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

January 18, 2024

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 January 18, 2024, Truist Financial Corporation (“Truist”) issued a press release announcing its reporting of fourth quarter 2023 results and posted on its website its fourth 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 January 18, 2024.
99.2						Quarterly Performance Summary issued January 18, 2024.
99.3						Earnings Release Presentation issued January 18, 2024.






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: January 18, 2024

EX-99.1 2 ex991-pr4q23.htm EX-99.1 Document


			News Release

Truist reports fourth quarter 2023 results

GAAP loss of $5.2 billion, or $3.85 per share Adjusted net income(1)(4) of $1.1 billion, or $0.81 per share	Noninterest expense was up $6.5 billion Adjusted expense(1) was down $160 million, or 4.5%		CET1 ratio(2) increased 20 basis points to 10.1% due to organic capital generation and RWA optimization
4Q23 Key Financial Data		4Q23 Performance Highlights(3)




(Dollars in billions, except per share data)	4Q23			3Q23			4Q22			FY2023			FY2022
Summary Income Statement
Net interest income - TE	$	3.60		$	3.62		$	4.03		$	14.82		$	14.46
Noninterest income	2.16			2.11			2.23			8.79			8.72
Total revenue - TE	5.76			5.73			6.26			23.61			23.18


Noninterest expense	10.28			3.75			3.72			21.47			14.59
Net income (loss) available to common shareholders	(5.17)			1.07			1.61			(1.45)			5.93
Adjusted net income available to common shareholders(1)(4)	1.09			1.07			1.74			4.81			6.64
PPNR - unadjusted(1)	(4.52)			1.98			2.54			2.14			8.59
PPNR - adjusted(1)	2.37			2.19			2.87			9.64			10.11
Per Share Metrics
Diluted EPS	$	(3.85)		$	0.80		$	1.20		$	(1.08)		$	4.43
Adjusted diluted EPS(1)(4)	0.81			0.80			1.30			3.59			4.96
BVPS	39.31			41.37			40.58
TBVPS(1)	21.83			19.25			18.04
Key Ratios


ROCE	(36.6)		%	7.5		%	11.7		%	(2.6)		%	10.4		%
ROTCE(1)	15.0			17.3			27.6			18.9			22.9
Efficiency ratio - GAAP	180.4			66.1			60.0			91.8			63.3
Efficiency ratio - adjusted(1)	58.8			61.8			54.2			59.2			56.4


NIM - TE	2.98			2.95			3.25			3.00			3.01
NCO ratio	0.57			0.51			0.34			0.50			0.27
ALLL ratio	1.54			1.49			1.34
CET1 ratio(2)	10.1			9.9			9.0

Average Balances
Assets	$	540		$	548		$	553		$	553		$	544
Securities	133			136			142			137			147
Loans and leases	314			320			323			322			307
Deposits	395			401			413			401			418

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 Fourth Quarter 2023 Earnings Presentation.

(2)Current quarter capital ratios are preliminary.

(3)Comparisons noted in this section summarize changes from fourth quarter of 2023 compared to third quarter of 2023, unless otherwise noted.

(4)These non-GAAP metrics do not adjust for merger-related and restructuring charges for 2023 periods.

•Net loss was $5.2 billion, or $3.85 per diluted share, and includes:

◦Non-cash goodwill impairment of $6.1 billion, or $4.53 per share, which has no impact on our liquidity, regulatory capital ratios, or our ability to pay our common dividend and service our clients’ financial needs

◦FDIC special assessment of $507 million ($387 million after-tax), or $0.29 per share

◦Discrete tax benefit of $204 million, or $0.15 per share

◦Charges of $183 million ($139 million after-tax), or $0.10 per share, primarily due to restructuring activities related to our cost savings program

•Adjusted PPNR(1) was $2.4 billion, up 8.6%

◦Total revenues were up 0.5%

▪Net interest income declined 0.6% due to lower earning assets and higher funding costs; Net interest margin improved three basis points

▪Noninterest income was up 2.2% due to higher service charges on deposit and lending related fees, partially offset by lower other income

◦Noninterest expense was up $6.5 billion due to the aforementioned items. Adjusted noninterest expense(1) was down $160 million, or 4.5%, reflecting our ongoing transformation into a more efficient organization, primarily due to lower personnel expense

•Average loans and leases HFI decreased 1.7% due to declines in the commercial and industrial portfolio and indirect auto portfolio

•Average deposits decreased 1.4% due to declines in non-interest bearing and money market and savings deposits

•Asset quality remains solid

◦Nonperforming assets declined 6.0%

◦ALLL ratio increased five basis points

◦Net charge-off ratio of 57 basis points, up six basis points primarily reflecting seasonality in the consumer portfolios

•Capital and liquidity levels strengthened

◦CET1 ratio(2) was 10.1%, up 20 basis points

◦Consolidated LCR was 112%


CEO Commentary

“While reported results included several discrete items, we earned $1.1 billion on an adjusted basis during the fourth quarter, which excludes a non-cash goodwill impairment charge that has no impact on our regulatory capital ratios, liquidity, our ability to pay the common dividend, or service our clients.

Underlying results were positive as our transformation into a simpler, more efficient, and profitable company is well underway. This transformative work was evident in our fourth quarter results given the sequential decline in adjusted expense and improvement in revenue.

We continue to invest in our core franchise and risk management infrastructure and strengthen our balance sheet as we achieved a CET1 ratio of 10.1% at year-end. Asset quality continues to normalize but remains in-line relative to our outlook and allowance coverage ratios.

Looking into 2024, we remain diligently focused on winning on our home court in the best U.S. markets by helping new and existing core clients reach their financial goals. Our heightened focus on capitalizing on this competitive advantage will drive efficiencies and growth that will lead to increased franchise and shareholder value.”

— Bill Rogers, Truist Chairman & CEO


Contact:
Investors:	Brad Milsaps	770.352.5347 \| investors@truist.com
Media:	Hannah Longmore	402.613.3499 \| media@truist.com


Net Interest Income, Net Interest Margin, and Average Balances
	Quarter Ended						Change
(Dollars in millions)	4Q23			3Q23				4Q22			Link				Like
Interest income(1)	$	6,324		$	6,286			$	5,288		$	38	0.6	%		$	1,036	19.6	%
Interest expense	2,723			2,665				1,257			58		2.2			1,466		116.6
Net interest income(1)	$	3,601		$	3,621			$	4,031		$	(20)	(0.6)			$	(430)	(10.7)

Net interest margin(1)	2.98		%	2.95		%		3.25		%	3 bps					(27) bps
Core net interest margin(1)(2)	2.94			2.90				3.17			4 bps					(23) bps

Average Balances(3)
Total earning assets	$	481,345		$	488,794			$	492,805		$	(7,449)	(1.5)	%		$	(11,460)	(2.3)	%
Total interest-bearing liabilities	346,554			350,380				336,584			(3,826)		(1.1)			9,970		3.0

Yields / Rates(1)
Total earning assets	5.22		%	5.11		%		4.27		%	11 bps					95 bps
Total interest-bearing liabilities	3.12			3.02				1.48			10 bps					164 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 Fourth Quarter 2023 Earnings Presentation.

(3)Excludes basis adjustments for fair value hedges.

Taxable-equivalent net interest income for the fourth quarter of 2023 was down $20 million, or 0.6%, compared to the third quarter of 2023 primarily due to lower earning assets and higher funding costs. The net interest margin was 2.98%, up three basis points.

•Average earning assets decreased $7.4 billion, or 1.5%, primarily due to declines in average total loans of $6.0 billion, or 1.9%, and average securities of $2.1 billion, or 1.6%.

•The yield on the average total loan portfolio was 6.36%, up 11 basis points and the yield on the average securities portfolio was 2.41%, up 15 basis points.

•Average deposits decreased $5.7 billion, or 1.4% and average long-term debt decreased $2.5 billion, or 5.8%. The decrease in average long-term debt primarily reflects reductions in FHLB borrowings.

•The average cost of total deposits was 1.90%, up nine basis points and the average cost of short-term borrowings was 5.62%, up 15 basis points. The average cost of long-term debt was 4.67%, up 16 basis points. The increase in rates on deposits and other funding sources was largely attributable to the higher rate environment.

Taxable-equivalent net interest income for the fourth quarter of 2023 was down $430 million, or 11%, compared to the fourth quarter of 2022 primarily due to higher funding costs and lower earning assets. Net interest margin was 2.98%, down 27 basis points.

•Average earning assets decreased $11.5 billion, or 2.3%, primarily due to declines in average total loans of $8.9 billion, or 2.8%, and a decrease in average securities of $9.0 billion, or 6.3%, partially offset by growth in other earning assets of $7.5 billion, or 34%, primarily due to an increase in balances held at the Federal Reserve to support liquidity.

•The yield on the average total loan portfolio was 6.36%, up 110 basis points, primarily reflecting higher market interest rates. The yield on the average securities portfolio was 2.41%, up 33 basis points.

•Average deposits decreased $17.9 billion, or 4.3%, average short-term borrowings decreased $682 million, or 2.7%, and average long-term debt increased $2.1 billion, or 5.5%.

•The average cost of total deposits was 1.90%, up 124 basis points. The average cost of short-term borrowings was 5.62%, up 187 basis points. The average cost of long-term debt was 4.67%, up 125 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)	4Q23		3Q23			4Q22		Link				Like
Insurance income	$	813	$	793		$	766	$	20	2.5	%		$	47	6.1	%
Wealth management income	346		343			324		3		0.9			22		6.8
Investment banking and trading income	165		185			257		(20)		(10.8)			(92)		(35.8)
Service charges on deposits	228		152			257		76		50.0			(29)		(11.3)
Card and payment related fees	232		238			245		(6)		(2.5)			(13)		(5.3)
Mortgage banking income	94		102			117		(8)		(7.8)			(23)		(19.7)
Lending related fees	153		102			110		51		50.0			43		39.1
Operating lease income	60		63			68		(3)		(4.8)			(8)		(11.8)

Other income	64		130			83		(66)		(50.8)			(19)		(22.9)
Total noninterest income	$	2,155	$	2,108		$	2,227	$	47	2.2			$	(72)	(3.2)

Noninterest income was up $47 million, or 2.2%, compared to the third quarter of 2023 primarily due to higher service charges on deposits and lending related fees, partially offset by lower other income.

•Service charges on deposits increased $76 million as the prior quarter was impacted by revisions in deposit service fee protocols.

•Lending related fees increased due to higher leasing-related gains.

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

Noninterest income was down $72 million, or 3.2%, compared to the fourth quarter of 2022 due to lower investment banking and trading income, service charges on deposits, and mortgage banking income, partially offset by higher insurance income and lending related fees.

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

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

•Mortgage banking income decreased due to lower commercial real estate production.

•Insurance income increased primarily due to organic growth.

•Lending related fees increased due to higher leasing-related gains.

- 3 -


Noninterest Expense
	Quarter Ended				Change
(Dollars in millions)	4Q23		3Q23			4Q22		Link				Like
Personnel expense	$	2,017	$	2,200		$	2,198	$	(183)	(8.3)	%		$	(181)	(8.2)	%
Professional fees and outside processing	358		317			347		41		12.9			11		3.2
Software expense	240		238			241		2		0.8			(1)		(0.4)
Net occupancy expense	172		180			179		(8)		(4.4)			(7)		(3.9)
Amortization of intangibles	130		130			163		—		—			(33)		(20.2)
Equipment expense	110		97			124		13		13.4			(14)		(11.3)
Marketing and customer development	62		78			70		(16)		(20.5)			(8)		(11.4)
Operating lease depreciation	42		43			44		(1)		(2.3)			(2)		(4.5)
Regulatory costs	599		77			52		522		NM			547		NM
Merger-related and restructuring charges	183		75			114		108		144.0			69		60.5
Goodwill impairment	6,078		—			—		6,078		NM			6,078		NM
Other expense	289		312			190		(23)		(7.4)			99		52.1
Total noninterest expense	$	10,280	$	3,747		$	3,722	$	6,533	174.4			$	6,558	176.2

Noninterest expense was up $6.5 billion compared to the third quarter of 2023 due to goodwill impairment of $6.1 billion, the FDIC special assessment (regulatory costs) of $507 million, higher merger-related and restructuring charges, and higher professional fees and outside processing expense, partially offset by lower personnel expense and other expense. The goodwill impairment was primarily due to the continued impact of higher interest rates and discount rates, and a sustained decline in banking industry share prices, including Truist’s. Merger-related and restructuring charges for the current quarter include increased severance charges due to the ongoing transformation efforts as well as the continuation of specific facilities optimization costs.

Adjusted noninterest expenses, which exclude goodwill impairment, the FDIC special assessment, merger-related and restructuring costs, and the amortization of intangibles, decreased $160 million, or 4.5%, compared to the prior quarter.

•Personnel expense decreased due to lower variable incentives, lower headcount, lower other post-retirement benefit expense, and lower medical claims, in part due to our ongoing transformation into a more efficient organization.

•Other expense decreased due to lower operating charge-offs, franchise taxes, and the impact of other regulatory and litigation matters impacting the prior quarter.

•Professional fees and outside processing expenses increased primarily due to costs associated with Truist Insurance Holdings independence readiness and the transformative efforts underway to be a more efficient company.

Noninterest expense was up $6.6 billion compared to the fourth quarter of 2022 due to goodwill impairment of $6.1 billion, higher regulatory costs primarily due to the FDIC special assessment of $507 million, higher other expense and higher merger-related and restructuring charges, partially offset by lower personnel expense and lower amortization. Incremental operating expenses related to the merger decreased $56 million due to the completion of integration-related activities.

Adjusted noninterest expenses, which exclude goodwill impairment, the FDIC special assessment, merger-related and restructuring costs, incremental operating expenses related to the merger, and the amortization of intangibles, was stable.

•Personnel expense decreased due to lower incentives, lower pension expenses, lower headcount, and lower medical claims, in part due to our ongoing transformation into a more efficient organization.

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

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

- 4 -


Provision for Income Taxes
	Quarter Ended						Change
(Dollars in millions)	4Q23			3Q23				4Q22			Link				Like
Provision (benefit) for income taxes	$	(64)		$	245			$	337		$	(309)	(126.1)	%		$	(401)	(119.0)	%
Effective tax rate	1.2		%	17.2		%		16.7		%	NM					NM

The effective tax rate for the fourth quarter of 2023 decreased compared to the third quarter of 2023 and fourth quarter of 2022 primarily driven by lower pre-tax earnings, which includes a non-deductible goodwill impairment, partially offset by a discrete tax benefit of $204 million.


Average Loans and Leases
(Dollars in millions)	4Q23		3Q23		Change		% Change

Commercial:
Commercial and industrial	$	160,278	$	164,022	$	(3,744)	(2.3)	%
CRE	22,755		22,812		(57)		(0.2)
Commercial construction	6,515		6,194		321		5.2

Total commercial	189,548		193,028		(3,480)		(1.8)
Consumer:
Residential mortgage	55,658		56,135		(477)		(0.8)
Home equity	10,104		10,243		(139)		(1.4)
Indirect auto	23,368		24,872		(1,504)		(6.0)
Other consumer	28,913		28,963		(50)		(0.2)

Total consumer	118,043		120,213		(2,170)		(1.8)
Credit card	4,996		4,875		121		2.5

Total loans and leases held for investment	$	312,587	$	318,116	$	(5,529)	(1.7)

Average loans held for investment decreased $5.5 billion, or 1.7%, compared to the prior quarter.

•Average commercial loans decreased 1.8% due to a decline in the commercial and industrial portfolio, partially offset by an increase in commercial construction loans.

•Average consumer loans decreased 1.8% primarily due to declines in the indirect auto and mortgage portfolios.


Average Deposits
(Dollars in millions)	4Q23		3Q23		Change		% Change

Noninterest-bearing deposits	$	114,555	$	118,905	$	(4,350)	(3.7)	%
Interest checking	101,722		101,252		470		0.5
Money market and savings	137,464		139,961		(2,497)		(1.8)
Time deposits	41,592		40,920		672		1.6

Total deposits	$	395,333	$	401,038	$	(5,705)	(1.4)

Average deposits for the fourth quarter of 2023 were $395.3 billion, a decrease of $5.7 billion, or 1.4%, compared to the prior quarter.

Average noninterest-bearing deposits decreased 3.7% compared to the prior quarter and represented 29.0% of total deposits for the fourth quarter of 2023 compared to 29.6% for the third quarter of 2023 and 34.1% compared to the year ago quarter. Average money market and savings accounts decreased 1.8%. Average time deposits increased 1.6% due to increases in retail client time deposits, primarily due to migration from other deposit products, partially offset by a $2.1 billion decline in brokered time deposits.

- 5 -


Capital Ratios
	4Q23		3Q23		2Q23		1Q23		4Q22
Risk-based:	(preliminary)
CET1	10.1	%	9.9	%	9.6	%	9.1	%	9.0	%
Tier 1	11.6		11.4		11.1		10.6		10.5
Total	13.7		13.5		13.2		12.7		12.4
Leverage	9.3		9.2		8.8		8.5		8.5
Supplementary leverage	7.9		7.8		7.5		7.3		7.3

Capital ratios remained strong compared to the regulatory requirements for well capitalized banks. Truist declared common dividends of $0.52 per share during the fourth quarter of 2023. Truist did not repurchase any shares in the fourth quarter of 2023.

Truist’s CET1 ratio was 10.1% as of December 31, 2023. The increase since September 30, 2023 resulted from organic capital generation and RWA optimization.

Truist’s average consolidated LCR was 112% for the three months ended December 31, 2023, compared to the regulatory minimum of 100%.

- 6 -



Asset Quality
(Dollars in millions)	4Q23			3Q23			2Q23			1Q23			4Q22
Total nonperforming assets	$	1,488		$	1,584		$	1,583		$	1,261		$	1,250

Total loans 90 days past due and still accruing	534			574			662			1,361			1,605
Total loans 30-89 days past due and still accruing	1,971			1,636			1,550			1,805			2,267
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.44		%	0.46		%	0.47		%	0.36		%	0.36		%


Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.63			0.52			0.48			0.55			0.70
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.17			0.18			0.21			0.42			0.49
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	1.54			1.49			1.43			1.37			1.34
Ratio of allowance for loan and lease losses to net charge-offs(1)	2.7x			2.9x			2.6x			3.7x			4.1x
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	3.5x			3.2x			3.0x			3.8x			3.7x

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 $1.5 billion at December 31, 2023, down 6.0% compared to September 30, 2023. Nonperforming loans and leases held for investment were 0.44% of loans and leases held for investment at December 31, 2023, down two basis points compared to September 30, 2023.

Loans 90 days or more past due and still accruing totaled $534 million at December 31, 2023, down $40 million, or one basis point 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 December 31, 2023, unchanged from September 30, 2023.

Loans 30-89 days past due and still accruing of $2.0 billion at December 31, 2023 were up $335 million, or 11 basis points as a percentage of loans and leases, compared to the prior quarter due to increases in the commercial and industrial portfolio and consumer portfolios.

The allowance for credit losses was $5.1 billion and includes $4.8 billion for the allowance for loan and lease losses and $295 million for the reserve for unfunded commitments. The ALLL ratio was 1.54%, up five basis points compared with September 30, 2023. The ALLL covered nonperforming loans and leases held for investment 3.5X compared to 3.2X at September 30, 2023. At December 31, 2023, the ALLL was 2.7X annualized net charge-offs, compared to 2.9X at September 30, 2023.


Provision for Credit Losses
	Quarter Ended						Change
(Dollars in millions)	4Q23			3Q23				4Q22			Link				Like
Provision for credit losses	$	572		$	497			$	467		$	75	15.1	%		$	105	22.5	%
Net charge-offs	453			405				273			48		11.9			180		65.9

Net charge-offs as a percentage of average loans and leases	0.57		%	0.51		%		0.34		%	6 bps					23 bps

Applicable ratios are annualized.

The provision for credit losses was $572 million compared to $497 million for the third quarter of 2023.

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

•The net charge-off ratio for the current quarter was up compared to the third quarter of 2023 primarily driven by higher net charge-offs in the other consumer, commercial and industrial, and indirect auto portfolios, partially offset by lower net charge-offs in the CRE portfolio.

The provision for credit losses was $572 million compared to $467 million for the fourth quarter of 2022.

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

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

- 7 -


Earnings Presentation and Quarterly Performance Summary

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

Webcast: app.webinar.net/rgaR7bgpWvJ

Dial-in: 1-877-883-0383, passcode 4549529

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 Fourth 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. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank with total assets of $535 billion as of December 31, 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

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
HFI			Held for investment
LCR			Liquidity Coverage Ratio
Like			Compared to Fourth quarter of 2022
Link			Compared to Third 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


TBVPS			Tangible book value per common share
TE			Taxable-equivalent
TIH			Truist Insurance Holdings

- 8 -


Non-GAAP Financial Information

This news release contains financial information and performance measures determined by methods other than in accordance with GAAP. Truist’s management uses these “non-GAAP” measures in their analysis of 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 net income available to common shareholders and adjusted diluted EPS - Adjusted net income available to common shareholders and diluted earnings per share are non-GAAP in that these measures exclude selected items, net of tax. 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 enhances comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges.

•Adjusted efficiency ratio - 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. Adjusted revenue and adjusted noninterest expense are related measures used to calculate the adjusted efficiency ratio. Adjusted revenue excludes securities gains (losses), and other selected items. Adjusted noninterest expense excludes 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 these measures 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.

•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 and impairment charges. 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 Fourth 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; U.S. fiscal debt, budget and tax matters; geopolitical matters (including conflicts in the Ukraine, Israel, and the Gaza Strip); and any slowdown 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 and supervisory 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, regulatory, and supervisory standards, including with respect to climate change, deposit, capital, liquidity, and long-term debt requirements, which may become more stringent in light of the turmoil in the banking industry in early 2023, 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 savings 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 we fail to anticipate client expectations or because our 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 appropriately-staffed workforces, and on the competence, trustworthiness, health and safety of teammates;

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

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

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

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

- 10 -

EX-99.2 3 ex992-qpsx4q23.htm EX-99.2 Document

Quarterly Performance Summary

Truist Financial Corporation

Fourth Quarter 2023


Table of Contents
Quarterly Performance Summary
Truist Financial Corporation




						Page
Financial Highlights						1

Consolidated Statements of Income						2

Consolidated Ending Balance Sheets						3


Average Balances and Rates - Quarters						4
Average Balances and Rates - Year-To-Date						5
Credit Quality						6
Rollforward of Intangible Assets and Selected Fair Value Marks						9
Segment Financial Performance						10
Capital Information						11
Selected Mortgage Banking Information & Additional Information						12
Selected Items						13

Financial Highlights


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

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

Applicable ratios are annualized.

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

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

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

- 1 -

Consolidated Statements of Income


	Quarter Ended										Year-to-Date
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31		Dec. 31		Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2023		2023		2023		2023		2022		2023		2022
Interest Income
Interest and fees on loans and leases	$	4,971	$	4,976	$	4,915	$	4,656	$	4,220	$	19,518	$	13,252
Interest on securities	802		763		749		752		739		3,066		2,763
Interest on other earning assets	493		490		512		377		279		1,872		622
Total interest income	6,266		6,229		6,176		5,785		5,238		24,456		16,637
Interest Expense
Interest on deposits	1,893		1,831		1,506		1,125		683		6,355		1,145
Interest on long-term debt	476		491		734		514		332		2,215		791
Interest on other borrowings	354		343		311		278		242		1,286		385
Total interest expense	2,723		2,665		2,551		1,917		1,257		9,856		2,321
Net Interest Income	3,543		3,564		3,625		3,868		3,981		14,600		14,316
Provision for credit losses	572		497		538		502		467		2,109		777
Net Interest Income After Provision for Credit Losses	2,971		3,067		3,087		3,366		3,514		12,491		13,539
Noninterest Income
Insurance income	813		793		935		813		766		3,354		3,043
Wealth management income	346		343		330		339		324		1,358		1,338
Investment banking and trading income	165		185		211		261		257		822		995
Service charges on deposits	228		152		240		249		257		869		1,026
Card and payment related fees	232		238		236		230		245		936		944
Mortgage banking income	94		102		99		142		117		437		460
Lending related fees	153		102		86		106		110		447		375
Operating lease income	60		63		64		67		68		254		258
Securities gains (losses)	—		—		—		—		—		—		(71)
Other income	64		130		92		27		83		313		351
Total noninterest income	2,155		2,108		2,293		2,234		2,227		8,790		8,719
Noninterest Expense
Personnel expense	2,017		2,200		2,256		2,181		2,198		8,654		8,467
Professional fees and outside processing	358		317		352		314		347		1,341		1,411
Software expense	240		238		237		214		241		929		932
Net occupancy expense	172		180		180		183		179		715		744
Amortization of intangibles	130		130		131		136		163		527		583
Equipment expense	110		97		92		110		124		409		478
Marketing and customer development	62		78		79		78		70		297		352
Operating lease depreciation	42		43		44		46		44		175		184
Regulatory costs	599		77		73		75		52		824		183
Merger-related and restructuring charges	183		75		54		63		114		375		513
Goodwill impairment	6,078		—		—		—		—		6,078		—
Other expense	289		312		250		291		190		1,142		742
Total noninterest expense	10,280		3,747		3,748		3,691		3,722		21,466		14,589
Earnings
Income (loss) before income taxes	(5,154)		1,428		1,632		1,909		2,019		(185)		7,669
Provision (benefit) for income taxes	(64)		245		287		394		337		862		1,402
Net income (loss)	(5,090)		1,183		1,345		1,515		1,682		(1,047)		6,267
Noncontrolling interests	—		6		36		2		1		44		7

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

- 2 -

Consolidated Ending Balance Sheets - Five Quarter Trend


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

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

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

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

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

- 3 -

Average Balances and Rates - Quarters


	Quarter Ended
	December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022
(Dollars in millions)	Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury	$	10,967	$	38	1.37	%	$	10,886	$	34	1.27	%	$	11,115	$	30	1.10	%	$	11,117	$	30	1.07	%	$	10,989	$	27	0.98	%
U.S. government-sponsored entities (GSE)	389		2		3.23		339		3		2.92		329		3		2.70		335		2		2.86		325		3		2.47
Mortgage-backed securities issued by GSE	117,868		736		2.50		120,078		701		2.33		122,647		690		2.25		124,746		694		2.23		126,718		682		2.16
States and political subdivisions	421		5		4.16		423		4		4.12		425		5		4.18		425		4		4.07		426		4		4.03
Non-agency mortgage-backed	3,725		22		2.37		3,781		22		2.33		3,852		22		2.32		3,907		23		2.34		3,953		23		2.33
Other	20		—		5.47		20		1		5.55		25		—		5.20		21		—		5.30		22		1		4.44
Total securities	133,390		803		2.41		135,527		765		2.26		138,393		750		2.17		140,551		753		2.14		142,433		740		2.08
Loans and leases:
Commercial:
Commercial and industrial	160,278		2,657		6.58		164,022		2,686		6.50		166,588		2,610		6.28		165,095		2,436		5.98		159,308		2,098		5.23
CRE	22,755		400		6.94		22,812		396		6.85		22,706		384		6.73		22,689		355		6.32		22,497		314		5.51
Commercial construction	6,515		127		7.84		6,194		120		7.83		5,921		111		7.64		5,863		101		7.14		5,711		88		6.25

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

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

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

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

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

(1)Excludes basis adjustments for fair value hedges.

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

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

- 4 -

Average Balances and Rates - Year-To-Date


	Year-to-Date
	December 31, 2023						December 31, 2022
(Dollars in millions)	Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury	$	11,021	$	132	1.20	%	$	10,591	$	93	0.88	%
U.S. government-sponsored entities (GSE)	348		10		2.94		498		11		2.24
Mortgage-backed securities issued by GSE	121,313		2,821		2.32		131,669		2,552		1.94
States and political subdivisions	424		18		4.13		392		15		3.88
Non-agency mortgage-backed	3,816		89		2.34		4,072		94		2.30
Other	20		1		5.37		44		2		3.60
Total securities	136,942		3,071		2.24		147,266		2,767		1.88
Loans and leases:
Commercial:
Commercial and industrial	163,983		10,389		6.34		149,030		5,823		3.91
CRE	22,741		1,535		6.71		22,697		920		4.01
Commercial construction	6,125		459		7.62		5,326		228		4.46

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

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

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

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

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

(1)Excludes basis adjustments for fair value hedges.

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

- 5 -

Credit Quality


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

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


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

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



















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

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

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

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

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

- 6 -



	As of/For the Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
	2023		2023		2023		2023		2022
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.63	%	0.52	%	0.48	%	0.55	%	0.70	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.17		0.18		0.21		0.42		0.49
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.44		0.46		0.47		0.36		0.36
Nonperforming loans and leases as a percentage of loans and leases(1)	0.46		0.48		0.47		0.36		0.36
Nonperforming assets as a percentage of:
Total assets(1)	0.28		0.29		0.29		0.22		0.23
Loans and leases plus foreclosed property	0.46		0.48		0.49		0.38		0.38
Net charge-offs as a percentage of average loans and leases(2)	0.57		0.51		0.54		0.37		0.34
Allowance for loan and lease losses as a percentage of loans and leases	1.54		1.49		1.43		1.37		1.34
Ratio of allowance for loan and lease losses to:
Net charge-offs(3)	2.7X		2.9X		2.6X		3.7X		4.1X
Nonperforming loans and leases	3.5X		3.2X		3.0X		3.8X		3.7X
Asset Quality Ratios (Excluding Government Guaranteed)
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.04	%	0.04	%	0.04	%	0.04	%	0.04	%



							As of/For the Year-to-Date
							Period Ended Dec. 31
							2023		2022
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases							0.50	%	0.27	%
Ratio of allowance for loan and lease losses to net charge-offs							3.0X		5.3X

Applicable ratios are annualized.

(1)Includes loans held for sale.

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

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

- 7 -



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

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

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

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

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


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

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

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

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


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

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

Total loans and leases	0.57		0.51		0.54		0.37		0.34		0.50		0.27

Applicable ratios are annualized.

- 8 -

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


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







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

Accretion	31		45		63		64		80

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

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

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

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

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

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

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

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

- 9 -

Segment Financial Performance - Preliminary



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




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




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

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
















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


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

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

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

(3)Also related to the same transaction, Insurance Holding’s recapitalized from a corporate entity to an LLC, such that each partner is allocated its share of Insurance Holding’s income before taxes, and beginning in the second quarter of 2023 the Company recognizes its associated income tax provision through Other, Treasury & Corporate. The Company elected not to restate prior periods for this change based on Insurance Holding’s previous status as a corporate entity. The Company recognized $26 million, $30 million, and $54 million for the fourth, third, and second quarter 2023, respectively, tax provision related to Insurance Holdings in Other, Treasury & Corporate. Insurance Holdings continues to recognize taxes for certain state jurisdictions that impose income taxes on partnerships and LLCs.

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

- 10 -

Capital Information - Five Quarter Trend


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

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







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

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

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

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

- 11 -

Selected Mortgage Banking Information & Additional Information


	As of/For the Quarter Ended
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data)	2023			2023			2023			2023			2022
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue	$	14		$	19		$	22		$	17		$	7
Residential mortgage servicing income:


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




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


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



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

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

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

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


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

(1)Amounts reported are unpaid principal balance.

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

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

(4)FTEs represents an average for the quarter.

- 12 -

Selected Items(1)


	Favorable (Unfavorable)
(Dollars in millions)			After-Tax at
Description	Pre-Tax		Marginal Rate
Selected Items
Fourth Quarter 2023
Goodwill impairment	$	(6,078)	$	(6,078)
FDIC special assessment (regulatory costs)	(507)		(387)
Discrete tax benefit (provision for income taxes)	—		204
Third Quarter 2023
None	$	—	$	—
Second Quarter 2023
None	$	—	$	—
First Quarter 2023
None	$	—	$	—
Fourth Quarter 2022
Incremental operating expenses related to the merger ($51 million professional fees and outside processing and $5 million other line items)	$	(56)	$	(43)
Third Quarter 2022
Incremental operating expenses related to the merger ($72 million professional fees and outside processing and $18 million other line items)	$	(90)	$	(69)
Second Quarter 2022
Incremental operating expenses related to the merger ($103 million professional fees and outside processing, $11 million personnel expense, and $3 million other line items)	$	(117)	$	(89)
Gain (loss) on early extinguishment of debt (other expense)	39		30
First Quarter 2022
Incremental operating expenses related to the merger ($133 million professional fees and outside processing, $24 million personnel expense, $20 million net occupancy expense, and $25 million other line items)	$	(202)	$	(155)
Gain on redemption of noncontrolling equity interest related to the acquisition of certain merchant services relationships (other income)	74		57

(1)Includes certain selected items from the consolidated statements of income. A reconciliation of non-GAAP measures is included in the appendix to Truist’s Fourth Quarter 2023 Earnings Presentation.

- 13 -

EX-99.3 4 ex993-earningsdeck4q23.htm EX-99.3 ex993-earningsdeck4q23

Fourth Quarter 2023 Earnings Conference Call Bill Rogers – Chairman & CEO Mike Maguire – CFO January 18, 2024

2 This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the financial condition, results of operations, business plans and the future performance of Truist. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements. In particular, forward looking statements include, but are not limited to, statements we make about: (i) the benefits associated with investments in digital capabilities offered by Truist; (ii) projections of stock dividends, including preferred dividends, in 2024 (iii) Truist’s expected CET1 ratio in future periods (iv) guidance with respect to financial performance metrics in future periods, including future levels of revenues, adjusted expenses and net charge-off ratio, (v) Truist’s effective tax rate in future periods, (vi) Truist’s ability to comply with proposed Basel III and long-term debt requirements, and (vii) projected amounts of AOCI 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; U.S. fiscal debt, budget and tax matters; geopolitical matters (including conflicts in the Ukraine, Israel, and the Gaza Strip); and any slowdown 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 and supervisory 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, regulatory, and supervisory standards, including with respect to climate change, deposit, capital, liquidity, and long-term debt requirements, which may become more stringent in light of the turmoil in the banking industry in early 2023, 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 savings 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 we fail to anticipate client expectations or because our 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 appropriately-staffed workforces, and on the competence, trustworthiness, health and safety of teammates; • Truist faces the risk of fraud or misconduct by internal or external parties, which Truist may not be able to prevent, detect, or mitigate; • security risks, including denial of service attacks, hacking, social engineering attacks targeting Truist’s teammates and clients, malware intrusion, data corruption attempts, system breaches, cyberattacks, which have increased in frequency with geopolitical tensions, identity theft, ransomware attacks, and physical security risks, such as natural disasters, environmental conditions, and intentional acts of destruction, could result in the disclosure of confidential information, adversely affect Truist’s business or reputation or create significant legal or financial exposure; and • widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism and pandemics), and the effects of climate change, including physical risks, such as more frequent and intense weather events, and risks related to the transition to a lower carbon economy, such as regulatory or technological changes or shifts in market dynamics or consumer preferences, could have an adverse effect on Truist’s financial condition and results of operations, lead to material disruption of Truist’s operations or the ability or willingness of clients to access Truist’s products and services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by applicable law or regulation, Truist undertakes no obligation to revise or update any forward-looking statements. Forward-Looking Statements

3 Non-GAAP Information This presentation contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Truist’s management uses these “non-GAAP” measures in their analysis of the Corporation's performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. The Company believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. Truist’s management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the types of non-GAAP measures used in this presentation: Adjusted Net income Available to Common Shareholders and Adjusted Diluted Earnings Per Share - Adjusted net income available to common shareholders and diluted earnings per share are non-GAAP in that these measures exclude selected items, net of tax. 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 enhances comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. Adjusted Efficiency Ratio - 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. Adjusted revenue and adjusted noninterest expense are related measures used to calculate the adjusted efficiency ratio. Adjusted revenue excludes securities gains (losses), and other selected items. Adjusted noninterest expense excludes 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 these measures 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. 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 and impairment charges. 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 4Q23 key takeaways 1 Solid fourth quarter results impacted by a $6.1 billion non-cash goodwill impairment charge 2 Costs savings program, including organizational realignment and simplification efforts, is well underway 4 CET1 ratio increased 20 bps to 10.1% Net interest margin 2.98% CET1 ratio 10.1% Nonperforming loans / LHFI 0.44% 3 Maintained stable asset quality metrics with NPLs down 6%, and increased our ALLL 5 bps 6 GAAP $(5.2 billion) Adjusted $1.1 billion Diluted EPS GAAP $(3.85) Adjusted $0.81 (Not adjusted for $139MM of restructuring charges) (Not adjusted for $0.10 of restructuring charges) Net income (loss) available to common Adjusted metrics exclude selected items; see appendix for non-GAAP reconciliations Current quarter regulatory capital information is preliminary

7 19 20 23 25 27 4Q22 1Q23 2Q23 3Q23 4Q23 Empowering Clients Through T3: Truist Assist 4Q22 1Q23 2Q23 3Q23 4Q23 Building client-centered experiences 4.4 4.5 4.6 4.7 4.8 4Q22 1Q23 2Q23 3Q23 4Q23 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 Increase in Client Satisfaction With Digital3 66 67 71 72 75 4Q22 1Q23 2Q23 3Q23 4Q23 +1% +2% +1% +9% +43% +13% +0% +7% (in millions) (in millions) (in millions) Innovative Technology + Touch – Truist Assist began its second year in market in 4Q23 with clients engaging in 26% more interactions vs. 3Q23 reflecting a surge in client adoption – In 4Q23, 85% of conversations were completed with the automated assistant, which leverages AI and natural-language processing and understanding to address over 160 unique client inquiries Building Trust – In moments that matter, live agents are available to assist with product solutions and complex transactions – In 2024, we expect Truist Assist to maintain high containment with accelerated adoption and offer clients more self-service capabilities, driving operational efficiency +3%

8 Earnings – Fourth quarter 2023 net loss of $5.2 billion, or $3.85 per share was impacted by: – $6.1 billion ($6.1 billion after tax), or $4.53 per share non-cash goodwill impairment charge which has no impact on regulatory capital ratios, liquidity, or our ability to pay our common dividend and serve our clients – $507 million ($387 million after tax), or $0.29 per share special FDIC assessment – $204 million, or $0.15 per share discrete tax benefit – $183 million ($139 million after tax), or $0.10 per share primarily due to restructuring charges related to our cost savings program Revenue and expenses – Revenue increased 0.5% vs. 3Q23 to $5.8 billion as higher noninterest income was partially offset by lower net interest income – Adjusted noninterest expenses declined 4.5% due primarily to lower personnel expense – Adjusted noninterest expense, excluding TIH independence readiness costs, decreased 5.2% Net interest margin – Net interest margin increased 3 bps to 2.98% – Cumulative total deposit beta was 36% in 4Q23 vs. 35% in 3Q23 – Cumulative interest-bearing deposit beta was 50% in 4Q23 vs. 49% in 3Q23 Capital and credit – CET1 increased 20 bps vs. 3Q23 to 10.1% – The ALLL ratio increased 5 bps, while NPLs decreased 6% – Tangible book value improved 13% to $21.83 per share 4Q23 performance highlights GAAP / Unadjusted 4Q23 3Q23 4Q22 Revenue $5,756 $5,729 $6,258 Expense $10,280 $3,747 $3,722 PPNR $(4,524) $1,982 $2,536 Provision for credit losses $572 $497 $467 Net income (loss) available to common $(5,167) $1,071 $1,610 Diluted EPS $(3.85) $0.80 $1.20 Net interest margin 2.98% 2.95% 3.25% Efficiency ratio 180.4% 66.1% 60.0% CET1 ratio 10.1% 9.9% 9.0% TBVPS $21.83 $19.25 $18.04 Change vs. Adjusted1 4Q23 3Q23 4Q22 Revenue $5,756 0.5% (8.0)% Expense $3,382 (4.5)% (0.2)% PPNR $2,374 8.6% (17.3)% Net income (loss) available to common2 $1,094 2.1% (37.1)% Diluted EPS2 $0.81 1.3% (37.7)% Efficiency ratio 58.8% (300) bps 460 bps Note: All data points are taxable-equivalent, where applicable Current quarter regulatory capital information is preliminary 1 Adjusted metrics exclude selected items; see appendix for non-GAAP reconciliations 2 These non-GAAP metrics do not adjust for merger-related and restructuring charges for 2023 periods Summary Income Statement Commentary ($ in millions, except per share data)

9 Average loans and leases HFI ($ in billions) $321 $326 $326 $318 $313 $188 $194 $195 $193 $190 $133 $132 $131 $125 $123 Commercial LHFI Consumer, mortgage, & card LHFI Loans HFI yield (%) Loans HFI yield ex. PAA (%) 4Q22 1Q23 2Q23 3Q23 4Q23 – Average loans decreased $5.5 billion, or 1.7% from 3Q23 – Average commercial loans decreased $3.5 billion, or 1.8% driven by a $3.7 billion decrease in average C&I loans partially offset by a modest increase in commercial construction loans – Average consumer loans declined $2.0 billion, or 1.8% largely due to a $1.5 billion decline in indirect auto and an approximate decline of $500 million in mortgage loans 5-Quarter Trend vs. Linked Quarter May not foot due to rounding 5.14% 5.72% 5.25% 5.81% 6.07% 5.98% 6.25% 6.18% 6.36% 6.31%

10 ($ in billions) $413 $408 $400 $401 $395 $272 $277 $276 $282 $281 $141 $131 $124 $119 $115 Interest-bearing deposits Noninterest-bearing deposits Total deposit cost (%) 4Q22 1Q23 2Q23 3Q23 4Q23 Average deposits Cumulative beta calculations are based on change in average total deposit or interest-bearing deposit cost divided by change in average Fed Funds from 4Q21 to 4Q23, respectively – Average deposits decreased $5.7 billion, or 1.4% – Average noninterest-bearing deposits declined $4.3 billion, or 3.7% – Represented 29% of total deposits vs. 30% in 3Q23 – Average money market deposits decreased $2.5 billion, or 1.8% – Deposit costs increased primarily due to continued mix shift from lower cost deposit accounts – Total cost of deposits was 190 bps, up 9 bps from the prior quarter – Cumulative total deposit beta was 36% in 4Q23 vs. 35% in 3Q23 – Total cost of interest-bearing deposits was 267 bps, up 10 bps from the prior quarter – Cumulative interest-bearing deposit beta was 50% in 4Q23 vs. 49% in 3Q23 vs. Linked Quarter 5-Quarter Trend 0.66% 1.12% 1.51% 1.81% 1.90%

11 $4,031 $3,919 $3,679 $3,621 $3,601$3,937 $3,843 $3,604 $3,566 $3,560 $94 $76 $75 $55 $41 3.25% 3.17% 2.91% 2.95% 2.98% 3.17% 3.10% 2.85% 2.90% 2.94% Core net interest income TE ($ MM) Purchase accounting accretion ($ MM) Reported NIM (%) Core NIM (%) 4Q22 1Q23 2Q23 3Q23 4Q23 – Net interest income declined 0.6% primarily due to lower earning assets and higher funding costs – Rate of deposit beta increases has slowed – Reported NIM increased 3 bps to 2.98% – Net interest income declined 11% as a result of higher funding costs and lower earning assets – Reported NIM declined 27 bps, while core NIM declined 23 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) Noninterest income vs. Linked Quarter – Noninterest income increased 2.2% as higher services charges on deposits, lending related fees, and seasonal growth in insurance income were partially offset by lower other income – Service charges on deposits increased $76 million as the prior quarter was impacted by revisions in deposit service fee protocols – Lending related fees increased due to higher leasing-related gains – Other income decreased primarily due to lower income from certain solar equity investments vs. Like Quarter – Noninterest income decreased 3.2% as lower investment banking and trading income, services charges on deposits, and mortgage banking income were partially offset by growth in insurance and increases in lending related fees 4Q23 3Q23 4Q22 Insurance income $ 813 $ 793 $ 766 Wealth management income 346 343 324 Investment banking and trading income 165 185 257 Service charges on deposits 228 152 257 Card and payment related fees 232 238 245 Mortgage banking income 94 102 117 Lending related fees 153 102 110 Operating lease income 60 63 68 Other income 64 130 83 Total noninterest income $ 2,155 $ 2,108 $ 2,227 Noninterest Income

13 – Noninterest expense increased $6.5 billion due primarily to the following: – A non-cash goodwill impairment charge of $6.1 billion – FDIC special assessment of $507 million – Merger-related and restructuring charges increased $108 million driven primarily by severance expense associated with our cost savings program – These items were offset by a $183 million decline in personnel expense – Adjusted noninterest expense decreased $160 million, or 4.5% – Decrease driven by lower personnel and other expense, partially offset by higher professional fees – Adjusted noninterest expense, excluding TIH independence readiness costs, decreased $182 million, or 5.2% ($ in millions) – Noninterest expense increased $6.6 billion driven by the goodwill impairment, FDIC special assessment, and restructuring costs – Adjusted noninterest expense decreased $7 million, or 0.2% – Decrease driven by lower personnel expense, partially offset by higher other expense and regulatory costs – Adjusted noninterest expense, excluding TIH independence readiness costs, decreased $38 million, or 1.1% Noninterest expense vs. Linked Quarter vs. Like Quarter $54 4Q23 3Q23 4Q22 Personnel expense $ 2,017 $ 2,200 $ 2,198 Professional fees and outside processing 358 317 347 Software expense 240 238 241 Net occupancy expense 172 180 179 Amortization of intangibles 130 130 163 Equipment expense 110 97 124 Marketing and customer development 62 78 70 Depreciation-property under operating leases 42 43 44 Regulatory costs 599 77 52 Merger-related and restructuring charges 183 75 114 Goodwill impairment 6,078 — — Other expense 289 312 190 Total noninterest expense $ 10,280 $ 3,747 $ 3,722 Goodwill impairment $ 6,078 $ — $ — FDIC special assessment 507 — — Incremental op. expenses related to the merger — — 56 Merger-related and restructuring charges 183 75 114 Amortization of intangibles 130 130 163 Adjusted noninterest expense $ 3,382 $ 3,542 $ 3,389 Adjusted noninterest expense excludes merger-related charges, incremental operating expenses related to the merger, amortization, and other items. See appendix for non-GAAP reconciliation. Merger costs include merger-related and restructuring charges and incremental operating expenses related to the merger Noninterest Expense

14 $467 $502 $538 $497 $572 4Q22 1Q23 2Q23 3Q23 4Q23 $273 $297 $440 $405 $453 0.34% 0.37% 0.54% 0.51% 0.57% NCO NCO ratio 4Q22 1Q23 2Q23 3Q23 4Q23 NCOs increased 6 bps linked quarter reflecting higher commercial and other consumer losses ($ in MM) Asset quality 4.5x 9.0x 8.8x Net Charge-Offs Provision for Credit Losses Nonperforming Loans / LHFI ALLL $4,377 $4,479 $4,606 $4,693 $4,798 ALLL ALLL ratio ALLL / NCO 4Q22 1Q23 2Q23 3Q23 4Q23 ALLL ratio up 5 bps due to increased reserves for an updated economic outlook ($ in MM) Asset quality metrics solid and normalizing NPLs declined 6% on a linked quarter basis 0.36% 0.36% 0.47% 0.46% 0.44% 4Q22 1Q23 2Q23 3Q23 4Q23 3.7X4.1X 2.6X Provisions increased on a linked quarter basis due to higher charge-offs and an allowance build ($ in MM) 2.9X 1.34% 1.37% 1.43% 1.49% 2.7X 1.54%

15 3Q23 CET1 Organic capital generation and managed RWA optimization Tax benefit FDIC special assessment 4Q23 CET1 ($ in billions) Continued 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 12/31/23 and internal estimates. Includes AOCI for securities and pension. Excludes cash flow hedges, which are not included in capital ratios under Basel III impacts. May not foot due to rounding. 5 Pension AOCI held constant but can change with fluctuations in financial markets ~0.25% ~(0.1%) 9.9% 10.1% Estimate if remaining TIH ownership divested3 ~2.0%+ 1 AOCI Burn Down44Q23 Capital Walk Commentary CET1 increased 20 bps to 10.1% – No impact from goodwill impairment charge – Maintain ~200 bps + of strategic flexibility with TIH Capital allocation priorities – Support organic growth needs of new and existing core clients – Payment of $0.52 per share quarterly common dividend – Expect CET1 ratio to remain above 10% Impact of lower interest rates in 4Q23 – Tangible book value improved 13% to $21.83 per share – AOCI4 improved $2.8 billion or 19% from 9/30 Manageable capital requirements under proposed Basel III rules – Expect a mid single digit % increase in RWA vs. high single digit increase previously – Expect to meet long-term debt requirements through normal course debt issuance – Phase-in period with Basel III and LTD requirements allow time to comply 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 $1.1 $1.1 $1.1 $1.1 $11.1 $10.2 $9.1 $8.0 Securities AOCI Pension AOCI 12/31/23 12/31/24 12/31/25 12/31/26 5 $12.2 $11.2 $10.1 $9.1 ~0.05%

16 13.9% 4Q23 Actuals 1Q24 Outlook Revenue (TE) $5.8 Flat to down 1% Adjusted expenses $3.4 (includes costs related to TIH independence readiness) Up 4% (includes costs related to TIH independence readiness) Full Year 2023 Actuals Full Year 2024 Outlook Revenue (TE) $23.6 Down 1% – 3% Adjusted expenses $14.0 (includes costs related to TIH independence readiness ) Flat to up 1% (includes ~$85 million of costs related to TIH independence readiness) Net charge-off ratio 50 bps ~65 bps Tax rate 17% effective; 20% on FTE basis 1Q24 and 2024 outlook Fu ll ye ar 2 02 4 co m pa re d to fu ll ye ar 2 02 3 ($ in billions unless otherwise noted) 1Q 24 co m pa re d to 4 Q 23 All data points are taxable-equivalent, where applicable Adjusted expenses exclude amortization of intangibles, merger-related and restructuring charges, incremental operating expenses related to the merger, and other selected items Adjusted revenues exclude securities gains / (losses) and other selected items See non-GAAP reconciliations in the appendix

17 13.9% Strategic actions and priorities 2023 Actions 2024 Top Priorities – Increased client development productivity and grew net new deposit accounts – Realigned and simplified our organization to improve efficiency and the client experience – Made significant progress on $750 million gross cost savings program – Improved our capital position and built reserve levels – Grow and deepen core client relationships – Leverage our more efficient platform to grow market share – Limit expense growth to 0-1% in 2024 – Increase capital ratios, maintain sound risk controls, and preserve strong asset quality metrics – Enhance the client experience through T3 (touch + technology = trust) Recent actions and execution of 2024 top priorities will lead to improved franchise and shareholder value

Appendix

A-19 Hotel 8% Industrial 17% Office 17% Multifamily 33% Retail 14% Other 11% 7.8% 9.7% 11.1% 11.3% 11.7% 0.29% 0.41% 1.01% 1.09% 1.05% 0.14% 0.06% 0.49% 1.02% 0.70% Criticized & classified ratio NPL ratio NCO ratio 4Q22 1Q23 2Q23 3Q23 4Q23 CRE 9.4% 26% 25% 16% 33% 2024 2025 2026 2027 and beyond Commercial real estate (CRE) spotlight 5-Quarter Total CRE Trends Total LHFI at 12/31/23 ($312B) CRE Office 1.7% CRE Mix Scheduled Office Maturities CRE Represents 9.4% of Total Loans HFI, Including Office at 1.7% NPL% 6.00% LTM NCO ratio 3.18% Loan loss reserves 8.5% WALTV ~61% % in Truist Southeast/ Mid-Atlantic footprint 76% Office Spotlight All other loans 90.6% CRE information on this slide includes the commercial construction portfolio WALTV based on most recent appraisal conducted A-1 Office Portfolio Primarily Composed of Class A, Multi Tenant Properties Within Footprint Class A 64% Class B 25% Class C and Other 11% Multi Tenant 89% Medical 8% Single Tenant 3% Class Type (From Top 10 Markets) Tenant Type

A-2 Consumer Banking & Wealth Income statement ($ MM) 4Q23 vs. 3Q23 vs. 4Q22 Net interest income $2,675 $13 $(311) Allocated provision for credit losses 348 100 37 Noninterest income 855 100 10 Goodwill impairment 3,361 3,361 3,361 Noninterest expense ex. goodwill impairment 2,190 124 276 Segment net income (loss) $(2,611) $(3,448) $(3,837) Balance Sheet ($ B) Average loans(1) $135 $(2.6) $(9.3) Average deposits 233 (4.1) (12) Other Key Metrics(2) Mortgages serviced for others ($ B) $213 $(1.6) $(3.6) Wealth management AUM ($ B) 199 11 19 Branches 2,001 — (122) (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 loss of $2.6 billion, compared to net income of $837 million in the prior quarter – Includes $3.4 billion goodwill impairment – Net interest income of $2.7 billion increased slightly by $13 million, or 0.5% primarily driven by higher funding credit on deposits and interest rates, partially offset by lower average deposit and loan balances – Average loans of $135 billion declined 1.9% vs. 3Q23 primarily driven by lower prime auto and mortgage, partially offset by growth in Service Finance – Average deposits of $233 billion declined 1.7% vs. 3Q23, reflecting continued consumer response to higher rates – Provision for credit losses increased $100 million, or 40.3% vs. 3Q23, reflecting an increase in net charge-offs and ACL build in the current quarter – Noninterest income of $855 million increased $100 million, or 13% vs. 3Q23, primarily driven by prior quarter revisions in deposit service fee protocols – Mortgages serviced for others decreased 0.7% vs. 3Q23, primarily driven by higher BAU runoff – Wealth management AUM increased $11 billion, or 6.0% vs. 3Q23 primarily due to impacts of positive markets – Noninterest expense, excluding goodwill impairment, of $2.2 billion is up 6.0% vs. 3Q23, primarily driven by the FDIC special assessment – Excluding the FDIC special assessment expense, noninterest expense was $2.0 billion, down $21 million vs. 3Q23 – Branch count down 5.7% vs. 4Q22 due to continued branch network optimization Metrics Commentary

A-3 Corporate & Commercial Banking – Net loss of $2.0 billion, compared to net income of $894 million in the prior quarter – Includes $2.7 billion goodwill impairment – Net interest income of $1.7 billion increased $11 million, or 0.7% due to improved loan yields and higher funding credit on deposits, partially offset by lower average deposit and loan balances – Average loans of $178 billion decreased $2.8 billion, or 1.6% driven by lower C&I balances – Average deposits of $125 billion decreased $1.7 billion, or 1.3% driven primarily by outflows in noninterest-bearing accounts – Provision for credit losses of $223 million decreased $31 million, or 12% driven primarily by lower loan balances – Noninterest income of $553 million decreased $32 million, or 5.5% related to lower income from certain solar equity investments – Noninterest expense, excluding goodwill impairment, of $1.1 billion increased $274 million, or 31% from 3Q23 primarily driven by allocated FDIC special assessment of $348 million – Excluding the FDIC special assessment expense, noninterest expense was $800 million, down $73 million vs. 3Q23 (1) Excludes loans held for sale Represents performance for Commercial Community Banking, Corporate & Investment Banking, CRE, Wholesale Payments, and Insurance Premium Finance Metrics Commentary Income statement ($ MM) 4Q23 vs. 3Q23 vs. 4Q22 Net interest income $1,665 $11 ($211) Allocated provision for credit losses 223 (31) 87 Noninterest income 553 (32) (125) Goodwill impairment 2,717 2,717 2,717 Noninterest expense ex. goodwill impairment 1,148 274 295 Segment net income (loss) ($2,027) ($2,921) $(3,261) Balance Sheet ($ B) Average loans(1) $178 $(2.8) $1.2 Average deposits 125 (1.7) (18)

A-4 Insurance Holdings – Revenue increased 7.4% vs. 4Q22 – Organic revenue growth was 7.3% vs. 4Q22 – New business generation was strong with improving retention – Noninterest expense increased 12% vs. 4Q22 – Increase driven by insurance readiness expense and increased personnel cost due to revenue growth and net new producer hires Market Conditions – P&C premium rate increases remained relatively consistent vs. prior quarters – Continue to see growth in exposure units and growth in the value of the exposure units due to inflation (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) 4Q23 vs. 3Q23 vs. 4Q22 Noninterest income $830 $29 $38 Interest income 21 (4) 21 Total revenue 851 25 59 Noninterest expense(1) 743 42 81 Interest expense 105 — 105 Segment net income $1 (16) (106) Performance ($ MM) YoY organic revenue growth 7.3 % 1.0 % 1.7 % Net acquired revenue $1 ($25) ($61) Performance based commissions 25 6 (6) Adjusted EBITDA(2) 219 10 (7) Adjusted EBITDA margin(2) 25.7 % 0.4 % (2.9) %

A-5 Purchase accounting summary(1) ($ in millions) As of/For the Quarter Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 2023 2023 2023 2023 2022 Loans and Leases(2) Beginning balance unamortized fair value mark $ (528) $ (579) $ (673) $ (741) $ (826) Accretion 31 45 63 64 80 Purchase accounting adjustments and other activity 20 6 31 4 5 Ending balance $ (477) $ (528) $ (579) $ (673) $ (741) Core deposit and other intangible assets Beginning balance $ 3,292 $ 3,403 $ 3,535 $ 3,672 $ 3,726 Additions - acquisitions 1 21 — — 111 Amortization(3) (130) (130) (131) (136) (163) Amortization in net occupancy expense (3) (2) (1) (1) (3) Purchase accounting adjustments and other activity — — — — 1 Ending balance $ 3,160 $ 3,292 $ 3,403 $ 3,535 $ 3,672 Deposits(4) Beginning balance unamortized fair value mark $ — $ — $ — $ — $ (1) Amortization — — — — 1 Ending balance $ — $ — $ — $ — $ — Long-Term Debt(4) Beginning balance unamortized fair value mark $ (49) $ (59) $ (69) $ (81) $ (94) Amortization 10 10 12 12 13 Adjustments — — (2) — Ending balance $ (39) $ (49) $ (59) $ (69) $ (81) (1) Includes only selected information and does not represent all purchase accounting adjustments. (2) Purchase accounting marks on loans and leases includes credit, interest and liquidity components, and are generally recognized using the level-yield or straight-line method over the remaining life of the individual loans or recognized in full in the event of prepayment. (3) 4Q22 amortization expense includes $16 million partial write-down of an investment advisory intangible asset from a prior acquisition. (4) Purchase accounting marks on liabilities represents interest rate marks on time deposits and long-term debt and are recognized using the level-yield method over the term of the liability.

A-6 Preferred dividend ($ in millions) 1Q24 2Q24 3Q24 4Q24 Estimated dividends based on projected interest rates and amounts outstanding ($ MM) $106 $77 $105 $75 Estimates assume forward-looking SOFR rates as of 12/31/23. Actual interest rates could vary significantly causing dividend payments to differ from the estimates shown above.

Non-GAAP Reconciliations

A-8 Quarter Ended Year Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2023 2023 2023 2023 2022 2023 2022 Net income (loss) available to common shareholders - GAAP $ (5,167) $ 1,071 $ 1,234 $ 1,410 $ 1,610 $ (1,452) $ 5,927 Merger-related and restructuring charges — — — — 87 — 393 Securities (gains) losses — — — — — — 54 Loss (gain) on early extinguishment of debt — — — — — — (30) Incremental operating expenses related to the merger — — — — 43 — 356 Goodwill impairment 6,078 — — — — 6,078 — FDIC special assessment 387 — — — — 387 — Gain on redemption of noncontrolling equity interest — — — — — — (57) Discrete tax benefit (204) — — — — (204) — Adjusted net income available to common shareholders(1) $ 1,094 $ 1,071 $ 1,234 $ 1,410 $ 1,740 $ 4,809 $ 6,643 Weighted average shares outstanding - diluted 1,342,790 1,340,574 1,337,307 1,339,480 1,337,338 1,339,895 1,338,462 Diluted EPS - GAAP $ (3.85) $ 0.80 $ 0.92 $ 1.05 $ 1.20 $ (1.08) $ 4.43 Diluted EPS - adjusted(1) 0.81 0.80 0.92 1.05 1.30 3.59 4.96 Non-GAAP reconciliations Adjusted Net Income and Diluted EPS ($ in millions, except per share data, shares in thousands) (1) Adjusted net income available to common shareholders and diluted earnings per share are non-GAAP in that these measures exclude selected items, net of tax. 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 enhances comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges.

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. Adjusted revenue and adjusted noninterest expense are related measures used to calculate the adjusted efficiency ratio. Adjusted revenue excludes securities gains (losses), and other selected items. Adjusted noninterest expense excludes 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 these measures 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 Year Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. Dec. 2023 2023 2023 2023 2022 2023 2022 Efficiency ratio numerator - noninterest expense - GAAP $ 10,280 $ 3,747 $ 3,748 $ 3,691 $ 3,722 $ 21,466 $ 14,589 Merger-related and restructuring charges, net (183) (75) (54) (63) (114) (375) (513) Gain (loss) on early extinguishment of debt — — (4) — — (4) 39 Incremental operating expense related to the merger — — — — (56) — (465) Goodwill impairment (6,078) — — — — (6,078) — Amortization of intangibles (130) (130) (131) (136) (163) (527) (583) FDIC special assessment (507) — — — — (507) — Efficiency ratio numerator - adjusted noninterest expense(2) $ 3,382 $ 3,542 $ 3,559 $ 3,492 $ 3,389 $ 13,975 $ 13,067 Efficiency ratio denominator - revenue(1) - GAAP $ 5,698 $ 5,672 $ 5,918 $ 6,102 $ 6,208 $ 23,390 $ 23,035 Taxable equivalent adjustment 58 57 54 51 50 220 142 Securities (gains) losses — — — — — — 71 Gain on redemption of noncontrolling equity interest — — — — — — (74) Efficiency ratio denominator - adjusted revenue(1)((2) $ 5,756 $ 5,729 $ 5,972 $ 6,153 $ 6,258 $ 23,610 $ 23,174 Efficiency ratio - GAAP 180.4 % 66.1 % 63.3 % 60.5 % 60.0 % 91.8 % 63.3 % Efficiency ratio - adjusted(2) 58.8 61.8 59.6 56.8 54.2 59.2 56.4

A-10 Non-GAAP reconciliations Pre-provision net revenue ($ in millions) (1) 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 Year Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2023 2023 2023 2023 2022 2023 2022 Net income $ (5,090) $ 1,183 $ 1,345 $ 1,515 $ 1,682 $ (1,047) $ 6,267 Provision for credit losses 572 497 538 502 467 2,109 777 Provision for income taxes (64) 245 287 394 337 862 1,402 Taxable-equivalent adjustment 58 57 54 51 50 220 142 Pre-provision net revenue(1) $ (4,524) $ 1,982 $ 2,224 $ 2,462 $ 2,536 $ 2,144 $ 8,588 Merger-related and restructuring charges, net 183 75 54 63 114 375 513 Gain (loss) on early extinguishment of debt — — 4 — — 4 (39) Incremental operating expense related to the merger — — — — 56 — 465 Goodwill impairment 6,078 — — — — 6,078 — Amortization of intangibles 130 130 131 136 163 527 583 FDIC special assessment 507 — — — — 507 — Securities (gains) losses — — — — — — 71 Gain on redemption of noncontrolling equity interest — — — — — — (74) Pre-provision net revenue - adjusted(1) $ 2,374 $ 2,187 $ 2,413 $ 2,661 $ 2,869 $ 9,635 $ 10,107

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 and impairment charges. 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 Year Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2023 2023 2023 2023 2022 2023 2022 Common shareholders’ equity $ 52,428 $ 55,167 $ 56,853 $ 55,699 $ 53,841 Less: Intangible assets, net of deferred taxes 23,306 29,491 29,628 29,788 29,908 Tangible common shareholders’ equity(1) $ 29,122 $ 25,676 $ 27,225 $ 25,911 $ 23,933 Outstanding shares at end of period 1,333,743 1,333,668 1,331,976 1,331,918 1,326,829 Common shareholders’ equity per common share $ 39.31 $ 41.37 $ 42.68 $ 41.82 $ 40.58 Tangible common shareholders’ equity per common share(1) 21.83 19.25 20.44 19.45 18.04 Net income available to common shareholders $ (5,167) $ 1,071 $ 1,234 $ 1,410 $ 1,610 $ (1,452) $ 5,927 Plus: goodwill impairment 6,078 — — — — 6,078 — Plus: amortization of intangibles, net of tax 99 99 100 104 125 402 446 Tangible net income available to common shareholders(1) $ 1,010 $ 1,170 $ 1,334 $ 1,514 $ 1,735 $ 5,028 $ 6,373 Average common shareholders’ equity $ 56,061 $ 56,472 $ 57,302 $ 55,380 $ 54,823 $ 56,306 $ 57,124 Less: Average intangible assets, net of deferred taxes 29,377 29,570 29,775 29,889 29,891 29,651 29,253 Average tangible common shareholders’ equity(1) $ 26,684 $ 26,902 $ 27,527 $ 25,491 $ 24,932 $ 26,655 $ 27,871 Return on average common shareholders’ equity (36.6) % 7.5 % 8.6 % 10.3 % 11.7 % (2.6) % 10.4 % Return on average tangible common shareholders’ equity(1) 15.0 17.3 19.4 24.1 27.6 18.9 22.9

A-12 Quarter Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 2023 2023 2023 2023 2022 Net interest income - GAAP $ 3,543 $ 3,564 $ 3,625 $ 3,868 $ 3,981 Taxable-equivalent adjustment 58 57 54 51 50 Net interest income - taxable-equivalent 3,601 3,621 3,679 3,919 4,031 Accretion of mark on acquired loans (31) (45) (63) (64) (80) Accretion of mark on acquired liabilities (10) (10) (12) (12) (14) Net interest income - core(1) $ 3,560 $ 3,566 $ 3,604 $ 3,843 $ 3,937 Average earning assets - GAAP $ 481,345 $ 488,794 $ 506,084 $ 499,149 $ 492,805 Average balance - mark on acquired loans 496 553 641 702 787 Average earning assets - core(1) $ 481,841 $ 489,347 $ 506,725 $ 499,851 $ 493,592 Annualized net interest margin: Reported - taxable-equivalent 2.98 % 2.95 % 2.91 % 3.17 % 3.25 % Core(1) 2.94 2.90 2.85 3.10 3.17 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 Dec. 31 Sept. 30 June 30 March 31 Dec. 31 2023 2023 2023 2023 2022 Segment interest income $ 21 $ 25 $ 19 $ — $ — Noninterest income 830 801 944 817 792 Total revenue 851 826 963 817 792 Segment net income (loss) - GAAP $ 1 $ 17 $ 155 $ 109 $ 107 Provision (benefit) for income taxes 1 3 — 36 35 Interest 105 105 103 — — Depreciation & amortization 36 35 35 37 36 EBITDA 143 160 293 182 178 Merger-related and restructuring charges, net 21 11 3 5 18 Acquisition retention and change in earn-out incentives 5 9 4 13 8 Equity and equity-like compensation items 25 21 19 20 20 Operating loss — — — 15 — Independence readiness costs related to TIH (excluding Bank incurred costs) 25 8 3 — 2 Adjusted EBITDA(1) $ 219 $ 209 $ 322 $ 235 $ 226 Adjusted EBITDA(1) margin 25.7 % 25.3 % 33.5 % 28.7 % 28.6 % Memo: Total independence readiness costs related to TIH (including Bank incurred costs) $ 33 $ 11 $ 9 $ 1 2

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