deposits and other funding sources was largely attributable to the higher rate environment.

The major components of net interest income and the related annualized yields as well as the variances between the periods caused by changes in interest rates versus changes in volumes are summarized below.

Truist Financial Corporation 53

Table 1-1: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis
Three Months Ended June 30, (Dollars in millions)	Average Balances(1)				Annualized Yield/Rate(2)				Income/Expense				Incr. (Decr.)		Change due to
	2024		2023		2024		2023		2024		2023				Rate		Volume
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury	$	11,145	$	11,115	3.66	%	1.10	%	$	101	$	30	$	71	$	71	$	—
GSE	382		329		3.27		2.70		3		3		—		—		—
Agency MBS	107,901		122,647		2.67		2.25		720		690		30		119		(89)
States and political subdivisions	420		425		4.14		4.18		5		5		—		—		—
Non-agency MBS	1,452		3,852		2.61		2.32		10		22		(12)		2		(14)
Other	18		25		5.29		5.20		—		—		—		—		—
Total securities	121,318		138,393		2.77		2.17		839		750		89		192		(103)
Interest earning trading assets	5,515		4,445		6.11		6.73		84		75		9		(7)		16
Other earning assets(3)	39,250		34,616		5.56		5.06		551		436		115		48		67
Loans and leases, net of unearned income:
Commercial and industrial	157,043		166,588		6.53		6.28		2,550		2,610		(60)		98		(158)
CRE	21,969		22,706		6.93		6.73		381		384		(3)		11		(14)
Commercial Construction	7,645		5,921		7.85		7.64		147		111		36		3		33
Residential mortgage	54,490		56,320		3.86		3.77		525		531		(6)		12		(18)
Home equity	9,805		10,478		8.02		7.26		195		190		5		18		(13)
Indirect auto	22,016		26,558		6.95		6.01		381		398		(17)		57		(74)
Other consumer	28,326		28,189		8.25		7.10		581		499		82		80		2
Student	—		4,766		—		6.76		—		80		(80)		—		(80)
Credit card	4,905		4,846		12.14		11.48		148		137		11		9		2
Total loans and leases HFI	306,199		326,372		6.44		6.07		4,908		4,940		(32)		288		(320)
LHFS	1,384		1,886		6.56		5.94		22		28		(6)		3		(9)
Total loans and leases	307,583		328,258		6.44		6.07		4,930		4,968		(38)		291		(329)
Total earning assets	473,666		505,712		5.42		4.94		6,404		6,229		175		524		(349)
Nonearning assets	50,587		52,316
Assets of discontinued operations	2,641		7,794
Total assets	$	526,894	$	565,822
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest-checking	$	103,894	$	102,105	2.74		1.99		707		508		199		190		9
Money market and savings	135,264		138,149		2.60		1.99		873		686		187		202		(15)
Time deposits	41,250		35,844		4.24		3.73		436		333		103		49		54
Total interest-bearing deposits	280,408		276,098		2.89		2.22		2,016		1,527		489		441		48
Short-term borrowings	26,016		23,991		5.58		5.19		362		311		51		24		27
Long-term debt	36,721		63,665		4.87		4.62		446		734		(288)		38		(326)
Total interest-bearing liabilities	343,145		363,754		3.31		2.84		2,824		2,572		252		503		(251)
Noninterest-bearing deposits	107,634		123,728
Other liabilities	13,318		10,865
Liabilities of discontinued operations	1,120		3,374
Shareholders’ equity	61,677		64,101
Total liabilities and shareholders’ equity	$	526,894	$	565,822
Average interest-rate spread					2.11	%	2.10	%
NIM/net interest income - taxable equivalent					3.03	%	2.90	%	$	3,580	$	3,657	$	(77)	$	21	$	(98)
Taxable-equivalent adjustment									$	53	$	54
Memo: Total deposits	$	388,042	$	399,826	2.09	%	1.53	%	$	2,016	$	1,527	$	489

(1)Represents daily average balances. Excludes basis adjustments for fair value hedges.

(2)Yields are stated on a TE basis utilizing federal tax rate. The change in interest not solely due to changes in rate or volume has been allocated based on the pro-rata absolute dollar amount of each. Interest income includes certain fees, deferred costs, and dividends.

(3)Includes cash equivalents, interest-bearing deposits with banks, FHLB stock, and other earning assets.

54 Truist Financial Corporation

Table 1-2: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis
Six Months Ended June 30, (Dollars in millions)	Average Balances(1)				Annualized Yield/Rate(2)				Income/Expense				Incr. (Decr.)		Change due to
	2024		2023		2024		2023		2024		2023				Rate		Volume
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury	$	10,499	$	11,116	2.64	%	1.08	%	$	138	$	60	$	78	$	81	$	(3)
GSE	385		332		3.34		2.78		6		5		1		—		1
Agency MBS	112,423		123,692		2.59		2.24		1,455		1,384		71		204		(133)
States and political subdivisions	420		425		4.14		4.12		9		9		—		—		—
Non-agency MBS	2,549		3,879		2.87		2.33		37		45		(8)		9		(17)
Other	19		22		5.32		5.24		—		—		—		—		—
Total securities	126,295		139,466		2.61		2.16		1,645		1,503		142		294		(152)
Interest earning trading assets	5,180		4,951		6.29		6.38		163		158		5		(2)		7
Other earning assets(3)	34,909		29,916		5.60		4.87		987		730		257		122		135
Loans and leases, net of unearned income:
Commercial and industrial	157,714		165,846		6.53		6.13		5,122		5,046		76		327		(251)
CRE	22,185		22,698		6.94		6.52		770		739		31		48		(17)
Commercial Construction	7,389		5,892		7.84		7.39		284		212		72		14		58
Residential mortgage	54,780		56,370		3.85		3.75		1,053		1,057		(4)		27		(31)
Home equity	9,868		10,606		7.97		7.03		391		370		21		48		(27)
Indirect auto	22,195		27,147		6.82		5.91		753		796		(43)		114		(157)
Other consumer	28,306		27,876		8.12		6.93		1,142		958		184		169		15
Student	—		4,947		—		6.91		—		169		(169)		(85)		(84)
Credit card	4,913		4,815		12.05		11.45		294		273		21		15		6
Total loans and leases HFI	307,350		326,197		6.41		5.94		9,809		9,620		189		677		(488)
LHFS	1,155		1,708		6.49		6.28		37		53		(16)		2		(18)
Total loans and leases	308,505		327,905		6.41		5.94		9,846		9,673		173		679		(506)
Total earning assets	474,889		502,238		5.34		4.83		12,641		12,064		577		1,093		(516)
Nonearning assets	48,947		52,953
Assets of discontinued operations	5,112		7,550
Total assets	$	528,948	$	562,741
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest-checking	$	103,716	$	105,477	2.70		1.79		1,391		938		453		469		(16)
Money market and savings	134,979		138,972		2.54		1.69		1,705		1,162		543		577		(34)
Time deposits	41,594		32,276		4.27		3.45		884		552		332		150		182
Total interest-bearing deposits	280,289		276,725		2.86		1.93		3,980		2,652		1,328		1,196		132
Short-term borrowings	26,123		24,023		5.60		4.94		728		589		139		84		55
Long-term debt	38,721		57,396		4.80		4.37		928		1,248		(320)		114		(434)
Total interest-bearing liabilities	345,133		358,144		3.28		2.52		5,636		4,489		1,147		1,394		(247)
Noninterest-bearing deposits	108,261		127,393
Other liabilities	13,101		11,043
Liabilities of discontinued operations	2,109		3,066
Shareholders’ equity	60,344		63,095
Total liabilities and shareholders’ equity	$	528,948	$	562,741
Average interest-rate spread					2.06	%	2.31	%
NIM/net interest income - taxable equivalent					2.96	%	3.03	%	$	7,005	$	7,575	$	(570)	$	(301)	$	(269)
Taxable-equivalent adjustment									$	106	$	105
Memo: Total deposits	$	388,550	$	404,118	2.06	%	1.32	%	$	3,980	$	2,652	$	1,328

(1)Represents daily average balances. Excludes basis adjustments for fair value hedges.

(2)Yields are stated on a TE basis utilizing federal tax rate. The change in interest not solely due to changes in rate or volume has been allocated based on the pro-rata absolute dollar amount of each. Interest income includes certain fees, deferred costs, and dividends.

(3)Includes cash equivalents, interest-bearing deposits with banks, FHLB stock and other earning assets.

Truist Financial Corporation 55

Provision for Credit Losses

The provision for credit losses was $451 million compared to $538 million for the second quarter of 2023. The net charge-off ratio for the current quarter of 0.58% was up four basis points compared to the prior quarter.

•The decrease in the current quarter provision expense primarily reflects a lower allowance build.

•The net charge-off ratio was up compared to the second quarter of 2023 primarily driven by higher net charge-offs in the CRE, other consumer, indirect auto, and credit card portfolios, partially offset by lower net charge-offs in the commercial and industrial portfolio. Additionally, the second quarter of 2023 included $98 million of charge-offs related to the sale of the student loan portfolio.

The provision for credit losses was $951 million for the six months ended June 30, 2024 compared to $1.0 billion for the six months ended June 30, 2023. The net charge-off ratio for the current period of 0.61% was up 15 basis points compared to the prior period.

•The decrease in the current quarter provision expense primarily reflects a lower allowance build.

•The net charge-off ratio was up compared to the prior period driven by higher charge-offs in the CRE, other consumer, indirect auto, and credit card portfolios. Additionally, the prior period includes the aforementioned sale of the student loan portfolio.

Refer to “Note 5. Loans and ACL” for additional discussion of the ACL.

Noninterest Income

Noninterest income is a significant contributor to Truist’s financial results. Management focuses on diversifying its sources of revenue to reduce Truist’s reliance on traditional spread-based interest income, as certain fee-based activities are a relatively stable revenue source during periods of changing interest rates. The following table provides a breakdown of Truist’s noninterest income:

Table 2: Noninterest Income
	Three Months Ended June 30,				% Change		Six Months Ended June 30,				% Change
(Dollars in millions)	2024		2023		2024 vs. 2023		2024		2023		2024 vs. 2023
Wealth management income	$	361	$	330	9.4	%	$	717	$	669	7.2	%
Investment banking and trading income	286		211		35.5		609		472		29.0
Card and payment related fees	230		236		(2.5)		454		466		(2.6)
Service charges on deposits	232		240		(3.3)		457		490		(6.7)
Mortgage banking income	112		99		13.1		209		241		(13.3)
Lending related fees	89		86		3.5		185		192		(3.6)
Operating lease income	50		64		(21.9)		109		131		(16.8)
Securities gains (losses)	(6,650)		—		NM		(6,650)		—		NM
Other income	78		114		(31.6)		144		140		2.9
Total noninterest income	$	(5,212)	$	1,380	NM		$	(3,766)	$	2,801	NM

Noninterest income was down $6.6 billion compared to the second quarter of 2023 primarily due to $6.7 billion of securities losses resulting from the balance sheet repositioning and lower other income, partially offset by higher investment banking and trading income and wealth management income. Excluding securities losses, noninterest income was up $58 million compared to the second quarter of 2023.

•Investment banking and trading income increased due to higher bond origination fees and loan syndications, partially offset by lower trading income.

•Wealth management income increased due to higher assets under management.

•Other income decreased due to lower income from certain equity investments.

Noninterest income was down $6.6 billion for the six months ended June 30, 2024 compared to the six months ended June 30, 2023 primarily due to $6.7 billion of securities losses resulting from the balance sheet repositioning and lower service charges on deposits and mortgage banking income, partially offset by higher investment banking and trading income and wealth management income. Excluding securities losses, noninterest income was up $83 million, or 3.0%, compared to the prior period.

•Investment banking and trading income increased due to higher bond and equity originations, merger and acquisition fees, and loan syndication fees, partially offset by lower trading income.

•Wealth management income increased due to higher assets under management.

•Mortgage banking income decreased due to a gain on the sale of a servicing portfolio in the prior year.

•Service charges on deposits decreased primarily due to reduced overdraft fees as a result of continued growth of Truist One Banking.

56 Truist Financial Corporation

Noninterest Expense

The following table provides a breakdown of Truist’s noninterest expense:

Table 3: Noninterest Expense
	Three Months Ended June 30,				% Change		Six Months Ended June 30,				% Change
(Dollars in millions)	2024		2023		2024 vs. 2023		2024		2023		2024 vs. 2023
Personnel expense	$	1,661	$	1,705	(2.6)	%	$	3,291	$	3,373	(2.4)	%
Professional fees and outside processing	308		311		(1.0)		586		598		(2.0)
Software expense	218		223		(2.2)		442		423		4.5
Net occupancy expense	160		166		(3.6)		320		335		(4.5)
Amortization of intangibles	89		99		(10.1)		177		199		(11.1)
Equipment expense	89		87		2.3		177		189		(6.3)
Marketing and customer development	63		69		(8.7)		119		137		(13.1)
Operating lease depreciation	34		44		(22.7)		74		90		(17.8)
Regulatory costs	85		73		16.4		237		148		60.1
Restructuring charges	33		48		(31.3)		84		104		(19.2)
Other expense	354		221		60.2		540		465		16.1
Total noninterest expense	$	3,094	$	3,046	1.6		$	6,047	$	6,061	(0.2)

Noninterest expense was up $48 million, or 1.6%, compared to the second quarter of 2023 due to a $150 million charitable contribution to the Truist Foundation (other expense) and the FDIC special assessment adjustment in the second quarter of 2024 of $13 million (regulatory costs), partially offset by lower personnel expense. Adjusted noninterest expense, which excludes the charitable contribution, the FDIC special assessment adjustment, restructuring charges, the amortization of intangibles, and a small loss on the early extinguishment of debt in 2023, decreased $86 million, or 3.0%, compared to the earlier quarter.

•Personnel expense decreased due to lower headcount across most lines of business, partially offset by higher incentives and higher medical claims.

•Other expense increased due to the aforementioned charitable contribution, partially offset by lower pension expenses.

Noninterest expense was down $14 million, or 0.2%, for the six months ended June 30, 2024 compared to the six months ended June 30, 2023 primarily due to a decrease in personnel expense and pension expense (other expenses), partially offset by a $150 million charitable contribution to the Truist Foundation (other expense) in 2024 and FDIC special assessment adjustments in 2024 of $88 million (regulatory costs). Restructuring charges decreased $20 million; both periods included restructuring charges for severance charges as well as facilities optimization costs. Adjusted noninterest expenses, which exclude the charitable contribution, the amortization of intangibles, the FDIC special assessment adjustment, restructuring charges, and a small loss on the early extinguishment of debt, decreased $206 million, or 3.6%.

•Personnel expense decreased due to lower headcount across most lines of business, partially offset by higher incentives and higher other post-retirement benefit expense (which is almost entirely offset by higher other income).

•Other expense, excluding the aforementioned charitable contribution to the Truist Foundation, decreased primarily due to lower pension expense.

Restructuring Charges

The following table presents a summary of restructuring charges and the related accruals. The 2024 restructuring costs predominately reflect various initiatives, including costs for severance and other benefits and costs related to exiting facilities.

Table 4: Restructuring Accrual Activity
(Dollars in millions)	Accrual at Apr 1, 2024		Expense		Utilized		Accrual at Jun 30, 2024		Accrual at Jan 1, 2024		Expense		Utilized		Accrual at Jun 30, 2024
Severance and personnel-related	$	5	$	25	$	(27)	$	3	$	8	$	55	$	(60)	$	3
Occupancy and equipment	—		4		(4)		—		—		25		(25)		—
Professional services	—		3		—		3		—		3		—		3
Other	—		1		(1)		—		—		1		(1)		—
Total	$	5	$	33	$	(32)	$	6	$	8	$	84	$	(86)	$	6

Truist Financial Corporation 57

Segment Results

Truist operates and measures business activity across two segments: CSBB and WB, 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.

Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. First, the CB&W segment was renamed CSBB and the C&CB segment was renamed WB. Second, the Wealth business was realigned into the WB segment from the CSBB segment, representing a separate reporting unit in that segment. Third, the small business banking client segmentation was realigned into the CSBB segment from the WB segment.

On February 20, 2024, the Company entered into an agreement to sell the remaining stake of the common equity in TIH to an investor group, representing substantially all of the Company’s IH segment, which represented a material strategic shift for the Company, and as a result, the Company recast results for all periods presented under the discontinued operations basis of presentation. On May 6, 2024, the Company completed the sale of its remaining equity interests in TIH. TIH was the principal legal entity of the IH segment. As the operations of TIH were included in discontinued operations prior to the sale of TIH, the Company no longer presents the IH segment as one of its reportable segments. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations.

Table 5: Net Income from Continuing Operations by Reportable Segment
	Three Months Ended June 30,				% Change		Six Months Ended June 30,				% Change
(Dollars in millions)	2024		2023		2024 vs. 2023		2024		2023		2024 vs. 2023
Consumer and Small Business Banking	$	898	$	988	(9.1)	%	$	1,777	$	2,016	(11.9)	%
Wholesale Banking	954		849		12.4		1,838		1,835		0.2
Other, Treasury & Corporate	(5,758)		(668)		NM		(6,388)		(1,272)		NM
Truist Financial Corporation	$	(3,906)	$	1,169	NM		$	(2,773)	$	2,579	NM

Consumer and Small Business Banking

CSBB net income was $898 million for the second quarter of 2024, a decrease of $90 million compared to the second quarter of 2023.

•Segment net interest income was flat primarily driven by higher funding credit on deposits, partially offset by lower average deposit and loan balances.

•The provision for credit losses increased $82 million reflecting an allowance release in the earlier quarter.

•Noninterest income was flat primarily due to decreased service charge fees on deposits and credit card and payment fees, partially offset by increases in other income that were driven by increased loan sales in Service Finance and residential mortgage income.

•Noninterest expense increased $29 million compared to the earlier quarter driven by higher operations support expenses, partially offset by lower salaries expense.

CSBB average loans and leases held for investment decreased $12.3 billion, or 8.9%, for the second quarter of 2024 compared to the second quarter of 2023, primarily driven by the sale of the student loan portfolio at the end of second quarter of 2023 as well as lower loan balances within the prime auto, residential mortgage, small business, unsecured (Lightstream and direct to consumer), and home equity portfolios, partially offset by growth in the outdoor power sports, equipment and home improvement portfolios.

CSBB average total deposits decreased $6.4 billion, or 2.9%, for the second quarter of 2024 compared to the second quarter of 2023, primarily driven by decreases in interest checking, noninterest-bearing deposits, and money market and savings, partially offset by an increase in time deposits.

58 Truist Financial Corporation

Wholesale Banking

WB net income was $954 million for the second quarter of 2024, an increase of $105 million compared to the second quarter of 2023.

•Segment net interest income decreased $77 million primarily due to lower deposit and loan balances combined with higher cost of deposits, partially offset by favorable loan spreads.

•The provision for credit losses decreased $167 million which reflects an allowance build in the earlier quarter, partially offset by higher commercial and industrial loan charge-offs.

•Noninterest income increased $100 million compared to the earlier quarter primarily due to higher income from loan syndications, equity and bond origination fees, and wealth management, partially offset by lower income from strategic investments.

•Noninterest expense increased $51 million compared to the earlier quarter primarily due to higher corporate technology costs, corporate finance support, and operations support expenses as well as the FDIC special assessment, partially offset by lower personnel expense and restructuring charges.

WB average loans held for investment decreased $7.9 billion, or 4.2%, for the second quarter of 2024 compared to the second quarter of 2023, primarily due to decreases in commercial and industrial loans.

WB average total deposits decreased $7.4 billion, or 5.0%, for the second quarter of 2024 compared to the second quarter of 2023, primarily due to declines in average noninterest-bearing deposits, partially offset by increases in interest checking balances.

Other, Treasury & Corporate

OT&C generated a net loss of $5.8 billion in the second quarter of 2024, compared to a net loss of $668 million in the second quarter of 2023.

•Segment net interest income was flat primarily due to funding charges primarily on loans to other segments, lower average long-term debt, and balance sheet repositioning, partially offset by funding credit on deposits to other segments.

•Noninterest income decreased $6.7 billion primarily due to securities losses resulting from the balance sheet repositioning.

•Noninterest expense decreased $32 million compared to the earlier quarter primarily due to credit from other segments for operations support expenses, corporate technology project support, and corporate finance support, partially offset by higher donations and contributions expense due to a charitable contribution to the Truist Foundation.

Six Months of 2024 compared to Six Months of 2023

Consumer and Small Business Banking

CSBB net income was $1.8 billion for the six months ended June 30, 2024, a decrease of $239 million compared to the prior year.

•Segment net interest income decreased $85 million primarily driven by lower loan and deposit balances, partially offset by higher funding credit on deposits.

•The provision for credit losses increased $115 million primarily reflecting higher charge-offs primarily in the other consumer and indirect auto portfolios and a lower reserve release in the current period compared to same period last year.

•Noninterest income decreased $58 million primarily due to decreased service charge fees on deposits and lower residential mortgage banking income in the current period.

•Noninterest expense increased $48 million primarily driven by higher operations support expenses, corporate technology costs and the FDIC special assessment, partially offset by lower salaries expense and pension costs.

CSBB average loans and leases held for investment decreased $12.4 billion, or 9.0%, for the six months ended June 30, 2024 compared to the prior year driven primarily by the sale of the student loan portfolio in the second quarter of 2023 and a decrease in indirect auto loans.

CSBB average total deposits decreased $7.0 billion, or 3.2%, for the six months ended June 30, 2024 compared to the prior year primarily due to decreases in average interest-bearing checking, noninterest-bearing deposits, and money market and savings, partially offset by an increase in time deposits.

Truist Financial Corporation 59

Wholesale Banking

WB net income was $1.8 billion for the six months ended June 30, 2024, flat compared to the prior year.

•Segment net interest income decreased $227 million primarily due to lower deposit and loan balances combined with higher cost of deposits, partially offset by favorable loan spreads.

•The provision for credit losses decreased $204 million, which primarily reflects a larger allowance build in the earlier period, partially offset by higher commercial and industrial loan charge-offs.

•Noninterest income increased $134 million primarily due to increases in investment banking income across all products and income from wealth management, partially offset by lower income from strategic investments.

•Noninterest expense increased $120 million primarily due to the FDIC special assessment, higher corporate technology, operations support, and corporate finance support expenses, partially offset by lower personnel and restructuring expenses.

WB average loans and leases held for investment decreased $6.4 billion, or 3.4%, for the six months ended June 30, 2024 compared to the prior year driven by an increase in the commercial and industrial portfolio.

WB average total deposits decreased $12.3 billion, or 7.9%, for the six months ended June 30, 2024 compared to the prior year primarily due to decreases in average noninterest-bearing deposits and money market and savings, partially offset by an increase in interest-bearing checking balances.

Other, Treasury, and Corporate

OT&C generated a net loss of $6.4 billion for the six months ended June 30, 2024, compared to a net loss of $1.3 billion in the prior year.

•Segment net interest income decreased $259 million due to funding credit on deposits to other segments, partially offset by funding charges primarily on loans to other segments and the balance sheet repositioning.

•Noninterest income decreased $6.6 billion primarily due to securities losses resulting from the balance sheet repositioning.

•Noninterest expense decreased $182 million primarily due to credit from other segments for operations support expenses, corporate technology project support, and corporate finance support, partially offset by higher donations and contributions expense due to a charitable contribution to the Truist Foundation and higher incentive expense.

60 Truist Financial Corporation

Analysis of Financial Condition

Investment Activities

The securities portfolio totaled $108.4 billion at June 30, 2024, compared to $121.5 billion at December 31, 2023. U.S. Treasury, GSE, and Agency MBS represented 99.6% and 97.2% of the total securities portfolio as of June 30, 2024 and December 31, 2023, respectively. The overwhelming majority of the portfolio is in agency MBS securities.

•The decrease in 2024 includes sales of $28.1 billion, paydowns and maturities of $9.7 billion as well as a decrease in the fair value of AFS securities, partially offset by $26.0 billion in purchases. The purchases and sales were primarily related to the balance sheet repositioning.

◦Following the sale of TIH, which resulted in after-tax cash proceeds to Truist of approximately $10.1 billion, Truist executed a strategic balance sheet repositioning of a portion of its AFS investment securities portfolio by selling $27.7 billion of lower-yielding investment securities, resulting in an after-tax loss of $5.1 billion in the second quarter of 2024. The investment securities that were sold had a book value of $34.4 billion and a weighted average book yield of 2.80% for the remainder of 2024 including the impact of hedges and based on the Federal Funds futures curve at the time. Including the tax benefit, the repositioning generated $29.3 billion available for reinvestment.

◦Truist invested approximately $18.7 billion of the $39.4 billion available, including the $10.1 billion after-tax proceeds from the sale of TIH, in shorter duration investment securities yielding 5.27%. The remaining $20.7 billion was invested in cash. The blended reinvestment rate on the new investment securities purchased and cash is 5.22% for the remainder of 2024 including the impact of hedges and based on the Federal Funds futures curve at the time.

•As of June 30, 2024, 46% of the investment securities portfolio was classified as held-to-maturity based on amortized cost, excluding portfolio level basis adjustments, compared to 41% at December 31, 2023.

•As of June 30, 2024, approximately 3.3% of the securities portfolio was variable rate, excluding the impact of swaps, compared to 5.7% as of December 31, 2023.

•The effective duration of the AFS securities portfolio was 5.0 years at June 30, 2024 and 6.1 years at December 31, 2023, excluding the impact of swaps, or 4.0 years at June 30, 2024 and December 31, 2023, including the impact of swaps. The effective duration of the HTM securities portfolio was 7.0 years at June 30, 2024 and 7.3 years at December 31, 2023.

Lending Activities

The following table presents the composition of average loans and leases:

Table 6: Average Loans and Leases
	Three Months Ended
(Dollars in millions)	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
Commercial:
Commercial and industrial	$	157,043	$	158,385	$	160,278	$	164,022	$	166,588
CRE	21,969		22,400		22,755		22,812		22,706
Commercial construction	7,645		7,134		6,515		6,194		5,921
Consumer:
Residential mortgage	54,490		55,070		55,658		56,135		56,320
Home equity	9,805		9,930		10,104		10,243		10,478
Indirect auto	22,016		22,374		23,368		24,872		26,558
Other consumer	28,326		28,285		28,913		28,963		28,189
Student	—		—		—		—		4,766
Credit card	4,905		4,923		4,996		4,875		4,846
Total average loans and leases HFI	$	306,199	$	308,501	$	312,587	$	318,116	$	326,372

Average loans held for investment decreased $2.3 billion, or 0.7%, compared to the first quarter of 2024.

•Average commercial loans decreased 0.7% due to a decline in the commercial and industrial portfolio.

•Average consumer loans decreased 0.9% due to declines in the residential mortgage and indirect auto portfolios.

At June 30, 2024 and December 31, 2023, 53% of loans and leases HFI were variable rate.

Truist Financial Corporation 61

Asset Quality

The following tables summarize asset quality information:

Table 7: Asset Quality
(Dollars in millions)	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
NPAs:
NPLs:
Commercial and industrial	$	459	$	512	$	470	$	561	$	562
CRE	360		261		284		289		275
Commercial construction	—		23		24		29		16
Residential mortgage	161		151		153		132		221
Home equity	123		130		122		123		129
Indirect auto	244		256		268		266		262
Other consumer	64		61		59		52		46
Total NPLs HFI	1,411		1,394		1,380		1,452		1,511
Loans held for sale	9		22		51		75		13
Total nonperforming loans and leases	1,420		1,416		1,431		1,527		1,524
Foreclosed real estate	5		4		3		3		3
Other foreclosed property	51		56		54		54		56
Total nonperforming assets	$	1,476	$	1,476	$	1,488	$	1,584	$	1,583
Loans 90 days or more past due and still accruing:
Commercial and industrial	$	8	$	12	$	7	$	15	$	36
Commercial construction	1		—		1		—		5
Residential mortgage – government guaranteed	375		408		418		456		541
Residential mortgage – nonguaranteed	27		33		21		30		23
Home equity	7		10		11		9		7
Indirect auto	1		1		2		1		—
Other consumer	19		18		21		16		12
Credit card	51		56		53		47		38
Total loans 90 days or more past due and still accruing	$	489	$	538	$	534	$	574	$	662
Loans 30-89 days past due and still accruing:
Commercial and industrial	$	109	$	158	$	230	$	98	$	142
CRE	8		21		5		28		38
Commercial construction	—		—		—		1		6
Residential mortgage – government guaranteed	340		286		326		293		267
Residential mortgage – nonguaranteed	392		352		313		270		254
Home equity	58		59		70		61		56
Indirect auto	592		540		669		598		549
Other consumer	214		226		271		219		175
Credit card	78		74		87		68		63
Total loans 30-89 days past due and still accruing	$	1,791	$	1,716	$	1,971	$	1,636	$	1,550

Nonperforming assets totaled $1.5 billion at June 30, 2024, flat compared to March 31, 2024, as declines in the commercial and industrial and commercial construction portfolios were offset by an increase in the CRE portfolio. Nonperforming loans and leases held for investment were 0.46% of loans and leases held for investment at June 30, 2024, up one basis point compared to March 31, 2024.

Loans 90 days or more past due and still accruing totaled $489 million at June 30, 2024, down two basis points as a percentage of loans and leases compared with the prior quarter. Excluding government guaranteed loans, the ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.04% at June 30, 2024, unchanged from March 31, 2024.

Loans 30-89 days past due and still accruing of $1.8 billion at June 30, 2024 were up $75 million, or three basis points as a percentage of loans and leases, compared to the prior quarter due to increases in the residential mortgage and indirect auto portfolios, partially offset by a decline in the commercial and industrial portfolio.

62 Truist Financial Corporation

Problem loans include NPLs and loans that are 90 days or more past due and still accruing as disclosed in Table 7. In addition, for the commercial portfolio segment, loans that are rated special mention or substandard performing are closely monitored by management as potential problem loans. Refer to “Note 5. Loans and ACL” for the amortized cost basis of loans by origination year and credit quality indicator as well as additional disclosures related to NPLs.

Table 8: Asset Quality Ratios
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
Loans 30-89 days past due and still accruing as a percentage of loans and leases HFI	0.59	%	0.56	%	0.63	%	0.52	%	0.48	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI	0.16		0.18		0.17		0.18		0.21
NPLs as a percentage of loans and leases HFI	0.46		0.45		0.44		0.46		0.47
NPLs as a percentage of total loans and leases(1)	0.46		0.46		0.46		0.48		0.47
NPAs as a percentage of:
Total assets(1)	0.28		0.28		0.28		0.29		0.29
Loans and leases HFI plus foreclosed property	0.48		0.47		0.46		0.48		0.49
ALLL as a percentage of loans and leases HFI	1.57		1.56		1.54		1.49		1.43
Ratio of ALLL to NPLs	3.4x		3.4x		3.5x		3.2x		3.0x
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI, excluding government guaranteed(2)	0.04	%	0.04	%	0.04	%	0.04	%	0.04	%

(1)Includes LHFS.

(2)This asset quality ratio has been adjusted to remove the impact of government guaranteed loans. Management believes the inclusion of such assets in this asset quality ratio results in distortion of this ratio because collection of principal and interest is reasonably assured, or the ratio might not be comparable to other periods presented or to other portfolios that do not have government guarantees.

Table 9: Asset Quality Ratios (Continued)
											As of/For the Year-to-Date
	Three Months Ended										Period Ended June 30
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		2024		2023
Net charge-offs as a percentage of average loans and leases HFI:
Commercial:
Commercial and industrial	0.18	%	0.17	%	0.23	%	0.17	%	0.23	%	0.17	%	0.19	%
CRE	1.67		1.73		0.83		1.31		0.62		1.70		0.35
Commercial construction	(0.05)		(0.02)		0.22		(0.03)		(0.02)		(0.04)		(0.03)
Consumer:
Residential mortgage	(0.01)		—		(0.01)		0.05		(0.01)		—		(0.01)
Home equity	(0.03)		(0.08)		(0.12)		(0.10)		(0.12)		(0.06)		(0.14)
Indirect auto	1.94		2.26		2.19		1.75		1.28		2.10		1.38
Other consumer	1.60		1.96		1.74		1.37		1.20		1.78		1.25
Student	—		—		—		—		8.67		—		4.42
Credit card	5.33		5.54		4.38		3.78		3.66		5.44		3.60
Total	0.58		0.64		0.57		0.51		0.54		0.61		0.46
Ratio of ALLL to net charge-offs	2.7x		2.4x		2.7x		2.9x		2.6x		2.6x		3.1x

Ratios are annualized, as applicable.

The following table presents activity related to NPAs:

Table 10: Rollforward of NPAs
(Dollars in millions)	2024		2023
Balance, January 1	$	1,488	$	1,250
New NPAs	1,725		1,563
Advances and principal increases	331		463
Disposals of foreclosed assets(1)	(308)		(300)
Disposals of NPLs(2)	(118)		(80)
Charge-offs and losses	(673)		(414)
Payments	(760)		(628)
Transfers to performing status	(187)		(263)
Other, net	(22)		(8)
Ending balance, June 30	$	1,476	$	1,583

(1)Includes charge-offs and losses recorded upon sale of $129 million and $84 million for the six months ended June 30, 2024 and 2023, respectively.

(2)Includes charge-offs and losses recorded upon sale of $0 million and $24 million for the six months ended June 30, 2024 and 2023, respectively.

Truist Financial Corporation 63

Commercial Credit Concentrations

Truist has established the following general practices to manage commercial credit risk:

•limiting the amount of credit that Truist may extend to a borrower;

•establishing a process for credit approval accountability;

•initial underwriting and analysis of borrower, transaction, market, and collateral risks;

•ongoing servicing and monitoring of individual loans and lending relationships;

•continuous monitoring of the portfolio, market dynamics, and the economy; and

•periodically reevaluating the Company’s strategy and overall exposure as economic, market, and other relevant conditions change.

Truist continuously monitors various segments of its credit portfolios to assess potential concentration risks. Management is actively involved in the credit approval and review process, and risk acceptance criteria are adjusted as needed to reflect the Company’s risk appetite. Consistent with established risk management objectives, the Company utilizes various risk mitigation techniques, including collecting collateral and security interests, obtaining guarantees, and, to a limited extent, through the purchase of credit loss protection via third party insurance or use of credit derivatives such as credit default swaps.

In the commercial portfolio, risk concentrations are evaluated regularly on both an aggregate portfolio level and on an individual client basis. The Company manages its commercial exposure through portfolio targets, limits, and transactional risk acceptance criteria as well as other techniques, including but not limited to, loan syndications/participations, loan sales, collateral, structure, covenants, and other risk reduction techniques.

The following tables provide industry distribution by major types of commercial credit exposure and the geographical distribution of commercial exposures. Industry classification for commercial and industrial loans is based on the North American Industry Classification System. Commercial real estate loans are classified based on type of property. For the geographic disclosures, amounts are generally assigned to a state based on the physical billing address of the client or physical property address.

64 Truist Financial Corporation

Table 11: Commercial and Industrial Portfolio Industry and Geography
	June 30, 2024						December 31, 2023
(Dollars in millions)	LHFI		% of Total		NPL		LHFI		% of Total		NPL
Industry:
Finance and insurance	$	18,826	12.0	%	$	29	$	15,526	9.7	%	$	40
Manufacturing	13,996		8.9		79		14,418		9.0		65
Health care and social assistance	12,695		8.1		99		12,997		8.1		46
Retail trade	12,214		7.8		68		12,740		7.9		89
Real estate and rental and leasing	12,124		7.8		7		12,663		7.9		16
Public administration	9,729		6.2		—		9,802		6.1		—
Wholesale trade	7,518		4.8		4		8,263		5.1		3
Information	6,668		4.3		39		8,346		5.2		—
Transportation and warehousing	5,070		3.2		24		5,703		3.5		8
Educational services	4,677		3.0		—		5,151		3.2		31
Professional, scientific, and technical services	4,028		2.6		8		4,445		2.8		26
Utilities	3,588		2.3		9		4,555		2.8		—
Arts, entertainment, and recreation	3,491		2.2		—		3,227		2.0		—
Other services (except public administration)	3,146		2.0		2		3,305		2.1		1
Administrative and support and waste management and remediation services	3,136		2.0		12		3,716		2.3		49
Accommodation and food services	3,109		2.0		13		3,067		1.9		13
Other(1)	12,522		8.1		43		12,159		7.5		41
Subtotal	136,537		87.3		436		140,083		87.1		428
Business owner occupied	19,863		12.7		23		20,705		12.9		42
Total commercial and industrial	$	156,400	100.0	%	$	459	$	160,788	100.0	%	$	470
Geography:
Florida	$	18,227	11.7	%	$	219	$	18,947	11.8	%	$	228
Texas	15,045		9.6		33		15,374		9.6		24
North Carolina	12,325		7.9		16		12,959		8.1		11
Georgia	12,263		7.8		10		12,167		7.6		32
New York	10,597		6.8		4		10,336		6.4		3
Virginia	9,060		5.8		10		9,724		6.0		35
California	8,647		5.5		22		9,115		5.7		1
Pennsylvania	7,224		4.6		7		7,423		4.6		4
Maryland	6,915		4.4		4		6,668		4.1		6
Tennessee	5,621		3.6		61		5,852		3.6		43
Illinois	4,180		2.7		—		3,892		2.4		10
South Carolina	4,114		2.6		40		4,134		2.6		1
New Jersey	3,875		2.5		2		3,754		2.3		36
Ohio	3,153		2.0		—		3,220		2.0		6
Other(2)	35,154		22.5		31		37,223		23.2		30
Total commercial and industrial	$	156,400	100.0	%	$	459	$	160,788	100.0	%	$	470

(1)Represents other remaining industries that are deemed to be individually insignificant.

(2)Includes non-U.S. loans of $4.4 billion and $5.1 billion at June 30, 2024 and December 31, 2023, respectively. The remainder represents other remaining states that are deemed to be individually insignificant.

Truist has noted that the CRE and commercial construction portfolios have the potential for heightened risk in the current environment. Truist seeks to maintain a high-quality portfolio through disciplined risk management and prudent client selection.

Truist’s CRE and commercial construction portfolios totaled $29.5 billion as of June 30, 2024, which includes 35% related to multifamily residential, 18% related to industrial, 15% related to office, 14% related to retail, and the remainder composed of hotel and other commercial real estate.

Our combined CRE and commercial construction office portfolio is primarily composed of multi-tenant, non-gateway properties located within Truist Bank’s footprint. As of June 30, 2024, approximately 98% of these properties are multi-tenant. Additionally, as of June 30, 2024, 17% and 30% of these exposures are scheduled to mature in 2024 and 2025, respectively, with the remainder scheduled to mature in 2026 and beyond.

Truist Financial Corporation 65

Table 12: CRE Portfolio Property Type and Geography
	June 30, 2024						December 31, 2023
(Dollars in millions)	LHFI		% of Total		NPL		LHFI		% of Total		NPL
Industry:
Multifamily	$	5,712	26.3	%	$	1	$	5,731	25.4	%	$	3
Industrial	4,291		19.7		3		4,054		18.0		3
Office	3,909		18.0		305		4,286		19.0		264
Retail	3,862		17.8		43		4,172		18.5		9
Hotel	2,275		10.5		—		2,445		10.8		—
Other(1)	1,681		7.7		8		1,882		8.3		5
Total CRE	$	21,730	100.0	%	$	360	$	22,570	100.0	%	$	284
Geography:
North Carolina	$	2,443	11.2	%	$	4	$	2,726	12.1	%	$	1
Florida	2,401		11.0		4		2,481		11.0		5
Georgia	2,281		10.5		53		2,532		11.2		120
California	1,778		8.2		112		1,709		7.6		81
Texas	1,775		8.2		—		1,611		7.1		—
New York	1,532		7.1		2		1,574		7.0		3
Pennsylvania	1,302		6.0		—		1,403		6.2		—
Virginia	1,184		5.4		3		1,276		5.7		—
District of Columbia	859		4.0		—		1,043		4.6		—
Maryland	815		3.8		23		956		4.2		16
Tennessee	815		3.8		1		810		3.6		1
Other(2)	4,545		20.8		158		4,449		19.7		57
Total CRE	$	21,730	100.0	%	$	360	$	22,570	100.0	%	$	284

(1)Represents other remaining property types that are deemed to be individually insignificant.

(2)Includes non-U.S. loans of $63 million and $73 million at June 30, 2024 and December 31, 2023, respectively. The remainder represents other remaining states that are deemed to be individually insignificant.

Table 13: Commercial Construction Portfolio Property Type and Geography
	June 30, 2024						December 31, 2023
(Dollars in millions)	LHFI		% of Total		NPL		LHFI		% of Total		NPL
Industry:
Multifamily	$	4,740	60.9	%	$	—	$	3,868	57.9	%	$	23
Industrial	1,085		13.9		—		877		13.1		—
Single Family - CP	806		10.4		—		819		12.3		—
Office	612		7.9		—		634		9.5		1
Single Family - AD and CL	163		2.1		—		196		2.9		—
Other(1)	381		4.8		—		289		4.3		—
Total commercial construction	$	7,787	100.0	%	$	—	$	6,683	100.0	%	$	24
Geography:
Georgia	$	1,222	15.7		$	—	$	1,059	15.8		$	—
Texas	1,057		13.6		—		956		14.3		23
Florida	1,017		13.1		—		741		11.1		—
North Carolina	888		11.4		—		777		11.6		—
California	561		7.2		—		512		7.7		—
Other(2)	3,042		39.0		—		2,638		39.5		1
Total commercial construction	$	7,787	100.0	%	$	—	$	6,683	100.0	%	$	24

(1)Represents other remaining property types that are deemed to be individually insignificant.

(2)Includes non-U.S. loans of $36 million and $16 million at June 30, 2024 and December 31, 2023, respectively. The remainder represents other remaining states that are deemed to be individually insignificant.

See additional information on the commercial portfolios in “Note 5. Loans and ACL,” including loans by origination year and credit quality indicator.

66 Truist Financial Corporation

ACL

Activity related to the ACL is presented in the following tables:

Table 14: Activity in ACL
	Three Months Ended										Six Months Ended June 30,
(Dollars in millions)	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		2024		2023
Balance, beginning of period(1)	$	5,100	$	5,093	$	4,970	$	4,879	$	4,761	$	5,093	$	4,649
Provision for credit losses	451		500		572		497		558		951		1,040
Charge-offs:
Commercial and industrial	(83)		(97)		(110)		(98)		(107)		(180)		(182)
CRE	(97)		(103)		(48)		(77)		(35)		(200)		(41)
Commercial construction	—		—		(5)		—		—		—		—
Residential mortgage	(1)		(1)		—		(8)		(1)		(2)		(2)
Home equity	(3)		(3)		(2)		(4)		(2)		(6)		(4)
Indirect auto	(136)		(154)		(154)		(135)		(115)		(290)		(242)
Other consumer	(141)		(165)		(148)		(120)		(104)		(306)		(209)
Student	—		—		—		—		(103)		—		(108)
Credit card	(74)		(77)		(64)		(55)		(53)		(151)		(104)
Total charge-offs	(535)		(600)		(531)		(497)		(520)		(1,135)		(892)
Recoveries:
Commercial and industrial	14		32		16		28		13		46		26
CRE	5		7		—		2		—		12		1
Commercial construction	1		—		2		—		—		1		1
Residential mortgage	2		1		1		1		2		3		4
Home equity	4		5		5		7		5		9		11
Indirect auto	30		28		25		25		31		58		57
Other consumer	28		28		21		20		20		56		37
Credit card	9		9		8		9		9		18		18
Total recoveries	93		110		78		92		80		203		155
Net charge-offs	(442)		(490)		(453)		(405)		(440)		(932)		(737)
Other(2)	1		(3)		4		(1)		—		(2)		(73)
Balance, end of period	$	5,110	$	5,100	$	5,093	$	4,970	$	4,879	$	5,110	$	4,879
ACL:(1)
ALLL	$	4,808	$	4,803	$	4,798	$	4,693	$	4,606
RUFC	302		297		295		277		273
Total ACL	$	5,110	$	5,100	$	5,093	$	4,970	$	4,879

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

(2)2023 includes the impact from the adoption of the Troubled Debt Restructurings and Vintage Disclosures accounting standard.

The allowance for credit losses was $5.1 billion as of June 30, 2024 and includes $4.8 billion for the allowance for loan and lease losses and $302 million for the reserve for unfunded commitments. The ALLL ratio was 1.57% as of June 30, 2024, up one basis point compared with March 31, 2024. The ALLL covered nonperforming loans and leases held for investment 3.4X, flat compared to March 31, 2024. At June 30, 2024, the ALLL was 2.7X annualized net charge-offs, compared to 2.4X at March 31, 2024.

Truist Financial Corporation 67

The following table presents an allocation of the ALLL. The entire amount of the allowance is available to absorb losses occurring in any category of loans and leases.

Table 15: Allocation of ALLL by Category
	June 30, 2024						December 31, 2023
(Dollars in millions)	Amount		% ALLL in Each Category		% Loans in Each Category		Amount		% ALLL in Each Category		% Loans in Each Category
Commercial and industrial	$	1,338	27.8	%	51.2	%	$	1,404	29.4	%	51.6	%
CRE	661		13.7		7.1		616		12.8		7.2
Commercial construction	206		4.3		2.5		174		3.6		2.1
Residential mortgage	205		4.3		17.8		298		6.2		17.8
Home equity	88		1.8		3.2		89		1.9		3.2
Indirect auto	945		19.7		7.2		942		19.6		7.3
Other consumer	958		19.9		9.4		890		18.5		9.2
Credit card	407		8.5		1.6		385		8.0		1.6
Total ALLL	4,808		100.0	%	100.0	%	4,798		100.0	%	100.0	%
RUFC	302						295
Total ACL	$	5,110					$	5,093

Truist monitors the performance of its home equity loans and lines secured by second liens similarly to other consumer loans and utilizes assumptions specific to these loans in determining the necessary ALLL. Truist also receives notification when the first lien holder, whether Truist or another financial institution, has initiated foreclosure proceedings against the borrower. When notified that the first lien is in the process of foreclosure, Truist obtains valuations to determine if any additional charge-offs or reserves are warranted. These valuations are updated at least annually thereafter.

Truist has limited ability to monitor the delinquency status of the first lien, unless the first lien is held or serviced by Truist. Truist estimates credit losses on second lien loans where the first lien is delinquent based on historical experience; the increased risk of loss on these credits is reflected in the ALLL. As of June 30, 2024, Truist held or serviced the first lien on 32% of its second lien positions.

Other Assets

The components of other assets are presented in the following table:

Table 16: Other Assets as of Period End
(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Tax credit and other private equity investments	$	8,550	$	7,898
Bank-owned life insurance	7,759		7,716
Prepaid pension assets	6,658		6,563
Accrued income	2,113		2,085
DTAs, net	1,939		3,037
Leased assets and related assets	1,523		1,647
Derivative assets	1,095		951
Accounts receivable	1,046		997
Prepaid expenses	1,037		1,083
ROU assets	962		1,057
FHLB stock	946		1,198
Other	1,153		765
Total other assets	$	34,781	$	34,997

68 Truist Financial Corporation

Funding Activities

Deposits

The following table presents average deposits:

Table 17: Average Deposits
	Three Months Ended
(Dollars in millions)	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
Noninterest-bearing deposits	$	107,634	$	108,888	$	114,555	$	118,905	$	123,728
Interest checking	103,894		103,537		101,722		101,252		102,105
Money market and savings	135,264		134,696		137,464		139,961		138,149
Time deposits	41,250		41,937		41,592		40,920		35,844
Total average deposits	$	388,042	$	389,058	$	395,333	$	401,038	$	399,826

Average deposits for the second quarter of 2024 were $388.0 billion, a decrease of $1.0 billion, or 0.3%, compared to the first quarter of 2024.

Average noninterest-bearing deposits decreased 1.2% compared to the first quarter of 2024 and represented 27.7% of total deposits for the second quarter of 2024 compared to 28.0% for the first quarter of 2024. Average time deposits decreased 1.6%. Average money market and savings accounts and interest checking increased 0.4% and 0.3%, respectively.

Borrowings

At June 30, 2024, short-term borrowings totaled $22.8 billion, a decrease of $2.0 billion compared to December 31, 2023. Average short-term borrowings were $26.1 billion, or 5.8% of total funding, for the six months ended June 30, 2024, as compared to $24.0 billion, or 4.9%, for the prior year.

Long-term debt provides funding and, to a lesser extent, regulatory capital, and primarily consists of senior and subordinated notes issued by Truist and Truist Bank. Long-term debt totaled $34.6 billion at June 30, 2024, a decrease of $4.3 billion compared to December 31, 2023. During the six months ended June 30, 2024, the Company had:

•Net redemptions of $4.2 billion of floating rate FHLB advances.

•Maturities and redemptions of $3.5 billion of senior notes.

•Issuances of $3.5 billion fixed-to-floating rate senior notes with interest rates between 5.44% and 5.71% due from January 24, 2030 to January 24, 2035.

In August 2024, Truist issued $1.0 billion fixed-to-floating rate senior notes with an interest rate of 5.15% due August 5, 2032.

Shareholders’ Equity

Truist’s book value per common share and TBVPS are presented in the following table:

Table 18: Book Value per Common Share
(Dollars in millions, except per share data, shares in thousands)	Jun 30, 2024		Dec 31, 2023
Common equity per common share	$	42.71	$	39.31
Non-GAAP capital measure:(1)
Tangible common equity per common share	$	28.91	$	21.83
Calculation of tangible common equity:(1)
Total shareholders’ equity	$	63,827	$	59,253
Less:
Preferred stock	6,673		6,673
Noncontrolling interests	—		152
Goodwill and intangible assets, net of deferred taxes	18,471		23,306
Tangible common equity	$	38,683	$	29,122
Common shares outstanding at end of period	1,338,223		1,333,743

(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.

Truist Financial Corporation 69

Total shareholders’ equity was $63.8 billion at June 30, 2024, an increase of $4.6 billion from December 31, 2023. This increase was driven by $4.0 billion in OCI and net income of $2.1 billion, partially offset by $1.6 billion in common and preferred dividends. Truist’s book value per common share at June 30, 2024 was $42.71, compared to $39.31 at December 31, 2023. Truist’s TBVPS was $28.91 at June 30, 2024, compared to $21.83 at December 31, 2023 with the increase driven by the sale of TIH.

Risk Management

Truist seeks to maintain a comprehensive risk management framework supported by people, processes, and systems to identify, measure, monitor, manage, and report significant risks arising from its exposures and business activities. Effective risk management involves optimizing risk and return while operating in a safe and sound manner and promoting compliance with applicable laws and regulations. The Company’s risk management framework is designed to promote the execution of business strategies and objectives in alignment with its risk appetite.

Truist has developed and employs a risk framework that further guides business functions in identifying, measuring, responding to, monitoring, and reporting on possible exposures to the organization. Truist has developed a risk taxonomy designed to drive internal risk measurement and monitoring and enable Truist to clearly and transparently communicate to stakeholders the level of potential risk the Company faces and the Company’s position on managing risk to acceptable levels.

Truist is committed to fostering a culture that supports identification and escalation of risks across the organization. All teammates are responsible for upholding the Company’s purpose, mission, and values, and are encouraged to speak up if there is any activity or behavior that is inconsistent with the Company’s culture. The Truist code of ethics guides the Company’s decision making and informs teammates on how to act in the absence of specific guidance.

Truist seeks an appropriate return for the risk taken in its business operations. Risk-taking activities must be evaluated and prioritized to identify those that present attractive risk-adjusted returns, while preserving asset value and capital.

Truist’s compensation plans are designed to consider teammates’ adherence to and successful implementation of Truist’s risk values and associated policies and procedures. The Company’s compensation structure is designed to support its core values and sound risk management practices in an effort to promote judicious risk-taking behavior.

Market Risk

Market risk is the risk to current or anticipated earnings, capital, or economic value arising from changes in the market value of portfolios, securities, or other financial instruments. Market risk results from changes in the level, volatility, or correlations among financial market risk factors or prices, including interest rates, credit spreads, foreign exchange rates, equity, and commodity prices.

Effective management of market risk is essential to achieving Truist’s strategic financial objectives. Truist’s most significant market risk exposure is to interest rate risk in its balance sheet; however, market risk also results from underlying product liquidity risk, price risk, and volatility risk in Truist’s business units. Interest rate risk results from differences between the timing of rate changes and the timing of cash flows associated with assets and liabilities (re-pricing risk); from changing rate relationships among different yield curves affecting bank activities (basis risk); from changing rate relationships across the spectrum of maturities (yield curve risk); and from interest-related options inherently embedded in bank products (options risk).

The primary objectives of effective market risk management are to minimize adverse effects from changes in market risk factors on net interest income, net income, and capital, and to offset the risk of price changes for certain assets and liabilities recorded at fair value. At Truist, market risk management also includes the enterprise-wide IPV function.

Interest Rate Market Risk

As a financial institution, Truist is exposed to interest rate risk from assets, liabilities, and off-balance sheet positions. Truist primarily monitors this risk through two measurement types, (i) NII at risk and (ii) economic value of equity, and manages this risk with securities, derivatives, and broader asset liability management activities.

IRR measurement is reported monthly through the ALCO. Monthly IRR reporting includes exposure and historical trends relative to risk limit scenarios, impacts to a wide range of rate scenarios, and sensitivity tests of key assumptions. IRR reporting is provided to the BRC monthly and reviews of varying IRR topics are performed quarterly.

70 Truist Financial Corporation

IRR measurement is influenced by data, assumptions, and models. Due to their high sensitivity to market rates, mortgage (loan and security) prepayments leverage an industry model that results in varying prepayment speeds across rate scenarios. Prepayments for non-mortgage loans leverage a mix of dynamic models and static prepayment assumptions based on historical experience. Interest-bearing-deposit rate paid is projected to move at a ratio (deposit beta) of market rates, primarily the Federal Funds Rate, aligned to historical experience.

Truist uses derivatives to hedge interest income variability of floating rate loans and to hedge valuation changes of long-term debt and investment securities.

NII at risk measures the change in NII under alternate interest rate scenarios relative to Truist’s baseline scenario, which incorporates Truist’s current balance sheet and off-balance sheet hedges as well as expectations for new business over the forecast horizon. Truist’s baseline scenario relies on assumptions including expectations of the economy and interest rates – which are influenced by market conditions, new business volume, pricing, and customer behavior. In measuring NII at risk, Truist assumes that changes in key factors, such as prepayments and deposit pricing (betas), largely move in line with those it has experienced in prior rate cycles. However, future behavior of key factors may vary from those used in this measurement. NII at risk measurement assumes, when applicable, that U.S. interest rates floor at zero and Truist does not take any balance sheet or hedging actions in response to the rate scenarios.

Truist evaluates a wide range of alternate scenarios including instantaneous and gradual as well as parallel and non-parallel changes in interest rates. The table below presents the estimated change to NII over the following 12 months for select parallel alternate scenarios, expressed as a percentage change relative to baseline NII.

Table 19: Interest Sensitivity Simulation Analysis
	Jun 30, 2024		Dec 31, 2023
Up 200bps gradual change in interest rates	(2.22)	%	(1.46)	%
Up 50bps instantaneous change in interest rates	(0.67)		(0.36)
Down 50bps instantaneous change in interest rates	0.22		(0.10)
Down 200bps gradual change in interest rates	0.70		(0.30)

Estimated changes to NII in the table above assume no change in deposit balances or mix relative to the baseline scenario. In increasing interest rate scenarios, rotation from non-interest-bearing into interest bearing deposits would reduce NII. Conversely, in decreasing interest rate scenarios, rotation from higher yielding to lower yielding deposits would benefit net interest income. Truist performs and monitors sensitivity tests of deposit and other key assumptions used in NII risk including:

•Asset prepayment speeds

•New loan volume pricing spreads

•Interest-bearing deposit betas

•Non-interest-bearing demand deposit balance runoff, replaced by market funding

EVE measures changes in the economic value of Truist’s current balance sheet and off-balance sheet hedges under alternate rate scenarios relative to starting economic value. Truist uses EVE as a longer-term measure of interest rate risk. Truist performs and monitors sensitivity tests of key assumptions used in EVE including:

•Asset prepayment speeds

•Mortgage spreads (mortgage loan and security valuations)

•Interest-bearing deposit beta

•Deposit runoff / decay

Key assumption tests are generally performed by increasing and decreasing the assumption, whether static or dynamically modeled, relative to their respective starting values and then measuring the resulting impact to NII and EVE under baseline and alternate rate scenarios.

The identification and testing of key assumptions are influenced by market conditions and management views of key risks. The results of key assumption sensitivity tests are reported to ALCO and BRC at least quarterly. The inventory of key assumptions and their associated sensitivity tests are reviewed with ALCO and BRC at least annually.

Market Risk from Trading Activities

As a financial intermediary, Truist provides its clients access to derivatives, foreign exchange and securities markets, which generate market risks. Trading market risk is managed using a comprehensive risk management approach, which includes measuring risk using VaR, stress testing, and sensitivity analysis. Risk metrics are monitored against a suite of limits on a daily basis at both the trading desk level and at the aggregate portfolio level.

Truist Financial Corporation 71

Truist is also subject to risk-based capital guidelines for market risk under the Market Risk Rule.

Covered Trading Positions

Covered positions subject to the Market Risk Rule include trading assets and liabilities, specifically those held for the purpose of short-term resale or with the intent of benefiting from actual or expected short-term price movements or to lock in arbitrage profits. Truist’s trading portfolio of covered positions results primarily from market making and underwriting services for the Company’s clients, as well as associated risk mitigating hedging activity. The trading portfolio, measured in terms of VaR, consists primarily of four sub-portfolios of covered positions: (i) credit trading, (ii) fixed income securities, (iii) interest rate derivatives, and (iv) equity derivatives. As a market maker across different asset classes, Truist’s trading portfolio also contains other sub-portfolios, including foreign exchange, loan trading, and commodity derivatives; however, these portfolios do not generate material trading risk exposures.

Valuation policies and methodologies exist for all trading positions. Additionally, these positions are subject to independent price verification. See “Note 16. Derivative Financial Instruments,” “Note 15. Fair Value Disclosures,” and “Critical Accounting Policies” herein for discussion of valuation policies and methodologies.

Securitizations

As of June 30, 2024, the aggregate market value of on-balance sheet securitization positions subject to the Market Risk Rule, which were non-agency asset backed securities positions, was $96 million. Consistent with the Market Risk Rule requirements, the Company performs pre-purchase due diligence on each securitization position to identify the characteristics including, but not limited to, deal structure and the asset quality of the underlying assets, that materially affect valuation and performance. Securitization positions are subject to Truist’s comprehensive risk management framework, which includes daily monitoring against a suite of limits. There were no off-balance sheet securitization positions during the reporting period.

Correlation Trading Positions

The trading portfolio of covered positions did not contain any correlation trading positions as of June 30, 2024.

VaR-Based Measures

VaR measures the potential loss of a given position or portfolio of positions at a specified confidence level and time horizon. Truist utilizes a historical VaR methodology to measure and aggregate risks across its covered trading positions. For risk management purposes, the VaR calculation is based on a historical simulation approach and measures the potential trading losses using a one-day holding period at a one-tail, 99% confidence level. For Market Risk Rule purposes, the Company calculates VaR using a 10-day holding period and a 99% confidence level. Due to inherent limitations of the VaR methodology, such as the assumption that past market behavior is indicative of future market performance, VaR is only one of several tools used to measure and manage market risk. Other tools used to actively manage market risk include stress testing, scenario analysis, and stop loss limits.

72 Truist Financial Corporation

The trading portfolio’s VaR profile is influenced by a variety of factors, including the size and composition of the portfolio, market volatility, and the correlation between different positions. A portfolio of trading positions is typically less risky than the sum of the risk from each of the individual sub-portfolios, because, under normal market conditions, risk within each category partially offsets the exposure to other risk categories. The following table summarizes certain VaR-based measures for the three and six months ended June 30, 2024 and 2023.

Table 20: VaR-based Measures
	Three Months Ended June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
(Dollars in millions)	10-Day Holding Period		1-Day Holding Period		10-Day Holding Period		1-Day Holding Period		10-Day Holding Period		1-Day Holding Period		10-Day Holding Period		1-Day Holding Period
VaR-based Measures:
Maximum	$	25	$	7	$	24	$	9	$	27	$	12	$	24	$	9
Average	20		6		18		7		21		8		17		6
Minimum	14		5		14		5		14		5		10		4
Period-end	23		7		17		7		23		7		17		7
VaR by Risk Class:
Interest Rate Risk			7				4				7				4
Credit Spread Risk			10				6				10				6
Equity Price Risk			3				4				3				4
Foreign Exchange Risk			—				1				—				1
Portfolio Diversification			(13)				(8)				(13)				(8)
Period-end			7				7				7				7

Stressed VaR-based measures

Stressed VaR, another component of market risk capital, is calculated using the same internal models as used for the VaR-based measure. Stressed VaR is calculated over a ten-day holding period at a one-tail, 99% confidence level and employs a historical simulation approach based on a continuous twelve-month historical window selected to reflect a period of significant financial stress for the Company’s trading portfolio. The following table summarizes Stressed VaR-based measures:

Table 21: Stressed VaR-based Measures - 10 Day Holding Period
	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2024		2023		2024		2023
Maximum	$	209	$	96	$	209	$	96
Average	148		54		131		49
Minimum	82		25		69		25
Period-end	154		96		154		96

Compared to the same period of prior year, Stressed VaR measures were higher, primarily due to higher market making inventory.

Specific Risk Measures

Specific risk is a measure of idiosyncratic risk that could result from risk factors other than broad market movements (e.g., default or event risks). The Market Risk Rule provides fixed risk weights under a standardized measurement method while also allowing a model-based approach, subject to regulatory approval. Truist utilizes the standardized measurement method to calculate the specific risk component of market risk regulatory capital. As such, incremental risk capital requirements do not apply.

VaR Model Backtesting

In accordance with the Market Risk Rule, the Company evaluates the accuracy of its VaR model through daily backtesting by comparing aggregate daily trading gains and losses (excluding fees, commissions, reserves, net interest income, and intraday trading) from covered positions with the corresponding daily VaR-based measures generated by the model. As illustrated in the following graph, there were no Company-wide VaR backtesting exceptions during the twelve months ended June 30, 2024. The total number of Company-wide VaR backtesting exceptions over the preceding twelve months is used to determine the multiplication factor for the VaR-based capital requirement under the Market Risk Rule. The capital multiplication factor increases from a minimum of three to a maximum of four, depending on the number of exceptions. All Company-wide VaR backtesting exceptions are thoroughly reviewed in the context of VaR model use and performance. There was no change in the capital multiplication factor over the preceding twelve months.

Truist Financial Corporation 73

Model Risk Oversight

MRO is responsible for the independent model validation of all decision tools and models including trading market risk models. The validation activities are conducted in accordance with MRO policy, which incorporates regulatory guidance related to the evaluation of model conceptual soundness, ongoing monitoring, and outcomes analysis. As part of ongoing monitoring efforts, the performance of all trading risk models is reviewed regularly to preemptively address emerging developments in financial markets, assess evolving modeling approaches, and identify potential model enhancement.

Stress Testing

The Company uses a comprehensive range of stress testing techniques to help monitor risks across trading desks and to augment standard daily VaR and other risk limits reporting. The stress testing framework is designed to quantify the impact of extreme, but plausible, stress scenarios that could lead to large, unexpected losses. Stress tests include simulations for risk factor sensitivities, historical repeats, and hypothetical scenarios with varying liquidity horizons of key risk factors. All trading positions within each applicable market risk category (interest rate risk, equity risk, foreign exchange rate risk, credit spread risk, and commodity price risk) are included in the Company’s comprehensive stress testing framework. Management reviews stress testing scenarios on an ongoing basis and makes updates, as necessary, to capture both current and emerging risks. Management also utilizes stress analyses to support the Company’s capital adequacy assessment standards. See the “Capital” section of MD&A for additional discussion of capital adequacy.

Liquidity

Liquidity represents the continuing ability to meet funding needs, including deposit withdrawals, repayment of borrowings and other liabilities, and funding of loan commitments. In addition to the level of liquid assets, such as cash, cash equivalents, and highly liquid unencumbered securities, other factors affect the ability to meet liquidity needs, including access to a variety of funding sources, maintaining borrowing capacity, growing core deposits, loan repayment, and the ability to securitize or package loans for sale.

Truist monitors the ability to meet client demand for funds under both normal and stressed market conditions. In considering its liquidity position, management evaluates Truist’s funding mix based on client core funding, client rate-sensitive funding, and national markets funding. In addition, management evaluates exposure to rate-sensitive funding sources that mature in one year or less. Management also measures liquidity needs for up to one-year of stressed cash outflows for Truist and Truist Bank. To promote a strong liquidity position and compliance with regulatory requirements, management maintains a liquid asset buffer of cash on hand and highly liquid unencumbered securities to meet projected 30 days of stressed cash outflows.

74 Truist Financial Corporation

Internal Liquidity Stress Testing

Liquidity stress testing is conducted for Truist and Truist Bank using a variety of institution-specific and market-wide adverse scenarios. Each liquidity stress test scenario applies defined assumptions to execute sources and uses of liquidity over varying planning horizons. The types of expected liquidity uses during a stressed event may include, but are not limited to, deposit attrition, contractual maturities, reductions in unsecured and secured funding, and increased draws on unfunded commitments. To mitigate liquidity outflows, Truist has identified sources of liquidity; however, access to these sources of liquidity could be affected within a stressed environment.

Truist maintains a liquidity buffer of cash on hand and highly liquid unencumbered securities that is sufficient to meet the projected 30-day net stressed cash-flow needs and maintain compliance with regulatory requirements. The liquidity buffer consists of unencumbered highly liquid assets and Truist’s liquidity buffer is substantially the same in composition to what qualifies as HQLA under the LCR Rule.

Contingency Funding Plan

Truist has a contingency funding plan designed to address ongoing obligations and commitments, particularly in the event of a liquidity contraction. This plan is designed to examine and quantify the organization’s liquidity under the various internal liquidity stress scenarios and is periodically tested to assess the plan’s reliability. Additionally, the plan provides a framework for management and other teammates to follow in the event of a liquidity contraction or in anticipation of such an event. The plan addresses authority for activation and decision making, liquidity options, and the responsibilities of key departments in the event of a liquidity contraction.

LCR, NSFR, and HQLA

The LCR rule requires that Truist and Truist Bank maintain an amount of eligible HQLA that is sufficient to meet its estimated total net cash outflows over a prospective 30 calendar-day period of stress. Eligible HQLA, for purposes of calculating the LCR, is the amount of unencumbered HQLA that satisfy operational requirements of the LCR rule. Truist and Truist Bank are subject to the Category III reduced LCR requirements. Truist held average weighted eligible HQLA of $81.0 billion and Truist’s average LCR was 110% for the three months ended June 30, 2024.

The NSFR rule requires that Truist and Truist Bank maintain a minimum amount of stable, long-term funding in relation to its asset composition and off-balance sheet activities. Truist and Truist Bank are subject to the Category III reduced NSFR requirements. At June 30, 2024, Truist was compliant with this requirement.

Sources of Funds

Management believes current sources of liquidity are sufficient to meet Truist’s on- and off-balance sheet obligations. Truist funds its balance sheet through diverse sources of funding including client deposits, secured and unsecured capital markets funding, and shareholders’ equity. Truist Bank’s primary source of funding is client deposits. Continued access to client deposits is highly dependent on public confidence in the stability of Truist Bank and its ability to return funds to clients when requested.

Truist Bank maintains a number of diverse funding sources to meet its liquidity requirements. These sources include unsecured borrowings from the capital markets through the issuance of senior or subordinated bank notes, institutional CDs, overnight and term Federal funds markets, and retail brokered CDs. Truist Bank also maintains access to secured borrowing sources including FHLB advances, repurchase agreements, and the FRB discount window. Available investment securities could be pledged to create additional secured borrowing capacity. The following table presents a summary of Truist Bank’s available secured borrowing capacity and eligible cash at the FRB:

Table 22: Selected Liquidity Sources
(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Unused borrowing capacity:
FRB	$	63,142	$	55,252
FHLB	32,892		24,712
Available investment securities (after haircuts)	64,610		74,717
Available secured borrowing capacity	160,644		154,681
Eligible cash at the FRB	35,548		25,085
Total	$	196,192	$	179,766

At June 30, 2024, Truist Bank’s available secured borrowing capacity represented approximately 4.8 times the amount of wholesale funding maturities in one-year or less.

Truist Financial Corporation 75

Parent Company

The Parent Company serves as the primary source of capital for the operating subsidiaries. The Parent Company’s assets consist primarily of cash on deposit with Truist Bank, equity investments in subsidiaries, advances to subsidiaries, and notes receivable from subsidiaries. The principal obligations of the Parent Company are payments on long-term debt. The main sources of funds for the Parent Company are dividends and management fees from subsidiaries, repayments of advances to subsidiaries, and proceeds from the issuance of equity and long-term debt. The primary uses of funds by the Parent Company are investments in subsidiaries, advances to subsidiaries, dividend payments to common and preferred shareholders, repurchases of common stock, and payments on and, from time-to-time, potential repurchases or redemptions of a portion of an outstanding tranche of the long-term debt of the Parent Company (as may be permitted by the terms of each respective series). See “Note 22. Parent Company Financial Information” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information regarding dividends from subsidiaries and debt transactions.

Access to funding at the Parent Company is more sensitive to market disruptions. Therefore, Truist prudently manages cash levels at the Parent Company to cover a minimum of one year of projected cash outflows which includes unfunded external commitments, debt service, common and preferred dividends and scheduled debt maturities, without the benefit of any new cash inflows from subsidiary dividends to the Parent or capital market activity. Truist maintains a significant buffer above the projected one year of cash outflows. In determining the buffer, Truist considers cash requirements for common and preferred dividends, unfunded commitments to affiliates, serving as a source of strength to Truist Bank, and being able to withstand sustained market disruptions that could limit access to the capital markets. At June 30, 2024 and December 31, 2023, the Parent Company had 54 months and 48 months, respectively, of cash on hand to satisfy projected cash outflows, and 32 months and 30 months, respectively, when including the payment of common stock dividends.

Credit Ratings

Credit ratings are forward-looking opinions of rating agencies as to the Company’s ability to meet its financial commitments and repay its securities and obligations in accordance with their terms of issuance. Credit ratings influence both borrowing costs and access to the capital markets. The Company’s credit ratings are continuously monitored by the rating agencies and are subject to change at any time. As Truist seeks to maintain high-quality credit ratings, management meets with the major rating agencies on a regular basis to provide financial and business updates and to discuss current outlooks and trends. See Item 1A, “Risk Factors” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information regarding factors that influence credit ratings and potential risks that could materialize in the event of downgrade in the Company’s credit ratings. Recent changes in the Company’s credit ratings and outlooks include:

•On May 8, 2024, Moody’s Ratings downgraded Truist's long-term senior unsecured rating to Baa1 from A3 and Truist Bank’s baseline credit assessment to a3 from a2 and long-term deposits rating to A1 from Aa3. In addition, Truist Bank’s short-term deposit rating was affirmed at Prime-1. Ratings outlooks for both Truist and Truist Bank were changed to stable.

Capital

The maintenance of appropriate levels of capital is a management priority and is monitored on a regular basis. Truist’s principal goals related to the maintenance of capital are to provide adequate capital to support Truist’s risk profile consistent with the Board-approved risk appetite, provide financial flexibility to support future growth and client needs, comply with relevant laws, regulations, and supervisory guidance, achieve optimal credit ratings for Truist and its subsidiaries, remain a source of strength for its subsidiaries, and provide a competitive return to shareholders. Risk-based capital ratios, which include CET1 capital, Tier 1 capital, and Total capital are calculated based on regulatory guidance related to the measurement of capital and risk-weighted assets.

76 Truist Financial Corporation

Truist regularly performs stress testing on its capital levels and is required to periodically submit the Company’s capital plans and stress testing results to the banking regulators. Management regularly monitors the capital position of Truist on both a consolidated and bank-level basis. In this regard, management’s objective is to maintain capital at levels that are in excess of internal capital limits, which are above the regulatory “well-capitalized” minimums. Management has implemented internal stress capital ratio minimums to evaluate whether capital ratios calculated after the effect of alternative capital actions are likely to remain above internal minimums. Breaches of internal stressed minimums prompt a review of the planned capital actions included in Truist’s capital plan.

Table 23: Capital Requirements
	Minimum Capital		Well-Capitalized				Minimum Capital Plus Stress Capital Buffer(1)
			Truist		Truist Bank
CET1	4.5	%	NA		6.5	%	7.4	%
Tier 1 capital	6.0		6.0	%	8.0		8.9
Total capital	8.0		10.0		10.0		10.9
Leverage ratio	4.0		NA		5.0		NA
Supplementary leverage ratio	3.0		NA		NA		NA

(1)Reflects a SCB requirement of 2.9% applicable to Truist as of June 30, 2024. Truist’s SCB requirement, received in the 2023 CCAR process, is effective from October 1, 2023 to September 30, 2024. Under the 2024 CCAR process, Truist was notified its preliminary SCB requirement would be 2.8% from October 1, 2024 through September 30, 2025.

Truist completed the 2024 CCAR process and received a preliminary SCB requirement of 2.8% for the period October 1, 2024 to September 30, 2025, down 10 basis points from the SCB requirement for the period October 1, 2023 to September 30, 2024. The FRB will provide Truist with its final SCB requirement by August 31, 2024.

The FRB’s capital plan rule provides that a BHC must update and resubmit its capital plan if the BHC determines there has been or will be a material change in its risk profile, financial condition, or corporate structure since it last submitted the capital plan. Truist determined that the sale of our remaining equity interests in TIH constitutes such a material change and, therefore, addressed the material change in our capital plan submitted in April 2024. The capital plan rule further provides that, upon the occurrence of an event requiring resubmission, a BHC may not make any capital distribution unless it has received prior approval of the FRB pending the FRB's consideration of the capital plan resubmission and stress capital buffer requirement. In July 2024, the FRB notified Truist that Truist is no longer required to receive the FRB’s prior approval to make capital distributions in connection with the April 2024 capital plan submission.

Truist’s capital ratios are presented in the following table:

Table 24: Capital Ratios - Truist Financial Corporation
(Dollars in millions)	Jun 30, 2024			Dec 31, 2023
Risk-based:	(preliminary)
CET1	11.6		%	10.1		%
Tier 1 capital	13.2			11.6
Total capital	15.4			13.7
Leverage ratio	10.5			9.3
Supplementary leverage ratio	8.9			7.9
Risk-weighted assets	$	412,406		$	423,705

Capital ratios significantly strengthened compared to the regulatory requirements for well capitalized banks. Truist’s CET1 ratio was 11.6% as of June 30, 2024, up 150 basis points compared to March 31, 2024 due to the sale of TIH and organic capital generation, partially offset by the balance sheet repositioning. Truist did not repurchase any shares in the second quarter of 2024. Truist's board of directors has authorized a $5 billion share repurchase program beginning in the third quarter of 2024 through 2026 as part of the Company's overall capital distribution strategy. Truist declared common dividends of $0.52 per share during the second quarter of 2024 and maintained its current quarterly common stock dividend in the third quarter of 2024.

Truist’s average consolidated LCR was 110% for the three months ended June 30, 2024, compared to the regulatory minimum of 100%.

Truist Financial Corporation 77

Share Repurchase Activity

Table 25: Share Repurchase Activity
(Dollars in millions, except per share data, shares in thousands)	Total Number of Shares Purchased(1)	Average Price Paid Per Share(2)		Total Number of Shares Purchased as part of Publicly Announced Plans	Approximate Dollar Value of Shares that may yet be Purchased Under the Plans(3)
April 1, 2024 to April 30, 2024	—	$	—	—	$	—
May 1, 2024 to May 31, 2024	—	—		—	—
June 1, 2024 to June 30, 2024	—	$	—	—	$	5,000
Total	—	$	—	—

(1)Includes shares exchanged or surrendered in connection with the exercise of equity-based awards under equity-based compensation plans.

(2)Excludes commissions.

(3)In June 2024, Truist announced that the Board of Directors had authorized the repurchase of up to $5.0 billion of common stock beginning in the third quarter of 2024 through 2026 as part of Truist’s overall capital distribution strategy. Repurchased shares revert to the status of authorized and unissued shares upon repurchase. The share-repurchase program enables Truist to acquire shares through open-market purchases or privately negotiated transactions, including through Rule 10b5-1 plans and other programs, at the discretion of management and on terms (including quantity, timing, and price) that management determines to be advisable. Actions in connection with the share-repurchase program will be subject to various factors, including Truist's capital and liquidity positions and related internal frameworks, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB and any changes to capital, liquidity, and other regulatory requirements that may be proposed or adopted by the U.S. banking agencies), Truist's financial and operational performance, alternative uses of capital, the trading price of Truist's common stock, and general market conditions. The share-repurchase program does not obligate Truist to acquire a specific dollar amount or number of shares and may be extended, modified, or discontinued at any time.

Critical Accounting Policies

The accounting and reporting policies of Truist are in accordance with GAAP and conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Truist’s financial position and results of operations are affected by management’s application of accounting policies, including estimates, assumptions, and judgments made to arrive at the carrying value of assets and liabilities, and amounts reported for revenues and expenses. Different assumptions in the application of these policies could result in material changes in the consolidated financial position and/or consolidated results of operations, and related disclosures. Material estimates that are particularly susceptible to significant change include the determination of the ACL; determination of fair value for securities, MSRs, LHFS, trading loans, and derivative assets and liabilities; goodwill and other intangible assets; income taxes; and pension and postretirement benefit obligations. Understanding Truist’s accounting policies is fundamental to understanding the consolidated financial position and consolidated results of operations. The critical accounting policies are discussed in MD&A in Truist’s Annual Report on Form 10-K for the year ended December 31, 2023. Significant accounting policies and changes in accounting principles and effects of new accounting pronouncements are discussed in “Note 1. Basis of Presentation” in Form 10-K for the year ended December 31, 2023. Disclosures regarding the effects of new accounting pronouncements are included in “Note 1. Basis of Presentation” in this report. There have been no other changes to the critical accounting policies during 2024.

Goodwill and Other Intangible Assets

Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. First, the CB&W segment was renamed CSBB and the C&CB segment was renamed WB. Second, the Wealth business was realigned into the WB segment from the CSBB segment, representing a separate reporting unit in that segment. Third, the small business banking client segmentation was realigned into the CSBB segment from the WB segment. Further, TIH was the principal legal entity of the IH segment. As the operations of TIH were included in discontinued operations prior to the sale of TIH, the Company no longer presents the IH segment as one of its reportable segments. Following these realignments, the Company’s three reporting units with goodwill balances were CSBB, WB, and Wealth. Also in conjunction with these realignments, goodwill of $1.7 billion was realigned to WB from CSBB based on the relative fair value of CSBB and Wealth, and goodwill of $220 million was realigned to CSBB from WB based on the relative fair value of WB and the realigned small business banking client segmentation. In addition, the Company completed an assessment of any potential goodwill impairment for all impacted reporting units immediately prior and subsequent to the reassignments and determined that no impairment existed.

78 Truist Financial Corporation

The quantitative valuations of these reporting units for purposes of realigning goodwill use the income approach and a market-based approach, each weighted at 50%. The inputs and assumptions specific to each reporting unit are incorporated in the valuations, including projections of future cash flows, discount rates, and applicable valuation multiples based on the comparable public company information. The income approach utilizes a discounted cash flow analysis of multi-year financial forecasts developed for each reporting unit by considering several inputs and assumptions such as net interest margin, expected credit losses, noninterest income, noninterest expense, and required capital. The market-based approach utilizes comparable public company information, key valuation multiples, and considers a market control premium associated with cost synergies and other cash flow benefits that arise from obtaining control over a reporting unit, and guideline transactions, when applicable.

Truist also assesses the reasonableness of the aggregate estimated fair value of the reporting units by comparison to its market capitalization over a reasonable period of time, including consideration of expected acquirer expense synergies, historic bank control premiums, and the current market.

The projection of net interest margin and noninterest expense are the most significant inputs to the financial projections of the CSBB, WB, and Wealth reporting units. The long-term growth rate used in determining the terminal value of each reporting unit was 3% as of January 1, 2024, based on management’s assessment of the minimum expected terminal growth rate of each reporting unit. Discount rates are estimated based on the Capital Asset Pricing Model, which considers the risk-free interest rate, market risk premium, beta, and unsystematic risk adjustments specific to a particular reporting unit. The discount rates are also calibrated based on risks related to the projected cash flows of each reporting unit. The discount rates utilized for the CSBB, WB and Wealth reporting units as of January 1, 2024 were 13.0%, 11.5%, and 12.5%, respectively.

The quantitative valuation of WB performed in conjunction with the goodwill realignments indicated that as of January 1, 2024, the fair value of the WB reporting unit exceeded its carrying value by less than 10%, indicating that the goodwill of the WB reporting unit may be at risk of impairment. Circumstances that could negatively impact the fair value for the WB reporting unit in the future include a sustained decrease in Truist’s stock price, a decline in industry peer multiples, an increase in the applicable discount rate, and deterioration in the reporting unit’s forecast.

The estimated fair value of a reporting unit is highly sensitive to changes in management’s estimates and assumptions; therefore, in some instances, changes in these assumptions could impact whether the fair value of a reporting unit is greater than its carrying value. The valuation of the WB reporting unit as of January 1, 2024 indicated that if the discount rate were increased less than 50 basis points, the reporting unit’s fair value would be less than its carrying value, resulting in a goodwill impairment. Ultimately, future potential changes in management’s assumptions may impact the estimated fair value of a reporting unit and cause the fair value of the reporting unit to be below its carrying value. Additionally, a reporting unit’s carrying value could change based on market conditions, change in the underlying makeup of the reporting unit, or the risk profile of those reporting units, which could impact whether the fair value of a reporting unit is less than carrying value.

The Company monitored events and circumstances during the period from January 1, 2024 to June 30, 2024, including macroeconomic and market factors, industry and banking sector events, Truist specific performance indicators, a comparison of management’s forecast and assumptions to those used in its January 1, 2024 quantitative valuations associated with the realignments of goodwill, and the sensitivity of the January 1, 2024 quantitative results to changes in assumptions as of June 30, 2024. Based on these considerations, Truist concluded that it was not more-likely-than-not that the fair value of one or more of its reporting units is below its respective carrying amount as of June 30, 2024.

Pension and Postretirement Benefit Obligations

Following the sale of TIH, Truist retained the postretirement benefit obligation for TIH employees and changed the status of TIH employees by eliminating their eligibility to earn future service credits. Changes in pension plan obligations associated with the disposal of operating segments such as TIH require the remeasurement of postretirement benefit obligations prior to the disposal, updates to pension plan assumptions inherent in valuations, and identification and recognition of valuation changes specific to the sale, including the establishment of a new periodic service cost using assumptions as of the remeasurement date. The remeasurement process of impacted pension plans included a reduction in pension benefit obligations of $783 million, primarily driven by an increase in the weighted average assumed discount rate from 5.12% to 5.78%, and a decrease in the value of plan assets by $508 million, primarily driven by market prices. The impact of the sale on Truist pension plans resulted in a reduction of pension benefit obligations by $97 million which was recorded as a reduction of AOCI.

Refer to “Note 15. Benefit Plans” in Form 10-K for the year ended December 31, 2023 and “Note 13. Benefit Plans” for disclosures related to the benefit plans.

Truist Financial Corporation 79

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, management of the Company, under the supervision and with the participation of the Company’s CEO and CFO, carried out an evaluation of the effectiveness of the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Based on that evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by the report.

Changes in Internal Control over Financial Reporting

Management of Truist is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) of the Exchange Act. The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.

There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarter ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

80 Truist Financial Corporation

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Refer to the Legal Proceedings and Other Matters section in “Note 14. Commitments and Contingencies,” which is incorporated by reference into this item.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors disclosed in Truist’s Annual Report on Form 10-K for the year ended December 31, 2023. Additional risks and uncertainties not currently known to Truist or that management has deemed to be immaterial also may materially adversely affect Truist’s business, financial condition, or operating results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Refer to the Share Repurchase Activity section in the MD&A, which is incorporated by reference into this item.

ITEM 5. OTHER INFORMATION

(c) During the three months ended June 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Truist Financial Corporation 81

ITEM 6. EXHIBITS

Exhibit No.	Description	Location
2.1	Amendment No. 1 to Equity Interest Purchase Agreement, dated as of May 6, 2024, by and among Trident Butterfly Investor, Inc., Panther Blocker I, Inc., Panther Blocker II, Inc., Truist Bank, Truist TIH Holdings, Inc., Truist TIH Partners, Inc., TIH Management Holdings, LLC, TIH Management Holdings II, LLC and Truist Insurance Holdings, LLC	Incorporated herein by reference to Exhibit 2.1 of the Current Report on Form 8-K, filed May 10, 2024.
10.1*	Form of Performance Unit Award Agreement (Senior Executive) for the Truist Financial Corporation 2022 Incentive Plan.	Filed herewith.
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	Filed herewith.
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	Filed herewith.
32	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	Filed herewith.
101.INS	XBRL Instance Document – the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.	Filed herewith.
101.SCH	XBRL Taxonomy Extension Schema.	Filed herewith.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase.	Filed herewith.
101.LAB	XBRL Taxonomy Extension Label Linkbase.	Filed herewith.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase.	Filed herewith.
101.DEF	XBRL Taxonomy Definition Linkbase.	Filed herewith.
104	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits101).	Filed herewith.
*    Management compensatory plan or arrangement.

82 Truist Financial Corporation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		TRUIST FINANCIAL CORPORATION (Registrant)
Date:	August 8, 2024	By:	/s/ Michael B. Maguire
			Michael B. Maguire
			Senior Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)
Date:	August 8, 2024	By:	/s/ Cynthia B. Powell
			Cynthia B. Powell
			Executive Vice President and Corporate Controller
			(Principal Accounting Officer)

Truist Financial Corporation 83

EX-10.1

Exhibit 10.1

TRUIST FINANCIAL CORPORATION
2022 INCENTIVE PLAN

Performance Unit Award Agreement

(Senior Executive)

Grant Date:	[Grant Date]
Performance Period:	[Performance Period]

THIS AGREEMENT (this “Agreement”), effective as of the “Grant Date” noted above, between TRUIST FINANCIAL CORPORATION, a North Carolina corporation (“TFC”), for itself and its Affiliates (referred to both collectively and individually as the “TFC Group”), and the Employee (the “Participant”) specified in the accompanying Notice of Grant and Agreement (the “Notice of Grant”), is made pursuant to and subject to the provisions of the Truist Financial Corporation 2022 Incentive Plan, as it may be amended from time to time (the “Plan”).

RECITALS:

TFC desires to carry out the purposes of the Plan by affording the Participant an opportunity to acquire shares of TFC Common Stock, $5.00 par value per share (the “Common Stock”) as provided in this Agreement.

In consideration of the foregoing, of the mutual promises set forth below, and of other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties, intending to be legally bound, agree as follows:

1.Incorporation of Notice of Grant, Exhibit A and Plan. The Notice of Grant and the attached Exhibit A are part of, and incorporated into, this Agreement. The rights and duties of the TFC Group and the Participant under this Agreement will in all respects be subject to and governed by the provisions of the Plan, the terms of which also are incorporated into this Agreement by reference. If there is a conflict between this Agreement and the Plan, the Plan will govern. Unless otherwise provided, capitalized terms in this Agreement have the same definitions as set forth in the Plan.

2.Grant of Performance Units. TFC grants the Participant an Award of Performance Units (the “Award”) for the number of whole shares of Common Stock at the Target Level of Achievement (the “Shares”) specified in the Notice of Grant and in accordance with the following provisions:

(a)Performance Period. The “Performance Period” for the Award is as set forth above.

(b)Performance Measures for Award. The pre-established Performance Measures and Levels of Achievement (each as defined in Exhibit A) applicable to the Award are set forth in Exhibit A.

3.Vesting of Award. The Award is unvested at grant. Subject to the terms of this Agreement (including Sections 2, 4, and 5), the Award will be one hundred percent (100%) vested and, to the extent any Award payout is determined by the Administrator, earned on [March 15 of the year following the expiration of the Performance Period]/[the date the Administrator determines the amount of the Award payout following the expiration of the Performance Period]/[insert date[s] or condition[s]] (the “Vesting Date”), provided that[, prior to the Vesting Date,] the Administrator may determine that all or any part of the Award will be cancelled or forfeited as a result of (i) a significant, negative risk outcome as a result of a corporate or individual action, (ii) TFC incurring an aggregate operating loss for the Performance Period, (iii) or as otherwise permitted in this Agreement or the Plan. Vesting does not mean that the participant has a non-forfeitable right to the vested portion of the Award. The terms of this Agreement, including this Section 3 and Section 21, continue to apply to the Award. The Administrator has sole authority to determine whether and to what degree the Award has vested, been earned, and is payable, and to interpret the terms and conditions of this Agreement and the Plan.

4.Forfeiture of Award. Except as otherwise provided in this Section 4, if the Participant’s employment with the TFC Group terminates for any reason prior to the end of the Vesting Date, then the Award, to the extent not vested as of the Participant’s termination of employment date, will be forfeited immediately upon such termination, and the Participant will have no further rights with respect to the Award. The Administrator will have sole discretion to determine if a Participant’s rights have terminated, including the authority to determine the basis for the Participant’s termination of employment.

(a)Certain Terminations. Notwithstanding the preceding,

(i)Death or Disability. If the Participant’s employment with the TFC Group is terminated due to death or Disability, the Award will continue to be payable in accordance with this Agreement.

(ii)Involuntary Termination Without Cause, Good Reason, and Retirement. If the Participant’s employment with the TFC Group is terminated (A) by the TFC Group without “Cause” (as defined below) or (B) by the Participant for “good reason” as defined in an employer-sponsored severance plan or employment agreement that applies to the Participant, or due to Retirement (as defined below), the Participant’s Award for the Performance Period will continue to be payable in accordance with this Agreement; provided that payment of the Award is contingent upon the Participant’s execution, and effectiveness, of a release of claims in favor of the

-2-

TFC Group, including covenants not to solicit employees or clients of the TFC Group on terms generally applicable to similarly-situated executives (the “Release and Covenants Agreement”), within sixty (60) days following such termination, and if the Participant declines to execute, revokes, or fails to comply with the terms of the Release and Covenants Agreement, any unvested or unpaid portion of the Award will be forfeited. A termination will be for “Cause” if the termination of the Participant’s employment by the TFC Group is on account of the Participant’s (w) conviction or plea of guilty or nolo contendere to a felony; (x) dishonesty, theft, or embezzlement; (y) failure to substantially perform the Participant’s duties, or (z) material breach of any of the Participant’s obligations under any material written agreement or covenant the Participant has entered into with the TFC Group, under any material written policy, program, or code of the TFC Group that is applicable to the Participant, or of Participant’s duties to the TFC Group. The determination of whether termination is for Cause will be made by the Administrator, and its determination will be final and conclusive. “Retirement” occurs only when a Participant incurs a Separation from Service on or after the Participant’s attainment of at least age 60 with at least 10 years of service with the TFC Group.

(b)Change of Control.

(i)Impact of Change of Control. In the event of a Change of Control, if Section 4(a) applies to the Participant, the Performance Period will end as of the later of the date of the Change of Control and such termination, performance will be calculated as provided in Exhibit A, and payment will be made within two and one-half (2 ½) months following the later of the Change of Control or such termination; provided that payment of the Award is contingent upon the Participant’s execution, and effectiveness, of the Release and Covenants Agreement within sixty (60) days following such termination. For purposes of this Section 4(b)(i), the phrase “termination of employment” means a Separation from Service.

(ii)For purposes of this Section 4(b) and Exhibit A, a “Change of Control” will be deemed to have occurred on the earliest of the following dates: (A) the date any person or group of persons (as defined in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), together with its affiliates, excluding employee benefit plans of the TFC Group, is or becomes, directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act) of

-3-

securities of TFC representing thirty percent (30%) or more of the combined voting power of TFC’s then outstanding securities; (B) the date when, as a result of a tender offer or exchange offer for the purchase of securities of TFC (other than such an offer by TFC for its own securities), or as a result of a proxy contest, merger, consolidation or sale of assets, or as a result of any combination of the foregoing, individuals who at the beginning of any consecutive twelve- (12-) month period during the Performance Period constituted TFC’s Board, plus new directors whose election or nomination for election by TFC’s shareholders is approved by a vote of at least two-thirds of the directors still in office who were directors at the beginning of such twelve- (12-) month period (collectively, the “Continuing Directors”), cease for any reason during such twelve- (12-) month period to constitute at least two-thirds of the members of such board of directors; (C) the date that a transaction for the sale or disposition by TFC of all or substantially all of TFC’s assets (within the meaning of Section 409A) closes or is otherwise successfully consummated; or (D) the date that any one person, or more than one person acting as a group, acquires ownership of stock of TFC that, together with stock held by such person or group constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of TFC within the meaning of Section 409A.

5.Award Payout.

(a)The Award payout will be payable in whole shares of Common Stock, unless otherwise determined by the Administrator in accordance with Section 11.6 of the Plan. Fractional Shares will not be issuable, and unless the Administrator determines otherwise, will be disregarded.

(b)Award payout will be made to the Participant (or in the event of the Participant’s death, to the Participant’s beneficiary or beneficiaries) in a lump sum on or as soon as practicable following the Vesting Date, and in any event within two and one-half (2 ½) months following the end of the Performance Period, or as otherwise set forth in Section (4)(b)(i) (provided that if such two and one-half (2 ½) month period begins in one calendar year and ends in another, the Participant (or the Participant’s beneficiary or beneficiaries) will not have the right to designate the calendar year of payment). Notwithstanding the foregoing, TFC reserves the right to (i) suspend Award payout, or (ii) deliver the Award payout into an escrow account in connection with any investigation of whether any of the events that result in forfeiture under Sections 3 or 21 have occurred. [In addition, TFC may accelerate Award payout by up to thirty (30) days.]

6.No Right to Continued Employment or Service. Neither the Plan, the grant of the Award, nor any other action related to the Plan will confer on the Participant any right to

-4-

continue in the employment or service of the TFC Group or affect in any way the right of the TFC Group to terminate the Participant’s employment or service at any time. Except as otherwise expressly provided in the Plan or this Agreement or as determined by the Administrator, all rights of the Participant with respect to the Award will terminate upon termination of the employment or service of the Participant with the TFC Group. The grant of the Award does not create any obligation on the part of the TFC Group to grant any further awards. So long as the Participant continues to be an Employee of the TFC Group, the Award will not be affected by any change in the duties or position of the Participant.

7.Nontransferability of Award and Shares. The Award, and the right to any Award payout, will not be transferable (including by sale, assignment, pledge, or hypothecation) other than by will or the laws of intestate succession, and any purported transfer will be null and void. The designation of a beneficiary in accordance with Plan procedures does not constitute a transfer; provided, however, that unless disclaimer provisions are specifically included in a beneficiary designation form accepted by the Administrator, no beneficiary of the Participant may disclaim the Award.

8.Non-solicitation Covenants.

(a)In consideration of the grant of this Award, the Participant agrees that, during employment with the TFC Group and for twelve (12) months after the termination of the Participant's employment by either party and for any reason, the Participant will not directly or indirectly solicit or recruit for employment, or encourage or support to leave employment with the TFC Group, on the Participant’s own behalf or that of any other person, any employee of the TFC Group (i) who performed work in the business unit in which the Participant last worked, (ii) with whom the Participant worked during the Participant’s employment with the TFC Group or (iii) about whom the Participant came to know confidential information as a result of employment with the TFC Group, in each case within the twelve (12) months prior to the termination of Participant’s employment and who has not thereafter ceased to be employed by the TFC Group for a period of at least three (3) months. This provision will not prohibit the Participant from soliciting or hiring any person who responds to a general advertisement or solicitation, including advertisements or solicitations through newspapers, trade publications, periodicals, internet database, or recruiting or employment agencies, not specifically directed at employees of the TFC Group. The Participant acknowledges that by virtue of this provision, they are likewise restricted from being solicited or recruited for employment by current or former employees of the TFC Group also bound by a similar provision, directly or indirectly and knowingly consents to that restriction. This Section does not prohibit the Participant from responding to a general advertisement or solicitation, including advertisements or solicitations through newspapers, trade publications, periodicals, internet databases, or recruiting or employment agencies, not specifically directed at employees or consultants of the TFC Group.

(b)In consideration of the grant of this Award, the Participant agrees that, during employment with the TFC Group and for twelve (12) months after the termination of the Participant's employment by either party and for any reason, the Participant will not directly or indirectly solicit, communicate with or otherwise contact any of the TFC Group’s customers with

-5-

whom the Participant had material contact during employment with the TFC Group, for the purpose of conducting any business with them on behalf of any person or entity other than the TFC Group which is substantially similar to the business conducted by the business unit in which the Participant last worked at the TFC Group. The Participant will not directly or indirectly solicit, communicate with or otherwise contact any of the TFC Group’s third-party vendors with whom the Participant had material contact during employment with the TFC Group, for the purpose of diverting their business away from the TFC Group to any person or entity other than the TFC Group which is substantially similar to the business conducted by the business unit in which the Participant last worked at the TFC Group, or otherwise disrupting the TFC Group’s relationship with the third-party vendor. “Material contact” means (i) actual contact with business partner, third-party vendors or customers—such as through the provision or receipt of services or sales visits or calls—or (ii) coming to know confidential information about a vendor or customer of the TFC Group—such as by obtaining pricing and sales information. This provision does not prohibit the Participant from accepting as a vendor or client any person or entity who responds to a general advertisement or solicitation, including advertisements or solicitations through newspapers, trade publications, periodicals, or internet databases, not specifically directed at Business Partner, vendors or customers of the TFC Group.

(c)The Participant understands and agrees that nothing in the Plan, this Agreement, or any other agreement with or policy of the TFC Group prohibits the Participant’s ability to communicate directly with and provide information, including documents, not otherwise protected from disclosure by any law or privilege to the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Department of Justice, the Equal Employment Opportunity Commission, the National Labor Relations Board, the Congress, any Inspector General, or any other federal, state or local governmental agency or commission (a “Government Agency”) regarding possible legal violations, or from making disclosures that are required by the Bank Secrecy Act or other law without disclosure to the TFC Group. Likewise, nothing in the Plan, this Agreement, or any other agreement with policy of the TFC Group is intended to or will prevent, impede, or interfere with the Participant providing truthful testimony and information in the course of, or otherwise participating in, an investigation or proceeding conducted by a Government Agency in connection with the lawful exercise of the Government Agency’s functions. Nothing in the Plan, this Agreement, or any other agreement with or policy of the TFC Group, or otherwise requires the Participant to disclose to the TFC Group any communications the Participant may have had or information the Participant may have provided to any Government Agencies regarding possible legal violations.

(d)The Participant agrees that unique and proprietary knowledge and information has been and will be possessed by, disclosed to, or developed by the Participant in the course of the Participant’s employment with the TFC Group, that the preceding provisions are reasonable and necessary to protect the TFC Group’s legitimate business interests, and that they will not unreasonably interfere with the Participant’s ability to earn a living following the Participant’s separation from the TFC Group. Finally, the Participant agrees that, in the event the Participant breaches or threatens to breach these non-solicitation provision, such breach will cause irreparable harm and injury to the TFC Group and will leave the TFC Group with no adequate remedy at law, and (i) TFC or any member of the TFC Group who employed the Participant may

-6-

seek equitable relief, without the necessity of posting a bond, in addition to monetary damages and any other appropriate relief; and (ii) the TFC Group will be entitled to its reasonable attorneys’ fees and costs incurred in enforcing this provision.

(e)The Participant and TFC agree that any of the preceding non-solicitation provisions is ever determined by a court to exceed the time, scope, or geographic limitations permitted by applicable law, then such provision(s) will be reformed to the maximum time, scope, and geographic limitations permitted by law. If any such provision(s) cannot be so reformed, then such provision will be severed from this Agreement and will not adversely affect the legality, validity, or enforceability of any of the remaining provisions in this Agreement.

9.Superseding Agreement; Binding Effect. This Agreement supersedes any statements, representations, or agreements of the TFC Group with respect to the grant of the Award or any related rights, and the Participant hereby waives any rights or claims related to any such statements, representations, or agreements. This Agreement does not supersede or amend any existing confidentiality agreement, nonsolicitation agreement, noncompetition agreement, employment agreement or any other similar agreement between the Participant and the TFC Group, including any restrictive covenants contained in such agreements.

10.Governing Law. This Agreement is governed by and construed in accordance with the laws of the State of North Carolina, without regard to the principles of conflicts of law, and in accordance with applicable United States federal laws.

11.Amendment and Termination; Waiver. Subject to the terms of the Plan, this Agreement may be amended or terminated only by the written agreement of the parties. The waiver by TFC of a breach of any provision of the Agreement by the Participant will not operate or be construed as a waiver of any subsequent breach by the Participant. Notwithstanding the foregoing, the Administrator will have unilateral authority to amend the Plan and this Agreement (without Participant consent) to the extent necessary to comply with applicable law or changes to applicable law (including Section 409A and federal securities laws) or as otherwise permitted under the Plan or this Agreement, and the Participant consents to any such amendments to the Plan and this Agreement.

12.Issuance of Shares; Rights as Shareholder. The Participant and the Participant’s legal representatives, legatees or distributees will not be deemed to be the holder of any Shares subject to the Award and will not have any voting rights, dividend rights or other rights of a shareholder unless and until such Shares have been issued to the Participant or them. No Shares subject to the Award will be issued at the time of grant of the Award. Shares subject to the Award will be issued in the name of the Participant (or, if the Participant is deceased, in the name of the Participant’s beneficiary or beneficiaries) as soon as practicable after, and only to the extent that, the Award has vested and if such distribution is otherwise permitted under the terms of Section 5 herein. Neither dividends nor dividend equivalent rights will be granted in connection with the Award, and the Award will not be adjusted to reflect the distribution of any dividends on the Common Stock (except as may be otherwise provided under the Plan).

-7-

13.Withholding; Tax Matters.

(a)TFC or its Affiliate will report all income and prior to the delivery or transfer of Shares or any other benefit conferred under the Plan, the TFC Group or their agent will withhold all required local, state, federal, foreign, and other income tax obligations and any other amount required to be withheld by any governmental authority or law and paid over by the TFC Group to such authority for the account of such recipient. In accordance with procedures established by the Administrator (including procedures established by the Administrator after TFC’s adoption of ASU 2016-09, Compensation – Stock Compensation (Topic 718) dated March, 2016), the Participant may arrange to pay all applicable taxes in cash; or in the event the Participant does not make such arrangements, such tax obligations will be satisfied by the withholding or sale of Shares to which the Participant is entitled, and the number of Shares to be withheld or sold will have a Fair Market Value as of the date that the amount of tax to be withheld is determined as nearly equal as possible to the amount of such obligations being satisfied.

(b)The TFC Group has made no warranties or representations to the Participant with respect to the tax consequences (including income tax consequences) related to the Award or issuance, transfer or disposition of Shares (or any other benefit) pursuant to the Award, and the Participant is in no manner relying on any member of the TFC Group or its representatives for an assessment of such tax consequences. The Participant acknowledges that there may be adverse tax consequences with respect to the Award (including the acquisition or disposition of the Shares subject to the Award) and that the Participant should consult a tax advisor prior to such acquisition or disposition. The Participant acknowledges that the Participant has been advised to consult with the Participant’s own attorney, accountant, or tax advisor regarding the decision to enter into this Agreement and the consequences thereof. The Participant also acknowledges that the TFC Group has no responsibility to take or refrain from taking any actions in order to achieve a certain tax result for the Participant.

(c)All third-party fees relating to the release, delivery, or transfer of any Award or Shares will be paid by the Participant or other recipient. To the extent the Participant or other recipient is entitled to any cash payment from the TFC Group, the Participant authorizes the deduction of such fees from such payment(s) without further action or authorization of the Participant or other recipient; and to the extent the Participant or other recipient is not entitled to any such payments, the Participant or other recipient will pay TFC or its designee an amount equal to such fees immediately upon the third party’s charge of such fees.

14.Administration. The authority to construe and interpret this Agreement and the Plan, and to administer all aspects of the Plan, is vested in the Administrator, and the Administrator has all powers with respect to this Agreement as are provided in the Plan. Any interpretation of the Agreement by the Administrator and any decision made by it with respect to the Agreement is final and binding on the parties hereto. Any references to the Administrator include its designee, to the extent permitted under the Plan.

15.Notices. Any and all notices under this Agreement will be in writing and sent by hand delivery or by certified or registered mail (return receipt requested and first-class postage

-8-

prepaid), in the case of TFC, to its Human Resources Division, 214 N Tryon Street, Charlotte, NC 28202, attention: Chief Human Resources Officer, and in the case of the Participant, to the last known address of the Participant as reflected in TFC’s Human Resources Information System.

16.Severability. The provisions of this Agreement are severable; and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions will continue to be binding and enforceable.

17.Compliance with Laws; Restrictions on Award and Shares of Common Stock. TFC may impose such restrictions on the Award and any shares of Common Stock relating to the payout of the Award as it may deem advisable, including restrictions under the federal securities laws, federal tax laws, the requirements of any stock exchange or similar organization and any blue sky, state or foreign securities laws applicable to such Award or shares of Common Stock. Notwithstanding any other provision in the Plan or this Agreement to the contrary, TFC is not obligated to issue, deliver, or transfer any shares of Common Stock, make any other distribution of benefits under the Plan, or take any other action, unless such delivery, distribution or action is in compliance with all applicable laws, rules and regulations (including the requirements of the Securities Act). TFC may cause a restrictive legend or legends to be placed on any certificate for shares of Common Stock issued pursuant to the Award in such form as may be prescribed from time to time by applicable laws and regulations or as may be advised by legal counsel.

18.Successors and Assigns. Subject to the limitations stated herein and in the Plan, this Agreement will be binding upon and inure to the benefit of the Participant and the Participant’s executors, administrators, and permitted transferees and beneficiaries and TFC and its successors and assigns.

19.Counterparts; Further Instruments. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one instrument. The parties agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this Agreement.

20.Right of Offset. Notwithstanding any other provision of the Plan or this Agreement, subject to any applicable laws to the contrary, any member of the TFC Group may reduce the amount of any benefit or payment otherwise payable to or on behalf of the Participant by the amount of any obligation of the Participant to any member of the TFC Group that is or becomes due and payable, and the Participant will be deemed to have consented to such reduction; provided, however, that to the extent Section 409A is applicable, such offset will not exceed the greater of Five Thousand Dollars ($5,000) or the maximum offset amount then permitted under Section 409A.

-9-

21.Adjustment of Award.

(a)The Administrator has authority to make adjustments to the terms and conditions of the Award in recognition of unusual or nonrecurring events affecting the TFC Group, or the financial statements of the TFC Group, or of changes in applicable laws, regulations or accounting principles, if the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or necessary or appropriate to comply with applicable laws, rules or regulations.

(b)Notwithstanding anything in the Plan or this Agreement to the contrary, (i) the Administrator, in order to comply with applicable law (including the Dodd-Frank Wall Street Reform and Consumer Protection Act) and any risk management requirements or policies adopted by the TFC Group, retains the right at all times to decrease or terminate the Award and payments under the Plan, and any and all amounts payable under the Plan or paid under the Plan will be subject to clawback, forfeiture, and reduction to the extent determined by the Administrator in its sole discretion as necessary or advisable to comply with applicable law or any risk management requirements or policies adopted by the TFC Group; and (ii) in the event the Administrator determines that any legislation, regulation, or formal or informal guidance requires any compensation payable under the Plan (including the Award) to be deferred, reduced, eliminated, or subjected to vesting, the Award will be deferred, reduced, eliminated, paid in a different form, or subjected to vesting or other restrictions as determined by the Administrator to be required by such legislation, regulation, or formal or informal guidance.

22.Award Conditions.

(a)Notwithstanding anything in the Plan or this Agreement to the contrary, to the extent that either (i) the Administrator or the Board of Governors of the Federal Reserve System determines that any change to the Plan or this Agreement is required, necessary, advisable, or deemed appropriate to improve the risk sensitivity of the Award, whether by (a) adjusting the Award quantitatively or judgmentally based on the risk the Participant’s activities pose to the TFC Group; (b) extending the Performance Period for determining the Award; (c) extending the Performance Period and adjusting for actual losses or other performance issues; or (d) otherwise as required by the Administrator or the Federal Reserve System; or (ii) the Administrator or the United States government (including any agency thereof) determines that any change to the Plan or this Agreement is required, necessary, advisable, or deemed appropriate to comply with any applicable law, regulation, or requirement; then this Agreement or the Award will be automatically amended to incorporate such change, without further action of the Participant, and the Administrator will provide the Participant notice thereof.

(b)Notwithstanding anything contained in the Plan or this Agreement to the contrary, to the extent that either the Administrator or the United States government (including any agency thereof) determines that the Award granted to the Participant pursuant to this Agreement is prohibited or substantially restricted by, or subjects the TFC Group to any adverse tax consequences that the TFC Group is not otherwise subject to on the Grant Date because of, any current or future United States law, rule, regulation, or other authority, then this Agreement

-10-

will automatically terminate effective as of the Grant Date and the Award will automatically be cancelled as of the Grant Date without further action on the part of the Administrator or the Participant and without any compensation to the Participant for such termination and cancellation. The Administrator agrees to provide notice to the Participant of any such termination and cancellation.

IN WITNESS WHEREOF, TFC and the Participant have entered into this Agreement effective as of the Grant Date. Should the Participant fail to acknowledge his or her electronic acceptance of this Agreement, this Agreement may become null and void as of the Grant Date, and the Participant may forfeit any and all rights hereunder at the discretion of the Administrator.

* * *

-11-

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, William H. Rogers Jr., certify that:

1.    I have reviewed this Quarterly Report on Form 10-Q of Truist Financial Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2024

/s/ William H. Rogers Jr.

William H. Rogers Jr.

Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Michael B. Maguire, certify that:

1.    I have reviewed this Quarterly Report on Form 10-Q of Truist Financial Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2024

/s/ Michael B. Maguire

Michael B. Maguire

Senior Executive Vice President and

Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Chief Executive Officer and Chief Financial Officer of Truist Financial Corporation (the "Company"), do hereby certify that:

1.    The Quarterly Report on Form 10-Q for the fiscal period ended June 30, 2024 (the "Form 10-Q") of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 8, 2024

/s/ William H. Rogers Jr.

William H. Rogers Jr.

Chairman and Chief Executive Officer

/s/ Michael B. Maguire

Michael B. Maguire

Senior Executive Vice President and

Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to Truist Financial Corporation and will be retained by Truist Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Entity File Number	1-10853
Entity Registrant Name	TRUIST FINANCIAL CORPORATION
Entity Tax Identification Number	56-0939887
Entity Address, Address Line One	214 North Tryon Street
Entity Address, City or Town	Charlotte,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28202
City Area Code	(336)
Local Phone Number	733-2000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,339,143,439
Entity Central Index Key	0000092230
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Transition Report	false
Entity Incorporation, State or Country Code	NC
Common Stock, $5 par value
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $5 par value
Trading Symbol	TFC
Security Exchange Name	NYSE
Series I
Entity Listings [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock
Trading Symbol	TFC.PI
Security Exchange Name	NYSE
Series J Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock
Trading Symbol	TFC.PJ
Security Exchange Name	NYSE
Series O
Entity Listings [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock
Trading Symbol	TFC.PO
Security Exchange Name	NYSE
Series R Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred Stock
Trading Symbol	TFC.PR
Security Exchange Name	NYSE

XML

Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and Due from Banks	$ 5,204	$ 5,000
Interest-bearing deposits with banks	35,675	25,230
Securities borrowed or purchased under agreements to resell	2,338	2,378
Trading assets at fair value	5,558	4,332
AFS securities, Fair Value	55,969	67,366
HTM securities (fair value of $42,143 and $44,630, respectively)	52,447	54,107
LHFS (including $1,284 and $852 at fair value, respectively)	1,457	1,280
Loans and leases (including $14 and $15 at fair value, respectively)	305,692	312,061
ALLL	(4,808)	(4,798)
Loans and leases, net of ALLL	300,884	307,263
Premises and equipment	3,244	3,298
Goodwill	17,157	17,156
CDI and other intangible assets	1,729	1,909
Loan servicing rights at fair value	3,410	3,378
Other assets (including $1,371 and $1,311 at fair value, respectively)	34,781	34,997
Assets of discontinued operations	0	7,655
Total assets	519,853	535,349
Liabilities
Noninterest-bearing deposits	107,310	111,624
Interest-bearing deposits (including $43 and $0 at fair value, respectively)	278,101	284,241
Short-term borrowings (including $2,041 and $1,625 at fair value, respectively)	22,816	24,828
Long-term debt	34,616	38,918
Other liabilities (including $2,739 and $2,597 at fair value, respectively)	13,183	12,946
Liabilities of discontinued operations	0	3,539
Total liabilities	456,026	476,096
Shareholders’ Equity
Preferred stock	6,673	6,673
Common stock, $5 par value	6,691	6,669
Additional paid-in capital	36,364	36,177
Retained earnings	22,603	22,088
AOCI, net of deferred income taxes	(8,504)	(12,506)
Noncontrolling interests	0	152
Total shareholders’ equity	63,827	59,253
Total liabilities and shareholders’ equity	$ 519,853	$ 535,349
Common shares outstanding	1,338,223	1,333,743
Common shares authorized	2,000,000	2,000,000
Preferred shares outstanding	223	223
Preferred shares authorized	5,000	5,000

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
HTM securities, Fair Value	$ 42,143	$ 44,630
Loans Held for Sale, Fair Value	1,284	852
Loans Receivable, Fair Value Disclosure	14	15
Other Assets, Fair Value Disclosure	1,371	1,311
Interest-Bearing Domestic Deposit, Brokered	43	0
Short-term borrowings, fair value	2,041	1,625
Other Liabilities, Fair Value Disclosure	$ 2,739	$ 2,597
Common stock, par value (in dollars per share)	$ 5	$ 5

XML

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest Income
Interest and fees on loans and leases	$ 4,879	$ 4,915	$ 9,744	$ 9,571
Interest on securities	838	749	1,643	1,501
Interest on other earning assets	634	511	1,148	887
Total interest income	6,351	6,175	12,535	11,959
Interest Expense
Interest on deposits	2,016	1,527	3,980	2,652
Interest on long-term debt	446	734	928	1,248
Interest on other borrowings	362	311	728	589
Total interest expense	2,824	2,572	5,636	4,489
Net Interest Income	3,527	3,603	6,899	7,470
Provision for credit losses	451	538	951	1,040
Net Interest Income After Provision for Credit Losses	3,076	3,065	5,948	6,430
Noninterest Income
Noninterest Income	(5,212)	1,380	(3,766)	2,801
Noninterest Expense
Personnel expense	1,661	1,705	3,291	3,373
Professional fees and outside processing	308	311	586	598
Software expense	218	223	442	423
Net occupancy expense	160	166	320	335
Amortization of Intangible Assets	89	99	177	199
Equipment expense	89	87	177	189
Marketing and customer development	63	69	119	137
Operating lease depreciation	34	44	74	90
Regulatory costs	85	73	237	148
Restructuring charges	33	48	84	104
Other expense	354	221	540	465
Total noninterest expense	3,094	3,046	6,047	6,061
Earnings
Income (loss) before income taxes	(5,230)	1,399	(3,865)	3,170
Provision (benefit) for income taxes	(1,324)	230	(1,092)	591
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	(3,906)	1,169	(2,773)	2,579
Net income from discontinued operations	4,828	176	4,895	281
Net income (loss)	922	1,345	2,122	2,860
Net Income (Loss) Attributable to Noncontrolling Interest	19	36	22	38
Preferred stock dividends and other	77	75	183	178
Net income available to common shareholders	$ 826	$ 1,234	$ 1,917	$ 2,644
Basic earnings from continuing operations	$ (2.98)	$ 0.82	$ (2.21)	$ 1.80
Basic EPS	0.62	0.93	1.43	1.99
Diluted earnings from continuing operations	(2.98)	0.82	(2.21)	1.79
Diluted EPS	$ 0.62	$ 0.92	$ 1.43	$ 1.98
Basic weighted average shares outstanding	1,338,149	1,331,953	1,336,620	1,330,286
Diluted weighted average shares outstanding	1,338,149	1,337,307	1,336,620	1,338,346
Wealth management income
Noninterest Income
Noninterest Income	$ 361	$ 330	$ 717	$ 669
Investment banking and trading income
Noninterest Income
Noninterest Income	286	211	609	472
Card and payment related fees
Noninterest Income
Noninterest Income	230	236	454	466
Service charges on deposits
Noninterest Income
Noninterest Income	232	240	457	490
Mortgage banking income
Noninterest Income
Noninterest Income	112	99	209	241
Lending related fees
Noninterest Income
Noninterest Income	89	86	185	192
Operating lease income
Noninterest Income
Noninterest Income	50	64	109	131
Securities gains (losses)
Noninterest Income
Noninterest Income	(6,650)	0	(6,650)	0
Other income
Noninterest Income
Noninterest Income	$ 78	$ 114	$ 144	$ 140

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 922	$ 1,345	$ 2,122	$ 2,860
OCI, net of tax:
Net change in net pension and postretirement costs	34	8	35	(6)
Net change in cash flow hedges	(38)	(317)	(228)	(192)
Net change in AFS securities	4,664	(550)	4,088	303
Net change in HTM securities	57	65	108	120
Other, net	1	1	(1)	2
Total OCI, net of tax	4,718	(793)	4,002	227
Total OCI	5,640	552	6,124	3,087
Income Tax Effect of Items Included in OCI:
Net change in net pension and postretirement costs	11	3	11	0
Net change in cash flow hedges	(12)	(97)	(70)	(59)
Net change in AFS securities	1,439	(187)	1,262	75
Net change in HTM securities	18	17	33	32
Total income taxes related to OCI	$ 1,456	$ (264)	$ 1,236	$ 48

XML

Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Retained Earnings	AOCI	Noncontrolling Interests
Beginning balance at Dec. 31, 2022	$ 60,537	$ 6,634	$ 6,673	$ 34,544	$ 26,264	$ (13,601)	$ 23
Beginning balance (in shares) at Dec. 31, 2022		1,326,829
Add (Deduct):
Net income	2,860				2,822		38
Total OCI, net of tax	227					227
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	1,413			1,317			96
Stock transactions:
Issued in connection with equity awards, net	(21)	$ 26		(44)	(3)
Issued in connection with equity awards, net (in shares)		5,147
Cash dividends declared on common stock	(1,384)				(1,384)
Cash dividends declared on preferred stock	(178)				(178)
Equity-based compensation expense	173			173
Other, net	54				56		(2)
Ending balance at Jun. 30, 2023	63,681	$ 6,660	6,673	35,990	27,577	(13,374)	155
Ending balance (in shares) at Jun. 30, 2023		1,331,976
Beginning balance at Mar. 31, 2023	62,394	$ 6,660	6,673	34,582	27,038	(12,581)	22
Beginning balance (in shares) at Mar. 31, 2023		1,331,918
Add (Deduct):
Net income	1,345				1,309		36
Total OCI, net of tax	(793)					(793)
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	1,413			1,317			96
Stock transactions:
Issued in connection with equity awards, net	(1)	$ 0		1	(2)
Issued in connection with equity awards, net (in shares)		58
Cash dividends declared on common stock	(693)				(693)
Cash dividends declared on preferred stock	(75)				(75)
Equity-based compensation expense	90			90
Other, net	1				0		1
Ending balance at Jun. 30, 2023	63,681	$ 6,660	6,673	35,990	27,577	(13,374)	155
Ending balance (in shares) at Jun. 30, 2023		1,331,976
Beginning balance at Dec. 31, 2023	$ 59,253	$ 6,669	6,673	36,177	22,088	(12,506)	152
Beginning balance (in shares) at Dec. 31, 2023	1,333,743	1,333,743
Add (Deduct):
Net income	$ 2,122				2,100		22
Total OCI, net of tax	4,002					4,002
Stock transactions:
Issued in connection with equity awards, net	(38)	$ 22		(55)	(5)
Issued in connection with equity awards, net (in shares)		4,480
Cash dividends declared on common stock	(1,390)				(1,390)
Cash dividends declared on preferred stock	(183)				(183)
Equity-based compensation expense	166			166
Disposal Group, Including Discontinued Operation, Noncontrolling interest	(197)						(197)
Other, net	92			76	(7)		23
Ending balance at Jun. 30, 2024	$ 63,827	$ 6,691	6,673	36,364	22,603	(8,504)	0
Ending balance (in shares) at Jun. 30, 2024	1,338,223	1,338,223
Beginning balance at Mar. 31, 2024	$ 59,053	$ 6,690	6,673	36,197	22,483	(13,222)	232
Beginning balance (in shares) at Mar. 31, 2024		1,338,096
Add (Deduct):
Net income	922				903		19
Total OCI, net of tax	4,718					4,718
Stock transactions:
Issued in connection with equity awards, net	(14)	$ 1		(12)	(3)
Issued in connection with equity awards, net (in shares)		127
Cash dividends declared on common stock	(696)				(696)
Cash dividends declared on preferred stock	(77)				(77)
Equity-based compensation expense	103			103
Disposal Group, Including Discontinued Operation, Noncontrolling interest	(197)						(197)
Other, net	15			76	(7)		(54)
Ending balance at Jun. 30, 2024	$ 63,827	$ 6,691	$ 6,673	$ 36,364	$ 22,603	$ (8,504)	$ 0
Ending balance (in shares) at Jun. 30, 2024	1,338,223	1,338,223

XML

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows From Operating Activities:
Net income	$ 2,122	$ 2,860
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses	951	1,040
Depreciation	315	350
Amortization of intangibles	198	267
Securities (gains) losses	6,650	0
Gain on sale of TIH, net of tax	(4,814)	0
Net change in operating assets and liabilities:
LHFS	(432)	(580)
Pension asset	(95)	(1,388)
Derivative assets and liabilities	(470)	414
Trading assets	(1,226)	808
Other assets and other liabilities	(3,595)	547
Other, net	251	(470)
Net cash from operating activities	(145)	3,848
Cash Flows From Investing Activities:
Proceeds from sales of AFS securities	27,607	4
Proceeds from maturities, calls and paydowns of AFS securities	7,911	3,518
Purchases of AFS securities	(26,048)	(282)
Proceeds from maturities, calls and paydowns of HTM securities	1,810	1,918
Originations and purchases of loans and leases, net of sales and principal collected	5,719	3,258
Net cash received (paid) for FHLB stock	252	0
Net cash received (paid) for securities borrowed or purchased under agreements to resell	40	866
Net cash received (paid) for asset acquisitions, business combinations, and divestitures	12,060	0
Other, net	701	235
Net cash from investing activities	30,052	9,517
Cash Flows From Financing Activities:
Net change in deposits	(11,996)	(7,452)
Net change in short-term borrowings	(2,015)	1,003
Proceeds from issuance of long-term debt	8,204	40,884
Repayment of long-term debt	(12,242)	(39,152)
Cash dividends paid on common stock	(1,390)	(1,384)
Cash dividends paid on preferred stock	(183)	(178)
Net cash received (paid) for hedge unwinds	0	(378)
Net cash from TIH minority stake sale	0	1,922
Other, net	(50)	(41)
Net cash from financing activities	(19,672)	(4,776)
Net Change in Cash and Cash Equivalents	10,235	8,589
Cash and Cash Equivalents of Continuing and Discontinued Operations, January 1	30,644	21,421
Cash and Cash Equivalents of Continuing and Discontinued Operations, June 30	40,879	30,010
Supplemental Disclosure of Cash Flow Information:
Net cash paid (received) during the period for interest expense	5,791	4,041
Net cash paid (received) during the period for income taxes	$ 379	$ 560

XML

Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

General

See the Glossary of Defined Terms at the beginning of this Report for terms used herein. These consolidated financial statements and notes are presented in accordance with the instructions for Form 10-Q, and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations, and cash flow activity required in accordance with GAAP. In the opinion of management, all normal recurring adjustments necessary for a fair statement of the consolidated financial position and consolidated results of operations have been made. The year-end consolidated balance sheet data was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The information contained in the financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2023 should be referred to in connection with these unaudited interim consolidated financial statements. The Company updated its accounting policies in connection with recently adopted accounting standards, as applicable, which are described in this footnote. There were no other significant changes to the Company’s accounting policies from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023 that could have a material effect on the Company’s financial statements.

Discontinued Operations

The Company classifies assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable to occur within one year, and the disposal group is available for immediate sale in its present condition. The Company also considers whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. An asset or business that meets the criteria for held for sale classification is reported as discontinued operations when the disposal represents a strategic shift that has had or will have a major effect on the Company’s operating results.

Assets and liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets for prior periods commencing in the period in which the asset or business meets all of the held for sale criteria described above. Net income from discontinued operations, net of tax, is separately reported in the Consolidated Statements of Income for current and prior periods commencing in the period in which the asset or business meets all of the held for sale criteria described above, including any gain or loss recognized on the sale or adjustment of the carrying amount to fair value less cost to sell.

Certain activity of TIH impacting the Company's footnote disclosures has been removed or revised. The footnote disclosures included herein are presented on a continuing operations basis, unless otherwise noted.

Refer to “Note 2. Discontinued Operations” for additional information.

Segment Realignment

Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. First, the CB&W segment was renamed CSBB and the C&CB segment was renamed WB. Second, the Wealth business was realigned into the WB segment from the CSBB segment, representing a separate reporting unit in that segment. Third, the small business banking client segmentation was realigned into the CSBB segment from the WB segment. Further, TIH was the principal legal entity of the IH segment. As the operations of TIH were included in discontinued operations prior to the sale of TIH, the Company no longer presents the IH segment as one of its reportable segments. The segment disclosures have been revised to reflect the new structure. Refer to “Note 18. Operating Segments” for additional information.

Reclassifications

In addition to the reclassifications discussed above in the Consolidated Balance Sheets, Consolidated Statements of Income, and certain footnotes for discontinued operations and the segment realignment, as applicable, certain other amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the current presentation.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL; determination of fair value for securities, MSRs, LHFS, trading loans, and derivative assets and liabilities; goodwill and other intangible assets; income taxes; and pension and postretirement benefit obligations.

Changes in Accounting Principles and Effects of New Accounting Pronouncements

Standard / Adoption Date	Description	Effects on the Financial Statements
Standards Not Yet Adopted
Improvements to Reportable Segment Disclosures December 31, 2024	Improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses.	Truist is evaluating the impact of this standard on its disclosures. This standard relates to footnote disclosures only.
Improvements to Income Tax Disclosures January 1, 2025	Improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.	Truist is evaluating the impact of this standard on its disclosures. This standard relates to footnote disclosures only.

XML

Discontinued Operations and Disposal Groups

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure

Discontinued Operations

On February 20, 2024, the Company entered into an agreement to sell the remaining stake of the common equity in TIH to an investor group led by Stone Point Capital LLC and Clayton, Dubilier & Rice for a purchase price that implied an enterprise value for TIH of $15.5 billion. The divestiture of TIH represents a strategic shift that has a major effect on our operations and financial results. The Company reclassified all of the assets and liabilities of TIH to discontinued operations in connection with the announcement of the disposition of the business. As such, financial information attributed to TIH has been recast to reflect discontinued operations for the periods presented herein. The following footnotes reflect impacts of discontinued operations: “Note 1. Basis of Presentation,” “Note 2. Discontinued Operations,” “Note 6. Goodwill and Other Intangible Assets,” “Note 8. Other Assets and Liabilities,” “Note 12. Income Taxes,” “Note 13. Benefit Plans,” “Note 17. Computation of EPS,” and “Note 18. Operating Segments.”

The following is a summary of the assets and liabilities of discontinued operations:

(Dollars in millions)	Dec 31, 2023
Assets of discontinued operations:
Cash and due from banks	$	72
Interest-bearing deposits with banks	342
Premises and equipment	72
Goodwill	3,745
CDI and other intangible assets	1,251
Other assets	2,173
Total assets of discontinued operations	$	7,655
Liabilities of discontinued operations:
Other liabilities	$	3,539
Total liabilities of discontinued operations	$	3,539

The following presents operating results of TIH classified as discontinued operations:

(Dollars in millions)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest Income
Interest on other earning assets	$	7	$	20	$	31	$	21
Total interest income	7		20		31		21
Noninterest income
Insurance income	427		938		1,319		1,753
Other income	4		5		9		8
Total noninterest income	431		943		1,328		1,761
Expenses
Personnel expense	251		551		885		1,064
Professional fees and outside processing	37		41		85		68
Software expense	8		14		25		28
Net occupancy expense	5		14		20		28
Amortization of intangibles	—		32		21		68
Equipment expense	2		5		11		13
Marketing and customer development	5		10		15		20
Restructuring charges	63		6		82		13
Other expense	26		57		84		109
Total noninterest expense	397		730		1,228		1,411
Earnings
Gain on sale of TIH	6,903		—		6,903		—
Income before income taxes from discontinued operations	6,944		233		7,034		371
Provision for income taxes	2,116		57		2,139		90
Net income from discontinued operations	4,828		176		4,895		281
Noncontrolling interests	19		36		22		38
Net income from discontinued operations attributable to controlling interest	$	4,809	$	140	$	4,873	$	243

The components of net cash provided by operating, investing, and financing activities of discontinued operations included in the Consolidated Statements of Cash Flows are as follows:

(Dollars in millions)	Six Months Ended June 30,
	2024		2023
Net cash from operating activities	$	71	$	581
Net cash from investing activities	12,056		(12)
Net cash from financing activities	(41)		(649)

On May 6, 2024, the Company completed the sale. The transaction improved Truist’s relative capital position while allowing Truist to maintain strategic flexibility. Upon closing, the transaction resulted in the deconsolidation of the TIH subsidiary from Truist. The following is a summary of the transaction, subject to post-closing adjustments and the finalization of tax impacts:

(Dollars in millions)	May 6, 2024
Cash received	$	12,562
Assets of discontinued operations:
Cash and due from banks	93
Interest-bearing deposits with banks	1,952
Premises and equipment	58
Goodwill	3,743
CDI and other intangible assets	1,227
Other assets	2,873
Total assets of discontinued operations	9,946
Liabilities of discontinued operations:
Other liabilities	4,090
Total liabilities of discontinued operations	4,090
Net assets of discontinued operations	5,856
Noncontrolling interest	197
Pre-tax gain	6,903
Current and deferred tax impact	(2,089)
After-tax gain	$	4,814

In connection with the sale of TIH, the Company has entered into various agreements with entities controlled by the buyers and TIH, including a transition services agreement and several commercial agreements, ranging from one to seven years. The transition services agreement includes the following support services: information technology, finance and accounting, human resources, marketing and communications, procurement, and real estate. The Company is compensated for such services on a monthly basis. The commercial agreements represent arrangements for both the Company and TIH to continue engaging in certain business activities after the completion of the sale. Such activities include referral services and certain insurance brokerage and administration services. In addition, TIH retained its depository relationship with Truist Bank after completion of the sale. As of May 6, 2024 TIH held $1.5 billion of deposits at Truist Bank, which are no longer eliminated as a result of the deconsolidation of the TIH subsidiary from Truist effective with completion of the sale. Prior to the sale of TIH, such deposits were not presented in assets of discontinued operations as they were eliminated upon consolidation.

XML

Securities Financing Activities

6 Months Ended

Jun. 30, 2024

Offsetting [Abstract]

Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure

Securities Financing Activities

Securities purchased under agreements to resell are primarily collateralized by U.S. government or agency securities and are carried at the amounts at which the securities will be subsequently sold, plus accrued interest. Securities borrowed are primarily collateralized by corporate securities. The Company borrows securities and purchases securities under agreements to resell as part of its securities financing activities. On the acquisition date of these securities, the Company and the related counterparty agree on the amount of collateral required to secure the principal amount loaned under these arrangements. The Company monitors collateral values daily and calls for additional collateral to be provided as warranted under the respective agreements. The following table presents securities borrowed or purchased under agreements to resell:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Securities purchased under agreements to resell	$	989	$	1,168
Securities borrowed	1,349		1,210
Total securities borrowed or purchased under agreements to resell	$	2,338	$	2,378
Fair value of collateral permitted to be resold or repledged	$	2,089	$	2,175
Fair value of securities repledged	98		12

For securities sold under agreements to repurchase, the Company would be obligated to provide additional collateral in the event of a significant decline in fair value of the collateral pledged. This risk is managed by monitoring the liquidity and credit quality of the collateral, as well as the maturity profile of the transactions. Refer to “Note 14. Commitments and Contingencies” for additional information related to pledged securities. The following table presents the Company’s related activity, by collateral type and remaining contractual maturity:

	June 30, 2024								December 31, 2023
(Dollars in millions)	Overnight and Continuous		Up to 30 days		30-90 days		Total		Overnight and Continuous		Up to 30 days		Total
U.S. Treasury	$	98	$	—	$	—	$	98	$	12	$	—	$	12
State and Municipal	400		—		—		400		415		—		415
Agency MBS – residential	—		—		—		—		—		1,500		1,500
Corporate and other debt securities	523		80		50		653		420		80		500
Total securities sold under agreements to repurchase	$	1,021	$	80	$	50	$	1,151	$	847	$	1,580	$	2,427

There were no securities financing transactions subject to legally enforceable master netting arrangements that were eligible for balance sheet netting for the periods presented.

XML

Investment Securities

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Securities

Investment Securities

The following tables summarize the Company’s AFS and HTM securities:

June 30, 2024 (Dollars in millions)	Amortized Cost		Gross Unrealized				Net unrealized gains (losses)		Fair Value
			Gains		Losses
AFS securities:
U.S. Treasury	$	12,291	$	9	$	(34)	$	(25)	$	12,266
GSE	380		1		(37)		(36)		344
Agency MBS – residential	46,246		14		(5,617)		(5,603)		40,643
Agency MBS – commercial	2,922		—		(635)		(635)		2,287
States and political subdivisions	420		12		(20)		(8)		412
Other	17		—		—		—		17
Total AFS securities, excluding portfolio level basis adjustments	62,276		36		(6,343)		(6,307)		55,969
Portfolio level basis adjustments(1)	(174)						174		—
Total AFS securities	$	62,102	$	36	$	(6,343)	$	(6,133)	$	55,969
HTM securities:
Agency MBS – residential	$	52,447	$	—	$	(10,304)	$	(10,304)	$	42,143
December 31, 2023 (Dollars in millions)	Amortized Cost		Gross Unrealized				Net unrealized gains (losses)		Fair Value
			Gains		Losses
AFS securities:
U.S. Treasury	$	10,511	$	2	$	(472)	$	(470)	$	10,041
GSE	393		3		(34)		(31)		362
Agency MBS – residential	60,989		—		(9,700)		(9,700)		51,289
Agency MBS – commercial	2,817		—		(569)		(569)		2,248
States and political subdivisions	421		17		(13)		4		425
Non-agency MBS	3,698		—		(717)		(717)		2,981
Other	20		—		—		—		20
Total AFS securities	$	78,849	$	22	$	(11,505)	$	(11,483)	$	67,366
HTM securities:
Agency MBS – residential	$	54,107	$	—	$	(9,477)	$	(9,477)	$	44,630

(1)Represents fair value hedge basis adjustments related to active portfolio layer method hedges, which are not allocated to individual securities. For additional information, refer to “Note 16. Derivative Financial Instruments.”

The amortized cost and estimated fair value of certain MBS securities issued by FNMA and FHLMC that exceeded 10% of shareholders’ equity are shown in the table below:

	June 30, 2024
(Dollars in millions)	Amortized Cost		Fair Value
FNMA	$	26,456	$	21,642
FHLMC	26,664		21,677

The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected life of MBS may be shorter than the contractual maturities because borrowers have the right to prepay their obligations with or without penalties.

	Amortized Cost										Fair Value
June 30, 2024 (Dollars in millions)	Due in one year or less		Due after one year through five years		Due after five years through ten years		Due after ten years		Total		Due in one year or less		Due after one year through five years		Due after five years through ten years		Due after ten years		Total
AFS securities:
U.S. Treasury	$	3,361	$	8,890	$	9	$	31	$	12,291	$	3,352	$	8,881	$	8	$	25	$	12,266
GSE	2		5		12		361		380		2		5		11		326		344
Agency MBS – residential	—		108		426		45,712		46,246		—		102		400		40,141		40,643
Agency MBS – commercial	—		—		71		2,851		2,922		—		—		66		2,221		2,287
States and political subdivisions	49		48		168		155		420		48		47		170		147		412
Other	—		7		10		—		17		—		7		10		—		17
Total AFS securities	$	3,412	$	9,058	$	696	$	49,110	$	62,276	$	3,402	$	9,042	$	665	$	42,860	$	55,969
HTM securities:
Agency MBS – residential	$	—	$	—	$	—	$	52,447	$	52,447	$	—	$	—	$	—	$	42,143	$	42,143

The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position:

	Less than 12 months				12 months or more				Total
June 30, 2024 (Dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
AFS securities:
U.S. Treasury	$	4,789	$	(3)	$	1,191	$	(31)	$	5,980	$	(34)
GSE	7		—		255		(37)		262		(37)
Agency MBS – residential	6,326		(37)		28,448		(5,580)		34,774		(5,617)
Agency MBS – commercial	114		—		2,168		(635)		2,282		(635)
States and political subdivisions	10		—		260		(20)		270		(20)
Other	—		—		7		—		7		—
Total	$	11,246	$	(40)	$	32,329	$	(6,303)	$	43,575	$	(6,343)
HTM securities:
Agency MBS – residential	$	—	$	—	$	42,143	$	(10,304)	$	42,143	$	(10,304)
	Less than 12 months				12 months or more				Total
December 31, 2023 (Dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
AFS securities:
U.S. Treasury	$	356	$	(2)	$	8,806	$	(470)	$	9,162	$	(472)
GSE	16		—		255		(34)		271		(34)
Agency MBS – residential	258		(4)		51,006		(9,696)		51,264		(9,700)
Agency MBS – commercial	61		(2)		2,185		(567)		2,246		(569)
States and political subdivisions	35		—		243		(13)		278		(13)
Non-agency MBS	—		—		2,981		(717)		2,981		(717)
Other	—		—		20		—		20		—
Total	$	726	$	(8)	$	65,496	$	(11,497)	$	66,222	$	(11,505)
HTM securities:
Agency MBS – residential	$	—	$	—	$	44,630	$	(9,477)	$	44,630	$	(9,477)

At June 30, 2024 and December 31, 2023, no ACL was established for AFS or HTM securities. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. The Company does not expect to incur any credit losses on investment securities.

The following table presents gross securities gains and losses recognized in earnings:

(Dollars in millions)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Gross realized losses(1)	$	(6,650)	$	—	$	(6,650)	$	—

(1)Includes $485 million pre-tax gain on terminated hedges for the three and six months ended June 30, 2024.

Following the sale of TIH, Truist executed a strategic balance sheet repositioning of a portion of its AFS investment securities portfolio by selling $27.7 billion of lower-yielding investment securities, resulting in an after-tax loss of $5.1 billion in the second quarter of 2024. The investment securities that were sold had a book value of $34.4 billion including the impact of hedges. Truist invested approximately $18.7 billion of the sale proceeds in shorter duration, higher-yielding investment securities.

XML

Loans and ACL

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Loans and ACL

Loans and ACL

The following tables present loans and leases HFI by aging category. Government guaranteed loans are not placed on nonperforming status regardless of delinquency because collection of principal and interest is reasonably assured.

	Accruing
June 30, 2024 (Dollars in millions)	Current		30-89 Days Past Due		90 Days Or More Past Due(1)		Nonperforming		Total
Commercial:
Commercial and industrial	$	155,824	$	109	$	8	$	459	$	156,400
CRE	21,362		8		—		360		21,730
Commercial construction	7,786		—		1		—		7,787
Consumer:
Residential mortgage	53,049		732		402		161		54,344
Home equity	9,584		58		7		123		9,772
Indirect auto	21,157		592		1		244		21,994
Other consumer	28,380		214		19		64		28,677
Credit card	4,859		78		51		—		4,988
Total	$	302,001	$	1,791	$	489	$	1,411	$	305,692
(1)Includes government guaranteed loans of $375 million in the residential mortgage portfolio.
	Accruing
December 31, 2023 (Dollars in millions)	Current		30-89 Days Past Due		90 Days Or More Past Due(1)		Nonperforming		Total
Commercial:
Commercial and industrial	$	160,081	$	230	$	7	$	470	$	160,788
CRE	22,281		5		—		284		22,570
Commercial construction	6,658		—		1		24		6,683
Consumer:
Residential mortgage	54,261		639		439		153		55,492
Home equity	9,850		70		11		122		10,053
Indirect auto	21,788		669		2		268		22,727
Other consumer	28,296		271		21		59		28,647
Credit card	4,961		87		53		—		5,101
Total	$	308,176	$	1,971	$	534	$	1,380	$	312,061
(1)Includes government guaranteed loans of $418 million in the residential mortgage portfolio.

The following tables present the amortized cost basis of loans by origination year and credit quality indicator:

June 30, 2024 (Dollars in millions)	Amortized Cost Basis by Origination Year												Revolving Credit		Loans Converted to Term		Other(1)
	2024		2023		2022		2021		2020		Prior								Total
Commercial:
Commercial and industrial:
Pass	$	12,060	$	19,581	$	24,237	$	13,427	$	7,316	$	15,212	$	57,473	$	—	$	(271)	$	149,035
Special mention	188		720		431		366		117		187		780		—		—		2,789
Substandard	249		755		736		437		203		548		1,189		—		—		4,117
Nonperforming	14		134		59		48		27		38		139		—		—		459
Total	12,511		21,190		25,463		14,278		7,663		15,985		59,581		—		(271)		156,400
Gross charge-offs	6		65		39		7		5		5		53						180
CRE:
Pass	925		3,052		4,387		2,344		1,882		4,656		1,572		—		(18)		18,800
Special mention	202		212		484		29		6		258		98		—		—		1,289
Substandard	144		325		160		258		146		248		—		—		—		1,281
Nonperforming	1		3		112		3		51		190		—		—		—		360
Total	1,272		3,592		5,143		2,634		2,085		5,352		1,670		—		(18)		21,730
Gross charge-offs	—		11		74		—		18		97		—		—		—		200
Commercial construction:
Pass	318		1,415		2,507		1,209		109		170		996		—		—		6,724
Special mention	2		60		362		217		43		—		4		—		—		688
Substandard	5		25		173		47		35		—		90		—		—		375
Total	325		1,500		3,042		1,473		187		170		1,090		—		—		7,787
Consumer:
Residential mortgage:
Current	922		2,857		13,085		15,963		5,513		14,709		—		—		—		53,049
30 - 89 days past due	13		14		68		67		46		524		—		—		—		732
90 days or more past due	—		25		34		23		25		295		—		—		—		402
Nonperforming	—		3		12		23		6		117		—		—		—		161
Total	935		2,899		13,199		16,076		5,590		15,645		—		—		—		54,344
Gross charge-offs	—		—		—		—		—		2		—		—		—		2
Home equity:
Current	—		—		—		—		—		—		6,103		3,481		—		9,584
30 - 89 days past due	—		—		—		—		—		—		38		20		—		58
90 days or more past due	—		—		—		—		—		—		5		2		—		7
Nonperforming	—		—		—		—		—		—		42		81		—		123
Total	—		—		—		—		—		—		6,188		3,584		—		9,772
Gross charge-offs	—		—		—		—		—		—		6		—		—		6
Indirect auto:
Current	3,944		3,821		6,578		3,700		1,841		1,282		—		—		(9)		21,157
30 - 89 days past due	22		103		183		120		67		97		—		—		—		592
90 days or more past due	—		—		1		—		—		—		—		—		—		1
Nonperforming	2		37		75		56		31		43		—		—		—		244
Total	3,968		3,961		6,837		3,876		1,939		1,422		—		—		(9)		21,994
Gross charge-offs	1		51		116		50		25		47		—		—		—		290
Other consumer:
Current	5,237		7,856		6,297		2,957		1,520		1,841		2,652		17		3		28,380
30 - 89 days past due	20		64		66		26		13		17		6		2		—		214
90 days or more past due	2		10		5		—		—		—		2		—		—		19
Nonperforming	1		13		17		13		7		13		—		—		—		64
Total	5,260		7,943		6,385		2,996		1,540		1,871		2,660		19		3		28,677
Gross charge-offs	26		103		86		41		20		16		14		—		—		306
Credit card:
Current	—		—		—		—		—		—		4,838		21		—		4,859
30 - 89 days past due	—		—		—		—		—		—		76		2		—		78
90 days or more past due	—		—		—		—		—		—		50		1		—		51
Total	—		—		—		—		—		—		4,964		24		—		4,988
Gross charge-offs	—		—		—		—		—		—		147		4		—		151
Total	$	24,271	$	41,085	$	60,069	$	41,333	$	19,004	$	40,445	$	76,153	$	3,627	$	(295)	$	305,692
Gross charge-offs	$	33	$	230	$	315	$	98	$	68	$	167	$	220	$	4	$	—	$	1,135

December 31, 2023 (Dollars in millions)	Amortized Cost Basis by Origination Year												Revolving Credit		Loans Converted to Term		Other(1)
	2023		2022		2021		2020		2019		Prior								Total
Commercial:
Commercial and industrial:
Pass	$	26,836	$	29,877	$	15,683	$	8,436	$	5,918	$	11,539	$	55,026	$	—	$	(211)	$	153,104
Special mention	688		623		557		152		37		197		1,003		—		—		3,257
Substandard	754		628		428		290		289		367		1,201		—		—		3,957
Nonperforming	36		116		99		12		42		31		134		—		—		470
Total	28,314		31,244		16,767		8,890		6,286		12,134		57,364		—		(211)		160,788
Gross charge-offs	20		72		126		21		5		35		111		—		—		390
CRE:
Pass	3,760		4,931		2,651		1,903		2,813		2,666		1,221		—		(70)		19,875
Special mention	185		315		140		79		203		37		—		—		—		959
Substandard	259		350		190		65		243		289		56		—		—		1,452
Nonperforming	2		52		28		15		174		13		—		—		—		284
Total	4,206		5,648		3,009		2,062		3,433		3,005		1,277		—		(70)		22,570
Gross charge-offs	—		58		10		20		29		47		2		—		—		166
Commercial construction:
Pass	1,029		2,196		1,370		287		89		125		840		—		—		5,936
Special mention	3		218		208		—		—		—		1		—		—		430
Substandard	24		48		27		174		—		—		20		—		—		293
Nonperforming	—		23		—		—		1		—		—		—		—		24
Total	1,056		2,485		1,605		461		90		125		861		—		—		6,683
Gross charge-offs	—		5		—		—		—		—		—		—		—		5
Consumer:
Residential mortgage:
Current	2,846		13,481		16,509		5,738		2,822		12,865		—		—		—		54,261
30 - 89 days past due	10		52		43		38		40		456		—		—		—		639
90 or more days past due	7		22		25		31		28		326		—		—		—		439
Nonperforming	—		7		13		7		13		113		—		—		—		153
Total	2,863		13,562		16,590		5,814		2,903		13,760		—		—		—		55,492
Gross charge-offs	—		—		2		1		1		6		—		—		—		10
Home equity:
Current	—		—		—		—		—		—		6,175		3,675		—		9,850
30 - 89 days past due	—		—		—		—		—		—		47		23		—		70
90 days or more past due	—		—		—		—		—		—		7		4		—		11
Nonperforming	—		—		—		—		—		—		42		80		—		122
Total	—		—		—		—		—		—		6,271		3,782		—		10,053
Gross charge-offs	—		—		—		—		—		—		10		—		—		10
Indirect auto:
Current	4,611		8,049		4,689		2,479		1,330		639		—		—		(9)		21,788
30 - 89 days past due	83		213		150		86		71		66		—		—		—		669
90 days or more past due	—		1		1		—		—		—		—		—		—		2
Nonperforming	20		85		63		39		33		28		—		—		—		268
Total	4,714		8,348		4,903		2,604		1,434		733		—		—		(9)		22,727
Gross charge-offs	25		202		118		58		59		69		—		—		—		531
Other consumer:
Current	9,903		7,676		3,715		1,914		1,049		1,207		2,816		13		3		28,296
30 - 89 days past due	86		85		41		23		16		12		7		1		—		271
90 days or more past due	9		8		1		1		—		—		2		—		—		21
Nonperforming	6		14		14		8		6		10		—		1		—		59
Total	10,004		7,783		3,771		1,946		1,071		1,229		2,825		15		3		28,647
Gross charge-offs	97		166		93		50		34		14		23		—		—		477
Student:(2)
Gross charge-offs	—		—		—		—		—		108		—		—		—		108
Credit card:
Current	—		—		—		—		—		—		4,942		19		—		4,961
30 - 89 days past due	—		—		—		—		—		—		84		3		—		87
90 days or more past due	—		—		—		—		—		—		51		2		—		53
Total	—		—		—		—		—		—		5,077		24		—		5,101
Gross charge-offs	—		—		—		—		—		—		220		3		—		223
Total	$	51,157	$	69,070	$	46,645	$	21,777	$	15,217	$	30,986	$	73,675	$	3,821	$	(287)	$	312,061
Gross charge-offs	$	142	$	503	$	349	$	150	$	128	$	279	$	366	$	3	$	—	$	1,920

(1)Includes certain deferred fees and costs and other adjustments.

(2)Truist sold its student loan portfolio at the end of the second quarter of 2023. Charge-offs include $98 million related to the sale.

ACL

The following tables present activity in the ACL:

(Dollars in millions)	Balance at Apr 1, 2023		Charge-Offs		Recoveries		Provision (Benefit)		Other(1)		Balance at Jun 30, 2023
Commercial:
Commercial and industrial	$	1,497	$	(107)	$	13	$	133	$	—	$	1,536
CRE	251		(35)		—		186		—		402
Commercial construction	87		—		—		22		—		109
Consumer:
Residential mortgage	332		(1)		2		(13)		—		320
Home equity	87		(2)		5		(5)		—		85
Indirect auto	993		(115)		31		72		—		981
Other Consumer	779		(104)		20		113		—		808
Student(2)	98		(103)		—		5		—		—
Credit card	355		(53)		9		54		—		365
ALLL	4,479		(520)		80		567		—		4,606
RUFC	282		—		—		(9)		—		273
ACL	$	4,761	$	(520)	$	80	$	558	$	—	$	4,879
(Dollars in millions)	Balance at Apr 1, 2024		Charge-Offs		Recoveries		Provision (Benefit)		Other(1)		Balance at Jun 30, 2024
Commercial:
Commercial and industrial	$	1,360	$	(83)	$	14	$	46	$	1	$	1,338
CRE	663		(97)		5		90		—		661
Commercial construction	198		—		1		7		—		206
Consumer:
Residential mortgage	222		(1)		2		(18)		—		205
Home equity	90		(3)		4		(3)		—		88
Indirect auto	923		(136)		30		128		—		945
Other consumer	959		(141)		28		112		—		958
Credit card	388		(74)		9		84		—		407
ALLL	4,803		(535)		93		446		1		4,808
RUFC	297		—		—		5		—		302
ACL	$	5,100	$	(535)	$	93	$	451	$	1	$	5,110
(Dollars in millions)	Balance at Jan 1, 2023		Charge-Offs		Recoveries		Provision (Benefit)		Other(1)		Balance at Jun 30, 2023
Commercial:
Commercial and industrial	$	1,409	$	(182)	$	26	$	284	$	(1)	$	1,536
CRE	224		(41)		1		218		—		402
Commercial construction	46		—		1		62		—		109
Consumer:
Residential mortgage	399		(2)		4		—		(81)		320
Home equity	90		(4)		11		(12)		—		85
Indirect auto	981		(242)		57		172		13		981
Other consumer	770		(209)		37		211		(1)		808
Student(2)	98		(108)		—		10		—		—
Credit card	360		(104)		18		94		(3)		365
ALLL	4,377		(892)		155		1,039		(73)		4,606
RUFC	272		—		—		1		—		273
ACL	$	4,649	$	(892)	$	155	$	1,040	$	(73)	$	4,879

(Dollars in millions)	Balance at Jan 1, 2024		Charge-Offs		Recoveries		Provision (Benefit)		Other(1)		Balance at Jun 30, 2024
Commercial:
Commercial and industrial	$	1,404	$	(180)	$	46	$	68	$	—	$	1,338
CRE	616		(200)		12		233		—		661
Commercial construction	174		—		1		31		—		206
Consumer:
Residential mortgage	298		(2)		3		(94)		—		205
Home equity	89		(6)		9		(4)		—		88
Indirect auto	942		(290)		58		235		—		945
Other consumer	890		(306)		56		318		—		958
Credit card	385		(151)		18		155		—		407
ALLL	4,798		(1,135)		203		942		—		4,808
RUFC	295		—		—		9		(2)		302
ACL	$	5,093	$	(1,135)	$	203	$	951	$	(2)	$	5,110

(1)Includes the amounts for the ALLL for PCD acquisitions, the impact of adopting the Troubled Debt Restructurings and Vintage Disclosures accounting standard, and other activity.

(2)Truist sold its student loan portfolio at the end of the second quarter of 2023.

The commercial ALLL decreased $16 million and the consumer ALLL increased $2 million in the three months ended June 30, 2024. The decrease in the commercial ALLL primarily reflects a decrease in commercial loan balances that was partially offset by an increased reserve rate in the commercial real estate portfolio. The change in the consumer ALLL primarily reflects lower loan balances that were largely offset by a higher reserve rate on the nonprime auto lending portfolio. The commercial ALLL increased $11 million and the consumer ALLL decreased $23 million in the six months ended June 30, 2024. The increase in the commercial ALLL primarily reflects an increase in reserves related to the CRE and commercial construction portfolios, partially offset by a decrease in commercial loan balances. The change in the consumer ALLL was primarily driven by a decrease in loan balances that was partially offset by an increase in reserve rates related to certain consumer non-real estate portfolios.

The quantitative models have been designed to estimate losses using macro-economic forecasts over a reasonable and supportable forecast period of two years, followed by a reversion to long-term historical loss conditions over a one-year period. Forecasts of macroeconomic variables used in loss forecasting include, but are not limited to, unemployment trends, U.S. real GDP, corporate credit spreads, property values, home price indices, and used car prices.

The overall economic forecast incorporates a third-party baseline forecast that is adjusted to reflect Truist’s interest rate outlook. Management also considers optimistic and pessimistic third-party macro-economic forecasts in order to capture uncertainty in the economic environment. These forecasts, along with the primary economic forecast, are weighted 40% baseline, 30% optimistic, and 30% pessimistic in the June 30, 2024 ACL, unchanged since December 31, 2023. While the scenario weightings were unchanged, the economic outlook relative to the prior period varied by economic variable and time period. The economic outlook generally reflected improvement in the Housing Price Index, softness in GDP growth, and no material change in forecasted unemployment compared to the prior quarter. The overall economic forecast shaping the ACL estimate at June 30, 2024 included GDP growth in the low-single digits and an unemployment rate near the mid-single digits.

Quantitative models have certain limitations with respect to estimating expected losses, particularly in times of rapidly changing macro-economic conditions and forecasts. As a result, management believes that the qualitative component of the ACL, which incorporates management’s expert judgment related to expected future credit losses, will continue to be an important component of the ACL for the foreseeable future. The June 30, 2024 ACL estimate includes adjustments to consider the impact of current and expected events or risks not captured by the loss forecasting models, the outcomes of which are uncertain and may not be completely considered by quantitative models. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.

NPAs

The following table provides a summary of nonperforming loans and leases, excluding LHFS:

	June 30, 2024				December 31, 2023
	Recorded Investment				Recorded Investment
(Dollars in millions)	Without an ALLL		With an ALLL		Without an ALLL		With an ALLL
Commercial:
Commercial and industrial	$	92	$	367	$	123	$	347
CRE	83		277		154		130
Commercial construction	—		—		—		24
Consumer:
Residential mortgage	1		160		1		152
Home equity	1		122		1		121
Indirect auto	28		216		20		248
Other consumer	—		64		—		59
Total	$	205	$	1,206	$	299	$	1,081

The following table presents a summary of nonperforming assets and residential mortgage loans in the process of foreclosure:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Nonperforming loans and leases HFI	$	1,411	$	1,380
Nonperforming LHFS	9		51
Foreclosed real estate	5		3
Other foreclosed property	51		54
Total nonperforming assets	$	1,476	$	1,488
Residential mortgage loans in the process of foreclosure	$	184	$	214

Loan Modifications

The following tables summarize the amortized cost basis and the weighted average financial effect of loans to borrowers experiencing financial difficulty that were modified during the period, disaggregated by class of financing receivable and type of modification granted.

Three Months Ended June 30, 2024 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Interest Rate Adjustment and Term Extension		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total Modified Loans		Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial	$	198	$	—	$	—	$	—	$	—	$	—	$	—	$	52	$	250	0.16	%
CRE	31		—		—		—		—		—		—		—		31		0.14
Commercial construction	5		—		—		—		—		—		—		—		5		0.06
Consumer:
Residential mortgage	—		24		14		25		—		59		14		1		137		0.25
Home equity	—		1		—		—		2		—		—		—		3		0.03
Indirect auto	—		6		—		642		3		—		—		4		655		2.98
Other consumer	—		10		—		—		—		—		—		1		11		0.04
Credit card	—		—		—		—		—		—		—		10		10		0.20
Total	$	234	$	41	$	14	$	667	$	5	$	59	$	14	$	68	$	1,102	0.36	%
Six Months Ended June 30, 2024 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Interest Rate Adjustment and Term Extension		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total Modified Loans		Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial	$	321	$	—	$	—	$	2	$	—	$	—	$	—	$	67	$	390	0.25	%
CRE	170		—		—		—		—		—		—		13		183		0.84
Commercial construction	45		—		—		—		—		—		—		—		45		0.58
Consumer:
Residential mortgage	—		43		26		33		—		112		23		2		239		0.44
Home equity	—		1		—		—		5		—		—		—		6		0.06
Indirect auto	—		12		—		989		8		—		—		7		1,016		4.62
Other consumer	—		19		—		1		1		—		—		1		22		0.08
Credit card	—		—		—		—		—		—		—		20		20		0.40
Total	$	536	$	75	$	26	$	1,025	$	14	$	112	$	23	$	110	$	1,921	0.63

Three Months Ended June 30, 2023 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Interest Rate Adjustment and Term Extension		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total Modified Loans		Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial	$	265	$	—	$	—	$	21	$	44	$	—	$	—	$	—	$	330	0.20	%
CRE	49		—		—		—		—		—		—		—		49		0.21
Commercial construction	2		—		—		—		—		—		—		—		2		0.03
Consumer:
Residential mortgage	—		25		39		36		1		89		18		5		213		0.38
Home equity	—		—		—		—		3		—		—		1		4		0.04
Indirect auto	—		7		—		141		4		—		—		7		159		0.62
Other consumer	—		5		—		—		1		—		—		1		7		0.02
Credit card	—		—		—		—		—		—		—		5		5		0.10
Total	$	316	$	37	$	39	$	198	$	53	$	89	$	18	$	19	$	769	0.24	%
Six Months Ended June 30, 2023 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Interest Rate Reduction and Term Extension		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total Modified Loans		Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial	$	499	$	—	$	—	$	21	$	44	$	—	$	—	$	—	$	564	0.34	%
CRE	139		—		—		48		—		—		—		—		187		0.82
Commercial construction	3		—		—		—		—		—		—		—		3		0.05
Consumer:
Residential mortgage	—		53		69		54		2		180		37		8		403		0.71
Home equity	—		—		—		—		5		—		—		2		7		0.07
Indirect auto	—		12		—		145		9		—		—		11		177		0.69
Other consumer	—		9		—		1		3		—		—		2		15		0.05
Credit card	—		—		—		—		—		—		—		9		9		0.19
Total	$	641	$	74	$	69	$	269	$	63	$	180	$	37	$	32	$	1,365	0.42	%

Three Months Ended June 30, 2024
Loan Type	Financial Effect
Renewals
Commercial and industrial	Extended the term by 28 months and increased the interest rate by 0.05%
CRE	Extended the term by 15 months and increased the interest rate by 0.01%
Commercial construction	Extended the term by 10 months and increased the interest rate by 0.8%
Term Extensions
Residential mortgage	Extended the term by 103 months.
Home equity	Extended the term by 170 months.
Indirect auto	Extended the term by 26 months.
Other consumer	Extended the term by 22 months.
Capitalizations
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Residential mortgage	Provided 198 days of payment deferral.
Indirect auto	Provided 193 days of payment deferral.
Combination - Interest Rate Adjustment and Term Extension
Home equity	Extended the term by 282 months and decreased the interest rate by 3%.
Indirect auto	Extended the term by 13 months and decreased the interest rate by 4%.
Combination - Capitalization and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 82 months.
Combination - Capitalization, Interest Rate and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 142 months, and decreased the interest rate by 0.8%.
Six Months Ended June 30, 2024
Loan Type	Financial Effect
Renewals
Commercial and industrial	Extended the term by 22 months and increased the interest rate by 0.2%
CRE	Extended the term by 8 months and increased the interest rate by 0.27%
Commercial construction	Extended the term by 12 months and increased the interest rate by 0.1%
Term Extensions
Residential mortgage	Extended the term by 105 months.
Home equity	Extended the term by 161 months.
Indirect auto	Extended the term by 26 months.
Other consumer	Extended the term by 24 months.
Capitalizations
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Commercial and industrial	Provided 97 days of payment deferral.
Residential mortgage	Provided 198 days of payment deferral.
Indirect auto	Provided 186 days of payment deferral.
Other consumer	Provided 157 days of payment deferral.
Combination - Interest Rate Adjustment and Term Extension
Home equity	Extended the term by 278 months and decreased the interest rate by 3%.
Indirect auto	Extended the term by 15 months and decreased the interest rate by 4%.
Other consumer	Extended the term by 57 months and decreased the interest rate by 0.21%.
Combination - Capitalization and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 83 months.
Combination - Capitalization, Interest Rate and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 139 months, and decreased the interest rate by 0.7%.

Three Months Ended June 30, 2023
Loan Type	Financial Effect
Renewals
Commercial and industrial	Extended the term by 5 months and increased the interest rate by 0.3%.
CRE	Extended the term by 11 months.
Commercial construction	Extended the term by 2 months.
Term Extensions
Residential mortgage	Extended the term by 145 months.
Indirect auto	Extended the term by 22 months.
Other Consumer	Extended the term by 24 months.
Capitalizations
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Commercial and industrial	Provided 189 days of payment deferral.
Residential mortgage	Provided 214 days of payment deferral.
Indirect auto	Provided 125 days of payment deferral.
Combination - Interest Rate Adjustment and Term Extension
Commercial and industrial	Extended the term by 76 months and increased the interest rate by 3%.
Residential mortgage	Extended the term by 123 months and increased the interest rate by 1%.
Home equity	Extended the term by 169 months and decreased the interest rate by 3%.
Indirect auto	Extended the term by 10 months and decreased the interest rate by 7%.
Other consumer	Extended the term by 26 months and decreased the interest rate by 1%.
Combination - Capitalization and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 103 months.
Combination - Capitalization, Interest Rate and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 169 months, and increased the interest rate by 0.1%.
Six Months Ended June 30, 2023
Loan Type	Financial Effect
Renewals
Commercial and industrial	Extended the term by 5 months and increased the interest rate by 0.3%.
CRE	Extended the term by 10 months and increased the interest rate by 0.1%.
Commercial construction	Extended the term by 3 months.
Term Extensions
Residential mortgage	Extended the term by 151 months.
Indirect auto	Extended the term by 22 months.
Other consumer	Extended the term by 24 months.
Capitalizations
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Commercial and industrial	Provided 189 days of payment deferral.
CRE	Provided 232 days of payment deferral.
Residential mortgage	Provided 209 days of payment deferral.
Indirect auto	Provided 125 days of payment deferral.
Other consumer	Provided 151 days of payment deferral.
Combination - Interest Rate Adjustment and Term Extension
Commercial and industrial	Extended the term by 76 months and increased the interest rate by 3%.
Residential mortgage	Extended the term by 114 months and increased the interest rate by 0.4%.
Home equity	Extended the term by 229 months and decreased the interest rate by 3%.
Indirect auto	Extended the term by 11 months and decreased the interest rate by 7%.
Other consumer	Extended the term by 63 months and decreased the interest rate by 2%.
Combination - Capitalization and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 107 months.
Combination - Capitalization, Interest Rate and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 125 months, and decreased the interest rate by 0.1%.

The tables above exclude trial modifications totaling $48 million and $88 million as of June 30, 2024 and 2023, respectively. Such modifications will be included in the modification activity disclosure if the borrower successfully completes the trial period and the loan modification is finalized.

As of June 30, 2024 and December 31, 2023, Truist had $474 million and $702 million, respectively, in unfunded lending commitments to lend additional funds to borrowers experiencing financial difficulty for which Truist has modified the terms of the receivables in the ways described above during the twelve months preceding June 30, 2024 and December 31, 2023, respectively.

Upon Truist’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

Truist closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table summarizes the period-end delinquency status and amortized cost of loans that were modified in the last 12 months. The period-end delinquency status of loans that were modified are disclosed at amortized cost and reflect the impact of any paydowns, payoffs, and/or charge-offs that occurred subsequent to modification.

	Payment Status (Amortized Cost Basis)
June 30, 2024 (Dollars in millions)	Current		30-89 Days Past Due		90 Days or More Past Due		Total
Commercial:
Commercial and industrial	$	692	$	12	$	55	$	759
CRE	213		10		2		225
Commercial construction	72		—		—		72
Consumer:
Residential mortgage	326		88		93		507
Home equity	12		—		—		12
Indirect auto	979		185		50		1,214
Other consumer	30		2		—		32
Credit card	18		5		2		25
Total	$	2,342	$	302	$	202	$	2,846
Total nonaccrual loans included above	$	166	$	49	$	143	$	358
	Payment Status (Amortized Cost Basis)
December 31, 2023 (Dollars in millions)	Current		30-89 Days Past Due		90 Days or More Past Due		Total
Commercial:
Commercial and industrial	$	887	$	48	$	92	$	1,027
CRE	233		11		1		245
Commercial construction	22		—		—		22
Consumer:
Residential mortgage	427		116		90		633
Home equity	11		—		—		11
Indirect auto	730		148		20		898
Other consumer	24		1		—		25
Credit card	11		3		2		16
Total	$	2,345	$	327	$	205	$	2,877
Total nonaccrual loans included above	$	155	$	85	$	137	$	377

The following table provides the amortized cost basis of financing receivables that were modified in the last twelve months and were in payment default at period end:

June 30, 2024 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total
Commercial:
Commercial and industrial	$	55	$	—	$	—	$	—	$	—	$	—	$	—	$	55
CRE	2		—		—		—		—		—		—		2
Consumer:
Residential mortgage	—		14		8		38		29		4		—		93
Indirect auto	—		1		—		48		—		—		1		50
Credit card	—		—		—		—		—		—		2		2
Total	$	57	$	15	$	8	$	86	$	29	$	4	$	3	$	202
December 31, 2023 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total
Commercial:
Commercial and industrial	$	72	$	—	$	—	$	20	$	—	$	—	$	—	$	92
CRE	1		—		—		—		—		—		—		1
Consumer:
Residential mortgage	—		13		6		34		31		5		1		90
Indirect auto	—		1		—		17		—		—		2		20
Credit card	—		—		—		—		—		—		2		2
Total	$	73	$	14	$	6	$	71	$	31	$	5	$	5	$	205

Unearned Income, Discounts, and Net Deferred Loan Fees and Costs

The following table presents additional information about loans and leases:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Unearned income, discounts, and net deferred loan fees and costs	$	602	$	553

XML

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill And Other Intangible Assets

Goodwill and Other Intangible Assets

Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. First, the CB&W segment was renamed CSBB and the C&CB segment was renamed WB. Second, the Wealth business was realigned into the WB segment from the CSBB segment, representing a separate reporting unit in that segment. Third, the small business banking client segmentation was realigned into the CSBB segment from the WB segment. Further, TIH was the principal legal entity of the IH segment. As the operations of TIH were included in discontinued operations prior to the sale of TIH, the Company no longer presents the IH segment as one of its reportable segments. Following the realignment of these business activities, the Company’s three reporting units with goodwill balances are CSBB, WB, and Wealth.

In conjunction with these realignments, goodwill of $1.7 billion was realigned to WB from CSBB based on the relative fair value of CSBB and Wealth, and goodwill of $220 million was realigned to CSBB from WB based on the relative fair value of WB and the realigned small business banking client segmentation. In addition, the Company completed an assessment of any potential goodwill impairment for all impacted reporting units immediately prior and subsequent to the realignments and determined that no impairment existed. The quantitative valuation of WB performed in conjunction with these goodwill realignments indicated that as of January 1, 2024, the fair value of the WB reporting unit exceeded its carrying value by less than 10%, indicating that the goodwill of the WB reporting unit may be at risk of impairment.

The Company monitored events and circumstances during the period from January 1, 2024 to June 30, 2024, including macroeconomic and market factors, industry and banking sector events, Truist specific performance indicators, a comparison of management’s forecast and assumptions to those used in its January 1, 2024 quantitative valuations associated with the realignments of goodwill, and the sensitivity of the January 1, 2024 quantitative results to changes in assumptions as of June 30, 2024. Based on these considerations, Truist concluded that it was not more-likely-than-not that the fair value of one or more of its reporting units is below its respective carrying amount as of June 30, 2024.

The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. Activity during 2024 primarily relates to the segment realignment described above. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations and “Note 18. Operating Segments” for additional information on segments.

(Dollars in millions)	CSBB		WB		Total
Goodwill, December 31, 2023	$	13,503	$	3,653	$	17,156
Segment realignment	(1,498)		1,498		—
Adjustments and other	—		1		1
Goodwill, June 30, 2024	$	12,005	$	5,152	$	17,157

The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets:

	June 30, 2024						December 31, 2023
(Dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
CDI	$	2,453	$	(1,735)	$	718	$	2,473	$	(1,650)	$	823
Other, primarily client relationship intangibles	1,593		(582)		1,011		1,598		(512)		1,086
Total	$	4,046	$	(2,317)	$	1,729	$	4,071	$	(2,162)	$	1,909

XML

Loan Servicing

6 Months Ended

Jun. 30, 2024

Transfers and Servicing [Abstract]

Loan Servicing

Loan Servicing

The Company acquires servicing rights, and retains servicing rights related to certain of its sales or securitizations of residential mortgages, commercial mortgages, and other consumer loans. Servicing rights are capitalized by the Company as Loan servicing rights on the Consolidated Balance Sheets. Income earned by the Company on its loan servicing rights is derived primarily from contractually specified servicing fees, late fees, net of curtailment costs, and other ancillary fees.

Residential Mortgage Activities

The following tables summarize residential mortgage servicing activities:

(Dollars in millions)	Jun 30, 2024			Dec 31, 2023
UPB of residential mortgage loan servicing portfolio	$	263,173		$	269,068
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate	208,270			213,399
Mortgage loans sold with recourse	158			173
Maximum recourse exposure from mortgage loans sold with recourse liability	98			109
Indemnification, recourse and repurchase reserves	48			52
As of / For the Six Months Ended June 30, (Dollars in millions)	2024			2023
UPB of residential mortgage loans sold from LHFS	$	4,651		$	7,101
Pre-tax gains recognized on mortgage loans sold and held for sale	34			34
Servicing fees recognized from mortgage loans serviced for others	294			364
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others	0.28		%	0.27		%
Weighted average interest rate on mortgage loans serviced for others	3.63			3.54

The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value:

(Dollars in millions)	2024		2023
Residential MSRs, carrying value, January 1	$	3,088	$	3,428
Acquired	—		123
Additions	78		129
Sales	(2)		(429)
Change in fair value due to changes in valuation inputs or assumptions(1)	88		64
Realization of expected net servicing cash flows, passage of time, and other	(135)		(133)
Residential MSRs, carrying value, June 30	$	3,117	$	3,182

(1)The six months ended June 30, 2023 includes realized gains on the portfolio sale of excess servicing.

The sensitivity of the fair value of the Company’s residential MSRs to changes in key assumptions is presented in the following table:

	June 30, 2024							December 31, 2023
	Range				Weighted Average			Range				Weighted Average
(Dollars in millions)	Min		Max					Min		Max
Prepayment speed	6.6	%	15.7	%	7.4		%	6.7	%	18.2	%	7.5		%
Effect on fair value of a 10% increase					$	(80)						$	(82)
Effect on fair value of a 20% increase					(155)							(160)
OAS	2.5	%	12.2	%	4.7		%	2.2	%	12.0	%	4.6		%
Effect on fair value of a 10% increase					$	(61)						$	(60)
Effect on fair value of a 20% increase					(119)							(118)
Composition of loans serviced for others:
Fixed-rate residential mortgage loans					99.6		%					99.6		%
Adjustable-rate residential mortgage loans					0.4							0.4
Total					100.0		%					100.0		%
Weighted average life					7.5 years							7.5 years

The sensitivity calculations above are hypothetical and should not be considered predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in the above table, the effect of an adverse variation in one assumption on the fair value of the MSRs is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another, which may magnify or counteract the effect of the change. See “Note 15. Fair Value Disclosures” for additional information on the valuation techniques used.

Commercial Mortgage Activities

The following table summarizes commercial mortgage servicing activities:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
UPB of CRE mortgages serviced for others	$	28,964	$	31,681
CRE mortgages serviced for others covered by recourse provisions	9,642		9,661
Maximum recourse exposure from CRE mortgages sold with recourse liability	2,809		2,813
Recorded reserves related to recourse exposure	13		16
CRE mortgages originated during the year-to-date period	419		2,989
Commercial MSRs at fair value	279		272

XML

Other Assets and Liabilites

6 Months Ended

Jun. 30, 2024

Other Assets [Abstract]

Other Assets and Liabilities Disclosure

Other Assets and Liabilities

Lessee Operating and Finance Leases

The Company leases certain assets, consisting primarily of real estate, and assesses at contract inception whether a contract is, or contains, a lease. The following tables present additional information on leases, excluding leases related to the lease financing businesses:

	June 30, 2024						December 31, 2023
(Dollars in millions)	Operating Leases			Finance Leases			Operating Leases			Finance Leases
ROU assets	$	962		$	16		$	1,057		$	10
Total lease liabilities	1,283			18			1,387			12
Weighted average remaining term	5.9 years			8.4 years			6.2 years			6.6 years
Weighted average discount rate	3.2		%	5.2		%	3.1		%	5.1		%

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2024		2023		2024		2023
Operating lease costs	$	66	$	66	$	143	$	139

Lessor Operating Leases

The Company’s two primary lessor businesses are equipment financing and structured real estate with income recorded in Operating lease income on the Consolidated Statements of Income. The following table presents a summary of assets under operating leases held for investment. This table excludes subleases on assets included in premises and equipment.

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Assets held under operating leases(1)(2)	$	1,905	$	2,160
Accumulated depreciation	(530)		(583)
Net	$	1,375	$	1,577

(1)Includes certain land parcels subject to operating leases that have indefinite lives.

(2)Excludes operating leases held-for-sale that totaled $116 million and $32 million at June 30, 2024 and December 31, 2023, respectively.

Bank-Owned Life Insurance

Bank-owned life insurance consists of life insurance policies held on certain teammates for which the Company is the beneficiary. The carrying value of bank-owned life insurance was $7.8 billion and $7.7 billion at June 30, 2024 and December 31, 2023, respectively.

XML

Borrowings

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt Disclosure

Borrowings

The following table presents a summary of short-term borrowings:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
FHLB advances	$	19,400	$	20,500
Securities sold under agreements to repurchase	1,151		2,427
Securities sold short	2,041		1,625
Other short-term borrowings	224		276
Total short-term borrowings	$	22,816	$	24,828

The following table presents a summary of long-term debt:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
	Carrying Amount		Carrying Amount
Truist Financial Corporation:
Fixed rate senior notes(1)	$	23,045	$	19,808
Floating rate senior notes	—		999
Fixed rate subordinated notes(1)(2)	1,813		1,831
Capital notes(2)	631		629
Truist Bank:
Fixed rate senior notes	2,954		4,170
Floating rate senior notes	—		1,250
Fixed rate subordinated notes(2)	4,742		4,770
Floating rate FHLB advances	—		4,200
Other long-term debt(3)	1,431		1,261
Total long-term debt	$	34,616	$	38,918

(1)Certain senior and subordinated notes convert from fixed to floating one year prior to maturity, and are callable within the final year of maturity at par.

(2)Subordinated and capital notes with a remaining maturity of one year or greater qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations.

(3)Includes debt associated with finance leases, tax credit investments, and other.

XML

Shareholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Common Stock

The following table presents total dividends declared per share of common stock:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cash dividends declared per share	$	0.52	$	0.52	$	1.04	$	1.04

Share Repurchase Activity

In June 2024, Truist announced that the Board of Directors had authorized the repurchase of up to $5.0 billion of common stock beginning in the third quarter of 2024 through 2026 as part of Truist’s overall capital distribution strategy. Repurchased shares revert to the status of authorized and unissued shares upon repurchase.

XML

AOCI

6 Months Ended

Jun. 30, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

AOCI

AOCI

AOCI includes the after-tax change in unrecognized net costs related to defined benefit pension and OPEB plans as well as unrealized gains and losses on cash flow hedges, AFS securities, and HTM securities previously transferred from AFS securities.

(Dollars in millions)	Pension and OPEB Costs		Cash Flow Hedges		AFS Securities		HTM Securities		Other, net		Total
AOCI balance, April 1, 2023	$	(1,549)	$	47	$	(8,542)	$	(2,533)	$	(4)	$	(12,581)
OCI before reclassifications, net of tax	(5)		(321)		(496)		—		1		(821)
Amounts reclassified from AOCI:
Before tax	17		5		(71)		82		—		33
Tax effect	4		1		(17)		17		—		5
Amounts reclassified, net of tax	13		4		(54)		65		—		28
Total OCI, net of tax	8		(317)		(550)		65		1		(793)
AOCI balance, June 30, 2023	$	(1,541)	$	(270)	$	(9,092)	$	(2,468)	$	(3)	$	(13,374)
AOCI balance, April 1, 2024	$	(1,078)	$	(490)	$	(9,354)	$	(2,296)	$	(4)	$	(13,222)
OCI before reclassifications, net of tax(1)	34		(99)		(325)		—		1		(389)
Amounts reclassified from AOCI:
Before tax	—		79		6,529		75		—		6,683
Tax effect	—		18		1,540		18		—		1,576
Amounts reclassified, net of tax	—		61		4,989		57		—		5,107
Total OCI, net of tax	34		(38)		4,664		57		1		4,718
AOCI balance, June 30, 2024	$	(1,044)	$	(528)	$	(4,690)	$	(2,239)	$	(3)	$	(8,504)
(Dollars in millions)	Pension and OPEB Costs		Cash Flow Hedges		AFS Securities		HTM Securities		Other, net		Total
AOCI balance, January 1, 2023	$	(1,535)	$	(78)	$	(9,395)	$	(2,588)	$	(5)	$	(13,601)
OCI before reclassifications, net of tax	(31)		(196)		407		—		2		182
Amounts reclassified from AOCI:
Before tax	33		5		(136)		152		—		54
Tax effect	8		1		(32)		32		—		9
Amounts reclassified, net of tax	25		4		(104)		120		—		45
Total OCI, net of tax	(6)		(192)		303		120		2		227
AOCI balance, June 30, 2023	$	(1,541)	$	(270)	$	(9,092)	$	(2,468)	$	(3)	$	(13,374)
AOCI balance, January 1, 2024	$	(1,079)	$	(300)	$	(8,778)	$	(2,347)	$	(2)	$	(12,506)
OCI before reclassifications, net of tax(1)	35		(331)		(780)		—		(1)		(1,077)
Amounts reclassified from AOCI:
Before tax	—		134		6,371		141		—		6,646
Tax effect	—		31		1,503		33		—		1,567
Amounts reclassified, net of tax	—		103		4,868		108		—		5,079
Total OCI, net of tax	35		(228)		4,088		108		(1)		4,002
AOCI balance, June 30, 2024	$	(1,044)	$	(528)	$	(4,690)	$	(2,239)	$	(3)	$	(8,504)
Primary income statement location of amounts reclassified from AOCI	Other expense		Net interest income and Other expense		Securities gains (losses) and Net interest income		Net interest income		Net interest income

(1)Includes the impact of the remeasurement of the pension plan and the reduction of pension benefit obligations following the sale of TIH. Refer to “Note 13. Benefit Plans” for additional information.

XML

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

For the three months ended June 30, 2024, the benefit from income taxes was $1.3 billion compared to a provision for income taxes totaling $230 million for the three months ended June 30, 2023, representing effective tax rates of 25.3% and 16.4%, respectively. For the six months ended June 30, 2024, the benefit from income taxes was $1.1 billion and the provision for income taxes was $591 million for the six months ended June 30, 2023, representing effective tax rates of 28.3% and 18.6%, respectively. The tax benefit on the pre-tax loss for the three and six months ended June 30, 2024 was driven by the discrete impact of the balance sheet repositioning of securities. The Company calculated the provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income and adjusting for discrete items that occurred during the period.

XML

Benefit Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Benefit Plans

Benefit Plans

The components of net periodic (benefit) cost for defined benefit pension plans are summarized in the following table:

		Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	Income Statement Location	2024		2023		2024		2023
Service cost(1)	Personnel expense / Net income from discontinued operations	$	84	$	93	$	180	$	186
Interest cost	Other expense	112		112		220		223
Estimated return on plan assets	Other expense	(238)		(228)		(482)		(456)
Amortization and other	Other expense	—		19		1		39
Net periodic (benefit) cost		$	(42)	$	(4)	$	(81)	$	(8)

(1)Includes $3 million and $6 million for the three months ended June 30, 2024 and 2023, respectively, and $10 million and $13 million for the six months ended June 30, 2024 and 2023, respectively, of service cost reported in net income from discontinued operations for the qualified defined benefit pension plan for employees of TIH.

Truist may make contributions to the qualified pension plans up to the maximum amount deductible for federal income tax purposes. Truist did not make a discretionary contribution to the pension plan during the six months ended June 30, 2024.

Following the sale of TIH, Truist retained the postretirement benefit obligation for TIH employees and changed the status of TIH employees by eliminating their eligibility to earn future service credits. Changes in pension plan obligations associated with the disposal of operating segments such as TIH require the remeasurement of postretirement benefit obligations prior to the disposal, updates to pension plan assumptions inherent in valuations, and identification and recognition of valuation changes specific to the sale, including the establishment of a new periodic service cost using assumptions as of the remeasurement date. The remeasurement process of impacted pension plans included a reduction in pension benefit obligations of $783 million, primarily driven by an increase in the weighted average assumed discount rate from 5.12% to 5.78%, and a decrease in the value of plan assets by $508 million, primarily driven by market prices. The impact of the sale on Truist pension plans resulted in a reduction of pension benefit obligations by $97 million which was recorded as a reduction of AOCI. Refer to “Note 11. AOCI” for additional information.

XML

Commitment and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure

Commitments and Contingencies

Truist utilizes a variety of financial instruments to mitigate exposure to risks and meet the financing needs and provide investment opportunities for clients. These financial instruments include commitments to extend credit, letters of credit and financial guarantees, derivatives, and other investments. Truist also has commitments to fund certain affordable housing investments and contingent liabilities related to certain sold loans.

Tax Credit and Certain Equity Investments

The following table summarizes certain tax credit and certain equity investments:

(Dollars in millions)	Balance Sheet Location	Jun 30, 2024		Dec 31, 2023
Investments in affordable housing projects and other qualified tax credits:
Carrying amount	Other assets	$	7,164	$	6,754
Amount of future funding commitments included in carrying amount	Other liabilities	2,509		2,473
Lending exposure	Loans and leases for funded amounts	2,183		1,981
Renewable energy investments:
Carrying amount	Other assets	496		285
Amount of future funding commitments not included in carrying amount	NA	562		747
SBIC and certain other equity method investments:
Carrying amount	Other assets	796		758
Amount of future funding commitments not included in carrying amount	NA	567		589

The following table presents a summary of tax credits and amortization expense associated with the Company’s tax credit investment activity. Activity related to the Company’s renewable energy investments, other than qualified tax credits, was immaterial.

		Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	Income Statement Location	2024		2023		2024		2023
Tax credits:
Investments in affordable housing projects, other qualified tax credits, and other community development investments	Provision for income taxes	$	185	$	160	$	370	$	317
Amortization and other changes in carrying amount:
Investments in affordable housing projects and other qualified tax credits	Provision for income taxes	$	170	$	150	$	341	$	298
Other community development investments	Other noninterest income	3		3		5		5

Letters of Credit and Financial Guarantees

In the normal course of business, Truist utilizes certain financial instruments to meet the financing needs of clients and to mitigate exposure to risks. Such financial instruments include commitments to extend credit and certain contractual agreements, including standby letters of credit and financial guarantee arrangements.

The following is a summary of selected notional amounts of off-balance sheet financial instruments:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Commitments to extend, originate, or purchase credit and other commitments	$	206,600	$	207,285
Residential mortgage loans sold with recourse	158		173
CRE mortgages serviced for others covered by recourse provisions	9,642		9,661
Other loans serviced for others covered by recourse and other provisions	1,538		1,032
Letters of credit	6,843		6,239

Total Return Swaps

The Company enters into TRS transactions with third party clients, whereby a VIE purchases reference assets identified by a client. The Company financially supports the VIE’s purchases of the reference assets. Reference assets are typically fixed income instruments primarily composed of syndicated bank loans. The TRS contracts pass through interest and other cash flows on the reference assets to the third-party clients, along with exposing those clients to decreases in value on the reference assets and providing them with the rights to appreciation on the reference assets. The terms of the TRS contracts require the third party clients to post initial margin collateral, as well as ongoing variation margin as the fair values of the underlying reference assets change. The following table provides a summary of the TRS transactions with the associated VIE referenced assets, which include trading loans and bonds:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Total return swaps:
VIE assets	$	1,833	$	1,641
Trading loans and bonds	1,676		1,572
VIE liabilities	273		50

The Company concluded that the associated VIEs should be consolidated because the Company has (i) the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) the obligation to absorb losses and the right to receive benefits, which could potentially be significant. The activities of the VIEs are restricted to buying and selling the reference assets, and the risks/benefits of any such assets owned by the VIEs are passed to the third-party clients via the TRS contracts. For additional information on TRS contracts and the related VIEs, see “Note 16. Derivative Financial Instruments.”

Pledged Assets

Certain assets were pledged to secure municipal deposits, securities sold under agreements to repurchase, certain derivative agreements, and borrowings or borrowing capacity, as well as to fund certain obligations related to nonqualified defined benefit and defined contribution retirement plans and for other purposes as required or permitted by law. Assets pledged to the FHLB and FRB are subject to applicable asset discounts when determining borrowing capacity. The Company has capacity for secured financing from both the FRB and FHLB and letters of credit from the FHLB. The Company’s letters of credit from the FHLB can be used to secure various client deposits, including public fund relationships. Excluding assets related to nonqualified benefit plans, the majority of the agreements governing the pledged assets do not permit the other party to sell or repledge the collateral. The following table provides the total carrying amount of pledged assets by asset type:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Pledged securities	$	38,187	$	41,270
Pledged loans:
FRB	82,929		73,898
FHLB	71,827		67,748
Unused borrowing capacity:
FRB	63,142		55,252
FHLB	32,892		24,712

Legal Proceedings and Other Matters

Truist and its subsidiaries are routinely named as defendants in or parties to numerous actual or threatened legal proceedings and other matters and are or may be subject to potential liability in connection with them. The legal proceedings and other matters may be formal or informal and include litigation and arbitration with one or more identified claimants, certified or purported class actions with yet-to-be-identified claimants, and regulatory or other governmental information-gathering requests, examinations, investigations, and enforcement proceedings. Claims may be based in law or equity—such as those arising under contracts or in tort and those involving banking, consumer-protection, securities, antitrust, tax, employment, and other laws—and some present novel legal theories, allegations of substantial or indeterminate damages, demands for injunctive or similar relief, and requests for fines, penalties, restitution, or alterations in Truist’s business practices. Our legal proceedings and other matters exist in varying stages of adjudication, arbitration, negotiation, or investigation and span our business lines and operations.

The course and outcome of legal proceedings and other matters are inherently unpredictable. This is especially so when a matter is still in its early stages, the damages sought are indeterminate or unsupported, significant facts are unclear or disputed, novel questions of law or other meaningful legal uncertainties exist, a request to certify a proceeding as a class action is outstanding or granted, multiple parties are named, or regulatory or other governmental entities are involved. As a result, we often are unable to determine how or when actual or threatened legal proceedings and other matters will be resolved and what losses may be incrementally and ultimately incurred. It is possible that the ultimate resolution of these matters, including those described below, if unfavorable, may be material to the consolidated financial position, consolidated results of operations, or consolidated cash flows of Truist, or cause significant reputational consequences.

Truist establishes accruals for legal proceedings and other matters when potential losses become probable and the amount of loss can be reasonably estimated. Accruals are evaluated each quarter and may be adjusted, upward or downward, based on our best judgment after consultation with counsel and others. No assurance exists that our accruals will not need to be adjusted in the future. Actual losses may be higher or lower than any amounts accrued, possibly to a significant degree.

The Company estimates reasonably possible losses, in excess of amounts accrued, of up to approximately $375 million as of June 30, 2024. This estimate does not represent Truist’s maximum loss exposure, and actual losses may vary significantly. Also, the outcome of a particular matter may be one that the Company did not take into account in its estimate because the Company judged the likelihood of that outcome to be remote. In addition, the matters underlying this estimate may change from time to time. Estimated losses, like accruals, are based upon currently available information and involve considerable uncertainties and judgment.

For certain matters, Truist may be unable to estimate the loss or range of loss, even if it believes that a loss is probable or reasonably possible, until developments in the matter provide additional information sufficient to support such an estimate. These matters are not accrued for and are not reflected in the estimate of reasonably possible losses.

The following is a description of certain legal proceedings and other matters in which Truist is involved:

Bickerstaff v. SunTrust Bank

This class action case was filed in Fulton County State Court on July 12, 2010, and an amended complaint was filed on August 9, 2010. Plaintiff alleges that all overdraft fees charged to his account which related to debit card and ATM transactions are actually interest charges and therefore subject to the usury laws of Georgia. The amended complaint asserts claims for violations of civil and criminal usury laws, conversion, and money had and received, and seeks damages on a class-wide basis, including refunds of challenged overdraft fees and pre-judgment interest. On October 6, 2017, the trial court granted plaintiff’s motion for class certification and defined the class as “Every Georgia citizen who had or has one or more accounts with SunTrust Bank and who, from July 12, 2006, to October 6, 2017 (i) had at least one overdraft of $500.00 or less resulting from an ATM or debit card transaction (the “Transaction”); (ii) paid any Overdraft Fees as a result of the Transaction; and (iii) did not receive a refund of those Fees,” and the granting of a certified class was affirmed on appeal. The class seeks a return of up to $452 million in paid overdraft fees from the 2006 to 2017 period above, plus prejudgment interest which, based on the amount of claimed fees, was estimated to be approximately $415 million as of June 30, 2024. A court-ordered mediation was held on February 28, 2024, but no resolution was reached. On March 4, 2024, the trial court issued an order granting in part and denying in part Truist’s motions to amend the class definition to narrow the scope of the class, to compel arbitration against certain class members, and for summary judgment. Truist and the class have separately appealed the trial court’s order to the Georgia Court of Appeals.

Recordkeeping Matters

The SEC and CFTC have requested information from various subsidiaries of the Company that conduct broker-dealer, investment adviser, and swap dealer activities regarding compliance with applicable recordkeeping requirements for business-related electronic communications. The Company has cooperated with these requests and is in advanced discussions regarding resolutions of these matters with the agencies, though there can be no assurance as to the outcome of these discussions.

Investigation Regarding Trusts

In 2016 and 2018, the Civil Division of the U.S. DOJ issued subpoenas to a corporate predecessor of Truist Bank under the Financial Institutions Reform, Recovery, and Enforcement Act. These subpoenas requested documents and other information related to specified trusts for which Truist Bank serves as trustee. Truist Bank is continuing to cooperate in the investigation and is in discussions regarding resolution of this matter, though there can be no assurance as to the outcome of these discussions.

FDIC Special Assessment

In November 2023, the FDIC issued a final rule to implement a special assessment to recoup losses to the DIF associated with bank failures in the first half of 2023. The assessment is based on an insured depository institution’s estimated uninsured deposits reported as of December 31, 2022. The special assessment for Truist is $595 million, with $507 million recognized in the fourth quarter of 2023 and additional adjustments of $75 million and $13 million recognized in the first and second quarters of 2024, respectively, due to increases in the estimated relevant losses to the DIF reported by the FDIC. In June 2024, the FDIC provided notification that the collection period will be extended an additional two quarters beyond the initial eight quarterly installments. The special assessment will be paid in ten quarterly installments beginning in the second quarter of 2024. The ultimate amount of expenses associated with the special assessment will also be impacted by the finalization of the losses incurred by the FDIC in the resolutions of Silicon Valley Bank and Signature Bank, which could result in additional expense.

XML

Fair Value Disclosures

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair Value Disclosures

Recurring Fair Value Measurements

Accounting standards define fair value as the price that would be received on the measurement date to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants, with a three-level measurement hierarchy:

•Level 1: Quoted prices for identical instruments in active markets

•Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets

•Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable

The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis:

June 30, 2024 (Dollars in millions)	Total		Level 1		Level 2		Level 3		Netting Adjustments(1)
Assets:
Trading assets:
U.S. Treasury	$	133	$	—	$	133	$	—	$	—
GSE	42		—		42		—		—
States and political subdivisions	968		—		968		—		—
Corporate and other debt securities	1,800		—		1,800		—		—
Loans	1,847		—		1,847		—		—
Equity securities	395		395		—		—		—
Other	373		277		96		—		—
Total trading assets	5,558		672		4,886		—		—
AFS securities:
U.S. Treasury	12,266		—		12,266		—		—
GSE	344		—		344		—		—
Agency MBS – residential	40,643		—		40,643		—		—
Agency MBS – commercial	2,287		—		2,287		—		—
States and political subdivisions	412		—		412		—		—
Other	17		—		17		—		—
Total AFS securities	55,969		—		55,969		—		—
LHFS at fair value	1,284		—		1,284		—		—
Loans and leases	14		—		—		14		—
Loan servicing rights at fair value	3,410		—		—		3,410		—
Other assets:
Derivative assets	1,095		1,486		1,749		3		(2,143)
Equity securities	276		270		6		—		—
Total assets	$	67,606	$	2,428	$	63,894	$	3,427	$	(2,143)
Liabilities:
Interest-bearing deposits:
Brokered time deposits	$	43	$	—	$	43	$	—	$	—
Short-term borrowings:
Securities sold short	2,041		234		1,807		—		—
Other liabilities:
Derivative liabilities	2,739		752		4,545		23		(2,581)
Total liabilities	$	4,823	$	986	$	6,395	$	23	$	(2,581)

December 31, 2023 (Dollars in millions)	Total		Level 1		Level 2		Level 3		Netting Adjustments(1)
Assets:
Trading assets:
U.S. Treasury	$	144	$	—	$	144	$	—	$	—
GSE	50		—		50		—		—
States and political subdivisions	760		—		760		—		—
Corporate and other debt securities	1,293		—		1,293		—		—
Loans	1,575		—		1,575		—		—
Equity securities	181		181		—		—		—
Other	329		280		49		—		—
Total trading assets	4,332		461		3,871		—		—
AFS securities:
U.S. Treasury	10,041		—		10,041		—		—
GSE	362		—		362		—		—
Agency MBS – residential	51,289		—		51,289		—		—
Agency MBS – commercial	2,248		—		2,248		—		—
States and political subdivisions	425		—		425		—		—
Non-agency MBS	2,981		—		2,981		—		—
Other	20		—		20		—		—
Total AFS securities	67,366		—		67,366		—		—
LHFS at fair value	852		—		852		—		—
Loans and leases	15		—		—		15		—
Loan servicing rights at fair value	3,378		—		—		3,378		—
Other assets:
Derivative assets	951		956		1,867		5		(1,877)
Equity securities	360		245		115		—		—
Total assets	$	77,254	$	1,662	$	74,071	$	3,398	$	(1,877)
Liabilities:
Short-term borrowings:
Securities sold short	$	1,625	$	185	$	1,440	$	—	$	—
Other liabilities:
Derivative liabilities	2,597		487		4,171		24		(2,085)
Total liabilities	$	4,222	$	672	$	5,611	$	24	$	(2,085)

(1)Refer to “Note 16. Derivative Financial Instruments” for additional discussion on netting adjustments.

At June 30, 2024 and December 31, 2023, investments totaling $483 million and $459 million, respectively, have been excluded from the table above as they are valued based on net asset value as a practical expedient. These investments primarily consist of certain SBIC funds.

The following discussion focuses on the valuation techniques and significant inputs for brokered time deposit liabilities that are measured at fair value on a recurring basis. For additional information on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities that are measured at fair value on a recurring basis, see “Note 18. Fair Value Disclosures” of the Annual Report on Form 10-K for the year ended December 31, 2023.

Brokered time deposits: The Company has elected to measure certain CDs that contain embedded derivatives at fair value. This fair value election better aligns the economics of the CDs with the Company’s risk management strategies. The Company elects, on an instrument by instrument basis, whether a new issuance will be measured at fair value. The Company has classified CDs measured at fair value as level 2 instruments due to the Company’s ability to observe all significant inputs to model-derived valuations in active markets. The Company employs a discounted cash flow approach based on observable market interest rates for the term of the CD and an estimate of the Bank’s credit risk. For any embedded derivative features, the Company uses the same valuation methodologies as if the derivative were a standalone derivative, as discussed in the “Derivative assets and liabilities” section in “Note 18. Fair Value Disclosures” of the Annual Report on Form 10-K for the year ended December 31, 2023.

Activity for Level 3 assets and liabilities is summarized below:

Three Months Ended June 30, 2024 and 2023 (Dollars in millions)	Loans and Leases		Loan Servicing Rights		Net Derivatives
Balance at April 1, 2023	$	17	$	3,303	$	(18)
Total realized and unrealized gains (losses):
Included in earnings	—		70		(20)
Purchases	—		123		—
Issuances	—		92		18
Sales	—		(1)		—
Settlements	(1)		(90)		(11)
Balance at June 30, 2023	$	16	$	3,497	$	(31)
Balance at April 1, 2024	$	14	$	3,417	$	(21)
Total realized and unrealized gains (losses):
Included in earnings	—		30		(4)
Issuances	—		52		12
Sales	—		(1)		—
Settlements	—		(88)		(7)
Balance at June 30, 2024	$	14	$	3,410	$	(20)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2024	$	—	$	30	$	1
Six Months Ended June 30, 2024 and 2023 (Dollars in millions)	Loans and Leases		Loan Servicing Rights		Net Derivatives
Balance at January 1, 2023	$	18	$	3,758	$	(36)
Total realized and unrealized gains (losses):
Included in earnings	—		65		(22)
Purchases	—		123		—
Issuances	—		140		16
Sales	—		(429)		—
Settlements	(2)		(160)		11
Balance at June 30, 2023	$	16	$	3,497	$	(31)
Balance at January 1, 2024	$	15	$	3,378	$	(19)
Total realized and unrealized gains (losses):
Included in earnings	—		112		(7)
Issuances	—		84		11
Sales	—		(2)		—
Settlements	(1)		(162)		(5)
Balance at June 30, 2024	$	14	$	3,410	$	(20)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2024	$	—	$	112	$	(9)
Primary income statement location of realized gains (losses) included in earnings	Other income		Mortgage banking income		Mortgage banking income

Fair Value Option

The following table details the fair value and UPB of certain loans and time deposits that were elected to be measured at fair value:

	June 30, 2024						December 31, 2023
(Dollars in millions)	Fair Value		UPB		Difference		Fair Value		UPB		Difference
Trading loans	$	1,847	$	1,944	$	(97)	$	1,575	$	1,664	$	(89)
Loans and leases	14		15		(1)		15		16		(1)
LHFS at fair value	1,284		1,271		13		852		828		24
Brokered time deposits	43		43		—		—		—		—

Nonrecurring Fair Value Measurements

The following table provides information about certain assets measured at fair value on a nonrecurring basis still held as of period end. The carrying values represent end of period values, which approximate the fair value measurements that occurred on the various measurement dates throughout the period. These assets are considered to be Level 3 assets.

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Carrying value:
LHFS	$	6	$	19
Loans and leases	682		840
Other	193		454

The following table provides information about valuation adjustments for certain assets measured at fair value on a nonrecurring basis. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end.

	Six Months Ended June 30,
(Dollars in millions)	2024		2023
Valuation adjustments:
LHFS	$	(16)	$	(27)
Loans and leases	(557)		(311)
Other	(166)		(86)

LHFS with valuation adjustments in the table above consisted primarily of residential mortgages and commercial loans that were valued using market prices and measured at LOCOM. The table above excludes $167 million and $409 million of LHFS carried at cost at June 30, 2024 and December 31, 2023, respectively, that did not require a valuation adjustment during the period. The remainder of LHFS is carried at fair value.

Loans and leases consist of larger commercial loans and leases that are collateral-dependent and other secured loans and leases that have been charged-off to the fair value of the collateral. Valuation adjustments for loans and leases are primarily recorded in the Provision for credit losses in the Consolidated Statement of Income. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional discussion of individually evaluated loans and leases.

Other includes foreclosed real estate, other foreclosed property, partnership investments, premises and equipment, OREO, and held for sale operating leases, and consists primarily of residential homes, commercial properties, vacant lots, and automobiles. Partnership investments are measured based on discounted expected future cash flows. The remaining assets are measured at LOCOM, less costs to sell.

Financial Instruments Not Recorded at Fair Value

For financial instruments not recorded at fair value, estimates of fair value are based on relevant market data and information about the instruments. Values obtained relate to trading without regard to any premium or discount that may result from concentrations of ownership, possible tax ramifications, estimated transaction costs that may result from bulk sales, or the relationship between various instruments.

An active market does not exist for certain financial instruments. Fair value estimates for these instruments are based on current economic conditions and interest rate risk characteristics, loss experience, and other factors. Many of these estimates involve uncertainties and matters of significant judgment and cannot be determined with precision. Therefore, the fair value estimates in many instances cannot be substantiated by comparison to independent markets. In addition, changes in assumptions could significantly affect these fair value estimates. Financial assets and liabilities not recorded at fair value are summarized below:

		June 30, 2024				December 31, 2023
(Dollars in millions)	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
HTM securities	Level 2	$	52,447	$	42,143	$	54,107	$	44,630
Loans and leases HFI, net of ALLL	Level 3	300,870		293,395		307,248		300,830
Financial liabilities:
Time deposits	Level 2	38,415		38,157		43,561		43,368
Long-term debt	Level 2	34,616		34,381		38,918		38,353

The carrying value of the RUFC, which approximates the fair value of unfunded commitments, was $302 million and $295 million at June 30, 2024 and December 31, 2023, respectively.

XML

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

Impact of Derivatives on the Consolidated Balance Sheets

The following table presents the gross notional amounts and estimated fair value of derivative instruments employed by the Company:

	June 30, 2024						December 31, 2023
	Notional Amount		Fair Value				Notional Amount		Fair Value
(Dollars in millions)			Assets		Liabilities				Assets		Liabilities
Cash flow hedges:
Interest rate contracts:
Swaps hedging commercial loans	$	25,538	$	—	$	—	$	17,673	$	—	$	—
Fair value hedges:
Interest rate contracts:
Swaps hedging long-term debt	17,768		—		—		14,268		—		—
Swaps hedging AFS securities	11,810		—		—		24,178		—		—
Swaps hedging U.S. Treasury	980		—		—		—		—		—
Total	30,558		—		—		38,446		—		—
Not designated as hedges:
Client-related and other risk management:
Interest rate contracts:
Swaps	150,670		560		(2,091)		154,692		637		(1,926)
Options	26,820		64		(86)		34,593		114		(106)
Forward commitments	554		1		(3)		178		—		(11)
Other	4,012		—		—		3,033		—		—
Equity contracts	42,809		1,763		(2,382)		39,561		1,164		(1,733)
Credit contracts:
Trading assets	610		—		—		100		—		—
Loans and leases	325		—		—		225		—		—
Risk participation agreements	7,443		—		(2)		7,499		—		(3)
Total return swaps	1,577		53		(5)		1,598		41		(7)
Foreign exchange contracts	21,750		221		(206)		24,480		256		(256)
Commodity	10,686		462		(448)		8,367		513		(503)
Total	267,256		3,124		(5,223)		274,326		2,725		(4,545)
Mortgage banking:
Interest rate contracts:
Swaps	354		—		—		105		—		—
Options	400		1		—		400		3		—
Interest rate lock commitments	1,306		3		(9)		746		5		(10)
When issued securities, forward rate agreements and forward commitments	2,109		17		(5)		1,438		12		(17)
Other	460		1		—		94		—		—
Total	4,629		22		(14)		2,783		20		(27)
MSRs:
Interest rate contracts:
Swaps	16,948		—		—		15,252		—		—
Options	13,674		84		(78)		14,854		75		(109)
When issued securities, forward rate agreements and forward commitments	1,250		6		(2)		933		8		—
Other	2,583		2		(3)		1,692		—		(1)
Total	34,455		92		(83)		32,731		83		(110)
Total derivatives not designated as hedges	306,340		3,238		(5,320)		309,840		2,828		(4,682)
Total derivatives	$	362,436	3,238		(5,320)		$	365,959	2,828		(4,682)
Gross amounts in the Consolidated Balance Sheets:
Amounts subject to master netting arrangements and exchange traded derivatives			(1,647)		1,647				(1,268)		1,268
Cash collateral (received) posted for amounts subject to master netting arrangements			(496)		934				(609)		817
Net amount			$	1,095	$	(2,739)			$	951	$	(2,597)

The following table presents the offsetting of derivative instruments including financial instrument collateral related to legally enforceable master netting agreements and amounts held or pledged as collateral. U.S. GAAP does not permit netting of non-cash collateral balances in the Consolidated Balance Sheets:

June 30, 2024 (Dollars in millions)	Gross Amount		Amount Offset		Net Amount in Consolidated Balance Sheets		Held/Pledged Financial Instruments		Net Amount
Derivative assets:
Derivatives subject to master netting arrangement or similar arrangement	$	1,671	$	(1,394)	$	277	$	—	$	277
Derivatives not subject to master netting arrangement or similar arrangement	81		—		81		—		81
Exchange traded derivatives	1,486		(749)		737		—		737
Total derivative assets	$	3,238	$	(2,143)	$	1,095	$	—	$	1,095
Derivative liabilities:
Derivatives subject to master netting arrangement or similar arrangement	$	(3,778)	$	1,832	$	(1,946)	$	157	$	(1,789)
Derivatives not subject to master netting arrangement or similar arrangement	(790)		—		(790)		—		(790)
Exchange traded derivatives	(752)		749		(3)		—		(3)
Total derivative liabilities	$	(5,320)	$	2,581	$	(2,739)	$	157	$	(2,582)
December 31, 2023 (Dollars in millions)	Gross Amount		Amount Offset		Net Amount in Consolidated Balance Sheets		Held/Pledged Financial Instruments		Net Amount
Derivative assets:
Derivatives subject to master netting arrangement or similar arrangement	$	1,775	$	(1,392)	$	383	$	—	$	383
Derivatives not subject to master netting arrangement or similar arrangement	97		—		97		—		97
Exchange traded derivatives	956		(485)		471		—		471
Total derivative assets	$	2,828	$	(1,877)	$	951	$	—	$	951
Derivative liabilities:
Derivatives subject to master netting arrangement or similar arrangement	$	(3,627)	$	1,600	$	(2,027)	$	151	$	(1,876)
Derivatives not subject to master netting arrangement or similar arrangement	(568)		—		(568)		—		(568)
Exchange traded derivatives	(487)		485		(2)		—		(2)
Total derivative liabilities	$	(4,682)	$	2,085	$	(2,597)	$	151	$	(2,446)

The following table presents the carrying value of hedged items in fair value hedging relationships:

	June 30, 2024						December 31, 2023
			Hedge Basis Adjustment						Hedge Basis Adjustment
(Dollars in millions)	Hedged Asset / Liability Basis		Items Currently Designated		Discontinued Hedges		Hedged Asset / Liability Basis		Items Currently Designated		Discontinued Hedges
AFS securities(1)(2)	$	26,411	$	(160)	$	17	$	51,782	$	6	$	(5)
Loans and leases	316		—		6		322		—		7
Long-term debt	30,799		(532)		(432)		27,572		(237)		(475)

(1)The amortized cost of AFS securities was $29.2 billion at June 30, 2024 and $62.2 billion at December 31, 2023. Further, as of June 30, 2024, closed portfolios of securities hedged under the portfolio layer method have an amortized cost of $28.6 billion, of which $11.8 billion was designated as hedged. The remaining amount of amortized cost is from securities with terminated hedges where the basis adjustment is being amortized into earnings using the effective interest method over the contractual life of the security and hedges not designated under the portfolio-layer method.

(2)The decline in hedged AFS securities from December 31, 2023 to June 30, 2024 was due to the balance sheet repositioning in May 2024. Refer to “Note 4. Investment Securities” for additional information.

Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income

Derivatives Designated as Hedging Instruments under GAAP

No portion of the change in fair value of derivatives designated as hedges has been excluded from effectiveness testing.

The following table summarizes amounts related to cash flow hedges, which consist of interest rate contracts:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2024		2023		2024		2023
Pre-tax gain (loss) recognized in OCI:
Commercial loans	$	(129)	$	(419)	$	(432)	$	(256)
Pre-tax gain (loss) reclassified from AOCI into interest expense or interest income:
Commercial Loans	(79)		(5)		(134)		(5)

The following table summarizes the impact on net interest income related to fair value hedges:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2024		2023		2024		2023
Investment securities:
Amounts related to interest settlements	$	115	$	87	$	278	$	163
Recognized on derivatives	185		42		627		(53)
Recognized on hedged items	(172)		(31)		(608)		75
Net income (expense) recognized(1)	128		98		297		185
Loans and leases:
Recognized on hedged items	—		—		(1)		(1)
Long-term debt:
Amounts related to interest settlements	(51)		(47)		(90)		(93)
Recognized on derivatives	(63)		(291)		(295)		(135)
Recognized on hedged items	41		299		252		157
Net income (expense) recognized	(73)		(39)		(133)		(71)
Net income (expense) recognized, total	$	55	$	59	$	163	$	113

(1)Includes $10 million and $20 million of income recognized for the three and six months ended June 30, 2024, respectively, and $12 million and $22 million for the three and six months ended June 30, 2023, respectively, from securities with terminated hedges that were reclassified to HTM. The income recognized was offset by the amortization of the fair value mark.

The following table presents information about the Company’s cash flow and fair value hedges:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Cash flow hedges:
Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI	$	(363)	$	(106)
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2029)	(165)		(194)
Estimated portion of net after-tax gain (loss) on active and terminated hedges to be reclassified from AOCI into earnings during the next 12 months	(300)		(203)
Maximum time period over which Truist is hedging a portion of the variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing instruments	4 years		5 years
Fair value hedges:
Unrecognized pre-tax net gain (loss) on terminated hedges(1)	$	(62)	$	(64)
Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months	(79)		(60)

(1)Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $393 million at June 30, 2024 and $413 million at December 31, 2023.

Derivatives Not Designated as Hedging Instruments under GAAP

The Company also enters into derivatives that are not designated as accounting hedges under GAAP to economically hedge certain risks as well as in a trading capacity with its clients.

The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges:

		Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	Income Statement Location	2024		2023		2024		2023
Client-related and other risk management:
Interest rate contracts	Investment banking and trading income and other income	$	27	$	52	$	66	$	86
Foreign exchange contracts	Investment banking and trading income and other income	36		(26)		101		(29)
Equity contracts	Investment banking and trading income and other income	7		(22)		(10)		(20)
Credit contracts	Investment banking and trading income and other income	14		(26)		(10)		(59)
Commodity contracts	Investment banking and trading income	4		7		6		17
Mortgage banking:
Interest rate contracts – residential	Mortgage banking income	—		23		(1)		22
Interest rate contracts – commercial	Mortgage banking income	—		(2)		—		(1)
MSRs:
Interest rate contracts – residential	Mortgage banking income	(23)		(83)		(114)		(82)
Interest rate contracts – commercial	Mortgage banking income	(1)		(7)		(7)		(4)
Total		$	64	$	(84)	$	31	$	(70)

Credit Derivative Instruments

As part of the Company’s corporate and investment banking business, the Company enters into contracts that are, in form or substance, written guarantees; specifically, risk participations, TRS, and credit default swaps. The Company accounts for these contracts as derivatives.

Truist has entered into risk participation agreements to share the credit exposure with other financial institutions on client-related interest rate derivative contracts. Under these agreements, the Company has guaranteed payment to a dealer counterparty in the event the counterparty experiences a loss on the derivative due to a failure to pay by the counterparty’s client. The Company manages its payment risk on its risk participations by monitoring the creditworthiness of the underlying client through the normal credit review process that the Company would have performed had it entered into a derivative directly with the obligors. At June 30, 2024, the remaining terms on these risk participations ranged from less than one year to 13 years. The potential future exposure represents the Company’s maximum estimated exposure to written risk participations, as measured by projecting a maximum value of the guaranteed derivative instruments based on scenario simulations and assuming 100% default by all obligors on the maximum value.

The Company has also entered into TRS contracts on loans and bonds. To mitigate its credit risk, the Company typically receives initial margin from the counterparty upon entering into the TRS and variation margin if the fair value of the underlying reference assets deteriorates. For additional information on the Company’s TRS contracts, see “Note 14. Commitments and Contingencies.”

The Company enters into credit default swaps to hedge credit risk associated with certain loans and leases. The Company accounts for these contracts as derivatives, and accordingly, recognizes these contracts at fair value.

The following table presents additional information related to interest rate derivative risk participation agreements and total return swaps:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Risk participation agreements:
Maximum potential amount of exposure	$	454	$	520
Total return swaps:
Cash and other collateral received	431		437

The following table summarizes collateral positions with counterparties:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Dealer and other counterparties:
Cash and other collateral received from counterparties	$	567	$	609
Derivatives in a net gain position secured by collateral received	584		735
Unsecured positions in a net gain with counterparties after collateral postings	89		126
Cash collateral posted to counterparties	1,097		960
Derivatives in a net loss position secured by collateral	1,210		1,052
Central counterparties clearing:
Cash collateral, including initial margin, posted to central clearing parties	13		14
Derivatives in a net loss position	—		8
Derivatives in a net gain position	2		2
Securities pledged to central counterparties clearing	647		1,249

XML

Computation of EPS

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Computation of EPS

Computation of EPS

Basic and diluted EPS calculations are presented in the following table:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions, except per share data, shares in thousands)	2024		2023		2024		2023
Net income (loss) available to common shareholders from continuing operations	$	(3,983)	$	1,094	$	(2,956)	$	2,401
Net income available to common shareholders from discontinued operations	4,809		140		4,873		243
Net income available to common shareholders	$	826	$	1,234	$	1,917	$	2,644
Weighted average number of common shares	1,338,149		1,331,953		1,336,620		1,330,286
Effect of dilutive outstanding equity-based awards(1)	—		5,354		—		8,060
Weighted average number of diluted common shares	1,338,149		1,337,307		1,336,620		1,338,346
Basic earnings from continuing operations	$	(2.98)	$	0.82	$	(2.21)	$	1.80
Basic earnings from discontinued operations	3.60		0.11		3.64		0.19
Basic EPS	$	0.62	$	0.93	$	1.43	$	1.99
Diluted earnings from continuing operations	$	(2.98)	$	0.82	$	(2.21)	$	1.79
Diluted earnings from discontinued operations	3.60		0.10		3.64		0.19
Diluted EPS	$	0.62	$	0.92	$	1.43	$	1.98
Anti-dilutive awards	11,975		9,123		12,082		4,251

(1)For periods ended with a net loss available to common shareholders from continuing operations, anti-dilutive financial instruments have been excluded from the calculation of GAAP diluted EPS.

XML

Operating Segments

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Operating Segments

Operating Segments

Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. First, the CB&W segment was renamed CSBB and the C&CB segment was renamed WB. Second, the Wealth business was realigned into the WB segment from the CSBB segment, representing a separate reporting unit in that segment. Third, the small business banking client segmentation was realigned into the CSBB segment from the WB segment.

Following the segment realignment, Truist operates and measures business activity across two segments: CSBB and WB, 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.

On February 20, 2024, the Company entered into an agreement to sell the remaining stake of the common equity in TIH to an investor group, representing substantially all of the Company’s IH segment, which represented a material strategic shift for the Company, and as a result, the Company recast results for all periods presented under the discontinued operations basis of presentation. On May 6, 2024, the Company completed the sale of its remaining equity interests in TIH. TIH was the principal legal entity of the IH segment. As the operations of TIH were included in discontinued operations prior to the sale of TIH, the Company no longer presents the IH segment as one of its reportable segments. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations.

Consumer and Small Business Banking

CSBB serves consumer and small business clients, providing deposits and payment services, credit cards, loans, and mortgages through an extensive network of branches, ATMs, digital channels, contact centers, and other channels. Lending solutions include personal and unsecured loans originated through the branch network and digital channels; indirect lending services providing a comprehensive set of technology-enabled consumer lending solutions including point-of-sale offerings for autos, recreational vehicles, outdoor power sports, equipment, and home improvement; and real estate lending providing residential mortgages through its retail, direct, and correspondent channels, with the loans either sold in the secondary market, typically with servicing rights retained, or held in the Company’s loan portfolio, and home equity loans delivered through the branch network. CSBB also serves as an entry point for clients to access services from other businesses.

Wholesale Banking

WB segment delivers a comprehensive suite of tailored solutions with specialized product and industry expertise delivered through local coverage of corporate, commercial, and real estate clients combined with national coverage from investment banking and commercial real estate businesses. This segment is focused on providing core banking, cash management, payments, specialized lending, investment banking, capital markets, strategic advisory, and market-making. In addition to the services provided by Truist’s SEC registered investment advisors, Truist’s wealth professionals provide asset management, trust, brokerage, and investment-related services, institutional investment management, full-service, and online/discount brokerage products, family office services, as well as other wealth management disciplines.

Other, Treasury & Corporate

OT&C includes management of the Company’s investment securities portfolio, long-term debt, derivative instruments used for balance sheet hedging, short-term liquidity and funding activities, balance sheet risk management and most real estate assets, as well as the Company’s functional activities such as finance, enterprise risk, legal, and enterprise technology and management, among others. Additionally, OT&C houses intercompany eliminations, including intersegment net referral fees and residual interest rate risk.

Truist promotes revenue growth through the Company’s Integrated Relationship Management approach, which is designed to deepen client relationships and bring the full breadth and depth of Truist’s products and services to meet clients’ financial needs. The objective is to provide Truist’s entire suite of products to its clients with the end goal of providing clients the best financial experience in the marketplace. Revenues of certain products and services are reflected in the results of the segment providing those products and services and are also allocated to CSBB and WB. These allocated revenues between segments are reflected as net referral fees in noninterest income and eliminated in OT&C.

The segment results are presented based on internal management methodologies that were designed to support these strategic objectives. Unlike financial accounting, there is no comprehensive authoritative body of guidance for management accounting equivalent to GAAP. The performance of the segments is not comparable with Truist’s consolidated results or with similar information presented by any other financial institution. Additionally, because of the interrelationships between the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities.

Because business segment results are presented based on management accounting practices, the transition to the consolidated results prepared under U.S. GAAP creates certain differences, which are reflected as residuals in OT&C. Business segment reporting conventions include, but are not limited to, the items as detailed below.

Segment net interest income reflects matched maturity funds transfer pricing, which ascribes credits or charges based on the economic value or cost created by assets and liabilities of each segment. Residual differences between these credits and charges are captured in OT&C.

Noninterest income includes inter-segment referral fees, as well as federal and state tax credits that are grossed up on a pre-tax equivalent basis, related primarily to certain community development investments. Recoveries for these allocations are reported in OT&C.

Corporate expense allocations, including overhead or functional expenses that are not directly charged to the segments, are allocated to segments based on various drivers (number of FTEs, number of accounts, loan balances, net revenue, etc.). Recoveries for these allocations are reported in OT&C.

Provision for credit losses represents net charge-offs by segment combined with an allocation to the segments for the provision attributable to each segment’s quarterly change in the ALLL. Provision for income taxes is calculated using a blended income tax rate for each segment and includes reversals of the noninterest income tax adjustments described above. The difference between the calculated provision for income taxes at the segment level and the consolidated provision for income taxes is reported in OT&C.

The application and development of management reporting methodologies is an active process and undergoes periodic enhancements. The implementation of these enhancements to the internal management reporting methodology may materially affect the results disclosed for each segment, with no impact on consolidated results. When significant changes to management reporting methodologies take place, the impact of these changes is quantified and prior period information is revised as practicable.

The following table presents results by segment:

Three Months Ended June 30, (Dollars in millions)	CSBB				WB				OT&C(1)				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Net interest income (expense)	$	1,286	$	1,544	$	2,187	$	2,329	$	54	$	(270)	$	3,527	$	3,603
Net intersegment interest income (expense)	1,342		1,082		(497)		(562)		(845)		(520)		—		—
Segment net interest income	2,628		2,626		1,690		1,767		(791)		(790)		3,527		3,603
Allocated provision for credit losses	309		227		142		309		—		2		451		538
Segment net interest income after provision	2,319		2,399		1,548		1,458		(791)		(792)		3,076		3,065
Noninterest income	507		514		991		891		(6,710)		(25)		(5,212)		1,380
Amortization of intangibles	45		53		41		46		3		—		89		99
Other noninterest expense	1,600		1,563		1,307		1,251		98		133		3,005		2,947
Income (loss) before income taxes from continuing operations	1,181		1,297		1,191		1,052		(7,602)		(950)		(5,230)		1,399
Provision (benefit) for income taxes	283		309		237		203		(1,844)		(282)		(1,324)		230
Segment net income (loss) from continuing operations	$	898	$	988	$	954	$	849	$	(5,758)	$	(668)	$	(3,906)	$	1,169
Identifiable assets (period end) of continuing operations	$	143,857	$	155,760	$	207,946	$	216,220	$	168,050	$	174,517	$	519,853	$	546,497
Six Months Ended June 30, (Dollars in millions)	CSBB				WB				OT&C(1)				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Net interest income (expense)	$	2,550	$	3,234	$	4,421	$	4,550	$	(72)	$	(314)	$	6,899	$	7,470
Net intersegment interest income (expense)	2,681		2,082		(1,044)		(946)		(1,637)		(1,136)		—		—
Segment net interest income	5,231		5,316		3,377		3,604		(1,709)		(1,450)		6,899		7,470
Allocated provision for credit losses	612		497		340		544		(1)		(1)		951		1,040
Segment net interest income after provision	4,619		4,819		3,037		3,060		(1,708)		(1,449)		5,948		6,430
Noninterest income	1,010		1,068		1,974		1,840		(6,750)		(107)		(3,766)		2,801
Amortization of intangibles	91		106		83		93		3		—		177		199
Other noninterest expense	3,199		3,136		2,639		2,509		32		217		5,870		5,862
Income (loss) before income taxes from continuing operations	2,339		2,645		2,289		2,298		(8,493)		(1,773)		(3,865)		3,170
Provision (benefit) for income taxes	562		629		451		463		(2,105)		(501)		(1,092)		591
Segment net income (loss) from continuing operations	$	1,777	$	2,016	$	1,838	$	1,835	$	(6,388)	$	(1,272)	$	(2,773)	$	2,579
Identifiable assets (period end) of continuing operations	$	143,857	$	155,760	$	207,946	$	216,220	$	168,050	$	174,517	$	519,853	$	546,497

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

XML

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML

Basis of Presentation (Policy)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Discontinued Operations, Policy

Discontinued Operations

The Company classifies assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable to occur within one year, and the disposal group is available for immediate sale in its present condition. The Company also considers whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. An asset or business that meets the criteria for held for sale classification is reported as discontinued operations when the disposal represents a strategic shift that has had or will have a major effect on the Company’s operating results.

Assets and liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets for prior periods commencing in the period in which the asset or business meets all of the held for sale criteria described above. Net income from discontinued operations, net of tax, is separately reported in the Consolidated Statements of Income for current and prior periods commencing in the period in which the asset or business meets all of the held for sale criteria described above, including any gain or loss recognized on the sale or adjustment of the carrying amount to fair value less cost to sell.

Certain activity of TIH impacting the Company's footnote disclosures has been removed or revised. The footnote disclosures included herein are presented on a continuing operations basis, unless otherwise noted.

Refer to “Note 2. Discontinued Operations” for additional information.

Segment Realignment

Segment Realignment

Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. First, the CB&W segment was renamed CSBB and the C&CB segment was renamed WB. Second, the Wealth business was realigned into the WB segment from the CSBB segment, representing a separate reporting unit in that segment. Third, the small business banking client segmentation was realigned into the CSBB segment from the WB segment. Further, TIH was the principal legal entity of the IH segment. As the operations of TIH were included in discontinued operations prior to the sale of TIH, the Company no longer presents the IH segment as one of its reportable segments. The segment disclosures have been revised to reflect the new structure. Refer to “Note 18. Operating Segments” for additional information.

Reclassifications

Reclassifications

In addition to the reclassifications discussed above in the Consolidated Balance Sheets, Consolidated Statements of Income, and certain footnotes for discontinued operations and the segment realignment, as applicable, certain other amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the current presentation.

Use of Estimates in the Preparation of Financial Statements

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL; determination of fair value for securities, MSRs, LHFS, trading loans, and derivative assets and liabilities; goodwill and other intangible assets; income taxes; and pension and postretirement benefit obligations.

XML

Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Changes in Accounting Principles and Effects of New Accounting Pronouncements

Changes in Accounting Principles and Effects of New Accounting Pronouncements

Standard / Adoption Date	Description	Effects on the Financial Statements
Standards Not Yet Adopted
Improvements to Reportable Segment Disclosures December 31, 2024	Improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses.	Truist is evaluating the impact of this standard on its disclosures. This standard relates to footnote disclosures only.
Improvements to Income Tax Disclosures January 1, 2025	Improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.	Truist is evaluating the impact of this standard on its disclosures. This standard relates to footnote disclosures only.

XML

Discontinued Operations and Disposal Groups (Tables)

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups - Summary of assets and liabilities

The following is a summary of the assets and liabilities of discontinued operations:

(Dollars in millions)	Dec 31, 2023
Assets of discontinued operations:
Cash and due from banks	$	72
Interest-bearing deposits with banks	342
Premises and equipment	72
Goodwill	3,745
CDI and other intangible assets	1,251
Other assets	2,173
Total assets of discontinued operations	$	7,655
Liabilities of discontinued operations:
Other liabilities	$	3,539
Total liabilities of discontinued operations	$	3,539

Discontinued Operations - Summary of Operating Results of the Discontinued Insurance Agency Business

The following presents operating results of TIH classified as discontinued operations:

(Dollars in millions)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest Income
Interest on other earning assets	$	7	$	20	$	31	$	21
Total interest income	7		20		31		21
Noninterest income
Insurance income	427		938		1,319		1,753
Other income	4		5		9		8
Total noninterest income	431		943		1,328		1,761
Expenses
Personnel expense	251		551		885		1,064
Professional fees and outside processing	37		41		85		68
Software expense	8		14		25		28
Net occupancy expense	5		14		20		28
Amortization of intangibles	—		32		21		68
Equipment expense	2		5		11		13
Marketing and customer development	5		10		15		20
Restructuring charges	63		6		82		13
Other expense	26		57		84		109
Total noninterest expense	397		730		1,228		1,411
Earnings
Gain on sale of TIH	6,903		—		6,903		—
Income before income taxes from discontinued operations	6,944		233		7,034		371
Provision for income taxes	2,116		57		2,139		90
Net income from discontinued operations	4,828		176		4,895		281
Noncontrolling interests	19		36		22		38
Net income from discontinued operations attributable to controlling interest	$	4,809	$	140	$	4,873	$	243

Statement Of Cash Flows Discontinued Operations

The components of net cash provided by operating, investing, and financing activities of discontinued operations included in the Consolidated Statements of Cash Flows are as follows:

(Dollars in millions)	Six Months Ended June 30,
	2024		2023
Net cash from operating activities	$	71	$	581
Net cash from investing activities	12,056		(12)
Net cash from financing activities	(41)		(649)

Sale of Insurance Holdings

On May 6, 2024, the Company completed the sale. The transaction improved Truist’s relative capital position while allowing Truist to maintain strategic flexibility. Upon closing, the transaction resulted in the deconsolidation of the TIH subsidiary from Truist. The following is a summary of the transaction, subject to post-closing adjustments and the finalization of tax impacts:

(Dollars in millions)	May 6, 2024
Cash received	$	12,562
Assets of discontinued operations:
Cash and due from banks	93
Interest-bearing deposits with banks	1,952
Premises and equipment	58
Goodwill	3,743
CDI and other intangible assets	1,227
Other assets	2,873
Total assets of discontinued operations	9,946
Liabilities of discontinued operations:
Other liabilities	4,090
Total liabilities of discontinued operations	4,090
Net assets of discontinued operations	5,856
Noncontrolling interest	197
Pre-tax gain	6,903
Current and deferred tax impact	(2,089)
After-tax gain	$	4,814

XML

Securities Financing Activities (Tables)

6 Months Ended

Jun. 30, 2024

Offsetting [Abstract]

Schedule of Resell Agreements

The following table presents securities borrowed or purchased under agreements to resell:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Securities purchased under agreements to resell	$	989	$	1,168
Securities borrowed	1,349		1,210
Total securities borrowed or purchased under agreements to resell	$	2,338	$	2,378
Fair value of collateral permitted to be resold or repledged	$	2,089	$	2,175
Fair value of securities repledged	98		12

Schedule of Repurchase Agreements

The following table presents the Company’s related activity, by collateral type and remaining contractual maturity:

	June 30, 2024								December 31, 2023
(Dollars in millions)	Overnight and Continuous		Up to 30 days		30-90 days		Total		Overnight and Continuous		Up to 30 days		Total
U.S. Treasury	$	98	$	—	$	—	$	98	$	12	$	—	$	12
State and Municipal	400		—		—		400		415		—		415
Agency MBS – residential	—		—		—		—		—		1,500		1,500
Corporate and other debt securities	523		80		50		653		420		80		500
Total securities sold under agreements to repurchase	$	1,021	$	80	$	50	$	1,151	$	847	$	1,580	$	2,427

XML

Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of AFS and HTM Securities

The following tables summarize the Company’s AFS and HTM securities:

June 30, 2024 (Dollars in millions)	Amortized Cost		Gross Unrealized				Net unrealized gains (losses)		Fair Value
			Gains		Losses
AFS securities:
U.S. Treasury	$	12,291	$	9	$	(34)	$	(25)	$	12,266
GSE	380		1		(37)		(36)		344
Agency MBS – residential	46,246		14		(5,617)		(5,603)		40,643
Agency MBS – commercial	2,922		—		(635)		(635)		2,287
States and political subdivisions	420		12		(20)		(8)		412
Other	17		—		—		—		17
Total AFS securities, excluding portfolio level basis adjustments	62,276		36		(6,343)		(6,307)		55,969
Portfolio level basis adjustments(1)	(174)						174		—
Total AFS securities	$	62,102	$	36	$	(6,343)	$	(6,133)	$	55,969
HTM securities:
Agency MBS – residential	$	52,447	$	—	$	(10,304)	$	(10,304)	$	42,143
December 31, 2023 (Dollars in millions)	Amortized Cost		Gross Unrealized				Net unrealized gains (losses)		Fair Value
			Gains		Losses
AFS securities:
U.S. Treasury	$	10,511	$	2	$	(472)	$	(470)	$	10,041
GSE	393		3		(34)		(31)		362
Agency MBS – residential	60,989		—		(9,700)		(9,700)		51,289
Agency MBS – commercial	2,817		—		(569)		(569)		2,248
States and political subdivisions	421		17		(13)		4		425
Non-agency MBS	3,698		—		(717)		(717)		2,981
Other	20		—		—		—		20
Total AFS securities	$	78,849	$	22	$	(11,505)	$	(11,483)	$	67,366
HTM securities:
Agency MBS – residential	$	54,107	$	—	$	(9,477)	$	(9,477)	$	44,630

(1)Represents fair value hedge basis adjustments related to active portfolio layer method hedges, which are not allocated to individual securities. For additional information, refer to “Note 16. Derivative Financial Instruments.”

Schedule of MBS issued by FNMA and FHLMC that exceed 10% of shareholders equity

The amortized cost and estimated fair value of certain MBS securities issued by FNMA and FHLMC that exceeded 10% of shareholders’ equity are shown in the table below:

	June 30, 2024
(Dollars in millions)	Amortized Cost		Fair Value
FNMA	$	26,456	$	21,642
FHLMC	26,664		21,677

Schedule of Amortized Cost and Estimated Fair Value by Contractual Maturity

The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected life of MBS may be shorter than the contractual maturities because borrowers have the right to prepay their obligations with or without penalties.

	Amortized Cost										Fair Value
June 30, 2024 (Dollars in millions)	Due in one year or less		Due after one year through five years		Due after five years through ten years		Due after ten years		Total		Due in one year or less		Due after one year through five years		Due after five years through ten years		Due after ten years		Total
AFS securities:
U.S. Treasury	$	3,361	$	8,890	$	9	$	31	$	12,291	$	3,352	$	8,881	$	8	$	25	$	12,266
GSE	2		5		12		361		380		2		5		11		326		344
Agency MBS – residential	—		108		426		45,712		46,246		—		102		400		40,141		40,643
Agency MBS – commercial	—		—		71		2,851		2,922		—		—		66		2,221		2,287
States and political subdivisions	49		48		168		155		420		48		47		170		147		412
Other	—		7		10		—		17		—		7		10		—		17
Total AFS securities	$	3,412	$	9,058	$	696	$	49,110	$	62,276	$	3,402	$	9,042	$	665	$	42,860	$	55,969
HTM securities:
Agency MBS – residential	$	—	$	—	$	—	$	52,447	$	52,447	$	—	$	—	$	—	$	42,143	$	42,143

Schedule of Fair Values and Gross Unrealized Losses

The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position:

	Less than 12 months				12 months or more				Total
June 30, 2024 (Dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
AFS securities:
U.S. Treasury	$	4,789	$	(3)	$	1,191	$	(31)	$	5,980	$	(34)
GSE	7		—		255		(37)		262		(37)
Agency MBS – residential	6,326		(37)		28,448		(5,580)		34,774		(5,617)
Agency MBS – commercial	114		—		2,168		(635)		2,282		(635)
States and political subdivisions	10		—		260		(20)		270		(20)
Other	—		—		7		—		7		—
Total	$	11,246	$	(40)	$	32,329	$	(6,303)	$	43,575	$	(6,343)
HTM securities:
Agency MBS – residential	$	—	$	—	$	42,143	$	(10,304)	$	42,143	$	(10,304)
	Less than 12 months				12 months or more				Total
December 31, 2023 (Dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
AFS securities:
U.S. Treasury	$	356	$	(2)	$	8,806	$	(470)	$	9,162	$	(472)
GSE	16		—		255		(34)		271		(34)
Agency MBS – residential	258		(4)		51,006		(9,696)		51,264		(9,700)
Agency MBS – commercial	61		(2)		2,185		(567)		2,246		(569)
States and political subdivisions	35		—		243		(13)		278		(13)
Non-agency MBS	—		—		2,981		(717)		2,981		(717)
Other	—		—		20		—		20		—
Total	$	726	$	(8)	$	65,496	$	(11,497)	$	66,222	$	(11,505)
HTM securities:
Agency MBS – residential	$	—	$	—	$	44,630	$	(9,477)	$	44,630	$	(9,477)

Schedule of Realized Gain (Loss)

The following table presents gross securities gains and losses recognized in earnings:

(Dollars in millions)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Gross realized losses(1)	$	(6,650)	$	—	$	(6,650)	$	—

(1)Includes $485 million pre-tax gain on terminated hedges for the three and six months ended June 30, 2024.

XML

Loans and ACL (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Aging Analysis of Past Due Loans and Leases

The following tables present loans and leases HFI by aging category. Government guaranteed loans are not placed on nonperforming status regardless of delinquency because collection of principal and interest is reasonably assured.

	Accruing
June 30, 2024 (Dollars in millions)	Current		30-89 Days Past Due		90 Days Or More Past Due(1)		Nonperforming		Total
Commercial:
Commercial and industrial	$	155,824	$	109	$	8	$	459	$	156,400
CRE	21,362		8		—		360		21,730
Commercial construction	7,786		—		1		—		7,787
Consumer:
Residential mortgage	53,049		732		402		161		54,344
Home equity	9,584		58		7		123		9,772
Indirect auto	21,157		592		1		244		21,994
Other consumer	28,380		214		19		64		28,677
Credit card	4,859		78		51		—		4,988
Total	$	302,001	$	1,791	$	489	$	1,411	$	305,692
(1)Includes government guaranteed loans of $375 million in the residential mortgage portfolio.
	Accruing
December 31, 2023 (Dollars in millions)	Current		30-89 Days Past Due		90 Days Or More Past Due(1)		Nonperforming		Total
Commercial:
Commercial and industrial	$	160,081	$	230	$	7	$	470	$	160,788
CRE	22,281		5		—		284		22,570
Commercial construction	6,658		—		1		24		6,683
Consumer:
Residential mortgage	54,261		639		439		153		55,492
Home equity	9,850		70		11		122		10,053
Indirect auto	21,788		669		2		268		22,727
Other consumer	28,296		271		21		59		28,647
Credit card	4,961		87		53		—		5,101
Total	$	308,176	$	1,971	$	534	$	1,380	$	312,061
(1)Includes government guaranteed loans of $418 million in the residential mortgage portfolio.

Schedule of Carrying Amounts by Risk Rating

The following tables present the amortized cost basis of loans by origination year and credit quality indicator:

June 30, 2024 (Dollars in millions)	Amortized Cost Basis by Origination Year												Revolving Credit		Loans Converted to Term		Other(1)
	2024		2023		2022		2021		2020		Prior								Total
Commercial:
Commercial and industrial:
Pass	$	12,060	$	19,581	$	24,237	$	13,427	$	7,316	$	15,212	$	57,473	$	—	$	(271)	$	149,035
Special mention	188		720		431		366		117		187		780		—		—		2,789
Substandard	249		755		736		437		203		548		1,189		—		—		4,117
Nonperforming	14		134		59		48		27		38		139		—		—		459
Total	12,511		21,190		25,463		14,278		7,663		15,985		59,581		—		(271)		156,400
Gross charge-offs	6		65		39		7		5		5		53						180
CRE:
Pass	925		3,052		4,387		2,344		1,882		4,656		1,572		—		(18)		18,800
Special mention	202		212		484		29		6		258		98		—		—		1,289
Substandard	144		325		160		258		146		248		—		—		—		1,281
Nonperforming	1		3		112		3		51		190		—		—		—		360
Total	1,272		3,592		5,143		2,634		2,085		5,352		1,670		—		(18)		21,730
Gross charge-offs	—		11		74		—		18		97		—		—		—		200
Commercial construction:
Pass	318		1,415		2,507		1,209		109		170		996		—		—		6,724
Special mention	2		60		362		217		43		—		4		—		—		688
Substandard	5		25		173		47		35		—		90		—		—		375
Total	325		1,500		3,042		1,473		187		170		1,090		—		—		7,787
Consumer:
Residential mortgage:
Current	922		2,857		13,085		15,963		5,513		14,709		—		—		—		53,049
30 - 89 days past due	13		14		68		67		46		524		—		—		—		732
90 days or more past due	—		25		34		23		25		295		—		—		—		402
Nonperforming	—		3		12		23		6		117		—		—		—		161
Total	935		2,899		13,199		16,076		5,590		15,645		—		—		—		54,344
Gross charge-offs	—		—		—		—		—		2		—		—		—		2
Home equity:
Current	—		—		—		—		—		—		6,103		3,481		—		9,584
30 - 89 days past due	—		—		—		—		—		—		38		20		—		58
90 days or more past due	—		—		—		—		—		—		5		2		—		7
Nonperforming	—		—		—		—		—		—		42		81		—		123
Total	—		—		—		—		—		—		6,188		3,584		—		9,772
Gross charge-offs	—		—		—		—		—		—		6		—		—		6
Indirect auto:
Current	3,944		3,821		6,578		3,700		1,841		1,282		—		—		(9)		21,157
30 - 89 days past due	22		103		183		120		67		97		—		—		—		592
90 days or more past due	—		—		1		—		—		—		—		—		—		1
Nonperforming	2		37		75		56		31		43		—		—		—		244
Total	3,968		3,961		6,837		3,876		1,939		1,422		—		—		(9)		21,994
Gross charge-offs	1		51		116		50		25		47		—		—		—		290
Other consumer:
Current	5,237		7,856		6,297		2,957		1,520		1,841		2,652		17		3		28,380
30 - 89 days past due	20		64		66		26		13		17		6		2		—		214
90 days or more past due	2		10		5		—		—		—		2		—		—		19
Nonperforming	1		13		17		13		7		13		—		—		—		64
Total	5,260		7,943		6,385		2,996		1,540		1,871		2,660		19		3		28,677
Gross charge-offs	26		103		86		41		20		16		14		—		—		306
Credit card:
Current	—		—		—		—		—		—		4,838		21		—		4,859
30 - 89 days past due	—		—		—		—		—		—		76		2		—		78
90 days or more past due	—		—		—		—		—		—		50		1		—		51
Total	—		—		—		—		—		—		4,964		24		—		4,988
Gross charge-offs	—		—		—		—		—		—		147		4		—		151
Total	$	24,271	$	41,085	$	60,069	$	41,333	$	19,004	$	40,445	$	76,153	$	3,627	$	(295)	$	305,692
Gross charge-offs	$	33	$	230	$	315	$	98	$	68	$	167	$	220	$	4	$	—	$	1,135

December 31, 2023 (Dollars in millions)	Amortized Cost Basis by Origination Year												Revolving Credit		Loans Converted to Term		Other(1)
	2023		2022		2021		2020		2019		Prior								Total
Commercial:
Commercial and industrial:
Pass	$	26,836	$	29,877	$	15,683	$	8,436	$	5,918	$	11,539	$	55,026	$	—	$	(211)	$	153,104
Special mention	688		623		557		152		37		197		1,003		—		—		3,257
Substandard	754		628		428		290		289		367		1,201		—		—		3,957
Nonperforming	36		116		99		12		42		31		134		—		—		470
Total	28,314		31,244		16,767		8,890		6,286		12,134		57,364		—		(211)		160,788
Gross charge-offs	20		72		126		21		5		35		111		—		—		390
CRE:
Pass	3,760		4,931		2,651		1,903		2,813		2,666		1,221		—		(70)		19,875
Special mention	185		315		140		79		203		37		—		—		—		959
Substandard	259		350		190		65		243		289		56		—		—		1,452
Nonperforming	2		52		28		15		174		13		—		—		—		284
Total	4,206		5,648		3,009		2,062		3,433		3,005		1,277		—		(70)		22,570
Gross charge-offs	—		58		10		20		29		47		2		—		—		166
Commercial construction:
Pass	1,029		2,196		1,370		287		89		125		840		—		—		5,936
Special mention	3		218		208		—		—		—		1		—		—		430
Substandard	24		48		27		174		—		—		20		—		—		293
Nonperforming	—		23		—		—		1		—		—		—		—		24
Total	1,056		2,485		1,605		461		90		125		861		—		—		6,683
Gross charge-offs	—		5		—		—		—		—		—		—		—		5
Consumer:
Residential mortgage:
Current	2,846		13,481		16,509		5,738		2,822		12,865		—		—		—		54,261
30 - 89 days past due	10		52		43		38		40		456		—		—		—		639
90 or more days past due	7		22		25		31		28		326		—		—		—		439
Nonperforming	—		7		13		7		13		113		—		—		—		153
Total	2,863		13,562		16,590		5,814		2,903		13,760		—		—		—		55,492
Gross charge-offs	—		—		2		1		1		6		—		—		—		10
Home equity:
Current	—		—		—		—		—		—		6,175		3,675		—		9,850
30 - 89 days past due	—		—		—		—		—		—		47		23		—		70
90 days or more past due	—		—		—		—		—		—		7		4		—		11
Nonperforming	—		—		—		—		—		—		42		80		—		122
Total	—		—		—		—		—		—		6,271		3,782		—		10,053
Gross charge-offs	—		—		—		—		—		—		10		—		—		10
Indirect auto:
Current	4,611		8,049		4,689		2,479		1,330		639		—		—		(9)		21,788
30 - 89 days past due	83		213		150		86		71		66		—		—		—		669
90 days or more past due	—		1		1		—		—		—		—		—		—		2
Nonperforming	20		85		63		39		33		28		—		—		—		268
Total	4,714		8,348		4,903		2,604		1,434		733		—		—		(9)		22,727
Gross charge-offs	25		202		118		58		59		69		—		—		—		531
Other consumer:
Current	9,903		7,676		3,715		1,914		1,049		1,207		2,816		13		3		28,296
30 - 89 days past due	86		85		41		23		16		12		7		1		—		271
90 days or more past due	9		8		1		1		—		—		2		—		—		21
Nonperforming	6		14		14		8		6		10		—		1		—		59
Total	10,004		7,783		3,771		1,946		1,071		1,229		2,825		15		3		28,647
Gross charge-offs	97		166		93		50		34		14		23		—		—		477
Student:(2)
Gross charge-offs	—		—		—		—		—		108		—		—		—		108
Credit card:
Current	—		—		—		—		—		—		4,942		19		—		4,961
30 - 89 days past due	—		—		—		—		—		—		84		3		—		87
90 days or more past due	—		—		—		—		—		—		51		2		—		53
Total	—		—		—		—		—		—		5,077		24		—		5,101
Gross charge-offs	—		—		—		—		—		—		220		3		—		223
Total	$	51,157	$	69,070	$	46,645	$	21,777	$	15,217	$	30,986	$	73,675	$	3,821	$	(287)	$	312,061
Gross charge-offs	$	142	$	503	$	349	$	150	$	128	$	279	$	366	$	3	$	—	$	1,920

(1)Includes certain deferred fees and costs and other adjustments.

(2)Truist sold its student loan portfolio at the end of the second quarter of 2023. Charge-offs include $98 million related to the sale.

Summary of Allowance for Credit Losses

The following tables present activity in the ACL:

(Dollars in millions)	Balance at Apr 1, 2023		Charge-Offs		Recoveries		Provision (Benefit)		Other(1)		Balance at Jun 30, 2023
Commercial:
Commercial and industrial	$	1,497	$	(107)	$	13	$	133	$	—	$	1,536
CRE	251		(35)		—		186		—		402
Commercial construction	87		—		—		22		—		109
Consumer:
Residential mortgage	332		(1)		2		(13)		—		320
Home equity	87		(2)		5		(5)		—		85
Indirect auto	993		(115)		31		72		—		981
Other Consumer	779		(104)		20		113		—		808
Student(2)	98		(103)		—		5		—		—
Credit card	355		(53)		9		54		—		365
ALLL	4,479		(520)		80		567		—		4,606
RUFC	282		—		—		(9)		—		273
ACL	$	4,761	$	(520)	$	80	$	558	$	—	$	4,879
(Dollars in millions)	Balance at Apr 1, 2024		Charge-Offs		Recoveries		Provision (Benefit)		Other(1)		Balance at Jun 30, 2024
Commercial:
Commercial and industrial	$	1,360	$	(83)	$	14	$	46	$	1	$	1,338
CRE	663		(97)		5		90		—		661
Commercial construction	198		—		1		7		—		206
Consumer:
Residential mortgage	222		(1)		2		(18)		—		205
Home equity	90		(3)		4		(3)		—		88
Indirect auto	923		(136)		30		128		—		945
Other consumer	959		(141)		28		112		—		958
Credit card	388		(74)		9		84		—		407
ALLL	4,803		(535)		93		446		1		4,808
RUFC	297		—		—		5		—		302
ACL	$	5,100	$	(535)	$	93	$	451	$	1	$	5,110
(Dollars in millions)	Balance at Jan 1, 2023		Charge-Offs		Recoveries		Provision (Benefit)		Other(1)		Balance at Jun 30, 2023
Commercial:
Commercial and industrial	$	1,409	$	(182)	$	26	$	284	$	(1)	$	1,536
CRE	224		(41)		1		218		—		402
Commercial construction	46		—		1		62		—		109
Consumer:
Residential mortgage	399		(2)		4		—		(81)		320
Home equity	90		(4)		11		(12)		—		85
Indirect auto	981		(242)		57		172		13		981
Other consumer	770		(209)		37		211		(1)		808
Student(2)	98		(108)		—		10		—		—
Credit card	360		(104)		18		94		(3)		365
ALLL	4,377		(892)		155		1,039		(73)		4,606
RUFC	272		—		—		1		—		273
ACL	$	4,649	$	(892)	$	155	$	1,040	$	(73)	$	4,879

(Dollars in millions)	Balance at Jan 1, 2024		Charge-Offs		Recoveries		Provision (Benefit)		Other(1)		Balance at Jun 30, 2024
Commercial:
Commercial and industrial	$	1,404	$	(180)	$	46	$	68	$	—	$	1,338
CRE	616		(200)		12		233		—		661
Commercial construction	174		—		1		31		—		206
Consumer:
Residential mortgage	298		(2)		3		(94)		—		205
Home equity	89		(6)		9		(4)		—		88
Indirect auto	942		(290)		58		235		—		945
Other consumer	890		(306)		56		318		—		958
Credit card	385		(151)		18		155		—		407
ALLL	4,798		(1,135)		203		942		—		4,808
RUFC	295		—		—		9		(2)		302
ACL	$	5,093	$	(1,135)	$	203	$	951	$	(2)	$	5,110

(1)Includes the amounts for the ALLL for PCD acquisitions, the impact of adopting the Troubled Debt Restructurings and Vintage Disclosures accounting standard, and other activity.

(2)Truist sold its student loan portfolio at the end of the second quarter of 2023.

Financing Receivable, Nonperforming

NPAs

The following table provides a summary of nonperforming loans and leases, excluding LHFS:

	June 30, 2024				December 31, 2023
	Recorded Investment				Recorded Investment
(Dollars in millions)	Without an ALLL		With an ALLL		Without an ALLL		With an ALLL
Commercial:
Commercial and industrial	$	92	$	367	$	123	$	347
CRE	83		277		154		130
Commercial construction	—		—		—		24
Consumer:
Residential mortgage	1		160		1		152
Home equity	1		122		1		121
Indirect auto	28		216		20		248
Other consumer	—		64		—		59
Total	$	205	$	1,206	$	299	$	1,081

Selected Information About Nonperforming Assets

The following table presents a summary of nonperforming assets and residential mortgage loans in the process of foreclosure:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Nonperforming loans and leases HFI	$	1,411	$	1,380
Nonperforming LHFS	9		51
Foreclosed real estate	5		3
Other foreclosed property	51		54
Total nonperforming assets	$	1,476	$	1,488
Residential mortgage loans in the process of foreclosure	$	184	$	214

Summary Of Loan Modifications

Loan Modifications

The following tables summarize the amortized cost basis and the weighted average financial effect of loans to borrowers experiencing financial difficulty that were modified during the period, disaggregated by class of financing receivable and type of modification granted.

Three Months Ended June 30, 2024 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Interest Rate Adjustment and Term Extension		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total Modified Loans		Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial	$	198	$	—	$	—	$	—	$	—	$	—	$	—	$	52	$	250	0.16	%
CRE	31		—		—		—		—		—		—		—		31		0.14
Commercial construction	5		—		—		—		—		—		—		—		5		0.06
Consumer:
Residential mortgage	—		24		14		25		—		59		14		1		137		0.25
Home equity	—		1		—		—		2		—		—		—		3		0.03
Indirect auto	—		6		—		642		3		—		—		4		655		2.98
Other consumer	—		10		—		—		—		—		—		1		11		0.04
Credit card	—		—		—		—		—		—		—		10		10		0.20
Total	$	234	$	41	$	14	$	667	$	5	$	59	$	14	$	68	$	1,102	0.36	%
Six Months Ended June 30, 2024 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Interest Rate Adjustment and Term Extension		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total Modified Loans		Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial	$	321	$	—	$	—	$	2	$	—	$	—	$	—	$	67	$	390	0.25	%
CRE	170		—		—		—		—		—		—		13		183		0.84
Commercial construction	45		—		—		—		—		—		—		—		45		0.58
Consumer:
Residential mortgage	—		43		26		33		—		112		23		2		239		0.44
Home equity	—		1		—		—		5		—		—		—		6		0.06
Indirect auto	—		12		—		989		8		—		—		7		1,016		4.62
Other consumer	—		19		—		1		1		—		—		1		22		0.08
Credit card	—		—		—		—		—		—		—		20		20		0.40
Total	$	536	$	75	$	26	$	1,025	$	14	$	112	$	23	$	110	$	1,921	0.63

Three Months Ended June 30, 2023 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Interest Rate Adjustment and Term Extension		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total Modified Loans		Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial	$	265	$	—	$	—	$	21	$	44	$	—	$	—	$	—	$	330	0.20	%
CRE	49		—		—		—		—		—		—		—		49		0.21
Commercial construction	2		—		—		—		—		—		—		—		2		0.03
Consumer:
Residential mortgage	—		25		39		36		1		89		18		5		213		0.38
Home equity	—		—		—		—		3		—		—		1		4		0.04
Indirect auto	—		7		—		141		4		—		—		7		159		0.62
Other consumer	—		5		—		—		1		—		—		1		7		0.02
Credit card	—		—		—		—		—		—		—		5		5		0.10
Total	$	316	$	37	$	39	$	198	$	53	$	89	$	18	$	19	$	769	0.24	%
Six Months Ended June 30, 2023 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Interest Rate Reduction and Term Extension		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total Modified Loans		Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial	$	499	$	—	$	—	$	21	$	44	$	—	$	—	$	—	$	564	0.34	%
CRE	139		—		—		48		—		—		—		—		187		0.82
Commercial construction	3		—		—		—		—		—		—		—		3		0.05
Consumer:
Residential mortgage	—		53		69		54		2		180		37		8		403		0.71
Home equity	—		—		—		—		5		—		—		2		7		0.07
Indirect auto	—		12		—		145		9		—		—		11		177		0.69
Other consumer	—		9		—		1		3		—		—		2		15		0.05
Credit card	—		—		—		—		—		—		—		9		9		0.19
Total	$	641	$	74	$	69	$	269	$	63	$	180	$	37	$	32	$	1,365	0.42	%

Financing Receivable, Modified, Financial Effect

Three Months Ended June 30, 2024
Loan Type	Financial Effect
Renewals
Commercial and industrial	Extended the term by 28 months and increased the interest rate by 0.05%
CRE	Extended the term by 15 months and increased the interest rate by 0.01%
Commercial construction	Extended the term by 10 months and increased the interest rate by 0.8%
Term Extensions
Residential mortgage	Extended the term by 103 months.
Home equity	Extended the term by 170 months.
Indirect auto	Extended the term by 26 months.
Other consumer	Extended the term by 22 months.
Capitalizations
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Residential mortgage	Provided 198 days of payment deferral.
Indirect auto	Provided 193 days of payment deferral.
Combination - Interest Rate Adjustment and Term Extension
Home equity	Extended the term by 282 months and decreased the interest rate by 3%.
Indirect auto	Extended the term by 13 months and decreased the interest rate by 4%.
Combination - Capitalization and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 82 months.
Combination - Capitalization, Interest Rate and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 142 months, and decreased the interest rate by 0.8%.
Six Months Ended June 30, 2024
Loan Type	Financial Effect
Renewals
Commercial and industrial	Extended the term by 22 months and increased the interest rate by 0.2%
CRE	Extended the term by 8 months and increased the interest rate by 0.27%
Commercial construction	Extended the term by 12 months and increased the interest rate by 0.1%
Term Extensions
Residential mortgage	Extended the term by 105 months.
Home equity	Extended the term by 161 months.
Indirect auto	Extended the term by 26 months.
Other consumer	Extended the term by 24 months.
Capitalizations
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Commercial and industrial	Provided 97 days of payment deferral.
Residential mortgage	Provided 198 days of payment deferral.
Indirect auto	Provided 186 days of payment deferral.
Other consumer	Provided 157 days of payment deferral.
Combination - Interest Rate Adjustment and Term Extension
Home equity	Extended the term by 278 months and decreased the interest rate by 3%.
Indirect auto	Extended the term by 15 months and decreased the interest rate by 4%.
Other consumer	Extended the term by 57 months and decreased the interest rate by 0.21%.
Combination - Capitalization and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 83 months.
Combination - Capitalization, Interest Rate and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 139 months, and decreased the interest rate by 0.7%.

Three Months Ended June 30, 2023
Loan Type	Financial Effect
Renewals
Commercial and industrial	Extended the term by 5 months and increased the interest rate by 0.3%.
CRE	Extended the term by 11 months.
Commercial construction	Extended the term by 2 months.
Term Extensions
Residential mortgage	Extended the term by 145 months.
Indirect auto	Extended the term by 22 months.
Other Consumer	Extended the term by 24 months.
Capitalizations
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Commercial and industrial	Provided 189 days of payment deferral.
Residential mortgage	Provided 214 days of payment deferral.
Indirect auto	Provided 125 days of payment deferral.
Combination - Interest Rate Adjustment and Term Extension
Commercial and industrial	Extended the term by 76 months and increased the interest rate by 3%.
Residential mortgage	Extended the term by 123 months and increased the interest rate by 1%.
Home equity	Extended the term by 169 months and decreased the interest rate by 3%.
Indirect auto	Extended the term by 10 months and decreased the interest rate by 7%.
Other consumer	Extended the term by 26 months and decreased the interest rate by 1%.
Combination - Capitalization and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 103 months.
Combination - Capitalization, Interest Rate and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 169 months, and increased the interest rate by 0.1%.
Six Months Ended June 30, 2023
Loan Type	Financial Effect
Renewals
Commercial and industrial	Extended the term by 5 months and increased the interest rate by 0.3%.
CRE	Extended the term by 10 months and increased the interest rate by 0.1%.
Commercial construction	Extended the term by 3 months.
Term Extensions
Residential mortgage	Extended the term by 151 months.
Indirect auto	Extended the term by 22 months.
Other consumer	Extended the term by 24 months.
Capitalizations
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Commercial and industrial	Provided 189 days of payment deferral.
CRE	Provided 232 days of payment deferral.
Residential mortgage	Provided 209 days of payment deferral.
Indirect auto	Provided 125 days of payment deferral.
Other consumer	Provided 151 days of payment deferral.
Combination - Interest Rate Adjustment and Term Extension
Commercial and industrial	Extended the term by 76 months and increased the interest rate by 3%.
Residential mortgage	Extended the term by 114 months and increased the interest rate by 0.4%.
Home equity	Extended the term by 229 months and decreased the interest rate by 3%.
Indirect auto	Extended the term by 11 months and decreased the interest rate by 7%.
Other consumer	Extended the term by 63 months and decreased the interest rate by 2%.
Combination - Capitalization and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 107 months.
Combination - Capitalization, Interest Rate and Term Extension
Residential mortgage	Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 125 months, and decreased the interest rate by 0.1%.

The tables above exclude trial modifications totaling $48 million and $88 million as of June 30, 2024 and 2023, respectively. Such modifications will be included in the modification activity disclosure if the borrower successfully completes the trial period and the loan modification is finalized.

As of June 30, 2024 and December 31, 2023, Truist had $474 million and $702 million, respectively, in unfunded lending commitments to lend additional funds to borrowers experiencing financial difficulty for which Truist has modified the terms of the receivables in the ways described above during the twelve months preceding June 30, 2024 and December 31, 2023, respectively.

Financing Receivable, Modified, Past Due

The following table summarizes the period-end delinquency status and amortized cost of loans that were modified in the last 12 months. The period-end delinquency status of loans that were modified are disclosed at amortized cost and reflect the impact of any paydowns, payoffs, and/or charge-offs that occurred subsequent to modification.

	Payment Status (Amortized Cost Basis)
June 30, 2024 (Dollars in millions)	Current		30-89 Days Past Due		90 Days or More Past Due		Total
Commercial:
Commercial and industrial	$	692	$	12	$	55	$	759
CRE	213		10		2		225
Commercial construction	72		—		—		72
Consumer:
Residential mortgage	326		88		93		507
Home equity	12		—		—		12
Indirect auto	979		185		50		1,214
Other consumer	30		2		—		32
Credit card	18		5		2		25
Total	$	2,342	$	302	$	202	$	2,846
Total nonaccrual loans included above	$	166	$	49	$	143	$	358
	Payment Status (Amortized Cost Basis)
December 31, 2023 (Dollars in millions)	Current		30-89 Days Past Due		90 Days or More Past Due		Total
Commercial:
Commercial and industrial	$	887	$	48	$	92	$	1,027
CRE	233		11		1		245
Commercial construction	22		—		—		22
Consumer:
Residential mortgage	427		116		90		633
Home equity	11		—		—		11
Indirect auto	730		148		20		898
Other consumer	24		1		—		25
Credit card	11		3		2		16
Total	$	2,345	$	327	$	205	$	2,877
Total nonaccrual loans included above	$	155	$	85	$	137	$	377

Financing Receivable, Modified, Subsequent Default

The following table provides the amortized cost basis of financing receivables that were modified in the last twelve months and were in payment default at period end:

June 30, 2024 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total
Commercial:
Commercial and industrial	$	55	$	—	$	—	$	—	$	—	$	—	$	—	$	55
CRE	2		—		—		—		—		—		—		2
Consumer:
Residential mortgage	—		14		8		38		29		4		—		93
Indirect auto	—		1		—		48		—		—		1		50
Credit card	—		—		—		—		—		—		2		2
Total	$	57	$	15	$	8	$	86	$	29	$	4	$	3	$	202
December 31, 2023 (Dollars in millions)	Renewals		Term Extensions		Capitalizations		Payment Delays		Combination - Capitalization and Term Extension		Combination - Capitalization, Interest Rate and Term Extension		Other		Total
Commercial:
Commercial and industrial	$	72	$	—	$	—	$	20	$	—	$	—	$	—	$	92
CRE	1		—		—		—		—		—		—		1
Consumer:
Residential mortgage	—		13		6		34		31		5		1		90
Indirect auto	—		1		—		17		—		—		2		20
Credit card	—		—		—		—		—		—		2		2
Total	$	73	$	14	$	6	$	71	$	31	$	5	$	5	$	205

Selected Information About Loans And Leases Unearned

Unearned Income, Discounts, and Net Deferred Loan Fees and Costs

The following table presents additional information about loans and leases:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Unearned income, discounts, and net deferred loan fees and costs	$	602	$	553

XML

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amounts of Goodwill Attributable to Operating Segments

The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. Activity during 2024 primarily relates to the segment realignment described above. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations and “Note 18. Operating Segments” for additional information on segments.

(Dollars in millions)	CSBB		WB		Total
Goodwill, December 31, 2023	$	13,503	$	3,653	$	17,156
Segment realignment	(1,498)		1,498		—
Adjustments and other	—		1		1
Goodwill, June 30, 2024	$	12,005	$	5,152	$	17,157

Identifiable Intangible Assets Subject to Amortization

The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets:

	June 30, 2024						December 31, 2023
(Dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
CDI	$	2,453	$	(1,735)	$	718	$	2,473	$	(1,650)	$	823
Other, primarily client relationship intangibles	1,593		(582)		1,011		1,598		(512)		1,086
Total	$	4,046	$	(2,317)	$	1,729	$	4,071	$	(2,162)	$	1,909

XML

Loan Servicing (Tables)

6 Months Ended

Jun. 30, 2024

Transfers and Servicing [Abstract]

Summary of Residential Mortgage Banking Activities

The following tables summarize residential mortgage servicing activities:

(Dollars in millions)	Jun 30, 2024			Dec 31, 2023
UPB of residential mortgage loan servicing portfolio	$	263,173		$	269,068
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate	208,270			213,399
Mortgage loans sold with recourse	158			173
Maximum recourse exposure from mortgage loans sold with recourse liability	98			109
Indemnification, recourse and repurchase reserves	48			52
As of / For the Six Months Ended June 30, (Dollars in millions)	2024			2023
UPB of residential mortgage loans sold from LHFS	$	4,651		$	7,101
Pre-tax gains recognized on mortgage loans sold and held for sale	34			34
Servicing fees recognized from mortgage loans serviced for others	294			364
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others	0.28		%	0.27		%
Weighted average interest rate on mortgage loans serviced for others	3.63			3.54

Analysis of Activity in Residential MSRs

The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value:

(Dollars in millions)	2024		2023
Residential MSRs, carrying value, January 1	$	3,088	$	3,428
Acquired	—		123
Additions	78		129
Sales	(2)		(429)
Change in fair value due to changes in valuation inputs or assumptions(1)	88		64
Realization of expected net servicing cash flows, passage of time, and other	(135)		(133)
Residential MSRs, carrying value, June 30	$	3,117	$	3,182

(1)The six months ended June 30, 2023 includes realized gains on the portfolio sale of excess servicing.

Residential MSRs Sensitivity

The sensitivity of the fair value of the Company’s residential MSRs to changes in key assumptions is presented in the following table:

	June 30, 2024							December 31, 2023
	Range				Weighted Average			Range				Weighted Average
(Dollars in millions)	Min		Max					Min		Max
Prepayment speed	6.6	%	15.7	%	7.4		%	6.7	%	18.2	%	7.5		%
Effect on fair value of a 10% increase					$	(80)						$	(82)
Effect on fair value of a 20% increase					(155)							(160)
OAS	2.5	%	12.2	%	4.7		%	2.2	%	12.0	%	4.6		%
Effect on fair value of a 10% increase					$	(61)						$	(60)
Effect on fair value of a 20% increase					(119)							(118)
Composition of loans serviced for others:
Fixed-rate residential mortgage loans					99.6		%					99.6		%
Adjustable-rate residential mortgage loans					0.4							0.4
Total					100.0		%					100.0		%
Weighted average life					7.5 years							7.5 years

Summary of Commercial Mortgage Banking Activities

The following table summarizes commercial mortgage servicing activities:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
UPB of CRE mortgages serviced for others	$	28,964	$	31,681
CRE mortgages serviced for others covered by recourse provisions	9,642		9,661
Maximum recourse exposure from CRE mortgages sold with recourse liability	2,809		2,813
Recorded reserves related to recourse exposure	13		16
CRE mortgages originated during the year-to-date period	419		2,989
Commercial MSRs at fair value	279		272

XML

Other Assets and Liabilites (Tables)

6 Months Ended

Jun. 30, 2024

Other Assets [Abstract]

Lessee, Operating Lease, Liability, Maturity

The following tables present additional information on leases, excluding leases related to the lease financing businesses:

	June 30, 2024						December 31, 2023
(Dollars in millions)	Operating Leases			Finance Leases			Operating Leases			Finance Leases
ROU assets	$	962		$	16		$	1,057		$	10
Total lease liabilities	1,283			18			1,387			12
Weighted average remaining term	5.9 years			8.4 years			6.2 years			6.6 years
Weighted average discount rate	3.2		%	5.2		%	3.1		%	5.1		%

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2024		2023		2024		2023
Operating lease costs	$	66	$	66	$	143	$	139

Schedule of Assets Held Under Operating Leases and Related Activities

The following table presents a summary of assets under operating leases held for investment. This table excludes subleases on assets included in premises and equipment.

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Assets held under operating leases(1)(2)	$	1,905	$	2,160
Accumulated depreciation	(530)		(583)
Net	$	1,375	$	1,577

(1)Includes certain land parcels subject to operating leases that have indefinite lives.

(2)Excludes operating leases held-for-sale that totaled $116 million and $32 million at June 30, 2024 and December 31, 2023, respectively.

XML

Borrowings (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Short-term Debt

The following table presents a summary of short-term borrowings:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
FHLB advances	$	19,400	$	20,500
Securities sold under agreements to repurchase	1,151		2,427
Securities sold short	2,041		1,625
Other short-term borrowings	224		276
Total short-term borrowings	$	22,816	$	24,828

Schedule of Long-Term Debt, Interest Rates and Maturity Dates

The following table presents a summary of long-term debt:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
	Carrying Amount		Carrying Amount
Truist Financial Corporation:
Fixed rate senior notes(1)	$	23,045	$	19,808
Floating rate senior notes	—		999
Fixed rate subordinated notes(1)(2)	1,813		1,831
Capital notes(2)	631		629
Truist Bank:
Fixed rate senior notes	2,954		4,170
Floating rate senior notes	—		1,250
Fixed rate subordinated notes(2)	4,742		4,770
Floating rate FHLB advances	—		4,200
Other long-term debt(3)	1,431		1,261
Total long-term debt	$	34,616	$	38,918

(1)Certain senior and subordinated notes convert from fixed to floating one year prior to maturity, and are callable within the final year of maturity at par.

(2)Subordinated and capital notes with a remaining maturity of one year or greater qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations.

(3)Includes debt associated with finance leases, tax credit investments, and other.

XML

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Summary of Cash Dividends Declared per Share

The following table presents total dividends declared per share of common stock:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cash dividends declared per share	$	0.52	$	0.52	$	1.04	$	1.04

XML

AOCI (Tables)

6 Months Ended

Jun. 30, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Changes in AOCI

AOCI includes the after-tax change in unrecognized net costs related to defined benefit pension and OPEB plans as well as unrealized gains and losses on cash flow hedges, AFS securities, and HTM securities previously transferred from AFS securities.

(Dollars in millions)	Pension and OPEB Costs		Cash Flow Hedges		AFS Securities		HTM Securities		Other, net		Total
AOCI balance, April 1, 2023	$	(1,549)	$	47	$	(8,542)	$	(2,533)	$	(4)	$	(12,581)
OCI before reclassifications, net of tax	(5)		(321)		(496)		—		1		(821)
Amounts reclassified from AOCI:
Before tax	17		5		(71)		82		—		33
Tax effect	4		1		(17)		17		—		5
Amounts reclassified, net of tax	13		4		(54)		65		—		28
Total OCI, net of tax	8		(317)		(550)		65		1		(793)
AOCI balance, June 30, 2023	$	(1,541)	$	(270)	$	(9,092)	$	(2,468)	$	(3)	$	(13,374)
AOCI balance, April 1, 2024	$	(1,078)	$	(490)	$	(9,354)	$	(2,296)	$	(4)	$	(13,222)
OCI before reclassifications, net of tax(1)	34		(99)		(325)		—		1		(389)
Amounts reclassified from AOCI:
Before tax	—		79		6,529		75		—		6,683
Tax effect	—		18		1,540		18		—		1,576
Amounts reclassified, net of tax	—		61		4,989		57		—		5,107
Total OCI, net of tax	34		(38)		4,664		57		1		4,718
AOCI balance, June 30, 2024	$	(1,044)	$	(528)	$	(4,690)	$	(2,239)	$	(3)	$	(8,504)
(Dollars in millions)	Pension and OPEB Costs		Cash Flow Hedges		AFS Securities		HTM Securities		Other, net		Total
AOCI balance, January 1, 2023	$	(1,535)	$	(78)	$	(9,395)	$	(2,588)	$	(5)	$	(13,601)
OCI before reclassifications, net of tax	(31)		(196)		407		—		2		182
Amounts reclassified from AOCI:
Before tax	33		5		(136)		152		—		54
Tax effect	8		1		(32)		32		—		9
Amounts reclassified, net of tax	25		4		(104)		120		—		45
Total OCI, net of tax	(6)		(192)		303		120		2		227
AOCI balance, June 30, 2023	$	(1,541)	$	(270)	$	(9,092)	$	(2,468)	$	(3)	$	(13,374)
AOCI balance, January 1, 2024	$	(1,079)	$	(300)	$	(8,778)	$	(2,347)	$	(2)	$	(12,506)
OCI before reclassifications, net of tax(1)	35		(331)		(780)		—		(1)		(1,077)
Amounts reclassified from AOCI:
Before tax	—		134		6,371		141		—		6,646
Tax effect	—		31		1,503		33		—		1,567
Amounts reclassified, net of tax	—		103		4,868		108		—		5,079
Total OCI, net of tax	35		(228)		4,088		108		(1)		4,002
AOCI balance, June 30, 2024	$	(1,044)	$	(528)	$	(4,690)	$	(2,239)	$	(3)	$	(8,504)
Primary income statement location of amounts reclassified from AOCI	Other expense		Net interest income and Other expense		Securities gains (losses) and Net interest income		Net interest income		Net interest income

(1)Includes the impact of the remeasurement of the pension plan and the reduction of pension benefit obligations following the sale of TIH. Refer to “Note 13. Benefit Plans” for additional information.

XML

Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

The components of net periodic (benefit) cost for defined benefit pension plans are summarized in the following table:

		Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	Income Statement Location	2024		2023		2024		2023
Service cost(1)	Personnel expense / Net income from discontinued operations	$	84	$	93	$	180	$	186
Interest cost	Other expense	112		112		220		223
Estimated return on plan assets	Other expense	(238)		(228)		(482)		(456)
Amortization and other	Other expense	—		19		1		39
Net periodic (benefit) cost		$	(42)	$	(4)	$	(81)	$	(8)

(1)Includes $3 million and $6 million for the three months ended June 30, 2024 and 2023, respectively, and $10 million and $13 million for the six months ended June 30, 2024 and 2023, respectively, of service cost reported in net income from discontinued operations for the qualified defined benefit pension plan for employees of TIH.

XML

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments and Contingencies

The following table summarizes certain tax credit and certain equity investments:

(Dollars in millions)	Balance Sheet Location	Jun 30, 2024		Dec 31, 2023
Investments in affordable housing projects and other qualified tax credits:
Carrying amount	Other assets	$	7,164	$	6,754
Amount of future funding commitments included in carrying amount	Other liabilities	2,509		2,473
Lending exposure	Loans and leases for funded amounts	2,183		1,981
Renewable energy investments:
Carrying amount	Other assets	496		285
Amount of future funding commitments not included in carrying amount	NA	562		747
SBIC and certain other equity method investments:
Carrying amount	Other assets	796		758
Amount of future funding commitments not included in carrying amount	NA	567		589

Summary of Tax Credits and Amortization, Tax Credit Investment Activity

The following table presents a summary of tax credits and amortization expense associated with the Company’s tax credit investment activity. Activity related to the Company’s renewable energy investments, other than qualified tax credits, was immaterial.

		Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	Income Statement Location	2024		2023		2024		2023
Tax credits:
Investments in affordable housing projects, other qualified tax credits, and other community development investments	Provision for income taxes	$	185	$	160	$	370	$	317
Amortization and other changes in carrying amount:
Investments in affordable housing projects and other qualified tax credits	Provision for income taxes	$	170	$	150	$	341	$	298
Other community development investments	Other noninterest income	3		3		5		5

Schedule of Off-Balance Sheet

The following is a summary of selected notional amounts of off-balance sheet financial instruments:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Commitments to extend, originate, or purchase credit and other commitments	$	206,600	$	207,285
Residential mortgage loans sold with recourse	158		173
CRE mortgages serviced for others covered by recourse provisions	9,642		9,661
Other loans serviced for others covered by recourse and other provisions	1,538		1,032
Letters of credit	6,843		6,239

Schedule of Variable Interest Entities

The following table provides a summary of the TRS transactions with the associated VIE referenced assets, which include trading loans and bonds:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Total return swaps:
VIE assets	$	1,833	$	1,641
Trading loans and bonds	1,676		1,572
VIE liabilities	273		50

Schedule of Pledged Assets

The following table provides the total carrying amount of pledged assets by asset type:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Pledged securities	$	38,187	$	41,270
Pledged loans:
FRB	82,929		73,898
FHLB	71,827		67,748
Unused borrowing capacity:
FRB	63,142		55,252
FHLB	32,892		24,712

XML

Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis:

June 30, 2024 (Dollars in millions)	Total		Level 1		Level 2		Level 3		Netting Adjustments(1)
Assets:
Trading assets:
U.S. Treasury	$	133	$	—	$	133	$	—	$	—
GSE	42		—		42		—		—
States and political subdivisions	968		—		968		—		—
Corporate and other debt securities	1,800		—		1,800		—		—
Loans	1,847		—		1,847		—		—
Equity securities	395		395		—		—		—
Other	373		277		96		—		—
Total trading assets	5,558		672		4,886		—		—
AFS securities:
U.S. Treasury	12,266		—		12,266		—		—
GSE	344		—		344		—		—
Agency MBS – residential	40,643		—		40,643		—		—
Agency MBS – commercial	2,287		—		2,287		—		—
States and political subdivisions	412		—		412		—		—
Other	17		—		17		—		—
Total AFS securities	55,969		—		55,969		—		—
LHFS at fair value	1,284		—		1,284		—		—
Loans and leases	14		—		—		14		—
Loan servicing rights at fair value	3,410		—		—		3,410		—
Other assets:
Derivative assets	1,095		1,486		1,749		3		(2,143)
Equity securities	276		270		6		—		—
Total assets	$	67,606	$	2,428	$	63,894	$	3,427	$	(2,143)
Liabilities:
Interest-bearing deposits:
Brokered time deposits	$	43	$	—	$	43	$	—	$	—
Short-term borrowings:
Securities sold short	2,041		234		1,807		—		—
Other liabilities:
Derivative liabilities	2,739		752		4,545		23		(2,581)
Total liabilities	$	4,823	$	986	$	6,395	$	23	$	(2,581)

December 31, 2023 (Dollars in millions)	Total		Level 1		Level 2		Level 3		Netting Adjustments(1)
Assets:
Trading assets:
U.S. Treasury	$	144	$	—	$	144	$	—	$	—
GSE	50		—		50		—		—
States and political subdivisions	760		—		760		—		—
Corporate and other debt securities	1,293		—		1,293		—		—
Loans	1,575		—		1,575		—		—
Equity securities	181		181		—		—		—
Other	329		280		49		—		—
Total trading assets	4,332		461		3,871		—		—
AFS securities:
U.S. Treasury	10,041		—		10,041		—		—
GSE	362		—		362		—		—
Agency MBS – residential	51,289		—		51,289		—		—
Agency MBS – commercial	2,248		—		2,248		—		—
States and political subdivisions	425		—		425		—		—
Non-agency MBS	2,981		—		2,981		—		—
Other	20		—		20		—		—
Total AFS securities	67,366		—		67,366		—		—
LHFS at fair value	852		—		852		—		—
Loans and leases	15		—		—		15		—
Loan servicing rights at fair value	3,378		—		—		3,378		—
Other assets:
Derivative assets	951		956		1,867		5		(1,877)
Equity securities	360		245		115		—		—
Total assets	$	77,254	$	1,662	$	74,071	$	3,398	$	(1,877)
Liabilities:
Short-term borrowings:
Securities sold short	$	1,625	$	185	$	1,440	$	—	$	—
Other liabilities:
Derivative liabilities	2,597		487		4,171		24		(2,085)
Total liabilities	$	4,222	$	672	$	5,611	$	24	$	(2,085)

(1)Refer to “Note 16. Derivative Financial Instruments” for additional discussion on netting adjustments.

Rollforward of Level 3 Assets and Liabilities

Activity for Level 3 assets and liabilities is summarized below:

Three Months Ended June 30, 2024 and 2023 (Dollars in millions)	Loans and Leases		Loan Servicing Rights		Net Derivatives
Balance at April 1, 2023	$	17	$	3,303	$	(18)
Total realized and unrealized gains (losses):
Included in earnings	—		70		(20)
Purchases	—		123		—
Issuances	—		92		18
Sales	—		(1)		—
Settlements	(1)		(90)		(11)
Balance at June 30, 2023	$	16	$	3,497	$	(31)
Balance at April 1, 2024	$	14	$	3,417	$	(21)
Total realized and unrealized gains (losses):
Included in earnings	—		30		(4)
Issuances	—		52		12
Sales	—		(1)		—
Settlements	—		(88)		(7)
Balance at June 30, 2024	$	14	$	3,410	$	(20)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2024	$	—	$	30	$	1
Six Months Ended June 30, 2024 and 2023 (Dollars in millions)	Loans and Leases		Loan Servicing Rights		Net Derivatives
Balance at January 1, 2023	$	18	$	3,758	$	(36)
Total realized and unrealized gains (losses):
Included in earnings	—		65		(22)
Purchases	—		123		—
Issuances	—		140		16
Sales	—		(429)		—
Settlements	(2)		(160)		11
Balance at June 30, 2023	$	16	$	3,497	$	(31)
Balance at January 1, 2024	$	15	$	3,378	$	(19)
Total realized and unrealized gains (losses):
Included in earnings	—		112		(7)
Issuances	—		84		11
Sales	—		(2)		—
Settlements	(1)		(162)		(5)
Balance at June 30, 2024	$	14	$	3,410	$	(20)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2024	$	—	$	112	$	(9)
Primary income statement location of realized gains (losses) included in earnings	Other income		Mortgage banking income		Mortgage banking income

Fair Value and UPB of LHFS

The following table details the fair value and UPB of certain loans and time deposits that were elected to be measured at fair value:

	June 30, 2024						December 31, 2023
(Dollars in millions)	Fair Value		UPB		Difference		Fair Value		UPB		Difference
Trading loans	$	1,847	$	1,944	$	(97)	$	1,575	$	1,664	$	(89)
Loans and leases	14		15		(1)		15		16		(1)
LHFS at fair value	1,284		1,271		13		852		828		24
Brokered time deposits	43		43		—		—		—		—

Assets Measured at Fair Value on a Nonrecurring Basis

The following table provides information about certain assets measured at fair value on a nonrecurring basis still held as of period end. The carrying values represent end of period values, which approximate the fair value measurements that occurred on the various measurement dates throughout the period. These assets are considered to be Level 3 assets.

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Carrying value:
LHFS	$	6	$	19
Loans and leases	682		840
Other	193		454

The following table provides information about valuation adjustments for certain assets measured at fair value on a nonrecurring basis. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end.

	Six Months Ended June 30,
(Dollars in millions)	2024		2023
Valuation adjustments:
LHFS	$	(16)	$	(27)
Loans and leases	(557)		(311)
Other	(166)		(86)

Carrying Amounts and Fair Value of Financial Assets and Liabilities Not Recorded at Fair Value

Financial assets and liabilities not recorded at fair value are summarized below:

		June 30, 2024				December 31, 2023
(Dollars in millions)	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
HTM securities	Level 2	$	52,447	$	42,143	$	54,107	$	44,630
Loans and leases HFI, net of ALLL	Level 3	300,870		293,395		307,248		300,830
Financial liabilities:
Time deposits	Level 2	38,415		38,157		43,561		43,368
Long-term debt	Level 2	34,616		34,381		38,918		38,353

XML

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table presents the gross notional amounts and estimated fair value of derivative instruments employed by the Company:

	June 30, 2024						December 31, 2023
	Notional Amount		Fair Value				Notional Amount		Fair Value
(Dollars in millions)			Assets		Liabilities				Assets		Liabilities
Cash flow hedges:
Interest rate contracts:
Swaps hedging commercial loans	$	25,538	$	—	$	—	$	17,673	$	—	$	—
Fair value hedges:
Interest rate contracts:
Swaps hedging long-term debt	17,768		—		—		14,268		—		—
Swaps hedging AFS securities	11,810		—		—		24,178		—		—
Swaps hedging U.S. Treasury	980		—		—		—		—		—
Total	30,558		—		—		38,446		—		—
Not designated as hedges:
Client-related and other risk management:
Interest rate contracts:
Swaps	150,670		560		(2,091)		154,692		637		(1,926)
Options	26,820		64		(86)		34,593		114		(106)
Forward commitments	554		1		(3)		178		—		(11)
Other	4,012		—		—		3,033		—		—
Equity contracts	42,809		1,763		(2,382)		39,561		1,164		(1,733)
Credit contracts:
Trading assets	610		—		—		100		—		—
Loans and leases	325		—		—		225		—		—
Risk participation agreements	7,443		—		(2)		7,499		—		(3)
Total return swaps	1,577		53		(5)		1,598		41		(7)
Foreign exchange contracts	21,750		221		(206)		24,480		256		(256)
Commodity	10,686		462		(448)		8,367		513		(503)
Total	267,256		3,124		(5,223)		274,326		2,725		(4,545)
Mortgage banking:
Interest rate contracts:
Swaps	354		—		—		105		—		—
Options	400		1		—		400		3		—
Interest rate lock commitments	1,306		3		(9)		746		5		(10)
When issued securities, forward rate agreements and forward commitments	2,109		17		(5)		1,438		12		(17)
Other	460		1		—		94		—		—
Total	4,629		22		(14)		2,783		20		(27)
MSRs:
Interest rate contracts:
Swaps	16,948		—		—		15,252		—		—
Options	13,674		84		(78)		14,854		75		(109)
When issued securities, forward rate agreements and forward commitments	1,250		6		(2)		933		8		—
Other	2,583		2		(3)		1,692		—		(1)
Total	34,455		92		(83)		32,731		83		(110)
Total derivatives not designated as hedges	306,340		3,238		(5,320)		309,840		2,828		(4,682)
Total derivatives	$	362,436	3,238		(5,320)		$	365,959	2,828		(4,682)
Gross amounts in the Consolidated Balance Sheets:
Amounts subject to master netting arrangements and exchange traded derivatives			(1,647)		1,647				(1,268)		1,268
Cash collateral (received) posted for amounts subject to master netting arrangements			(496)		934				(609)		817
Net amount			$	1,095	$	(2,739)			$	951	$	(2,597)

Netting of Financial Instruments - Derivatives

The following table presents the offsetting of derivative instruments including financial instrument collateral related to legally enforceable master netting agreements and amounts held or pledged as collateral. U.S. GAAP does not permit netting of non-cash collateral balances in the Consolidated Balance Sheets:

June 30, 2024 (Dollars in millions)	Gross Amount		Amount Offset		Net Amount in Consolidated Balance Sheets		Held/Pledged Financial Instruments		Net Amount
Derivative assets:
Derivatives subject to master netting arrangement or similar arrangement	$	1,671	$	(1,394)	$	277	$	—	$	277
Derivatives not subject to master netting arrangement or similar arrangement	81		—		81		—		81
Exchange traded derivatives	1,486		(749)		737		—		737
Total derivative assets	$	3,238	$	(2,143)	$	1,095	$	—	$	1,095
Derivative liabilities:
Derivatives subject to master netting arrangement or similar arrangement	$	(3,778)	$	1,832	$	(1,946)	$	157	$	(1,789)
Derivatives not subject to master netting arrangement or similar arrangement	(790)		—		(790)		—		(790)
Exchange traded derivatives	(752)		749		(3)		—		(3)
Total derivative liabilities	$	(5,320)	$	2,581	$	(2,739)	$	157	$	(2,582)
December 31, 2023 (Dollars in millions)	Gross Amount		Amount Offset		Net Amount in Consolidated Balance Sheets		Held/Pledged Financial Instruments		Net Amount
Derivative assets:
Derivatives subject to master netting arrangement or similar arrangement	$	1,775	$	(1,392)	$	383	$	—	$	383
Derivatives not subject to master netting arrangement or similar arrangement	97		—		97		—		97
Exchange traded derivatives	956		(485)		471		—		471
Total derivative assets	$	2,828	$	(1,877)	$	951	$	—	$	951
Derivative liabilities:
Derivatives subject to master netting arrangement or similar arrangement	$	(3,627)	$	1,600	$	(2,027)	$	151	$	(1,876)
Derivatives not subject to master netting arrangement or similar arrangement	(568)		—		(568)		—		(568)
Exchange traded derivatives	(487)		485		(2)		—		(2)
Total derivative liabilities	$	(4,682)	$	2,085	$	(2,597)	$	151	$	(2,446)

Schedule of Fair Value Hedging Basis Adjustments

The following table presents the carrying value of hedged items in fair value hedging relationships:

	June 30, 2024						December 31, 2023
			Hedge Basis Adjustment						Hedge Basis Adjustment
(Dollars in millions)	Hedged Asset / Liability Basis		Items Currently Designated		Discontinued Hedges		Hedged Asset / Liability Basis		Items Currently Designated		Discontinued Hedges
AFS securities(1)(2)	$	26,411	$	(160)	$	17	$	51,782	$	6	$	(5)
Loans and leases	316		—		6		322		—		7
Long-term debt	30,799		(532)		(432)		27,572		(237)		(475)

(1)The amortized cost of AFS securities was $29.2 billion at June 30, 2024 and $62.2 billion at December 31, 2023. Further, as of June 30, 2024, closed portfolios of securities hedged under the portfolio layer method have an amortized cost of $28.6 billion, of which $11.8 billion was designated as hedged. The remaining amount of amortized cost is from securities with terminated hedges where the basis adjustment is being amortized into earnings using the effective interest method over the contractual life of the security and hedges not designated under the portfolio-layer method.

(2)The decline in hedged AFS securities from December 31, 2023 to June 30, 2024 was due to the balance sheet repositioning in May 2024. Refer to “Note 4. Investment Securities” for additional information.

Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income

The following table summarizes amounts related to cash flow hedges, which consist of interest rate contracts:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2024		2023		2024		2023
Pre-tax gain (loss) recognized in OCI:
Commercial loans	$	(129)	$	(419)	$	(432)	$	(256)
Pre-tax gain (loss) reclassified from AOCI into interest expense or interest income:
Commercial Loans	(79)		(5)		(134)		(5)

The following table summarizes the impact on net interest income related to fair value hedges:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2024		2023		2024		2023
Investment securities:
Amounts related to interest settlements	$	115	$	87	$	278	$	163
Recognized on derivatives	185		42		627		(53)
Recognized on hedged items	(172)		(31)		(608)		75
Net income (expense) recognized(1)	128		98		297		185
Loans and leases:
Recognized on hedged items	—		—		(1)		(1)
Long-term debt:
Amounts related to interest settlements	(51)		(47)		(90)		(93)
Recognized on derivatives	(63)		(291)		(295)		(135)
Recognized on hedged items	41		299		252		157
Net income (expense) recognized	(73)		(39)		(133)		(71)
Net income (expense) recognized, total	$	55	$	59	$	163	$	113

(1)Includes $10 million and $20 million of income recognized for the three and six months ended June 30, 2024, respectively, and $12 million and $22 million for the three and six months ended June 30, 2023, respectively, from securities with terminated hedges that were reclassified to HTM. The income recognized was offset by the amortization of the fair value mark.

The following table presents information about the Company’s cash flow and fair value hedges:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Cash flow hedges:
Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI	$	(363)	$	(106)
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2029)	(165)		(194)
Estimated portion of net after-tax gain (loss) on active and terminated hedges to be reclassified from AOCI into earnings during the next 12 months	(300)		(203)
Maximum time period over which Truist is hedging a portion of the variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing instruments	4 years		5 years
Fair value hedges:
Unrecognized pre-tax net gain (loss) on terminated hedges(1)	$	(62)	$	(64)
Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months	(79)		(60)

(1)Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $393 million at June 30, 2024 and $413 million at December 31, 2023.

The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges:

		Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	Income Statement Location	2024		2023		2024		2023
Client-related and other risk management:
Interest rate contracts	Investment banking and trading income and other income	$	27	$	52	$	66	$	86
Foreign exchange contracts	Investment banking and trading income and other income	36		(26)		101		(29)
Equity contracts	Investment banking and trading income and other income	7		(22)		(10)		(20)
Credit contracts	Investment banking and trading income and other income	14		(26)		(10)		(59)
Commodity contracts	Investment banking and trading income	4		7		6		17
Mortgage banking:
Interest rate contracts – residential	Mortgage banking income	—		23		(1)		22
Interest rate contracts – commercial	Mortgage banking income	—		(2)		—		(1)
MSRs:
Interest rate contracts – residential	Mortgage banking income	(23)		(83)		(114)		(82)
Interest rate contracts – commercial	Mortgage banking income	(1)		(7)		(7)		(4)
Total		$	64	$	(84)	$	31	$	(70)

Derivatives Credit Risk - Risk Participation Agreements and Total Return Swaps

The following table presents additional information related to interest rate derivative risk participation agreements and total return swaps:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Risk participation agreements:
Maximum potential amount of exposure	$	454	$	520
Total return swaps:
Cash and other collateral received	431		437

Schedule of Derivative Instruments Summary of Collateral Positions with Counterparties

The following table summarizes collateral positions with counterparties:

(Dollars in millions)	Jun 30, 2024		Dec 31, 2023
Dealer and other counterparties:
Cash and other collateral received from counterparties	$	567	$	609
Derivatives in a net gain position secured by collateral received	584		735
Unsecured positions in a net gain with counterparties after collateral postings	89		126
Cash collateral posted to counterparties	1,097		960
Derivatives in a net loss position secured by collateral	1,210		1,052
Central counterparties clearing:
Cash collateral, including initial margin, posted to central clearing parties	13		14
Derivatives in a net loss position	—		8
Derivatives in a net gain position	2		2
Securities pledged to central counterparties clearing	647		1,249

XML

Computation of EPS (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted EPS

Basic and diluted EPS calculations are presented in the following table:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions, except per share data, shares in thousands)	2024		2023		2024		2023
Net income (loss) available to common shareholders from continuing operations	$	(3,983)	$	1,094	$	(2,956)	$	2,401
Net income available to common shareholders from discontinued operations	4,809		140		4,873		243
Net income available to common shareholders	$	826	$	1,234	$	1,917	$	2,644
Weighted average number of common shares	1,338,149		1,331,953		1,336,620		1,330,286
Effect of dilutive outstanding equity-based awards(1)	—		5,354		—		8,060
Weighted average number of diluted common shares	1,338,149		1,337,307		1,336,620		1,338,346
Basic earnings from continuing operations	$	(2.98)	$	0.82	$	(2.21)	$	1.80
Basic earnings from discontinued operations	3.60		0.11		3.64		0.19
Basic EPS	$	0.62	$	0.93	$	1.43	$	1.99
Diluted earnings from continuing operations	$	(2.98)	$	0.82	$	(2.21)	$	1.79
Diluted earnings from discontinued operations	3.60		0.10		3.64		0.19
Diluted EPS	$	0.62	$	0.92	$	1.43	$	1.98
Anti-dilutive awards	11,975		9,123		12,082		4,251

(1)For periods ended with a net loss available to common shareholders from continuing operations, anti-dilutive financial instruments have been excluded from the calculation of GAAP diluted EPS.

XML

Operating Segments (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents results by segment:

Three Months Ended June 30, (Dollars in millions)	CSBB				WB				OT&C(1)				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Net interest income (expense)	$	1,286	$	1,544	$	2,187	$	2,329	$	54	$	(270)	$	3,527	$	3,603
Net intersegment interest income (expense)	1,342		1,082		(497)		(562)		(845)		(520)		—		—
Segment net interest income	2,628		2,626		1,690		1,767		(791)		(790)		3,527		3,603
Allocated provision for credit losses	309		227		142		309		—		2		451		538
Segment net interest income after provision	2,319		2,399		1,548		1,458		(791)		(792)		3,076		3,065
Noninterest income	507		514		991		891		(6,710)		(25)		(5,212)		1,380
Amortization of intangibles	45		53		41		46		3		—		89		99
Other noninterest expense	1,600		1,563		1,307		1,251		98		133		3,005		2,947
Income (loss) before income taxes from continuing operations	1,181		1,297		1,191		1,052		(7,602)		(950)		(5,230)		1,399
Provision (benefit) for income taxes	283		309		237		203		(1,844)		(282)		(1,324)		230
Segment net income (loss) from continuing operations	$	898	$	988	$	954	$	849	$	(5,758)	$	(668)	$	(3,906)	$	1,169
Identifiable assets (period end) of continuing operations	$	143,857	$	155,760	$	207,946	$	216,220	$	168,050	$	174,517	$	519,853	$	546,497
Six Months Ended June 30, (Dollars in millions)	CSBB				WB				OT&C(1)				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Net interest income (expense)	$	2,550	$	3,234	$	4,421	$	4,550	$	(72)	$	(314)	$	6,899	$	7,470
Net intersegment interest income (expense)	2,681		2,082		(1,044)		(946)		(1,637)		(1,136)		—		—
Segment net interest income	5,231		5,316		3,377		3,604		(1,709)		(1,450)		6,899		7,470
Allocated provision for credit losses	612		497		340		544		(1)		(1)		951		1,040
Segment net interest income after provision	4,619		4,819		3,037		3,060		(1,708)		(1,449)		5,948		6,430
Noninterest income	1,010		1,068		1,974		1,840		(6,750)		(107)		(3,766)		2,801
Amortization of intangibles	91		106		83		93		3		—		177		199
Other noninterest expense	3,199		3,136		2,639		2,509		32		217		5,870		5,862
Income (loss) before income taxes from continuing operations	2,339		2,645		2,289		2,298		(8,493)		(1,773)		(3,865)		3,170
Provision (benefit) for income taxes	562		629		451		463		(2,105)		(501)		(1,092)		591
Segment net income (loss) from continuing operations	$	1,777	$	2,016	$	1,838	$	1,835	$	(6,388)	$	(1,272)	$	(2,773)	$	2,579
Identifiable assets (period end) of continuing operations	$	143,857	$	155,760	$	207,946	$	216,220	$	168,050	$	174,517	$	519,853	$	546,497

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

XML

Discontinued Operations and Disposal Groups Narrative (Details) $ in Millions	May 06, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Deposits Held with Parent Company	$ 1,500
IH
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reorganization Value	$ 15,500

XML

Discontinued Operations and Disposal Groups (Details) - USD ($) $ in Millions	Jun. 30, 2024	May 06, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and due from banks		$ 93	$ 72
Interest-bearing deposits with banks		1,952	342
Premises and equipment		58	72
Goodwill		3,743	3,745
CDI and other intangible assets		1,227	1,251
Other assets		2,873	2,173
Assets of discontinued operations	$ 0	9,946	7,655
Other liabilities		4,090	3,539
Liabilities of discontinued operations	$ 0	$ 4,090	$ 3,539

XML

Discontinued Operations - Summary of Operating Results of the Discontinued Insurance Agency Business (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest on other earning assets	$ 7	$ 20	$ 31	$ 21
Total interest income	7	20	31	21
Insurance income	427	938	1,319	1,753
Other income	4	5	9	8
Total noninterest income	431	943	1,328	1,761
Personnel expense	251	551	885	1,064
Professional fees and outside processing	37	41	85	68
Software expense	8	14	25	28
Net occupancy expense	5	14	20	28
Amortization of intangibles	0	32	21	68
Equipment expense	2	5	11	13
Marketing and customer development	5	10	15	20
Restructuring charges	63	6	82	13
Other expense	26	57	84	109
Total noninterest expense	397	730	1,228	1,411
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	6,903	0	6,903	0
Income before income taxes from discontinued operations	6,944	233	7,034	371
Provision for income taxes	2,116	57	2,139	90
Net income from discontinued operations	4,828	176	4,895	281
Net Income (Loss) Attributable to Noncontrolling Interest	19	36	22	38
Net income from discontinued operations attributable to controlling interest	$ 4,809	$ 140	$ 4,873	$ 243

XML

Statements of Cash Flows Discontinued Operations (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash from operating activities	$ 71	$ 581
Net cash from investing activities	12,056	(12)
Net cash from financing activities	$ (41)	$ (649)

XML

Discontinued Operations and Disposal Groups Sale (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	May 06, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses	$ 12,562
Cash and due from banks	93					$ 72
Interest-bearing deposits with banks	1,952					342
Premises and equipment	58					72
Goodwill	3,743					3,745
CDI and other intangible assets	1,227					1,251
Other assets	2,873					2,173
Assets of discontinued operations	9,946	$ 0		$ 0		7,655
Other liabilities	4,090					3,539
Liabilities of discontinued operations	4,090	0		0		$ 3,539
Disposal Group, Including Discontinued Operation, Net assets	5,856
Disposal Group, Including Discontinued Operation, Noncontrolling interest	$ 197	(197)		(197)
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax		$ 6,903	$ 0	6,903	$ 0
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation				(2,089)
Gain on sale of TIH, net of tax				$ 4,814	$ 0

XML

Securities Purchased under Agreements to Resale & Securities Borrowed (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Offsetting [Abstract]
Securities purchased under agreements to resell	$ 989	$ 1,168
Securities borrowed	1,349	1,210
Total securities borrowed or purchased under agreements to resell	2,338	2,378
Fair value of collateral permitted to be resold or repledged	2,089	2,175
Fair value of securities repledged	$ 98	$ 12

XML

Securities Financing Activities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Offsetting Liabilities [Line Items]
Short-term Debt	$ 22,816	$ 24,828
Securities Sold under Agreements to Repurchase
Offsetting Liabilities [Line Items]
Short-term Debt	1,151	2,427
Securities Sold under Agreements to Repurchase | U.S. Treasury
Offsetting Liabilities [Line Items]
Short-term Debt	98	12
Securities Sold under Agreements to Repurchase | State and Municipal
Offsetting Liabilities [Line Items]
Short-term Debt	400	415
Securities Sold under Agreements to Repurchase | Agency MBS – residential
Offsetting Liabilities [Line Items]
Short-term Debt	0	1,500
Securities Sold under Agreements to Repurchase | Corporate and other debt securities
Offsetting Liabilities [Line Items]
Short-term Debt	653	500
Securities Sold under Agreements to Repurchase | Overnight and Continuous
Offsetting Liabilities [Line Items]
Short-term Debt	1,021	847
Securities Sold under Agreements to Repurchase | Overnight and Continuous | U.S. Treasury
Offsetting Liabilities [Line Items]
Short-term Debt	98	12
Securities Sold under Agreements to Repurchase | Overnight and Continuous | State and Municipal
Offsetting Liabilities [Line Items]
Short-term Debt	400	415
Securities Sold under Agreements to Repurchase | Overnight and Continuous | Agency MBS – residential
Offsetting Liabilities [Line Items]
Short-term Debt	0	0
Securities Sold under Agreements to Repurchase | Overnight and Continuous | Corporate and other debt securities
Offsetting Liabilities [Line Items]
Short-term Debt	523	420
Securities Sold under Agreements to Repurchase | Up to 30 days
Offsetting Liabilities [Line Items]
Short-term Debt	80	1,580
Securities Sold under Agreements to Repurchase | Up to 30 days | U.S. Treasury
Offsetting Liabilities [Line Items]
Short-term Debt	0	0
Securities Sold under Agreements to Repurchase | Up to 30 days | State and Municipal
Offsetting Liabilities [Line Items]
Short-term Debt	0	0
Securities Sold under Agreements to Repurchase | Up to 30 days | Agency MBS – residential
Offsetting Liabilities [Line Items]
Short-term Debt	0	1,500
Securities Sold under Agreements to Repurchase | Up to 30 days | Corporate and other debt securities
Offsetting Liabilities [Line Items]
Short-term Debt	80	$ 80
Securities Sold under Agreements to Repurchase | 30-90 days
Offsetting Liabilities [Line Items]
Short-term Debt	50
Securities Sold under Agreements to Repurchase | 30-90 days | U.S. Treasury
Offsetting Liabilities [Line Items]
Short-term Debt	0
Securities Sold under Agreements to Repurchase | 30-90 days | State and Municipal
Offsetting Liabilities [Line Items]
Short-term Debt	0
Securities Sold under Agreements to Repurchase | 30-90 days | Agency MBS – residential
Offsetting Liabilities [Line Items]
Short-term Debt	0
Securities Sold under Agreements to Repurchase | 30-90 days | Corporate and other debt securities
Offsetting Liabilities [Line Items]
Short-term Debt	$ 50

XML

Investment Securities - Narrative (Details) - USD ($) $ in Millions		6 Months Ended
	May 06, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Securities
Debt Securities, Available-for-sale, Allowance for Credit Loss		$ 0		$ 0
Proceeds from sales of AFS securities		27,607	$ 4
Amortized Cost		62,276		$ 78,849
Payments to Acquire Debt Securities, Available-for-sale		$ 26,048	$ 282
Reinvestment from Proceeds
Debt Securities
Proceeds from sales of AFS securities	$ 27,700
Debt Securities, Gain (Loss)	(5,100)
Amortized Cost	34,400
Payments to Acquire Debt Securities, Available-for-sale	$ 18,700

XML

Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
AFS securities:
Amortized Cost	$ 62,276	$ 78,849
Gross Unrealized Gains	36	22
Gross Unrealized Losses	(6,343)	(11,505)
Net unrealized gains (losses)	(6,307)
AFS securities, Fair Value	55,969	67,366
Portfolio level basis adjustments(1)	(174)
Reversal of Hedged Asset	174
AFS securities Including Portfolio Level Basis Adjustments	62,102
AFS Securities, Accumulated Gross Unrealized Gain (Loss)	(6,133)	(11,483)
HTM securities:
Amortized Cost	52,447	54,107
HTM securities, Fair Value	42,143	44,630
U.S. Treasury
AFS securities:
Amortized Cost	12,291	10,511
Gross Unrealized Gains	9	2
Gross Unrealized Losses	(34)	(472)
Net unrealized gains (losses)	(25)	(470)
AFS securities, Fair Value	12,266	10,041
GSE
AFS securities:
Amortized Cost	380	393
Gross Unrealized Gains	1	3
Gross Unrealized Losses	(37)	(34)
Net unrealized gains (losses)	(36)	(31)
AFS securities, Fair Value	344	362
Agency MBS – residential
AFS securities:
Amortized Cost	46,246	60,989
Gross Unrealized Gains	14	0
Gross Unrealized Losses	(5,617)	(9,700)
Net unrealized gains (losses)	(5,603)	(9,700)
AFS securities, Fair Value	40,643	51,289
HTM securities:
Amortized Cost	52,447	54,107
Gross Unrealized Gains	0	0
Gross Unrealized Losses	10,304	9,477
HTM securities Unrealized Gains (Losses)	(10,304)	(9,477)
HTM securities, Fair Value	42,143	44,630
Agency MBS – commercial
AFS securities:
Amortized Cost	2,922	2,817
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(635)	(569)
Net unrealized gains (losses)	(635)	(569)
AFS securities, Fair Value	2,287	2,248
States and political subdivisions
AFS securities:
Amortized Cost	420	421
Gross Unrealized Gains	12	17
Gross Unrealized Losses	(20)	(13)
Net unrealized gains (losses)	(8)	4
AFS securities, Fair Value	412	425
Non-agency MBS
AFS securities:
Amortized Cost		3,698
Gross Unrealized Gains		0
Gross Unrealized Losses		(717)
Net unrealized gains (losses)		(717)
AFS securities, Fair Value		2,981
Other
AFS securities:
Amortized Cost	17	20
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Net unrealized gains (losses)	0	0
AFS securities, Fair Value	$ 17	$ 20

XML

Investment Securities - Amortized Cost, Fair Value of MBS Issued by FNMA and FHLMC Exceeding 10% of Shareholders' Equity (Details) $ in Millions	Jun. 30, 2024 USD ($)
FNMA investments
Schedule of Debt Securities Exceeding Ten Percent of Stockholders Equity [Line Items]
Securities, amortized cost	$ 26,456
Pledged securities	21,642
FHLMC investments
Schedule of Debt Securities Exceeding Ten Percent of Stockholders Equity [Line Items]
Securities, amortized cost	26,664
Pledged securities	$ 21,677

XML

Investment Securities - Amortized Cost and Estimated Fair Value by Contractual Maturity (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
AFS, Amortized Cost
Due in one year or less	$ 3,412
Due after one year through five years	9,058
Due after five years through ten years	696
Due after ten years	49,110
Debt Securities, Available-for-sale, Amortized Cost, Total	62,276	$ 78,849
AFS, Fair Value
Due in one year or less	3,402
Due after one year through five years	9,042
Due after five years through ten years	665
Due after ten years	42,860
Debt Securities, Available-for-sale, Total	55,969	67,366
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date
Debt Securities, Held-to-Maturity, Amortized Cost, Total	52,447	54,107
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value
Debt Securities, Held-to-Maturity, Fair Value	42,143	44,630
U.S. Treasury
AFS, Amortized Cost
Due in one year or less	3,361
Due after one year through five years	8,890
Due after five years through ten years	9
Due after ten years	31
Debt Securities, Available-for-sale, Amortized Cost, Total	12,291	10,511
AFS, Fair Value
Due in one year or less	3,352
Due after one year through five years	8,881
Due after five years through ten years	8
Due after ten years	25
Debt Securities, Available-for-sale, Total	12,266	10,041
GSE
AFS, Amortized Cost
Due in one year or less	2
Due after one year through five years	5
Due after five years through ten years	12
Due after ten years	361
Debt Securities, Available-for-sale, Amortized Cost, Total	380	393
AFS, Fair Value
Due in one year or less	2
Due after one year through five years	5
Due after five years through ten years	11
Due after ten years	326
Debt Securities, Available-for-sale, Total	344	362
Agency MBS – residential
AFS, Amortized Cost
Due in one year or less	0
Due after one year through five years	108
Due after five years through ten years	426
Due after ten years	45,712
Debt Securities, Available-for-sale, Amortized Cost, Total	46,246	60,989
AFS, Fair Value
Due in one year or less	0
Due after one year through five years	102
Due after five years through ten years	400
Due after ten years	40,141
Debt Securities, Available-for-sale, Total	40,643	51,289
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date
Due in one year or less	0
Due after one year through five years	0
Due after five years through ten years	0
Due after ten years	52,447
Debt Securities, Held-to-Maturity, Amortized Cost, Total	52,447	54,107
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value
Due in one year or less	0
Due after one year through five years	0
Due after five years through ten years	0
Due after ten years	42,143
Debt Securities, Held-to-Maturity, Fair Value	42,143	44,630
Agency MBS – commercial
AFS, Amortized Cost
Due in one year or less	0
Due after one year through five years	0
Due after five years through ten years	71
Due after ten years	2,851
Debt Securities, Available-for-sale, Amortized Cost, Total	2,922	2,817
AFS, Fair Value
Due in one year or less	0
Due after one year through five years	0
Due after five years through ten years	66
Due after ten years	2,221
Debt Securities, Available-for-sale, Total	2,287	2,248
States and political subdivisions
AFS, Amortized Cost
Due in one year or less	49
Due after one year through five years	48
Due after five years through ten years	168
Due after ten years	155
Debt Securities, Available-for-sale, Amortized Cost, Total	420	421
AFS, Fair Value
Due in one year or less	48
Due after one year through five years	47
Due after five years through ten years	170
Due after ten years	147
Debt Securities, Available-for-sale, Total	412	425
Non-agency MBS
AFS, Amortized Cost
Debt Securities, Available-for-sale, Amortized Cost, Total		3,698
AFS, Fair Value
Debt Securities, Available-for-sale, Total		2,981
Other
AFS, Amortized Cost
Due in one year or less	0
Due after one year through five years	7
Due after five years through ten years	10
Due after ten years	0
Debt Securities, Available-for-sale, Amortized Cost, Total	17	20
AFS, Fair Value
Due in one year or less	0
Due after one year through five years	7
Due after five years through ten years	10
Due after ten years	0
Debt Securities, Available-for-sale, Total	$ 17	$ 20

XML

Investment Securities - Gross Unrealized Losses and Fair Values of Investments in Continuous Unrealized Loss Positions (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
AFS securities, Fair Value
Less than 12 months	$ 11,246	$ 726
12 months or more	32,329	65,496
Total	43,575	66,222
AFS securities, Unrealized Losses
Less than 12 months	(40)	(8)
12 months or more	(6,303)	(11,497)
Total	(6,343)	(11,505)
U.S. Treasury
AFS securities, Fair Value
Less than 12 months	4,789	356
12 months or more	1,191	8,806
Total	5,980	9,162
AFS securities, Unrealized Losses
Less than 12 months	(3)	(2)
12 months or more	(31)	(470)
Total	(34)	(472)
GSE
AFS securities, Fair Value
Less than 12 months	7	16
12 months or more	255	255
Total	262	271
AFS securities, Unrealized Losses
Less than 12 months	0	0
12 months or more	(37)	(34)
Total	(37)	(34)
Agency MBS – residential
AFS securities, Fair Value
Less than 12 months	6,326	258
12 months or more	28,448	51,006
Total	34,774	51,264
AFS securities, Unrealized Losses
Less than 12 months	(37)	(4)
12 months or more	(5,580)	(9,696)
Total	(5,617)	(9,700)
Debt Securities, Held-to-Maturity, Fair Value
Less than 12 months	0	0
12 months or more	42,143	44,630
Total	42,143	44,630
Debt Securities, Held-To-Maturity, Unrealized Losses
Less than 12 months	0	0
12 months or more	(10,304)	(9,477)
Total	(10,304)	(9,477)
Agency MBS – commercial
AFS securities, Fair Value
Less than 12 months	114	61
12 months or more	2,168	2,185
Total	2,282	2,246
AFS securities, Unrealized Losses
Less than 12 months	0	(2)
12 months or more	(635)	(567)
Total	(635)	(569)
States and political subdivisions
AFS securities, Fair Value
Less than 12 months	10	35
12 months or more	260	243
Total	270	278
AFS securities, Unrealized Losses
Less than 12 months	0	0
12 months or more	(20)	(13)
Total	(20)	(13)
Non-agency MBS
AFS securities, Fair Value
Less than 12 months		0
12 months or more		2,981
Total		2,981
AFS securities, Unrealized Losses
Less than 12 months		0
12 months or more		(717)
Total		(717)
Other
AFS securities, Fair Value
Less than 12 months	0	0
12 months or more	7	20
Total	7	20
AFS securities, Unrealized Losses
Less than 12 months	0	0
12 months or more	0	0
Total	$ 0	$ 0

XML

Investments Securities - Gain (Loss) on Securities (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	[1]	Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023
Gain (Loss) on Securities [Line Items]
Recognized Pre Tax Gain Loss on Terminated Hedges				$ 485
Securities gains (losses)
Gain (Loss) on Securities [Line Items]
Gross realized losses(1)	$ (6,650)		$ 0	$ (6,650)	[1]	$ 0

[1] Includes $485 million pre-tax gain on terminated hedges for the three and six months ended June 30, 2024.

XML

Loans and ACL - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Financing Receivable
Unfunded lending commitments related to the modified obligations	$ 474	$ 474		$ 702
Loan Restructuring, Trial Modifications, Amount		48	$ 88
Commercial:
Financing Receivable
Allowance for Loan and Lease Losses, Period Increase (Decrease)	(16)	11
Consumer:
Financing Receivable
Allowance for Loan and Lease Losses, Period Increase (Decrease)	$ 2	$ (23)

XML

Loans and ACL - Aging Analysis of Loans and Leases (Details) - USD ($) $ in Millions	Jun. 30, 2024		Dec. 31, 2023
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 305,692		$ 312,061
Nonperforming	1,411		1,380
Loans and leases (including $14 and $15 at fair value, respectively)	305,692		312,061
Financial Asset, Not Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	302,001		308,176
Financing Receivables 30 To 89 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,791		1,971
Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	489		534
Commercial: | Commercial and industrial
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	156,400		160,788
Nonperforming	459		470
Loans and leases (including $14 and $15 at fair value, respectively)	156,400		160,788
Commercial: | Commercial and industrial | Financial Asset, Not Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	155,824		160,081
Commercial: | Commercial and industrial | Financing Receivables 30 To 89 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	109		230
Commercial: | Commercial and industrial | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	8		7
Commercial: | CRE
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	21,730		22,570
Nonperforming	360		284
Loans and leases (including $14 and $15 at fair value, respectively)	21,730		22,570
Commercial: | CRE | Financial Asset, Not Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	21,362		22,281
Commercial: | CRE | Financing Receivables 30 To 89 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	8		5
Commercial: | CRE | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	0		0
Commercial: | Commercial construction
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	7,787		6,683
Nonperforming	0		24
Loans and leases (including $14 and $15 at fair value, respectively)	7,787		6,683
Commercial: | Commercial construction | Financial Asset, Not Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	7,786		6,658
Commercial: | Commercial construction | Financing Receivables 30 To 89 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	0		0
Commercial: | Commercial construction | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	1		1
Consumer: | Residential mortgage
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	54,344		55,492
Nonperforming	161		153
Loans and leases (including $14 and $15 at fair value, respectively)	54,344		55,492
Consumer: | Residential mortgage | Financial Asset, Not Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	53,049		54,261
Consumer: | Residential mortgage | Financing Receivables 30 To 89 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	732		639
Consumer: | Residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	402	[1]	439	[2]
Consumer: | Residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | Loans Insured or Guaranteed by US Government Authorities
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	375		418
Consumer: | Home equity
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	9,772		10,053
Nonperforming	123		122
Loans and leases (including $14 and $15 at fair value, respectively)	9,772		10,053
Consumer: | Home equity | Financial Asset, Not Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	9,584		9,850
Consumer: | Home equity | Financing Receivables 30 To 89 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	58		70
Consumer: | Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	7		11
Consumer: | Indirect auto
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	21,994		22,727
Nonperforming	244		268
Loans and leases (including $14 and $15 at fair value, respectively)	21,994		22,727
Consumer: | Indirect auto | Financial Asset, Not Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	21,157		21,788
Consumer: | Indirect auto | Financing Receivables 30 To 89 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	592		669
Consumer: | Indirect auto | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	1		2
Consumer: | Other consumer
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	28,677		28,647
Nonperforming	64		59
Loans and leases (including $14 and $15 at fair value, respectively)	28,677		28,647
Consumer: | Other consumer | Financial Asset, Not Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	28,380		28,296
Consumer: | Other consumer | Financing Receivables 30 To 89 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	214		271
Consumer: | Other consumer | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	19		21
Credit card
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	4,988		5,101
Nonperforming	0		0
Loans and leases (including $14 and $15 at fair value, respectively)	4,988		5,101
Credit card | Financial Asset, Not Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	4,859		4,961
Credit card | Financing Receivables 30 To 89 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	78		87
Credit card | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 51		$ 53

[1] (1)Includes government guaranteed loans of $375 million in the residential mortgage portfolio.

[2] (1)Includes government guaranteed loans of $418 million in the residential mortgage portfolio.

XML

Loans and ACL - Credit Quality Indicator (Details) - USD ($) $ in Millions		6 Months Ended		12 Months Ended
		Jun. 30, 2024		Dec. 31, 2023
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		$ 305,692		$ 312,061
Financing Receivable, Year One, Originated, Current Fiscal Year		24,271		51,157
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		41,085		69,070
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		60,069		46,645
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		41,333		21,777
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		19,004		15,217
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		40,445		30,986
Revolving Credit		76,153		73,675
Loans Converted to Term		3,627		3,821
Other(1)		(295)	[1]	(287)
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff		33		142
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff		230		503
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff		315		349
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff		98		150
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff		68		128
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff		167		279
Finance Receivable, Revolving, Writeoff		220		366
Financing Receivable, Revolving, Converted to Term Loan, Writeoff		4		3
Finance Receivable, Adjustments and Suspense, Writeoff		0		0
Financing Receivable, Allowance for Credit Loss, Writeoff		1,135		1,920
Financial Asset, Not Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		302,001		308,176
Financing Receivables 30 To 89 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		1,791		1,971
Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		489		534
Commercial: | Commercial and industrial
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		156,400		160,788
Financing Receivable, Year One, Originated, Current Fiscal Year		12,511		28,314
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		21,190		31,244
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		25,463		16,767
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		14,278		8,890
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		7,663		6,286
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		15,985		12,134
Revolving Credit		59,581		57,364
Loans Converted to Term		0		0
Other(1)		(271)	[1]	(211)
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff		6		20
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff		65		72
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff		39		126
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff		7		21
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff		5		5
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff		5		35
Finance Receivable, Revolving, Writeoff		53		111
Financing Receivable, Revolving, Converted to Term Loan, Writeoff				0
Finance Receivable, Adjustments and Suspense, Writeoff				0
Financing Receivable, Allowance for Credit Loss, Writeoff		180		390
Commercial: | Commercial and industrial | Financial Asset, Not Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		155,824		160,081
Commercial: | Commercial and industrial | Financing Receivables 30 To 89 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		109		230
Commercial: | Commercial and industrial | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		8		7
Commercial: | Commercial and industrial | Pass
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		149,035		153,104
Financing Receivable, Year One, Originated, Current Fiscal Year		12,060		26,836
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		19,581		29,877
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		24,237		15,683
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		13,427		8,436
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		7,316		5,918
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		15,212		11,539
Revolving Credit		57,473		55,026
Loans Converted to Term		0		0
Other(1)		(271)	[1]	(211)
Commercial: | Commercial and industrial | Special mention
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		2,789		3,257
Financing Receivable, Year One, Originated, Current Fiscal Year		188		688
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		720		623
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		431		557
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		366		152
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		117		37
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		187		197
Revolving Credit		780		1,003
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Commercial: | Commercial and industrial | Substandard
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		4,117		3,957
Financing Receivable, Year One, Originated, Current Fiscal Year		249		754
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		755		628
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		736		428
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		437		290
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		203		289
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		548		367
Revolving Credit		1,189		1,201
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Commercial: | Commercial and industrial | Nonperforming
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		459		470
Financing Receivable, Year One, Originated, Current Fiscal Year		14		36
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		134		116
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		59		99
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		48		12
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		27		42
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		38		31
Revolving Credit		139		134
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Commercial: | CRE
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		21,730		22,570
Financing Receivable, Year One, Originated, Current Fiscal Year		1,272		4,206
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		3,592		5,648
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		5,143		3,009
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		2,634		2,062
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		2,085		3,433
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		5,352		3,005
Revolving Credit		1,670		1,277
Loans Converted to Term		0		0
Other(1)		(18)	[1]	(70)
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff		0		0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff		11		58
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff		74		10
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff		0		20
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff		18		29
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff		97		47
Finance Receivable, Revolving, Writeoff		0		2
Financing Receivable, Revolving, Converted to Term Loan, Writeoff		0		0
Finance Receivable, Adjustments and Suspense, Writeoff		0		0
Financing Receivable, Allowance for Credit Loss, Writeoff		200		166
Commercial: | CRE | Financial Asset, Not Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		21,362		22,281
Commercial: | CRE | Financing Receivables 30 To 89 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		8		5
Commercial: | CRE | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		0		0
Commercial: | CRE | Pass
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		18,800		19,875
Financing Receivable, Year One, Originated, Current Fiscal Year		925		3,760
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		3,052		4,931
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		4,387		2,651
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		2,344		1,903
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		1,882		2,813
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		4,656		2,666
Revolving Credit		1,572		1,221
Loans Converted to Term		0		0
Other(1)		(18)	[1]	(70)
Commercial: | CRE | Special mention
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		1,289		959
Financing Receivable, Year One, Originated, Current Fiscal Year		202		185
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		212		315
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		484		140
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		29		79
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		6		203
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		258		37
Revolving Credit		98		0
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Commercial: | CRE | Substandard
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		1,281		1,452
Financing Receivable, Year One, Originated, Current Fiscal Year		144		259
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		325		350
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		160		190
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		258		65
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		146		243
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		248		289
Revolving Credit		0		56
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Commercial: | CRE | Nonperforming
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		360		284
Financing Receivable, Year One, Originated, Current Fiscal Year		1		2
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		3		52
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		112		28
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		3		15
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		51		174
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		190		13
Revolving Credit		0		0
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Commercial: | Commercial construction
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		7,787		6,683
Financing Receivable, Year One, Originated, Current Fiscal Year		325		1,056
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		1,500		2,485
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		3,042		1,605
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		1,473		461
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		187		90
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		170		125
Revolving Credit		1,090		861
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff				0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff				5
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff				0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff				0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff				0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff				0
Finance Receivable, Revolving, Writeoff				0
Financing Receivable, Revolving, Converted to Term Loan, Writeoff				0
Finance Receivable, Adjustments and Suspense, Writeoff				0
Financing Receivable, Allowance for Credit Loss, Writeoff				5
Commercial: | Commercial construction | Financial Asset, Not Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		7,786		6,658
Commercial: | Commercial construction | Financing Receivables 30 To 89 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		0		0
Commercial: | Commercial construction | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		1		1
Commercial: | Commercial construction | Pass
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		6,724		5,936
Financing Receivable, Year One, Originated, Current Fiscal Year		318		1,029
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		1,415		2,196
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		2,507		1,370
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		1,209		287
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		109		89
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		170		125
Revolving Credit		996		840
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Commercial: | Commercial construction | Special mention
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		688		430
Financing Receivable, Year One, Originated, Current Fiscal Year		2		3
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		60		218
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		362		208
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		217		0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		43		0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		0		0
Revolving Credit		4		1
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Commercial: | Commercial construction | Substandard
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		375		293
Financing Receivable, Year One, Originated, Current Fiscal Year		5		24
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		25		48
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		173		27
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		47		174
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		35		0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		0		0
Revolving Credit		90		20
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Commercial: | Commercial construction | Nonperforming
Financing Receivable
Financing Receivable, before Allowance for Credit Loss				24
Financing Receivable, Year One, Originated, Current Fiscal Year				0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year				23
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year				0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year				0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year				1
Financing Receivable, Originated, More than Five Years before Current Fiscal Year				0
Revolving Credit				0
Loans Converted to Term				0
Other(1)				0
Consumer: | Residential mortgage
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		54,344		55,492
Financing Receivable, Year One, Originated, Current Fiscal Year		935		2,863
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		2,899		13,562
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		13,199		16,590
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		16,076		5,814
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		5,590		2,903
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		15,645		13,760
Revolving Credit		0		0
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff		0		0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff		0		0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff		0		2
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff		0		1
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff		0		1
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff		2		6
Finance Receivable, Revolving, Writeoff		0		0
Financing Receivable, Revolving, Converted to Term Loan, Writeoff		0		0
Finance Receivable, Adjustments and Suspense, Writeoff		0		0
Financing Receivable, Allowance for Credit Loss, Writeoff		2		10
Consumer: | Residential mortgage | Financial Asset, Not Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		53,049		54,261
Financing Receivable, Year One, Originated, Current Fiscal Year		922		2,846
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		2,857		13,481
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		13,085		16,509
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		15,963		5,738
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		5,513		2,822
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		14,709		12,865
Revolving Credit		0		0
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Consumer: | Residential mortgage | Financing Receivables 30 To 89 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		732		639
Financing Receivable, Year One, Originated, Current Fiscal Year		13		10
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		14		52
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		68		43
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		67		38
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		46		40
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		524		456
Revolving Credit		0		0
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Consumer: | Residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		402	[2]	439	[3]
Financing Receivable, Year One, Originated, Current Fiscal Year		0		7
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		25		22
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		34		25
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		23		31
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		25		28
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		295		326
Revolving Credit		0		0
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Consumer: | Residential mortgage | Nonperforming
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		161		153
Financing Receivable, Year One, Originated, Current Fiscal Year		0		0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		3		7
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		12		13
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		23		7
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		6		13
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		117		113
Revolving Credit		0		0
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Consumer: | Home equity
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		9,772		10,053
Financing Receivable, Year One, Originated, Current Fiscal Year		0		0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		0		0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		0		0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		0		0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		0		0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		0		0
Revolving Credit		6,188		6,271
Loans Converted to Term		3,584		3,782
Other(1)		0	[1]	0
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff		0		0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff		0		0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff		0		0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff		0		0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff		0		0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff		0		0
Finance Receivable, Revolving, Writeoff		6		10
Financing Receivable, Revolving, Converted to Term Loan, Writeoff		0		0
Finance Receivable, Adjustments and Suspense, Writeoff		0		0
Financing Receivable, Allowance for Credit Loss, Writeoff		6		10
Consumer: | Home equity | Financial Asset, Not Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		9,584		9,850
Financing Receivable, Year One, Originated, Current Fiscal Year		0		0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		0		0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		0		0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		0		0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		0		0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		0		0
Revolving Credit		6,103		6,175
Loans Converted to Term		3,481		3,675
Other(1)		0	[1]	0
Consumer: | Home equity | Financing Receivables 30 To 89 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		58		70
Financing Receivable, Year One, Originated, Current Fiscal Year		0		0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		0		0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		0		0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		0		0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		0		0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		0		0
Revolving Credit		38		47
Loans Converted to Term		20		23
Other(1)		0	[1]	0
Consumer: | Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		7		11
Financing Receivable, Year One, Originated, Current Fiscal Year		0		0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		0		0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		0		0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		0		0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		0		0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		0		0
Revolving Credit		5		7
Loans Converted to Term		2		4
Other(1)		0	[1]	0
Consumer: | Home equity | Nonperforming
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		123		122
Financing Receivable, Year One, Originated, Current Fiscal Year		0		0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		0		0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		0		0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		0		0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		0		0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		0		0
Revolving Credit		42		42
Loans Converted to Term		81		80
Other(1)		0	[1]	0
Consumer: | Indirect auto
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		21,994		22,727
Financing Receivable, Year One, Originated, Current Fiscal Year		3,968		4,714
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		3,961		8,348
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		6,837		4,903
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		3,876		2,604
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		1,939		1,434
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		1,422		733
Revolving Credit		0		0
Loans Converted to Term		0		0
Other(1)		(9)	[1]	(9)
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff		1		25
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff		51		202
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff		116		118
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff		50		58
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff		25		59
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff		47		69
Finance Receivable, Revolving, Writeoff		0		0
Financing Receivable, Revolving, Converted to Term Loan, Writeoff		0		0
Finance Receivable, Adjustments and Suspense, Writeoff		0		0
Financing Receivable, Allowance for Credit Loss, Writeoff		290		531
Consumer: | Indirect auto | Financial Asset, Not Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		21,157		21,788
Financing Receivable, Year One, Originated, Current Fiscal Year		3,944		4,611
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		3,821		8,049
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		6,578		4,689
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		3,700		2,479
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		1,841		1,330
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		1,282		639
Revolving Credit		0		0
Loans Converted to Term		0		0
Other(1)		(9)	[1]	(9)
Consumer: | Indirect auto | Financing Receivables 30 To 89 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		592		669
Financing Receivable, Year One, Originated, Current Fiscal Year		22		83
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		103		213
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		183		150
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		120		86
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		67		71
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		97		66
Revolving Credit		0		0
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Consumer: | Indirect auto | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		1		2
Financing Receivable, Year One, Originated, Current Fiscal Year		0		0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		0		1
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		1		1
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		0		0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		0		0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		0		0
Revolving Credit		0		0
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Consumer: | Indirect auto | Nonperforming
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		244		268
Financing Receivable, Year One, Originated, Current Fiscal Year		2		20
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		37		85
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		75		63
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		56		39
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		31		33
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		43		28
Revolving Credit		0		0
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Consumer: | Other consumer
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		28,677		28,647
Financing Receivable, Year One, Originated, Current Fiscal Year		5,260		10,004
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		7,943		7,783
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		6,385		3,771
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		2,996		1,946
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		1,540		1,071
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		1,871		1,229
Revolving Credit		2,660		2,825
Loans Converted to Term		19		15
Other(1)		3	[1]	3
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff		26		97
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff		103		166
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff		86		93
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff		41		50
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff		20		34
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff		16		14
Finance Receivable, Revolving, Writeoff		14		23
Financing Receivable, Revolving, Converted to Term Loan, Writeoff		0		0
Finance Receivable, Adjustments and Suspense, Writeoff		0		0
Financing Receivable, Allowance for Credit Loss, Writeoff		306		477
Consumer: | Other consumer | Financial Asset, Not Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		28,380		28,296
Financing Receivable, Year One, Originated, Current Fiscal Year		5,237		9,903
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		7,856		7,676
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		6,297		3,715
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		2,957		1,914
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		1,520		1,049
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		1,841		1,207
Revolving Credit		2,652		2,816
Loans Converted to Term		17		13
Other(1)		3	[1]	3
Consumer: | Other consumer | Financing Receivables 30 To 89 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		214		271
Financing Receivable, Year One, Originated, Current Fiscal Year		20		86
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		64		85
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		66		41
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		26		23
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		13		16
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		17		12
Revolving Credit		6		7
Loans Converted to Term		2		1
Other(1)		0	[1]	0
Consumer: | Other consumer | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		19		21
Financing Receivable, Year One, Originated, Current Fiscal Year		2		9
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		10		8
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		5		1
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		0		1
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		0		0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		0		0
Revolving Credit		2		2
Loans Converted to Term		0		0
Other(1)		0	[1]	0
Consumer: | Other consumer | Nonperforming
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		64		59
Financing Receivable, Year One, Originated, Current Fiscal Year		1		6
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		13		14
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		17		14
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		13		8
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		7		6
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		13		10
Revolving Credit		0		0
Loans Converted to Term		0		1
Other(1)		0	[1]	0
Consumer: | Student
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff	[4]			0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	[4]			0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	[4]			0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	[4]			0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	[4]			0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff	[4]			108
Finance Receivable, Revolving, Writeoff	[4]			0
Financing Receivable, Revolving, Converted to Term Loan, Writeoff	[4]			0
Finance Receivable, Adjustments and Suspense, Writeoff	[4]			0
Financing Receivable, Allowance for Credit Loss, Writeoff	[4]			108
Charge-offs related to the sale				98
Credit card
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		4,988		5,101
Financing Receivable, Year One, Originated, Current Fiscal Year		0		0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		0		0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		0		0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		0		0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		0		0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		0		0
Revolving Credit		4,964		5,077
Loans Converted to Term		24		24
Other(1)		0	[1]	0
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff		0		0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff		0		0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff		0		0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff		0		0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff		0		0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff		0		0
Finance Receivable, Revolving, Writeoff		147		220
Financing Receivable, Revolving, Converted to Term Loan, Writeoff		4		3
Finance Receivable, Adjustments and Suspense, Writeoff		0		0
Financing Receivable, Allowance for Credit Loss, Writeoff		151		223
Credit card | Financial Asset, Not Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		4,859		4,961
Financing Receivable, Year One, Originated, Current Fiscal Year		0		0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		0		0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		0		0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		0		0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		0		0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		0		0
Revolving Credit		4,838		4,942
Loans Converted to Term		21		19
Other(1)		0	[1]	0
Credit card | Financing Receivables 30 To 89 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		78		87
Financing Receivable, Year One, Originated, Current Fiscal Year		0		0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		0		0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		0		0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		0		0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		0		0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		0		0
Revolving Credit		76		84
Loans Converted to Term		2		3
Other(1)		0	[1]	0
Credit card | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable
Financing Receivable, before Allowance for Credit Loss		51		53
Financing Receivable, Year One, Originated, Current Fiscal Year		0		0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		0		0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		0		0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		0		0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		0		0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		0		0
Revolving Credit		50		51
Loans Converted to Term		1		2
Other(1)		$ 0	[1]	$ 0

[1] (1)Includes certain deferred fees and costs and other adjustments.

[2] (1)Includes government guaranteed loans of $375 million in the residential mortgage portfolio.

[3] (1)Includes government guaranteed loans of $418 million in the residential mortgage portfolio.

[4] Truist sold its student loan portfolio at the end of the second quarter of 2023. Charge-offs include $98 million related to the sale.

XML

Loans and ACL - Allowance for Credit Losses (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2024		Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses		$ 451		$ 538	$ 951		$ 1,040
Commercial: | Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		1,360		1,497	1,404		1,409
Charge-Offs		(83)		(107)	(180)		(182)
Recoveries		14		13	46		26
Provision for credit losses		46		133	68		284
Allowance for Loan and Lease Losses, Adjustments, Other		1	[1]	0	0	[1]	(1)	[1]
Ending balance		1,338		1,536	1,338		1,536
Commercial: | CRE
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		663		251	616		224
Charge-Offs		(97)		(35)	(200)		(41)
Recoveries		5		0	12		1
Provision for credit losses		90		186	233		218
Allowance for Loan and Lease Losses, Adjustments, Other		0	[1]	0	0	[1]	0	[1]
Ending balance		661		402	661		402
Commercial: | Commercial construction
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		198		87	174		46
Charge-Offs		0		0	0		0
Recoveries		1		0	1		1
Provision for credit losses		7		22	31		62
Allowance for Loan and Lease Losses, Adjustments, Other		0	[1]	0	0	[1]	0	[1]
Ending balance		206		109	206		109
Consumer: | Residential mortgage
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		222		332	298		399
Charge-Offs		(1)		(1)	(2)		(2)
Recoveries		2		2	3		4
Provision for credit losses		(18)		(13)	(94)		0
Allowance for Loan and Lease Losses, Adjustments, Other		0	[1]	0	0	[1]	(81)	[1]
Ending balance		205		320	205		320
Consumer: | Home equity
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		90		87	89		90
Charge-Offs		(3)		(2)	(6)		(4)
Recoveries		4		5	9		11
Provision for credit losses		(3)		(5)	(4)		(12)
Allowance for Loan and Lease Losses, Adjustments, Other		0	[1]	0	0	[1]	0	[1]
Ending balance		88		85	88		85
Consumer: | Indirect auto
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		923		993	942		981
Charge-Offs		(136)		(115)	(290)		(242)
Recoveries		30		31	58		57
Provision for credit losses		128		72	235		172
Allowance for Loan and Lease Losses, Adjustments, Other		0	[1]	0	0	[1]	13	[1]
Ending balance		945		981	945		981
Consumer: | Other consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		959		779	890		770
Charge-Offs		(141)		(104)	(306)		(209)
Recoveries		28		20	56		37
Provision for credit losses		112		113	318		211
Allowance for Loan and Lease Losses, Adjustments, Other		0	[1]	0	0	[1]	(1)	[1]
Ending balance		958		808	958		808
Consumer: | Student
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance				98			98	[2]
Charge-Offs				(103)			(108)	[2]
Recoveries				0			0	[2]
Provision for credit losses				5			10	[2]
Allowance for Loan and Lease Losses, Adjustments, Other				0			0	[1],[2]
Ending balance	[2]			0			0
Credit card
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		388		355	385		360
Charge-Offs		(74)		(53)	(151)		(104)
Recoveries		9		9	18		18
Provision for credit losses		84		54	155		94
Allowance for Loan and Lease Losses, Adjustments, Other		0	[1]	0	0	[1]	(3)	[1]
Ending balance		407		365	407		365
ALLL
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		4,803		4,479	4,798		4,377
Charge-Offs		(535)		(520)	(1,135)		(892)
Recoveries		93		80	203		155
Provision for credit losses		446		567	942		1,039
Allowance for Loan and Lease Losses, Adjustments, Other		1	[1]	0	0	[1]	(73)	[1]
Ending balance		4,808		4,606	4,808		4,606
RUFC
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		297		282	295		272
Charge-Offs		0		0	0		0
Recoveries		0		0	0		0
Provision for credit losses		5		(9)	9		1
Allowance for Loan and Lease Losses, Adjustments, Other		0	[1]	0	(2)	[1]	0	[1]
Ending balance		302		273	302		273
ACL
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		5,100		4,761	5,093		4,649
Charge-Offs		(535)		(520)	(1,135)		(892)
Recoveries		93		80	203		155
Provision for credit losses		451		558	951		1,040
Allowance for Loan and Lease Losses, Adjustments, Other		1	[1]	0	(2)	[1]	(73)	[1]
Ending balance		$ 5,110		$ 4,879	$ 5,110		$ 4,879

[1] Includes the amounts for the ALLL for PCD acquisitions, the impact of adopting the Troubled Debt Restructurings and Vintage Disclosures accounting standard, and other activity.

[2] Truist sold its student loan portfolio at the end of the second quarter of 2023.

XML

Loans and ACL - Nonperforming Loans (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Nonperforming [Line Items]
Recorded Investment Without an ALLL	$ 205	$ 299
Recorded Investment With an ALLL	1,206	1,081
Commercial: | Commercial and industrial
Financing Receivable, Nonperforming [Line Items]
Recorded Investment Without an ALLL	92	123
Recorded Investment With an ALLL	367	347
Commercial: | CRE
Financing Receivable, Nonperforming [Line Items]
Recorded Investment Without an ALLL	83	154
Recorded Investment With an ALLL	277	130
Commercial: | Commercial construction
Financing Receivable, Nonperforming [Line Items]
Recorded Investment Without an ALLL	0	0
Recorded Investment With an ALLL	0	24
Consumer: | Residential mortgage
Financing Receivable, Nonperforming [Line Items]
Recorded Investment Without an ALLL	1	1
Recorded Investment With an ALLL	160	152
Consumer: | Home equity
Financing Receivable, Nonperforming [Line Items]
Recorded Investment Without an ALLL	1	1
Recorded Investment With an ALLL	122	121
Consumer: | Indirect auto
Financing Receivable, Nonperforming [Line Items]
Recorded Investment Without an ALLL	28	20
Recorded Investment With an ALLL	216	248
Consumer: | Other consumer
Financing Receivable, Nonperforming [Line Items]
Recorded Investment Without an ALLL	0	0
Recorded Investment With an ALLL	$ 64	$ 59

XML

Loans and ACL - Summary of Nonperforming Assets and Residential Mortgage Loans in the Process of Foreclosure (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable
Nonperforming	$ 1,411	$ 1,380
Foreclosed real estate	5	3
Other foreclosed property	51	54
Total nonperforming assets	1,476	1,488
Residential mortgage loans in the process of foreclosure	184	214
LHFS
Financing Receivable
Nonperforming	$ 9	$ 51

XML

Loans and ACL - Summary of Loan Modifications (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	0.36%	0.24%	0.63%	0.42%
Financing Receivable, Modified in Period, Amount	$ 1,102	$ 769	$ 1,921	$ 1,365
Financing Receivable, Modified, Accumulated	2,846		2,846		$ 2,877
Renewals
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	234	316	536	641
Term Extensions
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	41	37	75	74
Capitalizations
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	14	39	26	69
Payment Delays
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	667	198	1,025	269
Combination - Interest Rate Adjustment and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	5	53	14	63
Combination - Capitalization and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	59	89	112	180
Combination - Capitalization, Interest Rate and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	14	18	23	37
Other
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	$ 68	$ 19	$ 110	$ 32
Commercial: | Commercial and industrial
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	0.16%	0.20%	0.25%	0.34%
Financing Receivable, Modified in Period, Amount	$ 250	$ 330	$ 390	$ 564
Financing Receivable, Modified, Accumulated	759		759		1,027
Commercial: | Commercial and industrial | Renewals
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	198	265	321	499
Commercial: | Commercial and industrial | Term Extensions
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Commercial: | Commercial and industrial | Capitalizations
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Commercial: | Commercial and industrial | Payment Delays
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	21	2	21
Commercial: | Commercial and industrial | Combination - Interest Rate Adjustment and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	44	0	44
Commercial: | Commercial and industrial | Combination - Capitalization and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Commercial: | Commercial and industrial | Combination - Capitalization, Interest Rate and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Commercial: | Commercial and industrial | Other
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	$ 52	$ 0	$ 67	$ 0
Commercial: | CRE
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	0.14%	0.21%	0.84%	0.82%
Financing Receivable, Modified in Period, Amount	$ 31	$ 49	$ 183	$ 187
Financing Receivable, Modified, Accumulated	225		225		245
Commercial: | CRE | Renewals
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	31	49	170	139
Commercial: | CRE | Term Extensions
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Commercial: | CRE | Capitalizations
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Commercial: | CRE | Payment Delays
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	48
Commercial: | CRE | Combination - Interest Rate Adjustment and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Commercial: | CRE | Combination - Capitalization and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Commercial: | CRE | Combination - Capitalization, Interest Rate and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Commercial: | CRE | Other
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	$ 0	$ 0	$ 13	$ 0
Commercial: | Commercial construction
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	0.06%	0.03%	0.58%	0.05%
Financing Receivable, Modified in Period, Amount	$ 5	$ 2	$ 45	$ 3
Financing Receivable, Modified, Accumulated	72		72		22
Commercial: | Commercial construction | Renewals
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	5	2	45	3
Commercial: | Commercial construction | Term Extensions
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Commercial: | Commercial construction | Capitalizations
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Commercial: | Commercial construction | Payment Delays
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Commercial: | Commercial construction | Combination - Interest Rate Adjustment and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Commercial: | Commercial construction | Combination - Capitalization and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Commercial: | Commercial construction | Combination - Capitalization, Interest Rate and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Commercial: | Commercial construction | Other
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	$ 0	$ 0	$ 0	$ 0
Consumer: | Residential mortgage
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	0.25%	0.38%	0.44%	0.71%
Financing Receivable, Modified in Period, Amount	$ 137	$ 213	$ 239	$ 403
Financing Receivable, Modified, Accumulated	507		507		633
Consumer: | Residential mortgage | Renewals
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Consumer: | Residential mortgage | Term Extensions
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	24	25	43	53
Consumer: | Residential mortgage | Capitalizations
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	14	39	26	69
Consumer: | Residential mortgage | Payment Delays
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	25	36	33	54
Consumer: | Residential mortgage | Combination - Interest Rate Adjustment and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	1	0	2
Consumer: | Residential mortgage | Combination - Capitalization and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	59	89	112	180
Consumer: | Residential mortgage | Combination - Capitalization, Interest Rate and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	14	18	23	37
Consumer: | Residential mortgage | Other
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	$ 1	$ 5	$ 2	$ 8
Consumer: | Home equity
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	0.03%	0.04%	0.06%	0.07%
Financing Receivable, Modified in Period, Amount	$ 3	$ 4	$ 6	$ 7
Financing Receivable, Modified, Accumulated	12		12		11
Consumer: | Home equity | Renewals
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Consumer: | Home equity | Term Extensions
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	1	0	1	0
Consumer: | Home equity | Capitalizations
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Consumer: | Home equity | Payment Delays
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Consumer: | Home equity | Combination - Interest Rate Adjustment and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	2	3	5	5
Consumer: | Home equity | Combination - Capitalization and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Consumer: | Home equity | Combination - Capitalization, Interest Rate and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Consumer: | Home equity | Other
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	$ 0	$ 1	$ 0	$ 2
Consumer: | Indirect auto
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	2.98%	0.62%	4.62%	0.69%
Financing Receivable, Modified in Period, Amount	$ 655	$ 159	$ 1,016	$ 177
Financing Receivable, Modified, Accumulated	1,214		1,214		898
Consumer: | Indirect auto | Renewals
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Consumer: | Indirect auto | Term Extensions
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	6	7	12	12
Consumer: | Indirect auto | Capitalizations
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Consumer: | Indirect auto | Payment Delays
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	642	141	989	145
Consumer: | Indirect auto | Combination - Interest Rate Adjustment and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	3	4	8	9
Consumer: | Indirect auto | Combination - Capitalization and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Consumer: | Indirect auto | Combination - Capitalization, Interest Rate and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Consumer: | Indirect auto | Other
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	$ 4	$ 7	$ 7	$ 11
Consumer: | Other consumer
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	0.04%	0.02%	0.08%	0.05%
Financing Receivable, Modified in Period, Amount	$ 11	$ 7	$ 22	$ 15
Financing Receivable, Modified, Accumulated	32		32		25
Consumer: | Other consumer | Renewals
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Consumer: | Other consumer | Term Extensions
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	10	5	19	9
Consumer: | Other consumer | Capitalizations
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Consumer: | Other consumer | Payment Delays
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	1	1
Consumer: | Other consumer | Combination - Interest Rate Adjustment and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	1	1	3
Consumer: | Other consumer | Combination - Capitalization and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Consumer: | Other consumer | Combination - Capitalization, Interest Rate and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Consumer: | Other consumer | Other
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	$ 1	$ 1	$ 1	$ 2
Credit card
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	0.20%	0.10%	0.40%	0.19%
Financing Receivable, Modified in Period, Amount	$ 10	$ 5	$ 20	$ 9
Financing Receivable, Modified, Accumulated	25		25		$ 16
Credit card | Renewals
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Credit card | Term Extensions
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Credit card | Capitalizations
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Credit card | Payment Delays
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Credit card | Combination - Interest Rate Adjustment and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Credit card | Combination - Capitalization and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Credit card | Combination - Capitalization, Interest Rate and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	0	0	0	0
Credit card | Other
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified in Period, Amount	$ 10	$ 5	$ 20	$ 9

XML

Loans and ACL - Summary of Modifications' Financial Effect (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 Rate	Jun. 30, 2023 Rate	Jun. 30, 2024 Rate	Jun. 30, 2023 Rate
Commercial: | Commercial and industrial | Renewals
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification	28 months	5 months	22 months	5 months
Financing Receivable, Modified, Weighted Average Interest Rate Increase from Modification	0.05%	0.30%	0.20%	0.30%
Commercial: | Commercial and industrial | Term Extensions
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification				3 months
Commercial: | Commercial and industrial | Payment Delays
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification		189 days	97 days	189 days
Commercial: | Commercial and industrial | Combination - Interest Rate Adjustment and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification		76 months		76 months
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification		3.00%		3.00%
Commercial: | CRE | Renewals
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification	15 months	11 months	8 months	10 months
Financing Receivable, Modified, Weighted Average Interest Rate Increase from Modification	0.01%		0.27%	0.10%
Commercial: | CRE | Payment Delays
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification				232 days
Commercial: | Commercial construction | Renewals
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification	10 months	2 months	12 months	3 months
Financing Receivable, Modified, Weighted Average Interest Rate Increase from Modification	0.80%		0.10%
Consumer: | Residential mortgage | Term Extensions
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification	103 months	145 months	105 months	151 months
Consumer: | Residential mortgage | Payment Delays
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification	198 days	214 days	198 days	209 days
Consumer: | Residential mortgage | Combination - Interest Rate Adjustment and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification		123 months		114 months
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification		1.00%		0.40%
Consumer: | Residential mortgage | Combination - Capitalization and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification	82 months	103 months	83 months	107 months
Consumer: | Residential mortgage | Combination - Capitalization, Interest Rate and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification	142 months	169 months	139 months	125 months
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification	0.80%	0.10%	0.70%	0.10%
Consumer: | Home equity | Term Extensions
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification	170 months		161 months
Consumer: | Home equity | Combination - Interest Rate Adjustment and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification	282 months	169 months	278 months	229 months
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification	3.00%	3.00%	3.00%	3.00%
Consumer: | Indirect auto | Term Extensions
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification	26 months	22 months	26 months	22 months
Consumer: | Indirect auto | Payment Delays
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification	193 days	125 days	186 days	125 days
Consumer: | Indirect auto | Combination - Interest Rate Adjustment and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification	13 months	10 months	15 months	11 months
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification	4.00%	7.00%	4.00%	7.00%
Consumer: | Other consumer | Term Extensions
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification	22 months	24 months	24 months	24 months
Consumer: | Other consumer | Payment Delays
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification			157 days	151 days
Consumer: | Other consumer | Combination - Interest Rate Adjustment and Term Extension
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification		26 months	57 months	63 months
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification		1.00%	0.21%	2.00%

XML

Loans and ACL - Delinquency Status of Loans that Were Modified During the Period (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	$ 2,846	$ 2,877
Financial Asset, Not Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	2,342	2,345
Financing Receivables 30 To 89 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	302	327
Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	202	205
Nonperforming
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	358	377
Nonperforming | Financial Asset, Not Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	166	155
Nonperforming | Financing Receivables 30 To 89 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	49	85
Nonperforming | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	143	137
Commercial: | Commercial and industrial
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	759	1,027
Commercial: | Commercial and industrial | Financial Asset, Not Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	692	887
Commercial: | Commercial and industrial | Financing Receivables 30 To 89 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	12	48
Commercial: | Commercial and industrial | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	55	92
Commercial: | CRE
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	225	245
Commercial: | CRE | Financial Asset, Not Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	213	233
Commercial: | CRE | Financing Receivables 30 To 89 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	10	11
Commercial: | CRE | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	2	1
Commercial: | Commercial construction
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	72	22
Commercial: | Commercial construction | Financial Asset, Not Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	72	22
Commercial: | Commercial construction | Financing Receivables 30 To 89 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	0	0
Commercial: | Commercial construction | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	0	0
Consumer: | Residential mortgage
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	507	633
Consumer: | Residential mortgage | Financial Asset, Not Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	326	427
Consumer: | Residential mortgage | Financing Receivables 30 To 89 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	88	116
Consumer: | Residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	93	90
Consumer: | Home equity
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	12	11
Consumer: | Home equity | Financial Asset, Not Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	12	11
Consumer: | Home equity | Financing Receivables 30 To 89 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	0	0
Consumer: | Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	0	0
Consumer: | Indirect auto
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	1,214	898
Consumer: | Indirect auto | Financial Asset, Not Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	979	730
Consumer: | Indirect auto | Financing Receivables 30 To 89 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	185	148
Consumer: | Indirect auto | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	50	20
Consumer: | Other consumer
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	32	25
Consumer: | Other consumer | Financial Asset, Not Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	30	24
Consumer: | Other consumer | Financing Receivables 30 To 89 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	2	1
Consumer: | Other consumer | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	0	0
Credit card
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	25	16
Credit card | Financial Asset, Not Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	18	11
Credit card | Financing Receivables 30 To 89 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	5	3
Credit card | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Modified
Financing Receivable, Modified, Accumulated	$ 2	$ 2

XML

Loans and ACL - Loans Modified During Period That Were in Payment Default (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	$ 202	$ 205
Renewals
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	57	73
Term Extensions
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	15	14
Capitalizations
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	8	6
Payment Delays
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	86	71
Combination - Capitalization and Term Extension
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	29	31
Combination - Capitalization, Interest Rate and Term Extension
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	4	5
Other
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	3	5
Commercial: | Commercial and industrial
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	55	92
Commercial: | Commercial and industrial | Renewals
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	55	72
Commercial: | Commercial and industrial | Term Extensions
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Commercial: | Commercial and industrial | Capitalizations
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Commercial: | Commercial and industrial | Payment Delays
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	20
Commercial: | Commercial and industrial | Combination - Capitalization and Term Extension
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Commercial: | Commercial and industrial | Combination - Capitalization, Interest Rate and Term Extension
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Commercial: | Commercial and industrial | Other
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Commercial: | CRE
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	2	1
Commercial: | CRE | Renewals
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	2	1
Commercial: | CRE | Term Extensions
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Commercial: | CRE | Capitalizations
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Commercial: | CRE | Payment Delays
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Commercial: | CRE | Combination - Capitalization and Term Extension
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Commercial: | CRE | Combination - Capitalization, Interest Rate and Term Extension
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Commercial: | CRE | Other
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Consumer: | Residential mortgage
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	93	90
Consumer: | Residential mortgage | Renewals
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Consumer: | Residential mortgage | Term Extensions
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	14	13
Consumer: | Residential mortgage | Capitalizations
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	8	6
Consumer: | Residential mortgage | Payment Delays
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	38	34
Consumer: | Residential mortgage | Combination - Capitalization and Term Extension
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	29	31
Consumer: | Residential mortgage | Combination - Capitalization, Interest Rate and Term Extension
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	4	5
Consumer: | Residential mortgage | Other
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	1
Consumer: | Indirect auto
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	50	20
Consumer: | Indirect auto | Renewals
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Consumer: | Indirect auto | Term Extensions
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	1	1
Consumer: | Indirect auto | Capitalizations
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Consumer: | Indirect auto | Payment Delays
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	48	17
Consumer: | Indirect auto | Combination - Capitalization and Term Extension
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Consumer: | Indirect auto | Combination - Capitalization, Interest Rate and Term Extension
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Consumer: | Indirect auto | Other
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	1	2
Credit card
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	2	2
Credit card | Renewals
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Credit card | Term Extensions
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Credit card | Capitalizations
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Credit card | Payment Delays
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Credit card | Combination - Capitalization and Term Extension
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Credit card | Combination - Capitalization, Interest Rate and Term Extension
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	0	0
Credit card | Other
Financing Receivable, Modified, Subsequent Default [Line Items]
Modifications Made in the Current Period That Were in Payment Default	$ 2	$ 2

XML

Loans and ACL - Selected Information About Loans and Leases (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable [Line Items]
Unearned income, discounts, and net deferred loan fees and costs	$ 602	$ 553

XML

Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
CSBB
Goodwill Adjustments [Line Items]
Goodwill Segment Realignment	$ (1,498)
CSBB | Small Business Banking [Member]
Goodwill Adjustments [Line Items]
Goodwill Segment Realignment	1,700
WB
Goodwill Adjustments [Line Items]
Goodwill Segment Realignment	1,498
WB | Wealth
Goodwill Adjustments [Line Items]
Goodwill Segment Realignment	$ 220

XML

Goodwill and Other Intangible Assets - Rollforward of Goodwill by Operating Segment (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 17,156
Adjustments and other	1
Goodwill, Ending Balance	17,157
CSBB
Goodwill [Line Items]
Goodwill, Beginning Balance	13,503
Goodwill Segment Realignment	(1,498)
Adjustments and other	0
Goodwill, Ending Balance	12,005
WB
Goodwill [Line Items]
Goodwill, Beginning Balance	3,653
Goodwill Segment Realignment	1,498
Adjustments and other	1
Goodwill, Ending Balance	5,152
WB | Wealth
Goodwill [Line Items]
Goodwill Segment Realignment	$ 220

XML

Goodwill and Other Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,046	$ 4,071
Accumulated Amortization	(2,317)	(2,162)
Net Carrying Amount	1,729	1,909
CDI
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,453	2,473
Accumulated Amortization	(1,735)	(1,650)
Net Carrying Amount	718	823
Other, primarily client relationship intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,593	1,598
Accumulated Amortization	(582)	(512)
Net Carrying Amount	$ 1,011	$ 1,086

XML

Loan Servicing - Residential Mortgage Banking Activities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items]
Servicing fees recognized from mortgage loans serviced for others	$ (5,212)	$ 1,380	$ (3,766)	$ 2,801
Residential mortgage
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items]
UPB of residential mortgage loan servicing portfolio	263,173		263,173		$ 269,068
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate	208,270		208,270		213,399
Mortgage loans sold with recourse	158		158		173
Maximum recourse exposure from mortgage loans sold with recourse liability	98		98		109
Indemnification, recourse and repurchase reserves	$ 48		48		$ 52
UPB of residential mortgage loans sold from LHFS			4,651	7,101
Pre-tax gains recognized on mortgage loans sold and held for sale			$ 34	$ 34
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others	0.28%	0.27%	0.28%	0.27%
Weighted average interest rate on mortgage loans serviced for others	3.63%	3.54%	3.63%	3.54%
Bank Servicing | Residential mortgage
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items]
Servicing fees recognized from mortgage loans serviced for others			$ 294	$ 364

XML

Loan Servicing - Analysis of Activity in Residential MSRs (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024		Jun. 30, 2023
Servicing Asset at Fair Value, Amount [Roll Forward]
MSRs, carrying value, beginning balance	$ 3,378
MSRs, carrying value, ending balance	3,410
Residential MSRs
Servicing Asset at Fair Value, Amount [Roll Forward]
MSRs, carrying value, beginning balance	3,088		$ 3,428
Additions	78		129
Sales	(2)		(429)
Change in fair value due to changes in valuation inputs or assumptions(1)	88	[1]	64
Realization of expected net servicing cash flows, passage of time, and other	(135)		(133)
MSRs, carrying value, ending balance	3,117		3,182
Residential MSRs | Servicing rights acquisition
Servicing Asset at Fair Value, Amount [Roll Forward]
Additions	$ 0		$ 123

[1] The six months ended June 30, 2023 includes realized gains on the portfolio sale of excess servicing.

XML

Loan Servicing - Residential MSR Sensitivity (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Residential MSRs
Servicing Assets at Fair Value [Line Items]
Composition of loans serviced for others	100.00%	100.00%
Residential MSRs | Min
Servicing Assets at Fair Value [Line Items]
Prepayment speed	6.60%	6.70%
OAS	2.50%	2.20%
Residential MSRs | Max
Servicing Assets at Fair Value [Line Items]
Prepayment speed	15.70%	18.20%
OAS	12.20%	12.00%
Residential MSRs | Weighted Average
Servicing Assets at Fair Value [Line Items]
Prepayment speed	7.40%	7.50%
Effect on fair value of a 10% increase	$ (80)	$ (82)
Effect on fair value of a 20% increase	$ (155)	$ (160)
OAS	4.70%	4.60%
Effect on fair value of a 10% increase	$ (61)	$ (60)
Effect on fair value of a 20% increase	$ (119)	$ (118)
Weighted average life	7 years 6 months	7 years 6 months
Fixed-rate residential mortgage loans
Servicing Assets at Fair Value [Line Items]
Composition of loans serviced for others	99.60%	99.60%
Adjustable-rate residential mortgage loans
Servicing Assets at Fair Value [Line Items]
Composition of loans serviced for others	0.40%	0.40%

XML

Loan Servicing - Commercial Mortgage Banking Activities (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Servicing Assets at Fair Value [Line Items]
MSRs at fair value	$ 3,410	$ 3,378
CRE
Servicing Assets at Fair Value [Line Items]
UPB of CRE mortgages serviced for others	28,964	31,681
Mortgage loans sold with recourse	9,642	9,661
Maximum recourse exposure from CRE mortgages sold with recourse liability	2,809	2,813
Recorded reserves related to recourse exposure	13	16
CRE mortgages originated during the year-to-date period	419	2,989
MSRs at fair value	$ 279	$ 272

XML

Other Assets and Liabilites - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Narrative [Abstract]
Bank-Owned Life Insurance	$ 7,800	$ 7,700

XML

Other Assets and Liabilites - Schedule of Right of Use Assets and Future Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Right of Use Assets
Right-of-Use Asset, Operating Leases	$ 962		$ 962		$ 1,057
Right-of-Use Asset, Finance Leases	$ 16		$ 16		$ 10
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets (including $1,371 and $1,311 at fair value, respectively)		Other assets (including $1,371 and $1,311 at fair value, respectively)		Other assets (including $1,371 and $1,311 at fair value, respectively)
Operating Lease Liabilities, Payments Due
Total lease liabilities	$ 1,283		$ 1,283		$ 1,387
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities		Other Liabilities		Other Liabilities
Weighted Average Remaining Lease Term, Operating Leases	5 years 10 months 24 days		5 years 10 months 24 days		6 years 2 months 12 days
Weighted Average Discount Rate, Percent, Operating Leases	3.20%		3.20%		3.10%
Operating Lease, Cost	$ 66	$ 66	$ 143	$ 139
Finance Lease Liabilities, Payments, Due
Total lease liabilities	$ 18		$ 18		$ 12
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities		Other Liabilities		Other Liabilities
Weighted Average Remaining Lease Term, Finance Leases	8 years 4 months 24 days		8 years 4 months 24 days		6 years 7 months 6 days
Weighted Average Discount Rate, Percent, Finance Leases	5.20%		5.20%		5.10%

XML

Other Assets and Liabilites - Schedule of Assets Held Under Operating Leases and Related Activities (Details) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Other Assets and Liabilities
Assets held under operating leases(1)(2)	[1]	$ 1,905	$ 2,160
Accumulated depreciation		(530)	(583)
Net		1,375	1,577
Operating lease held-for-sale		$ 116	$ 32

[1] Includes certain land parcels subject to operating leases that have indefinite lives. (2)Excludes operating leases held-for-sale that totaled $116 million and $32 million at June 30, 2024 and December 31, 2023, respectively.

XML

Borrowings - Short-term Borrowings (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Short-term Debt	$ 22,816	$ 24,828
FHLB Advances
Short-term Debt [Line Items]
Short-term Debt	19,400	20,500
Securities Sold under Agreements to Repurchase
Short-term Debt [Line Items]
Short-term Debt	1,151	2,427
Securities sold short
Short-term Debt [Line Items]
Short-term Debt	2,041	1,625
Other Short-term Borrowings
Short-term Debt [Line Items]
Short-term Debt	$ 224	$ 276

XML

Borrowings - Schedule of Long Term Debt, Interest Rates and Maturity Dates (Details) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Debt Instruments [Line Items]
Long-term Debt, Carrying Amount		$ 34,616	$ 38,918
Truist Financial Corporation | Senior notes | Fixed rate
Debt Instruments [Line Items]
Long-term Debt, Carrying Amount	[1]	23,045	19,808
Truist Financial Corporation | Senior notes | Floating rate
Debt Instruments [Line Items]
Long-term Debt, Carrying Amount		0	999
Truist Financial Corporation | Subordinated notes | Fixed rate
Debt Instruments [Line Items]
Long-term Debt, Carrying Amount	[1],[2]	1,813	1,831
Truist Financial Corporation | Capital Notes
Debt Instruments [Line Items]
Long-term Debt, Carrying Amount	[2]	631	629
Truist Bank | Senior notes | Fixed rate
Debt Instruments [Line Items]
Long-term Debt, Carrying Amount		2,954	4,170
Truist Bank | Senior notes | Floating rate
Debt Instruments [Line Items]
Long-term Debt, Carrying Amount		0	1,250
Truist Bank | Subordinated notes | Fixed rate
Debt Instruments [Line Items]
Long-term Debt, Carrying Amount	[2]	4,742	4,770
Truist Bank | FHLB advances | Floating rate
Debt Instruments [Line Items]
Long-term Debt, Carrying Amount		0	4,200
Truist Bank | Other long-term debt
Debt Instruments [Line Items]
Long-term Debt, Carrying Amount	[3]	$ 1,431	$ 1,261

[1] Certain senior and subordinated notes convert from fixed to floating one year prior to maturity, and are callable within the final year of maturity at par.

[2] Subordinated and capital notes with a remaining maturity of one year or greater qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations.

[3] Includes debt associated with finance leases, tax credit investments, and other.

XML

Shareholders' Equity - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount	$ 5,000

XML

Shareholders' Equity - Summary of Cash Dividends Declared per Share (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Cash dividends declared per share	$ 0.52	$ 0.52	$ 1.04	$ 1.04

XML

AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI, Net of Tax [Roll Forward]
Total OCI, net of tax	$ 4,718	$ (793)	$ 4,002	$ 227
Pension and OPEB Costs
AOCI, Net of Tax [Roll Forward]
AOCI, beginning balance	(1,078)	(1,549)	(1,079)	(1,535)
OCI before reclassifications, net of tax	34	(5)	35	(31)
Total OCI, net of tax	34	8	35	(6)
AOCI, ending balance	(1,044)	(1,541)	(1,044)	(1,541)
Pension and OPEB Costs | Amounts reclassified from AOCI
Amounts reclassified from AOCI:
Before tax	0	17	0	33
Tax effect	0	4	0	8
Amounts reclassified, net of tax	0	13	0	25
Cash Flow Hedges
AOCI, Net of Tax [Roll Forward]
AOCI, beginning balance	(490)	47	(300)	(78)
OCI before reclassifications, net of tax	(99)	(321)	(331)	(196)
Total OCI, net of tax	(38)	(317)	(228)	(192)
AOCI, ending balance	(528)	(270)	(528)	(270)
Cash Flow Hedges | Amounts reclassified from AOCI
Amounts reclassified from AOCI:
Before tax	79	5	134	5
Tax effect	18	1	31	1
Amounts reclassified, net of tax	61	4	103	4
AFS Securities
AOCI, Net of Tax [Roll Forward]
AOCI, beginning balance	(9,354)	(8,542)	(8,778)	(9,395)
OCI before reclassifications, net of tax	(325)	(496)	(780)	407
Total OCI, net of tax	4,664	(550)	4,088	303
AOCI, ending balance	(4,690)	(9,092)	(4,690)	(9,092)
AFS Securities | Amounts reclassified from AOCI
Amounts reclassified from AOCI:
Before tax	6,529	(71)	6,371	(136)
Tax effect	1,540	(17)	1,503	(32)
Amounts reclassified, net of tax	4,989	(54)	4,868	(104)
HTM Securities
AOCI, Net of Tax [Roll Forward]
AOCI, beginning balance	(2,296)	(2,533)	(2,347)	(2,588)
OCI before reclassifications, net of tax	0	0	0	0
Total OCI, net of tax	57	65	108	120
AOCI, ending balance	(2,239)	(2,468)	(2,239)	(2,468)
HTM Securities | Amounts reclassified from AOCI
Amounts reclassified from AOCI:
Before tax	75	82	141	152
Tax effect	18	17	33	32
Amounts reclassified, net of tax	57	65	108	120
Other, net
AOCI, Net of Tax [Roll Forward]
AOCI, beginning balance	(4)	(4)	(2)	(5)
OCI before reclassifications, net of tax	1	1	(1)	2
Total OCI, net of tax	1	1	(1)	2
AOCI, ending balance	(3)	(3)	(3)	(3)
Other, net | Amounts reclassified from AOCI
Amounts reclassified from AOCI:
Before tax	0	0	0	0
Tax effect	0	0	0	0
Amounts reclassified, net of tax	0	0	0	0
Total
AOCI, Net of Tax [Roll Forward]
AOCI, beginning balance	(13,222)	(12,581)	(12,506)	(13,601)
OCI before reclassifications, net of tax	(389)	(821)	(1,077)	182
Total OCI, net of tax	4,718	(793)	4,002	227
AOCI, ending balance	(8,504)	(13,374)	(8,504)	(13,374)
Total | Amounts reclassified from AOCI
Amounts reclassified from AOCI:
Before tax	6,683	33	6,646	54
Tax effect	1,576	5	1,567	9
Amounts reclassified, net of tax	$ 5,107	$ 28	$ 5,079	$ 45

XML

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Contingency [Line Items]
Provision for income taxes	$ (1,324)	$ 230	$ (1,092)	$ 591
Effective Income Tax Rate, Percent	25.30%	16.40%	28.30%	18.60%

XML

Benefit Plans - Narrative (Details) - USD ($) $ in Millions	May 06, 2024	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average assumed discount rate	5.78%	5.12%
Defined Benefit Plan, Plan Assets, Period Increase (Decrease)	$ (508)
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change	(783)
Plan amendments	$ 97

XML

Benefit Plans - Summary of the Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024		Jun. 30, 2023		Jun. 30, 2024	Jun. 30, 2023
Net periodic pension cost:
Service cost(1)	$ 84	[1]	$ 93	[1]	$ 180	$ 186
Interest cost	112		112		220	223
Estimated return on plan assets	(238)		(228)		(482)	(456)
Net amortization and other	0		19		1	39
Net periodic benefit cost (income)	(42)		(4)		(81)	(8)
IH
Net periodic pension cost:
Service cost(1)	$ 3		$ 6		$ 10	$ 13

[1] Includes $3 million and $6 million for the three months ended June 30, 2024 and 2023, respectively, and $10 million and $13 million for the six months ended June 30, 2024 and 2023, respectively, of service cost reported in net income from discontinued operations for the qualified defined benefit pension plan for employees of TIH.

XML

Commitments and Contingencies - Narrative - (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended	9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2024
Other Commitments [Line Items]
Loss Contingency, Damages Sought, Value				$ 452
Interest on damages sought, value				415
FederalDepositInsuranceCorporationPremiumExpenseSpecialAssessment	$ 13	$ 75	$ 507		$ 595
Max
Other Commitments [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 375			$ 375	$ 375

XML

Commitments and Contingencies - Summary (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments in affordable housing projects
Tax Credit and Certain Equity Investments
Carrying amount	$ 7,164	$ 6,754
Amount of future funding commitments included in carrying amount	2,509	2,473
Lending exposure	2,183	1,981
Renewable Energy Investments
Tax Credit and Certain Equity Investments
Carrying amount	496	285
Amount of future funding commitments not included in carrying amount	562	747
SBIC and certain other equity method investments:
Tax Credit and Certain Equity Investments
Carrying amount	796	758
Amount of future funding commitments not included in carrying amount	$ 567	$ 589

XML

Commitments and Contingencies - Tax Credits and Amortization (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments in affordable housing projects
Income Tax Contingency [Line Items]
Investments in affordable housing projects, other qualified tax credits, and other community development investments	$ 185	$ 160	$ 370	$ 317
Amortization and other changes in carrying amount	170	150	341	298
Other Community Development Investment
Income Tax Contingency [Line Items]
Amortization and other changes in carrying amount	$ 3	$ 3	$ 5	$ 5

XML

Commitments and Contingencies - Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
CRE
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Notional amount	$ 9,642	$ 9,661
Other consumer
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Notional amount	1,538	1,032
Residential mortgage
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Notional amount	158	173
Commitments to extend, originate, or purchase credit and other commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Notional amount	206,600	207,285
Letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Notional amount	$ 6,843	$ 6,239

XML

Commitments and Contingencies - Schedule of VIE assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Tax Credit and Certain Equity Investments
Trading assets at fair value	$ 5,558	$ 4,332
Other Liabilities	13,183	12,946
Variable Interest Entity, Primary Beneficiary [Member]
Tax Credit and Certain Equity Investments
VIE Assets	1,833	1,641
Trading assets at fair value	1,676	1,572
Other Liabilities	$ 273	$ 50

XML

Commitments and Contingencies - Pledged Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loans and leases (including $14 and $15 at fair value, respectively)	$ 305,692	$ 312,061
Asset Pledged as Collateral
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Pledged securities	38,187	41,270
Federal Reserve Bank Advances [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	63,142	55,252
Federal Reserve Bank Advances [Member] | Asset Pledged as Collateral
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loans and leases (including $14 and $15 at fair value, respectively)	82,929	73,898
FHLB Advances
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	32,892	24,712
FHLB Advances | Asset Pledged as Collateral
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loans and leases (including $14 and $15 at fair value, respectively)	$ 71,827	$ 67,748

XML

Fair Value Disclosures - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Investments excluded from Fair Value Hierarchy, net asset value practical expedient	$ 483	$ 459
Loans Held-for-sale	1,284	852
Carrying value of unfunded commitments	302	295
Carrying Amount
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Loans Held-for-sale	$ 167	$ 409

XML

Fair Value Disclosures - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions		Jun. 30, 2024	May 06, 2024	Dec. 31, 2023
Assets
Trading assets		$ 5,558		$ 4,332
AFS securities at fair value		55,969		67,366
Loans Held for Sale, Fair Value		1,284		852
Loans and leases		14		15
Loan servicing rights at fair value		3,410		3,378
Derivative Asset, Net		1,095		951
Derivative Asset, Gross		3,238		2,828
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset		(2,143)		(1,877)
Equity securities		276		360
Total assets		67,606		77,254
Liabilities
Interest-Bearing Domestic Deposit, Brokered		43		0
Financial Instruments Sold, Not yet Purchased, at Fair Value		2,041		1,625
Derivative liabilities		2,739		2,597
Derivative Liability, Gross		5,320		4,682
Amount Offset		2,581		2,085
Total liabilities		4,823		4,222
Liabilities of discontinued operations		0	$ 4,090	3,539
Level 1
Assets
Trading assets		672		461
AFS securities at fair value		0		0
Loans Held for Sale, Fair Value		0		0
Loans and leases		0		0
Loan servicing rights at fair value		0		0
Derivative Asset, Gross		1,486		956
Equity securities		270		245
Total assets		2,428		1,662
Liabilities
Interest-Bearing Domestic Deposit, Brokered		0
Financial Instruments Sold, Not yet Purchased, at Fair Value		234		185
Derivative Liability, Gross		752		487
Total liabilities		986		672
Level 2
Assets
Trading assets		4,886		3,871
AFS securities at fair value		55,969		67,366
Loans Held for Sale, Fair Value		1,284		852
Loans and leases		0		0
Loan servicing rights at fair value		0		0
Derivative Asset, Gross		1,749		1,867
Equity securities		6		115
Total assets		63,894		74,071
Liabilities
Interest-Bearing Domestic Deposit, Brokered		43
Financial Instruments Sold, Not yet Purchased, at Fair Value		1,807		1,440
Derivative Liability, Gross		4,545		4,171
Total liabilities		6,395		5,611
Level 3
Assets
Trading assets		0		0
AFS securities at fair value		0		0
Loans Held for Sale, Fair Value		0		0
Loans and leases		14		15
Loan servicing rights at fair value		3,410		3,378
Derivative Asset, Gross		3		5
Equity securities		0		0
Total assets		3,427		3,398
Liabilities
Interest-Bearing Domestic Deposit, Brokered		0
Financial Instruments Sold, Not yet Purchased, at Fair Value		0		0
Derivative Liability, Gross		23		24
Total liabilities		23		24
U.S. Treasury
Assets
Trading assets		133		144
AFS securities at fair value		12,266		10,041
U.S. Treasury | Level 1
Assets
Trading assets		0		0
AFS securities at fair value		0		0
U.S. Treasury | Level 2
Assets
Trading assets		133		144
AFS securities at fair value		12,266		10,041
U.S. Treasury | Level 3
Assets
Trading assets		0		0
AFS securities at fair value		0		0
GSE
Assets
Trading assets		42		50
AFS securities at fair value		344		362
GSE | Level 1
Assets
Trading assets		0		0
AFS securities at fair value		0		0
GSE | Level 2
Assets
Trading assets		42		50
AFS securities at fair value		344		362
GSE | Level 3
Assets
Trading assets		0		0
AFS securities at fair value		0		0
Agency MBS – residential
Assets
AFS securities at fair value		40,643		51,289
Agency MBS – residential | Level 1
Assets
AFS securities at fair value		0		0
Agency MBS – residential | Level 2
Assets
AFS securities at fair value		40,643		51,289
Agency MBS – residential | Level 3
Assets
AFS securities at fair value		0		0
Agency MBS – commercial
Assets
AFS securities at fair value		2,287		2,248
Agency MBS – commercial | Level 1
Assets
AFS securities at fair value		0		0
Agency MBS – commercial | Level 2
Assets
AFS securities at fair value		2,287		2,248
Agency MBS – commercial | Level 3
Assets
AFS securities at fair value		0		0
States and political subdivisions
Assets
Trading assets		968		760
AFS securities at fair value		412		425
States and political subdivisions | Level 1
Assets
Trading assets		0		0
AFS securities at fair value		0		0
States and political subdivisions | Level 2
Assets
Trading assets		968		760
AFS securities at fair value		412		425
States and political subdivisions | Level 3
Assets
Trading assets		0		0
AFS securities at fair value		0		0
Corporate and other debt securities
Assets
Trading assets		1,800		1,293
Corporate and other debt securities | Level 1
Assets
Trading assets		0		0
Corporate and other debt securities | Level 2
Assets
Trading assets		1,800		1,293
Corporate and other debt securities | Level 3
Assets
Trading assets		0		0
Loans
Assets
Trading assets		1,847		1,575
Loans | Level 1
Assets
Trading assets		0		0
Loans | Level 2
Assets
Trading assets		1,847		1,575
Loans | Level 3
Assets
Trading assets		0		0
Non-agency MBS
Assets
AFS securities at fair value				2,981
Non-agency MBS | Level 1
Assets
AFS securities at fair value				0
Non-agency MBS | Level 2
Assets
AFS securities at fair value				2,981
Equity securities
Assets
Trading assets		395		181
Equity securities | Level 1
Assets
Trading assets		395		181
Equity securities | Level 2
Assets
Trading assets		0		0
Equity securities | Level 3
Assets
Trading assets		0		0
Other
Assets
Trading assets		373		329
AFS securities at fair value		17		20
Other | Level 1
Assets
Trading assets		277		280
AFS securities at fair value		0		0
Other | Level 2
Assets
Trading assets		96		49
AFS securities at fair value		17		20
Other | Level 3
Assets
Trading assets		0		0
AFS securities at fair value		0		0
Fair Value, Concentration of Credit Risk, Master Netting Arrangements
Assets
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	[1]	(2,143)		(1,877)
Liabilities
Amount Offset	[1]	$ (2,581)		$ (2,085)

[1] Refer to “Note 16. Derivative Financial Instruments” for additional discussion on netting adjustments.

XML

Fair Value Disclosures - Rollforward of Level 3 Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Primary income statement location loan servicing rights			Mortgage banking income
Primary income statement location loan servicing rights			Mortgage banking income
Loans and Leases
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 14	$ 17	$ 15	$ 18
Included in earnings	0	0	0	0
Purchases		0		0
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	0	(1)	(1)	2
Ending balance	14	16	14	16
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held	0		0
Loan Servicing Rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	3,417	3,303	3,378	3,758
Included in earnings	30	70	112	65
Purchases		123		123
Issuances	52	92	84	140
Sales	(1)	(1)	(2)	(429)
Settlements	(88)	(90)	(162)	(160)
Ending balance	3,410	3,497	3,410	3,497
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held	30		112
Net Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(21)	(18)	(19)	(36)
Included in earnings	(4)	(20)	(7)	(22)
Purchases		0		0
Issuances	12	18	11	16
Sales	0	0	0	0
Settlements	(7)	(11)	(5)	11
Ending balance	(20)	$ (31)	(20)	$ (31)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held	$ 1		$ (9)

XML

Fair Value Disclosures - Fair Value Option (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures
Loans Receivable, Fair Value Disclosure	$ 14	$ 15
Loans Held for Sale, Fair Value	1,284	852
UPB	1,271	828
Difference	13	24
Interest-Bearing Domestic Deposit, Brokered	43	0
Deposits, Principal Outstanding	43	0
Fair Value Option, Aggregate Difference, Deposits	0	0
Trading loans
Fair Value Disclosures
Trading Loans, Fair Value	1,847	1,575
UPB	1,944	1,664
Difference	(97)	(89)
Loans and leases
Fair Value Disclosures
UPB	15	16
Difference	$ (1)	$ (1)

XML

Fair Value Disclosures - Measured on a Nonrecurring Basis (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Fair Value Disclosure	$ 14		$ 15
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Fair Value Disclosure	14		15
LHFS | Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value:	6		19
Valuation adjustments:	(16)	$ (27)
Loans and Leases | Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Fair Value Disclosure	682		840
Valuation adjustments:	(557)	(311)
Other | Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value:	193		$ 454
Valuation adjustments:	$ (166)	$ (86)

XML

Fair Value Disclosures - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financial assets:
HTM securities	$ 42,143	$ 44,630
Loans and leases HFI, net of ALLL	300,884	307,263
Financial liabilities:
Long-term debt	34,616	38,918
Carrying Amount | Level 2
Financial assets:
HTM securities	52,447	54,107
Financial liabilities:
Time deposits	38,415	43,561
Long-term debt	34,616	38,918
Carrying Amount | Level 3
Financial assets:
Loans and leases HFI, net of ALLL	300,870	307,248
Fair Value | Level 2
Financial assets:
HTM securities	42,143	44,630
Financial liabilities:
Time deposits	38,157	43,368
Long-term debt	34,381	38,353
Fair Value | Level 3
Financial assets:
Loans and leases HFI, net of ALLL	$ 293,395	$ 300,830

XML

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Amortized Cost	$ 62,276	$ 78,849
Max
Derivative [Line Items]
Risk Participation Agreement Terms	13 years
Min
Derivative [Line Items]
Risk Participation Agreement Terms	1 year
Fair value hedges | Available-for-sale Securities
Derivative [Line Items]
Amortized Cost	$ 29,200	$ 62,200

XML

Derivative Financial Instruments - Classifications and Hedging Relationships (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	$ 362,436	$ 365,959
Derivative Asset, Fair Value, Gross	3,238	2,828
Derivative Liability, Fair Value, Gross	(5,320)	(4,682)
Derivative Asset [Abstract]
Amounts subject to master netting arrangements and exchange traded derivatives	(1,647)	(1,268)
Cash collateral (received) posted for amounts subject to master netting arrangements	(496)	(609)
Net Amount in Consolidated Balance Sheets	1,095	951
Derivative Liability [Abstract]
Amounts subject to master netting arrangements and exchange traded derivatives	1,647	1,268
Cash collateral (received) posted for amounts subject to master netting arrangements	934	817
Net amount	(2,739)	(2,597)
Cash flow hedges | Interest rate contracts | Swap | Commercial loans
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	25,538	17,673
Derivative Asset, Fair Value, Gross	0	0
Derivative Liability, Fair Value, Gross	0	0
Fair value hedges | Interest rate contracts
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	30,558	38,446
Derivative Asset, Fair Value, Gross	0	0
Derivative Liability, Fair Value, Gross	0	0
Fair value hedges | Interest rate contracts | Swap | Long-term debt
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	17,768	14,268
Derivative Asset, Fair Value, Gross	0	0
Derivative Liability, Fair Value, Gross	0	0
Fair value hedges | Interest rate contracts | Swap | AFS securities
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	11,810	24,178
Derivative Asset, Fair Value, Gross	0	0
Derivative Liability, Fair Value, Gross	0	0
Fair value hedges | Interest rate contracts | Swap | U.S. Treasury
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	980	0
Derivative Asset, Fair Value, Gross	0	0
Derivative Liability, Fair Value, Gross	0	0
Not designated as hedges
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	306,340	309,840
Derivative Asset, Fair Value, Gross	3,238	2,828
Derivative Liability, Fair Value, Gross	(5,320)	(4,682)
Not designated as hedges | Client-related and other risk management
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	267,256	274,326
Derivative Asset, Fair Value, Gross	3,124	2,725
Derivative Liability, Fair Value, Gross	(5,223)	(4,545)
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Swap
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	150,670	154,692
Derivative Asset, Fair Value, Gross	560	637
Derivative Liability, Fair Value, Gross	(2,091)	(1,926)
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Options
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	26,820	34,593
Derivative Asset, Fair Value, Gross	64	114
Derivative Liability, Fair Value, Gross	(86)	(106)
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Forward commitments
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	554	178
Derivative Asset, Fair Value, Gross	1	0
Derivative Liability, Fair Value, Gross	(3)	(11)
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Other
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	4,012	3,033
Derivative Asset, Fair Value, Gross	0	0
Derivative Liability, Fair Value, Gross	0	0
Not designated as hedges | Client-related and other risk management | Equity contracts
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	42,809	39,561
Derivative Asset, Fair Value, Gross	1,763	1,164
Derivative Liability, Fair Value, Gross	(2,382)	(1,733)
Not designated as hedges | Client-related and other risk management | Credit Contract | Trading assets
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	610	100
Derivative Asset, Fair Value, Gross	0	0
Derivative Liability, Fair Value, Gross	0	0
Not designated as hedges | Client-related and other risk management | Credit Contract | Loans and leases
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	325	225
Derivative Asset, Fair Value, Gross	0	0
Derivative Liability, Fair Value, Gross	0	0
Not designated as hedges | Client-related and other risk management | Credit Contract | Risk participation agreements
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	7,443	7,499
Derivative Asset, Fair Value, Gross	0	0
Derivative Liability, Fair Value, Gross	(2)	(3)
Not designated as hedges | Client-related and other risk management | Credit Contract | Total Return Swap
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	1,577	1,598
Derivative Asset, Fair Value, Gross	53	41
Derivative Liability, Fair Value, Gross	(5)	(7)
Not designated as hedges | Client-related and other risk management | Foreign exchange contracts
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	21,750	24,480
Derivative Asset, Fair Value, Gross	221	256
Derivative Liability, Fair Value, Gross	(206)	(256)
Not designated as hedges | Client-related and other risk management | Commodity Contract
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	10,686	8,367
Derivative Asset, Fair Value, Gross	462	513
Derivative Liability, Fair Value, Gross	(448)	(503)
Not designated as hedges | Mortgage banking | Interest rate contracts
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	4,629	2,783
Derivative Asset, Fair Value, Gross	22	20
Derivative Liability, Fair Value, Gross	(14)	(27)
Not designated as hedges | Mortgage banking | Interest rate contracts | Swap
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	354	105
Derivative Asset, Fair Value, Gross	0	0
Derivative Liability, Fair Value, Gross	0	0
Not designated as hedges | Mortgage banking | Interest rate contracts | Options
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	400	400
Derivative Asset, Fair Value, Gross	1	3
Derivative Liability, Fair Value, Gross	0	0
Not designated as hedges | Mortgage banking | Interest rate contracts | Other
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	460	94
Derivative Asset, Fair Value, Gross	1	0
Derivative Liability, Fair Value, Gross	0	0
Not designated as hedges | Mortgage banking | Interest rate contracts | Interest rate lock commitments
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	1,306	746
Derivative Asset, Fair Value, Gross	3	5
Derivative Liability, Fair Value, Gross	(9)	(10)
Not designated as hedges | Mortgage banking | Interest rate contracts | When issued securities, forward rate agreements and forward commitments
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	2,109	1,438
Derivative Asset, Fair Value, Gross	17	12
Derivative Liability, Fair Value, Gross	(5)	(17)
Not designated as hedges | Loan Servicing Rights | Interest rate contracts
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	34,455	32,731
Derivative Asset, Fair Value, Gross	92	83
Derivative Liability, Fair Value, Gross	(83)	(110)
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | Swap
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	16,948	15,252
Derivative Asset, Fair Value, Gross	0	0
Derivative Liability, Fair Value, Gross	0	0
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | Options
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	13,674	14,854
Derivative Asset, Fair Value, Gross	84	75
Derivative Liability, Fair Value, Gross	(78)	(109)
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | Other
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	2,583	1,692
Derivative Asset, Fair Value, Gross	2	0
Derivative Liability, Fair Value, Gross	(3)	(1)
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | When issued securities, forward rate agreements and forward commitments
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Notional Amount	1,250	933
Derivative Asset, Fair Value, Gross	6	8
Derivative Liability, Fair Value, Gross	$ (2)	$ 0

XML

Derivative Financial Instruments - Master Netting (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Asset [Abstract]
Derivative Asset, Fair Value, Gross	$ 3,238	$ 2,828
Amount Offset	(2,143)	(1,877)
Net Amount in Consolidated Balance Sheets	1,095	951
Held/Pledged Financial Instruments	0	0
Net Amount	1,095	951
Derivative Liability [Abstract]
Derivative Liability, Fair Value, Gross	(5,320)	(4,682)
Amount Offset	2,581	2,085
Net amount	(2,739)	(2,597)
Held/Pledged Financial Instruments	157	151
Net Amount	(2,582)	(2,446)
Derivatives Subject to Master Netting Arrangements
Derivative Asset [Abstract]
Derivative Asset, Fair Value, Gross	1,671	1,775
Amount Offset	(1,394)	(1,392)
Net Amount in Consolidated Balance Sheets	277	383
Held/Pledged Financial Instruments	0	0
Net Amount	277	383
Derivative Liability [Abstract]
Derivative Liability, Fair Value, Gross	(3,778)	(3,627)
Amount Offset	1,832	1,600
Net amount	(1,946)	(2,027)
Held/Pledged Financial Instruments	157	151
Net Amount	(1,789)	(1,876)
Derivatives Not Subject to Master Netting Arrangement
Derivative Asset [Abstract]
Derivative Asset, Fair Value, Gross	81	97
Amount Offset	0	0
Net Amount in Consolidated Balance Sheets	81	97
Held/Pledged Financial Instruments	0	0
Net Amount	81	97
Derivative Liability [Abstract]
Derivative Liability, Fair Value, Gross	(790)	(568)
Amount Offset	0	0
Net amount	(790)	(568)
Held/Pledged Financial Instruments	0	0
Net Amount	(790)	(568)
Exchange Traded
Derivative Asset [Abstract]
Derivative Asset, Fair Value, Gross	1,486	956
Amount Offset	(749)	(485)
Net Amount in Consolidated Balance Sheets	737	471
Held/Pledged Financial Instruments	0	0
Net Amount	737	471
Derivative Liability [Abstract]
Derivative Liability, Fair Value, Gross	(752)	(487)
Amount Offset	749	485
Net amount	(3)	(2)
Held/Pledged Financial Instruments	0	0
Net Amount	$ (3)	$ (2)

XML

Derivative Financial Instruments - Fair Value Hedges Basis Adjusments (Details) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged Liability, Statement of Financial Position [Extensible Enumeration]		Other Liabilities	Other Liabilities
Amortized Cost		$ 62,276	$ 78,849
Financial Asset, Closed Portfolio, Portfolio Layer Method, Amortized Cost		28,600
Items Currently Designated
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Financial Asset, Closed Portfolio, Portfolio Layer Method, Amortized Cost		11,800
Fair Value Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged Liability, Long Term Debt, Fair Value Hedge		30,799	27,572
Fair Value Hedges | Items Currently Designated
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedge Basis Adjustment		(532)	(237)
Fair Value Hedges | Discontinued Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedge Basis Adjustment		(432)	(475)
Fair Value Hedges | Available-for-sale Securities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged Asset / Liability Basis	[1]	26,411	51,782
Amortized Cost		29,200	62,200
Fair Value Hedges | Available-for-sale Securities | Items Currently Designated
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedge Basis Adjustment		(160)	6
Fair Value Hedges | Available-for-sale Securities | Discontinued Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedge Basis Adjustment		17	(5)
Fair Value Hedges | Loans and leases
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged Asset / Liability Basis		316	322
Fair Value Hedges | Loans and leases | Items Currently Designated
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedge Basis Adjustment		0	0
Fair Value Hedges | Loans and leases | Discontinued Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedge Basis Adjustment		$ 6	$ 7

[1] The amortized cost of AFS securities was $29.2 billion at June 30, 2024 and $62.2 billion at December 31, 2023. Further, as of June 30, 2024, closed portfolios of securities hedged under the portfolio layer method have an amortized cost of $28.6 billion, of which $11.8 billion was designated as hedged. The remaining amount of amortized cost is from securities with terminated hedges where the basis adjustment is being amortized into earnings using the effective interest method over the contractual life of the security and hedges not designated under the portfolio-layer method. (2)The decline in hedged AFS securities from December 31, 2023 to June 30, 2024 was due to the balance sheet repositioning in May 2024. Refer to “Note 4. Investment Securities” for additional information.

XML

Derivative Financial Instruments - Amounts Related to Cash Flow Hedges (Details) - Cash Flow Hedges - Interest Rate Contracts - Commercial loans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Pre-tax gain (loss) recognized in OCI	$ (129)	$ (419)	$ (432)	$ (256)
Pre-tax gain (loss) reclassified from AOCI into expense	$ (79)	$ (5)	$ (134)	$ (5)

XML

Derivative Financial Instruments - Amounts Related to Fair Value Hedges (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024		Jun. 30, 2023		Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Income recognized from securities with terminated hedges	$ 10		$ 12		$ 20	$ 22
Fair Value Hedges | Interest Rate Contracts | Net interest income
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Net income (expense) recognized	55		59		163	113
Fair Value Hedges | Interest Rate Contracts | Investment securities | Net interest income
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Amounts related to interest settlements	115		87		278	163
Recognized on derivatives	185		42		627	(53)
Recognized on hedged items	(172)		(31)		(608)	75
Net income (expense) recognized	128	[1]	98	[1]	297	185
Fair Value Hedges | Interest Rate Contracts | Loans and leases | Net interest income
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Recognized on hedged items	0		0		(1)	(1)
Fair Value Hedges | Interest Rate Contracts | Long-term debt | Net interest income
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Amounts related to interest settlements	(51)		(47)		(90)	(93)
Recognized on derivatives	(63)		(291)		(295)	(135)
Recognized on hedged items	41		299		252	157
Net income (expense) recognized	$ (73)		$ (39)		$ (133)	$ (71)

[1] Includes $10 million and $20 million of income recognized for the three and six months ended June 30, 2024, respectively, and $12 million and $22 million for the three and six months ended June 30, 2023, respectively, from securities with terminated hedges that were reclassified to HTM. The income recognized was offset by the amortization of the fair value mark.

XML

Derivative Financial Instruments - Terminated Cash Flow and Fair Value Hedges (Details) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Max time period which Truist is hedging a portion of the var. in future cash flows for forecasted transactions excluding those transactions relating to the payment of var. int. on existing instruments		4 years	5 years
Debt Securities, Held-to-maturity, Derivative, Cumulative Gain (Loss)		$ 393	$ 413
Cash flow hedges
Derivative [Line Items]
Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI		(363)	(106)
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 0.002029)		(165)	(194)
Estimated portion of net after-tax gain (loss) on active and terminated hedges to be reclassified from AOCI into earnings during the next 12 months		(300)	(203)
Fair Value Hedges
Derivative [Line Items]
Unrecognized pre-tax net gain (loss) on terminated hedges(1)	[1]	(62)	(64)
Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months		$ (79)	$ (60)

[1] Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $393 million at June 30, 2024 and $413 million at December 31, 2023.

XML

Derivative Financial Instruments - Amounts Related to Derivative Instruments Not Designated as Hedges (Details) - Not designated as hedges - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Pre-tax Gain (Loss) Recognized in Income	$ 64	$ (84)	$ 31	$ (70)
Client-related and other risk management | Interest rate contracts | Investment banking and trading income and other income
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Pre-tax Gain (Loss) Recognized in Income	27	52	66	86
Client-related and other risk management | Foreign exchange contracts | Investment banking and trading income and other income
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Pre-tax Gain (Loss) Recognized in Income	36	(26)	101	(29)
Client-related and other risk management | Equity contracts | Investment banking and trading income and other income
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Pre-tax Gain (Loss) Recognized in Income	7	(22)	(10)	(20)
Client-related and other risk management | Credit Contract | Investment banking and trading income and other income
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Pre-tax Gain (Loss) Recognized in Income	14	(26)	(10)	(59)
Client-related and other risk management | Commodity Contract | Investment banking and trading income
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Pre-tax Gain (Loss) Recognized in Income	4	7	6	17
Residential Mortgages | Interest rate contracts | Mortgage banking income
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Pre-tax Gain (Loss) Recognized in Income	0	23	(1)	22
Commercial Mortgage Banking Income | Interest rate contracts | Mortgage banking income
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Pre-tax Gain (Loss) Recognized in Income	0	(2)	0	(1)
Residential Servicing Contracts | Interest rate contracts | Mortgage banking income
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Pre-tax Gain (Loss) Recognized in Income	(23)	(83)	(114)	(82)
Loan servicing rights commercial mortgages | Interest rate contracts | Mortgage banking income
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items]
Pre-tax Gain (Loss) Recognized in Income	$ (1)	$ (7)	$ (7)	$ (4)

XML

Derivative Financial Instruments - Risk Participation Agreements and Total Return Swaps (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Risk Participation Agreements Sold
Credit Derivatives [Line Items]
Maximum potential amount of exposure	$ 454	$ 520
Total Return Swap
Credit Derivatives [Line Items]
Cash and other collateral received	$ 431	$ 437

XML

Derivative Financial Instruments - Dealer Counterparties and Central Clearing Parties (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Credit Derivatives [Line Items]
Unsecured positions in a net gain with counterparties after collateral postings	$ 1,095	$ 951
Asset Pledged as Collateral
Credit Derivatives [Line Items]
Pledged securities	38,187	41,270
Dealer and other counterparties:
Credit Derivatives [Line Items]
Cash and other collateral received from counterparties	567	609
Derivatives in a net gain position	584	735
Unsecured positions in a net gain with counterparties after collateral postings	89	126
Cash collateral posted	1,097	960
Derivatives in a net loss position	1,210	1,052
Central counterparties clearing:
Credit Derivatives [Line Items]
Derivatives in a net gain position	2	2
Cash collateral posted	13	14
Derivatives in a net loss position	0	8
Central counterparties clearing: | Asset Pledged as Collateral
Credit Derivatives [Line Items]
Pledged securities	$ 647	$ 1,249

XML

Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income (loss) available to common shareholders from continuing operations	$ (3,983)	$ 1,094	$ (2,956)	$ 2,401
Net income available to common shareholders from discontinued operations	4,809	140	4,873	243
Net income available to common shareholders	$ 826	$ 1,234	$ 1,917	$ 2,644
Weighted average number of common shares	1,338,149	1,331,953	1,336,620	1,330,286
Effect of dilutive outstanding equity-based awards(1)	0	5,354	0	8,060
Weighted average number of diluted common shares	1,338,149	1,337,307	1,336,620	1,338,346
Basic earnings from continuing operations	$ (2.98)	$ 0.82	$ (2.21)	$ 1.80
Basic earnings from discontinued operations	3.60	0.11	3.64	0.19
Basic EPS	0.62	0.93	1.43	1.99
Diluted earnings from continuing operations	(2.98)	0.82	(2.21)	1.79
Diluted earnings from discontinued operations	3.60	0.10	3.64	0.19
Diluted EPS	$ 0.62	$ 0.92	$ 1.43	$ 1.98
Anti-dilutive awards	11,975	9,123	12,082	4,251

XML

Operating Segments - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 numberOfSegments
Segment Reporting Information [Line Items]
Number of Major Reportable Business Segments	2

XML

Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024		Jun. 30, 2023		Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Interest Income	$ 3,527		$ 3,603		$ 6,899	$ 7,470
Allocated provision for credit losses	451		538		951	1,040
Segment net interest income after provision	3,076		3,065		5,948	6,430
Noninterest Income	(5,212)		1,380		(3,766)	2,801
Amortization of Intangible Assets	89		99		177	199
Income (loss) before income taxes	(5,230)		1,399		(3,865)	3,170
Provision (benefit) for income taxes	(1,324)		230		(1,092)	591
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	(3,906)		1,169		(2,773)	2,579
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	922		1,345		2,122	2,860
Identifiable assets (period end) of continuing operations	519,853				519,853		$ 535,349
CSBB
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Interest Income	1,286		1,544		2,550	3,234
WB
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Interest Income	2,187		2,329		4,421	4,550
OT&C
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Interest Income	54		(270)		(72)	(314)
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Interest Income	3,527		3,603		6,899	7,470
Allocated provision for credit losses	451		538		951	1,040
Segment net interest income after provision	3,076		3,065		5,948	6,430
Noninterest Income	(5,212)		1,380		(3,766)	2,801
Amortization of Intangible Assets	89		99		177	199
Other Noninterest Expense	3,005		2,947		5,870	5,862
Income (loss) before income taxes	(5,230)		1,399		(3,865)	3,170
Provision (benefit) for income taxes	(1,324)		230		(1,092)	591
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	(3,906)		1,169		(2,773)	2,579
Identifiable assets (period end) of continuing operations	519,853		546,497		519,853	546,497
Operating Segments | CSBB
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Interest Income	2,628		2,626		5,231	5,316
Allocated provision for credit losses	309		227		612	497
Segment net interest income after provision	2,319		2,399		4,619	4,819
Noninterest Income	507		514		1,010	1,068
Amortization of Intangible Assets	45		53		91	106
Other Noninterest Expense	1,600		1,563		3,199	3,136
Income (loss) before income taxes	1,181		1,297		2,339	2,645
Provision (benefit) for income taxes	283		309		562	629
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	898		988		1,777	2,016
Identifiable assets (period end) of continuing operations	143,857		155,760		143,857	155,760
Operating Segments | WB
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Interest Income	1,690		1,767		3,377	3,604
Allocated provision for credit losses	142		309		340	544
Segment net interest income after provision	1,548		1,458		3,037	3,060
Noninterest Income	991		891		1,974	1,840
Amortization of Intangible Assets	41		46		83	93
Other Noninterest Expense	1,307		1,251		2,639	2,509
Income (loss) before income taxes	1,191		1,052		2,289	2,298
Provision (benefit) for income taxes	237		203		451	463
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	954		849		1,838	1,835
Identifiable assets (period end) of continuing operations	207,946		216,220		207,946	216,220
Operating Segments | OT&C
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Interest Income	(791)	[1]	(790)	[1]	(1,709)	(1,450)
Allocated provision for credit losses	0		2		(1)	(1)
Segment net interest income after provision	(791)	[1]	(792)	[1]	(1,708)	(1,449)
Noninterest Income	(6,710)	[1]	(25)		(6,750)	(107)
Amortization of Intangible Assets	3		0		3	0
Other Noninterest Expense	98	[1]	133	[1]	32	217
Income (loss) before income taxes	(7,602)	[1]	(950)	[1]	(8,493)	(1,773)
Provision (benefit) for income taxes	(1,844)		(282)		(2,105)	(501)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	(5,758)	[1]	(668)	[1]	(6,388)	(1,272)
Identifiable assets (period end) of continuing operations	168,050		174,517		168,050	174,517
Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Interest Income	0		0		0	0
Intersegment Eliminations | CSBB
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Interest Income	1,342		1,082		2,681	2,082
Intersegment Eliminations | WB
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Interest Income	(497)		(562)		(1,044)	(946)
Intersegment Eliminations | OT&C
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Interest Income	$ (845)	[1]	$ (520)	[1]	$ (1,637)	$ (1,136)

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