トゥリストファイナンシャルの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________

Form 8-K

Current Report

_____________________________________________

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

July 20, 2023

Date of Report (Date of earliest event reported)

Truist Financial Corporation

(Exact name of registrant as specified in its charter)

_____________________________________________


North Carolina	1-10853	56-0939887
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


214 North Tryon Street
Charlotte,	North Carolina	28202
(Address of principal executive offices)		(Zip Code)

(336) 733-2000

(Registrant’s telephone number, including area code)

_____________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ¨

ITEM 2.02 Results of Operations and Financial Condition.

On July 20, 2023, Truist Financial Corporation (“Truist”) issued a press release announcing its reporting of second quarter 2023 results and posted on its website its second quarter 2023 Earnings Release, Quarterly Performance Summary, and Earnings Release Presentation. The materials contain forward-looking statements regarding Truist and include cautionary language identifying important factors that could cause actual results to differ materially from those anticipated. The Earnings Release, Quarterly Performance Summary, and Earnings Release Presentation are furnished as Exhibits 99.1, 99.2, and 99.3, respectively. Consequently, they are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Such materials may only be incorporated by reference into another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K. All information in the Earnings Release, Quarterly Performance Summary, and Earnings Release Presentation speaks as of the date thereof, and Truist does not assume any obligation to update such information in the future.

ITEM 9.01 Financial Statements and Exhibits.

(d) Exhibits



Exhibit No.						Description of Exhibit
99.1						Earnings Release issued July 20, 2023.
99.2						Quarterly Performance Summary issued July 20, 2023.
99.3						Earnings Release Presentation issued July 20, 2023.






104						The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

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 hereunto duly authorized.


			TRUIST FINANCIAL CORPORATION
						(Registrant)

			By:			/s/ Cynthia B. Powell
						Cynthia B. Powell
						Executive Vice President and Corporate Controller
						(Principal Accounting Officer)

Date: July 20, 2023

EX-99.1 2 ex991-pr2q23.htm EX-99.1 Document


			News Release

Truist reports second quarter 2023 results

GAAP earnings of $1.2 billion, or $0.92 per share	PPNR(1) up 5.8% and adjusted PPNR(1) down 1.3% compared to 2Q22		2Q23 actions further strengthen balance sheet; CET1 increased 50 basis points to 9.6%
2Q23 Key Financial Data		2Q23 Performance Highlights(4)




(Dollars in billions, except per share data)	2Q23			1Q23			2Q22
Summary Income Statement
Net interest income - TE	$	3.68		$	3.92		$	3.44
Noninterest income	2.29			2.23			2.25
Total revenue - TE	5.97			6.15			5.68


Noninterest expense	3.75			3.69			3.58
Net income available to common shareholders	1.23			1.41			1.45
PPNR - unadjusted(1)	2.22			2.46			2.10
PPNR - adjusted(1)	2.41			2.66			2.45
Per Share Metrics
Diluted earnings per common share	$	0.92		$	1.05		$	1.09
BVPS	42.68			41.82			42.45
TBVPS(1)	20.44			19.45			20.51
Key Ratios


ROCE	8.6		%	10.3		%	10.3		%
ROTCE(1)	19.4			24.1			22.7
Efficiency ratio - GAAP	63.3			60.5			63.3
Efficiency ratio - adjusted(1)	59.6			56.8			57.0


NIM - TE	2.91			3.17			2.89
NCO ratio(2)	0.54			0.37			0.22
ALLL ratio	1.43			1.37			1.38
CET1(3)	9.6			9.1			9.2

Average Balances
Assets	$	566		$	560		$	541
Securities	138			141			149
Loans and leases	328			328			300
Deposits	400			408			424

Amounts may not foot due to rounding.

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

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

(3)Current quarter capital ratios are preliminary.

(4)Comparisons noted in this section summarize changes from second quarter of 2023 compared to first quarter of 2023, unless otherwise noted.

•Net income was $1.2 billion, or $0.92 per diluted share

◦Includes $54 million ($41 million after-tax), or $0.03 per share, of merger-related and restructuring charges

◦Record insurance income

•Adjusted PPNR was $2.4 billion, down 9.3% compared to prior quarter due to lower net interest income and higher noninterest expense, partially offset by higher noninterest income

◦Down 1.3% from the year ago quarter due to higher noninterest expense, partially offset by higher net interest income and higher noninterest income

•Average loans and leases were stable compared to the prior quarter as growth within the commercial and industrial portfolio was partially offset by a decrease in indirect auto in alignment with the company’s strategic focus

◦Sold non-core student loan portfolio at end of 2Q23 with no impact to net income; net charge-off of $98 million, or 12 basis points, was previously provided for in ALLL

•Average deposits decreased 2.1% compared to the prior quarter primarily due to the impact of client tax payments and prior quarter activity

•Asset quality reflects normalization and modest deterioration in commercial portfolios

◦Net charge-off ratio of 54 basis points, which includes a 12 basis point impact from student loan sale

◦Nonperforming assets increased modestly in the commercial portfolios

•Capital and liquidity levels strengthened

◦CET1 ratio was 9.6% as of June 30, up 50 basis points

▪TIH minority stake sale added 31 basis points

◦TBVPS increased 5.1% to $20.44

◦Consolidated LCR was 112%

◦$178 billion of available liquidity sources


CEO Commentary

“During the second quarter, we made significant progress adapting to the new operating environment by strengthening our balance sheet, sharpening our strategic focus on our core businesses, and intensifying our focus on disciplined expense management.

Second quarter financial results were mixed as revenue headwinds from higher funding costs and lower-than-anticipated capital markets activity were partially offset by record insurance income. We prudently increased our provision and allowance amid the uncertain economic backdrop. Adjusted expenses were within our guidance range, though we are accelerating our plans to adjust our cost base to reflect efficiency opportunities and changing conditions.

Our CET1 capital ratio increased 50 basis points driven by the investment in Truist Insurance Holdings and organic capital generation. The most recent Federal Reserve stress test highlighted our capacity to respond to all scenarios and we announced plans to maintain our strong quarterly common stock dividend at $0.52 per share, subject to board approval.

We are executing swiftly on our strategy to optimize our core businesses exemplified by the sale of our non-core student loan portfolio at net carrying value with no P&L impact. We also made solid progress towards shifting our loan mix towards higher-return assets.

Our unwavering foundation of purpose to inspire and build better lives and communities, the dedication of our talented teammates, the momentum created by maximizing our diverse business model, and key leadership positions in growth markets are competitive advantages that are propelling Truist to reach its full potential.”

— Bill Rogers, Truist Chairman & CEO


Contact:
Investors:	Brad Milsaps	770.352.5347 \| investors@truist.com
Media:	Shelley Miller	704.692.1518 \| media@truist.com


Net Interest Income, Net Interest Margin, and Average Balances
	Quarter Ended						Change
(Dollars in millions)	2Q23			1Q23			2Q22			Link				Like
Interest income(1)	$	6,230		$	5,836		$	3,701		$	394	6.8	%	$	2,529	68.3	%
Interest expense	2,551			1,917			266			634		33.1		2,285		NM
Net interest income(1)	$	3,679		$	3,919		$	3,435		$	(240)	(6.1)		$	244	7.1

Net interest margin(1)	2.91		%	3.17		%	2.89		%	(26) bps				2 bps
Core net interest margin(1)(2)	2.85			3.10			2.72			(25) bps				13 bps

Average Balances(3)
Total earning assets	$	506,084		$	499,149		$	475,818		$	6,935	1.4	%	$	30,266	6.4	%
Total interest-bearing liabilities	363,754			352,472			316,021			11,282		3.2		47,733		15.1

Yields / Rates(1)
Total earning assets	4.93		%	4.72		%	3.12		%	21 bps				181 bps
Total interest-bearing liabilities	2.81			2.20			0.34			61 bps				247 bps

(1)Amounts are on a taxable-equivalent basis utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends.

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

(3)Excludes basis adjustments for fair value hedges.

Taxable-equivalent net interest income for the second quarter of 2023 was down $240 million, or 6.1%, compared to the first quarter of 2023 driven by higher funding costs, partially offset by higher rates on earning assets. The net interest margin was 2.91%, down 26 basis points.

•Average earning assets increased primarily due to growth in average other earning assets of $9.4 billion, or 37%, as balances held at the Federal Reserve were increased late in the first quarter to support liquidity build, partially offset by a decline in average securities of $2.2 billion, or 1.5%.

•The yield on the total loan portfolio was 6.07%, up 26 basis points primarily due to higher market interest rates. The yield on the average securities portfolio for the second quarter was 2.17%, up three basis points.

•Average deposits decreased $8.6 billion, or 2.1%, while average long-term debt increased $12.6 billion, or 25%. The decrease in average deposits was primarily due to the impact of client tax payments and prior quarter activity. The increase in average long-term debt was driven by the increased liquidity build late in the first quarter and the decline in deposits.

•The average cost of total deposits was 1.51%, up 39 basis points. The average cost of short-term borrowings was 5.19%, up 50 basis points. The average cost of long-term debt was 4.62%, up 57 basis points. The increase in rates on deposits and other funding sources was largely attributable to the higher rate environment.

Taxable-equivalent net interest income for the second quarter of 2023 was up $244 million, or 7.1%, compared to the second quarter of 2022 primarily due to higher market interest rates and strong loan growth. These increases were partially offset by lower purchase accounting accretion. Net interest margin was 2.91%, up two basis points.

•Average earning assets increased $30.3 billion, or 6.4%, primarily due to growth in average total loans of $28.4 billion, or 9.5%, and growth in other earning assets of $13.8 billion, or 65%, primarily due to an increase in balances held at the Federal Reserve to support liquidity build, partially offset by a decrease in average securities of $10.3 billion, or 6.9%.

•The yield on the total loan portfolio was 6.07%, up 216 basis points, primarily reflecting higher market interest rates, partially offset by lower purchase accounting accretion. The yield on the average securities portfolio was 2.17%, up 35 basis points primarily due to the higher rate environment.

•Average deposits decreased $23.9 billion, or 5.6%, average short-term borrowings increased $14.4 billion, and average long-term debt increased $32.4 billion.

•The average cost of total deposits was 1.51%, up 142 basis points. The average cost of short-term borrowings was 5.19%, up 393 basis points. The average cost of long-term debt was 4.62%, up 287 basis points. The increase in rates on deposits and other funding sources was largely attributable to the higher rate environment.

- 2 -


Noninterest Income
	Quarter Ended				Change
(Dollars in millions)	2Q23		1Q23		2Q22		Link				Like
Insurance income	$	935	$	813	$	825	$	122	15.0	%	$	110	13.3	%
Wealth management income	330		339		337		(9)		(2.7)		(7)		(2.1)
Investment banking and trading income	211		261		255		(50)		(19.2)		(44)		(17.3)
Service charges on deposits	240		249		254		(9)		(3.6)		(14)		(5.5)
Card and payment related fees	236		230		246		6		2.6		(10)		(4.1)
Mortgage banking income	99		142		100		(43)		(30.3)		(1)		(1.0)
Lending related fees	86		106		100		(20)		(18.9)		(14)		(14.0)
Operating lease income	64		67		66		(3)		(4.5)		(2)		(3.0)
Securities gains (losses)	—		—		(1)		—		—		1		(100.0)
Other income	92		27		66		65		NM		26		39.4
Total noninterest income	$	2,293	$	2,234	$	2,248	$	59	2.6		$	45	2.0

Noninterest income was up $59 million, or 2.6%, compared to the first quarter of 2023 due to record insurance income and higher other income, partially offset by lower investment banking and trading income and mortgage banking income.

•Insurance income increased primarily due to increased production and seasonally higher property and casualty commissions, partially offset by seasonally lower employee benefit plan commissions.

•Other income increased primarily due to higher income from investments held for certain post-retirement benefits (which is primarily offset by higher personnel expense) and higher other investment income.

•Investment banking and trading income decreased due to lower bond originations, loan syndications, and asset securitizations.

•Mortgage banking income decreased due to a gain on the sale of a servicing portfolio in the prior quarter, partially offset by mortgage servicing rights valuation adjustments in the prior quarter.

Noninterest income was up $45 million, or 2.0%, compared to the second quarter of 2022 due to higher insurance income and other income, partially offset by lower investment banking and trading income.

•Insurance income increased primarily due to strong 9.1% organic growth and acquisitions.

•Investment banking and trading income decreased due to lower structured real estate income and lower trading income.

•Other income increased primarily due to higher income from investments held for certain post-retirement benefits (which is primarily offset by higher personnel expense), partially offset by derivative collateral related costs.

- 3 -


Noninterest Expense
	Quarter Ended				Change
(Dollars in millions)	2Q23		1Q23		2Q22		Link				Like
Personnel expense	$	2,256	$	2,181	$	2,102	$	75	3.4	%	$	154	7.3	%
Professional fees and outside processing	352		314		349		38		12.1		3		0.9
Software expense	237		214		234		23		10.7		3		1.3
Net occupancy expense	180		183		181		(3)		(1.6)		(1)		(0.6)
Amortization of intangibles	131		136		143		(5)		(3.7)		(12)		(8.4)
Equipment expense	92		110		114		(18)		(16.4)		(22)		(19.3)
Marketing and customer development	79		78		93		1		1.3		(14)		(15.1)
Operating lease depreciation	44		46		47		(2)		(4.3)		(3)		(6.4)
Regulatory costs	73		75		44		(2)		(2.7)		29		65.9
Merger-related and restructuring charges	54		63		121		(9)		(14.3)		(67)		(55.4)
Other expense	250		291		152		(41)		(14.1)		98		64.5
Total noninterest expense	$	3,748	$	3,691	$	3,580	$	57	1.5		$	168	4.7

Noninterest expense was up $57 million, or 1.5%, compared to the first quarter of 2023 due to higher personnel expense and professional fees and outside processing expenses, partially offset by lower other expenses. Merger-related and restructuring charges decreased $9 million. Merger-related and restructuring charges for both quarters in 2023 includes costs for personnel and facilities optimization. Adjusted noninterest expenses, which exclude merger-related costs, the amortization of intangibles, and a small loss on the early extinguishment of debt, increased $67 million, or 1.9%, compared to the prior quarter.

•Personnel expense increased due to higher variable incentives and higher other post-retirement benefit expense (which is almost entirely offset by higher other income), partially offset by seasonally lower payroll taxes.

•Professional fees and outside processing expenses increased due to enterprise technology and other investments.

•Other expense decreased primarily due to lower operating losses.

Noninterest expense was up $168 million, or 4.7%, compared to the second quarter of 2022 due to higher personnel expense, other expense, and regulatory costs, partially offset by lower merger-related and restructuring charges. Merger-related and restructuring charges and incremental operating expenses related to the merger decreased $67 million and $117 million, respectively, due to the completion of integration-related activities. The second quarter of 2022 included a gain on the redemption of FHLB advances of $39 million. Adjusted noninterest expenses, which exclude merger-related costs, the amortization of intangibles, and gains and losses on the early extinguishment of debt increased $321 million, or 9.9%.

•Personnel expense increased due to investments in teammates by increasing Truist’s minimum wage, the impact from acquisitions, investments in revenue producing businesses and enterprise technology, and higher other post-retirement benefit expense (which is almost entirely offset by higher other income), partially offset by lower pension expenses.

•Other expense increased primarily due to higher pension expense (driven primarily by lower plan assets), partially offset by lower operating losses.

•Regulatory costs increased primarily due to an increase in the FDIC’s deposit insurance assessment rate.

- 4 -


Provision for Income Taxes
	Quarter Ended						Change
(Dollars in millions)	2Q23			1Q23			2Q22			Link				Like
Provision for income taxes	$	287		$	394		$	372		$	(107)	(27.2)	%	$	(85)	(22.8)	%
Effective tax rate	17.6		%	20.6		%	19.5		%	(300) bps				(190) bps

The effective tax rate decreased compared to the first quarter of 2023 primarily driven by a decrease in the full year forecasted effective tax rate and changes in discrete tax items.

The effective tax rate decreased compared to the second quarter of 2022 primarily driven by lower income before taxes.


Average Loans and Leases
(Dollars in millions)	2Q23		1Q23		Change		% Change

Commercial:
Commercial and industrial	$	166,588	$	165,095	$	1,493	0.9	%
CRE	22,706		22,689		17		0.1
Commercial construction	5,921		5,863		58		1.0

Total commercial	195,215		193,647		1,568		0.8
Consumer:
Residential mortgage	56,320		56,422		(102)		(0.2)
Home equity	10,478		10,735		(257)		(2.4)
Indirect auto	26,558		27,743		(1,185)		(4.3)
Other consumer	28,189		27,559		630		2.3
Student	4,766		5,129		(363)		(7.1)
Total consumer	126,311		127,588		(1,277)		(1.0)
Credit card	4,846		4,785		61		1.3

Total loans and leases held for investment	$	326,372	$	326,020	$	352	0.1

Average loans held for investment increased $352 million, or 0.1%, compared to the prior quarter, while period-end loans held for investment were $322.1 billion, down $5.6 billion compared to March 31, 2023, primarily due to the sale of the student loan portfolio at the end of the second quarter of 2023 and loan growth moderation in lower return portfolios.

•Average commercial loans increased 0.8% due to a seasonal increase in mortgage warehouse lending and growth within the core commercial and industrial portfolio.

•Average consumer loans decreased 1.0% due to lower indirect auto production, the continued run-off of the student loan portfolio (prior to the sale at the end of the period), and lower home equity balances, partially offset by growth in higher-return point-of-sale lending in the other consumer portfolio (Service Finance and Sheffield).

- 5 -


Average Deposits
(Dollars in millions)	2Q23		1Q23		Change		% Change

Noninterest-bearing deposits	$	123,728	$	131,099	$	(7,371)	(5.6)	%
Interest checking	102,105		108,886		(6,781)		(6.2)
Money market and savings	138,149		139,802		(1,653)		(1.2)
Time deposits	35,844		28,671		7,173		25.0

Total deposits	$	399,826	$	408,458	$	(8,632)	(2.1)

Average deposits for the second quarter of 2023 were $399.8 billion, a decrease of $8.6 billion, or 2.1%, compared to the prior quarter. The decrease in deposits was primarily due to the impact of client tax payments and prior quarter activity.

Average noninterest-bearing deposits decreased 5.6% compared to the prior quarter and represented 30.9% of total deposits for the second quarter of 2023 compared to 32.1% for the first quarter of 2023 and 35.1% compared to the year ago quarter. Average interest checking and money market and savings declined 6.2% and 1.2%, respectively, compared to the prior quarter. Average time deposits increased 25% due to an increase in retail client time deposits primarily due to migration from other deposit products and brokered time deposits.


Capital Ratios
	2Q23		1Q23		4Q22		3Q22		2Q22
Risk-based:	(preliminary)
CET1	9.6	%	9.1	%	9.0	%	9.1	%	9.2	%
Tier 1	11.1		10.6		10.5		10.7		10.8
Total	13.2		12.7		12.4		12.6		12.6
Leverage	8.8		8.5		8.5		8.5		8.6
Supplementary leverage	7.5		7.3		7.3		7.3		7.3

Capital ratios remained strong compared to the regulatory requirements for well capitalized banks. Truist declared common dividends of $0.52 per share during the second quarter of 2023. The dividend payout ratio for the second quarter of 2023 was 56%. Truist did not repurchase any shares in the second quarter of 2023.

Truist CET1 ratio was 9.6% as of June 30, 2023. The increase since March 31, 2023 resulted from the minority stake sale in TIH and organic capital generation. Truist closed the sale of the minority stake in TIH on April 3, 2023, which added 31 basis points to the risk-based regulatory capital ratios.

Truist completed the 2023 CCAR process and received the preliminary SCB requirement of 2.9% for the period October 1, 2023 to September 30, 2024. The Federal Reserve will provide Truist with its final SCB requirement by August 31, 2023.

Truist’s average consolidated LCR was 112% for the three months ended June 30, 2023, compared to the regulatory minimum of 100%. Truist has significant and strong access to liquidity with $178 billion of available liquidity as of June 30, 2023 compared to $166 billion as of March 31, 2023.

- 6 -



Asset Quality
(Dollars in millions)	2Q23			1Q23			4Q22			3Q22			2Q22
Total nonperforming assets	$	1,583		$	1,261		$	1,250		$	1,240		$	1,173

Total loans 90 days past due and still accruing	662			1,361			1,605			1,709			1,787
Total loans 30-89 days past due	1,550			1,805			2,267			1,957			2,091
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.47		%	0.36		%	0.36		%	0.35		%	0.36		%


Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.48			0.55			0.70			0.62			0.69
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.21			0.42			0.49			0.54			0.59
Loans 90 days or more past due and still accruing as a percentage of loans and leases, excluding government guaranteed	0.04			0.04			0.04			0.04			0.04
Allowance for loan and lease losses as a percentage of loans and leases held for investment	1.43			1.37			1.34			1.34			1.38
Ratio of allowance for loan and lease losses to net charge-offs(1)	2.6x			3.7x			4.1x			5.0x			6.5x
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	3.0x			3.8x			3.7x			3.8x			3.8x

Applicable ratios are annualized.

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

Nonperforming assets totaled $1.6 billion at June 30, 2023, up $322 million compared to March 31, 2023. Nonperforming loans and leases held for investment were 0.47% of loans and leases held for investment at June 30, 2023, up 11 basis points compared to March 31, 2023. The increase in nonperforming assets was concentrated in the CRE and commercial and industrial portfolios.

Loans 90 days or more past due and still accruing totaled $662 million at June 30, 2023, down $699 million, or twenty-one basis points as a percentage of loans and leases, compared with the prior quarter primarily due to the sale of government guaranteed student loans and a decline in government guaranteed residential mortgages. 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, 2023, unchanged from March 31, 2023.

Loans 30-89 days past due and still accruing of $1.6 billion at June 30, 2023 were down $255 million, or 7 basis points as a percentage of loans and leases, compared to the prior quarter primarily due to declines in government guaranteed student loans as a result of exiting that portfolio.

The allowance for credit losses was $4.9 billion and includes $4.6 billion for the allowance for loan and lease losses and $273 million for the reserve for unfunded commitments. The ALLL ratio was 1.43%, up six basis points compared with March 31, 2023 primarily due to an updated economic outlook. The ALLL covered nonperforming loans and leases held for investment 3.0X compared to 3.8X at March 31, 2023. At June 30, 2023, the ALLL was 2.6X annualized net charge-offs, compared to 3.7X at March 31, 2023. The ALLL to annualized net charge-offs for the current quarter was impacted by the charge-off related to the sale of the student loan portfolio. Excluding the impact from the student loan charge-offs, the ALLL to annualized net charge-offs was 3.4X at June 30, 2023.


Provision for Credit Losses
	Quarter Ended						Change
(Dollars in millions)	2Q23			1Q23			2Q22			Link				Like
Provision for credit losses	$	538		$	502		$	171		$	36	7.2	%	$	367	NM
Net charge-offs	440			297			159			143		48.1		281		176.7

Net charge-offs as a percentage of average loans and leases(1)	0.54		%	0.37		%	0.22		%	17 bps				32 bps

Applicable ratios are annualized.

(1)2Q23 includes 12 basis point impact from student loan portfolio sale.

The provision for credit losses was $538 million compared to $502 million for the first quarter of 2023. The current quarter includes $98 million of charge-offs related to the sale of the student loan portfolio, which was previously provided for in the allowance.

•The increase in the current quarter provision expense primarily reflects higher net charge-offs and an updated economic outlook.

•The net charge-off ratio for the current quarter was up compared to the first quarter of 2023 primarily driven by the sale of the student loan portfolio as well as higher charge-offs in the commercial and industrial and CRE portfolios.

- 7 -

The provision for credit losses was $538 million compared to $171 million for the second quarter of 2022.

•The increase in the current quarter provision expense primarily reflects higher net charge-offs and an updated economic outlook.

•The net charge-off ratio was up compared to the second quarter of 2022 driven by the sale of the student loan portfolio as well as higher charge-offs in the commercial and industrial, CRE, and indirect auto portfolios.


Earnings Presentation and Quarterly Performance Summary

Investors can access the live second quarter 2023 earnings call at 8 a.m. ET today by webcast or dial-in as follows:

Webcast: https://app.webinar.net/ao9lg3ZzQDX

Dial-in: 855-303-0072, passcode 100038

Additional details: The news release and presentation materials will be available at ir.truist.com under “Events & Presentations.” A replay of the call will be available on the website for 30 days.

The presentation, including an appendix reconciling non-GAAP disclosures, and Truist’s Second Quarter 2023 Quarterly Performance Summary, which contains detailed financial schedules, are available at https://ir.truist.com/earnings.


About Truist

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country and offers a wide range of products and services through our retail and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $555 billion as of June 30, 2023. Truist Bank, Member FDIC. Learn more at Truist.com.

#-#-#


Glossary of Defined Terms
Term			Definition
ACL			Allowance for credit losses
ALLL			Allowance for loan and lease losses
BVPS			Book value (common equity) per share
CCAR			Comprehensive Capital Analysis and Review
CEO			Chief Executive Officer
CET1			Common equity tier 1
CRE			Commercial real estate
EBITDA			Earnings before interest, taxes, depreciation, and amortization
FDIC			Federal Deposit Insurance Corporation
GAAP			Accounting principles generally accepted in the United States of America
LCR			Liquidity Coverage Ratio
LIBOR			London Interbank Offered Rate
Like			Compared to Second quarter of 2022
Link			Compared to First quarter of 2023
NCO			Net charge-offs
NIM			Net interest margin, computed on a TE basis
NM			Not meaningful
PPNR			Pre-provision net revenue
ROCE			Return on average common equity
ROTCE			Return on average tangible common equity
SBIC			Small Business Investment Company
SCB			Stress Capital Buffer
TBVPS			Tangible book value per common share
TE			Taxable-equivalent
TIH			Truist Insurance Holdings

- 8 -


Non-GAAP Financial Information

This news release contains financial information and performance measures determined by methods other than in accordance with GAAP. Truist’s management uses these “non-GAAP” measures in their analysis of the Corporation’s performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. The Corporation believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. Truist’s management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the types of non-GAAP measures used in this news release:

•Adjusted Performance Measures -The adjusted performance measures, including adjusted diluted earnings per share, return on average tangible common shareholders’ equity, adjusted efficiency ratio, and adjusted noninterest expense, are non-GAAP in that they exclude merger-related and restructuring charges, other selected items, and amortization of intangible assets, as applicable to tangible measures. Truist’s management uses these measures in their analysis of the Corporation’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges.

•PPNR - Pre-provision net revenue is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the provision for credit losses and provision for income taxes. Adjusted pre-provision net revenue is a non-GAAP measure that additionally excludes securities gains (losses), merger-related and restructuring charges, amortization of intangible assets, and other selected items. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods.

•Tangible Common Equity and Related Measures - Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value.

•Core NIM - Core net interest margin is a non-GAAP measure that adjusts net interest margin to exclude the impact of purchase accounting. The purchase accounting marks and related amortization for loans, deposits, and long-term debt from mergers and acquisitions are excluded to approximate the yields paid by clients. Truist’s management believes the adjustments to the calculation of net interest margin for certain assets and liabilities acquired provide investors with useful information related to the performance of Truist’s earning assets.

A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist’s Second Quarter 2023 Earnings Presentation, which is available at https://ir.truist.com/earnings.

- 9 -


Forward Looking Statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the financial condition, results of operations, business plans and the future performance of Truist. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements.

Forward-looking statements are not based on historical facts but instead represent management’s expectations and assumptions regarding Truist’s business, the economy, and other future conditions. Such statements involve inherent uncertainties, risks, and changes in circumstances that are difficult to predict. As such, Truist’s actual results may differ materially from those contemplated by forward-looking statements. While there can be no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those contemplated by forward-looking statements include the following, without limitation, as well as the risks and uncertainties more fully discussed under Part I, Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022 and in Truist’s subsequent filings with the Securities and Exchange Commission:

•changes in the interest rate environment, including the replacement of LIBOR as an interest rate benchmark, could adversely affect Truist’s revenue and expenses, the value of assets and obligations, including our portfolio of investment securities, and the availability and cost of capital, cash flows, and liquidity;

•Truist is subject to credit risk by lending or committing to lend money, may have more credit risk and higher credit losses to the extent that loans are concentrated by loan type, industry segment, borrower type or location of the borrower or collateral, and may suffer losses if the value of collateral declines in stressed market conditions;

•inability to access short-term funding or liquidity, loss of client deposits or changes in Truist’s credit ratings could increase the cost of funding, limit access to capital markets, or negatively affect Truist’s overall liquidity or capitalization;

•Truist may be impacted by actual or perceived soundness of other financial institutions, including as a result of the financial or operational failure of a major financial institution, or concerns about the creditworthiness of such a financial institution or its ability to fulfill its obligations, which can cause substantial and cascading disruption within the financial markets and increased expenses, including FDIC insurance premiums, and could affect our ability to attract and retain depositors and to borrow or raise capital;

•general economic or business conditions, either globally, nationally or regionally, may be less favorable than expected, including as a result of supply chain disruptions, inflationary pressures and labor shortages, and instability in global geopolitical matters, including due to an outbreak or escalation of hostilities, or volatility in financial markets could result in, among other things, slower deposit or asset growth, a deterioration in credit quality, or a reduced demand for credit, insurance, or other services;

•the monetary and fiscal policies of the federal government and its agencies, including in response to higher inflation, could have a material adverse effect on the economy and Truist’s profitability;

•unexpected outflows of uninsured deposits may require us to sell investment securities at a loss;

•a loss of value of our investment portfolio could negatively impact market perceptions of Truist and could lead to deposit withdrawals;

•the effects of COVID-19 adversely impacted the Company’s operations and financial performance and similar adverse impacts resulting from pandemics could occur in future periods;

•risk management oversight functions may not identify or address risks adequately, and management may not be able to effectively manage credit risk;

•there are risks resulting from the extensive use of models in Truist’s business, which may impact decisions made by management and regulators;

•deposit attrition, client loss or revenue loss following completed mergers or acquisitions may be greater than anticipated;

•Truist could fail to execute on strategic or operational plans, including the ability to successfully complete or integrate mergers and acquisitions;

•increased competition, including from (i) new or existing competitors that could have greater financial resources or be subject to different regulatory standards or compliance costs, and (ii) products and services offered by non-bank financial technology companies, may reduce Truist’s client base, cause Truist to lower prices for its products and services in order to maintain market share or otherwise adversely impact Truist’s businesses or results of operations;

•failure to maintain or enhance Truist’s competitive position with respect to new products, services, and technology, whether it fails to anticipate client expectations or because its technological developments fail to perform as desired or do not achieve market acceptance or regulatory approval or for other reasons, may cause Truist to lose market share or incur additional expense;

•negative public opinion could damage Truist’s reputation and adversely impact business and revenues, including the effects of social media on market perceptions of Truist and banks generally;

•regulatory matters, litigation or other legal actions may result in, among other things, costs, fines, penalties, restrictions on Truist’s business activities, reputational harm, negative publicity, or other adverse consequences;

•Truist faces substantial legal and operational risks in safeguarding personal information;

•evolving legislative, accounting and regulatory standards, including with respect to climate, capital, and liquidity requirements, which may become more stringent in light of recent market events, and results of regulatory examinations may adversely affect Truist’s financial condition and results of operations;

•increased scrutiny regarding Truist’s consumer sales practices, training practices, incentive compensation design, and governance could damage its reputation and adversely impact business and revenues;

•accounting policies and processes require management to make estimates about matters that are uncertain, including the potential write down to goodwill if there is an elongated period of decline in market value for Truist’s stock and adverse economic conditions are sustained over a period of time;

•Truist faces risks related to originating and selling mortgages, including repurchase and indemnity demands from purchasers related to representations and warranties on loans sold, which could result in an increase in the amount of losses for loan repurchases;

•there are risks relating to Truist’s role as a loan servicer, including an increase in the scope or costs of the services Truist is required to perform without any corresponding increase in servicing fees or a breach of Truist’s obligations as servicer;

•Truist’s success depends on hiring and retaining key teammates, and if these individuals leave or change roles without effective replacements, Truist’s operations could be adversely impacted, which could be exacerbated in the increased work-from-home environment as job markets may be less constrained by physical geography;

•Truist’s operations rely on its ability, and the ability of key external parties, to maintain appropriate-staffed workforces, and on the competence, trustworthiness, health and safety of teammates;

•Truist faces the risk of fraud or misconduct by internal or external parties, which Truist may not be able to prevent, detect, or mitigate;

•security risks, including denial of service attacks, hacking, social engineering attacks targeting Truist’s teammates and clients, malware intrusion, data corruption attempts, system breaches, cyberattacks, which have increased in frequency with geopolitical tensions, identity theft, ransomware attacks, and physical security risks, such as natural disasters, environmental conditions, and intentional acts of destruction, could result in the disclosure of confidential information, adversely affect Truist’s business or reputation or create significant legal or financial exposure; and

•widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism and pandemics), and the effects of climate change, including physical risks, such as more frequent and intense weather events, and risks related to the transition to a lower carbon economy, such as regulatory or technological changes or shifts in market dynamics or consumer preferences, could have an adverse effect on Truist’s financial condition and results of operations, lead to material disruption of Truist’s operations or the ability or willingness of clients to access Truist’s products and services.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by applicable law or regulation, Truist undertakes no obligation to revise or update any forward-looking statements.

- 10 -

EX-99.2 3 ex992-qps2q23.htm EX-99.2 Document

Quarterly Performance Summary

Truist Financial Corporation

Second Quarter 2023


Table of Contents
Quarterly Performance Summary
Truist Financial Corporation




						Page
Financial Highlights						1

Consolidated Statements of Income						2

Consolidated Ending Balance Sheets						3


Average Balances and Rates - Quarters						4
Average Balances and Rates - Year-To-Date						5
Credit Quality						6
Segment Financial Performance						10
Capital Information						11
Selected Mortgage Banking Information & Additional Information						12
Selected Items						13

Financial Highlights


	Quarter Ended															Year-to-Date
(Dollars in millions, except per share data, shares in thousands)	June 30			March 31			Dec. 31			Sept. 30			June 30			June 30			June 30
	2023			2023			2022			2022			2022			2023			2022
Summary Income Statement
Interest income - taxable equivalent(1)	$	6,230		$	5,836		$	5,288		$	4,407		$	3,701		$	12,066		$	7,084
Interest expense	2,551			1,917			1,257			624			266			4,468			440
Net interest income - taxable equivalent	3,679			3,919			4,031			3,783			3,435			7,598			6,644
Less: Taxable-equivalent adjustment	54			51			50			38			28			105			54
Net interest income	3,625			3,868			3,981			3,745			3,407			7,493			6,590
Provision for credit losses	538			502			467			234			171			1,040			76
Net interest income after provision for credit losses	3,087			3,366			3,514			3,511			3,236			6,453			6,514
Noninterest income	2,293			2,234			2,227			2,102			2,248			4,527			4,390
Noninterest expense	3,748			3,691			3,722			3,613			3,580			7,439			7,254
Income before income taxes	1,632			1,909			2,019			2,000			1,904			3,541			3,650
Provision for income taxes	287			394			337			363			372			681			702
Net income	1,345			1,515			1,682			1,637			1,532			2,860			2,948
Noncontrolling interests	36			2			1			4			1			38			2
Preferred stock dividends and other	75			103			71			97			77			178			165
Net income available to common shareholders	1,234			1,410			1,610			1,536			1,454			2,644			2,781
Additional Income Statement Information
Revenue - taxable equivalent	5,972			6,153			6,258			5,885			5,683			12,125			11,034
Pre-provision net revenue - unadjusted(2)	2,224			2,462			2,536			2,272			2,103			4,686			3,780
Pre-provision net revenue - adjusted(2)	2,413			2,661			2,869			2,565			2,446			5,074			4,673
Per Common Share Data
Earnings:
Earnings per share-basic	$	0.93		$	1.06		$	1.21		$	1.16		$	1.09		$	1.99		$	2.09
Earnings per share-diluted	0.92			1.05			1.20			1.15			1.09			1.98			2.08
Earnings per share-adjusted diluted(2)	NA			NA			1.30			1.24			1.20			NA			2.43
Cash dividends declared	0.52			0.52			0.52			0.52			0.48			1.04			0.96
Common shareholders’ equity	42.68			41.82			40.58			40.79			42.45			42.68			42.45
Tangible common shareholders’ equity(2)	20.44			19.45			18.04			18.36			20.51			20.44			20.51
End of period shares outstanding	1,331,976			1,331,918			1,326,829			1,326,766			1,326,393			1,331,976			1,326,393
Weighted average shares outstanding-basic	1,331,953			1,328,602			1,326,787			1,326,539			1,330,160			1,330,286			1,329,601
Weighted average shares outstanding-diluted	1,337,307			1,339,480			1,337,338			1,336,659			1,338,864			1,338,346			1,340,225
Performance Ratios
Return on average assets	0.95		%	1.10		%	1.21		%	1.19		%	1.14		%	1.02		%	1.10		%

Return on average common shareholders’ equity	8.6			10.3			11.7			10.7			10.3			9.5			9.6
Return on average tangible common shareholders’ equity(2)	19.4			24.1			27.6			23.5			22.7			21.7			20.5
Net interest margin - taxable equivalent	2.91			3.17			3.25			3.12			2.89			3.04			2.83
Fee income ratio	38.8			36.6			35.9			36.0			39.7			37.7			40.0
Efficiency ratio-GAAP	63.3			60.5			60.0			61.8			63.3			61.9			66.1
Efficiency ratio-adjusted(2)	59.6			56.8			54.2			56.4			57.0			58.2			57.6
Credit Quality
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.47		%	0.36		%	0.36		%	0.35		%	0.36		%
Net charge-offs as a percentage of average loans and leases(3)	0.54			0.37			0.34			0.27			0.22			0.46		%	0.23		%
Allowance for loan and lease losses as a percentage of LHFI	1.43			1.37			1.34			1.34			1.38			1.43			1.38
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.0x			3.8x			3.7x			3.8x			3.8x			3.0x			3.8x
Average Balances
Assets	$	565,822		$	559,627		$	552,959		$	545,606		$	540,568		$	562,741		$	538,287
Securities(4)	138,393			140,551			142,433			145,396			148,681			139,466			150,673
Loans and leases	328,258			327,547			322,733			311,876			299,861			327,905			296,193
Deposits	399,826			408,458			413,276			420,096			423,750			404,118			419,517
Common shareholders’ equity	57,302			55,380			54,823			56,813			56,803			56,346			58,451
Total shareholders’ equity	64,101			62,077			61,519			63,510			63,500			63,095			65,140
Period-End Balances
Assets	$	554,549		$	574,354		$	555,255		$	548,438		$	545,123
Securities(4)	124,923			128,790			129,514			131,732			139,359
Loans and leases	324,015			329,833			327,435			316,639			307,300
Deposits	406,043			404,997			413,495			415,992			424,759
Common shareholders’ equity	56,853			55,699			53,841			54,115			56,302
Total shareholders’ equity	63,681			62,394			60,537			60,811			62,999
Capital and Liquidity Ratios	(preliminary)
Common equity Tier 1	9.6		%	9.1		%	9.0		%	9.1		%	9.2		%
Tier 1	11.1			10.6			10.5			10.7			10.8
Total	13.2			12.7			12.4			12.6			12.6
Leverage	8.8			8.5			8.5			8.5			8.6
Supplementary leverage	7.5			7.3			7.3			7.3			7.3
Liquidity coverage ratio	112			113			112			111			110
Net stable funding ratio(5)	127			127			NA			NA			NA

Applicable ratios are annualized.

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

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

(4)Includes AFS and HTM securities. Average balances reflect both AFS and HTM securities at amortized cost. Period-end balances reflect AFS securities at fair value and HTM securities at amortized cost.

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

- 1 -

Consolidated Statements of Income


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

Preferred stock dividends and other	75		103		71		97		77		178		165
Net income available to common shareholders	$	1,234	$	1,410	$	1,610	$	1,536	$	1,454	$	2,644	$	2,781
Earnings Per Common Share
Basic	$	0.93	$	1.06	$	1.21	$	1.16	$	1.09	$	1.99	$	2.09
Diluted	0.92		1.05		1.20		1.15		1.09		1.98		2.08
Weighted Average Shares Outstanding
Basic	1,331,953		1,328,602		1,326,787		1,326,539		1,330,160		1,330,286		1,329,601
Diluted	1,337,307		1,339,480		1,337,338		1,336,659		1,338,864		1,338,346		1,340,225

- 2 -

Consolidated Ending Balance Sheets - Five Quarter Trend


	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2023		2023		2022		2022		2022
Assets
Cash and due from banks	$	4,782	$	4,629	$	5,379	$	5,031	$	5,511
Interest-bearing deposits with banks	25,228		32,967		16,042		17,194		17,602
Securities borrowed or purchased under resale agreements	2,315		3,637		3,181		2,568		2,650
Trading assets at fair value	4,097		4,601		4,905		5,864		5,230
Securities available for sale at fair value	68,965		71,858		71,801		72,978		79,278
Securities held to maturity at amortized cost	55,958		56,932		57,713		58,754		60,081
Loans and leases:
Commercial:
Commercial and industrial	167,153		167,217		164,307		153,615		149,840
CRE	22,825		22,670		22,676		22,493		22,149
Commercial construction	5,943		5,951		5,849		5,568		5,157

Consumer:
Residential mortgage	56,476		56,455		56,645		55,529		50,903
Home equity(1)	10,348		10,577		10,876		10,883		10,689
Indirect auto	25,759		27,279		27,951		28,239		27,419
Other consumer(1)	28,755		27,742		27,533		27,457		26,617
Student	—		4,996		5,287		5,780		6,144
Credit card	4,833		4,786		4,867		4,771		4,744

Total loans and leases held for investment	322,092		327,673		325,991		314,335		303,662
Loans held for sale	1,923		2,160		1,444		2,304		3,638
Total loans and leases	324,015		329,833		327,435		316,639		307,300
Allowance for loan and lease losses	(4,606)		(4,479)		(4,377)		(4,205)		(4,187)
Premises and equipment	3,453		3,519		3,605		3,585		3,682
Goodwill	27,013		27,014		27,013		26,810		26,299
Core deposit and other intangible assets	3,403		3,535		3,672		3,726		3,535
Loan servicing rights at fair value	3,497		3,303		3,758		3,797		3,466
Other assets	36,429		37,005		35,128		35,697		34,676
Total assets	$	554,549	$	574,354	$	555,255	$	548,438	$	545,123
Liabilities
Deposits:
Noninterest-bearing deposits	$	121,831	$	128,719	$	135,742	$	144,826	$	147,752
Interest checking	106,471		107,116		110,464		110,397		114,143
Money market and savings	135,514		136,836		143,815		146,315		149,302
Time deposits	42,227		32,326		23,474		14,454		13,562

Total deposits	406,043		404,997		413,495		415,992		424,759
Short-term borrowings	24,456		23,678		23,422		25,687		13,736
Long-term debt	44,749		69,895		43,203		31,172		30,319
Other liabilities	15,620		13,390		14,598		14,776		13,310
Total liabilities	490,868		511,960		494,718		487,627		482,124
Shareholders’ Equity:
Preferred stock	6,673		6,673		6,673		6,673		6,673
Common stock	6,660		6,660		6,634		6,634		6,632
Additional paid-in capital	35,990		34,582		34,544		34,487		34,410
Retained earnings	27,577		27,038		26,264		25,344		24,500
Accumulated other comprehensive loss	(13,374)		(12,581)		(13,601)		(12,350)		(9,240)
Noncontrolling interests	155		22		23		23		24
Total shareholders’ equity	63,681		62,394		60,537		60,811		62,999
Total liabilities and shareholders’ equity	$	554,549	$	574,354	$	555,255	$	548,438	$	545,123

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

- 3 -

Average Balances and Rates - Quarters


	Quarter Ended
	June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022						June 30, 2022
(Dollars in millions)	Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury	$	11,115	$	30	1.10	%	$	11,117	$	30	1.07	%	$	10,989	$	27	0.98	%	$	10,925	$	26	0.93	%	$	10,544	$	22	0.86	%
U.S. government-sponsored entities (GSE)	329		3		2.70		335		2		2.86		325		3		2.47		305		1		2.56		255		1		1.96
Mortgage-backed securities issued by GSE	122,647		690		2.25		124,746		694		2.23		126,718		682		2.16		129,703		655		2.02		133,339		625		1.88
States and political subdivisions	425		5		4.18		425		4		4.07		426		4		4.03		395		4		3.92		371		4		3.83
Non-agency mortgage-backed	3,852		22		2.32		3,907		23		2.34		3,953		23		2.33		4,016		24		2.32		4,097		23		2.30
Other	25		—		5.20		21		—		5.30		22		1		4.44		52		—		3.94		75		1		3.66
Total securities	138,393		750		2.17		140,551		753		2.14		142,433		740		2.08		145,396		710		1.95		148,681		676		1.82
Loans and leases:
Commercial:
Commercial and industrial	166,588		2,610		6.28		165,095		2,436		5.98		159,308		2,098		5.23		152,123		1,564		4.08		145,558		1,174		3.24
CRE	22,706		384		6.73		22,689		355		6.32		22,497		314		5.51		22,245		245		4.32		22,508		193		3.41
Commercial construction	5,921		111		7.64		5,863		101		7.14		5,711		88		6.25		5,284		62		4.83		5,256		43		3.46

Consumer:
Residential mortgage	56,320		531		3.77		56,422		526		3.73		56,292		514		3.65		53,271		478		3.59		49,237		440		3.58
Home equity(3)	10,478		190		7.26		10,735		180		6.80		10,887		164		6.02		10,767		142		5.17		10,677		118		4.52
Indirect auto	26,558		398		6.01		27,743		398		5.82		28,117		396		5.59		28,057		382		5.40		26,496		362		5.47
Other consumer(3)	28,189		499		7.10		27,559		459		6.76		27,479		447		6.44		26,927		419		6.21		25,918		391		6.00
Student	4,766		80		6.76		5,129		89		7.04		5,533		90		6.42		5,958		85		5.64		6,331		66		4.20
Credit card	4,846		137		11.48		4,785		136		11.43		4,842		127		10.38		4,755		119		9.97		4,728		105		8.91

Total loans and leases held for investment	326,372		4,940		6.07		326,020		4,680		5.81		320,666		4,238		5.25		309,387		3,496		4.49		296,709		2,892		3.91
Loans held for sale	1,886		28		5.94		1,527		25		6.71		2,067		31		6.08		2,489		30		4.81		3,152		33		4.20
Total loans and leases	328,258		4,968		6.07		327,547		4,705		5.81		322,733		4,269		5.26		311,876		3,526		4.49		299,861		2,925		3.91

Interest earning trading assets	4,445		75		6.73		5,462		83		6.09		5,717		79		5.60		5,446		62		4.49		6,073		55		3.55
Other earning assets	34,988		437		5.02		25,589		295		4.67		21,922		200		3.60		19,631		109		2.24		21,203		45		0.85
Total earning assets	506,084		6,230		4.93		499,149		5,836		4.72		492,805		5,288		4.27		482,349		4,407		3.63		475,818		3,701		3.12
Nonearning assets	59,738						60,478						60,154						63,257						64,750
Total assets	$	565,822					$	559,627					$	552,959					$	545,606					$	540,568
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	102,105	487		1.91		$	108,886	430		1.60		$	110,001	304		1.10		$	111,645	158		0.56		$	112,375	43		0.15
Money market and savings	138,149		686		1.99		139,802		476		1.38		144,730		316		0.87		147,659		159		0.43		148,632		50		0.13
Time deposits	35,844		333		3.73		28,671		219		3.10		17,513		63		1.42		14,751		14		0.40		14,133		6		0.17

Total interest-bearing deposits	276,098		1,506		2.19		277,359		1,125		1.64		272,244		683		1.00		274,055		331		0.48		275,140		99		0.14
Short-term borrowings	23,991		311		5.19		24,056		278		4.69		25,640		242		3.75		17,392		103		2.34		9,618		30		1.26
Long-term debt	63,665		734		4.62		51,057		514		4.05		38,700		332		3.42		31,381		190		2.43		31,263		137		1.75
Total interest-bearing liabilities	363,754		2,551		2.81		352,472		1,917		2.20		336,584		1,257		1.48		322,828		624		0.77		316,021		266		0.34
Noninterest-bearing deposits	123,728						131,099						141,032						146,041						148,610
Other liabilities	14,239						13,979						13,824						13,227						12,437
Shareholders’ equity	64,101						62,077						61,519						63,510						63,500
Total liabilities and shareholders’ equity	$	565,822					$	559,627					$	552,959					$	545,606					$	540,568
Average interest-rate spread					2.12						2.52						2.79						2.86						2.78

Net interest income/ net interest margin			$	3,679	2.91	%			$	3,919	3.17	%			$	4,031	3.25	%			$	3,783	3.12	%			$	3,435	2.89	%
Taxable-equivalent adjustment			54						51						50						38						28
Memo: Total deposits	$	399,826	1,506		1.51	%	$	408,458	1,125		1.12	%	$	413,276	683		0.66	%	$	420,096	331		0.31	%	$	423,750	99		0.09	%

(1)Excludes basis adjustments for fair value hedges.

(2)Amounts are on a taxable-equivalent basis utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends.

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

- 4 -

Average Balances and Rates - Year-To-Date


	Year-to-Date
	June 30, 2023						June 30, 2022
(Dollars in millions)	Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury	$	11,116	$	60	1.08	%	$	10,219	$	40	0.79	%
U.S. government-sponsored entities (GSE)	332		5		2.78		685		7		2.11
Mortgage-backed securities issued by GSE	123,692		1,384		2.24		135,185		1,215		1.80
States and political subdivisions	425		9		4.12		372		7		3.77
Non-agency mortgage-backed	3,879		45		2.33		4,161		47		2.27
Other	22		—		5.24		51		1		3.22
Total securities	139,466		1,503		2.16		150,673		1,317		1.75
Loans and leases:
Commercial:
Commercial and industrial	165,846		5,046		6.13		142,233		2,161		3.06
CRE	22,698		739		6.52		23,029		361		3.12
Commercial construction	5,892		212		7.39		5,152		78		3.26

Consumer:
Residential mortgage	56,370		1,057		3.75		48,610		868		3.57
Home equity(3)	10,606		370		7.03		10,747		234		4.43
Indirect auto	27,147		796		5.91		26,293		719		5.51
Other consumer(3)	27,876		958		6.93		25,424		774		6.12
Student	4,947		169		6.91		6,489		129		4.02
Credit card	4,815		273		11.45		4,705		209		8.94

Total loans and leases held for investment	326,197		9,620		5.94		292,682		5,533		3.81
Loans held for sale	1,708		53		6.28		3,511		61		3.47
Total loans and leases	327,905		9,673		5.94		296,193		5,594		3.80

Interest earning trading assets	4,951		158		6.38		5,956		98		3.30
Other earning assets	30,314		732		4.87		20,074		75		0.75
Total earning assets	502,636		12,066		4.83		472,896		7,084		3.01
Nonearning assets	60,105						65,391
Total assets	$	562,741					$	538,287
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	105,477	917		1.75		$	112,268	57		0.10
Money market and savings	138,972		1,162		1.69		145,085		61		0.08
Time deposits	32,276		552		3.45		14,885		13		0.18

Total interest-bearing deposits	276,725		2,631		1.92		272,238		131		0.10
Short-term borrowings	24,023		589		4.94		8,289		40		0.98
Long-term debt	57,396		1,248		4.37		33,289		269		1.61
Total interest-bearing liabilities	358,144		4,468		2.51		313,816		440		0.28
Noninterest-bearing deposits	127,393						147,279
Other liabilities	14,109						12,052
Shareholders’ equity	63,095						65,140
Total liabilities and shareholders’ equity	$	562,741					$	538,287
Average interest-rate spread					2.32						2.73

Net interest income/ net interest margin			$	7,598	3.04	%			$	6,644	2.83	%
Taxable-equivalent adjustment			105						54
Memo: Total deposits	$	404,118	2,631		1.31	%	$	419,517	131		0.06	%

(1)Excludes basis adjustments for fair value hedges.

(2)Amounts are on a taxable-equivalent basis utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends.

- 5 -

Credit Quality


	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2023		2023		2022		2022		2022
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	562	$	394	$	398	$	443	$	393
CRE	275		117		82		5		19
Commercial construction	16		1		—		—		—

Consumer:
Residential mortgage	221		233		240		227		269
Home equity(1)	129		132		135		132		133
Indirect auto	262		270		289		260		244
Other consumer(1)	46		45		44		39		32


Total nonaccrual loans and leases held for investment	1,511		1,192		1,188		1,106		1,090
Loans held for sale	13		—		—		72		33
Total nonaccrual loans and leases	1,524		1,192		1,188		1,178		1,123
Foreclosed real estate	3		3		4		4		3

Other foreclosed property	56		66		58		58		47
Total nonperforming assets	$	1,583	$	1,261	$	1,250	$	1,240	$	1,173



















Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	36	$	35	$	49	$	44	$	27
CRE	—		—		1		1		3
Commercial construction	5		—		—		—		3

Consumer:
Residential mortgage - government guaranteed	541		649		759		808		884
Residential mortgage - nonguaranteed	23		25		27		26		27
Home equity(1)	7		10		12		9		8
Indirect auto	—		—		1		1		1
Other consumer(1)	12		10		13		9		5
Student - government guaranteed	—		590		702		770		796
Student - nonguaranteed	—		4		4		5		5
Credit card	38		38		37		36		28

Total loans 90 days past due and still accruing	$	662	$	1,361	$	1,605	$	1,709	$	1,787
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	142	$	125	$	256	$	162	$	223
CRE	38		34		25		15		10
Commercial construction	6		3		5		3		4

Consumer:
Residential mortgage - government guaranteed	267		232		268		234		233
Residential mortgage - nonguaranteed	254		259		346		300		302
Home equity(1)	56		65		68		67		68
Indirect auto	549		511		646		591		584
Other consumer(1)	175		164		187		152		166
Student - government guaranteed	—		350		396		375		447
Student - nonguaranteed	—		6		6		6		6
Credit card	63		56		64		52		48

Total loans 30-89 days past due	$	1,550	$	1,805	$	2,267	$	1,957	$	2,091

- 6 -



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



							As of/For the Year-to-Date
							Period Ended June 30
							2023		2022
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases							0.46	%	0.23	%
Ratio of allowance for loan and lease losses to net charge-offs							3.1X		6.2X

Applicable ratios are annualized.

(1)Includes loans held for sale.

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

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

- 7 -



	As of/For the Quarter Ended										As of/For the Year-to-Date
	June 30		March 31		Dec. 31		Sept. 30		June 30		Period Ended June 30
(Dollars in millions)	2023		2023		2022		2022		2022		2023		2022
Allowance for Credit Losses(1)
Beginning balance	$	4,761	$	4,649	$	4,455	$	4,434	$	4,423	$	4,649	$	4,695
Provision for credit losses	558		482		467		234		171		1,040		76
Charge-offs:
Commercial:
Commercial and industrial	(107)		(75)		(44)		(51)		(17)		(182)		(48)
CRE	(35)		(6)		(11)		—		(1)		(41)		(2)
Commercial construction	—		—		—		—		—		—		(1)

Consumer:
Residential mortgage	(1)		(1)		(1)		(4)		(2)		(2)		(4)
Home equity(2)	(2)		(2)		(6)		(3)		(3)		(4)		(4)
Indirect auto	(115)		(127)		(129)		(103)		(77)		(242)		(179)
Other consumer(2)	(104)		(105)		(96)		(109)		(100)		(209)		(176)
Student	(103)		(5)		(5)		(7)		(4)		(108)		(10)
Credit card	(53)		(51)		(53)		(42)		(40)		(104)		(81)

Total charge-offs	(520)		(372)		(345)		(319)		(244)		(892)		(505)
Recoveries:
Commercial:
Commercial and industrial	13		13		14		43		13		26		30
CRE	—		1		1		—		6		1		7
Commercial construction	—		1		1		2		1		1		2

Consumer:
Residential mortgage	2		2		3		3		4		4		10
Home equity(2)	5		6		6		8		6		11		11
Indirect auto	31		26		21		21		26		57		49
Other consumer(2)	20		17		17		21		20		37		41
Student	—		—		1		—		—		—		—
Credit card	9		9		8		8		9		18		18

Total recoveries	80		75		72		106		85		155		168
Net charge-offs	(440)		(297)		(273)		(213)		(159)		(737)		(337)
Other(3)	—		(73)		—		—		(1)		(73)		—
Ending balance	$	4,879	$	4,761	$	4,649	$	4,455	$	4,434	$	4,879	$	4,434
Allowance for Credit Losses:(1)


Allowance for loan and lease losses	$	4,606	$	4,479	$	4,377	$	4,205	$	4,187
Reserve for unfunded lending commitments (RUFC)	273		282		272		250		247
Allowance for credit losses	$	4,879	$	4,761	$	4,649	$	4,455	$	4,434

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

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

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


	Quarter Ended										As of/For the Year-to-Date
	June 30		March 31		Dec. 31		Sept. 30		June 30		Period Ended June 30
	2023		2023		2022		2022		2022		2023		2022
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial	0.23	%	0.15	%	0.08	%	0.02	%	0.01	%	0.19	%	0.03	%
CRE	0.62		0.09		0.19		(0.01)		(0.10)		0.35		(0.04)
Commercial construction	(0.02)		(0.04)		(0.06)		(0.10)		(0.08)		(0.03)		(0.05)

Consumer:
Residential mortgage	(0.01)		—		(0.02)		0.01		(0.02)		(0.01)		(0.02)
Home equity	(0.12)		(0.15)		(0.01)		(0.13)		(0.17)		(0.14)		(0.14)
Indirect auto	1.28		1.47		1.52		1.15		0.77		1.38		1.00
Other consumer	1.20		1.29		1.11		1.31		1.27		1.25		1.07
Student	8.67		0.42		0.34		0.40		0.30		4.42		0.31
Credit card	3.66		3.54		3.68		2.80		2.63		3.60		2.70

Total loans and leases	0.54		0.37		0.34		0.27		0.22		0.46		0.23

Applicable ratios are annualized.

- 8 -

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


	As of/For the Quarter Ended
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2023		2023		2022		2022		2022







Loans and Leases(2)
Beginning balance unamortized fair value mark	$	(673)	$	(741)	$	(826)	$	(924)	$	(1,119)

Accretion	63		64		80		96		189

Purchase accounting adjustments and other activity	31		4		5		2		6
Ending balance	$	(579)	$	(673)	$	(741)	$	(826)	$	(924)
Core deposit and other intangible assets
Beginning balance	$	3,535	$	3,672	$	3,726	$	3,535	$	3,693

Additions - acquisitions	—		—		111		336		—
Amortization of intangibles(3)	(131)		(136)		(163)		(140)		(143)
Amortization in net occupancy expense	(1)		(1)		(3)		(5)		(5)
Purchase accounting adjustments and other activity	—		—		1		—		(10)
Ending balance	$	3,403	$	3,535	$	3,672	$	3,726	$	3,535
Deposits(4)
Beginning balance unamortized fair value mark	$	—	$	—	$	(1)	$	(3)	$	(5)

Amortization	—		—		1		2		2
Ending balance	$	—	$	—	$	—	$	(1)	$	(3)
Long-Term Debt(4)
Beginning balance unamortized fair value mark	$	(69)	$	(81)	$	(94)	$	(109)	$	(122)

Amortization	12		12		13		15		13
Adjustments	(2)		—		—		$	—	$	—
Ending balance	$	(59)	$	(69)	$	(81)	$	(94)	$	(109)

(1)Includes only selected information and does not represent all purchase accounting adjustments.

(2)Purchase accounting marks on loans and leases includes credit, interest and liquidity components, and are generally recognized using the level-yield or straight-line method over the remaining life of the individual loans or recognized in full in the event of prepayment.

(3)4Q22 amortization expense includes $16 million partial write-down of an investment advisory intangible asset from a prior acquisition.

(4)Purchase accounting marks on liabilities represents interest rate marks on time deposits and long-term debt and are recognized using the level-yield method over the term of the liability.

- 9 -

Segment Financial Performance - Preliminary



	Quarter Ended
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2023		2023		2022		2022		2022
Consumer Banking and Wealth
Net interest income (expense)	$	1,454	$	1,603	$	1,730	$	1,686	$	1,568
Net intersegment interest income (expense)	1,214		1,145		1,234		980		725
Segment net interest income	2,668		2,748		2,964		2,666		2,293
Allocated provision for credit losses	224		274		311		283		199
Noninterest income	828		873		846		836		831
Noninterest expense	2,048		2,057		1,924		1,930		1,927
Income (loss) before income taxes	1,224		1,290		1,575		1,289		998
Provision (benefit) for income taxes	293		308		373		305		238
Segment net income (loss)	$	931	$	982	$	1,202	$	984	$	760




Corporate and Commercial Banking(1)
Net interest income (expense)	$	2,420	$	2,306	$	2,087	$	1,640	$	1,305
Net intersegment interest income (expense)	(720)		(559)		(227)		(2)		54
Segment net interest income	1,700		1,747		1,860		1,638		1,359
Allocated provision for credit losses	312		232		139		(49)		(27)
Noninterest income	576		630		678		645		688
Noninterest expense	872		883		853		828		815
Income (loss) before income taxes	1,092		1,262		1,546		1,504		1,259
Provision (benefit) for income taxes	212		262		326		323		273
Segment net income (loss)	$	880	$	1,000	$	1,220	$	1,181	$	986




Insurance Holdings(1)
Net interest income (expense)	$	1	$	1	$	1	$	1	$	1
Net intersegment interest income (expense)(2)	(85)		13		11		10		5
Segment net interest income	(84)		14		12		11		6
Allocated provision for credit losses	—		—		—		—		—
Noninterest income	944		817		792		731		830
Noninterest expense	705		686		662		628		610
Income (loss) before income taxes(3)	155		145		142		114		226
Provision (benefit) for income taxes(3)	—		36		35		29		55
Segment net income (loss)	$	155	$	109	$	107	$	85	$	171
















Other, Treasury & Corporate(4)
Net interest income (expense)	$	(250)	$	(42)	$	163	$	418	$	533
Net intersegment interest income (expense)	(409)		(599)		(1,018)		(988)		(784)
Segment net interest income	(659)		(641)		(855)		(570)		(251)
Allocated provision for credit losses	2		(4)		17		—		(1)
Noninterest income	(55)		(86)		(89)		(110)		(101)
Noninterest expense	123		65		283		227		228
Income (loss) before income taxes(3)	(839)		(788)		(1,244)		(907)		(579)
Provision (benefit) for income taxes(3)	(218)		(212)		(397)		(294)		(194)
Segment net income (loss)	$	(621)	$	(576)	$	(847)	$	(613)	$	(385)


Total Truist Financial Corporation
Net interest income (expense)	$	3,625	$	3,868	$	3,981	$	3,745	$	3,407
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income	3,625		3,868		3,981		3,745		3,407
Allocated provision for credit losses	538		502		467		234		171
Noninterest income	2,293		2,234		2,227		2,102		2,248
Noninterest expense	3,748		3,691		3,722		3,613		3,580
Income (loss) before income taxes	1,632		1,909		2,019		2,000		1,904
Provision (benefit) for income taxes	287		394		337		363		372
Net income	$	1,345	$	1,515	$	1,682	$	1,637	$	1,532

(1)During the first quarter of 2023, Truist reorganized Prime Rate Premium Finance Corporation, which includes AFCO Credit Corporation and CAFO Holding Company, into the C&CB segment. Prior period results have been revised to conform to the current presentation. During the second quarter of 2023, Truist updated its cost allocation methodology. Results for the first quarter of 2023 have been revised to conform to the current presentation. Management concluded the impact to 2022 was not material.

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

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

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

- 10 -

Capital Information - Five Quarter Trend


	As of/For the Quarter Ended
	June 30			March 31			Dec. 31			Sept. 30			June 30
(Dollars in millions, except per share data, shares in thousands)	2023			2023			2022			2022			2022
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	41,643		$	39,533		$	39,098		$	38,277		$	38,016
Tier 1	48,313			46,203			45,768			44,947			44,686
Total	57,237			55,237			54,072			53,223			52,186
Risk-weighted assets	434,985			436,381			434,413			421,489			413,384
Average quarterly assets for leverage ratio	550,734			544,334			539,689			526,454			521,113
Average quarterly assets for supplementary leverage ratio	643,666			635,656			629,960			616,368			608,770
Risk-based capital ratios:
Common equity tier 1	9.6		%	9.1		%	9.0		%	9.1		%	9.2		%
Tier 1	11.1			10.6			10.5			10.7			10.8
Total	13.2			12.7			12.4			12.6			12.6
Leverage capital ratio	8.8			8.5			8.5			8.5			8.6
Supplementary leverage	7.5			7.3			7.3			7.3			7.3
Common equity per common share	$	42.68		$	41.82		$	40.58		$	40.79		$	42.45

	June 30			March 31			Dec. 31			Sept. 30			June 30
(Dollars in millions, except per share data, shares in thousands)	2023			2023			2022			2022			2022
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity	$	63,681		$	62,394		$	60,537		$	60,811		$	62,999
Less:
Preferred stock	6,673			6,673			6,673			6,673			6,673
Noncontrolling interests	155			22			23			23			24
Intangible assets, net of deferred taxes	29,628			29,788			29,908			29,752			29,095
Tangible common equity	$	27,225		$	25,911		$	23,933		$	24,363		$	27,207







Outstanding shares at end of period (in thousands)	1,331,976			1,331,918			1,326,829			1,326,766			1,326,393
Tangible common equity per common share	$	20.44		$	19.45		$	18.04		$	18.36		$	20.51

Total assets	$	554,549		$	574,354		$	555,255		$	548,438		$	545,123
Less: Intangible assets, net of deferred taxes	29,628			29,788			29,908			29,752			29,095
Tangible assets	$	524,921		$	544,566		$	525,347		$	518,686		$	516,028

Equity as a percentage of total assets	11.5		%	10.9		%	10.9		%	11.1		%	11.6		%
Tangible common equity as a percentage of tangible assets	5.2			4.8			4.6			4.7			5.3

(1)Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value. These measures are not necessarily comparable to similar measures that may be presented by other companies.

- 11 -

Selected Mortgage Banking Information & Additional Information


	As of/For the Quarter Ended
	June 30			March 31			Dec. 31			Sept. 30			June 30
(Dollars in millions, except per share data)	2023			2023			2022			2022			2022
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue	$	22		$	17		$	7		$	1		$	36
Residential mortgage servicing income:


Residential mortgage income before MSR valuation	77			155			88			80			49




Net MSRs valuation	(19)			(50)			(10)			(9)			(11)
Total residential mortgage servicing income	58			105			78			71			38
Total residential mortgage income	80			122			85			72			74
Commercial mortgage income:
Commercial mortgage production revenue	16			14			28			30			21
Commercial mortgage servicing income:


Commercial mortgage income before MSR valuation	4			7			4			5			2



Net MSRs valuation	(1)			(1)			—			15			3
Total commercial mortgage servicing income	3			6			4			20			5
Total commercial mortgage income	19			20			32			50			26
Total mortgage banking income	99			142			117			122			100

Other Mortgage Banking Information
Residential mortgage loan originations	$	5,558		$	4,022		$	4,868		$	11,746		$	11,330
Residential mortgage servicing portfolio:(1)
Loans serviced for others	222,917			214,830			217,046			218,740			209,504
Bank-owned loans serviced	57,147			57,493			56,982			56,786			53,341
Total servicing portfolio	280,064			272,323			274,028			275,526			262,845
Weighted-average coupon rate on mortgage loans serviced for others	3.54		%	3.52		%	3.48		%	3.45		%	3.42		%
Weighted-average servicing fee on mortgage loans serviced for others	0.27			0.27			0.31			0.30			0.30

Additional Information
Brokered deposits(2)	$	32,307		$	23,816		$	22,353		$	20,239		$	22,926

NQDCP income (expense):
Interest income	$	3		$	11		$	2		$	2		$	2
Other income	9			(18)			20			(28)			(30)
Personnel expense	(12)			7			(22)			26			28
Total NQDCP income (expense)	$	—		$	—		$	—		$	—		$	—


Common stock prices:
High	$	35.39		$	51.26		$	47.47		$	52.22		$	57.50
Low	25.56			28.70			40.01			42.56			44.75
End of period	30.35			34.10			43.03			43.54			47.43
Banking offices	2,002			2,006			2,123			2,119			2,117
ATMs	3,041			3,041			3,227			3,185			3,194
FTEs(3)	52,564			53,653			53,999			52,648			51,349

(1)Amounts reported are unpaid principal balance.

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

(3)FTEs represents an average for the quarter.

- 12 -

Selected Items(1)


	Favorable (Unfavorable)
(Dollars in millions)			After-Tax at
Description	Pre-Tax		Marginal Rate
Selected Items
Second Quarter 2023
None	$	—	$	—
First Quarter 2023
None	$	—	$	—
Fourth Quarter 2022
Incremental operating expenses related to the merger ($51 million professional fees and outside processing and $5 million other line items)	$	(56)	$	(43)
Third Quarter 2022
Incremental operating expenses related to the merger ($72 million professional fees and outside processing and $18 million other line items)	$	(90)	$	(69)
Second Quarter 2022
Incremental operating expenses related to the merger ($103 million professional fees and outside processing, $11 million personnel expense, and $3 million other line items)	$	(117)	$	(89)
Gain (loss) on early extinguishment of debt (other expense)	39		30
First Quarter 2022
Incremental operating expenses related to the merger ($133 million professional fees and outside processing, $24 million personnel expense, $20 million net occupancy expense, and $25 million other line items)	$	(202)	$	(155)
Gain on redemption of noncontrolling equity interest related to the acquisition of certain merchant services relationships (other income)	74		57

(1)Includes selected items representing a part of line items within the consolidated statements of income. Excludes line items adjusted in their entirety, such as securities gains and losses and costs classified as merger-related and restructuring charges as well as immaterial adjustments made for gains and losses on the early extinguishment of debt.

- 13 -

EX-99.3 4 ex993-earningsdeck2q23.htm EX-99.3 ex993-earningsdeck2q23

Second Quarter 2023 Earnings Conference Call Bill Rogers – Chairman & CEO Mike Maguire – CFO July 20, 2023

2 This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the financial condition, results of operations, business plans and the future performance of Truist. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements. In particular, forward looking statements include, but are not limited to, statements we make about: (i) the benefits of Truist’s shift from integrating to operating and being “One Truist”, (ii) guidance with respect to financial performance metrics in future periods, including future levels of GAAP revenues, GAAP and adjusted expenses, adjusted operating leverage and net charge-off ratio, (iii) Truist’s ability to perform well through a range of economic scenarios, (iv) Truist’s effective tax rate in future periods, (v) projections of preferred stock dividends in 2023, (vi) loan growth in future periods, (vii) the effects of purchase accounting accretion in future periods, (viii) expected declines in overdraft fees through 2024, (ix) anticipated restructuring costs and expense rationalization efforts, (x) expectations for organic capital generation in 2023, (xi) Truist’s goal to produce strong growth and profitability with less volatility than peers, (xii) Truist’s potential to generate value through Integrated Relationship Management, and (xiii) Truist’s expected CET1 ratio in future periods, as well as the estimation impact of including AOCI in the calculation of the CET1 ratio. Forward-looking statements are not based on historical facts but instead represent management’s expectations and assumptions regarding Truist’s business, the economy and other future conditions. Such statements involve inherent uncertainties, risks and changes in circumstances that are difficult to predict. As such, Truist’s actual results may differ materially from those contemplated by forward-looking statements. While there can be no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those contemplated by forward-looking statements include the following, without limitation, as well as the risks and uncertainties more fully discussed under Part I, Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022 and in Truist’s subsequent filings with the Securities and Exchange Commission: • changes in the interest rate environment, including the replacement of LIBOR as an interest rate benchmark, could adversely affect Truist’s revenue and expenses, the value of assets and obligations, including our portfolio of investment securities, and the availability and cost of capital, cash flows, and liquidity; • Truist is subject to credit risk by lending or committing to lend money, may have more credit risk and higher credit losses to the extent that loans are concentrated by loan type, industry segment, borrower type or location of the borrower or collateral, and may suffer losses if the value of collateral declines in stressed market conditions; • inability to access short-term funding or liquidity, loss of client deposits or changes in Truist’s credit ratings could increase the cost of funding, limit access to capital markets, or negatively affect Truist’s overall liquidity or capitalization; • Truist may be impacted by actual or perceived soundness of other financial institutions, including as a result of the financial or operational failure of a major financial institution, or concerns about the creditworthiness of such a financial institution or its ability to fulfill its obligations, which can cause substantial and cascading disruption within the financial markets and increased expenses, including FDIC insurance premiums, and could affect our ability to attract and retain depositors and to borrow or raise capital; • general economic or business conditions, either globally, nationally or regionally, may be less favorable than expected, including as a result of supply chain disruptions, inflationary pressures and labor shortages, and instability in global geopolitical matters, including due to an outbreak or escalation of hostilities, or volatility in financial markets could result in, among other things, slower deposit or asset growth, a deterioration in credit quality, or a reduced demand for credit, insurance, or other services; • the monetary and fiscal policies of the federal government and its agencies, including in response to higher inflation, could have a material adverse effect on the economy and Truist’s profitability; • unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; • a loss of value of our investment portfolio could negatively impact market perceptions of Truist and could lead to deposit withdrawals; • the effects of COVID-19 adversely impacted the Company’s operations and financial performance and similar adverse impacts resulting from pandemics could occur in future periods; • risk management oversight functions may not identify or address risks adequately, and management may not be able to effectively manage credit risk; • there are risks resulting from the extensive use of models in Truist’s business, which may impact decisions made by management and regulators; • deposit attrition, client loss or revenue loss following completed mergers or acquisitions may be greater than anticipated; • Truist could fail to execute on strategic or operational plans, including the ability to successfully complete or integrate mergers and acquisitions; • increased competition, including from (i) new or existing competitors that could have greater financial resources or be subject to different regulatory standards or compliance costs, and (ii) products and services offered by non-bank financial technology companies, may reduce Truist’s client base, cause Truist to lower prices for its products and services in order to maintain market share or otherwise adversely impact Truist’s businesses or results of operations; • failure to maintain or enhance Truist’s competitive position with respect to new products, services, and technology, whether it fails to anticipate client expectations or because its technological developments fail to perform as desired or do not achieve market acceptance or regulatory approval or for other reasons, may cause Truist to lose market share or incur additional expense; • negative public opinion could damage Truist’s reputation and adversely impact business and revenues, including the effects of social media on market perceptions of Truist and banks generally; • regulatory matters, litigation or other legal actions may result in, among other things, costs, fines, penalties, restrictions on Truist’s business activities, reputational harm, negative publicity, or other adverse consequences; • Truist faces substantial legal and operational risks in safeguarding personal information; • evolving legislative, accounting and regulatory standards, including with respect to climate, capital, and liquidity requirements, which may become more stringent in light of recent market events, and results of regulatory examinations may adversely affect Truist’s financial condition and results of operations; • increased scrutiny regarding Truist’s consumer sales practices, training practices, incentive compensation design, and governance could damage its reputation and adversely impact business and revenues; • accounting policies and processes require management to make estimates about matters that are uncertain, including the potential write down to goodwill if there is an elongated period of decline in market value for Truist’s stock and adverse economic conditions are sustained over a period of time; • Truist faces risks related to originating and selling mortgages, including repurchase and indemnity demands from purchasers related to representations and warranties on loans sold, which could result in an increase in the amount of losses for loan repurchases; • there are risks relating to Truist’s role as a loan servicer, including an increase in the scope or costs of the services Truist is required to perform without any corresponding increase in servicing fees or a breach of Truist’s obligations as servicer; • Truist’s success depends on hiring and retaining key teammates, and if these individuals leave or change roles without effective replacements, Truist’s operations could be adversely impacted, which could be exacerbated in the increased work-from-home environment as job markets may be less constrained by physical geography; • Truist’s operations rely on its ability, and the ability of key external parties, to maintain appropriate-staffed workforces, and on the competence, trustworthiness, health and safety of teammates; • Truist faces the risk of fraud or misconduct by internal or external parties, which Truist may not be able to prevent, detect, or mitigate; • security risks, including denial of service attacks, hacking, social engineering attacks targeting Truist’s teammates and clients, malware intrusion, data corruption attempts, system breaches, cyberattacks, which have increased in frequency with geopolitical tensions, identity theft, ransomware attacks, and physical security risks, such as natural disasters, environmental conditions, and intentional acts of destruction, could result in the disclosure of confidential information, adversely affect Truist’s business or reputation or create significant legal or financial exposure; and • widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism and pandemics), and the effects of climate change, including physical risks, such as more frequent and intense weather events, and risks related to the transition to a lower carbon economy, such as regulatory or technological changes or shifts in market dynamics or consumer preferences, could have an adverse effect on Truist’s financial condition and results of operations, lead to material disruption of Truist’s operations or the ability or willingness of clients to access Truist’s products and services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by applicable law or regulation, Truist undertakes no obligation to revise or update any forward-looking statements. Forward-Looking Statements

3 Non-GAAP Information This presentation contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Truist’s management uses these “non-GAAP” measures in their analysis of the Corporation's performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. The Company believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. Truist’s management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the types of non-GAAP measures used in this presentation: Adjusted Performance Measures - The adjusted performance measures, including adjusted diluted earnings per share, return on average tangible common shareholders’ equity, adjusted efficiency ratio, and adjusted noninterest expense, are non-GAAP in that they exclude merger- related and restructuring charges, other selected items, and amortization of intangible assets, as applicable to tangible measures. Truist’s management uses these measures in their analysis of the Corporation’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. Pre-Provision Net Revenue (PPNR) - Pre-provision net revenue is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the provision for credit losses and provision for income taxes. Adjusted pre-provision net revenue is a non- GAAP measure that additionally excludes securities gains (losses), merger-related and restructuring charges, amortization of intangible assets, and other selected items. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods. Tangible Common Equity and Related Measures - Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value. Core NIM - Core net interest margin is a non-GAAP measure that adjusts net interest margin to exclude the impact of purchase accounting. The purchase accounting marks and related amortization for loans, deposits, and long-term debt from mergers and acquisitions are excluded to approximate the yields paid by clients. Truist’s management believes the adjustments to the calculation of net interest margin for certain assets and liabilities acquired provide investors with useful information related to the performance of Truist’s earning assets. Insurance Holdings Adjusted EBITDA - EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, depreciation, and amortization to net income. Truist’s management also adds back merger-related and restructuring charges, acquisition retention and changes in estimated earn-out incentives, equity and equity-like compensation items, independence readiness costs related to Truist Insurance Holdings, and other selected items. Truist’s management uses this measure in its analysis of the Corporation’s Insurance Holdings segment. Truist’s management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges.

Financial Results

6 2Q23 performance highlights Key areas of focus – Significant capital momentum and flexibility with completion of TIH minority stake sale, organic capital generation, and managed RWA growth – Sharpening strategic focus on our core business as evidenced by the divestiture of a $5 billion non-core student loan portfolio (“Student”) near the end of 2Q23 at net carrying value – Focused on bending the expense curve Earnings and profitability – $1.2 billion of net income available to common ($0.92 per share) and ROTCE of 19% – EPS down 16% vs. 2Q22 reflecting higher loan loss provision and higher expenses – Partially offset by higher net interest income – EPS down 12% vs. 1Q23 reflecting lower net interest income due to higher funding costs and higher expenses – Partially offset by seasonally higher fees – Total revenue up 5.1% YoY and down 2.9% vs. 1Q23 (in-line with guidance) – Adjusted expenses up 1.9% vs.1Q23 (in-line with guidance) Balance sheet, asset quality, capital, and liquidity – Average loans flat vs. 1Q23 – EOP loans down 1.7% primarily due to Student – Average deposits declined 2.1% vs. 1Q23 – NCOs were 54 bps (42 bps excluding Student) – Strong liquidity and funding profile – LCR of 112% – Total available liquidity of $178 billion – CET1 up 50 bps vs. 1Q23 to 9.6% and TBVPS up 5.1% driven by the TIH minority stake sale and organic capital generation Change vs. 2Q23 1Q23 2Q22 GAAP / Unadjusted Revenue $5,972 (2.9)% 5.1% Expense $3,748 1.5% 4.7% PPNR $2,224 (9.7)% 5.8% Provision for credit losses $538 7.2% NM Net income available to common $1,234 (12.5)% (15.1)% Diluted EPS $0.92 (12.4)% (15.6)% ROCE 8.6% (170) bps (170) bps ROTCE 19.4% (470) bps (330) bps Efficiency ratio 63.3% 280 bps 0 bps TBVPS $20.44 5.1% (0.3)% Adjusted Efficiency ratio 59.6% 280 bps 260 bps PPNR $2,413 (9.3)% (1.3)% Note: All data points are taxable-equivalent, where applicable; see non-GAAP reconciliations in the appendix Current quarter regulatory capital information is preliminary Summary Income Statement Commentary ($ in millions, except per share data)

7 3Q22 4Q22 1Q23 2Q23 T3 (Touch + Technology = Trust) Connected Channel Experiences Deliver on Deposit Acquisition, Retention, and Client Empowerment 3Q22 4Q22 1Q23 2Q23 Continued digital momentum 3Q22 4Q22 1Q23 2Q23 1 Active users reflect clients that have logged in using the mobile app over the prior 90 days 2 Digital transactions include transfers, Zelle, bill payments, mobile deposits, ACH, and wire transfers 3 Client satisfaction: How satisfied are you with your most recent experience using digital banking with Truist? 4.3 Mobile App Users1 Zelle Transactions Digital Transactions2 Increase in Client Satisfaction With Digital3 3Q22 4Q22 1Q23 2Q23 64.9 65.9 17.6 New Account Quality – Digitally-originated Truist One Checking average account balance up 17% vs. 1Q23 with 91% of clients digitally active Personalized Relationship Rates – Enhanced pricing tools effectively attract new balances and retain existing clients Onboarding with Care – Client experience and platform improvements result in new highs in application conversion rates; integrated Digital & Care Center outbound calling enhances account funding and client satisfaction Empowering Clients – Truist Insights (AI-driven platform) now delivers actionable insights for 550K Small Business clients including cash-flow summaries, income and expense analysis, and proactive balance monitoring 67.3 +7% +3% +1% 4.4 4.5 4.6 +6% 19.0 20.4 22.9 +31% 70.8 +9% +2% +13% (in millions) (in millions) (in millions) Small Business Insights

8 Average loans & leases HFI ($ in billions) $297 $309 $321 $326 $326 $173 $180 $188 $194 $195 $123 $130 $133 $132 $131 3.64% Commercial LHFI Consumer, mortgage, & card LHFI Loans HFI yield (%) Loans HFI yield ex. PAA (%) 2Q22 3Q22 4Q22 1Q23 2Q23 – Average loans increased $352 million, or 0.1% from 1Q23 – Average commercial loans increased $1.6 billion, or 0.8%, due primarily to seasonally strong mortgage warehouse balances and ongoing traditional C&I loan growth – Average consumer and card loans declined $1.2 billion primarily due to a decline in auto – Partially offset by growth in the Service Finance and Sheffield portfolios – EOP loans declined 1.7%, or $5.6 billion, primarily due to Student – Excluding Student, EOP loans declined 0.2% 5-Quarter Trend vs. Linked Quarter 4.36% May not foot due to rounding 5.14% 5.72% 5.25% 5.81% 6.07% 5.98% 4.49% 3.91%

9 ($ in billions) $424 $420 $413 $408 $400 $275 $274 $272 $277 $276 $149 $146 $141 $131 $124 0.09% Interest-bearing deposits Noninterest-bearing deposits Total deposit cost (%) 2Q22 3Q22 4Q22 1Q23 2Q23 Average deposits 1 Cumulative beta calculation is based on change in average interest-bearing deposit cost divided by change in average Fed Funds from 4Q21 to 2Q23 May not foot due to rounding – Average deposits declined 2.1%, or $8.6 billion – Noninterest-bearing deposits declined $7.4 billion, or 5.6% – Represented 31% of total deposits – Average interest-bearing checking declined $6.8 billion, or 6.2% – Average time deposits increased $7.2 billion, or 25% – Deposit costs continue to increase due to higher interest rates – Total cost of deposits was 151 bps, up 39 bps from the prior quarter – Total cost of interest-bearing deposits was 219 bps, up 55 bps from the prior quarter – Reflects 44% cumulative beta1 vs. Linked Quarter 5-Quarter Trend 0.31% 0.66% 1.12% 1.51%

10 $3,435 $3,783 $4,031 $3,919 $3,679 $3,231 $3,670 $3,937 $3,843 $3,604 $204 $113 $94 $76 $75 2.89% 3.12% 3.25% 3.17% 2.91% 2.72% 3.02% 3.17% 3.10% 2.85% Core net interest income TE ($ MM) Purchase accounting accretion ($ MM) Reported NIM (%) Core NIM (%) 2Q22 3Q22 4Q22 1Q23 2Q23 – Net interest income declined 6.1% due to higher funding costs – Partially offset by higher rates on earning assets – Reported NIM declined 26 bps driven by: – Acceleration of interest-bearing deposit betas – Decline in noninterest-bearing deposits – Higher cash balances and borrowing levels – Net interest income up 7.1% due to higher short-term interest rates and 10% growth in average loans – Partially offset by lower purchase accounting accretion – Reported NIM increased 2 bps, while core NIM improved 13 bps ($ in millions) Net interest income & net interest margin 1 See non-GAAP reconciliations in the appendix vs. Linked Quarter5-Quarter Trend 1 vs. Like Quarter

11 ($ in millions) $2,248 $2,102 $2,227 $2,234 $2,293 2Q22 3Q22 4Q22 1Q23 2Q23 Noninterest income vs. Linked Quarter5-Quarter Trend – Noninterest income increased 2.6% due to record insurance revenue and higher other income – Partially offset by lower mortgage banking and investment banking and trading revenue vs. Like Quarter – Noninterest income up 2.0% due primarily to 13% growth in insurance revenue (strong 9.1% organic growth and acquisitions) – Partially offset by lower investment banking and trading revenue

12 ($ in millions) – Noninterest expense increased $168 million, or 4.7% – Noninterest expense includes $54 million of merger-related and restructuring charges vs. $238 million of merger costs – Adjusted noninterest expense2 increased $321 million, or 9.9%, due to higher compensation costs related to increases in minimum wage, new hires, and acquisitions, as well as ongoing investments in technology and infrastructure 63.3% 61.8% 60.0% 60.5% 63.3% 57.0% 56.4% 54.2% 56.8% 59.6% Adjusted noninterest expense Merger costs Amortization Other items GAAP efficiency ratio Adjusted efficiency ratio 2Q22 3Q22 4Q22 1Q23 2Q23 1 Includes merger-related and restructuring charges and incremental operating expenses related to the merger 2 Excludes merger-related charges, incremental operating expenses related to the merger, amortization, and other items. See appendix for non-GAAP reconciliation. May not foot due to rounding Noninterest expense $143 $238 $3,238 $170 $3,321 $3,580 ($39) 1 $3,613 vs. Linked Quarter5-Quarter Trend – Noninterest expense increased $57 million, or 1.5% – Adjusted noninterest expense2 increased $67 million, or 1.9%, due to higher variable comp and professional fees – Partially offset by lower operational losses vs. Like Quarter $152 $3,389 $163 $3,492 $63 $136 $3,722 $140 $3,559 $54 $3,691 $131 $4 $3,748

13 $171 $234 $467 $502 $538 2Q22 3Q22 4Q22 1Q23 2Q23 $159 $213 $273 $297 $440 0.27% 0.34% 0.37% 0.54% NCO NCO ratio 2Q22 3Q22 4Q22 1Q23 2Q23 NCOs, excluding Student, increased 5 bps linked quarter reflecting higher commercial losses Asset quality 4.5x 9.0x 8.8x Net Charge-Offs Provision for Credit Losses Nonperforming Loans / LHFI ALLL $4,187 $4,205 $4,377 $4,479 $4,606 1.38% 1.34% 1.34% 1.37% 1.43% ALLL ALLL ratio ALLL / NCO 2Q22 3Q22 4Q22 1Q23 2Q23 ALLL ratio up 6 bps due to updated economic outlook Increase in the loan loss reserve reflects normalization of asset quality NPLs increased 11 bps linked quarter reflecting credit normalization and modest deterioration within commercial 6.5X 5.0X0.36% 0.35% 0.36% 0.36% 0.47% 2Q22 3Q22 4Q22 1Q23 2Q23 3.7X4.1X $467 $502 2.6X 3.4X ex. Student 0.42% ex. Student 0.22% Provision increased slightly vs. 1Q23 due to higher NCOs and an updated economic outlook

14 Multi Tenant 90% Medical 8% Single Tenant 2% 8.9% 8.1% 7.8% 9.7% 11.2% 0.07% 0.02% 0.29% 0.41% 1.01% 0.06% 0.49% Criticized & classified ratio NPL ratio NCO ratio 2Q22 3Q22 4Q22 1Q23 2Q23 8% 24% 25% 43% 2023 2024 2025 2026 and beyond Office Portfolio Primarily Comprised of Class A, Multi Tenant Properties Within Footprint Class A 65% Class B 25% Class C and Other 10% Commercial real estate (CRE) spotlight 5-Quarter Total CRE Trends CRE Office 1.6% Class Type (From Top 10 Markets) (0.09)% (0.02)% Total LHFI at 6/30/23 ($322B) CRE Mix Tenant Type Scheduled Office Maturities CRE Represents 8.9% of Total Loans HFI Including Office at 1.6% NPL% 5.6% LTM NCO ratio 0.88% Loan loss reserves 6.2% WALTV ~60% Weighted average maturity ~3 years % in Truist Southeast/ Mid-Atlantic footprint ~75% 0.14% Office Spotlight All other loans 91.1% CRE 8.9% CRE information on this slide includes the commercial construction portfolio WALTV based on appraisals conducted at origination Hotel 9% Industrial 16% Office 18% Multifamily 30% Retail 16% Other 11%

15 ($ in billions) 1Q23 CET1 Organic capital generation TIH minority stake sale 2Q23 CET1 Organic capital generation & managed RWA growth FDIC assessment 4Q23 CET1 Significant capital momentum and flexibility 1 Organic capital generation is retained earnings net of dividend 2 Current quarter regulatory capital information is preliminary 3 Based on April 2023 valuation 4 AOCI impact based on the current forward curve of interest rates and internal estimates 5 Total AOCI at 6/30/23 of $13.4 billion includes $1.5 billion of AOCI (held constant) related to the pension plan (AOCI burn down ~40% ex. pension) 9.1% 0.2% 0.3% ~0.5% ~(0.1%) 9.6% ~10% Estimate if remaining TIH ownership divested3 ~2.0%+ 1 2 AOCI Burn Down4 6/30/23 12/31/24 12/31/25 12/31/26 $13.4 $10.7 $9.4 $8.6 Truist’s CET1 Increased by 0.5% in 2Q23 and has Continuing Momentum and Flexibility 5 Truist continues to build capital and maintains significant strategic flexibility with its remaining stake in TIH (36%) AOCI should decrease by 36% by the end of 2026 1

16 13.9% 2Q23 Actuals 3Q23 Outlook Revenue (TE) $6.0 Down 4% Adjusted expenses $3.6 Down 0-1% Full Year 2022 Actuals Full Year 2023 Outlook Adjusted revenue (TE) $23.2 Up 1-2% Adjusted expenses $13.1 Up ~7% Net charge-off ratio 27 bps 40-50 bps Tax rate 19% effective; 21% on FTE basis 3Q23 and 2023 outlook Fu ll ye ar 2 02 3 co m pa re d to fu ll ye ar 2 02 2 ($ in billions) 3Q 23 co m pa re d to 2 Q 23 All data points are taxable-equivalent, where applicable Adjusted expenses exclude amortization of intangibles, merger-related and restructuring charges, incremental operating expenses related to the merger, and other selected items Adjusted revenues exclude securities gains / (losses) and other selected items See non-GAAP reconciliations in the appendix

17 Investment thesis Why Truist? Purpose-Driven Culture Exceptional Company Investing in the Future Leading Financial Performance – Inspire and build better lives and communities – Optimize long-term value for all stakeholders through safe, sound, and ethical practices – Attract and retain top talent – Continued strong sustainability progress – Top 10 U.S. commercial bank – Strong retail and commercial banking market shares in high growth footprint (South / Mid- Atlantic) with select national businesses – Comprehensive and diverse business mix with distinct capabilities in insurance, investment banking, digital / point-of-sale lending, and advice / industry expertise – Significant Integrated Relationship Management (IRM) potential – Further modernize technology stack – Obsess over enhanced client and teammate experience to drive client acquisition – Enable convenient commerce and strengthen payments capabilities – Fit-for-purpose approach (build, buy, partner) – Increased usage of Open Banking, APIs, and Truist Ventures – Targeting strong growth and profitability relative to peers (with lower volatility) – Disciplined risk and financial management; focus on diversity – Strong risk adjusted capital position

Appendix

A-1 Consumer Banking & Wealth Income statement ($ MM) 2Q23 vs. 1Q23 vs. 2Q22 Net interest income $2,668 ($80) $375 Allocated provision for credit losses 224 (50) 25 Noninterest income 828 (45) (3) Noninterest expense 2,048 (9) 121 Segment net income 931 (51) 171 Balance Sheet ($ B) Average loans(1) $143 $— $8.6 Average deposits 237 (1.9) (19) Other Key Metrics(2) Mortgages serviced for others ($ B) $223 $8.1 $13 Wealth management AUM ($ B) 191 3.3 11 Branches 2,002 (4) (115) (1) Excludes loans held for sale (2) Amount reported reflects end of period balance Represents performance for Retail and Small Business Banking, Wealth, Mortgage Banking, and Consumer Finance Solutions – Net income of $931 million, down $51 million, or 5.2% vs. 1Q23 – Net interest income of $2.7 billion decreased $80 million, or 2.9%, primarily driven by higher rate paid on deposits and lower average deposit balances – Average loans of $143 billion relatively flat vs. 1Q23, primarily driven by lower auto loans – Partially offset by growth in the Service Finance and Sheffield portfolios – Average deposits of $237 billion declined 0.8%, vs. 1Q23 reflecting continued consumer response to market conditions as well as tax-related seasonality – Provision for credit losses decreased $50 million, or 18%, primarily driven by lower net allowance build in the current quarter and a decrease in auto charge-offs – Noninterest income of $828 million decreased $45 million, or 5.2% vs. 1Q23, primarily driven by lower mortgage banking income, wealth income, and service charges on deposits – Mortgages serviced for others increased 3.8% vs. 1Q23 driven by bulk MSR acquisition completed in the current quarter – Wealth management AUM increased $3.3 billion, or 1.8%, vs. 1Q23 primarily due to increased markets and positive net asset flows – Noninterest expense of $2.0 billion remained relatively flat vs. 1Q23 – Branch count down 5.4% vs. 2Q22 due to continued branch network optimization Metrics Commentary

A-2 Corporate & Commercial Banking – Net income of $880 million, down $120 million, or 12% vs. 1Q23 – Net interest income of $1.7 billion decreased $47 million, or 2.7% vs. 1Q23, as a result of higher funding costs and lower balances for both loans and deposits, partially offset by higher rates on earning assets – Average loans of $184 billion decreased $0.7 billion, or 0.4% vs. 1Q23, as a result of strategic capital deployment and optimization efforts – Average deposits of $130 billion decreased $11 billion, or 7.5% vs. 1Q23, due to tax payments, monetary tightening, higher rate alternatives, and prior quarter declines – Provision for credit losses increased $80 million vs. 1Q23 related to CRE and increased stress in certain C&I portfolios – Noninterest income of $576 million decreased $54 million, or 8.6% vs. 1Q23, primarily related to lower investment banking & trading income – Noninterest expense of $872 million decreased $11 million, or 1.2% v 1Q23 driven by lower variable incentives and reduced operational losses (1) Excludes loans held for sale Represents performance for Commercial Community Banking, Corporate & Investment Banking, CRE, Wholesale Payments, and Insurance Premium Finance Metrics Commentary Income statement ($ MM) 2Q23 vs. 1Q23 vs. 2Q22 Net interest income $1,700 ($47) $341 Allocated provision for credit losses 312 80 339 Noninterest income 576 (54) (112) Noninterest expense 872 (11) 57 Segment net income $880 ($120) ($106) Balance Sheet ($ B) Average loans(1) $184 ($0.7) $19 Average deposits 130 (11) (16)

A-3 Insurance Holdings – Total segment revenue growth of 16% vs. 1Q23 – Driven by strong organic growth, prior year acquisition of BenefitMall, and additional interest income on fiduciary deposits – Acquired revenue of $41 million – Organic revenue growth of 9.1%, up from 4.7% and 7.7% in 1Q23 and 2Q22, respectively – Driven by higher property and casualty renewal premium due to rate and exposure increases and strong performance in both retail and wholesale – New business generation was up 27.6% vs. 2Q22 with client retention up driven by higher renewal premiums – Adjusted EBITDA margin declined 310 bps vs. 2Q22 – Primarily driven by changes in allocated expenses, investments in new hires and teammates, and higher travel & entertainment expense – Completed minority stake sale with Stone Point Capital Market conditions – Property and casualty premium rate increases remained relatively consistent vs prior quarters – Current market factors such as inflation, rising reinsurance rates, and natural catastrophes continue to challenge the industry (1) Prior period noninterest expense includes the segment net interest income which was primarily an allocation (2) EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, depreciation, and amortization to net income. Truist’s management also adds back merger- related and restructuring charges, acquisition retention and changes in estimated earn-out incentives, equity and equity-like compensation items, independence readiness costs related to Truist Insurance Holdings, and other selected items. Truist’s management uses this measure in its analysis of the Corporation’s Insurance Holdings segment. Truist’s management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. See non-GAAP reconciliations included in the attached Appendix. Represents performance for Truist Insurance Holdings’ Retail and Wholesale Divisions Metrics Commentary Income statement ($ MM) 2Q23 vs. 1Q23 vs. 2Q22 Noninterest income $944 $127 $114 Interest income 19 19 19 Total revenue 963 146 133 Noninterest expense(1) 705 33 101 Interest expense 103 103 103 Segment net income 155 46 (16) Performance ($ MM) YoY organic revenue growth 9.1 % 4.4 % 1.4 % Net acquired revenue $41 ($8) ($39) Performance based commissions 19 (1) (3) Adjusted EBITDA(2) 322 87 18 Adjusted EBITDA margin(2) 33.5 % 4.8 % (3.1) %

A-4 Purchase accounting summary(1) ($ in millions) As of/For the Quarter Ended June 30 March 31 Dec. 31 Sept. 30 June 30 2023 2023 2022 2022 2022 Loans and Leases(2) Beginning balance unamortized fair value mark $ (673) $ (741) $ (826) $ (924) $ (1,119) Accretion 63 64 80 96 189 Purchase accounting adjustments and other activity 31 4 5 2 6 Ending balance $ (579) $ (673) $ (741) $ (826) $ (924) Core deposit and other intangible assets Beginning balance $ 3,535 $ 3,672 $ 3,726 $ 3,535 $ 3,693 Additions - acquisitions — — 111 336 — Amortization(3) (131) (136) (163) (140) (143) Amortization in net occupancy expense (1) (1) (3) (5) (5) Purchase accounting adjustments and other activity — — 1 — (10) Ending balance $ 3,403 $ 3,535 $ 3,672 $ 3,726 $ 3,535 Deposits(4) Beginning balance unamortized fair value mark $ — $ — $ (1) $ (3) $ (5) Amortization — — 1 2 2 Ending balance $ — $ — $ — $ (1) $ (3) Long-Term Debt(4) Beginning balance unamortized fair value mark $ (69) $ (81) $ (94) $ (109) $ (122) Amortization 12 12 13 15 13 Adjustments (2) — — — Ending balance $ (59) $ (69) $ (81) $ (94) $ (109) (1) Includes only selected information and does not represent all purchase accounting adjustments. (2) Purchase accounting marks on loans and leases includes credit, interest and liquidity components, and are generally recognized using the level-yield or straight-line method over the remaining life of the individual loans or recognized in full in the event of prepayment. (3) 4Q22 amortization expense includes $16 million partial write-down of an investment advisory intangible asset from a prior acquisition. (4) Purchase accounting marks on liabilities represents interest rate marks on time deposits and long-term debt and are recognized using the level-yield method over the term of the liability.

A-5 Preferred dividend ($ in millions) 3Q23 4Q23 1Q24 2Q24 Estimated dividends based on projected interest rates and amounts outstanding ($ MM) $106 $77 $106 $77 Estimates assume forward-looking SOFR rates as of 6/30/23. Actual interest rates could vary significantly causing dividend payments to differ from the estimates shown above.

Non-GAAP Reconciliations

A-7 Quarter Ended Dec. 31 Sept. 30 June 30 2022 2022 2022 Net income available to common shareholders - GAAP $ 1,610 $ 1,536 $ 1,454 Merger-related and restructuring charges 87 48 92 Securities (gains) losses — 1 — Loss (gain) on early extinguishment of debt — — (30) Incremental operating expenses related to the merger 43 69 89 Net income available to common shareholders - Adjusted $ 1,740 $ 1,654 $ 1,605 Weighted average shares outstanding - diluted 1,337,338 1,336,659 1,338,864 Diluted EPS - GAAP $ 1.20 $ 1.15 $ 1.09 Diluted EPS - adjusted(1) 1.30 1.24 1.20 Non-GAAP reconciliations Diluted EPS ($ in millions, except per share data, shares in thousands) (1) The adjusted diluted earnings per share is non-GAAP in that it excludes merger-related and restructuring charges and other selected items, net of tax. Truist’s management uses this measure in their analysis of the Corporation’s performance. Truist’s management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. 1Q23 and 2Q23 intentionally excluded as Truist is no longer reporting an adjusted diluted EPS metric.

A-8 Non-GAAP reconciliations Efficiency ratio ($ in millions) (1) Revenue is defined as net interest income plus noninterest income. (2) The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges, and other selected items. Truist’s management uses this measure in their analysis of the Corporation’s performance. Truist’s management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Quarter Ended June 30 March 31 Dec. 31 Sept. 30 June 30 2023 2023 2022 2022 2022 Efficiency ratio numerator - noninterest expense - GAAP $ 3,748 $ 3,691 $ 3,722 $ 3,613 $ 3,580 Merger-related and restructuring charges, net (54) (63) (114) (62) (121) Gain (loss) on early extinguishment of debt (4) — — — 39 Incremental operating expense related to the merger — — (56) (90) (117) Amortization of intangibles (131) (136) (163) (140) (143) Efficiency ratio numerator - adjusted $ 3,559 $ 3,492 $ 3,389 $ 3,321 $ 3,238 Efficiency ratio denominator - revenue(1) - GAAP $ 5,918 $ 6,102 $ 6,208 $ 5,847 $ 5,655 Taxable equivalent adjustment 54 51 50 38 28 Securities (gains) losses — — — 1 1 Efficiency ratio denominator - adjusted $ 5,972 $ 6,153 $ 6,258 $ 5,886 $ 5,684 Efficiency ratio - GAAP 63.3 % 60.5 % 60.0 % 61.8 % 63.3 % Efficiency ratio - adjusted(2) 59.6 56.8 54.2 56.4 57.0

A-9 Non-GAAP reconciliations Pre-provision net revenue ($ in millions) (1) Revenue is defined as net interest income plus noninterest income. (2) Pre-provision net revenue is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the provision for credit losses and provision for income taxes. Adjusted pre-provision net revenue is a non-GAAP measure that additionally excludes securities gains (losses), merger-related and restructuring charges, amortization of intangible assets, and other selected items. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods. Quarter Ended June 30 March 31 Dec. 31 Sept. 30 June 30 2023 2023 2022 2022 2022 Net income $ 1,345 $ 1,515 $ 1,682 $ 1,637 $ 1,532 Provision for credit losses 538 502 467 234 171 Provision for income taxes 287 394 337 363 372 Taxable-equivalent adjustment 54 51 50 38 28 Pre-provision net revenue(1)(2) $ 2,224 $ 2,462 $ 2,536 $ 2,272 $ 2,103 PPNR $ 2,224 $ 2,462 $ 2,536 $ 2,272 $ 2,103 Merger-related and restructuring charges, net 54 63 114 62 121 Gain (loss) on early extinguishment of debt 4 — — — (39) Incremental operating expense related to the merger — — 56 90 117 Amortization of intangibles 131 136 163 140 143 Securities (gains) losses — — — 1 1 Pre-provision net revenue - adjusted(1)(2) $ 2,413 $ 2,661 $ 2,869 $ 2,565 $ 2,446

A-10 Non-GAAP reconciliations Calculations of tangible common equity and related measures ($ in millions, except per share data, shares in thousands) (1) Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value. These measures are not necessarily comparable to similar measures that may be presented by other companies. As of / Quarter Ended June 30 March 31 Dec. 31 Sept. 30 June 30 2023 2023 2022 2022 2022 Common shareholders’ equity $ 56,853 $ 55,699 $ 53,841 $ 54,115 $ 56,302 Less: Intangible assets, net of deferred taxes 29,628 29,788 29,908 29,752 29,095 Tangible common shareholders’ equity(1) $ 27,225 $ 25,911 $ 23,933 $ 24,363 $ 27,207 Outstanding shares at end of period 1,331,976 1,331,918 1,326,829 1,326,766 1,326,393 Common shareholders’ equity per common share $ 42.68 $ 41.82 $ 40.58 $ 40.79 $ 42.45 Tangible common shareholders’ equity per common share(1) 20.44 19.45 18.04 18.36 20.51 Net income available to common shareholders $ 1,234 $ 1,410 $ 1,610 $ 1,536 $ 1,454 Plus amortization of intangibles, net of tax 100 104 125 107 109 Tangible net income available to common shareholders(1) $ 1,334 $ 1,514 $ 1,735 $ 1,643 $ 1,563 Average common shareholders’ equity $ 57,302 $ 55,380 $ 54,823 $ 56,813 $ 56,803 Less: Average intangible assets, net of deferred taxes 29,775 29,889 29,891 29,035 29,173 Average tangible common shareholders’ equity(1) $ 27,527 $ 25,491 $ 24,932 $ 27,778 $ 27,630 Return on average common shareholders’ equity 8.6 % 10.3 % 11.7 % 10.7 % 10.3 % Return on average tangible common shareholders’ equity(1) 19.4 24.1 27.6 23.5 22.7

A-11 Quarter Ended June 30 March 31 Dec. 31 Sept. 30 June 30 2023 2023 2022 2022 2022 Net interest income - GAAP $ 3,625 $ 3,868 $ 3,981 $ 3,745 $ 3,407 Taxable-equivalent adjustment 54 51 50 38 28 Net interest income - taxable-equivalent 3,679 3,919 4,031 3,783 3,435 Accretion of mark on acquired loans (63) (64) (80) (96) (189) Accretion of mark on acquired liabilities (12) (12) (14) (17) (15) Net interest income - core(1) $ 3,604 $ 3,843 $ 3,937 $ 3,670 $ 3,231 Average earning assets - GAAP $ 506,084 $ 499,149 $ 492,805 $ 482,349 $ 475,818 Average balance - mark on acquired loans 641 702 787 875 1,029 Average earning assets - core(1) $ 506,725 $ 499,851 $ 493,592 $ 483,224 $ 476,847 Annualized net interest margin: Reported - taxable-equivalent 2.91 % 3.17 % 3.25 % 3.12 % 2.89 % Core(1) 2.85 3.10 3.17 3.02 2.72 Non-GAAP reconciliations Core NIM ($ in millions) (1) Core net interest margin is a non-GAAP measure that adjusts net interest margin to exclude the impact of purchase accounting. The purchase accounting marks and related amortization for loans, deposits, and long-term debt from mergers and acquisitions are excluded to approximate the yields paid by clients. Truist’s management believes the adjustments to the calculation of net interest margin for certain assets and liabilities acquired provide investors with useful information related to the performance of Truist’s earning assets. This measure is not necessarily comparable to similar measures that may be presented by other companies.

A-12 Non-GAAP reconciliations Insurance Holdings adjusted EBITDA ($ in millions) (1) EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, depreciation, and amortization to net income. Truist’s management also adds back merger- related and restructuring charges, acquisition retention and changes in estimated earn-out incentives, equity and equity-like compensation items, independence readiness costs related to Truist Insurance Holdings, and other selected items. Truist’s management uses this measure in its analysis of the Corporation’s Insurance Holdings segment. Truist’s management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Quarter Ended June 30 March 31 Dec. 31 Sept. 30 June 30 2023 2023 2022 2022 2022 Segment interest income $ 19 $ — $ — $ — $ — Noninterest income 944 817 792 731 830 Total revenue 963 817 792 731 830 Segment net income (loss) - GAAP $ 155 $ 109 $ 107 $ 85 $ 171 Provision (benefit) for income taxes — 36 35 29 55 Interest 103 — — — — Depreciation & amortization 35 37 36 34 31 EBITDA 293 182 178 148 257 Merger-related and restructuring charges, net 3 5 18 21 8 Acquisition retention and change in earn-out incentives 4 13 8 10 10 Equity and equity-like compensation items 19 20 20 26 29 Operating loss — 15 — — — Independence readiness costs related to TIH 3 — 2 — — Adjusted EBITDA(1) $ 322 $ 235 $ 226 $ 205 $ 304 Adjusted EBITDA(1) margin 33.5 % 28.7 % 28.6 % 28.1 % 36.6 %

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