株探米国株
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________
FORM 10-Q
_________________________________________________________________

☒ Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended: June 30, 2025
Commission File Number: 1-10853

TRUIST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
_________________________________________________________________
North Carolina 56-0939887
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
214 North Tryon Street
Charlotte, North Carolina 28202
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (844) 487-8478
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
_________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, $5 par value TFC New York Stock Exchange
Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock TFC.PI New York Stock Exchange
5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock TFC.PJ New York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock TFC.PO New York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred Stock TFC.PR New York Stock Exchange

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

At June 30, 2025, 1,289,435,167 shares of the registrant’s common stock, $5 par value, were outstanding.

TABLE OF CONTENTS
TRUIST FINANCIAL CORPORATION
FORM 10-Q
June 30, 2025
Page No.
PART I - Financial Information
Glossary of Defined Terms
Forward-Looking Statements and Other Terms
Item 1. Financial Statements
Consolidated Balance Sheets (Unaudited)
Consolidated Statements of Income (Unaudited)
Consolidated Statements of Comprehensive Income (Unaudited)
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
Consolidated Statements of Cash Flows (Unaudited)
Notes to Consolidated Financial Statements (Unaudited)
Note 1. Basis of Presentation
Note 2. Discontinued Operations
Note 3. Securities Financing Activities
Note 4. Investment Securities
Note 5. Loans and ACL
Note 6. Goodwill and Other Intangible Assets
Note 7. Loan Servicing
Note 8. Other Assets and Liabilities
Note 9. Borrowings
Note 10. Shareholders’ Equity
Note 11. AOCI
Note 12. Income Taxes
Note 13. Benefit Plans
Note 14. Commitments and Contingencies
Note 15. Fair Value Disclosures
Note 16. Derivative Financial Instruments
Note 17. Computation of EPS
Note 18. Operating Segments
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Executive Overview
Analysis of Results of Operations
Analysis of Financial Condition
Risk Management
Liquidity
Capital
Share Repurchase Activity
Regulatory and Supervisory Update
Critical Accounting Policies
Item 3. Quantitative and Qualitative Disclosures About Market Risk (see Market Risk in MD&A)
Item 4. Controls and Procedures
PART II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities - (none)
Item 4. Mine Safety Disclosures - (not applicable)
Item 5. Other Information
Item 6. Exhibits



Glossary of Defined Terms
The following terms may be used throughout this report, including the consolidated financial statements and related notes.
Term Definition
ACL
Allowance for credit losses
AD and CL Acquisition and development and commercial land
AFS
Available-for-sale
Agency MBS
Mortgage-backed securities issued by a U.S. government agency or GSE
ALCO Asset and Liability Committee
ALLL
Allowance for loan and lease losses
AOCI
Accumulated other comprehensive income (loss)
Board Board of Directors of Truist Financial Corporation
BRC Joint Risk Committee of the Boards of Directors of Truist Financial Corporation and Truist Bank
CCAR
Comprehensive Capital Analysis and Review
CD
Certificate of deposit
CDI
 Core deposit intangible
CECL Current expected credit loss model
CEO
Chief Executive Officer of Truist Financial Corporation
CET1
Common equity tier 1
CFO
Chief Financial Officer of Truist Financial Corporation
CFPB
Consumer Financial Protection Bureau
CODM Chief Operating Decision Maker
Company
Truist Financial Corporation and its subsidiaries (interchangeable with “Truist” below)
CP Construction to permanent
CRE
Commercial real estate
CSBB Consumer and Small Business Banking, an operating segment
DIF
Deposit Insurance Fund administered by the FDIC
EPS
Earnings per common share
Exchange Act
Securities Exchange Act of 1934, as amended
EVE Economic value of equity
FASB
Financial Accounting Standards Board
FDIC
Federal Deposit Insurance Corporation
FHLB
Federal Home Loan Bank
FHLMC
Federal Home Loan Mortgage Corporation
FNMA
Federal National Mortgage Association
FRB
Board of Governors of the Federal Reserve System
GAAP
Accounting principles generally accepted in the United States of America
GDP Gross Domestic Product
GSE
U.S. government-sponsored enterprise
HFI
Held for investment
HQLA
High-quality liquid assets
HTM
Held-to-maturity
IDI
Insured depository institution
IPV
Independent price verification
IRR Interest rate risk
LCR
Liquidity Coverage Ratio
LHFS
Loans held for sale
LOCOM Lower of cost or market
Market Risk Rule Market risk capital requirements issued jointly by the OCC, FRB, and FDIC
MBS
Mortgage-backed securities
MD&A Management’s Discussion and Analysis of Financial Condition and Results of Operations
MRO
Model Risk Oversight
MSR
Mortgage servicing rights
NA
 Not applicable
NII
Net interest income
NIM
Net interest margin, computed on a TE basis
NM
Not meaningful
NPA
Nonperforming asset
NPL
Nonperforming loan
NSFR
Net stable funding ratio
OAS
Option adjusted spread
OCC Office of the Comptroller of the Currency
OCI
Other comprehensive income (loss)
OPEB
Other post-employment benefit
OREO
Other real estate owned
OT&C
Other, Treasury, and Corporate
Parent Company
Truist Financial Corporation, the parent company of Truist Bank and other subsidiaries
PCD
Purchased credit deteriorated loans
ROU assets
Right-of-use assets
RUFC
Reserve for unfunded lending commitments
Truist Financial Corporation 1

Term Definition
S&P
Standard & Poor’s
SBIC
Small Business Investment Company
SCB Stress Capital Buffer
SEC
Securities and Exchange Commission
TBVPS
 Tangible book value per common share
TE
Taxable-equivalent
TIH Truist Insurance Holdings, LLC, an entity sold on May 6, 2024
TRS Total Return Swap
Truist
Truist Financial Corporation and its subsidiaries (interchangeable with the “Company” above)
Truist Bank Truist Bank, a North Carolina-chartered bank
U.S.
United States of America
U.S. Treasury
United States Department of the Treasury
UPB
Unpaid principal balance
VaR
Value-at-risk
VIE
Variable interest entity
WB Wholesale Banking, an operating segment
2 Truist Financial Corporation

Forward-Looking Statements and Other Terms

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

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

•evolving political, geopolitical, business, social, economic, and market conditions at local, regional, national, and international levels;
•monetary, fiscal, and trade laws or policies, including tariffs or responses to rates of inflation above target levels;
•the legal, regulatory, and supervisory environment, including changes in financial-services legislation, regulation, policies, or government officials or other personnel;
•our ability to address heightened scrutiny and expectations from supervisory or other governmental authorities and to timely and credibly remediate related concerns or deficiencies;
•judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings that create uncertainty for or are adverse to us or the financial-services industry;
•the outcomes of judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings to which we are or may be subject (either directly or indirectly through our ownership interests in other entities) and our ability to absorb and address any damages or other remedies that are sought or awarded and any collateral consequences;
•evolving accounting standards and policies;
•the adequacy of our corporate governance, risk-management framework, compliance programs, and internal controls over financial reporting, including our ability to control lapses or deficiencies in financial reporting, to make appropriate estimates, or to effectively mitigate or manage operational risk;
•any instability or breakdown in the financial system, including as a result of the actual or perceived soundness of another financial institution or another participant in the financial system;
•disruptions and shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations;
•our ability to cost-effectively fund our businesses and operations, including by accessing long- and short-term funding and liquidity and by retaining and growing client deposits;
•changes in any of our credit ratings;
•our ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss;
•negative market perceptions of our investment portfolio or its value;
•adverse publicity or other reputational harm to us, our service providers, or our senior officers;
•business and consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households;
•our ability to execute on strategic and operational plans, including accelerating growth, improving profitability, investing in talent, technology, and risk infrastructure, maintaining expense, credit, and risk discipline, and returning capital to shareholders;
•changes in our corporate and business strategies, the composition of our assets, or the way in which we fund those assets;
•our ability to successfully make and integrate acquisitions and to effect divestitures;
•our ability to develop, maintain, and market our products or services or to absorb unanticipated costs or liabilities associated with those products or services;
•our ability to innovate, to anticipate the needs of current or future clients, to successfully compete, to increase or hold market share in changing competitive environments, or to deal with pricing or other competitive pressures;
•our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure, including those that safeguard personal and other sensitive information;
•our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk;
•our ability to satisfactorily and profitably perform loan servicing and similar obligations;
•the credit, liquidity, or other financial condition of our clients, counterparties, service providers, or competitors;
•our ability to effectively deal with economic, business, or market slowdowns or disruptions;
•the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk;
•our ability to keep pace with changes in technology that affect us or our clients, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property;
•our ability to attract, hire, and retain key teammates and to engage in adequate succession planning;
•the performance and availability of third-party service providers on whom we rely in delivering products and services to our clients and otherwise in conducting our business and operations;
•our ability to detect, prevent, mitigate, and otherwise manage the risk of fraud or misconduct by internal or external parties;
•our ability to manage and mitigate physical-security and cybersecurity risks, including denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction;
•natural or other disasters, calamities, and conflicts, including terrorist events, cyber-warfare, and pandemics;
•widespread outages of operational, communication, and other systems;
•our ability to maintain appropriate corporate responsibility practices, oversight, and disclosures;
•policies and other actions of governments to manage and mitigate climate and related environmental risks, and the effects of climate change or the transition to a lower-carbon economy on our business, operations, and reputation; and
•other assumptions, risks, or uncertainties described in the Risk Factors (Item 1A), Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 7), or the Notes to the Consolidated Financial Statements (Item 8) in our Annual Report on Form 10-K or described in any of the Company’s subsequent quarterly or current reports.

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

Unless the context otherwise requires, “sale of TIH” and similar phrases refer to the sale of our majority stake in TIH on May 6, 2024.
Truist Financial Corporation 3

ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions, except per share data, shares in thousands)		 Jun 30, 2025 Dec 31, 2024
Assets
Cash and due from banks $ 5,157  $ 5,793 
Interest-bearing deposits with banks 36,294  33,975 
Securities borrowed or purchased under agreements to resell 2,656  2,550 
Trading assets at fair value 5,963  5,100 
AFS securities at fair value 66,390  67,464 
HTM securities (fair value of $39,611 and $40,286, respectively)
 48,973  50,640 
LHFS (including $1,105 and $1,233 at fair value, respectively)
 1,203  1,388 
Loans and leases (including $12 and $13 at fair value, respectively)
 318,796  306,383 
ALLL (4,899) (4,857)
Loans and leases, net of ALLL 313,897  301,526 
Premises and equipment 3,197  3,225 
Goodwill 17,125  17,125 
CDI and other intangible assets 1,399  1,550 
Loan servicing rights at fair value 3,612  3,708 
Other assets (including $1,977 and $1,271 at fair value, respectively)
 37,967  37,132 
Total assets $ 543,833  $ 531,176 
Liabilities
Noninterest-bearing deposits $ 106,442  $ 107,451 
Interest-bearing deposits (including $396 and $192 at fair value, respectively)
 299,680  283,073 
Short-term borrowings (including $2,199 and $1,896 at fair value, respectively)
 16,631  29,205 
Long-term debt 44,427  34,956 
Other liabilities (including $1,812 and $2,286 at fair value, respectively)
 11,813  12,812 
Total liabilities 478,993  467,497 
Shareholders’ Equity
Preferred stock 5,907  5,907 
Common stock, $5 par value
 6,447  6,580 
Additional paid-in capital 34,620  35,628 
Retained earnings 24,759  23,777 
AOCI, net of deferred income taxes (6,893) (8,213)
Total shareholders’ equity 64,840  63,679 
Total liabilities and shareholders’ equity $ 543,833  $ 531,176 
Common shares outstanding 1,289,435  1,315,936 
Common shares authorized 2,000,000  2,000,000 
Preferred shares outstanding 216  216 
Preferred shares authorized 5,000  5,000 

The accompanying notes are an integral part of these consolidated financial statements.
4 Truist Financial Corporation

CONSOLIDATED STATEMENTS OF INCOME
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions, except per share data, shares in thousands)		 Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Interest Income        
Interest and fees on loans and leases $ 4,657  $ 4,879  $ 9,150  $ 9,744 
Interest on securities 961  838  1,936  1,643 
Interest on other earning assets 536  634  1,056  1,148 
Total interest income 6,154  6,351  12,142  12,535 
Interest Expense        
Interest on deposits 1,844  2,016  3,580  3,980 
Interest on long-term debt 431  446  840  928 
Interest on other borrowings 292  362  628  728 
Total interest expense 2,567  2,824  5,048  5,636 
Net Interest Income 3,587  3,527  7,094  6,899 
Provision for credit losses 488  451  946  951 
Net Interest Income After Provision for Credit Losses 3,099  3,076  6,148  5,948 
Noninterest Income        
Wealth management income 348  361  692  717 
Investment banking and trading income 205  286  478  609 
Card and payment related fees 232  230  452  454 
Service charges on deposits 227  232  457  457 
Mortgage banking income 107  112  215  209 
Lending related fees 99  89  194  185 
Operating lease income 47  50  100  109 
Securities gains (losses) (18) (6,650) (19) (6,650)
Other income 153  78  223  144 
Total noninterest income 1,400  (5,212) 2,792  (3,766)
Noninterest Expense        
Personnel expense 1,653  1,661  3,240  3,291 
Professional fees and outside processing 373  308  737  586 
Software expense 231  218  461  442 
Net occupancy expense 179  160  342  320 
Equipment expense 89  89  171  177 
Amortization of intangibles 73  89  148  177 
Marketing and customer development 82  63  157  119 
Operating lease depreciation 33  34  68  74 
Regulatory costs 55  85  124  237 
Restructuring charges
 28  33  66  84 
Other expense 190  354  378  540 
Total noninterest expense 2,986  3,094  5,892  6,047 
Earnings        
Income (loss) before income taxes 1,513  (5,230) 3,048  (3,865)
Provision (benefit) for income taxes 273  (1,324) 547  (1,092)
Net income (loss) from continuing operations 1,240  (3,906) 2,501  (2,773)
Net income from discontinued operations —  4,828  —  4,895 
Net income 1,240  922  2,501  2,122 
Noncontrolling interests from discontinued operations —  19  —  22 
Preferred stock dividends and other 60  77  164  183 
Net income available to common shareholders $ 1,180  $ 826  $ 2,337  $ 1,917 
Basic EPS from continuing operations $ 0.91  $ (2.98) $ 1.80  $ (2.21)
Basic EPS 0.91  0.62  1.80  1.43 
Diluted EPS from continuing operations 0.90  (2.98) 1.78  (2.21)
Diluted EPS 0.90  0.62  1.78  1.43 
Basic weighted average shares outstanding 1,292,292  1,338,149  1,299,833  1,336,620 
Diluted weighted average shares outstanding 1,305,005  1,338,149  1,314,779  1,336,620 

The accompanying notes are an integral part of these consolidated financial statements.
Truist Financial Corporation 5

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions)		 Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Net income $ 1,240  $ 922  $ 2,501  $ 2,122 
OCI, net of tax:
Net change in net pension and postretirement costs 2  34  7  35 
Net change in cash flow hedges 275  (38) 704  (228)
Net change in AFS securities 16  4,664  494  4,088 
Net change in HTM securities 59  57  109  108 
Other, net 5  1  6  (1)
Total OCI, net of tax 357  4,718  1,320  4,002 
Total comprehensive income $ 1,597  $ 5,640  $ 3,821  $ 6,124 
Income Tax Effect of Items Included in OCI:
Net change in net pension and postretirement costs $ (1) $ 11  $ —  $ 11 
Net change in cash flow hedges 84  (12) 217  (70)
Net change in AFS securities (10) 1,439  139  1,262 
Net change in HTM securities 12  18  27  33 
Total income taxes related to OCI $ 85  $ 1,456  $ 383  $ 1,236 

The accompanying notes are an integral part of these consolidated financial statements.
6 Truist Financial Corporation

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions, shares in thousands)		 Shares of Common Stock Preferred Stock Common Stock Additional Paid-In Capital Retained Earnings AOCI Noncontrolling Interests Total Shareholders’ Equity
Balance, April 1, 2024 1,338,096  $ 6,673  $ 6,690  $ 36,197  $ 22,483  $ (13,222) $ 232  $ 59,053 
Net income —  —  —  —  903  —  19  922 
OCI —  —  —  —  —  4,718  —  4,718 
Issued in connection with equity awards, net 127  —  1  (12) (3) —  —  (14)
Cash dividends declared on common stock —  —  —  —  (696) —  —  (696)
Cash dividends declared on preferred stock —  —  —  —  (77) —  —  (77)
Equity-based compensation expense —  —  —  103  —  —  —  103 
Sale of remaining stake in TIH —  —  —  —  —  —  (197) (197)
Other, net —  —  —  76  (7) —  (54) 15 
Balance, June 30, 2024 1,338,223  $ 6,673  $ 6,691  $ 36,364  $ 22,603  $ (8,504) $ —  $ 63,827 
Balance, April 1, 2025 1,309,539  $ 5,907  $ 6,548  $ 35,178  $ 24,252  $ (7,250) $ —  $ 64,635 
Net income —  —  —  —  1,240  —  —  1,240 
OCI —  —  —  —  —  357  —  357 
Issued in connection with equity awards, net 105  —  —  —  (3) —  —  (3)
Repurchase of common stock, including excise tax (20,209) —  (101) (656) —  —  —  (757)
Cash dividends declared on common stock —  —  —  —  (670) —  —  (670)
Cash dividends declared on preferred stock —  —  —  —  (60) —  —  (60)
Equity-based compensation expense —  —  —  98  —  —  —  98 
Balance, June 30, 2025 1,289,435  $ 5,907  $ 6,447  $ 34,620  $ 24,759  $ (6,893) $ —  $ 64,840 
Balance, January 1, 2024 1,333,743  $ 6,673  $ 6,669  $ 36,177  $ 22,088  $ (12,506) $ 152  $ 59,253 
Net income —  —  —  —  2,100  —  22  2,122 
OCI —  —  —  —  —  4,002  —  4,002 
Issued in connection with equity awards, net 4,480  —  22  (55) (5) —  —  (38)
Cash dividends declared on common stock —  —  —  —  (1,390) —  —  (1,390)
Cash dividends declared on preferred stock —  —  —  —  (183) —  —  (183)
Equity-based compensation expense —  —  —  166  —  —  —  166 
Sale of remaining stake in TIH —  —  —  —  —  —  (197) (197)
Other, net —  —  —  76  (7) —  23  92 
Balance, June 30, 2024 1,338,223  $ 6,673  $ 6,691  $ 36,364  $ 22,603  $ (8,504) $ —  $ 63,827 
Balance, January 1, 2025 1,315,936  $ 5,907  $ 6,580  $ 35,628  $ 23,777  $ (8,213) $ —  $ 63,679 
Net income —  —  —  —  2,501  —  —  2,501 
OCI —  —  —  —  —  1,320  —  1,320 
Issued in connection with equity awards, net 4,963  —  24  (83) (6) —  —  (65)
Repurchase of common stock, including excise tax (31,464) —  (157) (1,103) —  —  —  (1,260)
Cash dividends declared on common stock —  —  —  —  (1,349) —  —  (1,349)
Cash dividends declared on preferred stock —  —  —  —  (164) —  —  (164)
Equity-based compensation expense —  —  —  178  —  —  —  178 
Balance, June 30, 2025 1,289,435  $ 5,907  $ 6,447  $ 34,620  $ 24,759  $ (6,893) $ —  $ 64,840 

The accompanying notes are an integral part of these consolidated financial statements.
Truist Financial Corporation 7

CONSOLIDATED STATEMENTS OF CASH FLOWS(1)
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions)		 Six Months Ended June 30,
2025 2024
Cash Flows From Operating Activities:    
Net income $ 2,501  $ 2,122 
Adjustments to reconcile net income to net cash from operating activities:    
Provision for credit losses 946  951 
Depreciation 284  315 
Amortization of intangibles 148  198 
Securities (gains) losses 19  6,650 
Gain on sale of TIH, net of tax —  (4,814)
Net change in operating assets and liabilities:    
LHFS 128  (432)
Pension asset (145) (95)
Derivative assets and liabilities (1,106) (470)
Trading assets (863) (1,226)
Other assets and other liabilities (561) (3,595)
Other, net 309  251 
Net cash from operating activities 1,660  (145)
Cash Flows From Investing Activities:    
Proceeds from sales of AFS securities 1,109  27,607 
Proceeds from maturities, calls and paydowns of AFS securities 8,079  7,911 
Purchases of AFS securities (6,879) (26,048)
Proceeds from maturities, calls and paydowns of HTM securities 1,812  1,810 
Originations of loans and leases, net of principal collected (12,860) 5,347 
Purchases of loans and leases (668) (39)
Sales of loans and leases 358  411 
Net cash received (paid) for securities borrowed or purchased under agreements to resell (106) 40 
Net cash received (paid) for asset acquisitions, business combinations, and divestitures —  12,060 
Other, net (181) 953 
Net cash from investing activities (9,336) 30,052 
Cash Flows From Financing Activities:
Net change in deposits 15,598  (11,996)
Net change in short-term borrowings (12,556) (2,015)
Proceeds from issuance of long-term debt 28,642  8,204 
Repayment of long-term debt (19,486) (12,242)
Repurchase of common stock (1,250) — 
Cash dividends paid on common stock (1,349) (1,390)
Cash dividends paid on preferred stock (164) (183)
Other, net (76) (50)
Net cash from financing activities 9,359  (19,672)
Net Change in Cash and Cash Equivalents 1,683  10,235 
Cash and Cash Equivalents of Continuing and Discontinued Operations, January 1 39,768  30,644 
Cash and Cash Equivalents of Continuing and Discontinued Operations, June 30 $ 41,451  $ 40,879 
Supplemental Disclosure of Cash Flow Information:
Net cash paid (received) during the period for:
Interest expense $ 4,967  $ 5,791 
Income taxes 170  379 
(1)Cash flows of discontinued operations are reflected within operating, investing, and financing activities in the Consolidated Statements of Cash Flows. The cash balances of these operations were reported as assets of discontinued operations on the Consolidated Balance Sheets prior to the sale of TIH. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations.

The accompanying notes are an integral part of these consolidated financial statements.
8 Truist Financial Corporation

NOTE 1. Basis of Presentation

General

See the Glossary of Defined Terms at the beginning of this Report for terms used herein. These consolidated financial statements and notes are presented in accordance with the instructions for Form 10-Q, and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations, and cash flow activity required in accordance with GAAP. In the opinion of management, all normal recurring adjustments necessary for a fair statement of the consolidated financial position and consolidated results of operations have been made. The year-end consolidated balance sheet data was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The information contained in the financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2024 should be referred to in connection with these unaudited interim consolidated financial statements. There were no significant changes to the Company’s accounting policies from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024 that could have a material effect on the Company’s financial statements.

Reclassifications

Certain amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the current presentation.

Use of Estimates in the Preparation of Financial Statements

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

Changes in Accounting Principles and Effects of New Accounting Standards

The following table provides a summary of significant accounting standards not yet adopted:
Standard / Adoption Date Description Effects on the Financial Statements
Standards Not Yet Adopted
Improvements to Income Tax Disclosures /
December 31, 2025		 Improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. Permits either a prospective or retrospective transition approach. Truist is evaluating the impact of this standard on its disclosures, which includes aggregating newly required information in the format required. While its evaluation is ongoing, Truist does not expect that the implementation of this disclosure-only standard will have a material impact on its financial statements.
Expense Disaggregation Disclosures /
December 31, 2027		 Introduces new requirements to disclose additional information about certain types of expenses, including employee compensation, depreciation, intangible asset amortization, and selling expenses. Banks that present a caption for salaries and benefits under SEC rules would be permitted to retain their current definition. Permits either a prospective or retrospective transition approach. Truist is evaluating the impact of this standard on its disclosures. This standard relates to footnote disclosures only.

Truist Financial Corporation 9

NOTE 2. Discontinued Operations

On February 20, 2024, the Company entered into an agreement to sell the remaining stake of the common equity in TIH to an investor group led by Stone Point Capital LLC and Clayton, Dubilier & Rice for a purchase price that implied an enterprise value for TIH of $15.5 billion. The divestiture of TIH represented a strategic shift that had a major effect on our operations and financial results. The Company reclassified all of the assets and liabilities of TIH to discontinued operations in connection with the announcement of the disposition of the business. As such, financial information attributed to TIH has been recast to reflect discontinued operations for the periods presented herein. On May 6, 2024, the Company completed the sale.

The following footnotes exclude discontinued operations for TIH, unless otherwise noted: “Note 6. Goodwill and Other Intangible Assets,” “Note 8. Other Assets and Liabilities,” “Note 12. Income Taxes,” “Note 13. Benefit Plans,” “Note 17. Computation of EPS,” and “Note 18. Operating Segments.”

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

(Dollars in millions) Three Months Ended June 30, 2024 Six Months Ended June 30, 2024
Interest Income
Interest on other earning assets $ 7  $ 31 
Total interest income 7  31 
Noninterest income
Insurance income 427  1,319 
Other income 4  9 
Total noninterest income 431  1,328 
Noninterest expense
Personnel expense 251  885 
Professional fees and outside processing 37  85 
Software expense 8  25 
Net occupancy expense 5  20 
Equipment expense 2  11 
Amortization of intangibles —  21 
Marketing and customer development 5  15 
Restructuring charges 63  82 
Other expense 26  84 
Total noninterest expense 397  1,228 
Earnings
Gain on sale of TIH 6,903  6,903 
Income before income taxes from discontinued operations 6,944  7,034 
Provision for income taxes 2,116  2,139 
Net income from discontinued operations 4,828  4,895 
Noncontrolling interests 19  22 
Net income from discontinued operations attributable to controlling interest $ 4,809  $ 4,873 

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

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

10 Truist Financial Corporation

NOTE 3. Securities Financing Activities

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

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

The agreements that govern the Company's securities financing transactions provide for a right of setoff in the event of default or bankruptcy with respect to either party to such transactions. The following table presents the Company's securities financing transactions, including those executed under master netting (or similar) arrangements. Refer to "Note 16. Derivative Financial Instruments" for information about the Company's derivative instruments subject to master netting (or similar) arrangements.

June 30, 2025 December 31, 2024
(Dollars in millions)
Amount in Consolidated Balance Sheets(1)
Received/Pledged Financial Instruments(2)
 Net Amount
Amount in Consolidated Balance Sheets(1)
Received/Pledged Financial Instruments(2)
 Net Amount
Assets:
Securities purchased under agreements to resell $ 1,171  $ (1,166) $ 5  $ 1,322  $ (1,313) $ 9 
Securities borrowed 1,485  (1,452) 33  1,228  (1,192) 36 
Total securities borrowed or purchased under agreements to resell $ 2,656  $ (2,618) $ 38  $ 2,550  $ (2,505) $ 45 
Liabilities:
Securities sold under agreements to repurchase $ (3,657) $ 3,657  $ —  $ (9,675) $ 9,675  $ — 
(1)There were no securities financing transactions subject to legally enforceable master netting arrangements that were eligible for balance sheet netting for the periods presented.
(2)The fair value of received/pledged financial instruments is limited to the carrying amount of the associated asset or liability. The fair value of collateral received that was permitted to be resold or repledged was $2.6 billion as of June 30, 2025 and $2.5 billion as of December 31, 2024. Of the fair value of collateral permitted to be resold or repledged, the fair value of securities repledged or resold was $2.2 billion as of June 30, 2025 and $1.6 billion as of December 31, 2024.

The following table presents additional information related to the Company’s securities sold under agreements to repurchase, by collateral type and remaining contractual maturity:

June 30, 2025 December 31, 2024
(Dollars in millions) Overnight and Continuous Up to 30 days Total Overnight and Continuous Up to 30 days 30-90 days Total
U.S. Treasury $ 232  $ —  $ 232  $ —  $ 2,445  $ 300  $ 2,745 
State and Municipal
 291  6  297  350  100  —  450 
Agency MBS – residential
 —  2,500  2,500  —  5,750  —  5,750 
Corporate and other debt securities 409  219  628  450  280  —  730 
Total securities sold under agreements to repurchase $ 932  $ 2,725  $ 3,657  $ 800  $ 8,575  $ 300  $ 9,675 

Truist Financial Corporation 11

NOTE 4. Investment Securities

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

June 30, 2025
(Dollars in millions)		 Amortized Cost Gross Unrealized Net unrealized gains (losses) Fair Value
Gains Losses
AFS securities:        
U.S. Treasury $ 13,389  $ 114  $ (32) $ 82  $ 13,471 
GSE 459  3  (27) (24) 435 
Agency MBS – residential 54,173  116  (4,834) (4,718) 49,455 
Agency MBS – commercial 3,247  6  (600) (594) 2,653 
States and political subdivisions 369  11  (19) (8) 361 
Other 15  —  —  —  15 
Total AFS securities, excluding portfolio level basis adjustments 71,652  250  (5,512) (5,262) 66,390 
Portfolio level basis adjustments(1)
 89 (89) —
Total AFS securities $ 71,741  $ 250  $ (5,512) $ (5,351) $ 66,390 
HTM securities:        
Agency MBS – residential $ 48,973  $ —  $ (9,362) $ (9,362) $ 39,611 
December 31, 2024
(Dollars in millions)		 Amortized Cost Gross Unrealized Net unrealized gains (losses) Fair Value
Gains Losses
AFS securities:        
U.S. Treasury $ 14,279  $ 156  $ (24) $ 132  $ 14,411 
GSE 441  1  (39) (38) 403 
Agency MBS – residential 55,769  6  (5,816) (5,810) 49,959 
Agency MBS – commercial 2,938  —  (645) (645) 2,293 
States and political subdivisions 390  11  (19) (8) 382 
Other 16  —  —  —  16 
Total AFS securities, excluding portfolio level basis adjustments 73,833  174  (6,543) (6,369) 67,464 
Portfolio level basis adjustments(1)
 (385) 385 —
Total AFS securities $ 73,448  $ 174  $ (6,543) $ (5,984) $ 67,464 
HTM securities:        
Agency MBS – residential $ 50,640  $ —  $ (10,354) $ (10,354) $ 40,286 
(1)Represents fair value hedge basis adjustments related to active portfolio layer method hedges, which are not allocated to individual securities. For additional information, refer to “Note 16. Derivative Financial Instruments.”

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

June 30, 2025
(Dollars in millions) Amortized Cost Fair Value
FNMA $ 29,017  $ 24,713 
FHLMC 29,349  24,842 

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

12 Truist Financial Corporation

Amortized Cost Fair Value
June 30, 2025
(Dollars in millions)		 Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years Total
AFS securities:
U.S. Treasury $ 4,362  $ 7,859  $ 430  $ 738  $ 13,389  $ 4,383  $ 7,944  $ 428  $ 716  $ 13,471 
GSE —  —  1  458  459  —  —  1  434  435 
Agency MBS – residential —  1  40  54,132  54,173  —  1  40  49,414  49,455 
Agency MBS – commercial —  169  255  2,823  3,247  —  171  254  2,228  2,653 
States and political subdivisions 21  66  147  135  369  21  68  146  126  361 
Other —  7  8  —  15  —  7  8  —  15 
Total AFS securities $ 4,383  $ 8,102  $ 881  $ 58,286  $ 71,652  $ 4,404  $ 8,191  $ 877  $ 52,918  $ 66,390 
HTM securities:
Agency MBS – residential $ —  $ —  $ —  $ 48,973  $ 48,973  $ —  $ —  $ —  $ 39,611  $ 39,611 

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

Less than 12 months 12 months or more Total
June 30, 2025
(Dollars in millions)		 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses
AFS securities:            
U.S. Treasury $ 2,731  $ (21) $ 242  $ (11) $ 2,973  $ (32)
GSE 105  (2) 208  (25) 313  (27)
Agency MBS – residential 10,300  (122) 25,721  (4,712) 36,021  (4,834)
Agency MBS – commercial 35  —  2,118  (600) 2,153  (600)
States and political subdivisions 178  (16) 37  (3) 215  (19)
Other 8  —  7  —  15  — 
Total $ 13,357  $ (161) $ 28,333  $ (5,351) $ 41,690  $ (5,512)
HTM securities:            
Agency MBS – residential $ —  $ —  $ 39,611  $ (9,362) $ 39,611  $ (9,362)
Less than 12 months 12 months or more Total
December 31, 2024
(Dollars in millions)		 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses
AFS securities:            
U.S. Treasury $ 1,579  $ (6) $ 352  $ (18) $ 1,931  $ (24)
GSE 146  (4) 230  (35) 376  (39)
Agency MBS – residential 20,546  (322) 26,788  (5,494) 47,334  (5,816)
Agency MBS – commercial 105  (1) 2,111  (644) 2,216  (645)
States and political subdivisions 20  (1) 202  (18) 222  (19)
Other —  —  7  —  7  — 
Total $ 22,396  $ (334) $ 29,690  $ (6,209) $ 52,086  $ (6,543)
HTM securities:            
Agency MBS – residential $ —  $ —  $ 40,286  $ (10,354) $ 40,286  $ (10,354)

At June 30, 2025 and December 31, 2024, no ACL was established for AFS or HTM securities. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. The Company does not expect to incur any credit losses on investment securities.

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

(Dollars in millions) Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Gross realized gains $ —  $ —  $ 2  $ — 
Gross realized losses(1)
 (18) (6,650) (21) (6,650)
Securities gains (losses), net $ (18) $ (6,650) $ (19) $ (6,650)
(1)Includes $485 million pre-tax gain on terminated hedges for the three and six months ended June 30, 2024.
Truist Financial Corporation 13

NOTE 5. Loans and ACL

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

Accruing
June 30, 2025
(Dollars in millions)		 Current 30-89 Days Past Due
90 Days Or More Past Due(1)
 Nonperforming Total
Commercial:          
Commercial and industrial $ 161,629  $ 122  $ 2  $ 520  $ 162,273 
CRE 20,108  34  —  128  20,270 
Commercial construction 8,261  15  —  1  8,277 
Consumer:
Residential mortgage 56,477  695  465  191  57,828 
Home equity 9,424  54  6  107  9,591 
Indirect auto 23,736  582  —  240  24,558 
Other consumer 30,795  239  24  64  31,122 
Credit card 4,758  70  49  —  4,877 
Total $ 315,188  $ 1,811  $ 546  $ 1,251  $ 318,796 
(1)Includes government guaranteed loans of $424 million in the residential mortgage portfolio.
Accruing
December 31, 2024
(Dollars in millions)		 Current 30-89 Days Past Due
90 Days Or More Past Due(1)
 Nonperforming Total
Commercial:          
Commercial and industrial $ 154,140  $ 168  $ 19  $ 521  $ 154,848 
CRE 20,004  60  1  298  20,363 
Commercial construction 8,514  3  —  3  8,520 
Consumer:        
Residential mortgage 54,233  719  481  166  55,599 
Home equity 9,457  60  9  116  9,642 
Indirect auto 22,208  622  —  259  23,089 
Other consumer 29,070  236  23  66  29,395 
Credit card 4,792  81  54  —  4,927 
Total $ 302,418  $ 1,949  $ 587  $ 1,429  $ 306,383 
(1)Includes government guaranteed loans of $430 million in the residential mortgage portfolio.

14 Truist Financial Corporation

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

June 30, 2025
(Dollars in millions)		 Amortized Cost Basis by Origination Year Revolving Credit Loans Converted to Term
Other(1)
2025 2024 2023 2022 2021 Prior  Total
Commercial:        
Commercial and industrial:
Pass $ 21,413  $ 17,868  $ 11,417  $ 17,086  $ 9,577  $ 16,905  $ 61,709  $ —  $ (213) $ 155,762 
Special mention 227  240  179  166  294  183  849  —  —  2,138 
Substandard 251  477  506  555  218  591  1,255  —  —  3,853 
Nonperforming 6  99  60  58  19  30  248  —  —  520 
Total 21,897  18,684  12,162  17,865  10,108  17,709  64,061  —  (213) 162,273 
Gross charge-offs 6  22  42  27  11  5  109  —  —  222 
CRE:
Pass 2,868  1,442  1,892  3,552  1,874  4,335  1,309  —  (63) 17,209 
Special mention 1  145  48  135  242  172  15  —  —  758 
Substandard 188  252  316  673  207  420  119  —  —  2,175 
Nonperforming 1  1  14  27  8  77  —  —  —  128 
Total 3,058  1,840  2,270  4,387  2,331  5,004  1,443  —  (63) 20,270 
Gross charge-offs —  27  28  1  —  52  —  —  —  108 
Commercial construction:
Pass 427  715  1,307  1,152  304  29  1,802  —  —  5,736 
Special mention 13  90  79  459  232  —  87  —  —  960 
Substandard —  171  287  1,014  67  —  41  —  —  1,580 
Nonperforming —  1  —  —  —  —  —  —  —  1 
Total 440  977  1,673  2,625  603  29  1,930  —  —  8,277 
Consumer:
Residential mortgage:
Current 3,998  4,404  2,643  12,294  15,018  18,120  —  —  —  56,477 
30 - 89 days past due 15  20  40  58  62  500  —  —  —  695 
90 days or more past due —  19  65  50  31  300  —  —  —  465 
Nonperforming —  1  6  32  27  125  —  —  —  191 
Total 4,013  4,444  2,754  12,434  15,138  19,045  —  —  —  57,828 
Gross charge-offs —  —  1  —  —  1  —  —  —  2 
Home equity:
Current —  —  —  —  —  —  6,278  3,146  —  9,424 
30 - 89 days past due —  —  —  —  —  —  39  15  —  54 
90 days or more past due —  —  —  —  —  —  4  2  —  6 
Nonperforming —  —  —  —  —  —  37  70  —  107 
Total —  —  —  —  —  —  6,358  3,233  —  9,591 
Gross charge-offs —  —  —  —  —  —  6  —  —  6 
Indirect auto:
Current 6,523  7,306  2,486  4,076  2,053  1,299  —  —  (7) 23,736 
30 - 89 days past due 27  105  101  149  87  113  —  —  —  582 
Nonperforming 3  37  44  67  44  45  —  —  —  240 
Total 6,553  7,448  2,631  4,292  2,184  1,457  —  —  (7) 24,558 
Gross charge-offs 2  42  62  84  37  54  —  —  —  281 
Other consumer:
Current 7,213  7,714  4,984  4,197  1,836  2,178  2,644  25  4  30,795 
30 - 89 days past due 23  51  66  47  19  24  7  2  —  239 
90 days or more past due 2  5  10  4  —  —  2  1  —  24 
Nonperforming 2  11  15  12  11  13  —  —  —  64 
Total 7,240  7,781  5,075  4,260  1,866  2,215  2,653  28  4  31,122 
Gross charge-offs 19  67  83  60  27  31  13  —  —  300 
Credit card:
Current —  —  —  —  —  —  4,726  32  —  4,758 
30 - 89 days past due —  —  —  —  —  —  65  5  —  70 
90 days or more past due —  —  —  —  —  —  46  3  —  49 
Total —  —  —  —  —  —  4,837  40  —  4,877 
Gross charge-offs —  —  —  —  —  —  138  6  —  144 
Total $ 43,201  $ 41,174  $ 26,565  $ 45,863  $ 32,230  $ 45,459  $ 81,282  $ 3,301  $ (279) $ 318,796 
Gross charge-offs $ 27  $ 158  $ 216  $ 172  $ 75  $ 143  $ 266  $ 6  $ —  $ 1,063 
Truist Financial Corporation 15

December 31, 2024
(Dollars in millions)		 Amortized Cost Basis by Origination Year Revolving Credit Loans Converted to Term
Other(1)
2024 2023 2022 2021 2020 Prior Total
Commercial:
Commercial and industrial:
Pass $ 22,675  $ 14,595  $ 20,976  $ 11,449  $ 6,607  $ 13,087  $ 58,790  $ —  $ (199) $ 147,980 
Special mention 460  302  377  407  80  254  830  —  —  2,710 
Substandard 481  608  618  234  180  484  1,032  —  —  3,637 
Nonperforming 28  98  64  31  11  60  229  —  —  521 
Total 23,644  15,603  22,035  12,121  6,878  13,885  60,881  —  (199) 154,848 
Gross charge-offs 33  126  66  14  6  42  108  —  —  395 
CRE:
Pass 1,704  2,696  3,788  1,955  1,557  3,649  1,794  —  (64) 17,079 
Special mention 262  65  331  197  52  29  91  —  —  1,027 
Substandard 252  207  374  356  157  499  114  —  —  1,959 
Nonperforming 7  134  52  7  34  64  —  —  —  298 
Total 2,225  3,102  4,545  2,515  1,800  4,241  1,999  —  (64) 20,363 
Gross charge-offs 14  48  111  1  32  110  —  —  —  316 
Commercial construction:
Pass 721  1,603  1,521  516  37  71  1,461  —  —  5,930 
Special mention 100  106  701  158  70  95  79  —  —  1,309 
Substandard 54  95  752  308  —  —  69  —  —  1,278 
Nonperforming 2  —  1  —  —  —  —  —  —  3 
Total 877  1,804  2,975  982  107  166  1,609  —  —  8,520 
Consumer:
Residential mortgage:
Current 4,174  2,754  12,743  15,471  5,298  13,793  —  —  —  54,233 
30 - 89 days past due 21  30  69  70  49  480  —  —  —  719 
90 or more days past due 7  53  44  31  34  312  —  —  —  481 
Nonperforming —  4  22  26  7  107  —  —  —  166 
Total 4,202  2,841  12,878  15,598  5,388  14,692  —  —  —  55,599 
Gross charge-offs —  —  —  —  —  3  —  —  —  3 
Home equity:
Current —  —  —  —  —  —  6,135  3,322  —  9,457 
30 - 89 days past due —  —  —  —  —  —  42  18  —  60 
90 days or more past due —  —  —  —  —  —  6  3  —  9 
Nonperforming —  —  —  —  —  —  39  77  —  116 
Total —  —  —  —  —  —  6,222  3,420  —  9,642 
Gross charge-offs —  —  —  —  —  —  9  —  —  9 
Indirect auto:
Current 8,904  3,130  5,279  2,814  1,299  791  —  —  (9) 22,208 
30 - 89 days past due 80  113  177  110  58  84  —  —  —  622 
Nonperforming 17  49  78  53  28  34  —  —  —  259 
Total 9,001  3,292  5,534  2,977  1,385  909  —  —  (9) 23,089 
Gross charge-offs 23  120  216  98  47  87  —  —  —  591 
Other consumer:
Current 9,945  6,285  5,172  2,340  1,198  1,498  2,608  21  3  29,070 
30 - 89 days past due 44  71  63  25  12  14  6  1  —  236 
90 days or more past due 5  10  5  1  —  —  2  —  —  23 
Nonperforming 5  18  16  12  5  10  —  —  —  66 
Total 9,999  6,384  5,256  2,378  1,215  1,522  2,616  22  3  29,395 
Gross charge-offs 90  193  159  70  35  31  28  —  —  606 
Credit card:
Current —  —  —  —  —  —  4,778  14  —  4,792 
30 - 89 days past due —  —  —  —  —  —  80  1  —  81 
90 days or more past due —  —  —  —  —  —  53  1  —  54 
Total —  —  —  —  —  —  4,911  16  —  4,927 
Gross charge-offs —  —  —  —  —  —  287  9  —  296 
Total $ 49,948  $ 33,026  $ 53,223  $ 36,571  $ 16,773  $ 35,415  $ 78,238  $ 3,458  $ (269) $ 306,383 
Gross charge-offs $ 160  $ 487  $ 552  $ 183  $ 120  $ 273  $ 432  $ 9  $ —  $ 2,216 
(1)Includes certain deferred fees and costs and other adjustments.

16 Truist Financial Corporation

ACL

The following tables present activity in the ACL:

(Dollars in millions) Balance at Apr 1, 2024 Charge-Offs Recoveries Provision (Benefit)
Other(1)
 Balance at Jun 30, 2024
Commercial:
Commercial and industrial $ 1,360  $ (83) $ 14  $ 46  $ 1  $ 1,338 
CRE 663  (97) 5  90  —  661 
Commercial construction 198  —  1  7  —  206 
Consumer:
Residential mortgage 222  (1) 2  (18) —  205 
Home equity 90  (3) 4  (3) —  88 
Indirect auto 923  (136) 30  128  —  945 
Other Consumer 959  (141) 28  112  —  958 
Credit card 388  (74) 9  84  —  407 
ALLL 4,803  (535) 93  446  1  4,808 
RUFC 297  —  —  5  —  302 
ACL $ 5,100  $ (535) $ 93  $ 451  $ 1  $ 5,110 
(Dollars in millions) Balance at Apr 1, 2025 Charge-Offs Recoveries Provision (Benefit)
Other(1)
 Balance at Jun 30, 2025
Commercial:  
Commercial and industrial $ 1,307  $ (120) $ 31  $ 96  $ (5) $ 1,309 
CRE 604  (38) 3  (6) —  563 
Commercial construction 280  —  1  (22) —  259 
Consumer:
Residential mortgage 227  (1) —  (6) —  220 
Home equity 93  (4) 4  (1) —  92 
Indirect auto 955  (127) 28  134  —  990 
Other consumer 989  (146) 31  177  —  1,051 
Credit card 415  (70) 12  58  —  415 
ALLL 4,870  (506) 110  430  (5) 4,899 
RUFC 296  —  —  58  —  354 
ACL $ 5,166  $ (506) $ 110  $ 488  $ (5) $ 5,253 
(Dollars in millions) Balance at Jan 1, 2024 Charge-Offs Recoveries Provision (Benefit)
Other(1)
 Balance at Jun 30, 2024
Commercial:
Commercial and industrial $ 1,404  $ (180) $ 46  $ 68  $ —  $ 1,338 
CRE 616  (200) 12  233  —  661 
Commercial construction 174  —  1  31  —  206 
Consumer:
Residential mortgage 298  (2) 3  (94) —  205 
Home equity 89  (6) 9  (4) —  88 
Indirect auto 942  (290) 58  235  —  945 
Other consumer 890  (306) 56  318  —  958 
Credit card 385  (151) 18  155  —  407 
ALLL 4,798  (1,135) 203  942  —  4,808 
RUFC 295  —  —  9  (2) 302 
ACL $ 5,093  $ (1,135) $ 203  $ 951  $ (2) $ 5,110 
Truist Financial Corporation 17

(Dollars in millions) Balance at Jan 1, 2025 Charge-Offs Recoveries Provision (Benefit)
Other(1)
 Balance at Jun 30, 2025
Commercial:            
Commercial and industrial $ 1,284  $ (222) $ 55  $ 196  $ (4) $ 1,309 
CRE 643  (108) 10  18  —  563 
Commercial construction 257  —  1  1  —  259 
Consumer:          
Residential mortgage 204  (2) 2  16  —  220 
Home equity 89  (6) 8  1  —  92 
Indirect auto 955  (281) 53  263  —  990 
Other consumer 994  (300) 61  296  —  1,051 
Credit card 431  (144) 23  105  —  415 
ALLL 4,857  (1,063) 213  896  (4) 4,899 
RUFC 304  —  —  50  —  354 
ACL $ 5,161  $ (1,063) $ 213  $ 946  $ (4) $ 5,253 
(1)Includes the amounts for the ALLL for PCD acquisitions and other activity.

The commercial ALLL decreased $60 million, and the consumer and credit card ALLL increased $89 million, in the three months ended June 30, 2025. The decrease in the commercial ALLL primarily reflects a decrease in reserves related to the CRE portfolio that was partially offset by loan growth. The increase in the consumer and credit card ALLL was primarily driven by loan growth in the indirect auto and other consumer portfolios that was partially offset by a release of reserves in the residential mortgage and home equity portfolios. The commercial ALLL decreased $53 million, and the consumer and credit card ALLL increased $95 million, in the six months ended June 30, 2025. The driving factors of these year-to-date changes are generally consistent with those described above.

The quantitative models have been designed to estimate losses using macro-economic forecasts over a reasonable and supportable forecast period of two years, followed by a reversion to long-term historical loss conditions over a one-year period. Forecasts of macroeconomic variables used in loss forecasting include unemployment trends, U.S. real GDP, corporate credit spreads, property values, home price indices, and used car prices.

The overall economic forecast incorporates a third-party baseline forecast adjusted to reflect Truist’s interest rate outlook. Management also considers optimistic and pessimistic third-party macro-economic forecasts in order to capture uncertainty in the economic environment. These forecasts, along with the primary economic forecast, are weighted 40% baseline, 30% optimistic, and 30% pessimistic in the June 30, 2025 ACL, unchanged since December 31, 2024. While the scenario weightings were unchanged, the macroeconomic forecasts are dynamic and evolve with current and expected economic conditions. Risks, including tariff and inflation-related uncertainty not fully captured by the quantitative models and scenario weightings, are incrementally reflected in the qualitative component. The economic outlook continues to reflect risks related to the potential impacts of tariffs and increases to inflation and showed deterioration in the forecasted unemployment rate compared to the earlier quarter. The economic forecasts shaping the quantitative model outcomes of the ACL estimate as of June 30, 2025 included low single-digit GDP growth and a mid-to-high single-digit unemployment rate.

Quantitative models have certain limitations with respect to estimating expected losses, particularly in times of rapidly changing macro-economic conditions and forecasts. As a result, management believes that the qualitative component of the ACL, which incorporates management’s judgment related to expected future credit losses, will continue to be an important component of the ACL for the foreseeable future. The June 30, 2025 ACL estimate includes adjustments to consider the impact of current and expected events or risks not captured by the loss forecasting models, the outcomes of which are uncertain and may not be completely considered by quantitative models. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional information.

18 Truist Financial Corporation

NPAs

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

June 30, 2025 December 31, 2024
Recorded Investment Recorded Investment
(Dollars in millions) Without an ALLL With an ALLL Without an ALLL With an ALLL
Commercial:  
Commercial and industrial $ 76  $ 444  $ 52  $ 469 
CRE 7  121  32  266 
Commercial construction —  1  —  3 
Consumer:
Residential mortgage 4  187  1  165 
Home equity 1  106  1  115 
Indirect auto —  240  23  236 
Other consumer —  64  —  66 
Total $ 88  $ 1,163  $ 109  $ 1,320 

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

(Dollars in millions) Jun 30, 2025 Dec 31, 2024
Nonperforming loans and leases HFI $ 1,251  $ 1,429 
Nonperforming LHFS 12  — 
Foreclosed real estate 4  3 
Other foreclosed property 49  45 
Total nonperforming assets $ 1,316  $ 1,477 
Residential mortgage loans in the process of foreclosure $ 187  $ 169 

Truist Financial Corporation 19

Loan Modifications

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

Three Months Ended June 30, 2025
(Dollars in millions)		 Renewals Term Extensions Interest Rate Adjustments Capitalizations Payment Delays Combination -
Capitalization and Term Extension		 Other Total Modified Loans Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial $ 359  $ —  $ —  $ —  $ —  $ —  $ 20  $ 379  0.23  %
CRE 278  —  —  —  —  —  —  278  1.37 
Commercial construction 45  —  —  —  —  —  —  45  0.54 
Consumer: — 
Residential mortgage —  23  —  26  41  81  17  188  0.33 
Home equity —  —  —  —  —  —  2  2  0.02 
Indirect auto —  12  —  —  567  —  8  587  2.39 
Other consumer —  10  —  —  —  —  —  10  0.03 
Credit card —  —  8  —  —  —  —  8  0.16 
Total $ 682  $ 45  $ 8  $ 26  $ 608  $ 81  $ 47  $ 1,497  0.47 
Six Months Ended June 30, 2025
(Dollars in millions)		 Renewals Term Extensions Interest Rate Adjustments Capitalizations Payment Delays Combination -
Capitalization and Term Extension		 Other Total Modified Loans Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial $ 528  $ —  $ —  $ —  $ 46  $ —  $ 20  $ 594  0.37  %
CRE 476  —  —  —  —  —  —  476  2.35 
Commercial construction 73  —  —  —  —  —  —  73  0.88 
Consumer:
Residential mortgage —  39  —  61  58  162  38  358  0.62 
Home equity —  —  —  —  —  —  3  3  0.03 
Indirect auto —  17  1  —  987  —  16  1,021  4.16 
Other consumer —  19  —  —  —  —  1  20  0.06 
Credit card —  —  16  —  —  —  —  16  0.33 
Total $ 1,077  $ 75  $ 17  $ 61  $ 1,091  $ 162  $ 78  $ 2,561  0.80 
Three Months Ended June 30, 2024
(Dollars in millions)		 Renewals Term Extensions Capitalizations Payment Delays Combination -
Capitalization and Term Extension		 Other Total Modified Loans Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial $ 198  $ —  $ —  $ —  $ —  $ 52  $ 250  0.16  %
CRE 31  —  —  —  —  —  31  0.14 
Commercial construction 5  —  —  —  —  —  5  0.06 
Consumer:
Residential mortgage —  24  14  25  59  15  137  0.25 
Home equity —  1  —  —  —  2  3  0.03 
Indirect auto —  6  —  642  —  7  655  2.98 
Other consumer —  10  —  —  —  1  11  0.04 
Credit card —  —  —  —  —  10  10  0.20 
Total $ 234  $ 41  $ 14  $ 667  $ 59  $ 87  $ 1,102  0.36 
Six Months Ended June 30, 2024
(Dollars in millions)		 Renewals Term Extensions Capitalizations Payment Delays Combination -
Capitalization and Term Extension		 Other Total Modified Loans Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial $ 321  $ —  $ —  $ 2  $ —  $ 67  $ 390  0.25  %
CRE 170  —  —  —  —  13  183  0.84 
Commercial construction 45  —  —  —  —  —  45  0.58 
Consumer:
Residential mortgage —  43  26  33  112  25  239  0.44 
Home equity —  1  —  —  —  5  6  0.06 
Indirect auto —  12  —  989  —  15  1,016  4.62 
Other consumer —  19  —  1  —  2  22  0.08 
Credit card —  —  —  —  —  20  20  0.40 
Total $ 536  $ 75  $ 26  $ 1,025  $ 112  $ 147  $ 1,921  0.63 
20 Truist Financial Corporation

Three Months Ended June 30, 2025
Loan Type Financial Effect
Renewals
Commercial and industrial Extended the term by 14 months and increased the interest rate by 0.4%.
CRE Extended the term by 13 months and increased the interest rate by 0.2%.
Commercial construction Extended the term by 2 months.
Term Extensions
Residential mortgage Extended the term by 90 months.
Indirect auto Extended the term by 28 months.
Other consumer Extended the term by 32 months.
Interest Rate Adjustments
Credit card Decreased the interest rate by 17%.
Capitalizations
Residential mortgage Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Residential mortgage Provided 235 days of payment deferral.
Indirect auto Provided 247 days of payment deferral.
Combination - Capitalization and Term Extension
Residential mortgage Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 94 months.
Six Months Ended June 30, 2025
Loan Type Financial Effect
Renewals
Commercial and industrial Extended the term by 12 months and increased the interest rate by 0.4%.
CRE Extended the term by 15 months and increased the interest rate by 0.1%.
Commercial construction Extended the term by 6 months.
Term Extensions
Residential mortgage Extended the term by 96 months.
Indirect auto Extended the term by 28 months.
Other consumer Extended the term by 29 months.
Interest Rate Adjustments
Indirect auto Decreased the interest rate by 7%.
Credit card Decreased the interest rate by 17%.
Capitalizations
Residential mortgage Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Commercial and industrial Provided 180 days of payment deferral.
Residential mortgage Provided 230 days of payment deferral.
Indirect auto Provided 246 days of payment deferral.
Combination - Capitalization and Term Extension
Residential mortgage Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 96 months.

Truist Financial Corporation 21

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

The tables above exclude trial modifications totaling $42 million and $48 million as of June 30, 2025 and 2024, respectively. Such modifications will be included in the modification activity disclosure if the borrower successfully completes the trial period and the loan modification is finalized.

As of June 30, 2025 and December 31, 2024, Truist had $430 million and $336 million, respectively, in unfunded lending commitments to lend additional funds to borrowers experiencing financial difficulty for which Truist has modified the terms of the loans in the ways described above during the twelve months preceding June 30, 2025 and December 31, 2024, respectively.

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

22 Truist Financial Corporation

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

Payment Status
June 30, 2025
(Dollars in millions)
 Current 30-89 Days Past Due 90 Days or More Past Due Total
Commercial:
Commercial and industrial $ 922  $ 3  $ 23  $ 948 
CRE 678  —  1  679 
Commercial construction 143  —  —  143 
Consumer:
Residential mortgage 343  111  132  586 
Home equity 4  —  —  4 
Indirect auto 1,021  220  32  1,273 
Other consumer 31  2  1  34 
Credit card 18  4  3  25 
Total $ 3,160  $ 340  $ 192  $ 3,692 
Total nonaccrual loans included above $ 166  $ 35  $ 104  $ 305 
Payment Status
December 31, 2024
(Dollars in millions)
 Current 30-89 Days Past Due 90 Days or More Past Due Total
Commercial:
Commercial and industrial $ 974  $ 44  $ 18  $ 1,036 
CRE 313  7  3  323 
Commercial construction 79  —  —  79 
Consumer:
Residential mortgage 279  95  102  476 
Home equity 9  —  —  9 
Indirect auto 1,025  213  35  1,273 
Other consumer 32  3  1  36 
Credit card 20  3  2  25 
Total $ 2,731  $ 365  $ 161  $ 3,257 
Total nonaccrual loans included above $ 232  $ 78  $ 91  $ 401 

Truist Financial Corporation 23

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

June 30, 2025
(Dollars in millions)
 Renewals Term Extensions Interest Rate Adjustments Capitalizations Payment Delays Combination -
Capitalization and Term Extension		 Other Total
Commercial:
Commercial and industrial $ 23  $ —  $ —  $ —  $ —  $ —  $ —  $ 23 
CRE 1  —  —  —  —  —  —  1 
Consumer:
Residential mortgage —  11  —  5  69  40  7  132 
Indirect auto —  1  —  —  29  —  2  32 
Other consumer —  1  —  —  —  —  —  1 
Credit card —  —  3  —  —  —  —  3 
Total $ 24  $ 13  $ 3  $ 5  $ 98  $ 40  $ 9  $ 192 

December 31, 2024
(Dollars in millions)
 Renewals Term Extensions Interest Rate Adjustments Capitalizations Payment Delays Combination -
Capitalization and Term Extension		 Other Total
Commercial:
Commercial and industrial $ 18  $ —  $ —  $ —  $ —  $ —  $ —  $ 18 
CRE 3  —  —  —  —  —  —  3 
Consumer:
Residential mortgage —  13  —  6  44  33  6  102 
Indirect auto —  1  —  —  32  —  2  35 
Other consumer —  1  —  —  —  —  —  1 
Credit card —  —  2  —  —  —  —  2 
Total $ 21  $ 15  $ 2  $ 6  $ 76  $ 33  $ 8  $ 161 

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

The following table presents additional information about loans and leases:

(Dollars in millions) Jun 30, 2025 Dec 31, 2024
Unearned income, discounts, and net deferred loan fees and costs $ 526  $ 595 

24 Truist Financial Corporation

NOTE 6. Goodwill and Other Intangible Assets

The Company monitored events and circumstances during the period from January 1, 2025 to June 30, 2025, including macroeconomic and market factors, industry and banking sector events, Truist specific performance indicators, a comparison of management’s forecast and assumptions to those used in its October 1, 2024 quantitative impairment test, and the sensitivity of the October 1, 2024 quantitative results to changes in assumptions as of June 30, 2025. Based on these considerations, Truist concluded that it was not more-likely-than-not that the fair value of one or more of its reporting units is below its respective carrying amount as of June 30, 2025.

The Company most recently performed its annual goodwill impairment test for its CSBB, WB, and Wealth reporting units as of October 1, 2024. Based on the results of the quantitative analyses, the Company concluded that the fair values of the CSBB, WB and Wealth reporting units exceeded their respective carrying values; therefore, there was no goodwill impairment. However, for the WB reporting unit, the fair value of the reporting unit exceeded its carrying value by approximately 10%, indicating that the goodwill of the WB reporting unit may remain at risk of impairment. The fair values of the CSBB, WB, and Wealth reporting units were estimated using the income approach and a market-based approach, each weighted 50%.

The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. Activity during 2024 primarily relates to the segment realignment and the divestiture of Sterling Capital Management, LLC. Refer to “Note 18. Operating Segments” for additional information on segments and “Note 21. Operating Segments” of the Annual Report on Form 10-K for the year ended December 31, 2024 for additional information on the segment realignment.

(Dollars in millions) CSBB WB Total
Goodwill, January 1, 2024 $ 13,503  $ 3,653  $ 17,156 
Segment realignment (1,498) 1,498  — 
Divestitures —  (32) (32)
Adjustments and other —  1  1 
Goodwill, December 31, 2024 12,005  5,120  17,125 
Goodwill, June 30, 2025 $ 12,005  $ 5,120  $ 17,125 

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

  June 30, 2025 December 31, 2024
(Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount
CDI $ 2,410  $ (1,880) $ 530  $ 2,453  $ (1,837) $ 616 
Other, primarily client relationship intangibles
 1,462  (593) 869  1,458  (524) 934 
Total $ 3,872  $ (2,473) $ 1,399  $ 3,911  $ (2,361) $ 1,550 

Truist Financial Corporation 25

NOTE 7. Loan Servicing

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

Residential Mortgage Activities

The following tables summarize residential mortgage servicing activities:

(Dollars in millions) Jun 30, 2025 Dec 31, 2024
UPB of residential mortgage loan servicing portfolio $ 270,750  $ 273,412 
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate
 213,002  218,475 
Mortgage loans sold with recourse 138  146 
Maximum recourse exposure from mortgage loans sold with recourse liability 87  91 
Indemnification, recourse and repurchase reserves 27  44 
As of / For the Six Months Ended June 30,
(Dollars in millions)		 2025 2024
UPB of residential mortgage loans sold from LHFS $ 4,990  $ 4,651 
Pre-tax gains recognized on mortgage loans sold and held for sale 35  34 
Servicing fees recognized from mortgage loans serviced for others 309  294 
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others
 0.28  % 0.28  %
Weighted average interest rate on mortgage loans serviced for others 3.70  3.63 

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

(Dollars in millions) 2025 2024
Residential MSRs, carrying value, January 1 $ 3,430  $ 3,088 
Additions 102  78 
Sales —  (2)
Change in fair value due to changes in valuation inputs or assumptions (31) 88 
Realization of expected net servicing cash flows, passage of time, and other (151) (135)
Residential MSRs, carrying value, June 30 $ 3,350  $ 3,117 

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

June 30, 2025 December 31, 2024
Range Weighted Average Range Weighted Average
(Dollars in millions) Min Max Min Max
Prepayment speed 6.3  % 13.5  % 7.4  % 6.3  % 11.2  % 7.1  %
Effect on fair value of a 10% increase $ (94) $ (89)
Effect on fair value of a 20% increase (181) (172)
OAS 1.4  % 12.2  % 4.8  % 1.8  % 12.5  % 4.8  %
Effect on fair value of a 10% increase $ (70) $ (70)
Effect on fair value of a 20% increase (137) (138)
Composition of loans serviced for others:      
Fixed-rate residential mortgage loans 99.7  % 99.7  %
Adjustable-rate residential mortgage loans
 0.3  0.3 
Total     100.0  %     100.0  %
Weighted average life     7.5 years     7.6 years

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


Commercial Mortgage Activities

The following table summarizes commercial mortgage servicing activities:

(Dollars in millions) Jun 30, 2025 Dec 31, 2024
UPB of CRE mortgages serviced for others $ 27,007  $ 27,845 
CRE mortgages serviced for others covered by recourse provisions 9,731  9,985 
Maximum recourse exposure from CRE mortgages sold with recourse liability 2,866  2,940 
Recorded reserves related to recourse exposure 11  11 
CRE mortgages originated during the year-to-date period 277  1,467 
Commercial MSRs at fair value 238  265 


NOTE 8. Other Assets and Liabilities

Lessee Operating and Finance Leases

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

June 30, 2025 December 31, 2024
(Dollars in millions) Operating Leases Finance Leases Operating Leases Finance Leases
ROU assets $ 1,042  $ 17  $ 1,015  $ 17 
Lease liabilities 1,303  19  1,301  19 
Weighted average remaining term 6.7 years 7.7 years 6.7 years 7.8 years
Weighted average discount rate 3.6  % 5.1  % 3.5  % 5.1  %
Three Months Ended June 30, Six Months Ended June 30,
(Dollars in millions) 2025 2024 2025 2024
Operating lease costs $ 69  $ 66  $ 137  $ 143 

Lessor Operating Leases

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

(Dollars in millions) Jun 30, 2025 Dec 31, 2024
Assets held under operating leases(1)(2)
 $ 1,917  $ 1,843 
Accumulated depreciation (534) (539)
Net $ 1,383  $ 1,304 
(1)Includes certain land parcels subject to operating leases that have indefinite lives.
(2)Excludes operating leases held-for-sale that totaled $22 million and $18 million at June 30, 2025 and December 31, 2024, respectively.

Truist Financial Corporation 27

NOTE 9. Borrowings

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

(Dollars in millions) Jun 30, 2025 Dec 31, 2024
Truist Financial Corporation:(1)
Fixed rate senior notes $ 21,821  $ 22,134 
Fixed rate subordinated notes(2)
 1,823  1,828 
Capital notes(2)
 636  634 
Truist Bank:(1)
Fixed rate senior notes 1,748  1,744 
Fixed rate subordinated notes(2)
 4,796  4,771 
Floating rate FHLB advances
 12,150  2,400 
Other long-term debt(3)
 1,453  1,445 
Total long-term debt $ 44,427  $ 34,956 
(1)Certain senior and subordinated notes convert from fixed to floating one year prior to maturity, and are callable within the final year of maturity at par.
(2)Subordinated and capital notes with a remaining maturity of one year or greater qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations.
(3)Includes debt associated with finance leases, tax credit investments, and other.

In July 2025, Truist redeemed all $1.5 billion principal amount outstanding of its fixed-to-floating rate senior holding company notes due July 28, 2026.

In July 2025, Truist issued $1.5 billion principal amount of fixed-to-floating rate senior bank notes with an interest rate of 4.42% due July 24, 2028 and $500 million floating rate senior bank notes due July 24, 2028.

NOTE 10. Shareholders’ Equity

Dividends on Common and Preferred Stock

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

(Dollars in millions, except per share data) Dividends Per Share Aggregate Dividends
Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024 2025 2024 2025 2024
Common stock $ 0.52  $ 0.52  $ 1.04  $ 1.04  $ 670  $ 696  $ 1,349  $ 1,390 
Preferred stock:
Series I 1,286.86  1,598.23  2,588.71  3,159.45  2  3  4  5 
Series J 1,315.93  1,628.26  2,646.85  3,218.54  2  2  3  3 
Series L —  2,269.81  —  4,481.17  —  16  —  33 
Series M 2,562.50  2,562.50  2,562.50  2,562.50  13  13  13  13 
Series N —  —  833.63  600.00  —  —  56  41 
Series O 328.13  328.13  656.25  656.25  7  7  15  15 
Series P 618.75  618.75  618.75  618.75  25  25  25  25 
Series Q —  —  637.50  637.50  —  —  26  26 
Series R 296.88  296.88  593.75  593.75  11  11  22  22 
Total preferred stock $ 60  $ 77  $ 164  $ 183 

Share Repurchase Activity

In June 2024, Truist announced that the Board had authorized the repurchase of up to $5.0 billion of common stock beginning in the third quarter of 2024 through 2026 as part of Truist’s overall capital distribution strategy. For the six months ended June 30, 2025, the Company repurchased $1.3 billion of common stock, including excise tax, which represented 31.5 million shares, through open market repurchases. Repurchased shares revert to the status of authorized and unissued shares upon repurchase. At June 30, 2025, Truist had remaining authorization to repurchase up to $2.8 billion of common stock under the Board approved repurchase plan.

28 Truist Financial Corporation

NOTE 11. AOCI

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

(Dollars in millions) Pension and OPEB Costs Cash Flow Hedges AFS Securities HTM Securities Other, net Total
AOCI balance, April 1, 2024 $ (1,078) $ (490) $ (9,354) $ (2,296) $ (4) $ (13,222)
OCI before reclassifications, net of tax 34  (99) (325) —  1  (389)
Amounts reclassified from AOCI:          
Before tax —  79  6,529  75  —  6,683 
Tax effect —  18  1,540  18  —  1,576 
Amounts reclassified, net of tax —  61  4,989  57  —  5,107 
Total OCI, net of tax 34  (38) 4,664  57  1  4,718 
AOCI balance, June 30, 2024 $ (1,044) $ (528) $ (4,690) $ (2,239) $ (3) $ (8,504)
AOCI balance, April 1, 2025 $ (643) $ (432) $ (4,095) $ (2,075) $ (5) $ (7,250)
OCI before reclassifications, net of tax 1  205  69  —  5  280 
Amounts reclassified from AOCI:          
Before tax 1  92  (66) 71  —  98 
Tax effect —  22  (13) 12  —  21 
Amounts reclassified, net of tax 1  70  (53) 59  —  77 
Total OCI, net of tax 2  275  16  59  5  357 
AOCI balance, June 30, 2025 $ (641) $ (157) $ (4,079) $ (2,016) $ —  $ (6,893)
(Dollars in millions) Pension and OPEB Costs Cash Flow Hedges AFS Securities HTM Securities Other, net Total
AOCI balance, January 1, 2024 $ (1,079) $ (300) $ (8,778) $ (2,347) $ (2) $ (12,506)
OCI before reclassifications, net of tax(1)
 35  (331) (780) —  (1) (1,077)
Amounts reclassified from AOCI:          
Before tax —  134  6,371  141  —  6,646 
Tax effect —  31  1,503  33  —  1,567 
Amounts reclassified, net of tax —  103  4,868  108  —  5,079 
Total OCI, net of tax 35  (228) 4,088  108  (1) 4,002 
AOCI balance, June 30, 2024 $ (1,044) $ (528) $ (4,690) $ (2,239) $ (3) $ (8,504)
AOCI balance, January 1, 2025 $ (648) $ (861) $ (4,573) $ (2,125) $ (6) $ (8,213)
OCI before reclassifications, net of tax 6  563  612  —  6  1,187 
Amounts reclassified from AOCI:          
Before tax 1  185  (151) 136 —  171 
Tax effect —  44  (33) 27 —  38 
Amounts reclassified, net of tax 1  141  (118) 109  —  133 
Total OCI, net of tax 7  704  494  109  6  1,320 
AOCI balance, June 30, 2025 $ (641) $ (157) $ (4,079) $ (2,016) $ —  $ (6,893)
Primary income statement location of amounts reclassified from AOCI
 Other expense Net interest income Securities gains (losses) and Interest on securities Interest on securities Other income
(1)Includes the impact of the remeasurement of the pension plan and the reduction of pension benefit obligations following the sale of TIH. Refer to “Note 13. Benefit Plans” for additional information.
Truist Financial Corporation 29

NOTE 12. Income Taxes

For the three months ended June 30, 2025, the provision for income taxes was $273 million compared to a benefit from income taxes of $1.3 billion for the three months ended June 30, 2024, representing effective tax rates of 18.0% and 25.3%, respectively. For the six months ended June 30, 2025, the provision for income taxes was $547 million compared to a benefit from income taxes of $1.1 billion for the six months ended June 30, 2024, representing effective tax rates of 17.9% and 28.3%, respectively. The benefit from income taxes for the three and six months ended June 30, 2024 was driven by the discrete impact of the balance sheet repositioning of securities. The Company calculated the provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income and adjusting for discrete items that occurred during the period.

NOTE 13. Benefit Plans

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

Three Months Ended June 30, Six Months Ended June 30,
(Dollars in millions) Income Statement Location 2025 2024 2025 2024
Service cost(1)
 Personnel expense / Net income from discontinued operations $ 69  $ 84  $ 137  $ 180 
Interest cost Other expense 114  112  228  220 
Estimated return on plan assets Other expense (242) (238) (485) (482)
Amortization and other Other expense —  —  —  1 
Net periodic (benefit) cost $ (59) $ (42) $ (120) $ (81)
(1)Includes $2 million and $10 million for the three and six months ended June 30, 2024, respectively, of service cost reported in net income from discontinued operations for the qualified defined benefit pension plan for employees of TIH.

Truist may make contributions to the qualified pension plans up to the maximum amount deductible for federal income tax purposes. Truist did not make a discretionary contribution to the qualified pension plan during the six months ended June 30, 2025.

30 Truist Financial Corporation

NOTE 14. Commitments and Contingencies

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

Tax Credit and Certain Equity Investments

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

(Dollars in millions) Balance Sheet Location Jun 30, 2025 Dec 31, 2024
Investments in affordable housing projects and other qualified tax credits:    
Carrying amount Other assets $ 7,743  $ 7,782 
Amount of future funding commitments included in carrying amount Other liabilities 2,410  2,667 
Lending exposure Loans and leases for funded amounts 2,220  2,376 
Renewable energy investments:
Carrying amount Other assets 840  551 
Amount of future funding commitments not included in carrying amount NA 503  702 
SBIC and certain other equity method investments:
Carrying amount Other assets 947  878 
Amount of future funding commitments not included in carrying amount NA 598  613 

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

Three Months Ended June 30, Six Months Ended June 30,
(Dollars in millions) Income Statement Location 2025 2024 2025 2024
Tax credits:
Investments in affordable housing projects, other qualified tax credits, and other community development investments Provision for income taxes $ 209  $ 185  $ 420  $ 370 
Amortization and other changes in carrying amount:
Investments in affordable housing projects and other qualified tax credits Provision for income taxes $ 186  $ 170  $ 374  $ 341 
Other community development investments Other noninterest income 3  3  5  5 

Letters of Credit and Financial Guarantees

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

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

(Dollars in millions) Jun 30, 2025 Dec 31, 2024
Commitments to extend, originate, or purchase credit and other commitments $ 221,244  $ 210,645 
Residential mortgage loans sold with recourse 138  146 
CRE mortgages serviced for others covered by recourse provisions 9,731  9,985 
Other loans serviced for others covered by recourse and other provisions 2,388  2,022 
Letters of credit 8,399  7,532 

Truist Financial Corporation 31

Total Return Swaps

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

(Dollars in millions) Jun 30, 2025 Dec 31, 2024
Total return swaps:
VIE assets $ 2,396  $ 1,854 
Trading loans and bonds 2,014  1,473 
VIE liabilities 379  356 

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

Pledged Assets

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

(Dollars in millions) Jun 30, 2025 Dec 31, 2024
Pledged securities $ 36,759  $ 48,058 
Pledged loans:
FRB 103,542  93,497 
FHLB 73,185  71,931 
Unused borrowing capacity:
FRB 80,374  72,040 
FHLB 30,417  31,411 

Legal Proceedings and Other Matters

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

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

32 Truist Financial Corporation

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

The Company estimates reasonably possible losses, in excess of amounts accrued, of up to approximately $375 million as of June 30, 2025. This estimate does not represent Truist’s maximum loss exposure, and actual losses may vary significantly. Also, the outcome of a particular matter may be one that the Company did not take into account in its estimate because the Company judged the likelihood of that outcome to be remote. In addition, the matters underlying this estimate may change from time to time. Estimated losses, like accruals, are based upon currently available information and involve considerable uncertainties and judgment.

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

The following is a description of a legal proceeding in which Truist is involved:

Bickerstaff v. SunTrust Bank

This class action case was filed in Fulton County State Court on July 12, 2010, and an amended complaint was filed on August 9, 2010. Plaintiff alleges that all overdraft fees charged to his account which related to debit card and ATM transactions are actually interest charges and therefore subject to the usury laws of Georgia. The amended complaint asserts claims for violations of civil and criminal usury laws, conversion, and money had and received, and seeks damages on a class-wide basis, including refunds of challenged overdraft fees and pre-judgment interest. On October 6, 2017, the trial court granted plaintiff’s motion for class certification and defined the class as “Every Georgia citizen who had or has one or more accounts with SunTrust Bank and who, from July 12, 2006, to October 6, 2017 (i) had at least one overdraft of $500.00 or less resulting from an ATM or debit card transaction (the “Transaction”); (ii) paid any Overdraft Fees as a result of the Transaction; and (iii) did not receive a refund of those Fees,” and the granting of a certified class was affirmed on appeal. The class sought a return of up to $452 million in paid overdraft fees plus prejudgment interest, which based on this amount of claimed fees would have been estimated at approximately $447 million as of June 30, 2025. A court-ordered mediation was held on February 28, 2024, but no resolution was reached. On March 4, 2024, the trial court issued an order granting in part and denying in part Truist’s motions to amend the class definition to narrow the scope of the class, to compel arbitration against certain class members, and for summary judgment. Truist and the class separately appealed the trial court’s order to the Georgia Court of Appeals.

On February 20, 2025, the Court of Appeals ruled on the appeals and affirmed in part and reversed in part the trial court’s March 4, 2024 order. Truist and the class filed motions to reconsider with the Court of Appeals, which were denied on March 19, 2025. On April 8, 2025, Truist filed a petition for a writ of certiorari with the Georgia Supreme Court, which remains pending. The class did not seek such a writ, and therefore, the rulings by the Court of Appeals in favor of Truist are final.

Truist Financial Corporation 33

NOTE 15. Fair Value Disclosures

Recurring Fair Value Measurements

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

•Level 1: Quoted prices for identical instruments in active markets
•Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets
•Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable

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

June 30, 2025
(Dollars in millions)		 Total Level 1 Level 2 Level 3
Netting Adjustments(1)
Assets:        
Trading assets:
U.S. Treasury $ 220  $ —  $ 220  $ —  $ — 
GSE 42  —  42  —  — 
States and political subdivisions 796  —  796  —  — 
Corporate and other debt securities 1,720  —  1,720  —  — 
Loans 2,184  —  2,184  —  — 
Equity securities 916  916  —  —  — 
Other 85  —  85  —  — 
Total trading assets 5,963  916  5,047  —  — 
AFS securities:  
U.S. Treasury 13,471  —  13,471  —  — 
GSE 435  —  435  —  — 
Agency MBS – residential 49,455  —  49,455  —  — 
Agency MBS – commercial 2,653  —  2,653  —  — 
States and political subdivisions 361  —  361  —  — 
Other 15  —  15  —  — 
Total AFS securities 66,390  —  66,390  —  — 
LHFS at fair value 1,105  —  1,105  —  — 
Loans and leases 12  —  —  12  — 
Loan servicing rights at fair value 3,612  —  —  3,612  — 
Other assets:
Derivative assets 1,647  1,212  2,121  6  (1,692)
Equity securities 330  278  52  —  — 
Total assets $ 79,059  $ 2,406  $ 74,715  $ 3,630  $ (1,692)
Liabilities:        
Interest-bearing deposits:
Brokered time deposits $ 396  $ —  $ 396  $ —  $ — 
Short-term borrowings:
Securities sold short 1,999  497  1,502  —  — 
Other trading liabilities 200  —  200  —  — 
Other liabilities:
Derivative liabilities 1,812  546  4,024  26  (2,784)
Total liabilities $ 4,407  $ 1,043  $ 6,122  $ 26  $ (2,784)
34 Truist Financial Corporation

December 31, 2024
(Dollars in millions)		 Total Level 1 Level 2 Level 3
Netting Adjustments(1)
Assets:        
Trading assets:
U.S. Treasury $ 143  $ —  $ 143  $ —  $ — 
GSE 41  —  41  —  — 
States and political subdivisions 786  —  786  —  — 
Corporate and other debt securities 1,679  —  1,679  —  — 
Loans 1,671  —  1,671  —  — 
Equity securities 413  413  —  —  — 
Other 367  267  100  —  — 
Total trading assets 5,100  680  4,420  —  — 
AFS securities:  
U.S. Treasury 14,411  —  14,411  —  — 
GSE 403  —  403  —  — 
Agency MBS – residential 49,959  —  49,959  —  — 
Agency MBS – commercial 2,293  —  2,293  —  — 
States and political subdivisions 382  —  382  —  — 
Other 16  —  16  —  — 
Total AFS securities 67,464  —  67,464  —  — 
LHFS at fair value 1,233  —  1,233  —  — 
Loans and leases 13  —  —  13  — 
Loan servicing rights at fair value 3,708  —  —  3,708  — 
Other assets:  
Derivative assets 966  1,147  1,675  2  (1,858)
Equity securities 305  298  7  —  — 
Total assets $ 78,789  $ 2,125  $ 74,799  $ 3,723  $ (1,858)
Liabilities:        
Interest-bearing deposits:
Brokered time deposits $ 192  $ —  $ 192  $ —  $ — 
Short-term borrowings:
Securities sold short 1,694  358  1,336  —  — 
Other trading liabilities 202  —  202  —  — 
Other liabilities:
Derivative liabilities 2,286  569  4,088  43  (2,414)
Total liabilities $ 4,374  $ 927  $ 5,818  $ 43  $ (2,414)
(1)Refer to “Note 16. Derivative Financial Instruments” for additional discussion on netting adjustments.

At June 30, 2025 and December 31, 2024, investments totaling $584 million and $535 million, respectively, have been excluded from the table above as they are valued based on net asset value as a practical expedient. These investments primarily consist of certain SBIC funds.

For additional information on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities that are measured at fair value on a recurring basis, see “Note 18. Fair Value Disclosures” of the Annual Report on Form 10-K for the year ended December 31, 2024.

Truist Financial Corporation 35

Activity for Level 3 assets and liabilities is summarized below:

Three Months Ended June 30, 2025 and 2024
(Dollars in millions)		 Loans and Leases Loan Servicing Rights Net Derivatives
Balance at April 1, 2024 $ 14  $ 3,417  $ (21)
Total realized and unrealized gains (losses):
Included in earnings —  30  (4)
Issuances —  52  12 
Sales —  (1) — 
Settlements —  (88) (7)
Balance at June 30, 2024 $ 14  $ 3,410  $ (20)
Balance at April 1, 2025 $ 12  $ 3,628  $ (33)
Total realized and unrealized gains (losses):
Included in earnings —  27  2 
Issuances —  54  13 
Settlements —  (97) (2)
Balance at June 30, 2025 $ 12  $ 3,612  $ (20)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2025 $ —  $ 27  $ 4 
Six Months Ended June 30, 2025 and 2024
(Dollars in millions)		 Loans and Leases Loan Servicing Rights Net Derivatives
Balance at January 1, 2024 $ 15  $ 3,378  $ (19)
Total realized and unrealized gains (losses):  
Included in earnings —  112  (7)
Issuances —  84  11 
Sales —  (2) — 
Settlements (1) (162) (5)
Balance at June 30, 2024 $ 14  $ 3,410  $ (20)
Balance at January 1, 2025 $ 13  $ 3,708  $ (41)
Total realized and unrealized gains (losses):
Included in earnings —  (29) 8 
Issuances —  111  17 
Settlements (1) (178) (4)
Balance at June 30, 2025 $ 12  $ 3,612  $ (20)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2025 $ —  $ (29) $ 1 
Primary income statement location of realized gains (losses) included in earnings
 Other income Mortgage banking income Mortgage banking income and other income

Fair Value Option

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

  June 30, 2025 December 31, 2024
(Dollars in millions) Fair Value UPB Difference Fair Value UPB Difference
Trading loans $ 2,184  $ 2,240  $ (56) $ 1,671  $ 1,697  $ (26)
Loans and leases 12  13  (1) 13  14  (1)
LHFS at fair value 1,105  1,084  21  1,233  1,232  1 
Brokered time deposits 396  399  (3) 192  195  (3)
36 Truist Financial Corporation


Nonrecurring Fair Value Measurements

The following table provides information about certain assets measured at fair value on a nonrecurring basis still held as of period end with valuation adjustments recorded during the period. The carrying values represent end of period values, which approximate the fair value.

(Dollars in millions) Fair Value Hierarchy Jun 30, 2025 Dec 31, 2024
Carrying value:
LHFS Level 2 $ 60  $ — 
LHFS Level 3 3  4 
Loans and leases(1)
 Level 3 293  525 
Other Level 3 103  147 
(1)Total loans and leases measured at fair value on a nonrecurring basis still held as of period end were $485 million and $682 million at June 30, 2025 and December 31, 2024, respectively.

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

Six Months Ended June 30,
(Dollars in millions) 2025 2024
Valuation adjustments:
LHFS $ (68) $ (16)
Loans and leases (420) (557)
Other (148) (166)

LHFS with valuation adjustments in the table above consisted primarily of residential mortgages and commercial loans that were valued using market prices and measured at LOCOM.

Loans and leases consist of larger commercial loans and leases that are collateral-dependent and other secured loans and leases that have been charged-off to the fair value of the collateral. Valuation adjustments for loans and leases are primarily recorded in the Provision for credit losses in the Consolidated Statement of Income. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional discussion of individually evaluated loans and leases.

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

Truist Financial Corporation 37

Financial Instruments Not Recorded at Fair Value

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

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

June 30, 2025 December 31, 2024
(Dollars in millions) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value
Financial assets:
HTM securities Level 2 $ 48,973  $ 39,611  $ 50,640  $ 40,286 
Loans and leases HFI, net of ALLL Level 3 313,885  309,836  301,513  294,190 
Financial liabilities:    
Time deposits Level 2 47,271  47,147  36,532  36,377 
Long-term debt Level 2 44,427  44,610  34,956  34,917 

The carrying value of the RUFC, which approximates the fair value, was $354 million and $304 million at June 30, 2025 and December 31, 2024, respectively. Cash and due from banks, interest-bearing deposits with banks, securities borrowed or purchased under agreements to resell, and short-term borrowings are reflected in the Consolidated balance sheets at cost, which approximates the fair value due to the short-term nature of these instruments and their limited inherent credit risk.

38 Truist Financial Corporation

NOTE 16. Derivative Financial Instruments

Impact of Derivatives on the Consolidated Balance Sheets

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

June 30, 2025 December 31, 2024
  Notional Amount Fair Value Notional Amount Fair Value
(Dollars in millions) Assets Liabilities Assets Liabilities
Cash flow hedges:            
Interest rate contracts:            
Swaps hedging commercial loans $ 66,335  $ —  $ —  $ 66,585  $ —  $ — 
Fair value hedges:      
Interest rate contracts:      
Swaps hedging long-term debt 23,258  —  —  17,368  —  — 
Swaps hedging AFS securities 28,587  —  —  30,126  —  — 
Total 51,845  —  —  47,494  —  — 
Not designated as hedges:            
Client-related and other risk management:            
Interest rate contracts:            
Swaps 165,734  537  (1,104) 146,194  488  (1,706)
Written options 9,662  17  (31) 9,623  16  (49)
Purchased options 9,660  25  (1) 11,321  29  (1)
Futures and forwards 3,685  3  (7) 4,782  1  (2)
Foreign exchange contracts:
Swaps 10,126  468  (415) 7,397  128  (114)
Futures and forwards 21,766  339  (368) 21,966  311  (270)
Other 2,342  43  (38) 760  5  (4)
Equity contracts:
Written options 30,712  13  (2,025) 28,228  12  (2,102)
Purchased options 15,761  1,392  (94) 11,956  1,366  (23)
Other 1,220  38  (28) 1,730  6  (41)
Commodity contracts 10,357  402  (379) 10,988  318  (297)
Credit contracts:
Credit default swaps 1,529  —  (1) 685  —  — 
Total return swaps 2,013  15  (5) 1,485  25  (13)
Risk participation agreements 7,666  —  (3) 7,388  —  (2)
Total 292,233  3,292  (4,499) 264,503  2,705  (4,624)
MSRs and mortgage banking:            
Interest rate contracts:            
Swaps 16,312  —  —  20,696  —  — 
Written options 748  10  —  1,932  32  (6)
Purchased options 8,084  16  (80) 8,910  60  (46)
Interest rate lock commitments 922  6  (2) 939  2  (13)
When issued securities, forward rate agreements, forward commitments, and futures
 4,526  15  (15) 5,261  25  (11)
Total 30,592  47  (97) 37,738  119  (76)
Total derivatives not designated as hedges 322,825  3,339  (4,596) 302,241  2,824  (4,700)
Total derivatives $ 441,005  3,339  (4,596) $ 416,320  2,824  (4,700)
Gross amounts in the Consolidated Balance Sheets:        
Amounts subject to master netting arrangements and exchange traded derivatives
 (1,543) 1,543    (1,408) 1,408 
Cash collateral (received) posted for amounts subject to master netting arrangements
   (149) 1,241    (450) 1,006 
Net amount   $ 1,647  $ (1,812)   $ 966  $ (2,286)

Truist Financial Corporation 39

The following table presents the offsetting of derivative instruments including financial instrument collateral related to legally enforceable master netting agreements and amounts held or pledged as collateral. GAAP does not permit netting of non-cash collateral balances in the Consolidated Balance Sheets. Refer to "Note 3. Securities Financing Activities" for information about the Company's securities financing transactions subject to master netting (or similar) arrangements.

June 30, 2025
(Dollars in millions)		 Gross Amount Amount Offset Net Amount in Consolidated Balance Sheets
Held/Pledged Financial Instruments(1)
 Net Amount
Derivative assets:
Derivatives subject to master netting arrangement or similar arrangement $ 1,942  $ (1,147) $ 795  $ —  $ 795 
Derivatives not subject to master netting arrangement or similar arrangement 185  —  185  —  185 
Exchange traded derivatives 1,212  (545) 667  —  667 
Total derivative assets $ 3,339  $ (1,692) $ 1,647  $ —  $ 1,647 
Derivative liabilities:
Derivatives subject to master netting arrangement or similar arrangement $ (3,349) $ 2,239  $ (1,110) $ 99  $ (1,011)
Derivatives not subject to master netting arrangement or similar arrangement (701) —  (701) —  (701)
Exchange traded derivatives (546) 545  (1) —  (1)
Total derivative liabilities $ (4,596) $ 2,784  $ (1,812) $ 99  $ (1,713)
December 31, 2024
(Dollars in millions)		 Gross Amount Amount Offset Net Amount in Consolidated Balance Sheets
Held/Pledged Financial Instruments(1)
 Net Amount
Derivative assets:
Derivatives subject to master netting arrangement or similar arrangement $ 1,599  $ (1,293) $ 306  $ —  $ 306 
Derivatives not subject to master netting arrangement or similar arrangement 78  —  78  —  78 
Exchange traded derivatives 1,147  (565) 582  —  582 
Total derivative assets $ 2,824  $ (1,858) $ 966  $ —  $ 966 
Derivative liabilities:
Derivatives subject to master netting arrangement or similar arrangement $ (3,379) $ 1,849  $ (1,530) $ 94  $ (1,436)
Derivatives not subject to master netting arrangement or similar arrangement (752) —  (752) —  (752)
Exchange traded derivatives (569) 565  (4) —  (4)
Total derivative liabilities $ (4,700) $ 2,414  $ (2,286) $ 94  $ (2,192)
(1)The fair value of held/pledged financial instruments is limited to the carrying amount of the associated derivative asset or liability.

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

June 30, 2025 December 31, 2024
Carrying Amount of the Hedged Assets and Liabilities(1)
 Hedge Basis Adjustment
Carrying Amount of the Hedged Assets and Liabilities(1)
 Hedge Basis Adjustment
(Dollars in millions) Items Currently Designated Discontinued Hedges Items Currently Designated Discontinued Hedges
AFS securities(2)
 $ 41,809  $ 91  $ 14  $ 43,621  $ (503) $ 15 
Loans and leases 209  —  4  297  —  5 
Long-term debt 28,931  122  (452) 29,469  (121) (533)
(1)Carrying value shown represents amortized cost.
(2)As of June 30, 2025, closed portfolios of securities hedged under the portfolio layer method have an amortized cost of $29.7 billion, of which $17.4 billion was designated as hedged. As of December 31, 2024, closed portfolios of securities hedged under the portfolio layer method have an amortized cost of $30.5 billion, of which $18.0 billion was designated as hedged. The remaining amount of amortized cost is from securities with terminated hedges where the basis adjustment is being amortized into earnings using the effective interest method over the contractual life of the security and hedges not designated under the portfolio-layer method.

40 Truist Financial Corporation

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

Derivatives Designated as Hedging Instruments under GAAP

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

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

Three Months Ended June 30, Six Months Ended June 30,
(Dollars in millions) 2025 2024 2025 2024
Pre-tax gain (loss) recognized in OCI:
Commercial loans $ 267  $ (129) $ 736  $ (432)
Pre-tax gain (loss) reclassified from AOCI into interest expense or interest income:
Commercial loans (92) (79) (185) (134)

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

Three Months Ended June 30, Six Months Ended June 30,
(Dollars in millions) 2025 2024 2025 2024
Investment securities:
Amounts related to interest settlements $ 70  $ 115  $ 141  $ 278 
Recognized on derivatives (199) 185  (591) 627 
Recognized on hedged items
 210  (172) 611  (608)
Net income (expense) recognized(1)
 81  128  161  297 
Loans and leases:
Recognized on hedged items
 —  —  (1) (1)
Long-term debt:
Amounts related to interest settlements (18) (51) (40) (90)
Recognized on derivatives 92  (63) 244  (295)
Recognized on hedged items
 (128) 41  (323) 252 
Net income (expense) recognized (54) (73) (119) (133)
Net income (expense) recognized, total
 $ 27  $ 55  $ 41  $ 163 
(1)Includes $9 million and $18 million of income recognized for the three and six months ended June 30, 2025, respectively, and $10 million and $20 million for the three and six months ended June 30, 2024, respectively, from securities with terminated hedges that were reclassified to HTM. The income recognized was offset by the amortization of the fair value mark.
Truist Financial Corporation 41

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

(Dollars in millions) Jun 30, 2025 Dec 31, 2024
Cash flow hedges:
Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI $ (13) $ (722)
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2029)
 (144) (139)
Maximum time period over which Truist is hedging a portion of the variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing instruments
 4 years 5 years
Fair value hedges:
Unrecognized pre-tax net gain (loss) on terminated hedges(1)
 $ (115) $ (180)
(1)Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $355 million at June 30, 2025 and $373 million at December 31, 2024.

Of the after-tax net loss on active and terminated cash flow hedges in OCI as of June 30, 2025, losses of $173 million after-tax are expected to be reclassified into earnings in the next 12 months.

Derivatives Not Designated as Hedging Instruments under GAAP

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

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

Three Months Ended June 30, Six Months Ended June 30,
(Dollars in millions) Income Statement Location 2025 2024 2025 2024
Client-related and other risk management:    
Interest rate contracts Investment banking and trading income and other income $ 10  $ 27  $ 21  $ 66 
Foreign exchange contracts Investment banking and trading income and other income (164) 36  (213) 101 
Equity contracts Investment banking and trading income, other income, and personnel expense (38) 7  15  (10)
Credit contracts Investment banking and trading income and other income (26) 14  (12) (10)
Commodity contracts Investment banking and trading income 3  4  6  6 
MSRs and mortgage banking:    
Interest rate contracts Mortgage banking income (18) (24) 19  (122)
Total $ (233) $ 64  $ (164) $ 31 

42 Truist Financial Corporation

Credit Derivative Instruments

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

Truist has entered into risk participation agreements to share the credit exposure with other financial institutions on client-related interest rate derivative contracts. Under these agreements, the Company has guaranteed payment to a dealer counterparty in the event the counterparty experiences a loss on the derivative due to a failure to pay by the counterparty’s client. The Company manages its payment risk on its risk participations by monitoring the creditworthiness of the underlying clients through the normal credit review process that the Company would have performed had it entered into a derivative directly with the obligors. At June 30, 2025, the remaining terms on these risk participations ranged from less than one year to nine years. The potential future exposure represents the Company’s maximum estimated exposure to written risk participations, as measured by projecting a maximum value of the guaranteed derivative instruments based on scenario simulations and assuming 100% default by all obligors on the maximum value.

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

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

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

(Dollars in millions) Jun 30, 2025 Dec 31, 2024
Risk participation agreements:
Maximum potential amount of exposure
 $ 429  $ 381 
Total return swaps:
Cash received for variation margin 15  25 
Cash and other collateral received for initial margin 506  329 

Truist Financial Corporation 43

NOTE 17. Computation of EPS

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

  Three Months Ended June 30, Six Months Ended June 30,
(Dollars in millions, except per share data, shares in thousands) 2025 2024 2025 2024
Net income (loss) available to common shareholders from continuing operations $ 1,180  $ (3,983) $ 2,337  $ (2,956)
Net income available to common shareholders from discontinued operations —  4,809  —  4,873 
Net income available to common shareholders $ 1,180  $ 826  $ 2,337  $ 1,917 
Weighted average number of common shares 1,292,292  1,338,149  1,299,833  1,336,620 
Effect of dilutive outstanding equity-based awards 12,713  —  14,946  — 
Weighted average number of diluted common shares 1,305,005  1,338,149  1,314,779  1,336,620 
Basic EPS from continuing operations $ 0.91  $ (2.98) $ 1.80  $ (2.21)
Basic EPS from discontinued operations —  3.60  —  3.64 
Basic EPS $ 0.91  $ 0.62  $ 1.80  $ 1.43 
Diluted EPS from continuing operations $ 0.90  $ (2.98) $ 1.78  $ (2.21)
Diluted EPS from discontinued operations —  3.60  —  3.64 
Diluted EPS $ 0.90  $ 0.62  $ 1.78  $ 1.43 
Anti-dilutive awards 174  11,975  5  12,082 

44 Truist Financial Corporation

NOTE 18. Operating Segments

Truist operates and measures business activity across two segments: CSBB and WB, with functional activities included in OT&C. The Company’s business segment structure is based on the manner in which financial information is evaluated by management as well as the products and services provided or the type of client served. The Chairman and CEO is the Truist CODM. The CODM regularly reviews segment net income and its significant components in comparison to expected results as part of evaluating segment performance and optimizing resource allocation. In this regular review, segment net income typically excludes amortization of intangibles, restructuring charges, and goodwill impairment which are separately presented in the table below.

Consumer and Small Business Banking

CSBB serves retail, premier, and small business clients, providing checking, money market, savings, time and other deposits, payment services, and lending solutions through digital banking, an extensive network of community banking branches, ATMs, virtual service centers, and other channels. Lending solutions include credit cards, personal and unsecured loans originated through the branch network and digital channels; national indirect lending services providing a comprehensive set of technology-enabled consumer lending solutions, including point-of-sale offerings for autos, recreational vehicles, outdoor power sports, outdoor power equipment, and home improvement; and real estate lending providing residential mortgages through retail, direct, and correspondent channels, and home equity loans delivered through the branch network.

Wholesale Banking

WB provides a comprehensive set of products, solutions, and advisory services to commercial, corporate, institutional, and wealth clients. Banking expertise and product capabilities are delivered through a combination of regional coverage across the Truist footprint and national industry coverage for real estate, investment banking, and capital markets clients. WB works with clients to meet their core banking needs, including traditional and specialized credit solutions and commercial payments to manage deposits and liquidity, payables, and receivables. Through investment banking capabilities, clients have full access to strategic advisory services, debt and equity capital markets, leveraged finance, and securitizations, with distribution channels and market making across both fixed income and equity markets. WB also invests in certain affordable housing, New Market Tax Credit, and renewable energy tax credit investments. For additional information on these investments, see “Note 14. Commitments and Contingencies”. The wealth business delivers asset management, trust, brokerage, and investment management, as well as specialized commercial products, while aligning closely with regional and industry banking coverage.

Other, Treasury & Corporate

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

Truist promotes revenue growth by bringing the full breadth and depth of Truist’s products and services to meet clients’ financial needs. The objective is to deepen client relationships and deliver the best financial experience in the marketplace. Revenues of certain products and services are reflected in the results of the segment providing those products and services and are also allocated to CSBB and WB. These allocated revenues between segments are reflected as net referral fees in noninterest income and eliminated in OT&C.

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

Because business segment results are presented based on management accounting practices, the transition to the consolidated results prepared under GAAP creates certain differences, which are reflected as residuals in OT&C. Business segment reporting conventions include the items as detailed below.

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

Truist Financial Corporation 45

In the first quarter of 2025, deposit net intersegment interest income and expense methodology was enhanced to reflect a change to funds transfer pricing. Prior period results were revised to conform to the current allocation methodology. As a result of this methodology change, CSBB net interest income decreased $128 million for three months ended June 30, 2024 and $261 million for the six months ended June 30, 2024, with off-setting increases in OT&C net interest income. For the same reason, WB net interest income decreased $45 million for three months ended June 30, 2024 and $94 million for the six months ended June 30, 2024, with off-setting increases in OT&C net interest income.

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

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

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

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

46 Truist Financial Corporation

The following table presents results by segment:

Three Months Ended June 30,
(Dollars in millions)		 CSBB WB
OT&C(1)
 Total
2025 2024 2025 2024 2025 2024 2025 2024
Net interest income (expense) $ 1,488  $ 1,291  $ 1,880  $ 2,182  $ 219  $ 54  $ 3,587  $ 3,527 
Net intersegment interest income (expense) 871  1,216  (219) (559) (652) (657) —  — 
Segment net interest income (expense) 2,359  2,507  1,661  1,623  (433) (603) 3,587  3,527 
Allocated provision for credit losses 384  308  104  142  —  1  488  451 
Noninterest income 519  504  942  986  (61) (6,702) 1,400  (5,212)
Personnel expense 409  417  559  586  685  658  1,653  1,661 
Amortization of intangibles 39  45  35  41  (1) 3  73  89 
Restructuring charges 1  1  7  8  20  24  28  33 
Other direct noninterest expense(2)
 281  265  200  186  751  860  1,232  1,311 
Total direct noninterest expense 730  728  801  821  1,455  1,545  2,986  3,094 
Expense Allocations 970  934  526  447  (1,496) (1,381) —  — 
Total noninterest expense 1,700  1,662  1,327  1,268  (41) 164  2,986  3,094 
Income (loss) before income taxes from continuing operations 794  1,041  1,172  1,199  (453) (7,470) 1,513  (5,230)
Provision (benefit) for income taxes 193  250  236  239  (156) (1,813) 273  (1,324)
Segment net income (loss) from continuing operations $ 601  $ 791  $ 936  $ 960  $ (297) $ (5,657) $ 1,240  $ (3,906)
Identifiable assets (period end) of continuing operations $ 152,221  $ 144,217  $ 214,793  $ 207,484  $ 176,819  $ 168,152  $ 543,833  $ 519,853 
Six Months Ended June 30,
(Dollars in millions)		 CSBB WB
OT&C(1)
 Total
2025 2024 2025 2024 2025 2024 2025 2024
Net interest income (expense) $ 2,915  $ 2,558  $ 3,772  $ 4,413  $ 407  $ (72) $ 7,094  $ 6,899 
Net intersegment interest income (expense) 1,729  2,427  (518) (1,175) (1,211) (1,252) —  — 
Segment net interest income (expense) 4,644  4,985  3,254  3,238  (804) (1,324) 7,094  6,899 
Allocated provision for credit losses 712  621  235  329  (1) 1  946  951 
Noninterest income 1,022  1,002  1,891  1,966  (121) (6,734) 2,792  (3,766)
Personnel expense 817  822  1,107  1,166  1,316  1,303  3,240  3,291 
Amortization of intangibles 78  91  71  83  (1) 3  148  177 
Restructuring charges 1  2  8  15  57  67  66  84 
Other direct noninterest expense(2)
 556  509  392  362  1,490  1,624  2,438  2,495 
Total direct noninterest expense 1,452  1,424  1,578  1,626  2,862  2,997  5,892  6,047 
Expense Allocations 1,911  1,824  1,051  975  (2,962) (2,799) —  — 
Total noninterest expense 3,363  3,248  2,629  2,601  (100) 198  5,892  6,047 
Income (loss) before income taxes from continuing operations 1,591  2,118  2,281  2,274  (824) (8,257) 3,048  (3,865)
Provision (benefit) for income taxes 387  510  459  448  (299) (2,050) 547  (1,092)
Segment net income (loss) from continuing operations $ 1,204  $ 1,608  $ 1,822  $ 1,826  $ (525) $ (6,207) $ 2,501  $ (2,773)
Identifiable assets (period end) of continuing operations $ 152,221  $ 144,217  $ 214,793  $ 207,484  $ 176,819  $ 168,152  $ 543,833  $ 519,853 
(1)As described above, includes the Company’s investment securities portfolio, most long-term debt, derivative instruments used for balance sheet hedging, short-term liquidity and funding activities, balance sheet risk management, most bank-owned real estate assets, as well as functional activities such as finance, enterprise risk, legal, and enterprise technology and management. Additionally, houses intersegment eliminations, including for residual interest rate risk, intersegment net referral fees, and expense allocations. May also include financial data from business units below the quantitative and qualitative thresholds requiring disclosure.
(2)Other direct noninterest expense within the table above includes expenses for occupancy and equipment, professional fees and outside processing, regulatory costs, and other expenses.

Truist Financial Corporation 47

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

MD&A is intended to assist readers in their analysis of the accompanying Consolidated Financial Statements and supplemental financial information. It should be read in conjunction with the Consolidated Financial Statements, the accompanying Notes to the Consolidated Financial Statements in this Form 10-Q, other information contained in this document, as well as with Truist’s Annual Report on Form 10-K for the year ended December 31, 2024.

A description of certain factors that may affect our future results and risk factors is set forth in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024.

Executive Overview

We delivered strong second-quarter results, driven by strategic loan growth and higher net interest income derived from continued strong production from our business. Our performance reflects the value of our client-centric business model and momentum in our strategy, as we see tangible results from investments we have made in talent and technology across our platforms.

Asset quality remained strong, and our capital position continues to support both our growth initiatives and our ability to return capital to shareholders. We returned $1.4 billion of capital to our common shareholders through $670 million of common stock dividends and $750 million of common share repurchases during the second quarter of 2025. As of June 30, 2025, we had $2.8 billion remaining under our $5.0 billion common share repurchase authorization through the end of 2026.

Financial Results

Net income available to common shareholders for the second quarter of 2025 of $1.2 billion was up 43% compared with the second quarter of 2024. On a diluted per common share basis, earnings for the second quarter of 2025 were $0.90, an increase of $0.28, or 45%, compared to the second quarter of 2024. Truist’s results of operations for the second quarter of 2025 produced an annualized return on average assets of 0.93% and an annualized return on average common shareholders’ equity of 8.1% compared to prior year returns of 0.70% and 6.1%, respectively.

Net income from continuing operations was $1.2 billion for the second quarter of 2025, compared to a net loss from continuing operations of $3.9 billion for the second quarter of 2024.

•Results from continuing operations for the second quarter of 2025 included restructuring charges of $28 million ($21 million after-tax, or $0.02 per share) and securities losses of $18 million ($13 million after-tax, or $0.01 per share).
•Results from continuing operations for the second quarter of 2024 included securities losses of $6.7 billion ($5.1 billion after-tax, or $3.80 per share) from the strategic balance sheet repositioning of a portion of the available-for-sale investment securities portfolio, a charitable contribution to the Truist Foundation of $150 million ($115 million after-tax, or $0.09 per share), and restructuring charges of $33 million ($26 million after-tax, or $0.02 per share).

TE net interest income for the second quarter of 2025 was up $55 million, or 1.5%, compared to the second quarter of 2024. Net interest margin was 3.02%, flat compared to the second quarter of 2024.

•The yield on the average total loan portfolio was 6.01%, down 43 basis points due to the impact of variable rate loans repricing. The yield on the average securities portfolio was 3.16%, up 40 basis points, reflecting the balance sheet repositioning in the second quarter of 2024 and reinvesting cash flows into higher yielding securities.
•The average cost of total deposits was 1.85%, down 24 basis points. The average cost of short-term borrowings was 4.47%, down 111 basis points. The average cost of long-term debt was 5.02%, up 15 basis points.

Noninterest income was up $6.6 billion for the second quarter of 2025 compared to the second quarter of 2024 primarily due to securities losses resulting from the balance sheet repositioning in 2024 and higher other income, partially offset by lower investment banking and trading income. Excluding securities losses, noninterest income was down $20 million, or 1.4%, compared to the second quarter of 2024.

Noninterest expense was down $108 million, or 3.5%, for the second quarter of 2025 compared to the second quarter of 2024 due to lower other expense and lower regulatory costs, partially offset by higher professional fees and outside processing expense. The second quarter of 2024 included a charitable contribution of $150 million (other expense) and a FDIC special assessment adjustment of $13 million (regulatory costs). Restructuring charges for both quarters include severance as well as costs associated with facilities optimization initiatives. Adjusted noninterest expense, which excludes the charitable contribution, the FDIC special assessment adjustment, and restructuring charges, increased $60 million, or 2.1%, compared to the earlier quarter.

48 Truist Financial Corporation

The second quarter of 2025 reflects a provision for income taxes while the second quarter of 2024 reflects a benefit for income taxes driven by the discrete impact of the balance sheet repositioning of securities.

Asset quality remained strong during the second quarter of 2025.

•Nonperforming loans and leases held for investment were 0.39% of loans and leases held for investment at June 30, 2025, down nine basis points compared to March 31, 2025.
•Loans 90 days or more past due and still accruing totaled $546 million at June 30, 2025, down three basis points as a percentage of loans and leases compared with March 31, 2025. Excluding government guaranteed loans, the ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.04% at June 30, 2025, down one basis point compared to March 31, 2025.
•The allowance for credit losses was $5.3 billion and included $4.9 billion for the allowance for loan and lease losses and $354 million for the reserve for unfunded commitments. The ALLL ratio was 1.54%, down four basis points from March 31, 2025.
•The provision for credit losses was $488 million compared to $451 million for the second quarter of 2024, reflecting a higher allowance build.
•The net charge-off ratio was 51 basis points, down seven basis points compared to the second quarter of 2024, primarily driven by lower net charge-offs in the CRE portfolio, partially offset by higher net charge-offs in the commercial and industrial portfolio.

Capital ratios remained strong during the second quarter of 2025.

•Truist’s CET1 ratio was 11.0% as of June 30, 2025, down 30 basis points compared to March 31, 2025 due to capital returned to shareholders and an increase in risk-weighted assets, partially offset by current quarter earnings.
•Truist declared common dividends of $0.52 per share during the second quarter of 2025 and repurchased $750 million of common stock. For the second quarter of 2025, the dividend payout ratio was 57%, and the total payout ratio was 121%.
•Truist’s average consolidated LCR was 110% for the three months ended June 30, 2025, compared to the regulatory minimum of 100%.
•Truist completed the 2025 CCAR process and received a preliminary SCB requirement of 2.5% for the period October 1, 2025 to September 30, 2026, down 30 basis points from the SCB requirement for the period October 1, 2024 to September 30, 2025. The FRB will provide Truist with its final SCB requirement by August 31, 2025.

Truist Financial Corporation 49

Analysis of Results of Operations

Net Interest Income and NIM

TE net interest income for the second quarter of 2025 was up $55 million, or 1.5%, compared to the second quarter of 2024. Net interest margin was 3.02%, flat compared to the second quarter of 2024.

•Average earning assets increased $6.8 billion, or 1.4%, primarily due to an increase in average total loans of $6.3 billion, or 2.0%.
•The yield on the average total loan portfolio was 6.01%, down 43 basis points due to the impact of variable rate loans repricing. The yield on the average securities portfolio was 3.16%, up 40 basis points, reflecting the balance sheet repositioning in the second quarter of 2024 and reinvesting cash flows into higher yielding securities.
•Average deposits increased $12.4 billion, or 3.2%, and average long-term debt decreased $2.5 billion, or 6.8%.
•The average cost of total deposits was 1.85%, down 24 basis points. The average cost of short-term borrowings was 4.47%, down 111 basis points. The average cost of long-term debt was 5.02%, up 15 basis points.

TE net interest income for the six months ended June 30, 2025 was up $185 million, or 2.6%, compared to the six months ended June 30, 2024 primarily due to the balance sheet repositioning in the second quarter of 2024. Net interest margin was 3.02%, up seven basis points compared to the prior period.

•Average earning assets increased $3.3 billion, or 0.7%, compared to the prior period primarily due to an increase in other earning assets of $4.3 billion, or 12%, and an increase in average total loans of $2.2 billion, or 0.7%, partially offset by a decline in average securities of $3.8 billion, or 3.0%. The increase in average other earning assets and decrease in average securities primarily reflects the aforementioned balance sheet repositioning.
•The yield on the average total loan portfolio was 5.99% for 2025, down 42 basis points, compared to the prior period primarily due to the impact of variable rate loans repricing. The yield on the average securities portfolio was 3.16% for 2025, up 56 basis points compared to the prior period, reflecting the balance sheet repositioning and reinvesting cash flows into higher yielding securities.
•Average deposits increased $7.8 billion, or 2.0%, average short-term borrowings increased $2.2 billion, or 8.2%, and average long-term debt decreased $5.4 billion, or 14%.
•The average cost of total deposits was 1.82% for 2025, down 24 basis points compared to the prior period. The average cost of short-term borrowings was 4.48% for 2025, down 112 basis points compared to the prior period. The average cost of long-term debt was 5.04% for 2025, up 24 basis points compared to the prior period.

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

Table 1-1: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis
Three Months Ended June 30,
(Dollars in millions)
Average Balances(1)
Annualized Yield/Rate(2)
Income/Expense(2)
 Incr.
(Decr.)		 Change due to
2025 2024 2025 2024 2025 2024 Rate Volume
Assets                  
AFS and HTM securities at amortized cost:                  
U.S. Treasury $ 14,034  $ 11,138  5.20  % 3.66  % $ 181  $ 101  $ 80  $ 49  $ 31 
GSE 463  382  3.73  3.27  5  3  2  —  2 
Agency MBS 106,947  108,358  2.89  2.66  772  720  52  61  (9)
States and political subdivisions 370  420  4.20  4.14  4  5  (1) —  (1)
Non-agency MBS —  1,480  —  2.56  —  10  (10) (5) (5)
Other 15  18  4.53  5.29  —  —  —  —  — 
Total securities 121,829  121,796  3.16  2.76  962  839  123  105  18 
Interest earning trading assets 5,896  5,515  5.98  6.11  88  84  4  (2) 6 
Other earning assets(3)
 39,417  39,250  4.51  5.56  448  551  (103) (105) 2 
Loans and leases, net of unearned income:                
Commercial and industrial 158,491  157,043  5.72  6.53  2,262  2,550  (288) (312) 24 
CRE 19,687  21,969  6.22  6.93  308  381  (73) (37) (36)
Commercial Construction 8,613  7,645  6.85  7.85  144  147  (3) (21) 18 
Residential mortgage 56,789  54,490  4.08  3.86  579  525  54  31  23 
Home equity 9,586  9,805  7.47  8.02  178  195  (17) (13) (4)
Indirect auto 24,158  22,016  7.32  6.95  441  381  60  21  39 
Other consumer 30,387  28,326  8.37  8.25  634  581  53  9  44 
Credit card 4,890  4,905  11.35  12.14  139  148  (9) (9) — 
Total loans and leases HFI 312,601  306,199  6.01  6.44  4,685  4,908  (223) (331) 108 
LHFS 1,240  1,384  6.15  6.56  19  22  (3) (1) (2)
Total loans and leases 313,841  307,583  6.01  6.44  4,704  4,930  (226) (332) 106 
Total earning assets 480,983  474,144  5.16  5.42  6,202  6,404  (202) (334) 132 
Nonearning assets 56,086  50,109             
Assets of discontinued operations —  2,641 
Total assets $ 537,069  $ 526,894             
Liabilities and Shareholders’ Equity                
Interest-bearing deposits:                
Interest-checking $ 116,193  $ 103,894  2.51  2.74  726  707  19  (62) 81 
Money market and savings 135,607  135,264  2.22  2.60  751  873  (122) (124) 2 
Time deposits 41,997  41,250  3.50  4.24  367  436  (69) (77) 8 
Total interest-bearing deposits 293,797  280,408  2.52  2.89  1,844  2,016  (172) (263) 91 
Short-term borrowings 26,241  26,016  4.47  5.58  292  362  (70) (73) 3 
Long-term debt 34,213  36,721  5.02  4.87  431  446  (15) 14  (29)
Total interest-bearing liabilities 354,251  343,145  2.91  3.31  2,567  2,824  (257) (322) 65 
Noninterest-bearing deposits 106,686  107,634               
Other liabilities 11,897  13,318               
Liabilities of discontinued operations —  1,120 
Shareholders’ equity 64,235  61,677               
Total liabilities and shareholders’ equity $ 537,069  $ 526,894               
Average interest-rate spread     2.25  % 2.11  %          
NIM/net interest income - TE(2)
     3.02  % 3.02  % $ 3,635  $ 3,580  $ 55  $ (12) $ 67 
Less: TE adjustment
         48  53       
Net interest income $ 3,587  $ 3,527 
Memo: Total deposits $ 400,483  $ 388,042  1.85  % 2.09  % $ 1,844  $ 2,016  $ (172)
(1)Represents daily average balances. Unrealized gains and losses on available-for-sale securities are included in nonearning assets. Active hedge basis adjustments for fair value hedges are included in nonearning assets and other liabilities.
(2)Yields are stated on a TE basis, which represents a non-GAAP measure, utilizing a federal tax rate of 21%. Interest income includes certain fees, deferred costs, and dividends. The change in interest not solely due to changes in rate or volume has been allocated based on the pro-rata absolute dollar amount of each.
(3)Includes cash equivalents, interest-bearing deposits with banks, FHLB stock, and other earning assets.
Truist Financial Corporation 51

Table 1-2: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis
Six Months Ended June 30,
(Dollars in millions)
Average Balances(1)
Annualized Yield/Rate(2)
Income/Expense(2)
 Incr.
(Decr.)		 Change due to
2025 2024 2025 2024 2025 2024 Rate Volume
Assets                  
AFS and HTM securities at amortized cost:                  
U.S. Treasury $ 14,448  $ 10,496  5.19  % 2.64  % $ 372  $ 138  $ 234  $ 168  $ 66 
GSE 462  385  3.74  3.34  9  6  3  1  2 
Agency MBS 107,643  112,828  2.88  2.58  1,549  1,455  94  163  (69)
States and political subdivisions 370  420  4.20  4.14  8  9  (1) —  (1)
Non-agency MBS —  2,578  —  2.87  —  37  (37) (18) (19)
Other 16  19  4.63  5.32  —  —  —  —  — 
Total securities 122,939  126,726  3.16  2.60  1,938  1,645  293  314  (21)
Interest earning trading assets 5,763  5,180  5.85  6.29  168  163  5  (12) 17 
Other earning assets(3)
 39,208  34,909  4.52  5.60  889  987  (98) (206) 108 
Loans and leases, net of unearned income:      
Commercial and industrial 156,861  157,714  5.71  6.53  4,446  5,122  (676) (649) (27)
CRE 19,759  22,185  6.17  6.94  610  770  (160) (81) (79)
Commercial Construction 8,673  7,389  6.84  7.84  289  284  5  (40) 45 
Residential mortgage 56,226  54,780  4.06  3.85  1,141  1,053  88  59  29 
Home equity 9,578  9,868  7.47  7.97  355  391  (36) (25) (11)
Indirect auto 23,705  22,195  7.26  6.82  853  753  100  49  51 
Other consumer 29,843  28,306  8.35  8.12  1,236  1,142  94  32  62 
Credit card 4,870  4,913  11.47  12.05  277  294  (17) (14) (3)
Total loans and leases HFI 309,515  307,350  5.99  6.41  9,207  9,809  (602) (669) 67 
LHFS 1,187  1,155  6.04  6.49  36  37  (1) (2) 1 
Total loans and leases 310,702  308,505  5.99  6.41  9,243  9,846  (603) (671) 68 
Total earning assets 478,612  475,320  5.14  5.33  12,238  12,641  (403) (575) 172 
Nonearning assets 55,753  48,516               
Assets of discontinued operations —  5,112 
Total assets $ 534,365  $ 528,948               
Liabilities and Shareholders’ Equity                  
Interest-bearing deposits:                  
Interest-checking $ 112,720  $ 103,716  2.44  2.70  1,366  1,391  (25) (140) 115 
Money market and savings 136,249  134,979  2.21  2.54  1,494  1,705  (211) (227) 16 
Time deposits 41,104  41,594  3.53  4.27  720  884  (164) (154) (10)
Total interest-bearing deposits 290,073  280,289  2.49  2.86  3,580  3,980  (400) (521) 121 
Short-term borrowings 28,275  26,123  4.48  5.60  628  728  (100) (155) 55 
Long-term debt 33,320  38,721  5.04  4.80  840  928  (88) 44  (132)
Total interest-bearing liabilities 351,668  345,133  2.89  3.28  5,048  5,636  (588) (632) 44 
Noninterest-bearing deposits 106,293  108,261               
Other liabilities 12,269  13,101               
Liabilities of discontinued operations —  2,109 
Shareholders’ equity 64,135  60,344               
Total liabilities and shareholders’ equity $ 534,365  $ 528,948               
Average interest-rate spread     2.25  % 2.05  %          
NIM/net interest income - TE(2)
     3.02  % 2.95  % $ 7,190  $ 7,005  $ 185  $ 57  $ 128 
Less: TE adjustment
         96  106       
Net interest income $ 7,094  $ 6,899 
Memo: Total deposits $ 396,366  $ 388,550  1.82  % 2.06  % $ 3,580  $ 3,980  $ (400)
(1)Represents daily average balances. Unrealized gains and losses on available-for-sale securities are included in nonearning assets. Active hedge basis adjustments for fair value hedges are included in nonearning assets and other liabilities.
(2)Yields are stated on a TE basis, which represents a non-GAAP measure, utilizing a federal tax rate of 21%. Interest income includes certain fees, deferred costs, and dividends. The change in interest not solely due to changes in rate or volume has been allocated based on the pro-rata absolute dollar amount of each.
(3)Includes cash equivalents, interest-bearing deposits with banks, FHLB stock, and other earning assets.
52 Truist Financial Corporation

Provision for Credit Losses

The provision for credit losses was $488 million for the second quarter of 2025 compared to $451 million for the second quarter of 2024. The net charge-off ratio for the current quarter of 0.51% was down seven basis points compared to the prior quarter.

•The increase in the current quarter provision expense primarily reflects a higher allowance build.
•The net charge-off ratio for the current quarter was down compared to the second quarter of 2024 primarily driven by lower net charge-offs in the CRE portfolio, partially offset by higher net charge-offs in the commercial and industrial portfolio.

The provision for credit losses was $946 million for the six months ended June 30, 2025 compared to $951 million for the six months ended June 30, 2024. The net charge-off ratio for the current period of 0.55% was down six basis points compared to the prior period.

•The net charge-off ratio was down compared to the prior period driven by lower net charge-offs in the CRE portfolio, partially offset by higher net charge-offs in the commercial and industrial portfolio.

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

Noninterest Income

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

Table 2: Noninterest Income
Three Months Ended June 30, % Change Six Months Ended June 30, % Change
(Dollars in millions) 2025 2024 2025 vs. 2024 2025 2024 2025 vs. 2024
Wealth management income $ 348  $ 361  (3.6) % $ 692  $ 717  (3.5) %
Investment banking and trading income 205  286  (28.3) 478  609  (21.5)
Card and payment related fees 232  230  0.9  452  454  (0.4)
Service charges on deposits 227  232  (2.2) 457  457  — 
Mortgage banking income 107  112  (4.5) 215  209  2.9 
Lending related fees 99  89  11.2  194  185  4.9 
Operating lease income 47  50  (6.0) 100  109  (8.3)
Securities gains (losses) (18) (6,650) (99.7) (19) (6,650) (99.7)
Other income 153  78  96.2  223  144  54.9 
Total noninterest income $ 1,400  $ (5,212) NM $ 2,792  $ (3,766) NM

Noninterest income was up $6.6 billion for the second quarter of 2025 compared to the second quarter of 2024 primarily due to securities losses resulting from the balance sheet repositioning in 2024 and higher other income, partially offset by lower investment banking and trading income. Excluding securities losses, noninterest income was down $20 million, or 1.4%, compared to the second quarter of 2024.

•Other income increased due to higher income from certain solar and other investments.
•Investment banking and trading income decreased due to lower trading income and capital markets activity.

Noninterest income was up $6.6 billion for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to securities losses resulting from the balance sheet repositioning in 2024 and higher other income, partially offset by lower investment banking and trading income and wealth management income. Excluding securities losses, noninterest income was down $73 million, or 2.5%, compared to the prior period.

•Other income increased due to higher income from certain solar and other investments.
•Investment banking and trading income decreased due to lower trading income, merger and acquisition fees, and capital markets activity.
•Wealth management income decreased due to the impact of the sale of Sterling Capital Management LLC in 2024.

Truist Financial Corporation 53

Noninterest Expense

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

Table 3: Noninterest Expense
Three Months Ended June 30, % Change Six Months Ended June 30, % Change
(Dollars in millions) 2025 2024 2025 vs. 2024 2025 2024 2025 vs. 2024
Personnel expense $ 1,653  $ 1,661  (0.5) % $ 3,240  $ 3,291  (1.5) %
Professional fees and outside processing 373  308  21.1  737  586  25.8 
Software expense 231  218  6.0  461  442  4.3 
Net occupancy expense 179  160  11.9  342  320  6.9 
Equipment expense 89  89  —  171  177  (3.4)
Amortization of intangibles 73  89  (18.0) 148  177  (16.4)
Marketing and customer development 82  63  30.2  157  119  31.9 
Operating lease depreciation 33  34  (2.9) 68  74  (8.1)
Regulatory costs 55  85  (35.3) 124  237  (47.7)
Restructuring charges 28  33  (15.2) 66  84  (21.4)
Other expense 190  354  (46.3) 378  540  (30.0)
Total noninterest expense $ 2,986  $ 3,094  (3.5) $ 5,892  $ 6,047  (2.6)

Noninterest expense was down $108 million, or 3.5%, for the second quarter of 2025 compared to the second quarter of 2024 due to lower other expense and lower regulatory costs, partially offset by higher professional fees and outside processing expense. The second quarter of 2024 included a charitable contribution of $150 million (other expense) and a FDIC special assessment adjustment of $13 million (regulatory costs). Restructuring charges for both quarters include severance as well as costs associated with facilities optimization initiatives. Adjusted noninterest expense, which excludes the charitable contribution, the FDIC special assessment adjustment, and restructuring charges, increased $60 million, or 2.1%, compared to the earlier quarter.

•Professional fees and outside processing expense increased due to higher investments in technology and risk infrastructure.

Noninterest expense was down $155 million, or 2.6%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to a $150 million charitable contribution to the Truist Foundation (other expense), the FDIC special assessment and related adjustments ($88 million for the six months ended June 30, 2024), lower personnel expense, and lower amortization of intangibles, partially offset by higher professional fees and outside processing expense. Restructuring charges decreased $18 million; both periods included restructuring charges for severance as well as facilities optimization costs. Adjusted noninterest expense, which excludes the charitable contribution, the FDIC special assessment adjustment, and restructuring charges, increased $101 million, or 1.8%.

•Professional fees and outside processing expense increased due to higher investments in technology and risk infrastructure.
•Personnel expense decreased due to lower employee benefit expense, partially offset by higher salaries.

Segment Results

Truist operates and measures business activity across two segments: CSBB and WB, with functional activities included in OT&C. The Company’s business segment structure is based on the manner in which financial information is evaluated by management as well as the products and services provided or the type of client served. Refer to “Note 18. Operating Segments” for additional information on the Company’s segments.

Table 4: Net Income from Continuing Operations by Reportable Segment
  Three Months Ended June 30, % Change Six Months Ended June 30, % Change
(Dollars in millions) 2025 2024 2025 vs. 2024 2025 2024 2025 vs. 2024
Consumer and Small Business Banking $ 601  $ 791  (24.0) % $ 1,204  $ 1,608  (25.1) %
Wholesale Banking 936  960  (2.5) 1,822  1,826  (0.2)
Other, Treasury & Corporate (297) (5,657) (94.7) (525) (6,207) (91.5)
Truist Financial Corporation $ 1,240  $ (3,906) NM $ 2,501  $ (2,773) NM

54 Truist Financial Corporation

Consumer and Small Business Banking

CSBB net income was $601 million for the second quarter of 2025, a decrease of $190 million compared to the second quarter of 2024.

•Segment net interest income decreased $148 million primarily driven by lower funding credit on deposits.
•The allocated provision for credit losses increased $76 million reflecting an allowance build in the current period, partially offset by a decrease in charge-offs in the indirect auto portfolio.
•Noninterest income increased $15 million primarily due to an increase in residential mortgage income driven by MSR valuations.
•Noninterest expense increased $38 million compared to the earlier quarter driven by higher enterprise operations and functional support charges, partially offset by lower loan processing expense.

CSBB average loans and leases held for investment increased $6.0 billion, or 4.8%, for the second quarter of 2025 compared to the second quarter of 2024, primarily due to higher loan balances within indirect lending driven by the prime auto and Service Finance portfolios and within real estate lending driven by mortgage, partially offset by lower balances in the small business portfolio.

CSBB average total deposits increased $1.0 billion, or 0.5%, for the second quarter of 2025 compared to the second quarter of 2024, primarily driven by increases in money market and savings and noninterest-bearing deposits, partially offset by decreases in interest checking and time deposits.

Wholesale Banking

WB net income was $936 million for the second quarter of 2025, a decrease of $24 million compared to the second quarter of 2024.

•Segment net interest income increased $38 million primarily due to higher deposit balances, partially offset by lower loan yields.
•The allocated provision for credit losses decreased $38 million which reflects a decrease in both net charge-offs and net reserve build compared to the prior quarter.
•Noninterest income decreased $44 million compared to the earlier quarter driven by lower trading income, capital markets activity, and commercial mortgage income, as well as decreases in wealth management income attributable to the sale of Sterling Capital Management LLC in 2024, partially offset by higher income from certain solar and other investments.
•Noninterest expense increased $59 million compared to the earlier quarter primarily due to higher enterprise operations and functional support charges, partially offset by lower personnel expense from reduced incentives and lower regulatory costs.

WB average loans held for investment increased $391 million, or 0.2%, for the second quarter of 2025 compared to the second quarter of 2024, primarily due to increases in average commercial and industrial and commercial construction loan balances, partially offset by decreases in commercial real estate loan balances.

WB average total deposits increased $10.0 billion, or 7.1%, for the second quarter of 2025 compared to the second quarter of 2024, primarily due to specific client increases in interest checking balances, which were short-term in nature and withdrawn in July 2025, partially offset by declines in average noninterest-bearing deposits and money market and savings.

Other, Treasury & Corporate

OT&C generated a net loss of $297 million in the second quarter of 2025, compared to a net loss of $5.7 billion in the second quarter of 2024.

•Segment net interest income increased $170 million primarily due to lower funding credit on deposits to other segments and increased yield in the securities portfolio due to the balance sheet repositioning in the second quarter of 2024 and reinvesting cash flows into higher yielding securities, partially offset by lower funding charges on commercial loans to other segments.
•Noninterest income increased $6.6 billion primarily due to securities losses resulting from the balance sheet repositioning in 2024.
•Noninterest expense decreased $205 million compared to the earlier quarter primarily due to lower other expense due to a charitable contribution to the Truist Foundation in 2024 and increased credit from other segments for technology project support, partially offset by increases in professional fees and outside processing.

Truist Financial Corporation 55

Consumer and Small Business Banking

CSBB net income was $1.2 billion for the six months ended June 30, 2025, a decrease of $404 million compared to the prior year.

•Segment net interest income decreased $341 million primarily driven by lower funding credit on deposits.
•The allocated provision for credit losses increased $91 million primarily reflecting a net reserve build in the current period compared to a release in the same period last year, partially offset by lower charge-offs in the other consumer and indirect auto portfolios.
•Noninterest income increased $20 million primarily due to increased residential mortgage income.
•Noninterest expense increased $115 million due to higher enterprise operations and functional support charges, partially offset by lower regulatory costs and loan processing expense.

CSBB average loans and leases held for investment increased $4.1 billion, or 3.3%, for the six months ended June 30, 2025 compared to the prior year driven primarily by increases in indirect auto loans, Service Finance, and mortgage loan balances, partially offset by decreases in the small business and unsecured and personal lending portfolios.

CSBB average total deposits decreased $278 million, or 0.1%, for the six months ended June 30, 2025 compared to the prior year primarily due to decreases in average interest-bearing checking and time deposits, partially offset by increases in money market and savings and noninterest-bearing deposits.

Wholesale Banking

WB net income was $1.8 billion for the six months ended June 30, 2025, flat compared to the prior year.

•Segment net interest income increased $16 million primarily due to lower cost of deposits and higher funding credit driven by higher deposit balances, partially offset by lower loan balances and yields.
•The allocated provision for credit losses decreased $94 million, which primarily reflects a decrease in net charge-offs as well as a decrease in the allowance build compared to the earlier period.
•Noninterest income decreased $75 million primarily due to decreases in income from investment banking and trading as well as lower wealth management income driven by the impact of the sale of Sterling Capital Management LLC in 2024, partially offset by increased income from certain solar and other investments.
•Noninterest expense increased $28 million primarily due to increases in enterprise operations and functional support charges, partially offset by lower regulatory costs, lower personnel expense from reduced incentives, and lower enterprise payments costs.

WB average loans and leases held for investment decreased $2.0 billion, or 1.1%, for the six months ended June 30, 2025 compared to the prior year driven by decreases in average commercial real estate balances and commercial and industrial loan balances, partially offset by increases in the commercial construction portfolio.

WB average total deposits increased $6.4 billion, or 4.6%, for the six months ended June 30, 2025 compared to the prior year primarily due to specific client increases in average interest-bearing checking balances, which were short-term in nature and withdrawn in July 2025, partially offset by decreases in noninterest-bearing deposits and money market and savings balances.

Other, Treasury, and Corporate

OT&C generated a net loss of $525 million for the six months ended June 30, 2025, compared to a net loss of $6.2 billion in the prior year.

•Segment net interest income increased $520 million due to lower funding credit on deposits to other segments, the balance sheet repositioning in the prior period, and reinvesting cash flows into higher yielding securities, partially offset by the lower funding charges primarily on loans to other segments.
•Noninterest income increased $6.6 billion primarily due to securities losses resulting from the balance sheet repositioning in 2024.
•Noninterest expense decreased $298 million primarily driven by lower other expense due to a charitable contribution to the Truist Foundation in 2024 and increased credit from other segments for enterprise technology support expense, partially offset by increased professional fees and outside processing expense.

56 Truist Financial Corporation

Analysis of Financial Condition

Investment Activities

The securities portfolio totaled $115.4 billion at June 30, 2025, compared to $118.1 billion at December 31, 2024. U.S. Treasury, GSE, and Agency MBS represented 99.7% of the total securities portfolio as of June 30, 2025 and December 31, 2024. The overwhelming majority of the portfolio is in agency MBS.

•The decrease in 2025 includes paydowns and maturities of $9.9 billion and sales of $1.1 billion, partially offset by purchases of $6.9 billion.
•As of June 30, 2025 and December 31, 2024, 41% of the investment securities portfolio was classified as held-to-maturity based on amortized cost, excluding portfolio level basis adjustments associated with certain AFS securities.
•As of June 30, 2025, approximately 3.3% of the securities portfolio was variable rate, excluding the impact of swaps, compared to 3.0% as of December 31, 2024.
•The effective duration of the AFS securities portfolio was 5.0 years at June 30, 2025 and December 31, 2024, excluding the impact of swaps, or 3.3 years at June 30, 2025 and December 31, 2024, including the impact of swaps. The effective duration of the HTM securities portfolio was 7.1 years at June 30, 2025 and 7.0 years at December 31, 2024.

Lending Activities

The following table presents the composition of average loans and leases:
Table 5: Average Loans and Leases
Three Months Ended
(Dollars in millions) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024
Commercial:
Commercial and industrial $ 158,491  $ 155,214  $ 153,209  $ 154,102  $ 157,043 
CRE 19,687  19,832  20,504  21,481  21,969 
Commercial construction 8,613  8,734  8,261  7,870  7,645 
Consumer:
Residential mortgage 56,789  55,658  54,390  53,999  54,490 
Home equity 9,586  9,569  9,675  9,703  9,805 
Indirect auto 24,158  23,248  22,790  22,121  22,016 
Other consumer 30,387  29,291  29,355  29,015  28,326 
Credit card 4,890  4,849  4,926  4,874  4,905 
Total average loans and leases HFI $ 312,601  $ 306,395  $ 303,110  $ 303,165  $ 306,199 

Average loans and leases HFI were $312.6 billion for the second quarter of 2025, an increase of $6.2 billion, or 2.0%, compared to the first quarter of 2025.

•Average commercial loans increased 1.6% due to an increase in the commercial and industrial portfolio.
•Average consumer loans increased 2.7% due to growth in the residential mortgage, other consumer, and indirect auto portfolios.

End of period loans and leases HFI were $318.8 billion at June 30, 2025, up $10.2 billion, or 3.3%, compared to March 31, 2025 primarily due to increases in the commercial and industrial, residential mortgage, and other consumer portfolios.

At June 30, 2025 and December 31, 2024, 54% and 53% of loans and leases HFI were variable rate, respectively.

Truist Financial Corporation 57

Asset Quality

The following tables summarize asset quality information:
Table 6: Asset Quality
(Dollars in millions) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024
NPAs:
NPLs:
Commercial and industrial $ 520  $ 586  $ 521  $ 575  $ 459 
CRE 128  294  298  302  360 
Commercial construction 1  2  3  1  — 
Residential mortgage 191  179  166  156  161 
Home equity 107  114  116  118  123 
Indirect auto 240  248  259  252  244 
Other consumer 64  65  66  63  64 
Total NPLs HFI 1,251  1,488  1,429  1,467  1,411 
Loans held for sale 12  77  —  5  9 
Total nonperforming loans and leases 1,263  1,565  1,429  1,472  1,420 
Foreclosed real estate 4  4  3  3  5 
Other foreclosed property 49  49  45  53  51 
Total nonperforming assets $ 1,316  $ 1,618  $ 1,477  $ 1,528  $ 1,476 
Loans 90 days or more past due and still accruing:
Commercial and industrial $ 2  $ 5  $ 19  $ 5  $ 8 
CRE —  —  1  —  — 
Commercial construction —  —  —  —  1 
Residential mortgage – government guaranteed 424  468  430  394  375 
Residential mortgage – nonguaranteed 41  62  51  39  27 
Home equity 6  6  9  7  7 
Indirect auto —  —  —  —  1 
Other consumer 24  23  23  22  19 
Credit card 49  52  54  51  51 
Total loans 90 days or more past due and still accruing $ 546  $ 616  $ 587  $ 518  $ 489 
Loans 30-89 days past due and still accruing:
Commercial and industrial $ 122  $ 118  $ 168  $ 116  $ 109 
CRE 34  12  60  10  8 
Commercial construction 15  —  3  4  — 
Residential mortgage – government guaranteed 330  284  318  305  340 
Residential mortgage – nonguaranteed 365  347  401  366  392 
Home equity 54  57  60  63  58 
Indirect auto 582  484  622  596  592 
Other consumer 239  246  236  233  214 
Credit card 70  71  81  76  78 
Total loans 30-89 days past due and still accruing $ 1,811  $ 1,619  $ 1,949  $ 1,769  $ 1,791 

Nonperforming assets totaled $1.3 billion at June 30, 2025, down $302 million compared to March 31, 2025, due to decreases in the CRE, commercial and industrial, and LHFS portfolios. Nonperforming loans and leases were 0.39% of loans and leases held for investment at June 30, 2025, down nine basis points compared to March 31, 2025.

Loans 90 days or more past due and still accruing totaled $546 million at June 30, 2025, down three basis points as a percentage of loans and leases compared with the prior quarter. Excluding government guaranteed loans, the ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.04% at June 30, 2025, down one basis point compared to March 31, 2025.

Loans 30-89 days past due and still accruing totaled $1.8 billion at June 30, 2025, up $192 million, or five basis points, as a percentage of loans and leases, compared to the prior quarter primarily due to an increase in the indirect auto and residential mortgage portfolios.

58 Truist Financial Corporation

Problem loans include NPLs and loans that are 90 days or more past due and still accruing as disclosed in Table 6. In addition, for the commercial portfolio segment, loans that are rated special mention or substandard performing are closely monitored by management as potential problem loans. Refer to “Note 5. Loans and ACL” for the amortized cost basis of loans by origination year and credit quality indicator as well as additional disclosures related to NPLs.

Table 7: Asset Quality Ratios
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024
Loans 30-89 days past due and still accruing as a percentage of loans and leases
 0.57  % 0.52  % 0.64  % 0.58  % 0.59  %
Loans 90 days or more past due and still accruing as a percentage of loans and leases
 0.17  0.20  0.19  0.17  0.16 
NPLs as a percentage of loans and leases
 0.39  0.48  0.47  0.48  0.46 
NPLs as a percentage of total loans and leases(1)
 0.39  0.51  0.46  0.48  0.46 
NPAs as a percentage of:
Total assets(1)
 0.24  0.30  0.28  0.29  0.28 
Loans and leases plus foreclosed property
 0.41  0.50  0.48  0.50  0.48 
Net charge-offs as a percentage of average loans and leases
 0.51  0.60  0.59  0.55  0.58 
ALLL as a percentage of loans and leases
 1.54  1.58  1.59  1.60  1.57 
Ratio of ALLL to:
Net charge-offs 3.1x 2.6x 2.7x 2.9x 2.7x
Nonperforming loans and leases
 3.9x 3.3x 3.4x 3.3x 3.4x
Loans 90 days or more past due and still accruing as a percentage of loans and leases, excluding government guaranteed(2)
 0.04  % 0.05  % 0.05  % 0.04  % 0.04  %
(1)Includes LHFS.
(2)This asset quality ratio has been adjusted to remove the impact of government guaranteed loans. Management believes the inclusion of such assets in this asset quality ratio results in distortion of this ratio because collection of principal and interest is reasonably assured.

Table 8: Asset Quality Ratios
As of/For the Year-to-Date
Three Months Ended Period Ended June 30
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 2025 2024
Net charge-offs as a percentage of average loans and leases:
Commercial:
Commercial and industrial 0.22  % 0.20  % 0.27  % 0.18  % 0.18  % 0.21  % 0.17  %
CRE 0.71  1.29  0.66  1.12  1.67  1.00  1.70 
Commercial construction (0.02) (0.02) (0.02) (0.01) (0.05) (0.02) (0.04)
Consumer:
Residential mortgage —  —  (0.01) (0.01) (0.01) —  — 
Home equity (0.04) (0.07) (0.07) (0.11) (0.03) (0.05) (0.06)
Indirect auto 1.63  2.26  2.33  1.89  1.94  1.94  2.10 
Other consumer 1.54  1.71  1.63  1.73  1.60  1.62  1.78 
Credit card 4.84  5.21  5.10  5.04  5.33  5.02  5.44 
Total 0.51  0.60  0.59  0.55  0.58  0.55  0.61 
Ratio of ALLL to net charge-offs 3.1x 2.6x 2.7x 2.9x 2.7x 2.9x 2.6x
Ratios are annualized, as applicable.

Truist Financial Corporation 59

The following table presents activity related to NPAs:

Table 9: Rollforward of NPAs
(Dollars in millions) 2025 2024
Balance, January 1 $ 1,477  $ 1,488 
New NPAs 1,594  1,725 
Advances and principal increases 240  331 
Disposals of foreclosed assets(1)
 (303) (308)
Disposals of NPLs(2)
 (243) (118)
Charge-offs and losses (619) (673)
Payments (692) (760)
Transfers to performing status (138) (187)
Other, net —  (22)
Ending balance, June 30 $ 1,316  $ 1,476 
(1)Includes charge-offs and losses recorded upon sale of $130 million and $129 million for the six months ended June 30, 2025 and 2024, respectively.
(2)Includes gains, net of charge-offs and losses recorded upon sale of $6 million and $0 million for the six months ended June 30, 2025 and 2024, respectively.

Commercial Credit Concentrations

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

•limiting the amount of credit that Truist may extend to a borrower;
•establishing a process for credit approval accountability;
•initial underwriting and analysis of borrower, transaction, market, and collateral risks;
•evaluating the diversity of the loan portfolio in terms of type, industry, and geographical concentration;
•ongoing servicing and monitoring of individual loans and lending relationships;
•continuous monitoring of the portfolio, market dynamics, and the economy; and
•periodically reevaluating the Company’s strategy and overall exposure as economic, market, and other relevant conditions change.

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

In the commercial portfolio, risk concentrations are evaluated regularly on both an aggregate portfolio level and on an individual client basis. The Company manages its commercial exposure through portfolio targets, limits, and transactional risk acceptance criteria as well as other techniques, including loan syndications/participations, loan sales, collateral, structure, covenants, and other risk reduction techniques.

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

60 Truist Financial Corporation

Table 10: Commercial and Industrial Portfolio Industry and Geography
June 30, 2025 December 31, 2024
(Dollars in millions) LHFI % of Total NPL LHFI % of Total NPL
Industry:
Finance and insurance $ 26,290  16.2  % $ 7  $ 24,271  15.7  % $ 28 
Manufacturing 13,672  8.4  84  12,298  7.9  62 
Retail trade 12,448  7.7  22  12,488  8.1  66 
Health care and social assistance 12,016  7.4  7  12,154  7.8  129 
Real estate and rental and leasing 11,387  7.0  4  11,354  7.3  3 
Public administration 8,722  5.4  —  8,860  5.7  — 
Wholesale trade 8,033  5.0  48  7,428  4.8  45 
Information 7,292  4.5  158  5,235  3.4  66 
Utilities 5,761  3.6  —  4,096  2.6  — 
Educational services 5,143  3.2  —  4,478  2.9  — 
Transportation and warehousing 4,486  2.8  34  4,634  3.0  34 
Professional, scientific, and technical services 4,406  2.7  5  4,125  2.7  8 
Arts, entertainment, and recreation 3,897  2.4  8  3,599  2.3  6 
Accommodation and food services 3,315  2.0  8  2,935  1.9  9 
Construction 3,257  2.0  7  2,607  1.7  10 
Administrative and support and waste management and remediation services 3,105  1.9  28  3,022  2.0  — 
Other(1)
 11,295  6.9  23  12,211  7.9  23 
Subtotal 144,525  89.1  443  135,795  87.7  489 
Business owner occupied
 17,748  10.9  77  19,053  12.3  32 
Total commercial and industrial $ 162,273  100.0  % $ 520  $ 154,848  100.0  % $ 521 
Geography:
Florida $ 18,619  11.5  % $ 33  $ 18,258  11.8  % $ 172 
Texas 16,345  10.1  53  14,728  9.5  47 
North Carolina 12,156  7.5  14  12,167  7.9  16 
Georgia 11,715  7.2  12  11,240  7.3  10 
New York 11,555  7.1  10  11,379  7.3  50 
California 9,269  5.7  21  8,115  5.2  8 
Virginia 9,225  5.7  4  9,343  6.0  7 
Pennsylvania 6,999  4.3  139  6,466  4.2  9 
Maryland 6,862  4.2  4  6,781  4.4  3 
Tennessee 5,914  3.6  46  5,729  3.7  51 
New Jersey 4,207  2.6  12  3,947  2.5  5 
South Carolina 4,191  2.6  22  4,151  2.7  23 
Illinois 4,174  2.6  18  3,639  2.4  20 
Ohio 3,776  2.3  —  3,482  2.2  1 
Other(2)
 37,266  23.0  132  35,423  22.9  99 
Total commercial and industrial
 $ 162,273  100.0  % $ 520  $ 154,848  100.0  % $ 521 
(1)Represents other remaining industries that are deemed to be individually insignificant.
(2)Includes non-U.S. loans of $4.4 billion and $4.1 billion at June 30, 2025 and December 31, 2024, respectively. The remainder represents other remaining states that are deemed to be individually insignificant.

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

Truist’s CRE and commercial construction portfolios totaled $28.5 billion as of June 30, 2025, which includes 37% related to multifamily residential, 22% related to industrial, 13% related to office, 13% related to retail, and the remainder composed of hotel and other commercial real estate.

Our combined CRE and commercial construction office portfolio is primarily composed of multi-tenant, non-gateway properties located within Truist Bank’s footprint. As of June 30, 2025, approximately 94% of these properties are multi-tenant or medical. Additionally, as of June 30, 2025, 14% and 28% of these exposures are scheduled to mature in 2025 and 2026, respectively, with the remainder scheduled to mature in 2027 and beyond.
Truist Financial Corporation 61

Table 11: CRE Portfolio Property Type and Geography
June 30, 2025 December 31, 2024
(Dollars in millions) LHFI % of Total NPL LHFI % of Total NPL
Industry:
Multifamily $ 6,042  29.8  % $ 3  $ 5,508  27.0  % $ 27 
Industrial 4,681  23.1  —  4,303  21.1  3 
Retail 3,570  17.6  28  3,530  17.3  33 
Office 2,763  13.6  89  3,459  17.0  228 
Hotel 1,718  8.5  —  1,891  9.3  — 
Other(1)
 1,496  7.4  8  1,672  8.3  7 
Total CRE $ 20,270  100.0  % $ 128  $ 20,363  100.0  % $ 298 
Geography:
Florida $ 2,532  12.5  % $ 8  $ 2,594  12.7  % $ 26 
Georgia 2,355  11.6  17  2,010  9.9  80 
North Carolina 2,235  11.0  3  2,212  10.9  10 
Texas 2,033  10.0  5  1,599  7.9  6 
New York 1,618  8.0  2  1,491  7.3  2 
California 1,582  7.8  —  1,683  8.3  — 
Pennsylvania 1,326  6.5  1  1,218  6.0  1 
Virginia 1,041  5.1  —  1,108  5.4  3 
Tennessee 713  3.5  —  715  3.5  1 
Massachusetts 679  3.3  25  860  4.2  27 
Maryland 656  3.2  —  713  3.5  8 
Other(2)
 3,500  17.5  67  4,160  20.4  134 
Total CRE $ 20,270  100.0  % $ 128  $ 20,363  100.0  % $ 298 
(1)Represents other remaining property types that are deemed to be individually insignificant.
(2)Includes non-U.S. loans of $54 million at December 31, 2024. The remainder represents other remaining states that are deemed to be individually insignificant.

Table 12: Commercial Construction Portfolio Property Type and Geography
June 30, 2025 December 31, 2024
(Dollars in millions) LHFI % of Total NPL LHFI % of Total NPL
Industry:
Multifamily $ 4,602  55.6  % $ —  $ 4,918  57.7  % $ — 
Industrial 1,763  21.3  —  1,680  19.7  — 
Single Family - CP 873  10.5  —  664  7.8  2 
Office 412  5.0  —  627  7.4  — 
Hotel 196  2.4  —  130  1.5  — 
Other(1)
 431  5.2  1  501  5.9  1 
Total commercial construction $ 8,277  100.0  % $ 1  $ 8,520  100.0  % $ 3 
Geography:
Texas $ 1,339  16.2  $ —  $ 1,345  15.8  $ — 
Georgia 1,165  14.1  —  1,294  15.2  — 
Florida 1,118  13.5  —  1,138  13.4  — 
North Carolina 1,014  12.3  —  992  11.6  1 
California 547  6.6  —  492  5.8  — 
Other(2)
 3,094  37.3  1  3,259  38.2  2 
Total commercial construction $ 8,277  100.0  % $ 1  $ 8,520  100.0  % $ 3 
(1)Represents other remaining property types that are deemed to be individually insignificant.
(2)Represents other remaining states that are deemed to be individually insignificant.

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

ACL

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

Table 13: Activity in ACL
Three Months Ended
Six Months Ended June 30,
(Dollars in millions) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 2025 2024
Balance, beginning of period $ 5,166  $ 5,161  $ 5,140  $ 5,110  $ 5,100  $ 5,161  $ 5,093 
Provision for credit losses 488  458  471  448  451  946  951 
Charge-offs:              
Commercial and industrial (120) (102) (119) (96) (83) (222) (180)
CRE (38) (70) (51) (65) (97) (108) (200)
Residential mortgage (1) (1) (1) —  (1) (2) (2)
Home equity (4) (2) (2) (1) (3) (6) (6)
Indirect auto (127) (154) (158) (143) (136) (281) (290)
Other consumer (146) (154) (148) (152) (141) (300) (306)
Credit card (70) (74) (74) (71) (74) (144) (151)
Total charge-offs (506) (557) (553) (528) (535) (1,063) (1,135)
Recoveries:              
Commercial and industrial 31  24  15  26  14  55  46 
CRE 3  7  17  5  5  10  12 
Commercial construction 1  —  —  1  1  1  1 
Residential mortgage —  2  2  1  2  2  3 
Home equity 4  4  3  4  4  8  9 
Indirect auto 28  25  24  38  30  53  58 
Other consumer 31  30  28  26  28  61  56 
Credit card 12  11  11  9  9  23  18 
Total recoveries 110  103  100  110  93  213  203 
Net charge-offs (396) (454) (453) (418) (442) (850) (932)
Other (5) 1  3  —  1  (4) (2)
Balance, end of period $ 5,253  $ 5,166  $ 5,161  $ 5,140  $ 5,110  $ 5,253  $ 5,110 
ACL:
ALLL $ 4,899  $ 4,870  $ 4,857  $ 4,842  $ 4,808 
RUFC 354  296  304  298  302 
Total ACL $ 5,253  $ 5,166  $ 5,161  $ 5,140  $ 5,110 

The allowance for credit losses was $5.3 billion at June 30, 2025 and included $4.9 billion for the allowance for loan and lease losses and $354 million for the reserve for unfunded commitments. The ALLL ratio was 1.54%, down four basis points compared with March 31, 2025. The ALLL covered nonperforming loans and leases held for investment 3.9x, compared to 3.3x at March 31, 2025. At June 30, 2025, the ALLL was 3.1x annualized net charge-offs, compared to 2.6x at March 31, 2025.

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

Table 14: Allocation of ALLL by Category
June 30, 2025 December 31, 2024
(Dollars in millions) Amount % ALLL in Each Category % Loans in Each Category Amount % ALLL in Each Category % Loans in Each Category
Commercial and industrial $ 1,309  26.6  % 50.9  % $ 1,284  26.4  % 50.7  %
CRE 563  11.5  6.4  643  13.2  6.6 
Commercial construction 259  5.3  2.6  257  5.3  2.8 
Residential mortgage 220  4.5  18.1  204  4.2  18.1 
Home equity 92  1.9  3.0  89  1.8  3.1 
Indirect auto 990  20.2  7.7  955  19.7  7.5 
Other consumer 1,051  21.5  9.8  994  20.5  9.6 
Credit card 415  8.5  1.5  431  8.9  1.6 
Total ALLL 4,899  100.0  % 100.0  % 4,857  100.0  % 100.0  %
RUFC 354    304   
Total ACL $ 5,253    $ 5,161   

Truist Financial Corporation 63

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

Truist has limited ability to monitor the delinquency status of the first lien, unless the first lien is held or serviced by Truist. Truist estimates credit losses on second lien loans where the first lien is delinquent based on historical experience; the increased risk of loss on these credits is reflected in the ALLL. As of June 30, 2025, Truist held or serviced the first lien on 33% of its second lien positions.

Other Assets

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

Table 15: Other Assets as of Period End
(Dollars in millions) Jun 30, 2025 Dec 31, 2024
Tax credit and other private equity investments $ 9,627  $ 9,303 
Bank-owned life insurance 7,846  7,801 
Prepaid pension assets 7,383  7,238 
Accounts receivable 2,094  1,904 
Accrued income 2,017  2,069 
Derivative assets 1,647  966 
DTAs, net 1,627  1,945 
Leased and related assets 1,451  1,352 
FHLB stock 1,103  965 
Prepaid expenses 1,098  1,061 
ROU assets 1,042  1,015 
Other 1,032  1,513 
Total other assets $ 37,967  $ 37,132 

64 Truist Financial Corporation

Funding Activities

Deposits

The following table presents average deposits:

Table 16: Average Deposits
Three Months Ended
(Dollars in millions) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024
Noninterest-bearing deposits $ 106,686  $ 105,895  $ 107,968  $ 106,080  $ 107,634 
Interest checking 116,193  109,208  107,075  103,899  103,894 
Money market and savings 135,607  136,897  138,242  136,639  135,264 
Time deposits 41,997  40,204  36,757  37,726  41,250 
Total average deposits $ 400,483  $ 392,204  $ 390,042  $ 384,344  $ 388,042 

Average deposits for the second quarter of 2025 were $400.5 billion, an increase of $8.3 billion, or 2.1%, compared to the first quarter of 2025.

Average noninterest-bearing deposits increased 0.7% compared to the prior quarter and represented 26.6% of total deposits for the second quarter of 2025 compared to 27.0% for the first quarter of 2025. Average interest checking deposits increased 6.4% primarily due to short-term client deposits. Average money market and savings accounts decreased 0.9%. Average time deposits increased 4.5%.

Borrowings

At June 30, 2025, short-term borrowings totaled $16.6 billion, a decrease of $12.6 billion compared to December 31, 2024. Average short-term borrowings were $28.3 billion and $26.1 billion for the six months ended June 30, 2025 and 2024, respectively.

Long-term debt provides funding and, to a lesser extent, regulatory capital, and primarily consists of senior and subordinated notes issued by the Parent Company and Truist Bank. Long-term debt totaled $44.4 billion at June 30, 2025, an increase of $9.5 billion compared to December 31, 2024. During the six months ended June 30, 2025, the Company had:

•Net issuances of $9.7 billion floating rate FHLB advances.
•Maturities and redemptions of $3.1 billion of senior notes.
•Issuances of $2.5 billion fixed-to-floating rate senior notes with interest rates between 4.67% and 5.07% due between May 20, 2027 and May 20, 2031.

In July 2025, Truist redeemed all $1.5 billion principal amount outstanding of its fixed-to-floating rate senior holding company notes due July 28, 2026.

In July 2025, Truist issued $1.5 billion principal amount of fixed-to-floating rate senior bank notes with an interest rate of 4.42% due July 24, 2028 and $500 million floating rate senior bank notes due July 24, 2028.

Truist Financial Corporation 65

Shareholders’ Equity

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

Table 17: Book Value per Common Share
(Dollars in millions, except per share data, shares in thousands) Jun 30, 2025 Dec 31, 2024
Common equity per common share $ 45.70  $ 43.90 
Non-GAAP capital measure:(1)
    
Tangible common equity per common share $ 31.63  $ 30.01 
Calculation of tangible common equity:(1)
    
Total shareholders’ equity $ 64,840  $ 63,679 
Less:    
Preferred stock 5,907  5,907 
Goodwill and intangible assets, net of deferred taxes 18,143  18,274 
Tangible common equity $ 40,790  $ 39,498 
Common shares outstanding at end of period 1,289,435  1,315,936 
(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.

Total shareholders’ equity was $64.8 billion at June 30, 2025, an increase of $1.2 billion from December 31, 2024. This increase includes $2.5 billion in net income and $1.3 billion in OCI, partially offset by $1.5 billion in common and preferred dividends and $1.3 billion in common share repurchases, including excise taxes. For the second quarter of 2025, the dividend payout ratio was 57% and the total payout ratio was 121%. Truist’s book value per common share at June 30, 2025 was $45.70, compared to $43.90 at December 31, 2024. Truist’s TBVPS of $31.63 at June 30, 2025, increased 5.4% compared to December 31, 2024.
66 Truist Financial Corporation

Risk Management

Truist seeks to maintain a comprehensive risk management framework supported by people, processes, and systems to identify, measure, monitor, manage, and report significant risks arising from its exposures and business activities. A key objective of the Company’s risk management framework is to promote the execution of strategic goals and objectives in alignment with its risk appetite.

Truist has developed a risk management taxonomy to provide for the identification and classification of risk elements at Truist. The objective of the risk management taxonomy is to define enterprise-wide categorization for elements used in risk management activities, establish consistently applied language, and enable data analysis, aggregation, and reporting.

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

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

Market Risk

Market risk is the risk to current or anticipated earnings, capital, or economic value arising from changes in interest rates, spreads, or prices of financial instruments, and the corresponding impact on the composition of the balance sheet or trading and fair value positions. Market risk results from changes in the level, volatility, or correlations among financial market risk factors or prices, including interest rates, credit spreads, foreign exchange rates, equity, and commodity prices.

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

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

Interest Rate Market Risk

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

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

IRR measurement is influenced by data, assumptions, and models. Due to their high sensitivity to market rates, mortgage (loan and security) prepayments leverage an industry model that results in varying prepayment speeds across rate scenarios. Prepayments for non-mortgage loans leverage a mix of dynamic models (varying results based on market rates) and static prepayment assumptions based on historical experience. Our analysis incorporates dynamic client deposit balance levels, the mix across product types, and deposit rate paid across alternate rate scenarios based on modeled changes in client and bank behavior. The use of dynamic deposit balance models results in rotation to higher cost funding products (e.g., CDs) when market rates increase and to lower cost funding products (e.g., non-maturity deposits) when market rates decrease. The use of dynamic rate paid models results in varying deposit betas based on the timing and conditions within market rate cycles.

Truist Financial Corporation 67

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

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

Table 18: Interest Sensitivity Simulation Analysis
Jun 30, 2025 Dec 31, 2024
Up 200bps gradual change in interest rates 2.0  % 1.1  %
Up 50bps instantaneous change in interest rates 0.8  0.6 
Down 50bps instantaneous change in interest rates
 (1.0) (0.8)
Down 200bps gradual change in interest rates
 (3.0) (2.1)

Truist performs and monitors sensitivity tests of key assumptions used in NII risk including:

•Asset prepayment speeds
•New loan volume pricing spreads
•Interest-bearing deposit betas
•Non-interest-bearing demand deposit balance runoff, replaced by market funding

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

•Asset prepayment speeds
•Mortgage spreads (mortgage loan and security valuations)
•Interest-bearing deposit beta
•Deposit runoff / decay

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

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

Market Risk from Trading Activities

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

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

68 Truist Financial Corporation

Covered Trading Positions

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

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

Securitizations

As of June 30, 2025, the aggregate market value of on-balance sheet securitization positions subject to the Market Risk Rule, which were non-agency asset backed securities positions, was $93 million. Consistent with the Market Risk Rule requirements, the Company performs pre-purchase due diligence on each securitization position to identify the characteristics, including deal structure and the asset quality of the underlying assets, that materially affect valuation and performance. Securitization positions are subject to Truist’s risk management framework, which includes daily monitoring against a suite of limits. There were no off-balance sheet securitization positions during the reporting period.

Correlation Trading Positions

The trading portfolio of covered positions did not contain any correlation trading positions as of June 30, 2025.

VaR-Based Measures

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

The trading portfolio’s VaR profile is influenced by a variety of factors, including the size and composition of the portfolio, market volatility, and the correlation between different positions. A portfolio of trading positions is typically less risky than the sum of the risk from each of the individual sub-portfolios, because, under normal market conditions, risk within each category partially offsets the exposure to other risk categories. The following table summarizes certain VaR-based measures for the three and six months ended June 30, 2025 and 2024. Average VaR measures in the three and six-months ended June 30, 2025 were higher compared to the three and six-months ended June 30, 2024 primarily due to tariff related market volatility in April.

Truist Financial Corporation 69

Table 19: VaR-based Measures
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
(Dollars in millions) 10-Day Holding Period 1-Day Holding Period 10-Day Holding Period 1-Day Holding Period 10-Day Holding Period 1-Day Holding Period 10-Day Holding Period 1-Day Holding Period
VaR-based Measures:
Maximum $ 63  $ 13  $ 25  $ 7  $ 63  $ 15  $ 27  $ 12 
Average 28  10  20  6  24  9  21  8 
Minimum 16  5  14  5  9  4  14  5 
Period-end 23  11  23  7  23  11  23  7 
VaR by Risk Class:
Interest Rate Risk 6  7  6  7 
Credit Spread Risk 6  10  6  10 
Equity Price Risk 7  3  7  3 
Foreign Exchange Risk 1  —  1  — 
Portfolio Diversification (8) (13) (8) (13)
Period-end 11  7  11  7 

Stressed VaR-based measures

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

Table 20: Stressed VaR-based Measures - 10 Day Holding Period
Three Months Ended June 30, Six Months Ended June 30,
(Dollars in millions) 2025 2024 2025 2024
Maximum $ 248  $ 209  $ 287  $ 209 
Average 125  148  153  131 
Minimum 70  82  70  69 
Period-end 96  154  96  154 

Specific Risk Measures

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

VaR Model Backtesting

In accordance with the Market Risk Rule, the Company evaluates the accuracy of its VaR model through daily backtesting by comparing aggregate daily trading gains and losses (excluding fees, commissions, reserves, net interest income, and intraday trading) from covered positions with the corresponding daily VaR-based measures generated by the model. As illustrated in the following graph, there was one Company-wide VaR backtesting exception during the twelve months ended June 30, 2025. The backtesting exception was driven by tariff-related market volatility. The total number of Company-wide VaR backtesting exceptions over the preceding twelve months is used to determine the multiplication factor for the VaR-based capital requirement under the Market Risk Rule. The capital multiplication factor increases from a minimum of three to a maximum of four, depending on the number of exceptions. All Company-wide VaR backtesting exceptions are reviewed in the context of VaR model use and performance. There was no change in the capital multiplication factor over the preceding twelve months.
70 Truist Financial Corporation

12250
Model Risk Oversight

MRO is responsible for the independent model validation of all decision models, including trading market risk models. As part of ongoing monitoring efforts, the performance of all trading risk models is reviewed regularly to evaluate model performance with emerging developments in financial markets, assess evolving modeling approaches, and identify potential model enhancement.

Stress Testing

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

Liquidity

Liquidity is the ability to fund increases in assets and meet obligations as they come due, all without incurring unacceptable costs. In addition to the level of liquid assets, such as cash, cash equivalents, and highly liquid unencumbered securities, other factors affect the ability to meet liquidity needs, including access to a variety of funding sources, maintaining borrowing capacity, growing core deposits, loan repayment, and the ability to securitize or package loans for sale.

Truist has a liquidity risk management process designed to identify, measure, and monitor key liquidity risks to assess whether Truist is operating within its liquidity risk appetite. The liquidity risk appetite is outlined using a qualitative statement and more granular detailed risk appetite statements aligned to Truist’s risk taxonomy; risk statements form the basis for aligning risk appetite with risk management goals and strategy. Using the risk appetite statements, key risk indicators are developed that represent quantitative metrics which measure current risk exposure relative to Truist’s risk appetite, which help the Board and management monitor liquidity risk taking activity. Truist’s key risk indicators are designed to support the following objectives:

•maintain (i) a diversified, but client deposit centric, funding base, (ii) a level of liquid, readily monetized assets sufficient to satisfy business as usual and stressed cash flow needs across multiple liquidity horizons, and (iii) an appropriate level of contingent funding to meet any unexpected needs;
•limit concentration risk from individual, correlated counterparties, and funding concentrations in tenors that may negatively impact Truist from an unforeseen idiosyncratic or market event; and
•maintain sufficient liquidity in the holding company to serve as a source of strength to its subsidiaries.
Truist Financial Corporation 71


Internal Liquidity Stress Testing

Liquidity stress testing is conducted for Truist and Truist Bank using a variety of institution-specific and market-wide adverse scenarios. Each liquidity stress test scenario applies defined assumptions to execute sources and uses of liquidity over varying planning horizons. The types of expected liquidity uses during a stressed event may include deposit attrition, contractual maturities, reductions in unsecured and secured funding, increased draws on unfunded commitments, and the potential need to post additional collateral for derivatives. To mitigate liquidity outflows, Truist has identified sources of liquidity; however, access to these sources of liquidity could be affected within a stressed environment.

Truist maintains a liquidity buffer of cash on hand and highly liquid unencumbered securities that is designed to meet the projected 30-day net stressed cash-flow needs. Truist’s liquidity buffer is substantially the same in composition to what qualifies as HQLA under the LCR Rule. Truist periodically monetizes a representative sample of the liquidity buffer to assess operational readiness through available monetization channels.

Contingency Funding Plan

Truist has a contingency funding plan designed to address ongoing obligations and commitments, particularly in the event of a liquidity contraction. This plan is designed to examine and quantify the organization’s liquidity under the various internal liquidity stress scenarios and is periodically tested to assess the plan’s reliability. Additionally, the plan provides a framework for management and other teammates to follow in the event of a liquidity contraction or in anticipation of such an event. The plan addresses authority for activation and decision making, liquidity options, and the responsibilities of key departments in the event of a liquidity contraction. On a quarterly basis, Truist conducts testing of market access for alternative sources of funds (e.g. discount window, standing repo facility, etc.) to test operational readiness. On a periodic basis, Truist conducts a table-top test of the Contingency Funding Plan to assess reliability of the plan during liquidity stress events and to simulate the operational elements of the plan such as communications, coordination, and decision-making.

LCR, NSFR, and HQLA

The LCR rule requires that Truist and Truist Bank maintain an amount of eligible HQLA that is sufficient within the parameters of the rule to meet their estimated total net cash outflows over a prospective 30 calendar-day period of stress. Eligible HQLA, for purposes of calculating the LCR, is the amount of unencumbered HQLA that satisfy operational requirements of the LCR rule. Truist and Truist Bank are subject to the Category III reduced LCR requirements. Truist held average weighted eligible HQLA of $93.0 billion and Truist’s average LCR was 110% for the three months ended June 30, 2025.

The NSFR rule defines a minimum amount of stable, long-term funding that Truist and Truist Bank must maintain in relation to their asset composition and off-balance sheet activities. Truist and Truist Bank are subject to the Category III reduced NSFR requirements. At June 30, 2025, Truist was compliant with this requirement.

Sources of Funds

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

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

Table 21: Selected Liquidity Sources
(Dollars in millions) Jun 30, 2025 Dec 31, 2024
Unused borrowing capacity:
FRB $ 80,374  $ 72,040 
FHLB 30,417  31,411 
Available investment securities (at fair value) 75,441  68,212 
Available secured borrowing capacity 186,232  171,663 
Eligible cash at the FRB 35,082  33,717 
Total $ 221,314  $ 205,380 
72 Truist Financial Corporation


At June 30, 2025, Truist Bank’s available secured borrowing capacity represented approximately 5.5 times the amount of wholesale funding maturities in one year or less.

Parent Company

The Parent Company serves as the primary source of capital for its operating subsidiaries. The Parent Company’s assets consist primarily of cash on deposit with Truist Bank, equity investments in subsidiaries, advances to subsidiaries, and notes receivable from subsidiaries. The principal obligations of the Parent Company are payments on long-term debt. The main sources of funds for the Parent Company are dividends and management fees from subsidiaries, repayments of advances to subsidiaries, and proceeds from the issuance of equity and long-term debt. The primary uses of funds by the Parent Company are investments in subsidiaries, advances to subsidiaries, dividend payments to common and preferred shareholders, repurchases of common stock, payments on and, from time-to-time, potential repurchases or redemptions of long-term debt of the Parent Company (as may be permitted by the terms of each respective series), and the redemption of preferred stock. See “Note 22. Parent Company Financial Information” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional information regarding dividends from subsidiaries and debt transactions.

Access to funding at the Parent Company is more sensitive to market disruptions. Therefore, Truist manages cash levels at the Parent Company to exceed a minimum of 12 months of projected cash outflows. In determining the buffer, Truist considers cash requirements for common and preferred dividends, unfunded commitments to affiliates, serving as a source of strength to Truist Bank, and being able to withstand sustained market disruptions that could limit access to the capital markets. At June 30, 2025, the Parent Company held cash on hand to meet these requirements.

Credit Ratings

Credit ratings are forward-looking opinions of rating agencies as to the Company’s ability to meet its financial commitments and repay its securities and obligations in accordance with their terms of issuance. Credit ratings influence both borrowing costs and access to the capital markets. The Company’s credit ratings are continuously monitored by the rating agencies and are subject to change at any time. As Truist seeks to maintain high-quality credit ratings, management meets with the major rating agencies on a regular basis to provide financial and business updates and to discuss current outlooks and trends. See Item 1A, “Risk Factors” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional information regarding factors that influence credit ratings and potential risks that could materialize in the event of downgrade in the Company’s credit ratings.

The following table presents the credit ratings and outlooks of the Parent Company and Truist Bank as of June 30, 2025:

Table 22: Credit Ratings of Truist Financial Corporation and Truist Bank
  Moody’s S&P Fitch DBRS Morningstar
Truist Financial Corporation:
Issuer Baa1 A- / A-2 A / F1 AAL / R-1M
Senior unsecured Baa1 A- A- AAL
Subordinated Baa1 BBB+ BBB+ AH
Preferred stock Baa3(hyb) BBB- BBB- AL
Truist Bank:
Issuer A3 A / A-1 A / F1 AA / R-1H
Senior unsecured A3 A A AA
Deposits A1 / P-1 NA A+ / F1 AA
Subordinated (P) A3 A- A- AAL
Ratings outlook:
Credit trend Stable Stable Stable Stable

Truist Financial Corporation 73

Capital

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

Management regularly monitors the capital position of Truist on both a consolidated and bank-level basis. In this regard, management’s objective is to maintain capital at levels that are in excess of internal capital limits, which are above the regulatory “well-capitalized” minimums. Truist also regularly performs stress testing on its capital levels and is required to periodically submit the Company’s capital plans and stress testing results to the banking regulators. Management has implemented internal stress capital ratio minimums that serve as limits which are measured under internally-developed stress testing scenarios to evaluate whether capital ratios calculated under hypothetical stress, and after the effect of alternative capital actions, are likely to remain above internal stressed minimums. Breaches of internal capital limits or projected breaches of internal stress capital ratio minimums under hypothetical stress result in the activation of Truist’s capital contingency plan.

Table 23: Capital Requirements
  Minimum Capital Well-Capitalized
Minimum Capital Plus Stress Capital Buffer(1)
  Truist Truist Bank
CET1
 4.5  % NA 6.5  % 7.3  %
Tier 1 capital 6.0  6.0  % 8.0  8.8 
Total capital 8.0  10.0  10.0  10.8 
Leverage ratio 4.0  NA 5.0  NA
Supplementary leverage ratio 3.0  NA NA NA
(1)Reflects a SCB requirement of 2.8% applicable to Truist as of June 30, 2025. Truist’s SCB requirement, received in the 2024 CCAR process, is effective from October 1, 2024 to September 30, 2025. Under the 2025 CCAR process, Truist was notified its preliminary SCB requirement would be 2.5% from October 1, 2025 through September 30, 2026.

The Parent Company’s capital ratios are presented in the following table:

Table 24: Capital Ratios - Truist Financial Corporation
(Dollars in millions) Jun 30, 2025 Dec 31, 2024
Risk-based: (preliminary)  
CET1 11.0  % 11.5  %
Tier 1 capital 12.3  12.9 
Total capital 14.3  15.0 
Leverage ratio 10.2  10.5 
Supplementary leverage ratio 8.5  8.8 
Risk-weighted assets $ 434,892  $ 418,337 

Capital Contingency Plan

In the event of a realized or potential capital shortfall, Truist has a capital contingency plan that is designed to facilitate improvement of the Company’s capital position through the execution of specific contingency actions which either increase capital, decrease risk-weighted assets, or both. The plan provides a framework designed to monitor for the occurrence of these events by establishing mechanisms to detect capital contraction, including market and economic stress that could adversely impact the Company’s capital position. The plan also establishes governance protocols for activation or deactivation and decision making, lists capital contingency options and associated key information, and addresses the responsibilities of key departments.

Capital ratios remained strong compared to the regulatory requirements for well capitalized banks. Truist’s CET1 ratio was 11.0% as of June 30, 2025, down 30 basis points compared to March 31, 2025 due to capital returned to shareholders and an increase in risk-weighted assets, partially offset by current quarter earnings.

Truist declared common dividends of $0.52 per share during the second quarter of 2025 and repurchased $750 million of common stock. For the second quarter of 2025, the dividend payout ratio was 57%, and the total payout ratio was 121%.

74 Truist Financial Corporation

Truist completed the 2025 CCAR process and received a preliminary SCB requirement of 2.5% for the period October 1, 2025 to September 30, 2026, down 30 basis points from the SCB requirement for the period October 1, 2024 to September 30, 2025. The FRB will provide Truist with its final SCB requirement by August 31, 2025.

Share Repurchase Activity

Table 25: Share Repurchase Activity
(Dollars in millions, except per share data, shares in thousands)
Total Number of Shares Purchased(1)
Average Price Paid Per Share(2)(3)
 Total Number of Shares Purchased as part of Publicly Announced Plans
Approximate Dollar Value of Shares that may yet be Purchased Under the Plans(3)(4)
April 1, 2025 to April 30, 2025 20,209  $ 37.11  20,209  $ 2,750 
May 1, 2025 to May 31, 2025 —  —  —  2,750 
June 1, 2025 to June 30, 2025 —  —  —  2,750 
Total 20,209  $ 37.11  20,209 
(1)Includes shares exchanged or surrendered in connection with the exercise of equity-based awards under equity-based compensation plans.
(2)Excludes commissions.
(3)Excludes excise taxes on share repurchases.
(4)In June 2024, Truist announced that the Board had authorized the repurchase of up to $5.0 billion of common stock beginning in the third quarter of 2024 through 2026 as part of Truist’s overall capital distribution strategy. Repurchased shares revert to the status of authorized and unissued shares upon repurchase. The share-repurchase program enables Truist to acquire shares through open-market purchases or privately negotiated transactions, including through Rule 10b5-1 plans and other programs, at the discretion of management and on terms (including quantity, timing, and price) that management determines to be advisable. Actions in connection with the share-repurchase program will be subject to various factors, including Truist's capital and liquidity positions and related internal frameworks, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB and any changes to capital, liquidity, and other regulatory requirements that may be proposed or adopted by the U.S. banking agencies), Truist's financial and operational performance, alternative uses of capital, the trading price of Truist's common stock, and general market conditions. The share-repurchase program does not obligate Truist to acquire a specific dollar amount or number of shares and may be extended, modified, or discontinued at any time.

Regulatory and Supervisory Update

We are subject to significant regulatory frameworks that affect the products and services that we may offer and the manner in which we may offer them, the risks that we may take, the ways in which we may operate, and the corporate and financial actions that we may take.

The description below summarizes an update to the regulatory and supervisory framework applicable to Truist since the filing of the Annual Report on Form 10-K for the year ended December 31, 2024. This update does not summarize all actual, proposed, or possible changes in statutes, regulations, and other laws applicable to Truist and is not intended to be a substitute for those laws. Refer to “Regulatory and Supervisory Considerations” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional disclosures.

In December 2024, the CFPB issued a final rule to financial institutions with more than $10 billion in assets to either limit the cost of overdraft services to the amount of their costs and losses or adhere to a fee cap of $5. The rule was expected to take effect on October 1, 2025. In May 2025, the President signed a Congressional Review Act resolution to overturn this rule. As a result, the rule will not become effective and banks with more than $10 billion in assets, including Truist Bank, will not be required to change their overdraft fee structures to comply with the rule.

Truist Financial Corporation 75

Critical Accounting Policies

The accounting and reporting policies of Truist are in accordance with GAAP and conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Truist’s financial position and results of operations are affected by management’s application of accounting policies, including estimates, assumptions, and judgments made to arrive at the carrying value of assets and liabilities, and amounts reported for revenues and expenses. Different assumptions in the application of these policies could result in material changes in the consolidated financial position or consolidated results of operations, and related disclosures. Material estimates that are particularly susceptible to significant change include the determination of the ACL; determination of fair value for securities, MSRs, trading assets and liabilities, and derivative assets and liabilities; goodwill and other intangible assets; income taxes; and pension and postretirement benefit obligations. Understanding Truist’s accounting policies is fundamental to understanding the consolidated financial position and consolidated results of operations. The critical accounting policies are discussed in MD&A in Truist’s Annual Report on Form 10-K for the year ended December 31, 2024. Significant accounting policies and changes in accounting principles and effects of new accounting pronouncements are discussed in “Note 1. Basis of Presentation” in Form 10-K for the year ended December 31, 2024. Disclosures regarding the effects of new accounting pronouncements are included in “Note 1. Basis of Presentation” in this report. There have been no other changes to the critical accounting policies during 2025.

Goodwill and Other Intangible Assets

The Company’s three reporting units with goodwill balances were CSBB, WB, and Wealth. The Company performs goodwill impairment analysis annually as of October 1 or more often if events or circumstances indicate that it is more-likely-than-not that the fair value of a reporting unit is below its carrying value.

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

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

The projection of net interest margin and noninterest expense are the most significant inputs to the financial projections of the CSBB, WB, and Wealth reporting units. The long-term growth rate used in determining the terminal value of each reporting unit was 3% as of October 1, 2024, based on management’s assessment of the minimum expected terminal growth rate of each reporting unit. Discount rates are estimated based on the Capital Asset Pricing Model, which considers the risk-free interest rate, market risk premium, beta, and unsystematic risk adjustments specific to a particular reporting unit. The discount rates are also calibrated based on risks related to the projected cash flows of each reporting unit. The discount rates utilized for the CSBB, Wealth, and WB reporting units as of October 1, 2024 were 12.5%, 12.0%, and 10.5%, respectively.

Based on the results of the Company’s annual impairment analyses, the Company concluded that the fair values of the CSBB, WB and Wealth reporting units exceeded their respective carrying values; therefore, there was no goodwill impairment. However, for the WB reporting unit, the fair value of the reporting unit exceeded its carrying value by approximately 10%, indicating that the goodwill of the WB reporting unit may remain at risk of impairment. Circumstances that could negatively impact the fair value for the WB reporting unit in the future include a sustained decrease in Truist’s stock price, a decline in industry peer multiples, an increase in the applicable discount rate, and deterioration in the reporting unit’s forecast.

The estimated fair value of a reporting unit is highly sensitive to changes in management’s estimates and assumptions; therefore, in some instances, changes in these assumptions could impact whether the fair value of a reporting unit is greater than its carrying value. The valuation of the WB reporting unit as of October 1, 2024 indicated that if the discount rate were increased more than 100 basis points, with other cash flow assumptions unchanged, the reporting unit’s fair value would be less than its carrying value, indicating a goodwill impairment under the income approach. Ultimately, future potential changes in management’s assumptions may impact the estimated fair value of a reporting unit and cause the fair value of the reporting unit to be below its carrying value. Additionally, a reporting unit’s carrying value could change based on market conditions, change in the underlying makeup of the reporting unit, or the risk profile of those reporting units, which could impact whether the fair value of a reporting unit is less than carrying value.

76 Truist Financial Corporation

The Company monitored events and circumstances during the period from January 1, 2025 to June 30, 2025, including macroeconomic and market factors, industry and banking sector events, Truist specific performance indicators, a comparison of management’s forecast and assumptions to those used in its October 1, 2024 quantitative impairment test, and the sensitivity of the October 1, 2024 quantitative results to changes in assumptions as of June 30, 2025. Based on these considerations, Truist concluded that it was not more-likely-than-not that the fair value of one or more of its reporting units is below its respective carrying amount as of June 30, 2025.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

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

Changes in Internal Control over Financial Reporting

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

There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors disclosed in Truist’s Annual Report on Form 10-K for the year ended December 31, 2024. Additional risks and uncertainties not currently known to Truist or that management has deemed to be immaterial also may materially adversely affect Truist’s business, financial condition, or operating results.

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

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

ITEM 5. OTHER INFORMATION

(c) During the three months ended June 30, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Truist Financial Corporation 77

ITEM 6. EXHIBITS
Exhibit No. Description Location
2.1 Equity Interest Purchase Agreement, dated as of February 20, 2024, by and among Trident Butterfly Investor, Inc., Panther Blocker I, Inc., Panther Blocker II, Inc., Truist Bank, Truist TIH Holdings, Inc., Truist TIH Partners, Inc., TIH Management Holdings, LLC, TIH Management Holdings II, LLC and Truist Insurance Holdings, LLC.
2.2 Amendment No. 1 to Equity Interest Purchase Agreement, dated as of May 6, 2024, by and among Trident Butterfly Investor, Inc., Panther Blocker I, Inc., Panther Blocker II, Inc., Truist Bank, Truist TIH Holdings, Inc., Truist TIH Partners, Inc., TIH Management Holdings, LLC, TIH Management Holdings II, LLC and Truist Insurance Holdings, LLC
10.1*
Truist Financial Corporation Non-Qualified Defined Contribution Plan (January 1, 2025 Restatement)
31.1 Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32 Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS XBRL Instance Document – the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. Filed herewith.
101.SCH XBRL Taxonomy Extension Schema. Filed herewith.
101.CAL XBRL Taxonomy Extension Calculation Linkbase. Filed herewith.
101.LAB
XBRL Taxonomy Extension Label Linkbase.
 Filed herewith.
101.PRE XBRL Taxonomy Extension Presentation Linkbase. Filed herewith.
101.DEF XBRL Taxonomy Definition Linkbase. Filed herewith.
104
Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).
 Filed herewith.
*    Management compensatory plan or arrangement.
78 Truist Financial Corporation

SIGNATURES

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

 
TRUIST FINANCIAL CORPORATION
(Registrant)
Date: July 31, 2025 By: /s/ Michael B. Maguire
    Michael B. Maguire
Senior Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date: July 31, 2025 By: /s/ Cynthia B. Powell
    Cynthia B. Powell
Executive Vice President and Corporate Controller
(Principal Accounting Officer)

Truist Financial Corporation 79
EX-10.1 2 ex101nqdcp2q25.htm EX-10.1 Document
Exhibit 10.1





TRUIST FINANCIAL CORPORATION NON-QUALIFIED
DEFINED CONTRIBUTION PLAN


(January 1, 2025 Restatement)




































Exhibit 10.1

TRUIST FINANCIAL CORPRATION NON-QUALIFIED
DEFINED CONTRIBUTION PLAN
(January 1, 2025 Restatement)



Table of Contents

ARTICLE I ESTABLISHMENT AND PURPOSES OF THE PLAN 1
1.1 Establishment of Plan 1
1.2 Purpose of Plan 1
ARTICLE II DEFINITIONS AND CONSTRUCTION 3
2.1 Defined Terms 3
2.2 Construction 7
ARTICLE III CREDITS TO ACCOUNTS 8
3.1 Salary Reduction Credits 8
3.1.1Amount of Salary Reduction Credits 8
3.1.2 Time for Crediting Accounts 8
3.1.3 Administrative Rules 8
3.2 Company Matching Credits. 9
3.2.1 Amount of Company Matching Credits 9
3.2.2 Crediting Company Matching Credits 9
3.3 Company Discretionary Credits. 10
3.3.1 Amount of Company Discretionary Credits 10
3.3.2 Time for Crediting Company Discretionary Credits 10
ARTICLE IV NONFORFEITABILITY OF ACCOUNTS 11
ARTICLE V PAYMENT OF BENEFITS 12
5.1 Distributions. 12
5.1.1 In General 12
5.1.2 No Acceleration 12
5.2 Payment of Benefits upon Separation from Service 12
5.2.1 Form of Distribution 12
5.2.2 Commencement and Timing of Distributions 12
5.2.3 Timing and Duration of Elections 14
5.2.4 Medium of Distribution 15
5.3 Payment of Death Benefit 15
5.3.1 Death Before Payments Begin 15

Exhibit 10.1
5.3.2 Death After Payments Begin 15
5.4 Rules 15
5.5 Liabilities Transferred to Lendmark 16
ARTICLE VI UNFORESEEABLE EMERGENCY PAYMENTS 17
6.1 Conditions for Request 17
6.2 Written Request 17
6.3 Processing of Request 17
6.4 Rules 18
ARTICLE VII DEEMED INVESTMENTS AND ADJUSTMENT OF ACCOUNTS 19
7.1 Account Administration 19
7.2 Deemed Investment of Accounts in Investment Funds 19
7.3 Adjustment of Investment Fund Accounts 19
7.4 Rules 20
ARTICLE VIII ADMINISTRATION BY COMMITTEE 21
8.1 Membership of Committee 21
8.2 Committee Officers; Subcommittee 21
8.3 Committee Meetings 21
8.4 Transaction of Business 21
8.5 Committee Records 21
8.6 Establishment of Rules 21
8.7 Conflicts of Interest 21
8.8 Correction of Errors 21
8.9 Authority to Interpret Plan 22
8.10 Third Party Advisors 22
8.11 Compensation of Members 22
8.13 Indemnification of Committee 22
ARTICLE IX FUNDING 23
ARTICLE X ALLOCATION OF RESPONSIBILITIES 24
10.1 Board 24
10.2 Compensation Committee 24
10.3 Committee. 24
10.4 Plan Administrator 25
ARTICLE XI BENEFITS NOT ASSIGNABLE; FACILITY OF PAYMENTS 26
11.1 Benefits Not Assignable 26
11.2 Payments to Minors and Others 26
ARTICLE XII BENEFICIARY 27
ARTICLE XIII AMENDMENT AND TERMINATION OF PLAN 28
3

Exhibit 10.1
ARTICLE XIV COMMUNICATION TO PARTICIPANTS 29
ARTICLE XV CLAIMS PROCEDURE 30
15.1 Filing of a Claim for Benefits. 30
15.2 Notification to Claimant of Decision 30
15.3 Procedure for Review 30
15.4 Decision on Review 30
15.4.1 Notification to Claimant of Decision 30
15.4.3 Effect of Decision 31
15.5 Action by Authorized Representative of Claimant 31
15.6 Disability Claims 31
ARTICLE XVI PARTIES TO THE PLAN 32
16.1 Adoption by Affiliates 32
16.2 Single Plan 32
16.3 Service; Allocation of Costs 32
16.4 Committee 32
16.5 Authority to Amend and Terminate 32
ARTICLE XVII COMPLIANCE WITH SECTION 16 OF THE 1934 ACT AND RULE 16B TRADING RESTRICTIONS 33
ARTICLE XVIII MISCELLANEOUS PROVISIONS 34
18.1 Notices 34
18.2 Lost Distributees 34
18.3 Reliance on Data 34
18.4 Receipt and Release for Payments 34
18.5 Headings 34
18.6 Continuation of Employment 34
18.7 Construction 34
18.8 Nonliability of Employer 34
18.9 Severability 35
18.10 Merger and Consolidation 35
18.11 Withholding Taxes 35
18.12 Timing of 2005 Deferrals 35
18.13 Compliance with Section 409A 35
ARTICLE XIX MANDATORY DEFERRALS 36
19.1 Introduction 36
19.2 Definitions 36
19.3 Credits to the Mandatory Deferral Accounts 37
19.4 Nonforfeitability of Mandatory Deferrals 37
19.4.1 In General 37
4

Exhibit 10.1
19.4.2 Termination of Employment 37
19.5 Payment of Mandatory Deferrals 37
19.5.1 Distribution of Mandatory Deferrals 37
19.5.2 Payment of Death Benefit 37
19.5.3 Disability 38
19.5.4 Short-Term Deferral 38
APPENDIX A INVESTMENT FUNDS 39
APPENDIX B PARTICIPANTS 40
APPENDIX C PARTICIPATING AFFILIATES 41
APPENDIX D QUALIFYING PLANS EFFECTIVE 42
APPENDIX E SPECIAL PROVISIONS FOR PRIOR PLANS 43
APPENDIX F SUNTRUST ACCOUNTS 46


5

Exhibit 10.1
TRUIST FINANCIAL CORPRATION NON-QUALIFIED
DEFINED CONTRIBUTION PLAN
(January 1, 2025 Restatement)

ARTICLE I
ESTABLISHMENT AND PURPOSES OF THE PLAN

    1.1    Establishment of Plan. Effective as of January 1, 1997, Southern National Corporation, a multi-banking holding company with principal subsidiaries that included Branch Banking and Trust Company, BB&T of South Carolina, and BB&T of Virginia, (the “Company”) adopted the “Southern National Corporation Non-Qualified Defined Contribution Plan” (the “Plan”). Thereafter in 1997, the Company was renamed BB&T Corporation and, effective as of November 1, 2001, the Plan was renamed the “BB&T Corporation Non- Qualified Defined Contribution Plan” and was further amended and restated. Effective as of January 1, 2009, the Plan was renamed the “BB&T Non-Qualified Defined Contribution Plan” and was amended and restated for compliance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the guidance issued thereunder by the United States Department of Treasury and/or the Internal Revenue Service (collectively, “Section 409A”). Notwithstanding the foregoing, on and after January 1, 2005 through December 31, 2008, the Plan has been operated, to the extent applicable, in good faith compliance with Section 409A. Effective as of January 1, 2012, the Plan was amended and restated to make certain clarifications in compliance with Section 409A. Moreover, to the extent applicable, the Company intends that the Plan comply with Section 409A and the Plan shall be construed consistently with such intent. Pursuant to the Agreement and Plan of Merger by and between SunTrust Banks, Inc. and BB&T Corporation dated February 7, 2019, SunTrust Banks, Inc. merged with and into BB&T Corporation (the “Company”) effective December 6, 2019 (the “Closing Date”), and the Company became the Truist Financial Corporation. Effective June 1, 2020, the Plan was amended to reflect the merger of the SunTrust Plan (as defined in Appendix F) with and into the Plan. Notwithstanding anything herein to the contrary, SunTrust Accounts, including without limitation accounts maintained with respect to the 401(k) Excess Plan and the Prior Deferred Compensation Plan (as such terms are defined in Appendix F), shall be governed by the terms of Appendix F hereto. In addition, effective August 1, 2020, the Plan was amended to reflect the merger of the BB&T Supplemental Defined Contribution Plan for Highly Compensated Employees (the “Supplemental Plan”), into the Plan. Notwithstanding anything herein to the contrary, Accrued Benefits under the Supplemental Plan as of July 31, 2020 shall be governed by the terms of the Supplemental Plan in effect as of July 31, 2020 and Appendix E4 attached hereto. Effective January 1, 2025, the Plan is restated to include all amendments and changes made to the Plan since the June 1, 2020 restatement.

1.2 Purpose of Plan. The primary purpose of the Plan is to supplement the benefits payable to certain participants under the tax-qualified Truist Financial Corporation 401(k) Savings Plan to the extent that such benefits are curtailed by the application of certain limits imposed by the Code. The Plan is also intended to provide certain participants in the Company’s executive incentive compensation plans with an effective means of deferring a portion of the payments they are entitled to receive under such plans on a pre-tax basis. All benefits from the Plan shall be payable solely from the general assets of the Company and participating Affiliates.
1

Exhibit 10.1
The Plan is comprised of both an “excess benefit plan” within the meaning of Section 3(36) of ERISA and an unfunded plan maintained for the purpose of providing deferred compensation to a “select group of management or highly compensated employees” within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. The Plan, therefore, is intended to be exempt from the participation, vesting, funding, and fiduciary requirements of Title I of ERISA.

2

Exhibit 10.1
ARTICLE II
DEFINITIONS AND CONSTRUCTION

2.1    Defined Terms. Whenever used in this Plan document, the following capitalized terms shall have the meaning set forth below (unless otherwise indicated by the context), rather than any definition set forth in the Savings Plan.

(1)The term “Account” shall mean the aggregate of the unfunded, separate bookkeeping accounts which are established and maintained with respect to each Participant pursuant to

(a)the provisions of Article VII and which may include the following such accounts:

(b)a Matching Account;

(c)a Salary Reduction Account;

(d)a SunTrust Account (as defined in Appendix F).

Separate subaccounts shall be established and maintained with respect to each such separate bookkeeping account which shall include one or more Investment Fund Accounts and which shall be adjusted in the manner provided in Article VII.

(2)The term “Accrued Benefit” shall mean with respect to each Participant the balance credited to his Account as of the applicable Adjustment Date following adjustment thereof as provided in Article VII.

(3)The term “Adjustment Date” shall mean each day securities are traded on the New York Stock Exchange, except regularly scheduled holidays of the Company.

(4)The term “Affiliate” shall mean any employer which, with the Company, would be considered to be a single employer under Sections 414(b) and 414(c) of the Code, using 50%, rather than 80%, as the percentage of ownership required with respect to such Code sections. The status of an entity as an Affiliate relates only to the period of time during which the entity is so affiliated with the Company.

(5)The term “Beneficiary” shall mean the person, persons, or entity designated or determined pursuant to the provisions of Article XII of the Plan to receive the balance of the Participant’s Account under the Plan, if any, after his death.

(6)The term “Board” shall mean the Board of Directors of the Company.

(7)The term “Code” shall mean the Internal Revenue Code of 1986, as amended, and the rules and regulations issued thereunder.

3

Exhibit 10.1
(8)The term “Committee” shall mean the Employee Benefits Plan Committee which shall have the powers, duties, and responsibilities set forth in Article VIII.

(9)The term “Company” shall mean Truist Financial Corporation, a North Carolina
corporation with its principal office at Charlotte, North Carolina, or any successor thereto by merger, consolidation, or otherwise.

(10)The term “Company Discretionary Credits” shall mean the amounts credited to the Participant’s Matching Account by the Committee pursuant to the provisions of Section 3.3.

(11)The term “Company Matching Credits” shall mean the amounts credited to the Participant’s Matching Account by the Committee pursuant to the provisions of Section 3.2.

(12)The term “Compensation Committee” shall mean the Compensation and Human Capital Committee of the Board or its delegate; provided, however, that the authority to make any determinations with regard to Employees who are officers subject to Section 16 of the 1934 Act shall at all times be retained by the Compensation Committee.

(13)The term “Covered Compensation” shall have the same meaning as the definition of “Compensation” under the Savings Plan without regard to any limits imposed by Section 401(a) (17) of the Code, provided that Salary Reduction Credits under this Plan shall also be included in the definition of Covered Compensation for purposes of this Plan. For purposes of this definition, any change in the definition of Compensation under the Savings Plan that is effective after the first day of a Plan Year shall not be applied to the definition of Covered Compensation until the following Plan Year.

(14)The term “Deferral Election Form” shall mean the election form (including a form in electronic, telephonic, or other format) executed by the Participant pursuant to the provisions of Section 3.4 of the Plan.

(15)The term “Eligible Employee” shall mean each Employee who is determined by the Compensation Committee to be a highly compensated or management employee and who is selected by the Compensation Committee to participate in the Plan. An Employee shall cease to be an Eligible Employee immediately upon the first to occur of the following (i) the Employee’s Separation from Service; (ii) the end of the Plan Year in which occurs the determination by the Compensation Committee that the Employee is no longer a highly compensated or management employee; or (iii) the end of the Plan Year in which the Compensation Committee, in its sole discretion, determines that the Employee shall no longer be eligible to participate in the Plan.

4

Exhibit 10.1
(16)The term “Employee” shall mean an individual in the Service of the Employer, provided that the relationship between him and the Employer is the legal relationship of employer and employee.

(17)The term “Employer” shall mean the Company and participating Affiliates; Article XVI sets forth the special provisions concerning participating Affiliates.

(18)The term “Entry Date” shall mean January 1 of each Plan Year; provided, however, that under special circumstances, such as the acquisition of an Affiliate and in accordance with the requirements of Section 409A, the Committee may designate a date other than January 1 of a Plan Year as an Entry Date.

(19)The term “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended and rules and regulations issued thereunder.

(20)The term “Investment Fund” shall mean any mutual fund described in Appendix A attached hereto and any self-directed brokerage option allowed by the Compensation Committee; provided, however, that the Compensation Committee shall determine from time to time the mutual funds to be set forth and described in Appendix A, and shall notify Participants in writing of the available Investment Funds from time to time.

(21)The term “Investment Fund Account” shall mean a subaccount of a Salary Reduction Account and/or a Matching Account which shall indicate the amount deemed invested in an Investment Fund as set forth in Article VII.

(22)The term “Investment Fund Credit” shall mean, with respect to each Investment Fund, a bookkeeping unit used for the purpose of crediting deemed shares of such Investment Fund to the corresponding investment subaccounts of each Participant’s Account. Each Investment Fund Credit shall be equal to one share of each Investment Fund. The value of each Investment Fund Credit shall be equivalent to the net value of a share of the applicable Investment Fund as of any Adjustment Date.1

(23)The term “Matching Account” shall mean the separate bookkeeping account to be kept for each Participant to which Company Matching Credits and any Company Discretionary Credits are credited.

(24)The term “1934 Act” shall mean the Securities Exchange Act of 1934, as amended.


1 Effective July 5, 2023, the self-directed brokerage option of the Plan was closed to Participants. Notwithstanding the foregoing, Participants who, as of June 30, 2023, had amounts deemed invested through the self-directed brokerage option were permitted to continue to use the self-directed brokerage option.

5

Exhibit 10.1
(25)The term “Participant” shall mean with respect to any Plan Year an Eligible Employee who has commenced participation in the Plan and any former Eligible Employee who has an Accrued Benefit remaining under the Plan. An Eligible Employee shall become a Participant as of the Entry Date determined by the Committee. A Participant who incurs a Separation from Service and who later returns to Service will

(26)not be eligible to reenter the Plan except upon satisfaction of the terms and conditions established by the Committee in accordance with Section 409A. The Committee shall maintain a list of the Participants in the Plan, indicating, inter alia, those Participants eligible for Company Matching Credits and which shall be amended from time to time. Notwithstanding the foregoing, effective June 1, 2020, each SunTrust Participant (as defined in Appendix F) shall be a Participant in the Plan.

(27)The term “Performance-Based Compensation” shall mean compensation considered performance-based compensation under Code section 409A. Generally, this means an amount which, or the entitlement to which, is contingent on the satisfaction of pre- established organizational or individual performance criteria relating to a performance period of at least 12 consecutive months. Performance criteria shall be established in writing not later than 90 days after the commencement of the period of service to which the criteria relate; provided that the outcome is substantially uncertain at the time the criteria are established. Performance-Based Compensation shall not include any amount or portion of any amount that will be paid regardless of performance or is based upon a level of performance that is substantially certain to be met at the time the criteria are established.

(28)The term “Plan” shall mean the Truist Financial Corporation Non-Qualified Defined Contribution Plan, an unfunded, non-qualified deferred compensation plan as herein restated or as duly amended from time to time.

(29)The term “Plan Administrator” shall mean the plan administrator as provided in Section 8.2.

(30)The term “Plan Year” shall mean the 12-calendar-month period beginning on January 1 and ending on December 31 of each year.

(31)The term “Salary Reduction Election Form” shall mean the election form (including a form in electronic, telephonic, or other format) executed by the Participant pursuant to the provisions of Section 3.1 of the Plan.

(32)The term “Salary Reduction Account” shall mean the separate bookkeeping account to be kept for each Participant to which Salary Reduction Credits shall be credited.

6

Exhibit 10.1
(33)The term “Salary Reduction Credits” shall mean the amounts credited to the Participant’s Salary Reduction Account by the Committee pursuant to the provisions of Section 3.1 of the Plan.

(34)The term “Savings Plan” shall mean the Truist Financial Corporation 401(k) Savings Plan, as it may be amended from time to time.

(35)The term “Section 409A” shall mean Section 409A of the Code and the guidance issued thereunder by the United States Department of Treasury and/or the Internal Revenue Service.

(36)The term “Separation from Service” shall mean a termination of employment with the Company and all Affiliates that is a “separation from service” within the meaning of Section 409A.

(37)The term “Service” shall mean employment by the Employer as an Employee.

(38)The term “Specified Employee” shall mean a “specified employee” within the meaning of Section 409A.

(39)The term “Spouse” or “Surviving Spouse” shall mean, except as otherwise provided in the Plan, the legally married or surviving spouse of a Participant.

(40)The term “Unforeseeable Emergency” shall mean a severe financial hardship as more fully defined in Section 6.1.

2.2    Construction. Wherever appropriate, words used in the Plan in the singular may
include the plural, or the plural may be read as the singular. References to one gender shall include the other. A capitalized term used, but not defined in the Plan, shall have the same meaning given in the Savings Plan, depending on the context in which the term is used.

7

Exhibit 10.1
ARTICLE III
CREDITS TO ACCOUNTS

3.1 Salary Reduction Credits.

    3.1.1    Amount of Salary Reduction Credits. Each Participant who is a participant in the Savings Plan may elect to reduce on a pre-tax basis his Covered Compensation from the Employer for any Plan Year by a percentage as set forth on a Salary Reduction Election Form which the Participant executes prior to the applicable Entry Date and in accordance with Section 3.1.3. Such election will apply to the Covered Compensation received by the Participant after the date such election becomes effective during the Plan Year. For each Plan Year, the deferral election will be effective as of the earlier date below:

(a)the date the Participant’s Covered Compensation reaches the limit under Code section 401(a) (17) for the Plan Year while the Participant is making Salary Reduction Contributions under the Savings Plan, or

(b)the date the Participant’s contribution to the Savings Plan have reached the pre-tax contribution limit under Code section 402(g) during the Plan Year.

In the event that a Participant’s first Entry Date is other than January 1 and it is his first year of eligibility under the Plan (taking into consideration eligibility under all other nonqualified account balance plans of the Company and of any Affiliate that are required to be aggregated with the Plan under Section 409A in determining whether such Plan Year is in fact the first year of eligibility, within the meaning of Treasury Regulation Section 1.409A-2(a)(7)(ii), under a “plan” that includes the Plan), such Participant may file an initial Salary Reduction Election Form in accordance with this Section 3.1.1 within 30 days of becoming first eligible to participate under the Plan, but only with respect to that portion of his Covered Compensation to be earned for services to be performed subsequent to such election and ending on December 31 of such Plan Year. Such deferral election will be effective as of the earlier of the date that the requirements in (a) or (b) above are satisfied.

3.1.2     Time for Crediting Accounts. Salary Reduction Credits shall be credited to a Participant’s Salary Reduction Account as of the time, and in the same manner, that Salary Reduction Contributions are credited to the Participant’s Salary Reduction Contribution (Before-Tax) Account under the Savings Plan.

3.1.3 Administrative Rules. An election pursuant to Section 3.1.1 shall be made by the Participant by executing and delivering to the Committee a Salary Reduction Election Form in accordance with such rules and procedures as are adopted by the Committee from time to time. Except for the first year of eligibility, the Salary Reduction Election Form must be received by the Committee prior to the beginning of each Plan Year in accordance with procedures established by the Committee. The Salary Reduction Election Form of a Participant shall be irrevocable for the relevant Plan Year, subject to permitted adjustments resulting from a Participant’s qualified plan elections consistent with Treasury Regulation Sections 1.409A-2(a)(9) and 1.409A-3(j)(5), or any successors thereto, determined using the Participant’s Salary Reduction Contribution rate under the Savings Plan in effect on June 30 prior to the applicable Plan Year.
8

Exhibit 10.1

The Salary Reduction Election Form will remain in effect for the Plan Year for which it is first made and for all future Plan Years until it is revoked or changed by a new election submitted pursuant to the rules of this Section 3.1 or the Participant ceases participation in the Plan. Any such election with respect to Covered Compensation that is Performance-Based Compensation must be received by the Committee in accordance with procedures established by the Committee; provided, however, that:

(a)the Committee does not receive such election later than a date that is six months prior to the end of the applicable performance period;

(b)the Participant has continuously performed services from the later of the beginning of the performance period which is at least 12 consecutive months or the date the performance criteria are established through the date on which the deferral election is made; and

(c)in no event shall such election be made after such Incentive Compensation has become readily ascertainable.

3.2    Company Matching Credits.

3.2.1     Amount of Company Matching Credits. The Committee shall determine which Participants are eligible to receive Company Matching Credits based on objective criteria. The Committee shall credit to the Matching Account of each such Participant who elects to reduce his Covered Compensation under Section 3.1, with a Company Matching Credit, which shall be an amount equal to (a) minus (b), where

(a)is the sum of the Salary Reduction Credits and the Salary Reduction Contributions under the Savings Plan for the Plan Year, up to 4% of his Covered Compensation for the Plan Year; and

(b)is equal to the Matching Contributions provided under the Savings Plan during the Plan Year;

provided, however, that the Company Matching Credit of a Participant who is first eligible to participate during the Plan Year beginning on an Entry Date other than January 1 as provided in Section 3.1.1 shall be limited to that portion of his Covered Compensation to be earned for services to be performed subsequent to his submission of his Salary Reduction Election Form and ending on December 31 of such Plan Year.

3.2.2 Crediting Company Matching Credits. The amount of Company Matching Credits to be credited to the Matching Account of the Participant shall be credited by the Committee to the Participant’s Matching Account as of the same time and in the same manner as Matching Contributions are credited to the Participant’s Employer Basic Matching Contribution Account and Employer Supplemental Matching Contribution Account under the Savings Plan.
9

Exhibit 10.1

3.3 Company Discretionary Credits.

3.3.1     Amount of Company Discretionary Credits. At the discretion of the Company and pursuant to the directions of the Company, the Committee shall credit to the Matching Account of a Participant with a Company Discretionary Credit, which shall be an amount determined by the Company. The determination of which Participant shall be credited with a Company Discretionary Credit and the amount of such credit shall be determined solely by the Company.

3.3.2 Time for Crediting Company Discretionary Credits. The amount of Company Discretionary Credits to be credited to the Matching Account of the Participant shall be credited at such time or times as the Committee so designates.

10

Exhibit 10.1
ARTICLE IV
NONFORFEITABILITY OF ACCOUNTS

    Upon Separation from Service, the interest of a Participant in his Salary Reduction Account as well as his Matching Account shall not be subject to forfeiture; provided, however that in the event the Participant has engaged in misconduct, including, but not limited to, embezzlement, larceny, theft, and other dishonest acts affecting the Employer, or has engaged in direct competition with the Employer while a Participant, such Participant shall forfeit the entire interest in his Matching Account.

11

Exhibit 10.1
ARTICLE V
PAYMENT OF BENEFITS

    5.1 Distributions.

        5.1.1     In General. Except as otherwise provided in Article VI relating to payments in the event of an Unforeseeable Emergency, the vested Accrued Benefit of a Participant shall be distributed to or with respect to a Participant only upon the Participant’s Separation from Service or death. Payment of benefits on account of a Separation from Service shall be made in accordance with Section 5.2. Payment of benefits on account of the death of a Participant shall be made in accordance with Section 5.3.

        5.1.2     No Acceleration. Except as otherwise provided below and in Article VI relating payments in the event of an Unforeseeable Emergency, which are permitted under Section 409A, no acceleration of the time and form of payment of a Participant’s Accrued Benefit, or any portion thereof, shall be permitted. Any portion of a Participant’s Account that is includible in income under Section 409A shall be distributed immediately to the Participant. And a Participant’s Account shall be distributed upon the sale of substantially all of the Company’s assets, as provided in Section 15.14 of the Truist Financial Corporation Non-Qualified Deferred Compensation Trust and in accordance with Treas. Reg. Section 1.409A-3(j)(4) (ix)(B) or any successor thereto.

    5.2 Payment of Benefits upon Separation from Service.

    5.2.1     Form of Distribution. Subject to the provisions of Article XVII, the vested Accrued Benefit of a Participant who has incurred a Separation from Service shall be paid to the Participant or applied for his benefit under one of the following options:
        Option A Term Certain Option. Payment in approximately equal installments over a term certain not to exceed 15 years; or

        Option B Lump Sum Option. Payment in a lump sum.

The election of the distribution option with respect to his vested Accrued Benefit (“Form Election”) shall be made by the Participant on a form approved by the Committee and filed with the Committee as provided in Section 5.2.3. Notwithstanding the foregoing, all Form Elections are subject to the provisions of Section 5.2.2(b). In the event that a Participant fails to elect a distribution option or fails to make a timely election, his vested Accrued Benefit shall be paid to him under the Lump Sum Option. The amount of a Participant’s vested Accrued Benefit for purposes of any distribution made pursuant to this Article V shall be determined as of the Adjustment Date that such distribution is actually processed by the Committee or its designee.

    5.2.2    Commencement and Timing of Distributions.

12

Exhibit 10.1
(a)In General. Except as otherwise provided in Article VI relating to payments in the event of an Unforeseeable Emergency, no benefit payments will be made to the Participant from the Plan under this Section 5.2 until the Participant has incurred a Separation from Service. Subject to the provisions of Section 5.2.2(b) and Article XVII, payment of a Participant’s vested Accrued Benefit shall commence within one of the following periods:

Option 1 Distribution shall commence within the 60-day period next following the date the Participant incurs a Separation from Service; provided that if such 60- day period begins in one calendar year and ends in another, the Participant shall not have a right to designate the calendar year of payment.

Option 2 Distribution shall commence within the period beginning on the first day of January of the Plan Year which next follows the Plan Year in which the Participant incurred a Separation from Service and ending on the last day of February of such Plan Year.

Option 3 Distribution shall commence within the 60-day period next following the later of (a) the date the Participant attains age a specified age elected by the Participant on the Salary Reduction Election Form or (b) the date the Participant has incurred a Separation from Service; provided that if such 60- day period begins in one calendar year and ends in another, the Participant shall not have a right to designate the calendar year of payment.

Option 4 Distribution shall commence within the period beginning on the first day of January of the Plan Year, and ending on the last day of February of such Plan Year, which next follows the later of (a) the Plan Year in which the Participant attains a specified age elected by the Participant on the Salary Reduction Election Form or (b) the Plan Year in which the Participant has incurred a Separation from Service.

The election of the date as of which distribution shall commence (the “Timing Election”) shall be made by the Participant on a form approved by the Committee and filed with the Committee as provided in Section 5.2.3. If the Participant fails to elect one of these options, fails to make a timely election, or fails to make consistent elections for all deferrals, Option 1 will be deemed to have been elected by the Participant.

(b)Specified Employees. Notwithstanding any other provision of the Plan to the contrary, in the event that a Participant is a Specified Employee at the time of his Separation from Service, to the extent that payment of his vested Accrued Benefit would constitute “nonqualified deferred compensation” within the meaning of Section 409A, any Accrued Benefit payable during the six-month period following such Separation from Service shall be paid during the 30-day period commencing with the first day of the seventh month following the month of the Participant’s Separation from Service; provided, however, that if such 30-day period begins in one calendar year and ends in another, the Participant shall not have the right to designate the taxable year of payment.

13

Exhibit 10.1
    5.2.3    Timing and Duration of Elections.

    (a)    Elections for 2005, 2006, 2007, and 2008. On or before December 31, 2008, Participants may make Form Elections and Timing Elections with respect to their Accrued Benefits for Plan Years 2005, 2006, 2007, and 2008; provided, however, that:

(i)No amount subject to any such election shall otherwise be payable in the calendar year in which the election is made;

(ii)Such election shall not cause an amount to be paid in the calendar year of the election that would not otherwise be payable in such year;

(iii)All Form Elections shall be consistent with each other and all Timing Elections shall be consistent with each other; and

(iv)Such elections shall continue in effect for future Plan Years unless subsequent elections pursuant to the provisions of Section 5.2.3(c) are made and become effective.

    (b)    Initial Distribution Elections. On or before the December 31 that immediately precedes the Plan Year in which he is first eligible to participate in the Plan, a Participant shall make a Form Election and Timing Election on a distribution election form approved by the Committee and filed with the Committee in accordance with procedures established by the Committee. A Participant who is eligible, pursuant to Sections 3.1.1 and/or 3.3.1, to make an election to participate in the Plan on an Entry Date other than January 1 shall make a Form Election and Timing Election on a distribution election form approved by the Committee and filed with the Committee within 30 days of becoming first eligible to participate in the Plan. Such elections shall continue in effect for future Plan Years unless subsequent elections pursuant to the provisions of Section 5.2.3(c) are made and become effective.

    (c)    Subsequent Elections. Notwithstanding any provision of the Plan to the contrary, a Participant may change any Form Election or Timing Election made under Section 5.2.3(a) or (b) above only if the following conditions are met:

(i)The time and form of payment is permitted under the terms of the Plan and if the time and form of payment is changed, the time and form of all previous Form Elections and Timing Elections is changed to a consistent time and form of payment; and

(ii)Any such subsequent election shall not take effect until at least 12 months after the date on which the election is made; and

(iii)The payment with respect to which any such subsequent election is made is deferred for a period of not less than five years from the date such payment would otherwise be made (for this purpose, payments under the Term Certain Option shall be treated as a single payment); and
14

Exhibit 10.1
(iv)Any subsequent election shall not be made less than 12 months prior to the date of the first scheduled payment; and

(v)The election shall be irrevocable as of the last date it can be made.

Further, any subsequent election made by a Participant must be made prior to the Participant attaining the age of 60.

        5.2.4     Medium of Distribution. Subject to the provisions of Article XVII, distributions from the Plan shall be made in cash.

        5.2.5     Installment Payments. If the Participant’s vested Accrued Benefit is to be distributed in installments pursuant to the Term Certain Option, the amount of each installment shall be equal to the value of the Account as of the date the installment payment is to be made multiplied by a fraction, the numerator of which shall be one and the denominator of which shall be the total number of installments to be paid or remaining to be paid. The Account shall continue to be adjusted as provided in Article VII until the entire balance credited to the Account has been paid. Any final earnings shall be paid with the last installment.
    
    5.3    Payment of Death Benefit. On the death of a Participant, the vested Accrued
Benefit of such Participant shall be paid to his Beneficiary in accordance with the following special provisions hereafter set forth:

        5.3.1     Death Before Payments Begin. In the event that a Participant dies before payment of his vested Accrued Benefit commences under Section 5.2, payment shall be made to the Beneficiary in cash under the Lump Sum Option described in Section 5.2.1. Payment shall be made within the 90-day period that begins the 60th day next following the date of the Participant’s death; provided, however, that if such 90-day period begins in one calendar year and ends in another, the Beneficiary shall not have a right to designate the calendar year of payment. The amount of the Participant’s vested Accrued Benefit for purposes of any distribution made pursuant to this Section 5.3.1 shall be determined as of the Adjustment Date such distribution is actually processed by the Committee or its designee.

        5.3.2     Death After Payments Begin. In the event that a Participant dies on or after payment of his vested Accrued Benefit commences under Section 5.2, the remaining payments (if any) that would have been made to the Participant had he not died shall be made to the Participant’s Beneficiary in the same manner as they would have been paid to the Participant had he lived.
    
5.4 Rules. Subject to the provisions of Article XVII and Section 409A, the Committee may from time to time adopt additional policies or rules governing the manner in which distributions will be made from the Plan so that the Plan may be conveniently administered and comply with Section 409A.
15

Exhibit 10.1

    5.5    Liabilities Transferred to Lendmark. Branch Banking and Trust Company sold
all of the issued and outstanding shares of capital stock of Lendmark Financial Services, Inc. (“Lendmark”) to LFS HoldCo LLC, a Delaware limited liability company, pursuant to a stock purchase agreement effective as of October 11, 2013 (the “Lendmark Closing Date”). Pursuant to the terms of the stock purchase agreement approved by the Board of Directors of the Company, on the Lendmark Closing Date certain employees and former employees of Lendmark and its affiliates as defined in the stock purchase agreement (the “Company Continuing Employees”) ceased to participate in the Plan and the liabilities for these participants’ benefits under the Plan were transferred to Lendmark. On and after the Lendmark Closing Date, the Company and the Plan, and any successors thereto, ceased allowing further credits to the accounts of Company Continuing Employees and ceased to have any further obligation or liability to any such participant with respect to any benefit, amount, or right due under the Plan.

16

Exhibit 10.1
ARTICLE VI
UNFORESEEABLE EMERGENCY PAYMENTS
    
    6.1    Conditions for Request. Subject to the provisions of Article XVII, a Participant
may, at any time prior to his Separation from Service, make application to the Committee to receive a cash payment in a lump sum of all or a portion of the total amount credited to his Account (other than the forfeitable portion of his Matching Account) by reason of an Unforeseeable Emergency. The amount of a payment on account of an Unforeseeable Emergency shall not exceed the amount required to meet the financial hardship created by the Unforeseeable Emergency, after taking into account the extent to which such emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets (to the extent the liquidation would not itself cause severe financial hardship), or the cessation of deferrals under the Plan. For purposes of this Article VI, an Unforeseeable Emergency shall mean a severe financial hardship of the Participant resulting from (i) an illness or accident of the Participant, the Participant’s spouse, or the Participant’s dependent (as defined in Section 152 of the Code, without regard to Sections 152(b)(1), (b) (2), and (d)(1)(B)); (ii) loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to the home by natural disaster not otherwise covered by insurance); or (iii) other similar or extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, all as determined in the sole discretion of the Committee in accordance with Section 409A, and its decision to grant or deny a payment on account of an Unforeseeable Emergency shall be final. The Committee shall apply uniform and nondiscriminatory standards in accordance with Section 409A in making its decision.
    
    6.2    Written Request. The Participant’s request for a payment on account of an Unforeseeable Emergency must be made in writing to the Committee. The request must specify the nature of the financial hardship, the total amount to be paid from his Account, and the total amount of the actual expense incurred or to be incurred on account of hardship.

    6.3    Processing of Request. The processing of a request for a payment on account of an
Unforeseeable Emergency shall be completed as soon as practicable from the date on which the Committee receives the properly completed written request. If a Participant incurs a Separation from Service after a request is approved but prior to payment, the approval of his request shall be automatically void and the benefits he is entitled to receive under the Plan shall be paid in accordance with the applicable payment provisions of the Plan. If a payment is approved, such payment shall be made in a lump sum within 60 days of the date of approval; provided, however, that if the 60-day period begins in one calendar year and ends in another, the Participant shall not have a right to designate the calendar year of payment. If the Committee determines that the extent of an Unforeseeable Emergency requires a suspension of the Participant's deferrals for the Plan Year in which the Unforeseeable Emergency occurs, such a suspension shall take effect upon the date of approval of such emergency. An Unforeseeable Emergency withdrawal shall be charged to the separate bookkeeping accounts which comprise the Account in the following order: (i) the Matching Account (but only to the extent of the vested portion of the Matching Account); (ii) the Salary Reduction Account, and (iii) the Mandatory Deferral Account (but only to the extent of the vested portion of the Mandatory Deferral Account).
17

Exhibit 10.1
Subject to the provisions of Article XVII, with respect to each such separate bookkeeping account, such Unforeseeable Emergency withdrawal shall be charged to the Investment Fund Accounts on a pro rata basis.

    6.4    Rules. Subject to the provisions of Article XVII and Section 409A, the Committee
may from time to time adopt additional policies or rules governing the manner in which such payments because of an Unforeseeable Emergency may be made so that the Plan may be conveniently administered and comply with Section 409A.

18

Exhibit 10.1
ARTICLE VII
DEEMED INVESTMENTS AND ADJUSTMENT OF ACCOUNTS

    7.1    Account Administration. The Committee shall establish and maintain on behalf
of each Participant the following separate bookkeeping accounts with respect to his Account: (i) Matching Account; (ii) Salary Reduction Account; and (iii) if such Participant is a SunTrust Participant (as defined in Appendix F), a SunTrust Account pursuant to Appendix F.2. If the Participant elects to have all or a portion of the amount credited to each separate bookkeeping account deemed invested in one or more of the Investment Funds as provided in Section 7.2, the Committee shall establish an Investment Fund Account with respect to the amount deemed invested in each Investment Fund.
    
    7.2    Deemed Investment of Accounts in Investment Funds. In accordance with procedures adopted by the Committee, a Participant may elect to have all or a portion (in integral percentages) of the amount credited to each separate bookkeeping account deemed invested in one or more of the Investment Funds. An election to invest in the Investment Funds shall be made by the Participant in accordance with such rules and procedures as are established by the Committee from time to time. Unless modified or revoked by the Participant, an election to invest in the Investment Funds shall continue in effect until such the distribution of the Participant’s vested Accrued Benefit is processed by the Committee or its designee in accordance with the provisions of Article V. A Participant unilaterally may modify or revoke his election as of any Adjustment Date by providing advance notice to the Committee in accordance with such rules and procedures as are established by the Committee from time to time. Any amount the Participant has elected to be deemed invested in an Investment Fund shall be converted into Investment Fund Credits with respect to that Investment Fund in the manner and as of the Adjustment Date set forth in procedures established by the Committee. The value of any Investment Fund Credits that the Participant has elected to be deemed sold from an Investment Fund Account and credited to another Investment Fund Account shall be determined in the manner and as of the Adjustment Date set forth in procedures established by the Committee. All deemed dividends, capital gains or other income distributions payable with respect to the Investment Fund Credits allocated to an Investment Fund Account shall be converted into Investment Fund Credits in the manner and as of the Adjustment Date set forth in procedures established by the Committee. In the event the Committee shall change the manner in which amounts are to be converted to Investment Fund Credits or the manner in which Investment Fund Credits are to be deemed sold, it shall communicate such change to Participants in writing in advance of the date such change is to be effective. The Investment Fund Accounts shall be adjusted as provided in Section 7.4 and any fractional shares shall be accounted for as such.

    7.3    Adjustment of Investment Fund Accounts. As of the close of business of the
Company on each Adjustment Date, the number of Investment Fund Credits allocated to the Investment Fund Account of each Participant with respect to each separate bookkeeping account shall be adjusted in the following order:

(a)Any Investment Fund Credits deemed sold from the Investment Fund Account since the next preceding Adjustment Date shall be debited.
19

Exhibit 10.1
(b)Then, any shares of the Investment Fund deemed purchased with amounts converted into Investment Fund Credits plus any additional shares of Investment Fund Credits deemed purchased as a result of any deemed dividends, capital gains, or other income distributions payable since the next preceding Adjustment Date with respect to Investment Fund Credits allocated to the Participant’s Investment Fund Account, shall be credited.

(c)Finally, any Investment Fund Credits forfeited with respect to the Investment Fund Account of the Matching Account or SunTrust Account since the next preceding Adjustment Date shall be debited.

    7.4    Rules. Subject to the provisions of Article XVII and Section 409A, the Committee may establish any rules or regulations necessary to implement the provisions of this Article VII and to comply with Section 409A.

20

Exhibit 10.1
ARTICLE VIII
ADMINISTRATION BY COMMITTEE

    8.1    Membership of Committee. The Committee shall consist of the individuals appointed by the Board to serve as members of the Employee Benefits Plan Committee. The Committee shall be responsible for the general administration and interpretation of the Plan and for carrying out its provisions, except to the extent all or any of such obligations are specifically imposed on the Board.

    8.2    Committee Officers; Subcommittee. The Committee may appoint from its membership such subcommittees with such powers as the Committee shall determine, and may authorize one or more of its members or any agent to execute or deliver any instruments or to make any payment in behalf of the Committee. The Chairman of the Committee shall constitute the Plan Administrator and shall be agent for service of legal process on the Plan. In addition, notwithstanding any provision herein, any subcommittee established by the Committee or any Board committee (including the Compensation Committee) or subcommittee may be granted such authority, and be comprised of such members, as is necessary to comply with the conditions imposed by Rule 16b-3, promulgated under Section 16 of the 1934 Act.
    
    8.3    Committee Meetings. The Committee shall hold such meetings upon such notice, at such places and at such intervals as it may from time to time determine. Notice of meetings shall not be required if notice is waived in writing by all the members of the Committee at the time in office, or if all such members are present at the meeting.
    
    8.4    Transaction of Business. A majority of the members of the Committee at the time
in office shall constitute a quorum for the transaction of business. All resolutions or other actions taken by the Committee at any meeting shall be by vote of a majority of those present at any such meeting and entitled to vote. Resolutions may be adopted or other action taken without a meeting upon written consent thereto signed by all of the members of the Committee.
    
    8.5    Committee Records. The Committee shall maintain full and complete records of
its deliberations and decisions. The minutes of its proceedings shall be conclusive proof of the facts of the operation of the Plan. The records of the Committee shall contain all relevant data pertaining to individual Participants and their rights under the Plan.
    
    8.6    Establishment of Rules. Subject to the limitations of the Plan, the Committee may
from time to time establish rules or by-laws for the administration of the Plan and the transaction of its business.

    8.7    Conflicts of Interest. No individual member of the Committee shall have any right
to vote or decide upon any matter relating solely to himself or to any of his rights or benefits under the Plan (except that such member may sign unanimous written consent to resolutions adopted or other action taken without a meeting).
    
    8.8    Correction of Errors. The Committee may correct errors, subject to the
requirements of Section 409A, and, so far as practicable, may adjust any benefit or credit or payment accordingly. The Committee may in its discretion waive any notice requirements in the Plan; provided, that a waiver of notice in one or more cases shall not be deemed to constitute a waiver of notice in any other case.
21

Exhibit 10.1

With respect to any power or authority which the Committee has discretion to exercise under the Plan, such discretion shall be exercised in a nondiscriminatory manner.

    8.9    Authority to Interpret Plan. Subject to the claims procedure set forth in Article
XV, the Committee and the Plan Administrator shall have the duty and discretionary authority to interpret and construe the provisions of the Plan and decide any dispute which may arise regarding the rights of Participants hereunder, including the discretionary authority to interpret the Plan and to make determinations as to eligibility for participation and benefits under the Plan. Interpretations and determinations by the Committee and the Plan Administrator shall apply uniformly to all persons similarly situated and shall be binding and conclusive on all interested persons. Such interpretations and determinations shall only be set aside if the Committee and the Plan Administrator are found to have acted arbitrarily and capriciously in interpreting and construing the provisions of the Plan.

    8.10     Third Party Advisors. The Committee may engage an attorney, accountant or any other technical advisor on matters regarding the operation of the Plan and to perform such other duties as shall be required in connection therewith, and may employ such clerical and related personnel as the Committee shall deem requisite or desirable in carrying out the provisions of the Plan.

    8.11     Compensation of Members. No fee or compensation shall be paid to any member of the Committee for his service as such.

    8.12     Committee Expenses. The Committee shall be entitled to reimbursement by the Company for its reasonable expenses properly and actually incurred in the performance of its duties in the administration of the Plan.

    8.13     Indemnification of Committee. No member of the Committee shall be personally liable by reason of any contract or other instrument executed by him or on his behalf as a member of the Committee nor for any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless, directly from its own assets (including the proceeds of any insurance policy the premiums for which are paid from the Company’s own assets), each member of the Committee and each other officer, Employee, or director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be delegated or allocated, against any unreimbursed or uninsured cost or expense (including any sum paid in settlement of a claim with the prior written approval of the Board) arising out of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud, bad faith, willful misconduct, or gross negligence.

22

Exhibit 10.1
ARTICLE IX
FUNDING

    The Plan is intended to be both an excess benefit plan and an unfunded plan of deferred compensation maintained for a select group of highly compensated or management employees. The obligation of the Employer to make payments hereunder may constitute a general unsecured obligation of the Employer to the Participant. Notwithstanding the foregoing, the Company shall establish and maintain a special separate fund as provided for in the document entitled "Truist Financial Corporation Non-Qualified Deferred Compensation Trust.” Notwithstanding the foregoing, no Participant or his Beneficiary shall have any legal or equitable rights, interest or claims in any particular asset of the trust or the Employer by reason of the Employer's obligation hereunder, and nothing contained herein shall create or be construed as creating any other fiduciary relationship between the Employer and a Participant or any other person. To the extent that any person acquires a right to receive payments from the trust or the Employer hereunder, such right shall be no greater than the right of an unsecured creditor of the Employer.

23

Exhibit 10.1
ARTICLE X
ALLOCATION OF RESPONSIBILITIES

    The persons responsible for the Plan and the duties and responsibilities allocated to each, which shall be carried out in accordance with the other applicable terms and provisions of the Plan, shall be as follows:

1.1    Board.

(a)To amend the Plan (other than the Appendices);

(b)To appoint and remove members of the Committee;

(c)To terminate the Plan; and

(d)To take any actions required to comply with federal and state securities laws (except to the extent that the Committee or a committee or subcommittee established pursuant to Section 8.2 is authorized to do so).

1.2    Compensation Committee.

(a)To determine the Employees eligible to participate in the Plan.

(b)In carrying out its duties and responsibilities, the provisions of Sections 8.2, 8.3, 8.4, 8.5, 8.10, 8.11, 8.12, and 8.13 shall apply equally to the Compensation Committee.

    10.3     Committee.

(a)To interpret the provisions of the Plan and to determine the rights of the Participants under the Plan, except to the extent otherwise provided in Article XV relating to the claims procedure;

(b)To administer the Plan in accordance with its terms, except to the extent powers to administer the Plan are specifically delegated to another person or persons as provided in the Plan;

(c)To determine the Accrued Benefits of Participants;

(d)To direct the Employer in the payment of benefits;

(e)To the extent necessary or advisable and except as specifically provided otherwise herein, to amend, or maintain, as the case may be, the Appendices attached hereto; and(f)    To determine from time to time the mutual funds to be described on Appendix A.
24

Exhibit 10.1

    10.4     Plan Administrator.

(a)To file such reports as may be required with the United States Department of Labor, the Internal Revenue Service and any other government agencies to which reports may be required to be submitted from time to time;

(b)To provide for disclosure of Plan provisions and other information relating to the Plan to Participants and other interested parties; and

(c)To administer the claims procedure to the extent provided in Article XV.

25

Exhibit 10.1
ARTICLE XI
BENEFITS NOT ASSIGNABLE; FACILITY OF PAYMENTS

    11.1     Benefits Not Assignable. No portion of any benefit held or paid under the Plan with respect to any Participant shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt so to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void, nor shall any portion of such benefit be in any manner payable to any assignee, receiver or any one trustee, or be liable for a Participant’s debts, contracts, liabilities, engagements or torts, or be subject to any legal process to levy upon or attach.

    11.2     Payments to Minors and Others. If any individual entitled to receive a payment under the Plan shall be physically, mentally or legally incapable of receiving or acknowledging receipt of such payment, the Committee, upon the receipt of satisfactory evidence of his incapacity and satisfactory evidence that another person or institution is maintaining him and that no guardian or committee has been appointed for him, may cause any payment otherwise payable to him to be made to such person or institution so maintaining him. Payment to such person or institution shall be in full satisfaction of all claims by or through the Participant to the extent of the amount thereof.

26

Exhibit 10.1
ARTICLE XII
BENEFICIARY

    The Participant’s Beneficiary shall be the person or persons designated by the Participant on the beneficiary designation form provided by and filed with the Committee or its designee. If the Participant does not designate a Beneficiary, the Beneficiary shall be his Surviving Spouse. If the Participant does not designate a Beneficiary and has no Surviving Spouse, the Beneficiary shall be the Participant’s estate. The designation of a Beneficiary may be changed or revoked only by filing a new beneficiary designation form with the Committee or its designee. If a Beneficiary (the “Primary Beneficiary”) is receiving or is entitled to receive payments under the Plan and dies before receiving all of the payments due him, the balance to which he is entitled shall be paid to the Contingent Beneficiary, if any, named in the Participant’s current beneficiary designation form. If there is no Contingent Beneficiary, the balance shall be paid to the estate of the Primary Beneficiary. Any Beneficiary may disclaim all or any part of any benefit to which such Beneficiary shall be entitled hereunder by filing a written disclaimer with the Committee before payment of such benefit is to be made. Such a disclaimer shall be made in form satisfactory to the Committee and shall be irrevocable when filed. Any benefit disclaimed shall be payable from the Plan in the same manner as if the Beneficiary who filed the disclaimer had died on the date of such filing.

27

Exhibit 10.1
ARTICLE XIII
AMENDMENT AND TERMINATION OF PLAN

    The Board may amend or terminate the Plan at any time; provided, however, that in no event shall such amendment or termination reduce any Participant's Accrued Benefit as of the date of such amendment or termination, nor shall any such amendment affect the terms of the Plan relating to the payment of such Accrued Benefit without the Participant's prior written consent to such amendment. Any such amendment or termination shall be made pursuant to a resolution of the Board and shall be effective as of the date specified in such resolution. Notwithstanding the foregoing and subject to the same limitations set forth above regarding the amount and payment of a Participant's benefits and compliance with Section 409A, a Senior Executive Vice President of the Company shall have the authority to (i) amend the plan to (A) comply with changes in laws or government rules or regulations applicable to the plan, (B) provide for the merger or consolidation of another non-qualified defined contribution plan into the Plan, and in connection therewith, to set forth any special provisions that may apply to the participants in such other plan, and (C), make any other amendment provided that the financial impact on the Company of such amendment is below the Sarbanes-Oxley materiality as of the time of such amendment; and (ii) restate the Plan to incorporate all previously adopted amendments or to update the Plan to comply with changes in laws or government rules or regulations applicable to the Plan. Upon termination of the Plan, distribution of the Accrued Benefit of a Participant shall be made to the Participant or his Beneficiary in the manner and at the time described in Article V of the Plan and in accordance with Section 409A. No additional credits of Salary Reduction Credits and Matching Credits shall be made to the respective separate bookkeeping accounts of a Participant following termination of the Plan, but the Account of each Participant shall continue to be adjusted as provided in Article VII until the balance of the Account of the Participant has been fully distributed to him or his Beneficiary.
28

Exhibit 10.1
ARTICLE XIV
COMMUNICATION TO PARTICIPANTS

    The Company shall communicate the principal terms of the Plan to the Participants. The Company shall make a copy of the Plan available for inspection by Participants and their Beneficiaries during reasonable hours, at the principal office of the Company.

29

Exhibit 10.1
ARTICLE XV
CLAIMS PROCEDURE

    15.1     Filing of a Claim for Benefits. If a Participant or Beneficiary (the “Claimant”) believes he is entitled to benefits under the Plan that are not being paid to him or accrued for his benefit, he may file a written claim therefor with the Plan Administrator. If the Plan Administrator is the Claimant, all actions required to be taken by the Plan Administrator pursuant to this Article XV shall be taken instead by another member of the Committee designated by the Committee.

    15.2     Notification to Claimant of Decision. Within 90 days after receipt of a claim by the Plan Administrator, or within 180 days if special circumstances require an extension of time, the Plan Administrator shall notify the Claimant of his decision with regard to the claim. If special circumstances require an extension of time, a written notice of the extension shall be furnished to the Claimant prior to commencement of the extension setting forth the special circumstances and the date by which the decision will be furnished. If such claim is wholly or partially denied, notice thereof shall be written in a manner calculated to be understood by the Claimant and shall set forth: (i) the specific reason or reasons for the denial; (ii) specific reference to pertinent plan provisions on which the denial is based; (iii) a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is necessary; and (iv) an explanation of the procedure for review of the denied or partially denied claim set forth below, including the Claimant’s right to bring a civil action under ERISA section 502(a) following an adverse benefit determination on review.

    15.3     Procedure for Review. Within 60 days following receipt by the Claimant of notice denying his claim in whole or in part, the Claimant may appeal denial of the claim by filing a written application for review with the Committee. Following such request for review, the Committee shall fully and fairly review the decision denying the claim. Prior to the decision of the Committee, the Claimant shall be given an opportunity to review pertinent documents and receive copies of them, free of charge, and submit issues and comments in writing. The review will take into account all comments, documents, records, and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.
    
    15.4     Decision on Review. The decision on review of a claim denied in whole or in part by the Plan Administrator shall be made in the following manner:

        15.4.1     Notification to Claimant of Decision. Within 60 days following receipt by the Committee of the request for review, or within 120 days if special circumstances require an extension of time, the Committee shall notify the Claimant in writing of its decision with regard to the claim. If special circumstances require an extension of time, written notice of the extension shall be furnished to the Claimant prior to the commencement of the extension.
15.4.2 Format and Content of Decision. The decision on review of a claim that is denied in whole or in part shall set forth: (i) the specific reasons or reasons for the adverse determination; (ii) specific reference to pertinent Plan provisions on which the adverse determination is based; (iii) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for benefits; and (iv) a statement describing any voluntary appeal procedures offered by the Plan and the Claimant’s right to obtain the information about such procedures, as well as a statement of the Claimant’s right to bring an action under ERISA section 502(a).
30

Exhibit 10.1


        15.4.3     Effect of Decision. The decision of the Committee shall be final and conclusive.

    15.5     Action by Authorized Representative of Claimant. All actions set forth in this Article XV to be taken by the Claimant may be taken by a representative of the Claimant duly authorized by him to act on his behalf on such matters. The Plan Administrator and the Committee may require such evidence as either reasonably deems necessary or advisable of the authority of any such representative to act.

    15.6     Disability Claims. Claims for disability benefits shall be determined under DOL Regulation section 2560.503-1 which is hereby incorporated by reference.

31

Exhibit 10.1
ARTICLE XVI
PARTIES TO THE PLAN

    16.1     Adoption by Affiliates. Subject to the approval of the Board, an Affiliate that has adopted the Savings Plan may adopt the Plan and become an employer-party to the Plan by resolutions approved by its Board of Directors. The Affiliates that are employer-parties to the Plan are listed on Appendix C attached hereto, as the same may be amended from time to time by the Committee. The special provisions shall apply to all employer-parties to the Plan are hereinafter set forth.
    
    16.2     Single Plan. The Plan is a single plan with respect to all parties.

    16.3     Service; Allocation of Costs. Service for purposes of the Plan shall be interchangeable among employer-parties to the Plan and shall not be deemed interrupted or terminated by the transfer at any time of a Participant from the Service of one employer-party to the Service of another employer-party. In determining the cost of providing benefits under the Plan, each employer-party shall be responsible for the cost associated with the Employees of such employer-party who are Participants in the Plan.

    16.4     Committee. The Committee which administers the Plan as applied to the Company shall also be the Committee as applied to each other employer-party to the Plan.

    16.5     Authority to Amend and Terminate. The Board of the Company shall have the power to amend or terminate the Plan as applied to each employer-party.

32

Exhibit 10.1
ARTICLE XVII
COMPLIANCE WITH SECTION 16 OF THE 1934 ACT AND RULE 16B TRADING RESTRICTIONS

    The transactions under the Plan are intended to be structured in accordance with the 1934 Act, including but not limited to the restrictions imposed by Rule 16b-3 adopted under the 1934 Act. In addition to the provisions contained in the Plan, transactions by persons subject to Section 16 shall be subject to such further conditions as may be required in order to comply with the terms of Rule 16b-3 and Section 16(b). Without limiting the foregoing, persons subject to Section 16 shall be required to comply with such rules and procedures regarding Plan participation and transactions as may be established by the Committee or a committee or subcommittee established pursuant to Section 8.2; provided, however, that such procedures shall take into account Section 409A, which requires that any delayed distribution be paid at the earliest date at which the Committee reasonably anticipates that making such payment will not cause violation of federal or other applicable securities laws.

33

Exhibit 10.1
ARTICLE XVIII
MISCELLANEOUS PROVISIONS

    18.1     Notices. Each Participant who is not in Service and each Beneficiary shall be responsible for furnishing the Plan Administrator with his current address for the mailing of notices, reports, and benefit payments; provided, however, that the Plan Administrator may use the last address on file with it as a valid address. Any notice required or permitted to be given to any such Participant or Beneficiary shall be deemed given if directed to such address and mailed by regular United States mail, first class, postage prepaid. This provision shall not be construed as requiring the mailing of any notice or notification otherwise permitted to be given by posting or by other publication.

    18.2     Lost Distributees. A benefit shall be deemed forfeited if the Plan Administrator is unable after a reasonable period of time to locate the Participant or Beneficiary to whom payment is due.

    18.3     Reliance on Data. The Employer, the Committee, and the Plan Administrator shall have the right to rely on any data provided by the Participant or by any Beneficiary. Representations of such data shall be binding upon any party seeking to claim a benefit through a Participant; and the Employer, the Committee, and the Plan Administrator shall have no obligation to inquire into the accuracy of any representation made at any time by a Participant or Beneficiary.

    18.4     Receipt and Release for Payments. Any payment made from the Plan to or with respect to any Participant or Beneficiary, or pursuant to a disclaimer by a Beneficiary, shall, to the extent thereof, be in full satisfaction of all claims hereunder against the Plan and the Employer with respect to the Plan. The recipient of any payment from the Plan may be required by the Committee, as a condition precedent to such payment, to execute a receipt and release with respect thereto in such form as shall be acceptable to the Committee.

    18.5     Headings. The headings and subheadings of the Plan have been inserted for convenience of reference and are to be ignored in any construction of the provisions hereof.

    18.6     Continuation of Employment. The establishment of the Plan shall not be construed as conferring any legal or other rights upon any Employee or any persons for continuation of employment or the annual rate of compensation of any such pension for any period, nor shall it interfere with the right of the Employer to discharge any Employee or to deal with him without regard to the effect thereof under the Plan.

    18.7     Construction. The provisions of the Plan shall be construed and enforced according to the laws of the State of North Carolina, without giving effect to its conflict of laws provisions.

18.8 Nonliability of Employer. The Employer does not guarantee the Participants, former Participants, or Beneficiaries against loss of or depreciation in value of any right or benefit that any of them may acquire under the terms of the Plan, nor does the Employer guarantee to any of them that the assets of the Employer will be sufficient to provide any or all benefits payable under the Plan at any time, including any time that the Plan may be terminated or partially terminated.
34

Exhibit 10.1

    18.9     Severability. All provisions contained in the Plan shall be severable, and in the event that any one or more of them shall be held to be invalid by any competent court, the Plan shall be interpreted as if such invalid provisions were not contained herein.

    18.10     Merger and Consolidation. The Company shall not consolidate or merge into or with another corporation or entity, or transfer all or substantially all of its assets to another corporation, partnership, trust or other entities (a “Successor Entity”) unless such Successor Entity shall assume the rights, obligations and liabilities of the Company under the Plan and upon such assumption, the Successor Entity shall become obligated to perform the terms and conditions of the Plan.

    18.11     Withholding Taxes. The Employer shall satisfy all federal, state and local tax reporting and withholding tax requirements prior to making any benefit payment under the Plan. Whenever under the Plan payments are to be made by the Employer in cash, such payments shall be net of any amounts sufficient to satisfy all federal, state, and local withholding tax requirements.

    18.12     Timing of 2005 Deferrals. The requirements of Article III relating to the timing of deferral elections shall not apply to any deferral elections for 2005 made on or before March 15, 2005; provided that the requirements of Q&A 21 of IRS Notice 2005-1 were met namely: (1) the amounts to which the deferral election related had not been paid or had not become payable at the time of the election; (2) the elections to defer compensation were made in accordance with the terms of the Plan as in effect on December 31, 2005 (other than a requirement to make a deferral election after March 15, 2005); (3) the Plan was otherwise operated in accordance with the requirements of Section 409A with respect to deferrals subject to Section 409A; and (4) the Plan shall be or has been amended to comply with Section 409A in accordance with applicable IRS guidance.

    18.13     Compliance with Section 409A. Notwithstanding any other provision in the Plan or any agreement to the contrary, if and to the extent that Section 409A is deemed to apply to the Plan, it is the intention of Company that the Plan shall comply with Section 409A, and the Plan shall, to the extent practicable, be construed in accordance therewith. Without in any way limiting the effect of the foregoing, in the event that the provisions of Section 409A require that any special terms, provisions, or conditions be included in the Plan, then such terms, provisions and conditions shall, to the extent practicable, be deemed to be made a part of the Plan. Notwithstanding the foregoing, the Company, any Affiliate, the Board, the Committee, Compensation Committee, the Plan Administrator, or their designees or agents shall not be liable for any taxes, penalties, interest or other monetary amount that may be owed by any Participant, Beneficiary or any other person as a result of the deferral or payment of any amounts under the Plan or as a result of the administration of amounts subject to the Plan.
35

Exhibit 10.1

ARTICLE XIX
MANDATORY DEFERRALS

    19.1     Introduction. Under the terms of certain annual bonus plans maintained by the Company (defined below as an "Eligible Plan"), Employees are required to defer receipt of a portion of their incentive award which is subject to vesting conditions as further described below ("Mandatory Deferral"). In addition to this Article 19, Mandatory Deferrals are subject all the terms of the Plan, to the extent applicable, except for Article III — Credits to Accounts; Article IV — Nonforfeitability of Accounts; and Article V — Payment of Benefits.

    19.2     Definitions.

(1)The term “Disabled” or “Disability” shall mean a Truist Participant is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the SunTrust Participant’s employer and, in addition, has begun to receive benefits under Truist Financial Corporation Long Term Disability Plan.

(2)The term “Eligible Plan” mean the Functional Incentive Plan (or its successor) sponsored by Truist or an Affiliate which provides for bonus, incentive, commission or similar variable pay to Employees, which a portion of such pay is subject to mandatory deferral under this Plan.

(3)The term “Incentive Award” means the pre-tax amount of a Participant’s bonus, incentive or commission, or similar variable pay which is earned under an Eligible Plan, disregarding any deferrals, offsets, or withholdings from such incentive award.

(4)The term “Mandatory Deferral” is that portion of an Incentive Award that the plan administrator determines is subject to deferral as established prior to the beginning of the Plan Year in which the Incentive Award is earned or as otherwise determined by the plan administrator. in compliance with Treas. Reg. § 1.409A-2(a)(2) (each, a “Mandatory Deferral”).

(5)The term “Mandatory Deferral Account” shall mean the unfunded, separate bookkeeping accounts which are established and maintained with respect to each Participant who has Mandatory Deferrals credited under the Plan. The Mandatory Deferral Account will be established and maintained pursuant to the provisions of Article VII.

(6)The term “Retirement” shall mean a Separation from Service on or after attaining age fifty-five (55) and completing at least one-hundred and twenty (120) months (ten (10) years) of service commencing on date of hire. Each partial month shall be credited as a full month.
36

Exhibit 10.1

    19.3     Credits to the Mandatory Deferral Accounts. Each Mandatory Deferral shall be credited to the Participant’s Mandatory Deferral Account as soon as practicable after the amounts would have otherwise been paid.

    19.4     Nonforfeitability of Mandatory Deferrals.

        19.4.1     In General. The terms of the Eligible Plan shall determine whether all or part of each Mandatory Deferral is subject to a vesting schedule and if so, what the vesting schedule is. If the Mandatory Deferral is subject to a vesting schedule, it shall be one of the vesting schedules below:

(a)Ratably, over three years with the first vesting date being the December 31st of the year following the year in which the deferral is credited to the Participant’s Mandatory Deferral Account; or

(b)after 3 years (cliff-vesting) where the vesting date shall be the third anniversary of the December 31st of the Plan Year following the Plan Year in which the deferral is credited to the Participant’s Mandatory Deferral Account.

The vesting schedule will be set forth in the applicable Eligible Plan.

    19.4.2 Termination of Employment. If a Participant terminates employment with Truist and its Affiliates for any reason prior to satisfying the vesting requirements for each Mandatory Deferral, then that portion of the Mandatory Deferral that is not vested, and the earnings on such nonvested portion shall be forfeited and deducted from the Participant’s Mandatory Deferral Account. Notwithstanding the foregoing, upon a Participant’s death, Disability, Retirement or involuntary termination of employment resulting in the Participant’s eligibility to receive benefits under the General Severance Plan for Employees of Truist Financial Corporation and Affiliates, the Participant’s nonvested Account balance shall fully vest as of the date such forfeiture would otherwise occur.

    19.5     Payment of Mandatory Deferrals.

        19.5.1     Distribution of Mandatory Deferrals. The vested portion of a Mandatory Deferral Account (as adjusted pursuant to Article VII) shall be paid in a lump sum in the first quarter of the calendar year immediately following the year of the applicable vesting date set forth in the Eligible Plan or, if earlier, upon the Participant's death or Disability, in accordance with Section 19.5.2 or 19.5.3, respectively.

        19.5.2 Payment of Death Benefit. If a Participant dies, the 100% of the balances of their Mandatory Deferral Account shall be distributed to the Beneficiary in a lump sum payment in the first quarter of the calendar year immediately following the year of the Participant’s death. (provided that any payment that would occur before such calendar quarter shall be paid as scheduled).
37

Exhibit 10.1

        19.5.3     Disability. If a Participant becomes Disabled at any time, 100% of their Mandatory Deferral Accounts will be distributed to the Participant in a lump sum payment in the first quarter of the calendar year immediately following the year in which the Participant becomes Disabled (provided that any payment that would occur before such calendar quarter shall be paid as scheduled).

        19.5.4     Short-Term Deferral. Mandatory Deferrals are not intended to provide for any deferral of compensation subject to Section 409A of the Code, and, accordingly, Mandatory Deferrals will be paid no later than the March 15 of the year following the first calendar year in which any such amounts are no longer subject to a substantial risk of forfeiture, as such term is defined in Section 409A of the Code.

*     *    *     *

    IN WITNESS WHEREOF, the Truist Financial Corporation Non-Qualified Defined Contribution Plan (January 1, 2025) is executed on behalf of the Company on this 10 day of June, 2025.


    TRUIST FINANCIAL CORPORATION


    By: /s/Kim Moore-Wright


Title: Chief Teammate Officer / SEVP A list of the Investment Funds available to Participants under the Plan shall be maintained by the Committee.



38

Exhibit 10.1
APPENDIX A
INVESTMENT FUNDS

39

Exhibit 10.1
APPENDIX B
PARTICIPANTS

    A list of the Eligible Employees who are eligible to participate in the Plan and a list of former Eligible Employees with Accrued Benefits under the Plan shall be maintained by the Committee. In addition, a list of Participants and Beneficiaries receiving Plan benefits shall also be maintained by the Committee.






































40

Exhibit 10.1

APPENDIX C
PARTICIPATING AFFILIATES

A list of the Affiliates participating under the Plan shall be maintained by the Committee.








































41

Exhibit 10.1


APPENDIX D
QUALIFYING PLANS EFFECTIVE

South National Corporation ESOP Excess Plan
Life Savings Bancorp, Inc. Non-Qualified Defined Contribution Plan APPENDIX E SPECIAL PROVISIONS FOR PRIOR PLANS E.1 SPECIAL PROVISIONS RELATING TO SOUTHERN NATIONAL ESOP






































42

Exhibit 10.1




EXCESS PLAN. Prior to January 1, 1996, the Company sponsored and maintained the Southern National ESOP Excess Plan (the “SNC Excess Plan”). The purpose of the SNC Excess Plan was to restore to employees certain benefits (“restoration benefits”) that would have been provided under the Southern National Corporation 401(k) Savings Plan (formerly known as the “Southern National Employee Stock Ownership Plan”) except for the limitations imposed by Sections 401(k)(3) and 402(g)(1) of the Code. Since the restoration benefits provided by the SNC Excess Plan are now provided pursuant to Sections 3.1 and 3.2 of the Plan (and which restoration benefits were also provided under the SNC Plan and the Plan prior to this restatement), the SNC Excess Plan was frozen as of December 31, 1995. All employees who were participants in the SNC Excess Plan on December 31,1995, automatically became Participants in the SNC Plan on January 1, 1996. All participants’ accounts under the SNC Excess Plan were combined with the separate bookkeeping accounts of similar character under the Plan as of January 1, 1997. Each Former SNC Excess Plan Participant’s Tax-Deferred Contribution Account (formerly known as his “Employee’s Pre-Tax Account”) under the SNC Excess Plan became his Salary Reduction Account under the Plan. Each Former SNC Excess Plan Participant’s Matching Contributions Account (formerly known as his “Company’s Pre-Tax Account”) became his Matching Account under the Plan. The balance in the accounts of each Former SNC Excess Plan Participant under the SNC Excess Plan were deemed invested in Company Stock. The amounts transferred from the accounts under the SNC Excess Plan to the separate bookkeeping accounts of similar character under the Plan shall remain deemed invested in Company Stock until a Former SNC Excess Plan Participant elects not to have such amounts deemed invested in Company Stock as provided in Section 7.3.
E.2 SPECIAL PROVISIONS RELATING TO CAPITAL ACCUMULATION PLAN FOR ELIGIBLE KEY EMPLOYEES OF SOUTHERN NATIONAL CORPORATION. Prior to January 1, 1996, the Company sponsored and maintained the Capital Accumulation Plan for Eligible Key Employees of Southern National Corporation (the “SNC Cap Plan”). The purpose of the SNC Cap Plan was to provide selected eligible key employees with the opportunity to defer on a pre-tax basis certain cash awards under the Company’s annual and longterm incentive compensation award plans. Since the pre-tax deferral opportunity is provided under Section 3.3 of the Plan (and was also provided under the SNC Plan), the SNC Cap Plan was frozen as of December 31, 1995. All employees who were participants in the SNC Cap Plan automatically became Participants in the SNC Plan on January 1, 1996. Any deferrals credited to a Participant’s account under the SNC Cap Plan were combined with the credits to his Incentive Compensation Account under the Plan effective as of January 1, 1997.
E.3 SPECIAL PROVISIONS RELATING TO SUPPLEMENTAL RETIREMENT BENEFIT OF SNC PLAN. Prior to January 1, 1997, Section 4.1 of the SNC Plan provided a special supplemental retirement benefit (the “Retirement Plan Supplement”) to supplement the benefits payable to Participants under the tax-qualified Southern National Corporation Pension Plan (the defined benefit plan sponsored by Truist Financial Corporation, formerly BB&T and which formerly had been known as the “Retirement Plan for the Employees of Branch Banking and Trust Company”).
43

Exhibit 10.1
The provisions of the SNC Plan relating to the Retirement Plan Supplement

have been incorporated into the non- qualified supplemental retirement plan which became effective as of January 1, 1997 and which is now known as the Truist Financial Corporation Non-Qualified Defined Benefit Plan (formerly known as the BB&T Non-Qualified Defined Benefit Plan).
E.4 SPECIAL PROVISIONS RELATING TO SCOTT & STRINGFELLOW, INC. AND SCOTT & STRINGFELLOW FINANCIAL, INC. DEFERRAL PLAN. Prior to July 1, 2001, Scott & Stringfellow, Inc. (“S&S”) sponsored and maintained the Scott & Stringfellow, Inc. and Scott & Stringfellow Financial, Inc. Deferral Plan (the “S&S Plan”). The purpose of the S&S Plan was to provide selected key employees with the opportunity to defer compensation on a pre-tax basis and to restore certain benefits that would have been provided under the tax-qualified plan of S&S except for the limitations under the Code. Effective as of July 1, 2001, the S&S Plan was merged into the BB&T Supplemental Defined Contribution Plan for Highly Compensated Employees (the “Supplemental Plan”), and all participants in the S&S Plan (the “Former S&S Participants”), became Participants in the Supplemental Plan on such date. Each Former S&S Participant’s Deferral Account under the S&S Plan became his Salary Reduction Account under the Supplemental Plan. Each Former S&S Participant’s Profit Sharing Account under the S&S Plan became his Profit Sharing Account under the Supplemental Plan. Effective August 1, 2020, the Supplemental Plan was merged into the Plan. Notwithstanding the provisions of Article V of the Plan (and the Supplemental Plan), a Former S&S Participant’s Profit Sharing Account shall be subject to the special distribution rules hereinafter set forth in this Appendix E.4.
1.    Payment of Benefits Upon Termination of Service
(a)If a Former S&S Participant incurs a Separation from Service after his Tenth Anniversary (as defined in Section 3 of this Appendix E-4), the Former S&S Participant shall receive his Profit Sharing Account in a single sum cash payment within 60 days after the date that is six months and one day after his Separation from Service; provided, however, that if such 60-day period begins in one taxable year and ends in another, the Former S&S Participant shall not have the right to designate the taxable year of payment.
(b)If a Former S&S Participant incurs a Separation from Service before his Tenth Anniversary and the Former S&S Participant does not join a Competing Business (as defined in Section 3 of this Appendix E-4) within six months after his Separation from Service, the Former S&S Participant shall receive his Profit Sharing Account in a single sum cash payment within 60 days after the date that is six months and one day after his Separation from Service; provided, however, that if such 60-day period begins in one taxable year and ends in another, the Former S&S Participant shall not have the right to designate the taxable year of payment.
44

Exhibit 10.1
(c)If a Former S&S Participant incurs a Separation from Service before his Tenth Anniversary and joins a Competing Business within 6 months after his Separation from Service, the Former S&S Participant shall forfeit the amount credited to his Profit Sharing Account.

(d)    If a Former S&S Participant dies while an Employee of the Employer and before receiving payment of his Profit Sharing Account, the balance in his Profit Sharing Account shall be paid to his Beneficiary as provided in Section 5.3.1. If a Former S&S Participant dies within six months after his Separation from Service, any amount that would have been payable to the Participant had he not died shall be paid to his Beneficiary as provided in Section 5.3.1.
2.Payment of Benefits After Age 70. Notwithstanding the foregoing, if a Former S&S Participant does not have a Separation from Service prior to attaining age 70, the Former S&S Participant’s Profit Sharing Account shall be paid in a single sum cash payment within 90 days after the later of (i) the Former S&S Participant’s 70th birthday or (ii) the Former S&S Participant’s Tenth Anniversary; provided, however, that if such 90-day period begins in one taxable year and ends in another, the Former S&S Participant shall not have the right to designate the taxable year of payment.
3.Definitions for Appendix E.4.
(a)Tenth Anniversary. A Former S&S Participant’s Tenth Anniversary shall be the date on which he completes 10 years of continuous employment with the Employer after the date he first became a participant in the S&S Plan.
(b)Competing Business. A Competing Business is any business that is engaged in an activity competitive with the business of the Employer in· the same geographic area in which the Employer does business. A Former S&S Participant will be considered to have joined a Competing Business if, within 6 months after the Former S&S Participant’s Separation from Service, the Former S&S Participant, directly or indirectly, alone or as a member of a partnership or group, (i) owns greater than a 5% interest in a Competing Business or (ii) manages, operates, joins, controls, is employed by, is a director of, participates in, advises, or engages in management, ownership, operation or control of any Competing Business. The Plan Administrator shall have sole discretion to determine whether a Participant has joined a Competing Business, and the determination of the Plan Administrator shall be final and binding.
45

Exhibit 10.1

APPENDIX F
SUNTRUST ACCOUNTS
Effective June 1, 2020, the SunTrust Plan (as defined below) merged into the Plan. Notwithstanding anything in the Plan to the contrary, the terms of this Appendix F shall apply to SunTrust Accounts, including without limitation accounts maintained with respect to the 401(k) Excess Plan and the Prior Deferred Compensation Plan.
Definitions. Whenever used in this Appendix F, the following capitalized terms shall have the meaning set forth below. Capitalized terms used in this Appendix F and not otherwise defined herein shall have the meanings set forth in the Plan:
(1)The term “Base Salary” shall mean the pre-tax amount of a SunTrust Participant’s regular base salary from the Company and all Affiliates as in effect from time to time during a Plan Year, disregarding any deferrals or withholdings from such base salary and including any compensation classified on the payroll as vacation pay or sick pay earned during that Plan Year. Base Salary shall not include any amount of a SunTrust Participant’s base salary payable in a form denominated as “salary shares” or “salary units.”
(2)The term “Disabled” or “Disability” shall mean a SunTrust Participant is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the SunTrust Participant’s employer and, in addition, has begun to receive benefits under SunTrust’s Long-Term Disability Plan, or any successor.
(3)The term “Eligible Income” shall mean Base Salary and Incentive Awards.
(4)The term “Eligible Plan” shall mean any plan pursuant to which a Mandatory Deferral was made under the SunTrust Plan.
(5)The term “401(k) Excess Plan” shall mean the SunTrust Banks, Inc. 401(k) Excess Plan, which merged into the SunTrust Plan effective December 31, 2009.
(6)The term “Incentive Award” shall mean the pre-tax amount of a SunTrust Participant’s bonus, incentive or commission, or similar variable pay, disregarding any deferrals, offsets, or withholdings from such incentive award, which is earned under an Eligible Plan. Notwithstanding the foregoing, Incentive Awards shall exclude any bonus pay that is not earned under a pre-determined plan, such as any non-reoccurring promotional program, referral, signing or spot bonuses, and any bonus pay that is payable on a monthly basis under an Eligible Plan.
(7)The term “Mandatory Deferral” shall mean: (i) any “Mandatory Deferral” made under the SunTrust Plan; and (ii) any 2020 Mandatory Deferral made under Section F.5 of this Appendix F.
46

Exhibit 10.1

(8)The term “Prior Deferred Compensation Plan” means the prior SunTrust Banks, Inc. Deferred Compensation Plan, which merged into the SunTrust Plan effective December 31, 2009.
(9)The term “Retirement” shall mean a SunTrust Participant’s Separation from Service on or after attaining age fifty-five (55) and completing at least five (5) “Years of Vesting Service” as defined under the SunTrust Banks, Inc. Retirement Plan (or any successor plan).
(10)The term “SunTrust Account” shall mean the separate bookkeeping account to be kept for each SunTrust Participant pursuant to Section F.2.
(11)The term “SunTrust Company Contribution Account” shall mean the portion of a SunTrust Participant’s SunTrust Account attributable to: (i) his or her “Company Contribution Account” under the SunTrust Plan immediately prior to June 1, 2020, and any earnings thereon; and (ii) matching and true-up contributions under Section F.6, and any earnings thereon.
(12)The term “SunTrust Participant” shall mean an individual who, as of immediately prior to June 1, 2020, was a “Participant” under the SunTrust Plan.
(13)The term “SunTrust Plan” shall mean the SunTrust Banks, Inc. Deferred Compensation Plan, amended and restated as of January 1, 2015, as amended from time to time.
(14)The term “SunTrust 2020 Base Salary Deferral Election” shall mean a SunTrust Participant’s irrevocable election under the SunTrust Plan to defer Base Salary earned in 2020.
F.2    Establishment of SunTrust Accounts. A SunTrust Account shall be kept under this Appendix F for each SunTrust Participant.
F.3    Prior SunTrust Plan Balances. Effective June 1, 2020, any amount credited to a SunTrust Participant’s “Account” and “Company Contribution Account” under the SunTrust Plan immediately prior to June 1, 2020, and any amount credited to a SunTrust Participant’s accounts under the 401(k) Excess Plan and Prior Deferred Compensation Plan, shall be credited to his or her SunTrust Account.
F.4    SunTrust 2020 Base Salary Deferral Elections. A SunTrust Participant’s SunTrust Account shall be credited with deferrals of Base Salary received by the SunTrust Participant on or after June 1, 2020 during the 2020 Plan Year, in accordance with his or her SunTrust 2020 Base Salary Deferral Election. For the avoidance of doubt, a SunTrust Participant’s SunTrust 2020 Base Salary Deferral Election shall not apply to compensation for services performed in any future Plan Year. If a SunTrust Participant becomes Disabled or obtains a distribution under Section F.8.7 on account of an Unforeseeable Emergency, his or her outstanding 2020 Base Salary Deferral Election under this Section F.4 shall be cancelled and no further Base Salary will be deferred under such election.
47

Exhibit 10.1
F.5    SunTrust 2020 Mandatory Deferrals. If any portion of an Incentive Award earned for the 2020 Plan Year is subject to mandatory deferral (as provided in the applicable Eligible Plan) (each, a “2020 Mandatory Deferral”), then such 2020 Mandatory Deferral shall be subject to the provisions of this Appendix F. With respect to such 2020 Mandatory

Deferral, the terms of the Eligible Plan shall determine whether all or part of such 2020 Mandatory Deferral is subject to a vesting schedule and if so, what the vesting schedule is; and whether such 2020 Mandatory Deferral is subject to any special investment restrictions. Each 2020 Mandatory Deferral shall be credited to the SunTrust Participant’s SunTrust Account as soon as practicable after the amounts would have otherwise been paid and be paid in accordance with Section F.8.8.
F.6 SunTrust Company Contributions. A SunTrust Participant’s SunTrust Company Contribution Account shall be credited with the following amounts:
F.6.1 Matching Contributions. The Company shall credit to a SunTrust Participant’s SunTrust Company Contribution Account an amount, if any, equal to his or her elective deferrals credited for the 2020 Plan Year under Section F.4 up to a maximum of 6% of the difference between Sections F.6.1(a) and (b) below:
(a)An amount equal to the lesser of: (i) the SunTrust Participant’s Eligible Income paid or deferred during the 2020 Plan Year, or (ii) two (2) times the annual compensation limit under Code section 401(a) (17) for the 2020 Plan Year; and
(b)The annual compensation limit under Code section 401(a) (17) for the 2020 Plan Year.
Subject to the limitation above, each SunTrust Participant’s SunTrust Company Contribution Account shall be credited with contributions under this Section F.6.1 as earned on a pay period basis after the total of such SunTrust Participant’s Eligible Income from the Company or an Affiliate reaches the annual compensation limit under Code section 401(a) (17) for the 2020 Plan Year.
F.6.2 True-Up Contributions. The Company shall credit to a SunTrust Participant’s SunTrust Company Contribution Account the following amounts, if applicable (a “True-Up Contribution”):
(a) Nonqualified True-Up Contribution. As soon as practicable on or after the last payroll processing date of the 2020 Plan Year, for each SunTrust Participant who was eligible to defer Base Salary in 2020 under the SunTrust Plan, the Company shall make a True-Up Contribution, if any, equal to the difference between (i) the matching contributions for the SunTrust Participant determined for such Plan Year under Section 3.5(a) of the SunTrust Plan and Section F.6.1, regardless of when the Participant reaches the annual compensation limit under Code section 401(a)(17), minus (ii) the actual amount of any matching contributions under Section 3.5(a) of the SunTrust Plan and Section F.6.1 credited during the 2020 Plan Year. In no event shall this True-Up Contribution exceed the SunTrust Participant’s total elective deferrals under Section 3.2 of the SunTrust Plan and Section F.4 for the 2020 Plan Year.
48

Exhibit 10.1

(b)    Savings Plan True-Up Contribution. As soon as practicable on or after
the last payroll processing date of the 2020 Plan Year, for each SunTrust Participant who defers compensation under the SunTrust Banks, Inc. 401(k) Savings Plan or its successor (the “Savings Plan”) equal to the maximum contribution limit under Code section 402(g) and whose “Compensation” (as defined in the Savings Plan) during the 2020 Plan Year is less than the Code section 401(a)(17) limit for such Plan Year solely as a result of making elective deferrals under the SunTrust Plan or this Appendix F, the Company shall make a True-Up Contribution equal to six (6) percent of the difference between (x) the Code section 401(a)(17) limit for such Plan Year, minus (y) the amount of “Compensation” (as defined in the Savings Plan) paid to the Participant during such Plan Year.
F.7 Vesting. Except with respect to the portion of the SunTrust Account attributable to amounts      credited to the accounts under the 401(k) Excess Plan and Prior Deferred Compensation      Plan, the following vesting provisions apply to amounts credited to a SunTrust Participant’s     SunTrust Account:
F.7.1 Generally. Except as provided in Sections F.7.2, a SunTrust Participant’s interest in his SunTrust Account is one hundred percent (100%) vested and nonforfeitable at all times.
F.7.2 Mandatory Deferrals. If a SunTrust Participant’s SunTrust Account has any amount attributable to a Mandatory Deferral that is subject to a vesting period (as set forth in the applicable Eligible Plan), and the SunTrust Participant terminates employment with the Company and its Affiliates for any reason prior to meeting the vesting requirements for such Mandatory Deferral, then that portion of the Mandatory Deferral that is not vested, and the earnings on such nonvested portion shall be forfeited and deducted from the SunTrust Participant’s SunTrust Account. Notwithstanding the foregoing, unless approved by an officer who is an Executive Manager of the Company and otherwise specified in the Eligible Plan, upon a SunTrust Participant’s death, Disability, Retirement or involuntary termination of employment resulting in the Participant’s eligibility to receive benefits under the SunTrust Banks, Inc. Severance Pay Plan, or a successor, (disregarding for purposes of determining eligibility, the SunTrust Participant’s eligibility to receive severance benefits under another severance plan or individual agreement maintained by the Company or an Affiliate), the SunTrust Participant’s nonvested SunTrust Account balance shall fully vest as of the date such forfeiture would otherwise occur.
49

Exhibit 10.1
F.8    Payment of SunTrust Accounts. Except with respect to the portion of the SunTrust
Account attributable to amounts credited to the accounts under the 401(k) Excess Plan
and Prior Deferred Compensation Plan, a SunTrust Participant’s SunTrust Account
shall be paid as follows:
F.8.1     Normal Form of Payment and Commencement. Except as otherwise provided in this Appendix F, when a SunTrust Participant Separates from Service for any

reason, he shall be paid the vested balance of his or her SunTrust Account, if any, in a single lump sum cash payment during the first quarter of the calendar year immediately following the year in which his or her Separation from Service occurs.
F.8.2 Alternate Form of Payment Election. To the extent validly elected by a SunTrust Participant under the SunTrust Plan with respect to an amount in his or her SunTrust Account, such amount shall be distributed in five (5) annual installments, with the first payment commencing in the first quarter of the calendar year immediately following the year in which the SunTrust Participant Separates from Service. Each subsequent annual installment shall be paid during the first quarter of each of the subsequent four (4) calendar years. Notwithstanding any such election by a SunTrust Participant, if the sum of the SunTrust Participant’s total vested benefits under the Plan, including amounts credited under the 401(k) Excess Plan, the Prior Deferred Compensation Plan and any other account balance plan required to be aggregated with the Plan, as described in Treas. Reg. § 1.409A-1(c)(2)(i), is less than the applicable dollar amount under Code section 402(g)(1)(B) at the time payments commence under this Section F.8.2, the vested balance of his or her SunTrust Account shall be distributed in a lump sum payment during the first quarter of the calendar year immediately following the year in which he or she Separates from Service.
F.8.3 In-Service Distribution Election. To the extent validly elected by a SunTrust Participant under the SunTrust Plan with respect to an amount in his or her SunTrust Account, such amount (and any earnings thereon) shall be paid to the SunTrust Participant as of a specified date validly designated by such SunTrust Participant under such election. Unless otherwise specified on the applicable deferral election form or as set forth herein, the deferred amount subject to this election will be paid in a lump sum on the date determined by the Committee within the first quarter of the calendar year selected by the SunTrust Participant as the specified date for payment. Notwithstanding the foregoing, if a SunTrust Participant should Separate from Service before the applicable specified date, any vested amount subject to an in-service distribution election pursuant to this Section F.8.3 will be paid in a lump sum in accordance with Section F.8.1 and will not be subject to an election, if any, under Section F.8.2.
50

Exhibit 10.1
F.8.4 Subsequent Deferral Election. To the extent a SunTrust Participant made a valid election to subsequently change the time or form of distribution of any amount under the SunTrust Plan, such election shall continue to apply to such amount (and any earnings thereon); provided that such election shall be effective only if the following conditions are satisfied:
(a)The new election may not take effect until at least twelve (12) months after the date on which the new election is made;
(b)In the case of an election to change the time or form of a distribution of an amount described in Section F.8.1, F.8.2, or F.8.3, a distribution may not be

made earlier than at least five (5) years from the date the distribution would have otherwise been made; and
(c)    In the case of an election to change the time of a distribution of an amount
described in Section F.8.3, the election must be made at least twelve (12) months before the date the distribution is scheduled to be paid.
F.8.5     Payment of Death Benefit. Notwithstanding any elections by a SunTrust Participant or provisions of Appendix F to the contrary, if a SunTrust Participant dies at any time (including after his or her Separation from Service), the vested balance in his or her SunTrust Account, if any, shall be distributed to his or her Beneficiary (determined in accordance with Article XII of the Plan) in a lump sum payment in the first quarter of the calendar year immediately following the year of the SunTrust Participant’s death (provided that any payment that would occur before such calendar quarter shall be paid as scheduled).
F.8.6     Disability. Notwithstanding any elections by a SunTrust Participant or provisions of this Appendix F to the contrary, if a SunTrust Participant becomes Disabled at any time, then his vested balance in his or her SunTrust Account, if any, will be distributed to the SunTrust Participant in a lump sum payment in the first quarter of the calendar year immediately following the year in which the SunTrust Participant becomes Disabled (provided that any payment that would occur before such calendar quarter shall be paid as scheduled).
F.8.7     Withdrawals for Unforeseeable Emergency. Except as provided in Section F.8.8, a SunTrust Participant may withdraw all or any portion of the vested balance in his or her SunTrust Account, if any, for an Unforeseeable Emergency in accordance with Article VI of the Plan.
F.8.8 Distribution of Mandatory Deferrals. Notwithstanding any other provision of this Appendix F to the contrary, the vested portion of an amount attributable to a Mandatory Deferral shall be paid in a lump sum on the specified date for each Mandatory Deferral set forth in the Eligible Plan or, if earlier, upon the SunTrust Participant’s death or Disability in accordance with Section F.8.5 or F.8.6, respectively.
51

Exhibit 10.1
In no event shall any Mandatory Deferrals be subject to an election under Section F.8.2, F.8.3 or F.8.4, or to payment under Section F.8.7.
F.8.9     Key Employee Delay. Notwithstanding any other provision of Appendix F to the contrary, in the event that a SunTrust Participant is a Specified Employee at the time of his Separation from Service, to the extent that any portion of his vested SunTrust Account would constitute “nonqualified deferred compensation” within the meaning of Section 409A, such portion shall be paid in accordance with Section 5.2.2(b) of the Plan.
F.9    401(k) Excess Plan and Prior Deferred Compensation Plan. Notwithstanding anything
in this Appendix F to the contrary, the distribution of all amounts in a SunTrust Participant’s SunTrust Account attributable to amounts earned prior to 2010 and deferred

under the 401(k) Excess Plan or the Prior Deferred Compensation Plan shall be made in accordance with the terms of the 401(k) Excess Plan and the Prior Deferred Compensation Plan as in effect immediately prior to the merger of those two plans into the SunTrust Plan on December 31, 2009, including any “grandfathered amounts” that were earned and vested (within the meaning of Section 409A and regulations thereunder) under each plan prior to 2005 (and earnings thereon) (the “Grandfathered Amounts”). Benefits earned under the 401(k) Excess Plan and the Prior Deferred Compensation Plan prior to 2010 have been maintained in separate accounts. The relevant terms of the 401(k) Excess Plan and the Prior Deferred Compensation Plan, including the provisions relating to the Grandfathered Amounts, are summarized in Addenda A and B to this Appendix F, respectively.
F.10     Plan Terms Apply. Except as otherwise specifically provided in this Appendix F, the terms and conditions of the Plan shall apply to SunTrust Accounts.
52

Exhibit 10.1

Addendum A to Appendix F
AMOUNTS DEFERRED UNDER 401(K) EXCESS PLAN
The following provisions in this Addendum A summarize the distribution and certain other rules in effect during the stated periods under the SunTrust Banks, Inc. 401(k) Excess Plan, amended and restated effective as of January 1, 2009 (the “401(k) Excess Plan”). However, other than certain administrative changes described below, nothing in this Addendum A shall change or alter the terms of the 401(k) Excess Plan in effect as of any date. Except as otherwise noted herein, all capitalized terms in this Addendum A shall be defined in accordance with the terms of the 401(k) Excess Plan as in effect immediately prior to the plan merger with the SunTrust Banks, Inc. Deferred Compensation Plan (the “Prior Deferred Compensation Plan”) on December 31, 2009, and all Section references in this Addendum A shall refer to Sections in this Addendum A or the Section of the 401(k) Excess Plan in effect as of a certain date.
Distribution of amounts deferred (and earnings thereon) under the 401(k) Excess Plan that were earned and vested (within the meaning of Code section 409A) prior to 2005 and that are exempt from the requirements of Code section 409A (the “401(k) Excess Plan Grandfathered Amounts”) shall be made in accordance with the terms of the 401(k) Excess Plan as in effect on October 3, 2004, and as summarized in Part A1 of this Addendum A.
Distribution of amounts deferred (and earnings thereon) under the 401(k) Excess Plan that were earned for services performed during the period from January 1, 2005 to December 31, 2009 (“401(k) Excess Plan 2005-2009 Amounts”) shall be made in accordance with the terms of the 401(k) Excess Plan as in effect immediately prior to the plan merger with the Prior Deferred Compensation Plan on December 31, 2009, and as summarized in Part A2 of this Addendum A.
On December 6, 2019, SunTrust Banks, Inc. and BB&T Corporation merged to form Truist Financial Corporation. This Addendum A reflects changes in the administration of the 401(k) Excess Plan subsequent to such merger. For purpose of this Addendum A, the following terms shall have the meanings set forth in the Truist Financial Corporation Non-Qualified Defined Contribution Plan: Affiliate; Beneficiary; Board; the Committee; and the Company.

PART A1
401(K) EXCESS PLAN GRANDFATHERED AMOUNTS
Article 6
Distributions
A1-6.1 Normal Form of Payment and Commencement. Except as otherwise provided in this Section A1-6.1, when a Participant separates from service with the Company and its Affiliates for any reason, he shall be paid his 401(k) Excess Plan benefit in a single lump-sum cash payment during the first quarter of the calendar year immediately following the year of his separation. The amount payable to the Participant shall be equal to the balance of the Participant’s Account as of the Valuation Date immediately preceding the date of distribution, less withholding for applicable federal and state taxes.
53

Exhibit 10.1
A1-6.2 Alternate Form of Payment Election. A Participant may elect, in lieu of the lump-sum payment described in Section A1-6.1, to receive payment of his total benefit under this 401(k) Excess Plan in five (5) substantially equal annual installments, payable in cash; provided that such election is effective, as set forth below, at least twelve (12) months before the scheduled payment date following the Participant’s separation from service. The initial installment shall be paid during the first quarter of the calendar year immediately following the year of his separation. Each subsequent annual installment shall be paid during the first quarter of each of the subsequent four calendar years. Each installment payment shall be determined based on the balance of the Participant’s Account as of the Valuation Date immediately preceding the date of payment and shall be reduced by withholding for applicable federal and state taxes. A Participant’s election to receive installment payments of his 401(k) Excess Plan benefit pursuant to this Section A1-6.2 shall be made in writing on such forms as may be provided by the Committee and shall not be effective until received and approved by the Committee.
A1-6.3 Death. In the event of a Participant’s death, the Committee shall authorize payment to the Participant’s Beneficiary of any benefits due hereunder but not paid to the Participant prior to his death. Payment shall be made at the same time as if the Participant had retired on the date of his death and in accordance with the Participant’s distribution election in effect at his death. The Beneficiary may request a change in the form of payment by making a written request to the Committee prior to January 1 of the calendar year in which the benefit will be paid. The Committee has sole discretion and authority to approve or deny the Beneficiary’s request, taking into account such factors as the Committee may deem appropriate.
If a Participant dies after having received one or more installments but before all installment payments have been made, the remaining annual installment payments shall be paid to his Beneficiary at the same time they would otherwise have been paid to the Participant. The Beneficiary may request an accelerated payment in the form of a lump-sum cash payment by making a written request to the Committee prior to the January 1 of the calendar year in which the benefit will be paid. The Committee has sole discretion and authority to approve or deny the Beneficiary’s request.
A1-6.4 Disability. A Participant shall be entitled to payment of his 401(k) Excess Plan benefit in the event of his Total Disability only if the conditions of Subsections A1-6.4.1 and A16.4.2 are met. In such situation, payment of the Participant’s benefit shall commence pursuant to Sections A1-6.1 or A1-6.2 as if the Participant separated from service on the date all such conditions are met. A Participant shall be considered to have a Total Disability only if:
    A1-6.4.1    The Participant has incurred a “Total Disability” as such term is
defined in the SunTrust Banks, Inc. Long-Term Disability Plan (or any successor plan), which entitle the Participant to disability payments under such Plan; and
    A1-6.4.2    The Committee determines, in its sole discretion, based upon
medical evidence furnished by the Participant, that the disability is anticipated to be a permanent disability.
A1-6.5 Extreme Financial Hardship. A Participant may request a distribution of all or part of his vested 401(k) Excess Plan benefit prior to the date specified in Sections A1-6.1 through A1-6.4 due to an extreme financial hardship, by submitting a written request to the Committee with evidence satisfactory to the Committee to demonstrate the circumstances constituting the extreme financial hardship.
54

Exhibit 10.1

The Committee, in its sole discretion, shall determine whether an extreme financial hardship exists. An extreme financial hardship means an immediate, catastrophic financial need of the Participant occasioned by (i) a tragic event, such as the death, total disability, serious injury or illness of a Participant or the Participant’s spouse, child or dependent; or (ii) an extreme financial reversal or other impending catastrophic event which has resulted in, or will result in, harm to the Participant or the Participant’s spouse, child or dependent. A distribution for extreme financial hardship may not exceed the amount required to meet the hardship and may be made only if the Committee finds the extreme financial hardship may not be alleviated from other resources reasonably available to the Participant, including without limitation, liquidation of investment assets or luxury assets, or loans from financial institutions or other sources. The Committee shall have the authority to require the Participant to provide such evidence as the Committee deems necessary to determine whether distribution is warranted pursuant to this Section A1-6.5. The Committee shall use uniform and nondiscriminatory standards in reviewing any requests for distributions to meet an extreme financial hardship.
    A1-6.5.1    Form and Commencement. A hardship distribution to a Participant
pursuant to this Section A1-6.5 shall be made in a single lump-sum cash payment (less withholding for applicable federal and state taxes) as soon as practicable after the Committee approves the hardship request. Amounts distributed for hardship shall be deemed to reduce pro rata the deemed investment in each Investment Fund, including any Employer Stock, in the Participant’s Account.
    A1-6.5.2    Accelerated Installment Payments.    A Participant who has
commenced receiving installment payments pursuant to Section A1-6.2 may request acceleration of such payments in the event of an extreme financial hardship. The Committee may permit accelerated payments to the extent such accelerated payment does not exceed the amount necessary to meet the extreme financial hardship.
A1-6.6 Payment to Guardian, Legal Representative or Other. If a benefit hereunder is payable to a minor or a person declared incompetent or to a person incapable of handling the disposition of his property, the Committee may direct payment of such Plan benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or person. The Committee may require proof of incompetency, minority, incapacity or guardianship as it may deem appropriate prior to distribution of the benefit. A payment pursuant to this Section A1-6.6 shall completely discharge the Committee and the Company from all liability with respect to such benefit.
Article 9
Miscellaneous
A1-9.8 Right to Amend or Terminate Plan. The Company expects to continue this 401(k) Excess Plan indefinitely, but reserves the right to amend or discontinue the 401(k) Excess Plan should it deem such an amendment or discontinuance necessary or desirable, subject to the restrictions on amendments after a Change in Control. Any individual or entity who is authorized to amend or terminate the Truist Financial Corporation Non-Qualified Defined Contribution Plan under Article XIII thereof shall similarly be authorized on behalf of the Company to amend or discontinue the 401(k) Excess Plan.
55

Exhibit 10.1

However, if the Company should amend or discontinue this 401(k) Excess Plan, the Company shall be liable for any contributions and earnings thereon that have accrued and are vested as of the date of such action.
PART A2
401(K) EXCESS PLAN 2005-2009 AMOUNTS
Article 5
Vesting
A2-5.1 Generally. Except as provided in Section 4.3 with respect to excess matching contributions which are deemed a forfeiture and in Section A2-5.2, a Participant’s interest in his benefit under the 401(k) Excess Plan is one hundred percent (100%) vested and nonforfeitable at all times.
A2-5.2 Exception. A Participant and his Beneficiary shall completely forfeit that portion of his benefit under the 401(k) Excess Plan attributable to Employer matching contributions pursuant to Sections 4.3 and 4.6 (whenever allocated) if the Participant is terminated for Cause by the Company or an Affiliate. Forfeiture under this Section A2-5.2 shall be in addition to any other remedies which may be available to the Company or an Affiliate at law or in equity. This Section A2-5.2 shall not apply to any Participant to whom Article 7 applies or to any ANEX Plan Frozen Balance.
Article 6
Distributions
A2-6.1 Normal Form of Payment and Commencement. Except as otherwise provided in this Article 6, when a Participant Separates from Service with the Company and its Affiliates for any reason, he shall be paid his 401(k) Excess Plan benefit in a single lump-sum cash payment during the first quarter of the calendar year immediately following the year of his Separation from Service. The amount payable to the Participant shall be equal to the balance of the Participant’s Account as of the Valuation Date immediately preceding the date of distribution, less any required withholding for applicable federal and state income taxes and employment taxes.
A2-6.2 Alternate Form of Payment Election. A Participant who does not wish to have his benefit under this 401(k) Excess Plan paid in a lump sum pursuant to Section A2-6.1 may elect on a Deferral Election Form to have the portion of his Account related to amounts deferred pursuant to the Deferral Election Form (and earnings thereon) distributed in five (5) annual installments, with the first payment commencing in the first quarter of the calendar year immediately following the year in which the Participant’s Separation from Service occurs. Each subsequent annual installment shall be paid during the first quarter of each of the subsequent four (4) calendar years.
A2-6.2.1    Procedure for Installment Election. A Participant’s election to
receive installment payments of the portion of his Account described above in Section A26.2 shall be made on such forms, written or electronic, as may be provided by the Committee and shall not be effective until received and approved by the Committee by the relevant Election Date in accordance with Section 2.1.
56

Exhibit 10.1
Each installment payment shall be

determined based on the vested balance of such portion of the Participant’s Account as of the Valuation Date immediately preceding the date of payment.
    A2-6.2.2    Cash-Out. Notwithstanding any elections by a Participant, effective
on and after January 1, 2009, if the sum of a Participant’s vested Account balance under this 401(k) Excess Plan and any other account balance plan, as described in Treas. Reg. § 1.409A-1(c)(2)(i), is less than the applicable dollar amount under Code section 402(g)(1)(B) at the time of payment, the full vested Account balance shall be distributed in a lump sum payment during the first quarter of the calendar year immediately following the year in which his Separation from Service occurs, subject to the delay for Key Employee as set forth in Section A2-6.3.
A2-6.3 Key Employee Delay. Notwithstanding anything herein to the contrary, distributions may not be made to a Key Employee upon a Separation from Service before the date which is six (6) months after the date of the Key Employee’s Separation from Service (or, if earlier, the date of death of the Key Employee). Any payments that would otherwise be made during this period of delay shall be accumulated and paid in the seventh month following the Participant’s Separation from Service.
A2-6.4 Subsequent Deferral Election. A Participant may make one or more subsequent elections to change the time or form of a distribution for a deferred amount in accordance with the procedures and distribution rules established by the Committee, but any change in the election shall be effective only if the following conditions are satisfied:
    A2-6.4.1    The new election may not take effect until at least twelve (12)
months after the date on which the new election is made;
    A2-6.4.2    In the case of an election to change the time or form of a distribution
under Section A2-6.1 (lump sum payment after Separation from Service) or A2-6.2 (installments after Separation from Service), a distribution may not be made earlier than at least five (5) years from the date the distribution would have otherwise been made; and
    A2-6.4.3    The new election must be made at least twelve (12) months before
the date the distribution is scheduled to be paid.
A2-6.5 Payment of Death Benefit. Notwithstanding any elections by the Participant or provisions of the 401(k) Excess Plan to the contrary, if a Participant dies at any time (including after his Separation from Service), the Committee shall authorize payment to the Participant’s Beneficiary of any vested benefits due under the 401(k) Excess Plan but not paid to the Participant prior to his death. Payment of the Participant’s vested Account balance shall be distributed to the Beneficiary in a lump sum payment in the first quarter of the calendar year immediately following the year of the Participant’s death (provided that any payment that would occur before such calendar quarter shall be paid as scheduled).
57

Exhibit 10.1
A2-6.6 Disability. Notwithstanding any elections by a Participant or provisions of the 401(k) Excess Plan to the contrary, if a Participant becomes Disabled at any time, then his vested Account balance will be distributed to the Participant in a lump sum payment in the first quarter of the calendar year immediately following the year in which the Participant becomes Disabled

(provided that any payment that would occur before such calendar quarter shall be paid as scheduled).
A2-6.7 Withdrawals for Unforeseeable Emergency. A Participant may withdraw all or any portion of his vested Account balance for an Unforeseeable Emergency. The amounts distributed with respect to an Unforeseeable Emergency may not exceed the amounts necessary to satisfy such Unforeseeable Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship) or by cessation of deferrals under this 401(k) Excess Plan.
    A2-6.7.1    Definition. “Unforeseeable Emergency” means, for this purpose, a
severe financial hardship to a Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or a dependent (as defined in Code section 152(a)) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.
    A2-6.7.2    Participant Evidence. The Committee shall have the authority to
require the Participant to provide such evidence as it deems necessary to determine whether distribution is warranted pursuant to this Section A2-6.7. The Committee shall use uniform and nondiscriminatory standards in reviewing any requests for distributions to meet an Unforeseeable Emergency. Amounts distributed under this Section A2-6.7 shall be deemed to reduce pro rata the deemed investment in each Investment Fund in the Participant’s Account.
    A2-6.7.3    Accelerated Payments. A Participant who has commenced
receiving installment payments pursuant to Section A2-6.2 shall receive an accelerated payment of such installments under this Section A2-6.7.3 to the extent such accelerated payment does not exceed the amount necessary to meet the Unforeseeable Emergency.
A2-6.8 Special One-Time Election. Notwithstanding any prior elections or 401(k) Excess Plan provisions to the contrary, a Participant who was an employee of the Company and its Affiliates (including on a paid leave of absence) may have made an election to receive all or a specified portion of his or her Account pursuant to Section A2-6.1 and A2-6.2. Any such election must have become irrevocable on or before December 31, 2008 and must have been made in accordance with the procedures and distribution rules established by the Compensation Committee of SunTrust Banks, Inc. and the transition rules under Code section 409A.
58

Exhibit 10.1
A2-6.9 Pre-2005 Deferrals. Notwithstanding the foregoing, Part A1 of this Addendum A governs the distribution of amounts that were earned and vested (within the meaning of Code section 409A and regulations thereunder) under the 401(k) Excess Plan prior to 2005 (and earnings thereon) and are exempt from the requirements of Code section 409A.

    A2-6.10    Effect of Taxation. If a portion of the Participant’s Account balance is
includible in income under Code section 409A, such portion shall be distributed immediately to the Participant.
    A2-6.11    Permitted Delays. Notwithstanding the foregoing, any payment to a
Participant under the 401(k) Excess Plan shall be delayed upon the Committee’s reasonable anticipation that the making of the payment would violate Federal securities laws or other applicable law; provided that any payment delayed pursuant to this Section A2-6.11 shall be paid in accordance with Code section 409A on the earliest date on which the Company reasonably anticipates that the making of the payment will not cause a violation of Federal securities laws or other applicable law.
Article 7
Change in Control
A2-7.1 Purpose. On December 6, 2019, a “Change in Control” (within the meaning of this Article 7) occurred. The purpose of this Article 7 is to provide protection for the benefits payable under this 401(k) Excess Plan to a Participant who was affected by the Change in Control.
A2-7.2 Amendment Restrictions. No amendment shall be made to this 401(k) Excess Plan thereafter which would adversely affect in any manner whatsoever the benefit payable under this 401(k) Excess Plan to any Participant to which this Article 7 applies absent the express written consent of all such Participants. Notwithstanding the foregoing, the Company may amend this 401(k) Excess Plan without Participant consent to the extent such an amendment is required by law or is necessary or desirable to prevent adverse tax consequences to Participants or their Beneficiaries provided that the Company obtains the written opinion of outside counsel that such an amendment is required by law or is necessary or desirable to prevent adverse tax consequences to Participants or their Beneficiaries.
Article 9
Miscellaneous
A2-9.8 Right to Amend or Terminate Plan. The Company expects to continue this 401(k) Excess Plan indefinitely, but reserves the right to amend or discontinue the 401(k) Excess Plan should it deem such an amendment or discontinuance necessary or desirable.
59

Exhibit 10.1
Any individual or entity who is authorized to amend or terminate the Truist Financial Corporation Non-Qualified Defined Contribution Plan under Article XIII thereof shall similarly be authorized on behalf of the Company to amend or discontinue the 401(k) Excess Plan. However, if the Company should amend or discontinue this 401(k) Excess Plan, the Company shall be liable for payment of any amounts deferred under this 401(k) Excess Plan and earnings thereon that have accrued and are vested as of the date of such action.
A2-9.8.1    Distribution of Accounts. If the Company terminates the 401(k)
Excess Plan, distribution of balances in Accounts shall be made to Participants and Beneficiaries in the manner and at the time as provided in Article 6, unless the Company determines in its sole discretion that all such amounts shall be distributed upon termination in accordance with the requirements under Code section 409A.

A2-9.8.2    409A Requirements. Notwithstanding the foregoing, no amendment of the 401(k) Excess Plan shall apply to amounts that were earned and vested (within the meaning of Code section 409A and regulations thereunder) under the 401(k) Excess Plan prior to 2005, unless the amendment specifically provides that it applies to such amounts. The purpose of this restriction is to prevent a 401(k) Excess Plan amendment from resulting in an inadvertent “material modification” to amounts that are “grandfathered” and exempt from the requirements of Code section 409A.
Addendum B to Appendix F
AMOUNTS DEFERRED UNDER THE
PRIOR DEFERRED COMPENSATION PLAN
The following provisions in this Addendum B summarize the distribution and certain other rules in effect during the stated periods under the SunTrust Banks, Inc. Deferred Compensation Plan, amended and restated effective January 1, 2009 (the “Prior Deferred Compensation Plan”). However, other than certain administrative changes described below, nothing in this Addendum B shall change or alter the terms of the Prior Deferred Compensation Plan in effect as of any date. Except as otherwise noted herein, all capitalized terms in this Addendum B shall be defined in accordance with the terms of the Prior Deferred Compensation Plan as in effect immediately prior to the plan merger with the SunTrust Banks, Inc. 401(k) Excess Plan (the “401(k) Excess Plan”) on December 31, 2009, and all Section references in this Addendum B shall refer to Sections in this Addendum B or the Section of the Prior Deferred Compensation Plan in effect as of a certain date.
Distribution of amounts deferred (and earnings thereon) under the Prior Deferred Compensation Plan that were earned and vested (within the meaning of Code section 409A) prior to 2005 and that are exempt from the requirements of Code section 409A (the “Prior Deferred Compensation Plan Grandfathered Amounts”) shall be made in accordance with the terms of the Prior Deferred Compensation Plan as in effect on October 3, 2004, and as summarized in Part B1 of this Addendum B.
60

Exhibit 10.1
Distribution of amounts deferred (and earnings thereon) under the Prior Deferred Compensation Plan that were earned for services performed during the period from January 1, 2005 to December 31, 2009 or that were earned for services prior to 2005 and vested after 2004 (the “Prior Deferred Compensation Plan 2005-2009 Amounts”) shall be made in accordance with the terms of the Prior Deferred Compensation Plan as in effect immediately prior to the plan merger with the 401(k) Excess Plan on December 31, 2009, and as summarized in Part B2 of this Addendum B.
On December 6, 2019, SunTrust Banks, Inc. and BB&T Corporation merged to form Truist Financial Corporation. This Addendum B reflects changes in the administration of the Prior Deferred Compensation Plan subsequent to such merger. For purpose of this Addendum B, the following terms shall have the meanings set forth in the Truist Financial Corporation Non-Qualified Defined Contribution Plan: Affiliate; Beneficiary; Board; the Committee; and the Company.

PART B1
PRIOR DEFERRED COMPENSATION PLAN GRANDFATHERED AMOUNTS
Article 6
Distributions
B1-6.1 Normal Form of Payment and Commencement. Except as otherwise provided in this Section B1-6.1, when the Participant separates from service with the Company and its Affiliates for any reason, he shall be paid his vested benefit under this Plan in a single lump sum cash payment during the first quarter of the calendar year immediately following the year of his separation. The amount payable to the Participant shall be equal to the vested balance of the Participant’s Account as of the Valuation Date immediately preceding the date of distribution, less withholding for applicable federal and state taxes.
B1-6.2 Alternate Form of Payment Election. A Participant may elect, in lieu of the lump-sum payment described in Section B1-6.1, to receive payment of his total vested benefit under this Plan in five (5) substantially equal annual installments, payable in cash; provided that such election is effective, as set forth below, at least twelve (12) months before the scheduled payment date following the Participant’s separation from service. The initial installment shall be paid during the first quarter of the calendar year immediately following the year of his separation. Each subsequent annual installment shall be paid during the first quarter of each of the subsequent four (4) calendar years. Each installment payment shall be determined based on the balance of the Participant’s Account as of the Valuation Date immediately preceding the date of payment and shall be reduced by withholding for applicable federal and state taxes. A Participant’s election to receive installment payments of his Plan benefit pursuant to this Section B1-6.2 shall be made in writing on such forms as may be provided by the Committee and shall not be effective until received and approved by the Committee.
B1-6.3 In-Service Distribution Election without Reduction. A Participant may file an election with the Committee for a future in-service distribution of his deferred Award(s) for each Plan Year without incurring a penalty, provided the election is made no less than four (4) years and no more than fifteen (15) years prior to the Designated Distribution Date.
61

Exhibit 10.1
A Participant’s election for an in-service distribution pursuant to this Section B1-6.3 shall be a part of his Deferral Election Form and shall be filed with the Committee on or before the Election Date for the applicable Plan Year.
A Participant’s Award to which an in-service distribution election applies pursuant to this Section B1-6.3 shall be maintained as a sub-account of the Participant’s Account unless all of the Participant’s Awards deferred pursuant to this Plan are subject to an in-service distribution election with the same Designated Distribution Date. Awards deferred and not subject to an in-service distribution election are distributed pursuant to Section B1-6.1 or B1-6.2.
B1-6.3.1    Form and Commencement. An in-service distribution shall be paid
in a single lump-sum cash payment during the first quarter of the calendar year in which the Designated Distribution Date occurs, based on the value of the Participant’s vested sub-account which is to be distributed in that year, as of the Valuation Date immediately

preceding the date of such distribution. The amount of an in-service distribution shall be reduced by applicable withholding for federal and state taxes.
    B1-6.3.2    Revoking In-Service Distribution Election. A Participant may
revoke an election for an in-service distribution by filing a written revocation with the Committee at least one (1) year prior to the Designated Distribution Date. Upon such revocation, the provisions of Section B1-6.1 shall apply, unless the Participant makes a valid installment election payment pursuant to Section B1-6.2.
    B1-6.3.3    Effect of Termination or Death. If a Participant should die or
otherwise separate from service with the Company and its Affiliates before his Designated Distribution Date(s), any and all outstanding in-service distribution elections shall be automatically revoked, and any portion of his Account subject to an in-service distribution election pursuant to this Section B1-6.3 shall be paid in accordance with Section B1-6.1 or B1-6.2.
B1-6.4 Death. In the event of a Participant’s death, the Committee shall authorize payment to the Participant’s Beneficiary of any vested benefits due hereunder but not paid to the Participant prior to his death. Payment shall be made at the same time as if the Participant had retired on the date of his death and shall be made in accordance with Section B1-6.1, or if the Participant has a valid installment election in effect at his death, then in accordance with Section B1-6.2. The Beneficiary may request a change to the form of payment by making a written request to the Committee prior to the January 1 of the calendar year in which the benefit will be paid. The Committee has sole discretion and authority to approve or deny the Beneficiary’s request, taking into account such factors as the Committee may deem appropriate.
If a Participant dies after having received one or more installment payments but before all installment payments have been made, the remaining annual installment payments shall be paid to his Beneficiary at the same time they would otherwise have been paid to the Participant.
62

Exhibit 10.1
The Beneficiary may request an accelerated payment in the form of a lump-sum cash payment by making a written request to the Committee prior to the January 1 of the calendar year in which the benefit will be paid. The Committee has sole discretion and authority to approve or deny the Beneficiary’s request.
B1-6.5 Disability. A Participant shall be entitled to payment of his Plan benefit in the event of his Total Disability only if the conditions of Sections B1-6.5.1 and B1-6.5.2 are met. In such situation, payment of the Participant’s benefit shall commence pursuant to Section B1-6.1 or B16.2 as if the Participant separated from service on the date all such conditions are met. A Participant shall be considered to have a Total Disability only if:
    B1-6.5.1    The Participant has incurred a “Total Disability” as such term is
defined in SunTrust Banks, Inc. Long-Term Disability Plan (or any successor plan), which entitles the Participant to disability payments under such plan; and
    B1-6.5.2    The Committee determines, in its sole discretion, based upon
medical evidence furnished by the Participant, that the disability is anticipated to be a permanent disability.

B1-6.6 Extreme Financial Hardship. A Participant may request a distribution of all or part of his vested Plan benefit prior to the date specified in Sections B1-6.1, B1-6.2, B1-6.3, and B16.5 due to an extreme financial hardship, by submitting a written request to the Committee with evidence satisfactory to the Committee to demonstrate the circumstances constituting the extreme financial hardship. The Committee, in its sole discretion, shall determine whether an extreme financial hardship exists. An extreme financial hardship means an immediate, catastrophic financial need of the Participant occasioned by (i) a tragic event, such as the death, total disability, serious injury or illness of a Participant or the Participant’s spouse, child or dependent; or (ii) an extreme financial reversal or other impending catastrophic event which has resulted in, or will result in, harm to the Participant or the Participant’s spouse, child or dependent. A distribution for extreme financial hardship may not exceed the amount required to meet the hardship and may be made only if the Committee finds the extreme financial hardship may not be alleviated from other resources reasonably available to the Participant, including without limitation, liquidation of investment assets or luxury assets, or loans from financial institutions or other sources. The Committee shall have the authority to require the Participant to provide such evidence as the Committee deems necessary to determine whether distribution is warranted pursuant to this Section B1-6.6. The Committee shall use uniform and nondiscriminatory standards in reviewing any requests for distributions to meet an extreme financial hardship.
    B1-6.6.1    Form and Commencement. A hardship distribution to a Participant
pursuant to this Section B1-6.6 shall be made in a single lump-sum cash payment (less withholding for applicable federal and state taxes) as soon as practicable after the Committee approves the hardship request. Amounts distributed for hardship shall be deemed to reduce pro rata the deemed investment in each Investment Fund in the Participant’s Account.
63

Exhibit 10.1
    B1-6.6.2    Accelerated Installment Payments. A Participant who has commenced receiving installment payments pursuant to Section B1-6.2 may request acceleration of such payments in the event of an extreme financial hardship. The Committee may permit accelerated payments to the extent such accelerated payment does not exceed the amount necessary to meet the extreme financial hardship.
B1-6.7 Early Withdrawal Election with 10% Reduction. A Participant may file a written election with the Committee to receive an early withdrawal of any vested portion of his Account, provided, however, that such early withdrawal payment shall be subject to a 10% forfeiture, which shall reduce the balance of the Participant’s Account. An early withdrawal payment shall be made in a single lump-sum cash payment (less applicable withholding for federal and state taxes) as soon as practicable after the Committee receives and approves a written request for early withdrawal. Amounts withdrawn under this Section B1-6.7 shall be deemed to reduce pro rata the deemed investment in each Investment Fund in the Participant’s Account. A Participant who receives an early withdrawal may not make an election under Section 3.2 of the Plan to defer his Award(s) for a one (1) year period beginning on the first date at which the application of such cancellation would not violate Code section 409A.
B1-6.8 Payment to Guardian, Legal Representative or Other. If a benefit hereunder is payable to a minor or a person declared incompetent or to a person incapable of handling the disposition of his property, the Committee may direct payment of such Plan benefit to the guardian,

legal representative or person having the care and custody of such minor, incompetent or person. The Committee may require proof of incompetency, minority, incapacity or guardianship as it may deem appropriate prior to distribution of the Plan benefit. A payment pursuant to this Section B16.8 shall completely discharge the Committee and the Company from all liability with respect to such benefit.
Article 8
Miscellaneous
B1-8.7 Right to Amend or Terminate Plan. The amendment or termination of the Plan with respect to the Grandfathered Amounts shall be made in accordance with the Plan terms as in effect on October 3, 2004 and as summarized in this Section B1-8.7. The Company expects to continue this Plan indefinitely, but reserves the right to amend or discontinue the Plan should it deem such an amendment or discontinuance necessary or desirable. Any individual or entity who is authorized to amend or terminate the Truist Financial Corporation Non-Qualified Defined Contribution Plan under Article XIII thereof shall similarly be authorized on behalf of the Company to amend or discontinue this Plan. However, if the Company should amend or discontinue this Plan, the Company shall be liable for payment of any Awards deferred under this Plan and earnings thereon that have accrued and are vested as of the date of such action.
64

Exhibit 10.1
PART B2
PRIOR DEFERRED COMPENSATION PLAN 2005-2009 AMOUNTS
Article 6
Vesting
B2-6.1 Generally. Except as provided in Section B2-6.2, a Participant’s interest in his benefit under this Plan is one hundred percent (100%) vested and nonforfeitable at all times.
B2-6.2 Exception. If a Participant’s Account has been credited with an amount that is subject to a vesting period (as defined in the Eligible Plan), and the Participant terminates employment with the Company and its Affiliates for any reason prior to meeting the vesting requirements for such amount, then that portion of the amount that is not vested, and the earnings on such nonvested portion shall be forfeited and deducted from the Participant’s Account. Notwithstanding the foregoing: (1) an Eligible Plan may provide that the nonvested portion of a Participant’s Account shall not be forfeited if the Participant is terminated without Cause within three (3) years following a Change in Control, and, in such case, the provisions of Section B2-6.3 of this Plan shall control unless the Eligible Plan provides otherwise; and (2) upon a Participant’s death, Disability, Retirement or involuntary termination of employment resulting in the Participant’s eligibility to receive benefits under SunTrust Banks, Inc. Severance Pay Plan, or any successor plan, the Participant’s nonvested Account balance shall fully vest as of the date that forfeiture would otherwise occur. The second clause of the preceding sentence shall apply to any Mandatory Deferral credited under the Plan after June 30, 2007, unless the Eligible Plan in connection with such Mandatory Deferral specifically provides one or all of the events described in the second clause shall not result in full vesting.

B2-6.3 Change in Control. Unless an Eligible Plan provides for some other treatment, if a Participant’s employment with the Company or any Affiliate or their successors is terminated without Cause within three (3) years of a Change in Control, any portion of the Participant’s Account that was nonvested at the Change in Control and has not yet vested shall become fully vested immediately prior to the effective time of the Participant’s termination of employment. A Participant’s voluntary termination of employment, including a Participant’s Retirement or voluntary resignation, is not considered termination for Cause for purposes of vesting under this Section B2-6.3.
Article 7
Distributions
B2-7.1 Normal Form of Payment and Commencement. Except as otherwise provided in this Article 7, when a Participant Separates from Service for any reason, he shall be paid his vested benefit under this Plan in a single lump sum cash payment during the first quarter of the calendar year immediately following the year in which his Separation from Service occurs. The amount payable to the Participant shall be equal to the vested balance of the Participant’s Account as of the Valuation Date immediately preceding the date of distribution.
65

Exhibit 10.1
B2-7.2 Alternate Form of Payment Election. A Participant who does not wish to have his benefit under this Plan paid in a lump sum pursuant to Section B2-7.1 may elect on a Deferral Election Form to have the portion of his Account related to amounts deferred pursuant to the Deferral Election Form (and earnings thereon) distributed in five (5) annual installments, with the first payment commencing in the first quarter of the calendar year immediately following the year in which the Participant’s Separation from Service occurs. Each subsequent annual installment shall be paid during the first quarter of each of the subsequent four (4) calendar years.
    B2-7.2.1    Procedure for Installment Election. A Participant’s election to
receive installment payments of the portion of his Account described above in Section B27.2 shall be made on such forms, written or electronic, as may be provided by the Committee and shall not be effective until received and approved by the Committee by the relevant Election Date in accordance with Section 3.2. Each installment payment shall be determined based on the vested balance of such portion of the Participant’s Account as of the Valuation Date immediately preceding the date of payment.
    B2-7.2.2    Cash-Out. Notwithstanding any elections by a Participant, effective
on and after January 1, 2009, if the sum of a Participant’s vested Account balance under this Plan and any other account balance plan, as described in Treas. Reg. § 1.409A-1(c)(2)(i), is less than the applicable dollar amount under Code section 402(g)(1)(B) at the time of payment, the full vested Account balance shall be distributed in a lump sum payment during the first quarter of the calendar year immediately following the year in which his Separation from Service occurs, subject to the delay for Key Employee as set forth in Section B2-7.3.
B2-7.3 Key Employee Delay. Notwithstanding anything herein to the contrary, distributions may not be made to a Key Employee upon a Separation from Service before the date which is six (6) months after the date of the Key Employee’s Separation from Service (or, if earlier,

the date of death of the Key Employee). Any payments that would otherwise be made during this period of delay shall be accumulated and paid in the seventh month following the Participant’s Separation from Service.
B2-7.4 In-Service Distribution Election. Unless the Committee announces otherwise for a Plan Year, a Participant may elect on a Deferral Election Form to have the portion of his Account related to amounts deferred under such Deferral Election Form (and earnings thereon) paid to the Participant as of a Specified Date. The deferred amount subject to this election will be paid in a lump sum on the Designated Distribution Date, based on the value of the Participant’s vested sub-account which is to be distributed, as of the Valuation Date immediately preceding the date of such distribution.
    B2-7.4.1    Filing with Committee. A Participant’s election for an in-service
distribution pursuant to this Section B2-7.4 shall be a part of his Deferral Election Form and shall be filed with the Committee on or before the Election Date for the applicable Plan Year in accordance with Section 3.2.
66

Exhibit 10.1
If a Participant should Separate from Service with the Company and its Affiliates before his Designated Distribution Date(s), any portion of his Account subject to an in-service distribution election pursuant to this Section B2-7.4 shall be paid in accordance with Sections B2-7.1 and B2-7.3.
    B2-7.4.2    Sub-Account. The portion of a Participant’s Account to which an
in-service distribution election applies pursuant to this Section B2-7.4 shall be maintained as a sub-account of the Participant’s Account unless all of the amounts deferred pursuant to this Plan are subject to an in-service distribution election with the same Designated Distribution Date. Amounts deferred and not subject to an in-service distribution election shall be distributed pursuant to Section B2-7.1 or B2-7.2.
B2-7.5 Subsequent Deferral Election. A Participant may make one or more subsequent elections to change the time or form of a distribution for a deferred amount in accordance with the procedures and distribution rules established by the Committee, but any change in the election shall be effective only if the following conditions are satisfied:
    B2-7.5.1    The new election may not take effect until at least twelve (12)
months after the date on which the new election is made;
    B2-7.5.2    In the case of an election to change the time or form of a distribution
under Section B2-7.1 (lump sum payment after Separation from Service), B2-7.2 (installments after Separation from Service), or B2-7.4 (in-service distribution), a distribution may not be made earlier than at least five (5) years from the date the distribution would have otherwise been made; and
    B2-7.5.3    In the case of an election to change the time or form of an in-service
distribution under Section B2-7.4, the election must be made at least twelve (12) months before the date the distribution is scheduled to be paid.
B2-7.6 Payment of Death Benefit. Notwithstanding any elections by the Participant or provisions of the Plan to the contrary, if a Participant dies at any time (including after his Separation from Service), the Committee shall authorize payment to the Participant’s Beneficiary

of any vested benefits due under the Plan but not paid to the Participant prior to his death. Payment of the Participant’s vested Account balance shall be distributed to the Beneficiary in a lump sum payment in the first quarter of the calendar year immediately following the year of the Participant’s death (provided that any payment that would occur before such calendar quarter shall be paid as scheduled).
B2-7.7 Disability. Notwithstanding any elections by a Participant or provisions of the Plan to the contrary, if a Participant becomes Disabled at any time, then his vested Account balance will be distributed to the Participant in a lump sum payment in the first quarter of the calendar year immediately following the year in which the Participant becomes Disabled (provided that any payment that would occur before such calendar quarter shall be paid as scheduled).
67

Exhibit 10.1
B2-7.8 Withdrawals for Unforeseeable Emergency. A Participant may withdraw all or any portion of his vested Account balance for an Unforeseeable Emergency. The amounts distributed with respect to an Unforeseeable Emergency may not exceed the amounts necessary to satisfy such Unforeseeable Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship) or by cessation of deferrals under this Plan.
    B2-7.8.1    Definition. “Unforeseeable Emergency” means, for this purpose, a
severe financial hardship to a Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or a dependent (as defined in Code section 152(a)) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.
    B2-7.8.2    Participant Evidence. The Committee shall have the authority to
require the Participant to provide such evidence as it deems necessary to determine whether distribution is warranted pursuant to this Section B2-7.8. The Committee shall use uniform and nondiscriminatory standards in reviewing any requests for distributions to meet an Unforeseeable Emergency. Amounts distributed under this Section B2-7.8 shall be deemed to reduce pro rata the deemed investment in each Investment Fund in the Participant’s Account.
    B2-7.8.3    Accelerated Payments. A Participant who has commenced
receiving installment payments pursuant to Section B2-7.2 shall receive an accelerated payment of such installments under this Section B2-7.8.3 to the extent such accelerated payment does not exceed the amount necessary to meet the Unforeseeable Emergency.
B2-7.9 Distribution of Mandatory Deferrals. Unless otherwise elected by a Participant in accordance with Section 3.2 and the procedures and distribution rules established by the Committee, the vested portion of each Mandatory Deferral shall be paid in a lump sum upon the earlier of: (a) the Specified Date for each Mandatory Deferral set forth in the Eligible Plan; or (b) the Participant’s Separation from Service. In the event the Participant’s Separation from Service occurs before any such Specified Date, the lump sum payment shall be made in the first quarter of

the calendar year immediately following the year of the Participant’s Separation from Service, subject to the delay in payment for Key Employees as set forth in Section B2-7.3.
    B2-7.10    Special One-Time Election. Notwithstanding any prior elections or Plan
provisions to the contrary, a Participant who was an employee of the Company and its Affiliates (including on a paid leave of absence) may have made an election to receive all or a specified portion of his or her Account pursuant to Section B2-7.1, B2-7.2, or B2-7.4. Any such election must have become irrevocable on or before December 31, 2008 and must have been made in accordance with the procedures and distribution rules established by the Committee and the transition rules under Code section 409A.
68

Exhibit 10.1
    B2-7.11 Pre-2005 Deferrals. Notwithstanding the foregoing, Part B1 of this
Addendum B governs the distribution of amounts that were earned and vested (within the meaning of Code section 409A and regulations thereunder) under the Plan prior to 2005 (and earnings thereon) and are exempt from the requirements of Code section 409A.
    B2-7.12 Effect of Taxation. If a portion of the Participant’s Account balance is
includible in income under Code section 409A, such portion shall be distributed immediately to the Participant.
    B2-7.13 Permitted Delays. Notwithstanding the foregoing, any payment to a
Participant under the Plan shall be delayed upon the Committee’s reasonable anticipation that the making of the payment would violate Federal securities laws or other applicable law; provided that any payment delayed pursuant to this Section B2-7.13 shall be paid in accordance with Code section 409A on the earliest date on which the Company reasonably anticipates that the making of the payment will not cause a violation of Federal securities laws or other applicable law.
Article 9
Miscellaneous
B2-9.8 Right to Amend or Terminate Plan. The Company expects to continue this Plan indefinitely, but reserves the right to amend or discontinue the Plan should it deem such an amendment or discontinuance necessary or desirable. Any individual or entity who is authorized to amend or terminate the Truist Financial Corporation Non-Qualified Defined Contribution Plan under Article XIII thereof shall similarly be authorized on behalf of the Company to amend or discontinue this Plan. However, if the Company should amend or discontinue this Plan, the Company shall be liable for payment of any amounts deferred under this Plan and earnings thereon that have accrued and are vested as of the date of such action.
    B2-9.8.1    Distribution of Accounts. If the Company terminates the Plan,
distribution of balances in Accounts shall be made to Participants and Beneficiaries in the manner and at the time as provided in Article 7, unless the Company determines in its sole discretion that all such amounts shall be distributed upon termination in accordance with the requirements under Code section 409A.

    B2-9.8.2    409A Requirements. Notwithstanding the foregoing, no amendment of the Plan shall apply to amounts that were earned and vested (within the meaning of Code section 409A and regulations thereunder) under the Plan prior to 2005,
unless the amendment specifically provides that it applies to such amounts. The purpose of this restriction is to prevent a Plan amendment from resulting in an inadvertent “material modification” to amounts that are “grandfathered” and exempt from the requirements of Code section 409A.
69
EX-31.1 3 ex311certification2q25.htm EX-31.1 Document

Exhibit 31.1
CERTIFICATIONS

I, William H. Rogers Jr., certify that:
1.    I have reviewed this Quarterly Report on Form 10-Q of Truist Financial Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: July 31, 2025
/s/ William H. Rogers Jr.
William H. Rogers Jr.
Chairman and Chief Executive Officer
EX-31.2 4 ex312certification2q25.htm EX-31.2 Document

Exhibit 31.2
CERTIFICATIONS

I, Michael B. Maguire, certify that:
1.    I have reviewed this Quarterly Report on Form 10-Q of Truist Financial Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: July 31, 2025
/s/ Michael B. Maguire
Michael B. Maguire
Senior Executive Vice President and
Chief Financial Officer
EX-32 5 ex32certification2q25.htm EX-32 Document

Exhibit 32

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

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Chief Executive Officer and Chief Financial Officer of Truist Financial Corporation (the "Company"), do hereby certify that:
1.    The Quarterly Report on Form 10-Q for the fiscal period ended June 30, 2025 (the "Form 10-Q") of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: July 31, 2025
/s/ William H. Rogers Jr.
William H. Rogers Jr.
Chairman and Chief Executive Officer
 
/s/ Michael B. Maguire
Michael B. Maguire
Senior Executive Vice President and
Chief Financial Officer

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