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

October 19, 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 October 19, 2023, Truist Financial Corporation (“Truist”) issued a press release announcing its reporting of third quarter 2023 results and posted on its website its third 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 October 19, 2023.
99.2						Quarterly Performance Summary issued October 19, 2023.
99.3						Earnings Release Presentation issued October 19, 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: October 19, 2023

EX-99.1 2 ex991-pr3q23.htm EX-99.1 Document


			News Release

Truist reports third quarter 2023 results

GAAP earnings of $1.1 billion, or $0.80 per share	Noninterest expense was flat compared to 2Q 2023 and down 0.5% on an adjusted basis; NIM was 2.95%, up four basis points		CET1 increased 29 basis points to 9.9% due to organic capital generation and RWA optimization
3Q23 Key Financial Data		3Q23 Performance Highlights(4)




(Dollars in billions, except per share data)	3Q23			2Q23			3Q22
Summary Income Statement
Net interest income - TE	$	3.62		$	3.68		$	3.78
Noninterest income	2.11			2.29			2.10
Total revenue - TE	5.73			5.97			5.89


Noninterest expense	3.75			3.75			3.61
Net income available to common shareholders	1.07			1.23			1.54
PPNR - unadjusted(1)	1.98			2.22			2.27
PPNR - adjusted(1)	2.19			2.41			2.57
Per Share Metrics
Diluted earnings per common share	$	0.80		$	0.92		$	1.15
BVPS	41.37			42.68			40.79
TBVPS(1)	19.25			20.44			18.36
Key Ratios


ROCE	7.5		%	8.6		%	10.7		%
ROTCE(1)	17.3			19.4			23.5
Efficiency ratio - GAAP	66.1			63.3			61.8
Efficiency ratio - adjusted(1)	61.8			59.6			56.4


NIM - TE	2.95			2.91			3.12
NCO ratio(2)	0.51			0.54			0.27
ALLL ratio	1.49			1.43			1.34
CET1(3)	9.9			9.6			9.1

Average Balances
Assets	$	548		$	566		$	546
Securities	136			138			145
Loans and leases	320			328			312
Deposits	401			400			420

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 Third 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 third quarter of 2023 compared to second quarter of 2023, unless otherwise noted.

•Net income was $1.1 billion, or $0.80 per diluted share

◦Merger-related and restructuring charges were $75 million ($58 million after-tax), or $0.04 per share, primarily due to severance in connection with restructuring initiatives

•Adjusted PPNR was $2.2 billion, down 9.4% primarily due to lower revenues

◦Total revenues were down 4.1%

◦Net interest income declined 1.6% from the prior quarter compared with a 6.1% decline from 1Q23 to 2Q23

◦Noninterest income was down 8.1% due to seasonally lower insurance income and an $87 million reduction in deposit service charge fees due to client refund accruals resulting from a revision in deposit service fee protocols

◦Adjusted noninterest expense was down 0.5% and includes the impact of $70 million of higher other expenses due to costs associated with the change to the deposit service fee protocols and resolution of certain legal matters

•Net interest margin improved four basis points

•Average loans and leases decreased 2.5% due to the sale of the non-core student loan portfolio at end of 2Q23 as well as declines in the commercial and industrial portfolio

•Average deposits remained stable

•Nonperforming assets were flat

◦ALLL ratio increased six basis points

◦Net charge-off ratio of 51 basis points, down three basis points due to the prior quarter impact from student loan sale, partially offset by increases in the CRE and indirect auto portfolios

•Capital levels strengthened

◦CET1 ratio was 9.9%, up 29 basis points

◦Consolidated LCR was 110%


CEO Commentary

“The transformative work we announced in the third quarter to improve our financial performance is well underway. We are driving swift and meaningful actions to simplify our organization and reduce expenses. Our continued focus on core clients, paring back non-core and lower-return portfolios, and paying down higher-cost borrowings has made our balance sheet more efficient and helped drive a modest improvement in our net interest margin.

Adjusted expenses decreased 50 basis points sequentially, reflecting our expense discipline, while our $750 million cost saves program aimed at holding expense growth to flat to up 1% in 2024 is well underway. We are able to accomplish this while investing in our core franchise and risk management systems, reflecting today’s environment.

We’re strongly committed to improving our capital position, which increased 29 basis points in the third quarter. Asset quality continues to normalize but remains in-line relative to our outlook and allowance coverage ratios.

As we continue to diligently execute on this critical work to capitalize on our competitive advantages and drive efficiencies, we’re fundamentally changing how we operate to drive revenue growth, franchise value and increased benefit to our shareholders, now and into the future.”

— 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)	3Q23			2Q23			3Q22			Link				Like
Interest income(1)	$	6,286		$	6,230		$	4,407		$	56	0.9	%	$	1,879	42.6	%
Interest expense	2,665			2,551			624			114		4.5		2,041		NM
Net interest income(1)	$	3,621		$	3,679		$	3,783		$	(58)	(1.6)		$	(162)	(4.3)

Net interest margin(1)	2.95		%	2.91		%	3.12		%	4 bps				(17) bps
Core net interest margin(1)(2)	2.90			2.85			3.02			5 bps				(12) bps

Average Balances(3)
Total earning assets	$	488,794		$	506,084		$	482,349		$	(17,290)	(3.4)	%	$	6,445	1.3	%
Total interest-bearing liabilities	350,380			363,754			322,828			(13,374)		(3.7)		27,552		8.5

Yields / Rates(1)
Total earning assets	5.11		%	4.93		%	3.63		%	18 bps				148 bps
Total interest-bearing liabilities	3.02			2.81			0.77			21 bps				225 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 Third Quarter 2023 Earnings Presentation.

(3)Excludes basis adjustments for fair value hedges.

Taxable-equivalent net interest income for the third quarter of 2023 was down $58 million, or 1.6%, compared to the second quarter of 2023 driven by lower earning assets. The net interest margin was 2.95%, up four basis points due to balance sheet optimization efforts, which included paying down higher-cost borrowings, reducing lower yielding loan portfolios, and improving spreads on new and renewed loans.

•Average earning assets decreased $17.3 billion, or 3.4%, primarily due to declines in average total loans of $8.4 billion, or 2.6%, other earning assets of $6.0 billion, or 17%, and average securities of $2.9 billion, or 2.1%.

•The yield on the total loan portfolio was 6.25%, up 18 basis points and the yield on the average securities portfolio was 2.26%, up nine basis points primarily due to higher market interest rates.

•Average deposits increased $1.2 billion, or 0.3%, average short-term borrowings increased $903 million, or 3.8%, while average long-term debt decreased $20.3 billion, or 32%. The decrease in average long-term debt primarily reflects reductions in FHLB borrowings.

•The average cost of total deposits was 1.81%, up 30 basis points and the average cost of short-term borrowings was 5.47%, up 28 basis points. The average cost of long-term debt was 4.51%, down 11 basis points. The increase in rates on deposits and short-term borrowings was largely attributable to the higher rate environment, whereas the lower costs for long-term debt reflects the paydown of higher-cost FHLB borrowings.

Taxable-equivalent net interest income for the third quarter of 2023 was down $162 million, or 4.3%, compared to the third quarter of 2022 primarily due to higher funding costs and lower purchase accounting accretion, partially offset by higher market interest rates. Net interest margin was 2.95%, down 17 basis points.

•Average earning assets increased $6.4 billion, or 1.3%, primarily due to growth in average total loans of $8.0 billion, or 2.6%, and growth in other earning assets of $9.4 billion, or 48%, primarily due to an increase in balances held at the Federal Reserve to support liquidity, partially offset by a decrease in average securities of $9.9 billion, or 6.8%.

•The yield on the total loan portfolio was 6.25%, up 176 basis points, primarily reflecting higher market interest rates, partially offset by lower purchase accounting accretion. The yield on the average securities portfolio was 2.26%, up 31 basis points primarily due to the higher rate environment.

•Average deposits decreased $19.1 billion, or 4.5%, average short-term borrowings increased $7.5 billion, and average long-term debt increased $12.0 billion.

•The average cost of total deposits was 1.81%, up 150 basis points. The average cost of short-term borrowings was 5.47%, up 313 basis points. The average cost of long-term debt was 4.51%, up 208 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)	3Q23		2Q23		3Q22		Link				Like
Insurance income	$	793	$	935	$	725	$	(142)	(15.2)	%	$	68	9.4	%
Wealth management income	343		330		334		13		3.9		9		2.7
Investment banking and trading income	185		211		222		(26)		(12.3)		(37)		(16.7)
Service charges on deposits	152		240		263		(88)		(36.7)		(111)		(42.2)
Card and payment related fees	238		236		241		2		0.8		(3)		(1.2)
Mortgage banking income	102		99		122		3		3.0		(20)		(16.4)
Lending related fees	102		86		80		16		18.6		22		27.5
Operating lease income	63		64		66		(1)		(1.6)		(3)		(4.5)
Securities gains (losses)	—		—		(1)		—		—		1		(100.0)
Other income	130		92		50		38		41.3		80		160.0
Total noninterest income	$	2,108	$	2,293	$	2,102	$	(185)	(8.1)		$	6	0.3

Noninterest income was down $185 million, or 8.1%, compared to the second quarter of 2023 due to seasonally lower insurance income, lower service charges on deposits, and lower investment banking and trading income, partially offset by higher other income.

•Insurance income decreased primarily due to seasonally lower production, partially offset by organic growth.

•Service charges on deposits primarily reflects an $87 million reduction in deposit service charge fees due to client refund accruals resulting from a revision in deposit service fee protocols.

•Investment banking and trading income decreased due to lower structured real estate income, partially offset by higher merger and acquisition activity.

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

Noninterest income was relatively stable compared to the third quarter of 2022 due to higher other income and insurance income, partially offset by lower service charges on deposits and lower investment banking and trading income.

•Insurance income increased primarily due to 6.3% organic growth and acquisitions.

•Service charges on deposits decreased primarily due to the aforementioned service fee protocol revision, as well as reduced overdraft fees.

•Investment banking and trading income decreased due to lower structured real estate income, partially offset by higher merger and acquisition activity and equity originations.

- 3 -


Noninterest Expense
	Quarter Ended				Change
(Dollars in millions)	3Q23		2Q23		3Q22		Link				Like
Personnel expense	$	2,200	$	2,256	$	2,116	$	(56)	(2.5)	%	$	84	4.0	%
Professional fees and outside processing	317		352		352		(35)		(9.9)		(35)		(9.9)
Software expense	238		237		225		1		0.4		13		5.8
Net occupancy expense	180		180		176		—		—		4		2.3
Amortization of intangibles	130		131		140		(1)		(0.8)		(10)		(7.1)
Equipment expense	97		92		122		5		5.4		(25)		(20.5)
Marketing and customer development	78		79		105		(1)		(1.3)		(27)		(25.7)
Operating lease depreciation	43		44		45		(1)		(2.3)		(2)		(4.4)
Regulatory costs	77		73		52		4		5.5		25		48.1
Merger-related and restructuring charges	75		54		62		21		38.9		13		21.0
Other expense	312		250		218		62		24.8		94		43.1
Total noninterest expense	$	3,747	$	3,748	$	3,613	$	(1)	—		$	134	3.7

Noninterest expense was flat compared to the second quarter of 2023 due to lower personnel expense and professional fees and outside processing expenses that were partially offset by higher other expense and merger-related and restructuring charges. Merger-related and restructuring charges increased $21 million. Merger-related and restructuring charges for both quarters in 2023 include severance and facilities optimization costs. Adjusted noninterest expenses, which exclude merger-related costs, the amortization of intangibles, and a small loss on the early extinguishment of debt, decreased $17 million, or 0.5%, compared to the prior quarter.

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

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

•Other expense includes $70 million of costs associated with a revision in deposit service fee protocols as well as settlement of certain litigation matters, including a settlement and patent licensing agreement that resolved the USAA remote deposit capture patent infringement lawsuit.

Noninterest expense was up $134 million, or 3.7%, compared to the third quarter of 2022 due to higher personnel expense, other expense, and regulatory costs, partially offset by lower professional fees and outside processing and marketing and customer development. Merger-related costs, which included merger-related and restructuring charges, as well as incremental operating expenses related to the merger decreased $77 million, primarily due to the completion of integration-related activities. Adjusted noninterest expenses, which exclude merger-related costs, the amortization of intangibles, and gains and losses on the early extinguishment of debt increased $221 million, or 6.7%.

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

•Other expense increased primarily due to higher pension expense (driven primarily by lower plan assets) and the aforementioned costs associated with a revision in deposit service fee protocols and resolution of the USAA remote deposit capture patent infringement lawsuit, partially offset by lower operating losses.

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

•Professional fees and outside processing expenses decreased due to prior period incremental operating expenses related to the merger, partially offset by higher enterprise technology and other investments.

•Marketing and customer development decreased due to reduced marketing compared to the prior year.

- 4 -


Provision for Income Taxes
	Quarter Ended						Change
(Dollars in millions)	3Q23			2Q23			3Q22			Link				Like
Provision for income taxes	$	245		$	287		$	363		$	(42)	(14.6)	%	$	(118)	(32.5)	%
Effective tax rate	17.2		%	17.6		%	18.2		%	(40) bps				(100) bps

The effective tax rate decreased compared to the second quarter of 2023 and third quarter of 2022 primarily driven by decreases in the full year forecasted effective tax rate, partially offset by changes in discrete tax items.


Average Loans and Leases
(Dollars in millions)	3Q23		2Q23		Change		% Change

Commercial:
Commercial and industrial	$	164,022	$	166,588	$	(2,566)	(1.5)	%
CRE	22,812		22,706		106		0.5
Commercial construction	6,194		5,921		273		4.6

Total commercial	193,028		195,215		(2,187)		(1.1)
Consumer:
Residential mortgage	56,135		56,320		(185)		(0.3)
Home equity	10,243		10,478		(235)		(2.2)
Indirect auto	24,872		26,558		(1,686)		(6.3)
Other consumer	28,963		28,189		774		2.7
Student	—		4,766		(4,766)		(100.0)
Total consumer	120,213		126,311		(6,098)		(4.8)
Credit card	4,875		4,846		29		0.6

Total loans and leases held for investment	$	318,116	$	326,372	$	(8,256)	(2.5)

Average loans held for investment decreased $8.3 billion, or 2.5%, compared to the prior quarter, primarily due to the sale of the student loan portfolio at the end of the second quarter of 2023 and balance sheet optimization in lower return portfolios. Excluding the student loan sale, average loans held for investment declined 1.1% compared to the prior quarter.

•Average commercial loans decreased 1.1% due to a decline in the commercial and industrial portfolio.

•Average consumer loans decreased 4.8% due to the sale of the student loan portfolio and lower indirect auto production, partially offset by growth in higher-return point-of-sale lending in the other consumer portfolio (Service Finance and Sheffield).


Average Deposits
(Dollars in millions)	3Q23		2Q23		Change		% Change

Noninterest-bearing deposits	$	118,905	$	123,728	$	(4,823)	(3.9)	%
Interest checking	101,252		102,105		(853)		(0.8)
Money market and savings	139,961		138,149		1,812		1.3
Time deposits	40,920		35,844		5,076		14.2

Total deposits	$	401,038	$	399,826	$	1,212	0.3

Average deposits for the third quarter of 2023 were $401.0 billion, an increase of $1.2 billion, or 0.3%, compared to the prior quarter.

Average noninterest-bearing deposits decreased 3.9% compared to the prior quarter and represented 29.6% of total deposits for the third quarter of 2023 compared to 30.9% for the second quarter of 2023 and 34.8% compared to the year ago quarter. Average time deposits increased 14% due to increases in retail client time deposits, primarily due to migration from other deposit products, and brokered time deposits.

- 5 -


Capital Ratios
	3Q23		2Q23		1Q23		4Q22		3Q22
Risk-based:	(preliminary)
CET1	9.9	%	9.6	%	9.1	%	9.0	%	9.1	%
Tier 1	11.4		11.1		10.6		10.5		10.7
Total	13.5		13.2		12.7		12.4		12.6
Leverage	9.2		8.8		8.5		8.5		8.5
Supplementary leverage	7.8		7.5		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 third quarter of 2023. The dividend payout ratio for the third quarter of 2023 was 65%. Truist did not repurchase any shares in the third quarter of 2023.

Truist’s CET1 ratio was 9.9% as of September 30, 2023. The increase since June 30, 2023 resulted from organic capital generation and RWA optimization.

Truist’s average consolidated LCR was 110% for the three months ended September 30, 2023, compared to the regulatory minimum of 100%.

- 6 -



Asset Quality
(Dollars in millions)	3Q23			2Q23			1Q23			4Q22			3Q22
Total nonperforming assets	$	1,584		$	1,583		$	1,261		$	1,250		$	1,240

Total loans 90 days past due and still accruing	574			662			1,361			1,605			1,709
Total loans 30-89 days past due and still accruing	1,636			1,550			1,805			2,267			1,957
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.46		%	0.47		%	0.36		%	0.36		%	0.35		%


Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.52			0.48			0.55			0.70			0.62
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.18			0.21			0.42			0.49			0.54
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	1.49			1.43			1.37			1.34			1.34
Ratio of allowance for loan and lease losses to net charge-offs(1)	2.9x			2.6x			3.7x			4.1x			5.0x
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	3.2x			3.0x			3.8x			3.7x			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 September 30, 2023, flat compared to June 30, 2023. Nonperforming loans and leases held for investment were 0.46% of loans and leases held for investment at September 30, 2023, down one basis point compared to June 30, 2023.

Loans 90 days or more past due and still accruing totaled $574 million at September 30, 2023, down $88 million, or three basis points as a percentage of loans and leases, compared with the prior quarter primarily due to 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 September 30, 2023, unchanged from June 30, 2023.

Loans 30-89 days past due and still accruing of $1.6 billion at September 30, 2023 were up $86 million, or four basis points as a percentage of loans and leases, compared to the prior quarter primarily due to increases in the consumer portfolio, partially offset by decreases in the commercial portfolio.

The allowance for credit losses was $5.0 billion and includes $4.7 billion for the allowance for loan and lease losses and $277 million for the reserve for unfunded commitments. The ALLL ratio was 1.49%, up six basis points compared with June 30, 2023. The ALLL covered nonperforming loans and leases held for investment 3.2X compared to 3.0X at June 30, 2023. At September 30, 2023, the ALLL was 2.9X annualized net charge-offs, compared to 2.6X at June 30, 2023. The ALLL to annualized net charge-offs for the prior 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)	3Q23			2Q23			3Q22			Link				Like
Provision for credit losses	$	497		$	538		$	234		$	(41)	(7.6)	%	$	263	112.4	%
Net charge-offs	405			440			213			(35)		(8.0)		192		90.1

Net charge-offs as a percentage of average loans and leases(1)	0.51		%	0.54		%	0.27		%	(3) bps				24 bps

Applicable ratios are annualized.

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

The provision for credit losses was $497 million compared to $538 million for the second quarter of 2023.

•The net charge-off ratio for the current quarter was down compared to the second quarter of 2023 primarily driven by the sale of the student loan portfolio in the prior quarter, partially offset by higher charge-offs in the CRE and indirect auto portfolios.

The provision for credit losses was $497 million compared to $234 million for the third quarter of 2022.

•The increase in the current quarter provision expense primarily reflects an allowance build and higher net charge-offs.

•The net charge-off ratio was up compared to the third quarter of 2022 driven by higher charge-offs in the CRE, commercial and industrial, and indirect auto portfolios.

- 7 -


Earnings Presentation and Quarterly Performance Summary

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

Webcast: app.webinar.net/9nDQ8XL8L36

Dial-in: 1-877-883-0383, passcode 7699492

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 Third 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 $543 billion as of September 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
FHLB			Federal Home Loan Bank
GAAP			Accounting principles generally accepted in the United States of America
LCR			Liquidity Coverage Ratio
LIBOR			London Interbank Offered Rate
Like			Compared to Third quarter of 2022
Link			Compared to Second 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
USAA			United Services Automobile Association

- 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 Truist’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 Third 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:

•Current and future economic and market conditions, such as the interest rate environment, including the replacement of LIBOR as an interest rate benchmark; U.S. fiscal debt, budget and tax matters; geopolitical matters (including conflicts in the Ukraine, Israel, and the Gaza Strip); and any slow down in global economic growth 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;

•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;

•evolving legislative, accounting and regulatory standards, including with respect to climate, deposits, capital, and liquidity requirements, which may become more stringent in light of continuous turmoil in the banking industry, such as long-term debt requirements, 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;

•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;

•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;

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

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

•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 achieve its cost saves targets;

•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;

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

•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 or if there is a decline in a reporting unit’s forecasted net income;

•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;

•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; and

•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.

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-qpsx3q23.htm EX-99.2 Document

Quarterly Performance Summary

Truist Financial Corporation

Third 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)	Sept. 30			June 30			March 31			Dec. 31			Sept. 30			Sept. 30			Sept. 30
	2023			2023			2023			2022			2022			2023			2022
Summary Income Statement
Interest income - taxable equivalent(1)	$	6,286		$	6,230		$	5,836		$	5,288		$	4,407		$	18,352		$	11,491
Interest expense	2,665			2,551			1,917			1,257			624			7,133			1,064
Net interest income - taxable equivalent	3,621			3,679			3,919			4,031			3,783			11,219			10,427
Less: Taxable-equivalent adjustment	57			54			51			50			38			162			92
Net interest income	3,564			3,625			3,868			3,981			3,745			11,057			10,335
Provision for credit losses	497			538			502			467			234			1,537			310
Net interest income after provision for credit losses	3,067			3,087			3,366			3,514			3,511			9,520			10,025
Noninterest income	2,108			2,293			2,234			2,227			2,102			6,635			6,492
Noninterest expense	3,747			3,748			3,691			3,722			3,613			11,186			10,867
Income before income taxes	1,428			1,632			1,909			2,019			2,000			4,969			5,650
Provision for income taxes	245			287			394			337			363			926			1,065
Net income	1,183			1,345			1,515			1,682			1,637			4,043			4,585
Noncontrolling interests	6			36			2			1			4			44			6
Preferred stock dividends and other	106			75			103			71			97			284			262
Net income available to common shareholders	1,071			1,234			1,410			1,610			1,536			3,715			4,317
Additional Income Statement Information
Revenue - taxable equivalent	5,729			5,972			6,153			6,258			5,885			17,854			16,919
Pre-provision net revenue - unadjusted(2)	1,982			2,224			2,462			2,536			2,272			6,668			6,052
Pre-provision net revenue - adjusted(2)	2,187			2,413			2,661			2,869			2,565			7,261			7,238
Per Common Share Data
Earnings:
Earnings per share-basic	$	0.80		$	0.93		$	1.06		$	1.21		$	1.16		$	2.79		$	3.25
Earnings per share-diluted	0.80			0.92			1.05			1.20			1.15			2.77			3.22
Earnings per share-adjusted diluted(2)	NA			NA			NA			1.30			1.24			NA			3.66
Cash dividends declared	0.52			0.52			0.52			0.52			0.52			1.56			1.48
Common shareholders’ equity	41.37			42.68			41.82			40.58			40.79			41.37			40.79
Tangible common shareholders’ equity(2)	19.25			20.44			19.45			18.04			18.36			19.25			18.36
End of period shares outstanding	1,333,668			1,331,976			1,331,918			1,326,829			1,326,766			1,333,668			1,326,766
Weighted average shares outstanding-basic	1,333,522			1,331,953			1,328,602			1,326,787			1,326,539			1,331,377			1,328,569
Weighted average shares outstanding-diluted	1,340,574			1,337,307			1,339,480			1,337,338			1,336,659			1,339,041			1,339,071
Performance Ratios
Return on average assets	0.86		%	0.95		%	1.10		%	1.21		%	1.19		%	0.97		%	1.13		%

Return on average common shareholders’ equity	7.5			8.6			10.3			11.7			10.7			8.8			10.0
Return on average tangible common shareholders’ equity(2)	17.3			19.4			24.1			27.6			23.5			20.2			21.5
Net interest margin - taxable equivalent	2.95			2.91			3.17			3.25			3.12			3.01			2.93
Fee income ratio	37.2			38.8			36.6			35.9			36.0			37.5			38.6
Efficiency ratio-GAAP	66.1			63.3			60.5			60.0			61.8			63.2			64.6
Efficiency ratio-adjusted(2)	61.8			59.6			56.8			54.2			56.4			59.3			57.2
Credit Quality
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.46		%	0.47		%	0.36		%	0.36		%	0.35		%
Net charge-offs as a percentage of average loans and leases(3)	0.51			0.54			0.37			0.34			0.27			0.47		%	0.25		%
Allowance for loan and lease losses as a percentage of LHFI	1.49			1.43			1.37			1.34			1.34
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.2x			3.0x			3.8x			3.7x			3.8x
Average Balances
Assets	$	547,704		$	565,822		$	559,627		$	552,959		$	545,606		$	557,674		$	540,754
Securities(4)	135,527			138,393			140,551			142,433			145,396			138,139			148,895
Loans and leases	319,881			328,258			327,547			322,733			311,876			325,201			301,478
Deposits	401,038			399,826			408,458			413,276			420,096			403,080			419,713
Common shareholders’ equity	56,472			57,302			55,380			54,823			56,813			56,389			57,899
Total shareholders’ equity	63,312			64,101			62,077			61,519			63,510			63,168			64,591
Period-End Balances
Assets	$	542,707		$	554,549		$	574,354		$	555,255		$	548,438
Securities(4)	120,059			124,923			128,790			129,514			131,732
Loans and leases	317,112			324,015			329,833			327,435			316,639
Deposits	400,024			406,043			404,997			413,495			415,992
Common shareholders’ equity	55,167			56,853			55,699			53,841			54,115
Total shareholders’ equity	62,007			63,681			62,394			60,537			60,811
Capital and Liquidity Ratios	(preliminary)
Common equity Tier 1	9.9		%	9.6		%	9.1		%	9.0		%	9.1		%
Tier 1	11.4			11.1			10.6			10.5			10.7
Total	13.5			13.2			12.7			12.4			12.6
Leverage	9.2			8.8			8.5			8.5			8.5
Supplementary leverage	7.8			7.5			7.3			7.3			7.3
Liquidity coverage ratio	110			112			113			112			111

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.

- 1 -

Consolidated Statements of Income


	Quarter Ended										Year-to-Date
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30		Sept. 30		Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2023		2023		2023		2022		2022		2023		2022
Interest Income
Interest and fees on loans and leases	$	4,976	$	4,915	$	4,656	$	4,220	$	3,490	$	14,547	$	9,032
Interest on securities	763		749		752		739		709		2,264		2,024
Interest on other earning assets	490		512		377		279		170		1,379		343
Total interest income	6,229		6,176		5,785		5,238		4,369		18,190		11,399
Interest Expense
Interest on deposits	1,831		1,506		1,125		683		331		4,462		462
Interest on long-term debt	491		734		514		332		190		1,739		459
Interest on other borrowings	343		311		278		242		103		932		143
Total interest expense	2,665		2,551		1,917		1,257		624		7,133		1,064
Net Interest Income	3,564		3,625		3,868		3,981		3,745		11,057		10,335
Provision for credit losses	497		538		502		467		234		1,537		310
Net Interest Income After Provision for Credit Losses	3,067		3,087		3,366		3,514		3,511		9,520		10,025
Noninterest Income
Insurance income	793		935		813		766		725		2,541		2,277
Wealth management income	343		330		339		324		334		1,012		1,014
Investment banking and trading income	185		211		261		257		222		657		738
Service charges on deposits	152		240		249		257		263		641		769
Card and payment related fees	238		236		230		245		241		704		699
Mortgage banking income	102		99		142		117		122		343		343
Lending related fees	102		86		106		110		80		294		265
Operating lease income	63		64		67		68		66		194		190
Securities gains (losses)	—		—		—		—		(1)		—		(71)
Other income	130		92		27		83		50		249		268
Total noninterest income	2,108		2,293		2,234		2,227		2,102		6,635		6,492
Noninterest Expense
Personnel expense	2,200		2,256		2,181		2,198		2,116		6,637		6,269
Professional fees and outside processing	317		352		314		347		352		983		1,064
Software expense	238		237		214		241		225		689		691
Net occupancy expense	180		180		183		179		176		543		565
Amortization of intangibles	130		131		136		163		140		397		420
Equipment expense	97		92		110		124		122		299		354
Marketing and customer development	78		79		78		70		105		235		282
Operating lease depreciation	43		44		46		44		45		133		140
Regulatory costs	77		73		75		52		52		225		131
Merger-related and restructuring charges	75		54		63		114		62		192		399
Other expense	312		250		291		190		218		853		552
Total noninterest expense	3,747		3,748		3,691		3,722		3,613		11,186		10,867
Earnings
Income before income taxes	1,428		1,632		1,909		2,019		2,000		4,969		5,650
Provision for income taxes	245		287		394		337		363		926		1,065
Net income	1,183		1,345		1,515		1,682		1,637		4,043		4,585
Noncontrolling interests	6		36		2		1		4		44		6

Preferred stock dividends and other	106		75		103		71		97		284		262
Net income available to common shareholders	$	1,071	$	1,234	$	1,410	$	1,610	$	1,536	$	3,715	$	4,317
Earnings Per Common Share
Basic	$	0.80	$	0.93	$	1.06	$	1.21	$	1.16	$	2.79	$	3.25
Diluted	0.80		0.92		1.05		1.20		1.15		2.77		3.22
Weighted Average Shares Outstanding
Basic	1,333,522		1,331,953		1,328,602		1,326,787		1,326,539		1,331,377		1,328,569
Diluted	1,340,574		1,337,307		1,339,480		1,337,338		1,336,659		1,339,041		1,339,071

- 2 -

Consolidated Ending Balance Sheets - Five Quarter Trend


	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2023		2023		2023		2022		2022
Assets
Cash and due from banks	$	5,156	$	4,782	$	4,629	$	5,379	$	5,031
Interest-bearing deposits with banks	24,676		25,228		32,967		16,042		17,194
Securities borrowed or purchased under resale agreements	2,018		2,315		3,637		3,181		2,568
Trading assets at fair value	4,384		4,097		4,601		4,905		5,864
Securities available for sale at fair value	65,117		68,965		71,858		71,801		72,978
Securities held to maturity at amortized cost	54,942		55,958		56,932		57,713		58,754
Loans and leases:
Commercial:
Commercial and industrial	162,330		167,153		167,217		164,307		153,615
CRE	22,736		22,825		22,670		22,676		22,493
Commercial construction	6,343		5,943		5,951		5,849		5,568

Consumer:
Residential mortgage	56,013		56,476		56,455		56,645		55,529
Home equity(1)	10,160		10,348		10,577		10,876		10,883
Indirect auto	24,084		25,759		27,279		27,951		28,239
Other consumer(1)	29,105		28,755		27,742		27,533		27,457
Student	—		—		4,996		5,287		5,780
Credit card	4,928		4,833		4,786		4,867		4,771

Total loans and leases held for investment	315,699		322,092		327,673		325,991		314,335
Loans held for sale	1,413		1,923		2,160		1,444		2,304
Total loans and leases	317,112		324,015		329,833		327,435		316,639
Allowance for loan and lease losses	(4,693)		(4,606)		(4,479)		(4,377)		(4,205)
Premises and equipment	3,394		3,453		3,519		3,605		3,585
Goodwill	26,979		27,013		27,014		27,013		26,810
Core deposit and other intangible assets	3,292		3,403		3,535		3,672		3,726
Loan servicing rights at fair value	3,537		3,497		3,303		3,758		3,797
Other assets	36,793		36,429		37,005		35,128		35,697
Total assets	$	542,707	$	554,549	$	574,354	$	555,255	$	548,438
Liabilities
Deposits:
Noninterest-bearing deposits	$	116,674	$	121,831	$	128,719	$	135,742	$	144,826
Interest checking	103,288		106,471		107,116		110,464		110,397
Money market and savings	137,914		135,514		136,836		143,815		146,315
Time deposits	42,148		42,227		32,326		23,474		14,454

Total deposits	400,024		406,043		404,997		413,495		415,992
Short-term borrowings	23,485		24,456		23,678		23,422		25,687
Long-term debt	41,232		44,749		69,895		43,203		31,172
Other liabilities	15,959		15,620		13,390		14,598		14,776
Total liabilities	480,700		490,868		511,960		494,718		487,627
Shareholders’ Equity:
Preferred stock	6,673		6,673		6,673		6,673		6,673
Common stock	6,668		6,660		6,660		6,634		6,634
Additional paid-in capital	36,114		35,990		34,582		34,544		34,487
Retained earnings	27,944		27,577		27,038		26,264		25,344
Accumulated other comprehensive loss	(15,559)		(13,374)		(12,581)		(13,601)		(12,350)
Noncontrolling interests	167		155		22		23		23
Total shareholders’ equity	62,007		63,681		62,394		60,537		60,811
Total liabilities and shareholders’ equity	$	542,707	$	554,549	$	574,354	$	555,255	$	548,438

(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
	September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022						September 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	$	10,886	$	34	1.27	%	$	11,115	$	30	1.10	%	$	11,117	$	30	1.07	%	$	10,989	$	27	0.98	%	$	10,925	$	26	0.93	%
U.S. government-sponsored entities (GSE)	339		3		2.92		329		3		2.70		335		2		2.86		325		3		2.47		305		1		2.56
Mortgage-backed securities issued by GSE	120,078		701		2.33		122,647		690		2.25		124,746		694		2.23		126,718		682		2.16		129,703		655		2.02
States and political subdivisions	423		4		4.12		425		5		4.18		425		4		4.07		426		4		4.03		395		4		3.92
Non-agency mortgage-backed	3,781		22		2.33		3,852		22		2.32		3,907		23		2.34		3,953		23		2.33		4,016		24		2.32
Other	20		1		5.55		25		—		5.20		21		—		5.30		22		1		4.44		52		—		3.94
Total securities	135,527		765		2.26		138,393		750		2.17		140,551		753		2.14		142,433		740		2.08		145,396		710		1.95
Loans and leases:
Commercial:
Commercial and industrial	164,022		2,686		6.50		166,588		2,610		6.28		165,095		2,436		5.98		159,308		2,098		5.23		152,123		1,564		4.08
CRE	22,812		396		6.85		22,706		384		6.73		22,689		355		6.32		22,497		314		5.51		22,245		245		4.32
Commercial construction	6,194		120		7.83		5,921		111		7.64		5,863		101		7.14		5,711		88		6.25		5,284		62		4.83

Consumer:
Residential mortgage	56,135		532		3.79		56,320		531		3.77		56,422		526		3.73		56,292		514		3.65		53,271		478		3.59
Home equity(3)	10,243		196		7.61		10,478		190		7.26		10,735		180		6.80		10,887		164		6.02		10,767		142		5.17
Indirect auto	24,872		386		6.16		26,558		398		6.01		27,743		398		5.82		28,117		396		5.59		28,057		382		5.40
Other consumer(3)	28,963		542		7.43		28,189		499		7.10		27,559		459		6.76		27,479		447		6.44		26,927		419		6.21
Student	—		1		—		4,766		80		6.76		5,129		89		7.04		5,533		90		6.42		5,958		85		5.64
Credit card	4,875		143		11.62		4,846		137		11.48		4,785		136		11.43		4,842		127		10.38		4,755		119		9.97

Total loans and leases held for investment	318,116		5,002		6.25		326,372		4,940		6.07		326,020		4,680		5.81		320,666		4,238		5.25		309,387		3,496		4.49
Loans held for sale	1,765		28		6.20		1,886		28		5.94		1,527		25		6.71		2,067		31		6.08		2,489		30		4.81
Total loans and leases	319,881		5,030		6.25		328,258		4,968		6.07		327,547		4,705		5.81		322,733		4,269		5.26		311,876		3,526		4.49

Interest earning trading assets	4,380		76		6.91		4,445		75		6.73		5,462		83		6.09		5,717		79		5.60		5,446		62		4.49
Other earning assets	29,006		415		5.68		34,988		437		5.02		25,589		295		4.67		21,922		200		3.60		19,631		109		2.24
Total earning assets	488,794		6,286		5.11		506,084		6,230		4.93		499,149		5,836		4.72		492,805		5,288		4.27		482,349		4,407		3.63
Nonearning assets	58,910						59,738						60,478						60,154						63,257
Total assets	$	547,704					$	565,822					$	559,627					$	552,959					$	545,606
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	101,252	584		2.29		$	102,105	487		1.91		$	108,886	430		1.60		$	110,001	304		1.10		$	111,645	158		0.56
Money market and savings	139,961		829		2.35		138,149		686		1.99		139,802		476		1.38		144,730		316		0.87		147,659		159		0.43
Time deposits	40,920		418		4.05		35,844		333		3.73		28,671		219		3.10		17,513		63		1.42		14,751		14		0.40

Total interest-bearing deposits	282,133		1,831		2.57		276,098		1,506		2.19		277,359		1,125		1.64		272,244		683		1.00		274,055		331		0.48
Short-term borrowings	24,894		343		5.47		23,991		311		5.19		24,056		278		4.69		25,640		242		3.75		17,392		103		2.34
Long-term debt	43,353		491		4.51		63,665		734		4.62		51,057		514		4.05		38,700		332		3.42		31,381		190		2.43
Total interest-bearing liabilities	350,380		2,665		3.02		363,754		2,551		2.81		352,472		1,917		2.20		336,584		1,257		1.48		322,828		624		0.77
Noninterest-bearing deposits	118,905						123,728						131,099						141,032						146,041
Other liabilities	15,107						14,239						13,979						13,824						13,227
Shareholders’ equity	63,312						64,101						62,077						61,519						63,510
Total liabilities and shareholders’ equity	$	547,704					$	565,822					$	559,627					$	552,959					$	545,606
Average interest-rate spread					2.09						2.12						2.52						2.79						2.86

Net interest income/ net interest margin			$	3,621	2.95	%			$	3,679	2.91	%			$	3,919	3.17	%			$	4,031	3.25	%			$	3,783	3.12	%
Taxable-equivalent adjustment			57						54						51						50						38
Memo: Total deposits	$	401,038	1,831		1.81	%	$	399,826	1,506		1.51	%	$	408,458	1,125		1.12	%	$	413,276	683		0.66	%	$	420,096	331		0.31	%

(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
	September 30, 2023						September 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	$	11,039	$	94	1.14	%	$	10,457	$	66	0.84	%
U.S. government-sponsored entities (GSE)	334		8		2.83		557		8		2.19
Mortgage-backed securities issued by GSE	122,473		2,085		2.27		133,338		1,870		1.87
States and political subdivisions	424		13		4.12		380		11		3.82
Non-agency mortgage-backed	3,846		67		2.33		4,112		71		2.29
Other	23		1		5.34		51		1		3.46
Total securities	138,139		2,268		2.19		148,895		2,027		1.82
Loans and leases:
Commercial:
Commercial and industrial	165,231		7,732		6.26		145,566		3,725		3.42
CRE	22,736		1,135		6.64		22,765		606		3.52
Commercial construction	5,994		332		7.54		5,196		140		3.80

Consumer:
Residential mortgage	56,291		1,589		3.76		50,180		1,346		3.58
Home equity(3)	10,483		566		7.22		10,755		376		4.68
Indirect auto	26,381		1,182		5.99		26,888		1,101		5.47
Other consumer(3)	28,242		1,500		7.10		25,930		1,193		6.15
Student	3,280		170		6.92		6,310		214		4.54
Credit card	4,836		416		11.51		4,721		328		9.29

Total loans and leases held for investment	323,474		14,622		6.04		298,311		9,029		4.04
Loans held for sale	1,727		81		6.25		3,167		91		3.82
Total loans and leases	325,201		14,703		6.04		301,478		9,120		4.04

Interest earning trading assets	4,759		234		6.54		5,784		160		3.67
Other earning assets	29,872		1,147		5.13		19,924		184		1.24
Total earning assets	497,971		18,352		4.92		476,081		11,491		3.22
Nonearning assets	59,703						64,673
Total assets	$	557,674					$	540,754
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	104,053	1,501		1.93		$	112,058	215		0.26
Money market and savings	139,305		1,991		1.91		145,953		220		0.20
Time deposits	35,189		970		3.68		14,840		27		0.25

Total interest-bearing deposits	278,547		4,462		2.14		272,851		462		0.23
Short-term borrowings	24,317		932		5.13		11,356		143		1.68
Long-term debt	52,663		1,739		4.41		32,646		459		1.88
Total interest-bearing liabilities	355,527		7,133		2.68		316,853		1,064		0.45
Noninterest-bearing deposits	124,533						146,862
Other liabilities	14,446						12,448
Shareholders’ equity	63,168						64,591
Total liabilities and shareholders’ equity	$	557,674					$	540,754
Average interest-rate spread					2.24						2.77

Net interest income/ net interest margin			$	11,219	3.01	%			$	10,427	2.93	%
Taxable-equivalent adjustment			162						92
Memo: Total deposits	$	403,080	4,462		1.48	%	$	419,713	462		0.15	%

(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


	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2023		2023		2023		2022		2022
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	561	$	562	$	394	$	398	$	443
CRE	289		275		117		82		5
Commercial construction	29		16		1		—		—

Consumer:
Residential mortgage	132		221		233		240		227
Home equity(1)	123		129		132		135		132
Indirect auto	266		262		270		289		260
Other consumer(1)	52		46		45		44		39


Total nonaccrual loans and leases held for investment	1,452		1,511		1,192		1,188		1,106
Loans held for sale	75		13		—		—		72
Total nonaccrual loans and leases	1,527		1,524		1,192		1,188		1,178
Foreclosed real estate	3		3		3		4		4

Other foreclosed property	54		56		66		58		58
Total nonperforming assets	$	1,584	$	1,583	$	1,261	$	1,250	$	1,240



















Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	15	$	36	$	35	$	49	$	44
CRE	—		—		—		1		1
Commercial construction	—		5		—		—		—

Consumer:
Residential mortgage - government guaranteed	456		541		649		759		808
Residential mortgage - nonguaranteed	30		23		25		27		26
Home equity(1)	9		7		10		12		9
Indirect auto	1		—		—		1		1
Other consumer(1)	16		12		10		13		9
Student - government guaranteed	—		—		590		702		770
Student - nonguaranteed	—		—		4		4		5
Credit card	47		38		38		37		36

Total loans 90 days past due and still accruing	$	574	$	662	$	1,361	$	1,605	$	1,709
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	98	$	142	$	125	$	256	$	162
CRE	28		38		34		25		15
Commercial construction	1		6		3		5		3

Consumer:
Residential mortgage - government guaranteed	293		267		232		268		234
Residential mortgage - nonguaranteed	270		254		259		346		300
Home equity(1)	61		56		65		68		67
Indirect auto	598		549		511		646		591
Other consumer(1)	219		175		164		187		152
Student - government guaranteed	—		—		350		396		375
Student - nonguaranteed	—		—		6		6		6
Credit card	68		63		56		64		52

Total loans 30-89 days past due	$	1,636	$	1,550	$	1,805	$	2,267	$	1,957

- 6 -



	As of/For the Quarter Ended
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
	2023		2023		2023		2022		2022
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.52	%	0.48	%	0.55	%	0.70	%	0.62	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.18		0.21		0.42		0.49		0.54
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.46		0.47		0.36		0.36		0.35
Nonperforming loans and leases as a percentage of loans and leases(1)	0.48		0.47		0.36		0.36		0.37
Nonperforming assets as a percentage of:
Total assets(1)	0.29		0.29		0.22		0.23		0.23
Loans and leases plus foreclosed property	0.48		0.49		0.38		0.38		0.37
Net charge-offs as a percentage of average loans and leases(2)	0.51		0.54		0.37		0.34		0.27
Allowance for loan and lease losses as a percentage of loans and leases	1.49		1.43		1.37		1.34		1.34
Ratio of allowance for loan and lease losses to:
Net charge-offs(3)	2.9X		2.6X		3.7X		4.1X		5.0X
Nonperforming loans and leases	3.2X		3.0X		3.8X		3.7X		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 Sept. 30
							2023		2022
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases							0.47	%	0.25	%
Ratio of allowance for loan and lease losses to net charge-offs							3.1X		5.7X

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
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30		Period Ended Sept. 30
(Dollars in millions)	2023		2023		2023		2022		2022		2023		2022
Allowance for Credit Losses(1)
Beginning balance	$	4,879	$	4,761	$	4,649	$	4,455	$	4,434	$	4,649	$	4,695
Provision for credit losses	497		558		482		467		234		1,537		310
Charge-offs:
Commercial:
Commercial and industrial	(98)		(107)		(75)		(44)		(51)		(280)		(99)
CRE	(77)		(35)		(6)		(11)		—		(118)		(2)
Commercial construction	—		—		—		—		—		—		(1)

Consumer:
Residential mortgage	(8)		(1)		(1)		(1)		(4)		(10)		(8)
Home equity(2)	(4)		(2)		(2)		(6)		(3)		(8)		(7)
Indirect auto	(135)		(115)		(127)		(129)		(103)		(377)		(282)
Other consumer(2)	(120)		(104)		(105)		(96)		(109)		(329)		(285)
Student	—		(103)		(5)		(5)		(7)		(108)		(17)
Credit card	(55)		(53)		(51)		(53)		(42)		(159)		(123)

Total charge-offs	(497)		(520)		(372)		(345)		(319)		(1,389)		(824)
Recoveries:
Commercial:
Commercial and industrial	28		13		13		14		43		54		73
CRE	2		—		1		1		—		3		7
Commercial construction	—		—		1		1		2		1		4

Consumer:
Residential mortgage	1		2		2		3		3		5		13
Home equity(2)	7		5		6		6		8		18		19
Indirect auto	25		31		26		21		21		82		70
Other consumer(2)	20		20		17		17		21		57		62
Student	—		—		—		1		—		—		—
Credit card	9		9		9		8		8		27		26

Total recoveries	92		80		75		72		106		247		274
Net charge-offs	(405)		(440)		(297)		(273)		(213)		(1,142)		(550)
Other(3)	(1)		—		(73)		—		—		(74)		—
Ending balance	$	4,970	$	4,879	$	4,761	$	4,649	$	4,455	$	4,970	$	4,455
Allowance for Credit Losses:(1)


Allowance for loan and lease losses	$	4,693	$	4,606	$	4,479	$	4,377	$	4,205
Reserve for unfunded lending commitments (RUFC)	277		273		282		272		250
Allowance for credit losses	$	4,970	$	4,879	$	4,761	$	4,649	$	4,455

(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
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30		Period Ended Sept. 30
	2023		2023		2023		2022		2022		2023		2022
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial	0.17	%	0.23	%	0.15	%	0.08	%	0.02	%	0.18	%	0.02	%
CRE	1.31		0.62		0.09		0.19		(0.01)		0.68		(0.03)
Commercial construction	(0.03)		(0.02)		(0.04)		(0.06)		(0.10)		(0.03)		(0.07)

Consumer:
Residential mortgage	0.05		(0.01)		—		(0.02)		0.01		0.01		(0.01)
Home equity	(0.10)		(0.12)		(0.15)		(0.01)		(0.13)		(0.13)		(0.14)
Indirect auto	1.75		1.28		1.47		1.52		1.15		1.50		1.05
Other consumer	1.37		1.20		1.29		1.11		1.31		1.29		1.16
Student	—		8.67		0.42		0.34		0.40		4.40		0.34
Credit card	3.78		3.66		3.54		3.68		2.80		3.66		2.74

Total loans and leases	0.51		0.54		0.37		0.34		0.27		0.47		0.25

Applicable ratios are annualized.

- 8 -

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


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







Loans and Leases(2)
Beginning balance unamortized fair value mark	$	(579)	$	(673)	$	(741)	$	(826)	$	(924)

Accretion	45		63		64		80		96

Purchase accounting adjustments and other activity	6		31		4		5		2
Ending balance	$	(528)	$	(579)	$	(673)	$	(741)	$	(826)
Core deposit and other intangible assets
Beginning balance	$	3,403	$	3,535	$	3,672	$	3,726	$	3,535

Additions - acquisitions	21		—		—		111		336
Amortization of intangibles(3)	(130)		(131)		(136)		(163)		(140)
Amortization in net occupancy expense	(2)		(1)		(1)		(3)		(5)
Purchase accounting adjustments and other activity	—		—		—		1		—
Ending balance	$	3,292	$	3,403	$	3,535	$	3,672	$	3,726
Deposits(4)
Beginning balance unamortized fair value mark	$	—	$	—	$	—	$	(1)	$	(3)

Amortization	—		—		—		1		2
Ending balance	$	—	$	—	$	—	$	—	$	(1)
Long-Term Debt(4)
Beginning balance unamortized fair value mark	$	(59)	$	(69)	$	(81)	$	(94)	$	(109)

Amortization	10		12		12		13		15
Adjustments	—		(2)		—		$	—	$	—
Ending balance	$	(49)	$	(59)	$	(69)	$	(81)	$	(94)

(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
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2023		2023		2023		2022		2022
Consumer Banking and Wealth
Net interest income (expense)	$	1,269	$	1,459	$	1,607	$	1,734	$	1,690
Net intersegment interest income (expense)	1,388		1,228		1,157		1,248		992
Segment net interest income	2,657		2,687		2,764		2,982		2,682
Allocated provision for credit losses	248		224		274		311		283
Noninterest income	756		828		873		846		836
Noninterest expense	2,065		2,051		2,060		1,924		1,930
Income (loss) before income taxes	1,100		1,240		1,303		1,593		1,305
Provision (benefit) for income taxes	266		296		311		377		309
Segment net income (loss)	$	834	$	944	$	992	$	1,216	$	996




Corporate and Commercial Banking(1)
Net interest income (expense)	$	2,427	$	2,415	$	2,302	$	2,083	$	1,635
Net intersegment interest income (expense)	(776)		(722)		(552)		(208)		10
Segment net interest income	1,651		1,693		1,750		1,875		1,645
Allocated provision for credit losses	254		312		231		136		(48)
Noninterest income	584		576		630		678		645
Noninterest expense	874		869		881		853		828
Income (loss) before income taxes	1,107		1,088		1,268		1,564		1,510
Provision (benefit) for income taxes	215		211		264		330		324
Segment net income (loss)	$	892	$	877	$	1,004	$	1,234	$	1,186




Insurance Holdings(1)
Net interest income (expense)	$	1	$	1	$	1	$	1	$	1
Net intersegment interest income (expense)(2)	(81)		(85)		13		11		10
Segment net interest income	(80)		(84)		14		12		11
Allocated provision for credit losses	—		—		—		—		—
Noninterest income	801		944		817		792		731
Noninterest expense	701		705		686		662		628
Income (loss) before income taxes(3)	20		155		145		142		114
Provision (benefit) for income taxes(3)	3		—		36		35		29
Segment net income (loss)	$	17	$	155	$	109	$	107	$	85
















Other, Treasury & Corporate(4)
Net interest income (expense)	$	(133)	$	(250)	$	(42)	$	163	$	419
Net intersegment interest income (expense)	(531)		(421)		(618)		(1,051)		(1,012)
Segment net interest income	(664)		(671)		(660)		(888)		(593)
Allocated provision for credit losses	(6)		2		(3)		20		(1)
Noninterest income	(33)		(55)		(86)		(89)		(110)
Noninterest expense	108		123		64		283		227
Income (loss) before income taxes(3)	(799)		(851)		(807)		(1,280)		(929)
Provision (benefit) for income taxes(3)	(239)		(220)		(217)		(405)		(299)
Segment net income (loss)	$	(560)	$	(631)	$	(590)	$	(875)	$	(630)


Total Truist Financial Corporation
Net interest income (expense)	$	3,564	$	3,625	$	3,868	$	3,981	$	3,745
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income	3,564		3,625		3,868		3,981		3,745
Allocated provision for credit losses	496		538		502		467		234
Noninterest income	2,108		2,293		2,234		2,227		2,102
Noninterest expense	3,748		3,748		3,691		3,722		3,613
Income (loss) before income taxes	1,428		1,632		1,909		2,019		2,000
Provision (benefit) for income taxes	245		287		394		337		363
Net income	$	1,183	$	1,345	$	1,515	$	1,682	$	1,637

(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 $30 million and $54 million for the third and second quarter 2023, respectively, tax provision related to Insurance Holdings in Other, Treasury & Corporate. In the third quarter of 2023, Insurance Holdings recognized $3 million of taxes for certain state jurisdictions that impose income taxes on partnerships and LLCs.

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

- 10 -

Capital Information - Five Quarter Trend


	As of/For the Quarter Ended
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2023			2023			2023			2022			2022
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	42,275		$	41,642		$	39,533		$	39,098		$	38,277
Tier 1	48,945			48,312			46,203			45,768			44,947
Total	57,710			57,236			55,237			54,072			53,223
Risk-weighted assets	428,682			434,946			436,381			434,413			421,489
Average quarterly assets for leverage ratio	534,402			550,734			544,334			539,689			526,454
Average quarterly assets for supplementary leverage ratio	627,403			643,662			635,656			629,960			616,368
Risk-based capital ratios:
Common equity tier 1	9.9		%	9.6		%	9.1		%	9.0		%	9.1		%
Tier 1	11.4			11.1			10.6			10.5			10.7
Total	13.5			13.2			12.7			12.4			12.6
Leverage capital ratio	9.2			8.8			8.5			8.5			8.5
Supplementary leverage	7.8			7.5			7.3			7.3			7.3
Common equity per common share	$	41.37		$	42.68		$	41.82		$	40.58		$	40.79

	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2023			2023			2023			2022			2022
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity	$	62,007		$	63,681		$	62,394		$	60,537		$	60,811
Less:
Preferred stock	6,673			6,673			6,673			6,673			6,673
Noncontrolling interests	167			155			22			23			23
Intangible assets, net of deferred taxes	29,491			29,628			29,788			29,908			29,752
Tangible common equity	$	25,676		$	27,225		$	25,911		$	23,933		$	24,363







Outstanding shares at end of period (in thousands)	1,333,668			1,331,976			1,331,918			1,326,829			1,326,766
Tangible common equity per common share	$	19.25		$	20.44		$	19.45		$	18.04		$	18.36

Total assets	$	542,707		$	554,549		$	574,354		$	555,255		$	548,438
Less: Intangible assets, net of deferred taxes	29,491			29,628			29,788			29,908			29,752
Tangible assets	$	513,216		$	524,921		$	544,566		$	525,347		$	518,686

Equity as a percentage of total assets	11.4		%	11.5		%	10.9		%	10.9		%	11.1		%
Tangible common equity as a percentage of tangible assets	5.0			5.2			4.8			4.6			4.7

(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
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data)	2023			2023			2023			2022			2022
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue	$	19		$	22		$	17		$	7		$	1
Residential mortgage servicing income:


Residential mortgage servicing income before MSR valuation	85			77			155			88			80




Net MSRs valuation	(20)			(19)			(50)			(10)			(9)
Total residential mortgage servicing income	65			58			105			78			71
Total residential mortgage income	84			80			122			85			72
Commercial mortgage income:
Commercial mortgage production revenue	17			16			14			28			30
Commercial mortgage servicing income:


Commercial mortgage servicing income before MSR valuation	3			4			7			4			5



Net MSRs valuation	(2)			(1)			(1)			—			15
Total commercial mortgage servicing income	1			3			6			4			20
Total commercial mortgage income	18			19			20			32			50
Total mortgage banking income	102			99			142			117			122

Other Mortgage Banking Information
Residential mortgage loan originations	$	4,196		$	5,558		$	4,022		$	4,868		$	11,746
Residential mortgage servicing portfolio:(1)
Loans serviced for others	214,953			222,917			214,830			217,046			218,740
Bank-owned loans serviced	56,679			57,147			57,493			56,982			56,786
Total servicing portfolio	271,632			280,064			272,323			274,028			275,526
Weighted-average coupon rate on mortgage loans serviced for others	3.51		%	3.54		%	3.52		%	3.48		%	3.45		%
Weighted-average servicing fee on mortgage loans serviced for others	0.27			0.27			0.27			0.31			0.30

Additional Information
Brokered deposits(2)	$	34,986		$	32,307		$	23,816		$	22,353		$	20,239

NQDCP income (expense):(3)
Interest income	$	3		$	3		$	11		$	2		$	2
Other income	35			9			(18)			20			(28)
Personnel expense	(38)			(12)			7			(22)			26
Total NQDCP income (expense)	$	—		$	—		$	—		$	—		$	—


Common stock prices:
High	$	35.78		$	35.39		$	51.26		$	47.47		$	52.22
Low	27.70			25.56			28.70			40.01			42.56
End of period	28.61			30.35			34.10			43.03			43.54
Banking offices	2,001			2,002			2,006			2,123			2,119
ATMs	3,037			3,041			3,041			3,227			3,185
FTEs(4)	51,943			52,564			53,653			53,999			52,648

(1)Amounts reported are unpaid principal balance.

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

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

(4)FTEs represents an average for the quarter.

- 12 -

Selected Items(1)


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

(1)Includes 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-earningsdeck3q23.htm EX-99.3 ex993-earningsdeck3q23

Third Quarter 2023 Earnings Conference Call Bill Rogers – Chairman & CEO Mike Maguire – CFO October 19, 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) cost savings to be achieved in future periods, (ii) Truist’s expected CET1 ratio in future periods, (iii) the benefits associated with investments in digital capabilities offered by Truist, (iv) expected average commercial and consumer loan balances in the fourth quarter of 2023, (v) future capital levels, including Truist’s ability to meet the requirements and to build capital under the proposed phase-in periods for the Basel III Endgame rules, (vi) guidance with respect to financial performance metrics in future periods, including future levels of GAAP revenues, adjusted expenses, and net charge-off ratio, and (vii) Truist’s effective tax rate in future periods. 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: • Current and future economic and market conditions, such as the interest rate environment, including the replacement of LIBOR as an interest rate benchmark; U.S. fiscal debt, budget and tax matters; geopolitical matters (including conflicts in the Ukraine, Israel, and the Gaza Strip); and any slow down in global economic growth 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; • 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; • evolving legislative, accounting and regulatory standards, including with respect to climate, deposits, capital, and liquidity requirements, which may become more stringent in light of continuous turmoil in the banking industry, such as long-term debt requirements, 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; • 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; • 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; • unexpected outflows of uninsured deposits may require Truist to sell investment securities at a loss; • a loss of value of Truist’s investment portfolio could negatively impact market perceptions of Truist and could lead to deposit withdrawals; • 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 achieve its cost saves targets; • 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; • Truist faces substantial legal and operational risks in safeguarding personal information; • 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 or if there is a decline in a reporting unit’s forecasted net income; • 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; • 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; and • 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. 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 3Q23 key takeaways 1 Solid third quarter results 2 Expenses well-controlled—$750 million cost saves program underway 3 Increased CET1 29 bps and NIM 4 bps reflecting a more efficient balance sheet 5 Key actions taken on our organizational alignment and simplification efforts Net income available to common $1.1 billion Return on average tangible common equity 17.3% Net interest margin 2.95% CET1 ratio 9.9% Nonperforming loans / LHFI 0.46% 4 Maintained stable asset quality metrics with NPLs flat and ALLL higher 6

7 Earnings and profitability – $1.1 billion of net income available to common ($0.80 per share) and ROTCE of 17% – 3Q23 EPS negatively impacted by $0.04 per share of merger-related and restructuring charges (MRCs) primarily related to severance – Total revenues were down 4.1% – Includes an $87 million reduction in service charges on deposits revenue due to client refund accruals resulting from a revision to deposit service fee protocols – Adjusted expenses1 were down 0.5% vs. 2Q23 – Includes $70 million of higher other expenses due to the aforementioned revision to deposit service fee protocols and resolution of certain legal matters Net interest income and net interest margin – Net interest income declined $58 million, or 1.6% vs. 2Q23 compared with a $240 million sequential decline, or 6.1% from 1Q23 to 2Q23 – Net interest margin improved 4 bps linked quarter to 2.95% driven by a more efficient balance sheet due to: – Decline in FHLB borrowings – Decline in lower-yielding loan balances – Improving spreads on new and renewed loans Balance sheet, asset quality, capital, and liquidity – Average loan balances decreased $8.3 billion, or 2.5% vs. 2Q23 due primarily to the sale of the $4.8 billion student loan portfolio (“Student”) in late 2Q23 – Average deposits increased $1.2 billion, or 0.3% vs. 2Q23 – CET1 up 29 bps vs. 2Q23 to 9.9% – The ALLL ratio increased 6 bps, while NPLs as a % of loans HFI decreased 1 bp – LCR of 110% 3Q23 performance highlights Change vs. 3Q23 2Q23 3Q22 GAAP / Unadjusted Revenue $5,729 (4.1)% (2.7)% Expense $3,747 —% 3.7% PPNR $1,982 (10.9)% (12.8)% Provision for credit losses $497 (7.6)% 112.4% Net income available to common $1,071 (13.2)% (30.3)% Diluted EPS $0.80 (13.0)% (30.4)% ROCE 7.5% (110) bps (320) bps ROTCE 17.3% (210) bps (620) bps Efficiency ratio 66.1% 280 bps 430 bps TBVPS $19.25 (5.8)% 4.8% Adjusted1 Efficiency ratio 61.8% 220 bps 540 bps PPNR $2,187 (9.4)% (14.7)% Note: All data points are taxable-equivalent, where applicable; see non-GAAP reconciliations in the appendix Current quarter regulatory capital information is preliminary 1 Adjusted metrics exclude amortization and merger-related and restructuring charges but do not exclude one-time items Summary Income Statement Commentary ($ in millions, except per share data)

8 19 20 23 25 4Q22 1Q23 2Q23 3Q23 Seamless Digital Experiences Drive Relationship Quality and Transactions 4Q22 1Q23 2Q23 3Q23 T3 is driving digital momentum 4.4 4.5 4.6 4.7 4Q22 1Q23 2Q23 3Q23 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? Mobile App Users1 Zelle Transactions Digital Transactions2 Client Satisfaction Remains High3 66 67 71 72 4Q22 1Q23 2Q23 3Q23 +3% +1% +2% +8% +32% +9% No Change +6% (in millions) (in millions) (in millions) Digital Onboarding – Platform enhancements have driven a 19% increase in Truist One funding rates YTD – Reached record high conversion rates and client satisfaction while attracting younger new-to-bank households Digital Transactions – Zelle transactions increased 10% over prior quarter, fueled by upgrades in 1H23 – Clients using digital money movement tools grew 2% in 3Q to more than 4.2 million

9 Average loans and leases HFI ($ in billions) $309 $321 $326 $326 $318 $180 $188 $194 $195 $193 $130 $133 $132 $131 $125 Commercial LHFI Consumer, mortgage, & card LHFI Loans HFI yield (%) Loans HFI yield ex. PAA (%) 3Q22 4Q22 1Q23 2Q23 3Q23 – Average loans decreased $8.3 billion, or 2.5% from 2Q23 – Excluding the impact of Student, average loans declined 1.1% from 2Q23 – Average commercial loans decreased $2.2 billion, or 1.1% driven by a $2.6 billion decrease in average C&I loans, partially offset by a modest increase in commercial construction loans – Average consumer loans declined $6.1 billion primarily driven by a $4.8 billion decline in Student and a $1.7 billion decline in indirect auto, partially offset by growth in the Service Finance and Sheffield portfolios 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% 6.25% 6.18%

10 ($ in billions) $420 $413 $408 $400 $401 $274 $272 $277 $276 $282 $146 $141 $131 $124 $119 Interest-bearing deposits Noninterest-bearing deposits Total deposit cost (%) 3Q22 4Q22 1Q23 2Q23 3Q23 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 3Q23 – Average deposits increased $1.2 billion, or 0.3% – Average noninterest-bearing deposits declined $4.8 billion, or 3.9% – Represented 30% of total deposits – Average money market and savings deposits increased $1.8 billion, or 1.3% – Average time deposits increased $5.1 billion, or 14.2% – Deposit costs continue to increase (albeit at a slower pace) due to higher interest rates and a continued mix shift from lower cost deposit accounts – Total cost of deposits was 181 bps, up 30 bps from the prior quarter – Total cost of interest-bearing deposits was 257 bps, up 38 bps from the prior quarter – Reflects 49% cumulative beta1 vs. Linked Quarter 5-Quarter Trend 0.31% 0.66% 1.12% 1.51% 1.81%

11 $3,783 $4,031 $3,919 $3,679 $3,621 $3,670 $3,937 $3,843 $3,604 $3,566 $113 $94 $76 $75 $55 3.12% 3.25% 3.17% 2.91% 2.95% 3.02% 3.17% 3.10% 2.85% 2.90% Core net interest income TE ($ MM) Purchase accounting accretion ($ MM) Reported NIM (%) Core NIM (%) 3Q22 4Q22 1Q23 2Q23 3Q23 – Net interest income declined 1.6% primarily due to lower earning assets – Reported NIM increased 4 bps to 2.95% driven by balance sheet optimization efforts including: – Decline in FHLB borrowings – Decline in lower yielding loan balances – Improving spreads on new and renewed loans – Net interest income declined 4.3% as a result of higher funding costs and lower fair value accretion, partially offset by higher rates on earning assets – Reported NIM declined 17 bps, while the core NIM declined 12 bps ($ in millions) Net interest income and net interest margin 1 See non-GAAP reconciliations in the appendix vs. Linked Quarter5-Quarter Trend 1 vs. Like Quarter

12 ($ in millions) $2,102 $2,227 $2,234 $2,293 $2,108 3Q22 4Q22 1Q23 2Q23 3Q23 Noninterest income vs. Linked Quarter5-Quarter Trend – Noninterest income decreased $185 million, or 8.1% due to: – Seasonally lower insurance revenue of $142 million – Lower service charges on deposits revenue of $88 million primarily due to $87 million of client refund accruals – Lower investment banking and trading income of $26 million – These reductions were partially offset with higher other income of $38 million vs. Like Quarter – Noninterest income increased 0.3% as 9.4% growth in insurance revenue (6.3% organic) was partially offset by lower service charges on deposits and investment banking and trading income

13 – Noninterest expense was flat – Merger-related and restructuring charges increased $21 million driven primarily by severance expense associated with our cost saves program – Adjusted noninterest expense2 decreased $17 million, or 0.5% due to: – Lower personnel expense of $56 million – Lower professional fees and outside processing expense of $35 million – These improvements were partially offset by a $62 million increase in other expense primarily due to $70 million for costs associated with a revision to deposit service fee protocols and resolution of certain legal matters ($ in millions) – Noninterest expense increased $134 million, or 3.7% – Adjusted noninterest expense2 increased $221 million, or 6.7% – Increase in adjusted expense was due to higher compensation (insurance acquisitions & commissions and minimum wage), professional fees and outside processing, regulatory costs, and other expense 61.8% 60.0% 60.5% 63.3% 66.1% 56.4% 54.2% 56.8% 59.6% 61.8% Adjusted noninterest expense Merger costs Amortization Other items GAAP efficiency ratio Adjusted efficiency ratio 3Q22 4Q22 1Q23 2Q23 3Q23 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. Noninterest expense $170 $3,321 1 $3,613 vs. Linked Quarter5-Quarter Trend vs. Like Quarter $152 $3,389 $163 $3,492 $63 $136 $3,722 $140 $3,542 $54 $3,691 $131 $4 $3,748 $75 $130 $3,559 $3,747 2

14$750 million gross cost saves exclude one-time restructuring charges (e.g. severance); one-time costs are estimated at 25-30% $750 million gross cost saves program is underway – Reductions in force – Spans and layers – Consolidation of redundant/similar functions – Select business restructuring – Geographic simplification – Organizational alignment and simplification – Consolidate businesses for operational efficiency – More efficient branch network and staffing structure – Simplified and streamlined compensation and benefits programs – Reallocate investments to core businesses – Rationalize technology spend – Focus on opportunities in core businesses ~$750MM gross cost saves program realized over 12-18 months

15 $234 $467 $502 $538 $497 3Q22 4Q22 1Q23 2Q23 3Q23 $213 $273 $297 $440 $405 0.34% 0.37% 0.54% 0.51% NCO NCO ratio 3Q22 4Q22 1Q23 2Q23 3Q23 NCOs, excluding Student, increased 9 bps linked quarter reflecting higher commercial and indirect auto losses Asset quality 4.5x 9.0x 8.8x Net Charge-Offs Provision for Credit Losses Nonperforming Loans / LHFI ALLL $4,205 $4,377 $4,479 $4,606 $4,693 ALLL ALLL ratio ALLL / NCO 3Q22 4Q22 1Q23 2Q23 3Q23 ALLL ratio up 6 bps due to increased reserves for CRE and an updated economic outlook Increase in the loan loss reserve reflects normalization of asset quality NPLs remained stable on a linked quarter basis 5.0X 0.35% 0.36% 0.36% 0.47% 0.46% 3Q22 4Q22 1Q23 2Q23 3Q23 3.7X4.1X $467 2.6X 3.4X ex. Student 0.42% ex. Student 0.27% Provision increased vs. 3Q22 due to an allowance build and higher charge-offs 2.9X 1.34% 1.34% 1.37% 1.43% 1.49%

16 ($ in billions) 2Q23 CET1 Organic capital generation and managed RWA growth 3Q23 CET1 Organic capital generation and managed RWA growth FDIC assessment 4Q23 CET1 Strong capital momentum 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 current interest rates as of 9/30/23 and internal estimates. Excludes $600 million of cash flow hedges, which are not included in capital ratios under Basel III impacts. 5 Pension AOCI held constant but can change with fluctuations in financial markets 9.6% 0.3% ~0.2% ~(0.1%) 9.9% ~10% Estimate if remaining TIH ownership divested3 ~2.0%+ 1 AOCI Burn Down42H23 Capital Walk Commentary CET1 Expectations – CET1 expected to reach and stay above 10% after year-end – Maintain ~200 bps+ of strategic flexibility with TIH Capital Allocation – RWA management strategy focuses on core clients – De-emphasize lower return portfolios – Allow recent acquisitions to mature Strong Capital Build – Organic capital generation of 15-20 bps per quarter – Securities AOCI projected to decline by 28% by 12/31/26 Manageable Long-Term Debt Requirements – Shortfall of $2 billion at the holding company and $13 billion at the bank level at 9/30/23 – Expect to meet requirements through normal course debt issuance Basel III Endgame Proposal Impacts – Expect a high single digit % increase in RWA – Phase-in periods allow ample time to bolster capital – Final ruling could alter phase-in periods and RWA requirements 1 2 Truist continues to build capital and maintains significant strategic flexibility with its remaining stake in TIH Securities AOCI projected to decline by 28% by 12/31/26 $15.0 $13.6 $12.4 $11.2 $1.5 $1.5 $1.5 $1.5 $13.5 $12.1 $10.9 $9.7 Securities AOCI Pension AOCI 09/30/23 12/31/24 12/31/25 12/31/26 5

17 13.9% 3Q23 Actuals 4Q23 Outlook Revenue (TE) $5.7 Flat to down 1% Adjusted expenses $3.5 Down 3.5% (excludes TIH independence readiness costs of ~$35 million) Full Year 2022 Actuals Full Year 2023 Outlook Adjusted revenue (TE) $23.2 Up ~1.5% Adjusted expenses $13.1 Up ~7% (excludes TIH independence readiness costs of ~$55 million) Net charge-off ratio 27 bps ~50 bps Tax rate 18% effective; 20% on FTE basis 4Q23 and 2023 outlook Fu ll ye ar 2 02 3 co m pa re d to fu ll ye ar 2 02 2 ($ in billions unless otherwise noted) 4Q 23 co m pa re d to 3 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

18 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 7 of the top 10 fastest growing markets with select national businesses – Comprehensive and diverse business mix with distinct capabilities in commercial, investment banking, digital / point-of-sale lending, insurance, and advice / industry expertise – Significant Integrated Relationship Management 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) – Targeting strong growth and profitability relative to peers (with lower volatility) – Diversified revenue streams – Disciplined focus on risk and controls – Strong risk adjusted capital position

Appendix

A-20 8.1% 7.8% 9.7% 11.1% 11.3% 0.02% 0.29% 0.41% 1.01% 1.09% 0.06% 0.49% 1.02% Criticized & classified ratio NPL ratio NCO ratio 3Q22 4Q22 1Q23 2Q23 3Q23 6% 24% 25% 45% 2023 2024 2025 2026 and beyond Office Portfolio Primarily Composed of Class A, Multi Tenant Properties Within Footprint Class A 64% Class B 25% Class C and Other 11% Commercial real estate (CRE) spotlight 5-Quarter Total CRE Trends CRE Office 1.7% Class Type (From Top 10 Markets) (0.02)% Total LHFI at 9/30/23 ($316B) CRE Mix Tenant Type Scheduled Office Maturities CRE Represents 9.2% of Total Loans HFI Including Office at 1.7% NPL% 5.9% LTM NCO ratio 2.40% Loan loss reserves 8.3% WALTV ~61% Weighted average maturity ~2.5 years % in Truist Southeast/ Mid-Atlantic footprint ~76% Office Spotlight All other loans 91.1% CRE information on this slide includes the commercial construction portfolio WALTV based on most recent appraisal conducted CRE 9.2% 0.14% Hotel 9% Industrial 17% Office 17% Multifamily 31% Retail 15% Other 11% A-1 Multi Tenant 91% Medical 8% Single Tenant 1%

A-2 Consumer Banking & Wealth Income statement ($ MM) 3Q23 vs. 2Q23 vs. 3Q22 Net interest income $2,657 $(30) $(25) Allocated provision for credit losses 248 24 (35) Noninterest income 756 (72) (80) Noninterest expense 2,065 14 135 Segment net income 834 (110) (162) Balance Sheet ($ B) Average loans(1) $137 $(6.2) $(3.7) Average deposits 238 (0.9) (15) Other Key Metrics(2) Mortgages serviced for others ($ B) $218 $(5.7) $1.4 Wealth management AUM ($ B) 188 (2.7) 14 Branches 2,001 (1) (118) (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 $834 million, down $110 million, or 12% vs. 2Q23 – Net interest income of $2.7 billion decreased slightly by $30 million, or 1.1%, primarily driven by lower average balances and decrease in loan spread – Average loans of $137 billion declined 4.3% vs. 2Q23 primarily driven 2Q sale of Student loan portfolio and lower prime auto balances, partially offset by growth in the Service Finance and Sheffield portfolios – Average deposits of $238 billion declined 0.4%, vs. 2Q23 reflecting continued consumer response to higher rates – Provision for credit losses increased $24 million, or 11% primarily driven by smaller allowance release in the current quarter, partially offset by a decrease in charge-offs – Noninterest income of $756 million decreased $72 million, or 8.7% vs. 2Q23, primarily driven by $87 million client refund accruals resulting from a revision to deposit service fee protocols – Mortgages serviced for others decreased 2.6% vs. 2Q23 driven by bulk MSR sale completed in the current quarter – Wealth management AUM decreased $2.7 billion, or 1.4%, vs. 2Q23 primarily due to decrease in markets – Noninterest expense of $2.1 billion remained relatively flat vs. 2Q23 – Branch count down 5.6% vs. 3Q22 due to continued branch network optimization Metrics Commentary

A-3 Corporate & Commercial Banking – Net income of $892 million, increased $15 million, or 1.7% vs. prior quarter – Net interest income of $1.7 billion decreased $42 million, or 2.5%, as a results of higher funding costs and lower balances for both loans and deposits partially offset by higher rates – Average loans of $181 billion decreased $2.1 billion, or 1.2%, as a result of optimization efforts across the segment – Average deposits of $127 billion decreased $1.6 billion, or 1.2%, due to monetary tightening and higher rate alternatives – Provision for credit losses of $254 million decreased $58 million, or 19%, driven primarily by lower loan balances – Noninterest income of $584 million increased $8 million, or 1.4%, primarily driven by higher M&A Advisory and lending related fees partially offset by lower structured real estate – Noninterest expense of $874 million increased $5 million, or 0.6% from 2Q23 driven by lower variable incentives partially offset by restructuring charges in CRE and CCB (1) Excludes loans held for sale Represents performance for Commercial Community Banking, Corporate & Investment Banking, CRE, Wholesale Payments, and Insurance Premium Finance Metrics Commentary Income statement ($ MM) 3Q23 vs. 2Q23 vs. 3Q22 Net interest income $1,651 $(42) $6 Allocated provision for credit losses 254 (58) 302 Noninterest income 584 8 (61) Noninterest expense 874 5 46 Segment net income $892 $15 $(294) Balance Sheet ($ B) Average loans(1) $181 $(2.1) $12 Average deposits 127 (1.6) (16)

A-4 Insurance Holdings – Total revenue growth of 13% vs. 3Q22 – Driven by strong organic growth and additional interest income on fiduciary deposits – Acquired revenue of $28 million – Positive organic revenue growth of 6.3%, but down from 9.1% and 6.5% in 2Q23 and 3Q22, respectively – Driven by lower title closing volume, reduced CAT property capacity in managing general underwriter businesses, offset by strong growth in retail and wholesale brokerage and binding – New business generation was up 21% vs. 3Q22 as clients continued to grow and invest during the quarter – Adjusted EBITDA margin declined 280 bps vs. 3Q22 – Primarily driven by changes in allocated expenses and lower organic revenue growth Market conditions – Property and casualty premium rates increased at a decreasing rate vs. prior quarters – CAT property capacity remains challenging due to losses, inflation, and reinsurance pressure (1) Prior period noninterest expense includes the segment net interest income which was primarily an allocation (2) EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, depreciation, and amortization to net income. Truist’s management also adds back merger-related and restructuring charges, acquisition retention and changes in estimated earn-out incentives, equity and equity-like compensation items, independence readiness costs related to Truist Insurance Holdings, and other selected items. Truist’s management uses this measure in its analysis of the Corporation’s Insurance Holdings segment. Truist’s management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. See non-GAAP reconciliations included in the attached Appendix. Represents performance for Truist Insurance Holdings’ Retail and Wholesale Divisions Metrics Commentary Income statement ($ MM) 3Q23 vs. 2Q23 vs. 3Q22 Noninterest income $801 ($143) $70 Interest income 25 6 25 Total revenue 826 (137) 95 Noninterest expense(1) 701 (4) 86 Interest expense 105 2 105 Segment net income 17 (138) (68) Performance ($ MM) YoY organic revenue growth 6.3 % (2.8) % (0.2) % Net acquired revenue $28 ($14) ($14) Performance based commissions 20 1 (1) Adjusted EBITDA(2) 209 (113) 4 Adjusted EBITDA margin(2) 25.3 % (8.2) % (2.8) %

A-5 Purchase accounting summary(1) ($ in millions) As of/For the Quarter Ended Sept. 30 June 30 March 31 Dec. 31 Sept. 30 2023 2023 2023 2022 2022 Loans and Leases(2) Beginning balance unamortized fair value mark $ (579) $ (673) $ (741) $ (826) $ (924) Accretion 45 63 64 80 96 Purchase accounting adjustments and other activity 6 31 4 5 2 Ending balance $ (528) $ (579) $ (673) $ (741) $ (826) Core deposit and other intangible assets Beginning balance $ 3,403 $ 3,535 $ 3,672 $ 3,726 $ 3,535 Additions - acquisitions 21 — — 111 336 Amortization(3) (130) (131) (136) (163) (140) Amortization in net occupancy expense (2) (1) (1) (3) (5) Purchase accounting adjustments and other activity — — — 1 — Ending balance $ 3,292 $ 3,403 $ 3,535 $ 3,672 $ 3,726 Deposits(4) Beginning balance unamortized fair value mark $ — $ — $ — $ (1) $ (3) Amortization — — — 1 2 Ending balance $ — $ — $ — $ — $ (1) Long-Term Debt(4) Beginning balance unamortized fair value mark $ (59) $ (69) $ (81) $ (94) $ (109) Amortization 10 12 12 13 15 Adjustments — (2) — — Ending balance $ (49) $ (59) $ (69) $ (81) $ (94) (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-6 Preferred dividend ($ in millions) 4Q23 1Q24 2Q24 3Q24 Estimated dividends based on projected interest rates and amounts outstanding ($ MM) $77 $106 $77 $106 Estimates assume forward-looking SOFR rates as of 9/30/23. Actual interest rates could vary significantly causing dividend payments to differ from the estimates shown above.

Non-GAAP Reconciliations

A-8 Quarter Ended Dec. 31 Sept. 30 2022 2022 Net income available to common shareholders - GAAP $ 1,610 $ 1,536 Merger-related and restructuring charges 87 48 Securities (gains) losses — 1 Incremental operating expenses related to the merger 43 69 Net income available to common shareholders - Adjusted $ 1,740 $ 1,654 Weighted average shares outstanding - diluted 1,337,338 1,336,659 Diluted EPS - GAAP $ 1.20 $ 1.15 Diluted EPS - adjusted(1) 1.30 1.24 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. 2023 intentionally excluded as Truist is no longer reporting an adjusted diluted EPS metric.

A-9 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 Sept. 30 June 30 March 31 Dec. 31 Sept. 30 2023 2023 2023 2022 2022 Efficiency ratio numerator - noninterest expense - GAAP $ 3,747 $ 3,748 $ 3,691 $ 3,722 $ 3,613 Merger-related and restructuring charges, net (75) (54) (63) (114) (62) Gain (loss) on early extinguishment of debt — (4) — — — Incremental operating expense related to the merger — — — (56) (90) Amortization of intangibles (130) (131) (136) (163) (140) Efficiency ratio numerator - adjusted $ 3,542 $ 3,559 $ 3,492 $ 3,389 $ 3,321 Efficiency ratio denominator - revenue(1) - GAAP $ 5,672 $ 5,918 $ 6,102 $ 6,208 $ 5,847 Taxable equivalent adjustment 57 54 51 50 38 Securities (gains) losses — — — — 1 Efficiency ratio denominator - adjusted $ 5,729 $ 5,972 $ 6,153 $ 6,258 $ 5,886 Efficiency ratio - GAAP 66.1 % 63.3 % 60.5 % 60.0 % 61.8 % Efficiency ratio - adjusted(2) 61.8 59.6 56.8 54.2 56.4

A-10 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 Sept. 30 June 30 March 31 Dec. 31 Sept. 30 2023 2023 2023 2022 2022 Net income $ 1,183 $ 1,345 $ 1,515 $ 1,682 $ 1,637 Provision for credit losses 497 538 502 467 234 Provision for income taxes 245 287 394 337 363 Taxable-equivalent adjustment 57 54 51 50 38 Pre-provision net revenue(1)(2) $ 1,982 $ 2,224 $ 2,462 $ 2,536 $ 2,272 PPNR $ 1,982 $ 2,224 $ 2,462 $ 2,536 $ 2,272 Merger-related and restructuring charges, net 75 54 63 114 62 Gain (loss) on early extinguishment of debt — 4 — — — Incremental operating expense related to the merger — — — 56 90 Amortization of intangibles 130 131 136 163 140 Securities (gains) losses — — — — 1 Pre-provision net revenue - adjusted(1)(2) $ 2,187 $ 2,413 $ 2,661 $ 2,869 $ 2,565

A-11 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 Sept. 30 June 30 March 31 Dec. 31 Sept. 30 2023 2023 2023 2022 2022 Common shareholders’ equity $ 55,167 $ 56,853 $ 55,699 $ 53,841 $ 54,115 Less: Intangible assets, net of deferred taxes 29,491 29,628 29,788 29,908 29,752 Tangible common shareholders’ equity(1) $ 25,676 $ 27,225 $ 25,911 $ 23,933 $ 24,363 Outstanding shares at end of period 1,333,668 1,331,976 1,331,918 1,326,829 1,326,766 Common shareholders’ equity per common share $ 41.37 $ 42.68 $ 41.82 $ 40.58 $ 40.79 Tangible common shareholders’ equity per common share(1) 19.25 20.44 19.45 18.04 18.36 Net income available to common shareholders $ 1,071 $ 1,234 $ 1,410 $ 1,610 $ 1,536 Plus amortization of intangibles, net of tax 99 100 104 125 107 Tangible net income available to common shareholders(1) $ 1,170 $ 1,334 $ 1,514 $ 1,735 $ 1,643 Average common shareholders’ equity $ 56,472 $ 57,302 $ 55,380 $ 54,823 $ 56,813 Less: Average intangible assets, net of deferred taxes 29,570 29,775 29,889 29,891 29,035 Average tangible common shareholders’ equity(1) $ 26,902 $ 27,527 $ 25,491 $ 24,932 $ 27,778 Return on average common shareholders’ equity 7.5 % 8.6 % 10.3 % 11.7 % 10.7 % Return on average tangible common shareholders’ equity(1) 17.3 19.4 24.1 27.6 23.5

A-12 Quarter Ended Sept. 30 June 30 March 31 Dec. 31 Sept. 30 2023 2023 2023 2022 2022 Net interest income - GAAP $ 3,564 $ 3,625 $ 3,868 $ 3,981 $ 3,745 Taxable-equivalent adjustment 57 54 51 50 38 Net interest income - taxable-equivalent 3,621 3,679 3,919 4,031 3,783 Accretion of mark on acquired loans (45) (63) (64) (80) (96) Accretion of mark on acquired liabilities (10) (12) (12) (14) (17) Net interest income - core(1) $ 3,566 $ 3,604 $ 3,843 $ 3,937 $ 3,670 Average earning assets - GAAP $ 488,794 $ 506,084 $ 499,149 $ 492,805 $ 482,349 Average balance - mark on acquired loans 553 641 702 787 875 Average earning assets - core(1) $ 489,347 $ 506,725 $ 499,851 $ 493,592 $ 483,224 Annualized net interest margin: Reported - taxable-equivalent 2.95 % 2.91 % 3.17 % 3.25 % 3.12 % Core(1) 2.90 2.85 3.10 3.17 3.02 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-13 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 Sept. 30 June 30 March 31 Dec. 31 Sept. 30 2023 2023 2023 2022 2022 Segment interest income $ 25 $ 19 $ — $ — $ — Noninterest income 801 944 817 792 731 Total revenue 826 963 817 792 731 Segment net income (loss) - GAAP $ 17 $ 155 $ 109 $ 107 $ 85 Provision (benefit) for income taxes 3 — 36 35 29 Interest 105 103 — — — Depreciation & amortization 35 35 37 36 34 EBITDA 160 293 182 178 148 Merger-related and restructuring charges, net 11 3 5 18 21 Acquisition retention and change in earn-out incentives 9 4 13 8 10 Equity and equity-like compensation items 21 19 20 20 26 Operating loss — — 15 — — One-time independence readiness costs related to TIH (excluding Bank incurred costs) 8 3 — 2 — Adjusted EBITDA(1) $ 209 $ 322 $ 235 $ 226 $ 205 Adjusted EBITDA(1) margin 25.3 % 33.5 % 28.7 % 28.6 % 28.1 % Memo: Total independence readiness costs related to TIH $ 11 $ 9 $ 1 $ 2 —

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