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

Quarterly Performance Summary

Truist Financial Corporation

Second Quarter 2023

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Table of Contents
Quarterly Performance Summary
Truist Financial Corporation
						Page
Financial Highlights						1
Consolidated Statements of Income						2
Consolidated Ending Balance Sheets						3
Average Balances and Rates - Quarters						4
Average Balances and Rates - Year-To-Date						5
Credit Quality						6
Segment Financial Performance						10
Capital Information						11
Selected Mortgage Banking Information & Additional Information						12
Selected Items						13

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Financial Highlights

			Quarter Ended																														Year-to-Date
(Dollars in millions, except per share data, shares in thousands)			June 30						March 31						Dec. 31						Sept. 30						June 30						June 30						June 30
			2023						2023						2022						2022						2022						2023						2022
Summary Income Statement
Interest income - taxable equivalent(1)			$	6,230					$	5,836					$	5,288					$	4,407					$	3,701					$	12,066					$	7,084
Interest expense			2,551						1,917						1,257						624						266						4,468						440
Net interest income - taxable equivalent			3,679						3,919						4,031						3,783						3,435						7,598						6,644
Less: Taxable-equivalent adjustment			54						51						50						38						28						105						54
Net interest income			3,625						3,868						3,981						3,745						3,407						7,493						6,590
Provision for credit losses			538						502						467						234						171						1,040						76
Net interest income after provision for credit losses			3,087						3,366						3,514						3,511						3,236						6,453						6,514
Noninterest income			2,293						2,234						2,227						2,102						2,248						4,527						4,390
Noninterest expense			3,748						3,691						3,722						3,613						3,580						7,439						7,254
Income before income taxes			1,632						1,909						2,019						2,000						1,904						3,541						3,650
Provision for income taxes			287						394						337						363						372						681						702
Net income			1,345						1,515						1,682						1,637						1,532						2,860						2,948
Noncontrolling interests			36						2						1						4						1						38						2
Preferred stock dividends and other			75						103						71						97						77						178						165
Net income available to common shareholders			1,234						1,410						1,610						1,536						1,454						2,644						2,781
Additional Income Statement Information
Revenue - taxable equivalent			5,972						6,153						6,258						5,885						5,683						12,125						11,034
Pre-provision net revenue - unadjusted(2)			2,224						2,462						2,536						2,272						2,103						4,686						3,780
Pre-provision net revenue - adjusted(2)			2,413						2,661						2,869						2,565						2,446						5,074						4,673
Per Common Share Data
Earnings:
Earnings per share-basic			$	0.93					$	1.06					$	1.21					$	1.16					$	1.09					$	1.99					$	2.09
Earnings per share-diluted			0.92						1.05						1.20						1.15						1.09						1.98						2.08
Earnings per share-adjusted diluted(2)			NA						NA						1.30						1.24						1.20						NA						2.43
Cash dividends declared			0.52						0.52						0.52						0.52						0.48						1.04						0.96
Common shareholders’ equity			42.68						41.82						40.58						40.79						42.45						42.68						42.45
Tangible common shareholders’ equity(2)			20.44						19.45						18.04						18.36						20.51						20.44						20.51
End of period shares outstanding			1,331,976						1,331,918						1,326,829						1,326,766						1,326,393						1,331,976						1,326,393
Weighted average shares outstanding-basic			1,331,953						1,328,602						1,326,787						1,326,539						1,330,160						1,330,286						1,329,601
Weighted average shares outstanding-diluted			1,337,307						1,339,480						1,337,338						1,336,659						1,338,864						1,338,346						1,340,225
Performance Ratios
Return on average assets			0.95		%				1.10		%				1.21		%				1.19		%				1.14		%				1.02		%				1.10		%
Return on average common shareholders’ equity			8.6						10.3						11.7						10.7						10.3						9.5						9.6
Return on average tangible common shareholders’ equity(2)			19.4						24.1						27.6						23.5						22.7						21.7						20.5
Net interest margin - taxable equivalent			2.91						3.17						3.25						3.12						2.89						3.04						2.83
Fee income ratio			38.8						36.6						35.9						36.0						39.7						37.7						40.0
Efficiency ratio-GAAP			63.3						60.5						60.0						61.8						63.3						61.9						66.1
Efficiency ratio-adjusted(2)			59.6						56.8						54.2						56.4						57.0						58.2						57.6
Credit Quality
Nonperforming loans and leases as a percentage of loans and leases held for investment			0.47		%				0.36		%				0.36		%				0.35		%				0.36		%
Net charge-offs as a percentage of average loans and leases(3)			0.54						0.37						0.34						0.27						0.22						0.46		%				0.23		%
Allowance for loan and lease losses as a percentage of LHFI			1.43						1.37						1.34						1.34						1.38						1.43						1.38
Ratio of allowance for loan and lease losses to nonperforming LHFI			3.0x						3.8x						3.7x						3.8x						3.8x						3.0x						3.8x
Average Balances
Assets			$	565,822					$	559,627					$	552,959					$	545,606					$	540,568					$	562,741					$	538,287
Securities(4)			138,393						140,551						142,433						145,396						148,681						139,466						150,673
Loans and leases			328,258						327,547						322,733						311,876						299,861						327,905						296,193
Deposits			399,826						408,458						413,276						420,096						423,750						404,118						419,517
Common shareholders’ equity			57,302						55,380						54,823						56,813						56,803						56,346						58,451
Total shareholders’ equity			64,101						62,077						61,519						63,510						63,500						63,095						65,140
Period-End Balances
Assets			$	554,549					$	574,354					$	555,255					$	548,438					$	545,123
Securities(4)			124,923						128,790						129,514						131,732						139,359
Loans and leases			324,015						329,833						327,435						316,639						307,300
Deposits			406,043						404,997						413,495						415,992						424,759
Common shareholders’ equity			56,853						55,699						53,841						54,115						56,302
Total shareholders’ equity			63,681						62,394						60,537						60,811						62,999
Capital and Liquidity Ratios			(preliminary)
Common equity Tier 1			9.6		%				9.1		%				9.0		%				9.1		%				9.2		%
Tier 1			11.1						10.6						10.5						10.7						10.8
Total			13.2						12.7						12.4						12.6						12.6
Leverage			8.8						8.5						8.5						8.5						8.6
Supplementary leverage			7.5						7.3						7.3						7.3						7.3
Liquidity coverage ratio			112						113						112						111						110
Net stable funding ratio(5)			127						127						NA						NA						NA

Applicable ratios are annualized.

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

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

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

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

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

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Consolidated Statements of Income

			Quarter Ended																														Year-to-Date
			June 30						March 31						Dec. 31						Sept. 30						June 30						June 30						June 30
(Dollars in millions, except per share data, shares in thousands)			2023						2023						2022						2022						2022						2023						2022
Interest Income
Interest and fees on loans and leases			$	4,915					$	4,656					$	4,220					$	3,490					$	2,898					$	9,571					$	5,542
Interest on securities			749						752						739						709						675						1,501						1,315
Interest on other earning assets			512						377						279						170						100						889						173
Total interest income			6,176						5,785						5,238						4,369						3,673						11,961						7,030
Interest Expense
Interest on deposits			1,506						1,125						683						331						99						2,631						131
Interest on long-term debt			734						514						332						190						137						1,248						269
Interest on other borrowings			311						278						242						103						30						589						40
Total interest expense			2,551						1,917						1,257						624						266						4,468						440
Net Interest Income			3,625						3,868						3,981						3,745						3,407						7,493						6,590
Provision for credit losses			538						502						467						234						171						1,040						76
Net Interest Income After Provision for Credit Losses			3,087						3,366						3,514						3,511						3,236						6,453						6,514
Noninterest Income
Insurance income			935						813						766						725						825						1,748						1,552
Wealth management income			330						339						324						334						337						669						680
Investment banking and trading income			211						261						257						222						255						472						516
Service charges on deposits			240						249						257						263						254						489						506
Card and payment related fees			236						230						245						241						246						466						458
Mortgage banking income			99						142						117						122						100						241						221
Lending related fees			86						106						110						80						100						192						185
Operating lease income			64						67						68						66						66						131						124
Securities gains (losses)			—						—						—						(1)						(1)						—						(70)
Other income			92						27						83						50						66						119						218
Total noninterest income			2,293						2,234						2,227						2,102						2,248						4,527						4,390
Noninterest Expense
Personnel expense			2,256						2,181						2,198						2,116						2,102						4,437						4,153
Professional fees and outside processing			352						314						347						352						349						666						712
Software expense			237						214						241						225						234						451						466
Net occupancy expense			180						183						179						176						181						363						389
Amortization of intangibles			131						136						163						140						143						267						280
Equipment expense			92						110						124						122						114						202						232
Marketing and customer development			79						78						70						105						93						157						177
Operating lease depreciation			44						46						44						45						47						90						95
Regulatory costs			73						75						52						52						44						148						79
Merger-related and restructuring charges			54						63						114						62						121						117						337
Other expense			250						291						190						218						152						541						334
Total noninterest expense			3,748						3,691						3,722						3,613						3,580						7,439						7,254
Earnings
Income before income taxes			1,632						1,909						2,019						2,000						1,904						3,541						3,650
Provision for income taxes			287						394						337						363						372						681						702
Net income			1,345						1,515						1,682						1,637						1,532						2,860						2,948
Noncontrolling interests			36						2						1						4						1						38						2
Preferred stock dividends and other			75						103						71						97						77						178						165
Net income available to common shareholders			$	1,234					$	1,410					$	1,610					$	1,536					$	1,454					$	2,644					$	2,781
Earnings Per Common Share
Basic			$	0.93					$	1.06					$	1.21					$	1.16					$	1.09					$	1.99					$	2.09
Diluted			0.92						1.05						1.20						1.15						1.09						1.98						2.08
Weighted Average Shares Outstanding
Basic			1,331,953						1,328,602						1,326,787						1,326,539						1,330,160						1,330,286						1,329,601
Diluted			1,337,307						1,339,480						1,337,338						1,336,659						1,338,864						1,338,346						1,340,225

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Consolidated Ending Balance Sheets - Five Quarter Trend

			June 30						March 31						Dec. 31						Sept. 30						June 30
(Dollars in millions)			2023						2023						2022						2022						2022
Assets
Cash and due from banks			$	4,782					$	4,629					$	5,379					$	5,031					$	5,511
Interest-bearing deposits with banks			25,228						32,967						16,042						17,194						17,602
Securities borrowed or purchased under resale agreements			2,315						3,637						3,181						2,568						2,650
Trading assets at fair value			4,097						4,601						4,905						5,864						5,230
Securities available for sale at fair value			68,965						71,858						71,801						72,978						79,278
Securities held to maturity at amortized cost			55,958						56,932						57,713						58,754						60,081
Loans and leases:
Commercial:
Commercial and industrial			167,153						167,217						164,307						153,615						149,840
CRE			22,825						22,670						22,676						22,493						22,149
Commercial construction			5,943						5,951						5,849						5,568						5,157
Consumer:
Residential mortgage			56,476						56,455						56,645						55,529						50,903
Home equity(1)			10,348						10,577						10,876						10,883						10,689
Indirect auto			25,759						27,279						27,951						28,239						27,419
Other consumer(1)			28,755						27,742						27,533						27,457						26,617
Student			—						4,996						5,287						5,780						6,144
Credit card			4,833						4,786						4,867						4,771						4,744
Total loans and leases held for investment			322,092						327,673						325,991						314,335						303,662
Loans held for sale			1,923						2,160						1,444						2,304						3,638
Total loans and leases			324,015						329,833						327,435						316,639						307,300
Allowance for loan and lease losses			(4,606)						(4,479)						(4,377)						(4,205)						(4,187)
Premises and equipment			3,453						3,519						3,605						3,585						3,682
Goodwill			27,013						27,014						27,013						26,810						26,299
Core deposit and other intangible assets			3,403						3,535						3,672						3,726						3,535
Loan servicing rights at fair value			3,497						3,303						3,758						3,797						3,466
Other assets			36,429						37,005						35,128						35,697						34,676
Total assets			$	554,549					$	574,354					$	555,255					$	548,438					$	545,123
Liabilities
Deposits:
Noninterest-bearing deposits			$	121,831					$	128,719					$	135,742					$	144,826					$	147,752
Interest checking			106,471						107,116						110,464						110,397						114,143
Money market and savings			135,514						136,836						143,815						146,315						149,302
Time deposits			42,227						32,326						23,474						14,454						13,562
Total deposits			406,043						404,997						413,495						415,992						424,759
Short-term borrowings			24,456						23,678						23,422						25,687						13,736
Long-term debt			44,749						69,895						43,203						31,172						30,319
Other liabilities			15,620						13,390						14,598						14,776						13,310
Total liabilities			490,868						511,960						494,718						487,627						482,124
Shareholders’ Equity:
Preferred stock			6,673						6,673						6,673						6,673						6,673
Common stock			6,660						6,660						6,634						6,634						6,632
Additional paid-in capital			35,990						34,582						34,544						34,487						34,410
Retained earnings			27,577						27,038						26,264						25,344						24,500
Accumulated other comprehensive loss			(13,374)						(12,581)						(13,601)						(12,350)						(9,240)
Noncontrolling interests			155						22						23						23						24
Total shareholders’ equity			63,681						62,394						60,537						60,811						62,999
Total liabilities and shareholders’ equity			$	554,549					$	574,354					$	555,255					$	548,438					$	545,123

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

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Average Balances and Rates - Quarters

			Quarter Ended
			June 30, 2023												March 31, 2023												December 31, 2022												September 30, 2022												June 30, 2022
(Dollars in millions)			Average Balances(1)			Income/Expense(2)			Yields/ Rates(2)						Average Balances(1)			Income/Expense(2)			Yields/ Rates(2)						Average Balances(1)			Income/Expense(2)			Yields/ Rates(2)						Average Balances(1)			Income/Expense(2)			Yields/ Rates(2)						Average Balances(1)			Income/Expense(2)			Yields/ Rates(2)
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury			$	11,115		$	30		1.10		%				$	11,117		$	30		1.07		%				$	10,989		$	27		0.98		%				$	10,925		$	26		0.93		%				$	10,544		$	22		0.86		%
U.S. government-sponsored entities (GSE)			329			3			2.70						335			2			2.86						325			3			2.47						305			1			2.56						255			1			1.96
Mortgage-backed securities issued by GSE			122,647			690			2.25						124,746			694			2.23						126,718			682			2.16						129,703			655			2.02						133,339			625			1.88
States and political subdivisions			425			5			4.18						425			4			4.07						426			4			4.03						395			4			3.92						371			4			3.83
Non-agency mortgage-backed			3,852			22			2.32						3,907			23			2.34						3,953			23			2.33						4,016			24			2.32						4,097			23			2.30
Other			25			—			5.20						21			—			5.30						22			1			4.44						52			—			3.94						75			1			3.66
Total securities			138,393			750			2.17						140,551			753			2.14						142,433			740			2.08						145,396			710			1.95						148,681			676			1.82
Loans and leases:
Commercial:
Commercial and industrial			166,588			2,610			6.28						165,095			2,436			5.98						159,308			2,098			5.23						152,123			1,564			4.08						145,558			1,174			3.24
CRE			22,706			384			6.73						22,689			355			6.32						22,497			314			5.51						22,245			245			4.32						22,508			193			3.41
Commercial construction			5,921			111			7.64						5,863			101			7.14						5,711			88			6.25						5,284			62			4.83						5,256			43			3.46
Consumer:
Residential mortgage			56,320			531			3.77						56,422			526			3.73						56,292			514			3.65						53,271			478			3.59						49,237			440			3.58
Home equity(3)			10,478			190			7.26						10,735			180			6.80						10,887			164			6.02						10,767			142			5.17						10,677			118			4.52
Indirect auto			26,558			398			6.01						27,743			398			5.82						28,117			396			5.59						28,057			382			5.40						26,496			362			5.47
Other consumer(3)			28,189			499			7.10						27,559			459			6.76						27,479			447			6.44						26,927			419			6.21						25,918			391			6.00
Student			4,766			80			6.76						5,129			89			7.04						5,533			90			6.42						5,958			85			5.64						6,331			66			4.20
Credit card			4,846			137			11.48						4,785			136			11.43						4,842			127			10.38						4,755			119			9.97						4,728			105			8.91
Total loans and leases held for investment			326,372			4,940			6.07						326,020			4,680			5.81						320,666			4,238			5.25						309,387			3,496			4.49						296,709			2,892			3.91
Loans held for sale			1,886			28			5.94						1,527			25			6.71						2,067			31			6.08						2,489			30			4.81						3,152			33			4.20
Total loans and leases			328,258			4,968			6.07						327,547			4,705			5.81						322,733			4,269			5.26						311,876			3,526			4.49						299,861			2,925			3.91
Interest earning trading assets			4,445			75			6.73						5,462			83			6.09						5,717			79			5.60						5,446			62			4.49						6,073			55			3.55
Other earning assets			34,988			437			5.02						25,589			295			4.67						21,922			200			3.60						19,631			109			2.24						21,203			45			0.85
Total earning assets			506,084			6,230			4.93						499,149			5,836			4.72						492,805			5,288			4.27						482,349			4,407			3.63						475,818			3,701			3.12
Nonearning assets			59,738												60,478												60,154												63,257												64,750
Total assets			$	565,822											$	559,627											$	552,959											$	545,606											$	540,568
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking			$	102,105		487			1.91						$	108,886		430			1.60						$	110,001		304			1.10						$	111,645		158			0.56						$	112,375		43			0.15
Money market and savings			138,149			686			1.99						139,802			476			1.38						144,730			316			0.87						147,659			159			0.43						148,632			50			0.13
Time deposits			35,844			333			3.73						28,671			219			3.10						17,513			63			1.42						14,751			14			0.40						14,133			6			0.17
Total interest-bearing deposits			276,098			1,506			2.19						277,359			1,125			1.64						272,244			683			1.00						274,055			331			0.48						275,140			99			0.14
Short-term borrowings			23,991			311			5.19						24,056			278			4.69						25,640			242			3.75						17,392			103			2.34						9,618			30			1.26
Long-term debt			63,665			734			4.62						51,057			514			4.05						38,700			332			3.42						31,381			190			2.43						31,263			137			1.75
Total interest-bearing liabilities			363,754			2,551			2.81						352,472			1,917			2.20						336,584			1,257			1.48						322,828			624			0.77						316,021			266			0.34
Noninterest-bearing deposits			123,728												131,099												141,032												146,041												148,610
Other liabilities			14,239												13,979												13,824												13,227												12,437
Shareholders’ equity			64,101												62,077												61,519												63,510												63,500
Total liabilities and shareholders’ equity			$	565,822											$	559,627											$	552,959											$	545,606											$	540,568
Average interest-rate spread									2.12												2.52												2.79												2.86												2.78
Net interest income/ net interest margin						$	3,679		2.91		%							$	3,919		3.17		%							$	4,031		3.25		%							$	3,783		3.12		%							$	3,435		2.89		%
Taxable-equivalent adjustment						54												51												50												38												28
Memo: Total deposits			$	399,826		1,506			1.51		%				$	408,458		1,125			1.12		%				$	413,276		683			0.66		%				$	420,096		331			0.31		%				$	423,750		99			0.09		%

(1)Excludes basis adjustments for fair value hedges.

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

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

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Average Balances and Rates - Year-To-Date

						Year-to-Date
						June 30, 2023																		June 30, 2022
(Dollars in millions)						Average Balances(1)						Income/Expense(2)						Yields/ Rates(2)						Average Balances(1)						Income/Expense(2)						Yields/ Rates(2)
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury						$	11,116					$	60					1.08		%				$	10,219					$	40					0.79		%
U.S. government-sponsored entities (GSE)						332						5						2.78						685						7						2.11
Mortgage-backed securities issued by GSE						123,692						1,384						2.24						135,185						1,215						1.80
States and political subdivisions						425						9						4.12						372						7						3.77
Non-agency mortgage-backed						3,879						45						2.33						4,161						47						2.27
Other						22						—						5.24						51						1						3.22
Total securities						139,466						1,503						2.16						150,673						1,317						1.75
Loans and leases:
Commercial:
Commercial and industrial						165,846						5,046						6.13						142,233						2,161						3.06
CRE						22,698						739						6.52						23,029						361						3.12
Commercial construction						5,892						212						7.39						5,152						78						3.26
Consumer:
Residential mortgage						56,370						1,057						3.75						48,610						868						3.57
Home equity(3)						10,606						370						7.03						10,747						234						4.43
Indirect auto						27,147						796						5.91						26,293						719						5.51
Other consumer(3)						27,876						958						6.93						25,424						774						6.12
Student						4,947						169						6.91						6,489						129						4.02
Credit card						4,815						273						11.45						4,705						209						8.94
Total loans and leases held for investment						326,197						9,620						5.94						292,682						5,533						3.81
Loans held for sale						1,708						53						6.28						3,511						61						3.47
Total loans and leases						327,905						9,673						5.94						296,193						5,594						3.80
Interest earning trading assets						4,951						158						6.38						5,956						98						3.30
Other earning assets						30,314						732						4.87						20,074						75						0.75
Total earning assets						502,636						12,066						4.83						472,896						7,084						3.01
Nonearning assets						60,105																		65,391
Total assets						$	562,741																	$	538,287
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking						$	105,477					917						1.75						$	112,268					57						0.10
Money market and savings						138,972						1,162						1.69						145,085						61						0.08
Time deposits						32,276						552						3.45						14,885						13						0.18
Total interest-bearing deposits						276,725						2,631						1.92						272,238						131						0.10
Short-term borrowings						24,023						589						4.94						8,289						40						0.98
Long-term debt						57,396						1,248						4.37						33,289						269						1.61
Total interest-bearing liabilities						358,144						4,468						2.51						313,816						440						0.28
Noninterest-bearing deposits						127,393																		147,279
Other liabilities						14,109																		12,052
Shareholders’ equity						63,095																		65,140
Total liabilities and shareholders’ equity						$	562,741																	$	538,287
Average interest-rate spread																		2.32																		2.73
Net interest income/ net interest margin												$	7,598					3.04		%										$	6,644					2.83		%
Taxable-equivalent adjustment												105																		54
Memo: Total deposits						$	404,118					2,631						1.31		%				$	419,517					131						0.06		%

(1)Excludes basis adjustments for fair value hedges.

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

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

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Credit Quality

						June 30						March 31						Dec. 31						Sept. 30						June 30
(Dollars in millions)						2023						2023						2022						2022						2022
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial						$	562					$	394					$	398					$	443					$	393
CRE						275						117						82						5						19
Commercial construction						16						1						—						—						—
Consumer:
Residential mortgage						221						233						240						227						269
Home equity(1)						129						132						135						132						133
Indirect auto						262						270						289						260						244
Other consumer(1)						46						45						44						39						32
Total nonaccrual loans and leases held for investment						1,511						1,192						1,188						1,106						1,090
Loans held for sale						13						—						—						72						33
Total nonaccrual loans and leases						1,524						1,192						1,188						1,178						1,123
Foreclosed real estate						3						3						4						4						3
Other foreclosed property						56						66						58						58						47
Total nonperforming assets						$	1,583					$	1,261					$	1,250					$	1,240					$	1,173
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial						$	36					$	35					$	49					$	44					$	27
CRE						—						—						1						1						3
Commercial construction						5						—						—						—						3
Consumer:
Residential mortgage - government guaranteed						541						649						759						808						884
Residential mortgage - nonguaranteed						23						25						27						26						27
Home equity(1)						7						10						12						9						8
Indirect auto						—						—						1						1						1
Other consumer(1)						12						10						13						9						5
Student - government guaranteed						—						590						702						770						796
Student - nonguaranteed						—						4						4						5						5
Credit card						38						38						37						36						28
Total loans 90 days past due and still accruing						$	662					$	1,361					$	1,605					$	1,709					$	1,787
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial						$	142					$	125					$	256					$	162					$	223
CRE						38						34						25						15						10
Commercial construction						6						3						5						3						4
Consumer:
Residential mortgage - government guaranteed						267						232						268						234						233
Residential mortgage - nonguaranteed						254						259						346						300						302
Home equity(1)						56						65						68						67						68
Indirect auto						549						511						646						591						584
Other consumer(1)						175						164						187						152						166
Student - government guaranteed						—						350						396						375						447
Student - nonguaranteed						—						6						6						6						6
Credit card						63						56						64						52						48
Total loans 30-89 days past due						$	1,550					$	1,805					$	2,267					$	1,957					$	2,091

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

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						As of/For the Quarter Ended
						June 30						March 31						Dec. 31						Sept. 30						June 30
						2023						2023						2022						2022						2022
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases						0.48		%				0.55		%				0.70		%				0.62		%				0.69		%
Loans 90 days or more past due and still accruing as a percentage of loans and leases						0.21						0.42						0.49						0.54						0.59
Nonperforming loans and leases as a percentage of loans and leases held for investment						0.47						0.36						0.36						0.35						0.36
Nonperforming loans and leases as a percentage of loans and leases(1)						0.47						0.36						0.36						0.37						0.37
Nonperforming assets as a percentage of:
Total assets(1)						0.29						0.22						0.23						0.23						0.22
Loans and leases plus foreclosed property						0.49						0.38						0.38						0.37						0.38
Net charge-offs as a percentage of average loans and leases(2)						0.54						0.37						0.34						0.27						0.22
Allowance for loan and lease losses as a percentage of loans and leases						1.43						1.37						1.34						1.34						1.38
Ratio of allowance for loan and lease losses to:
Net charge-offs(3)						2.6X						3.7X						4.1X						5.0X						6.5X
Nonperforming loans and leases						3.0X						3.8X						3.7X						3.8X						3.8X
Asset Quality Ratios (Excluding Government Guaranteed)
Loans 90 days or more past due and still accruing as a percentage of loans and leases						0.04		%				0.04		%				0.04		%				0.04		%				0.04		%
																								As of/For the Year-to-Date
																								Period Ended June 30
																								2023						2022
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases																								0.46		%				0.23		%
Ratio of allowance for loan and lease losses to net charge-offs																								3.1X						6.2X

Applicable ratios are annualized.

(1)Includes loans held for sale.

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

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

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						As of/For the Quarter Ended																														As of/For the Year-to-Date
						June 30						March 31						Dec. 31						Sept. 30						June 30						Period Ended June 30
(Dollars in millions)						2023						2023						2022						2022						2022						2023						2022
Allowance for Credit Losses(1)
Beginning balance						$	4,761					$	4,649					$	4,455					$	4,434					$	4,423					$	4,649					$	4,695
Provision for credit losses						558						482						467						234						171						1,040						76
Charge-offs:
Commercial:
Commercial and industrial						(107)						(75)						(44)						(51)						(17)						(182)						(48)
CRE						(35)						(6)						(11)						—						(1)						(41)						(2)
Commercial construction						—						—						—						—						—						—						(1)
Consumer:
Residential mortgage						(1)						(1)						(1)						(4)						(2)						(2)						(4)
Home equity(2)						(2)						(2)						(6)						(3)						(3)						(4)						(4)
Indirect auto						(115)						(127)						(129)						(103)						(77)						(242)						(179)
Other consumer(2)						(104)						(105)						(96)						(109)						(100)						(209)						(176)
Student						(103)						(5)						(5)						(7)						(4)						(108)						(10)
Credit card						(53)						(51)						(53)						(42)						(40)						(104)						(81)
Total charge-offs						(520)						(372)						(345)						(319)						(244)						(892)						(505)
Recoveries:
Commercial:
Commercial and industrial						13						13						14						43						13						26						30
CRE						—						1						1						—						6						1						7
Commercial construction						—						1						1						2						1						1						2
Consumer:
Residential mortgage						2						2						3						3						4						4						10
Home equity(2)						5						6						6						8						6						11						11
Indirect auto						31						26						21						21						26						57						49
Other consumer(2)						20						17						17						21						20						37						41
Student						—						—						1						—						—						—						—
Credit card						9						9						8						8						9						18						18
Total recoveries						80						75						72						106						85						155						168
Net charge-offs						(440)						(297)						(273)						(213)						(159)						(737)						(337)
Other(3)						—						(73)						—						—						(1)						(73)						—
Ending balance						$	4,879					$	4,761					$	4,649					$	4,455					$	4,434					$	4,879					$	4,434
Allowance for Credit Losses:(1)
Allowance for loan and lease losses						$	4,606					$	4,479					$	4,377					$	4,205					$	4,187
Reserve for unfunded lending commitments (RUFC)						273						282						272						250						247
Allowance for credit losses						$	4,879					$	4,761					$	4,649					$	4,455					$	4,434

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

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

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

						Quarter Ended																														As of/For the Year-to-Date
						June 30						March 31						Dec. 31						Sept. 30						June 30						Period Ended June 30
						2023						2023						2022						2022						2022						2023						2022
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial						0.23		%				0.15		%				0.08		%				0.02		%				0.01		%				0.19		%				0.03		%
CRE						0.62						0.09						0.19						(0.01)						(0.10)						0.35						(0.04)
Commercial construction						(0.02)						(0.04)						(0.06)						(0.10)						(0.08)						(0.03)						(0.05)
Consumer:
Residential mortgage						(0.01)						—						(0.02)						0.01						(0.02)						(0.01)						(0.02)
Home equity						(0.12)						(0.15)						(0.01)						(0.13)						(0.17)						(0.14)						(0.14)
Indirect auto						1.28						1.47						1.52						1.15						0.77						1.38						1.00
Other consumer						1.20						1.29						1.11						1.31						1.27						1.25						1.07
Student						8.67						0.42						0.34						0.40						0.30						4.42						0.31
Credit card						3.66						3.54						3.68						2.80						2.63						3.60						2.70
Total loans and leases						0.54						0.37						0.34						0.27						0.22						0.46						0.23
Applicable ratios are annualized.

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

			As of/For the Quarter Ended
			June 30						March 31						Dec. 31						Sept. 30						June 30
(Dollars in millions)			2023						2023						2022						2022						2022
Loans and Leases(2)
Beginning balance unamortized fair value mark			$	(673)					$	(741)					$	(826)					$	(924)					$	(1,119)
Accretion			63						64						80						96						189
Purchase accounting adjustments and other activity			31						4						5						2						6
Ending balance			$	(579)					$	(673)					$	(741)					$	(826)					$	(924)
Core deposit and other intangible assets
Beginning balance			$	3,535					$	3,672					$	3,726					$	3,535					$	3,693
Additions - acquisitions			—						—						111						336						—
Amortization of intangibles(3)			(131)						(136)						(163)						(140)						(143)
Amortization in net occupancy expense			(1)						(1)						(3)						(5)						(5)
Purchase accounting adjustments and other activity			—						—						1						—						(10)
Ending balance			$	3,403					$	3,535					$	3,672					$	3,726					$	3,535
Deposits(4)
Beginning balance unamortized fair value mark			$	—					$	—					$	(1)					$	(3)					$	(5)
Amortization			—						—						1						2						2
Ending balance			$	—					$	—					$	—					$	(1)					$	(3)
Long-Term Debt(4)
Beginning balance unamortized fair value mark			$	(69)					$	(81)					$	(94)					$	(109)					$	(122)
Amortization			12						12						13						15						13
Adjustments			(2)						—						—						$	—					$	—
Ending balance			$	(59)					$	(69)					$	(81)					$	(94)					$	(109)

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

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

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

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

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Segment Financial Performance - Preliminary

						Quarter Ended
						June 30						March 31						Dec. 31						Sept. 30						June 30
(Dollars in millions)						2023						2023						2022						2022						2022
Consumer Banking and Wealth
Net interest income (expense)						$	1,454					$	1,603					$	1,730					$	1,686					$	1,568
Net intersegment interest income (expense)						1,214						1,145						1,234						980						725
Segment net interest income						2,668						2,748						2,964						2,666						2,293
Allocated provision for credit losses						224						274						311						283						199
Noninterest income						828						873						846						836						831
Noninterest expense						2,048						2,057						1,924						1,930						1,927
Income (loss) before income taxes						1,224						1,290						1,575						1,289						998
Provision (benefit) for income taxes						293						308						373						305						238
Segment net income (loss)						$	931					$	982					$	1,202					$	984					$	760
Corporate and Commercial Banking(1)
Net interest income (expense)						$	2,420					$	2,306					$	2,087					$	1,640					$	1,305
Net intersegment interest income (expense)						(720)						(559)						(227)						(2)						54
Segment net interest income						1,700						1,747						1,860						1,638						1,359
Allocated provision for credit losses						312						232						139						(49)						(27)
Noninterest income						576						630						678						645						688
Noninterest expense						872						883						853						828						815
Income (loss) before income taxes						1,092						1,262						1,546						1,504						1,259
Provision (benefit) for income taxes						212						262						326						323						273
Segment net income (loss)						$	880					$	1,000					$	1,220					$	1,181					$	986
Insurance Holdings(1)
Net interest income (expense)						$	1					$	1					$	1					$	1					$	1
Net intersegment interest income (expense)(2)						(85)						13						11						10						5
Segment net interest income						(84)						14						12						11						6
Allocated provision for credit losses						—						—						—						—						—
Noninterest income						944						817						792						731						830
Noninterest expense						705						686						662						628						610
Income (loss) before income taxes(3)						155						145						142						114						226
Provision (benefit) for income taxes(3)						—						36						35						29						55
Segment net income (loss)						$	155					$	109					$	107					$	85					$	171
Other, Treasury & Corporate(4)
Net interest income (expense)						$	(250)					$	(42)					$	163					$	418					$	533
Net intersegment interest income (expense)						(409)						(599)						(1,018)						(988)						(784)
Segment net interest income						(659)						(641)						(855)						(570)						(251)
Allocated provision for credit losses						2						(4)						17						—						(1)
Noninterest income						(55)						(86)						(89)						(110)						(101)
Noninterest expense						123						65						283						227						228
Income (loss) before income taxes(3)						(839)						(788)						(1,244)						(907)						(579)
Provision (benefit) for income taxes(3)						(218)						(212)						(397)						(294)						(194)
Segment net income (loss)						$	(621)					$	(576)					$	(847)					$	(613)					$	(385)
Total Truist Financial Corporation
Net interest income (expense)						$	3,625					$	3,868					$	3,981					$	3,745					$	3,407
Net intersegment interest income (expense)						—						—						—						—						—
Segment net interest income						3,625						3,868						3,981						3,745						3,407
Allocated provision for credit losses						538						502						467						234						171
Noninterest income						2,293						2,234						2,227						2,102						2,248
Noninterest expense						3,748						3,691						3,722						3,613						3,580
Income (loss) before income taxes						1,632						1,909						2,019						2,000						1,904
Provision (benefit) for income taxes						287						394						337						363						372
Net income						$	1,345					$	1,515					$	1,682					$	1,637					$	1,532

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

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

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

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

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Capital Information - Five Quarter Trend

						As of/For the Quarter Ended
						June 30						March 31						Dec. 31						Sept. 30						June 30
(Dollars in millions, except per share data, shares in thousands)						2023						2023						2022						2022						2022
Selected Capital Information						(preliminary)
Risk-based capital:
Common equity tier 1						$	41,643					$	39,533					$	39,098					$	38,277					$	38,016
Tier 1						48,313						46,203						45,768						44,947						44,686
Total						57,237						55,237						54,072						53,223						52,186
Risk-weighted assets						434,985						436,381						434,413						421,489						413,384
Average quarterly assets for leverage ratio						550,734						544,334						539,689						526,454						521,113
Average quarterly assets for supplementary leverage ratio						643,666						635,656						629,960						616,368						608,770
Risk-based capital ratios:
Common equity tier 1						9.6		%				9.1		%				9.0		%				9.1		%				9.2		%
Tier 1						11.1						10.6						10.5						10.7						10.8
Total						13.2						12.7						12.4						12.6						12.6
Leverage capital ratio						8.8						8.5						8.5						8.5						8.6
Supplementary leverage						7.5						7.3						7.3						7.3						7.3
Common equity per common share						$	42.68					$	41.82					$	40.58					$	40.79					$	42.45
						June 30						March 31						Dec. 31						Sept. 30						June 30
(Dollars in millions, except per share data, shares in thousands)						2023						2023						2022						2022						2022
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity						$	63,681					$	62,394					$	60,537					$	60,811					$	62,999
Less:
Preferred stock						6,673						6,673						6,673						6,673						6,673
Noncontrolling interests						155						22						23						23						24
Intangible assets, net of deferred taxes						29,628						29,788						29,908						29,752						29,095
Tangible common equity						$	27,225					$	25,911					$	23,933					$	24,363					$	27,207
Outstanding shares at end of period (in thousands)						1,331,976						1,331,918						1,326,829						1,326,766						1,326,393
Tangible common equity per common share						$	20.44					$	19.45					$	18.04					$	18.36					$	20.51
Total assets						$	554,549					$	574,354					$	555,255					$	548,438					$	545,123
Less: Intangible assets, net of deferred taxes						29,628						29,788						29,908						29,752						29,095
Tangible assets						$	524,921					$	544,566					$	525,347					$	518,686					$	516,028
Equity as a percentage of total assets						11.5		%				10.9		%				10.9		%				11.1		%				11.6		%
Tangible common equity as a percentage of tangible assets						5.2						4.8						4.6						4.7						5.3

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

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Selected Mortgage Banking Information & Additional Information

						As of/For the Quarter Ended
						June 30						March 31						Dec. 31						Sept. 30						June 30
(Dollars in millions, except per share data)						2023						2023						2022						2022						2022
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue						$	22					$	17					$	7					$	1					$	36
Residential mortgage servicing income:
Residential mortgage income before MSR valuation						77						155						88						80						49
Net MSRs valuation						(19)						(50)						(10)						(9)						(11)
Total residential mortgage servicing income						58						105						78						71						38
Total residential mortgage income						80						122						85						72						74
Commercial mortgage income:
Commercial mortgage production revenue						16						14						28						30						21
Commercial mortgage servicing income:
Commercial mortgage income before MSR valuation						4						7						4						5						2
Net MSRs valuation						(1)						(1)						—						15						3
Total commercial mortgage servicing income						3						6						4						20						5
Total commercial mortgage income						19						20						32						50						26
Total mortgage banking income						99						142						117						122						100
Other Mortgage Banking Information
Residential mortgage loan originations						$	5,558					$	4,022					$	4,868					$	11,746					$	11,330
Residential mortgage servicing portfolio:(1)
Loans serviced for others						222,917						214,830						217,046						218,740						209,504
Bank-owned loans serviced						57,147						57,493						56,982						56,786						53,341
Total servicing portfolio						280,064						272,323						274,028						275,526						262,845
Weighted-average coupon rate on mortgage loans serviced for others						3.54		%				3.52		%				3.48		%				3.45		%				3.42		%
Weighted-average servicing fee on mortgage loans serviced for others						0.27						0.27						0.31						0.30						0.30
Additional Information
Brokered deposits(2)						$	32,307					$	23,816					$	22,353					$	20,239					$	22,926
NQDCP income (expense):
Interest income						$	3					$	11					$	2					$	2					$	2
Other income						9						(18)						20						(28)						(30)
Personnel expense						(12)						7						(22)						26						28
Total NQDCP income (expense)						$	—					$	—					$	—					$	—					$	—
Common stock prices:
High						$	35.39					$	51.26					$	47.47					$	52.22					$	57.50
Low						25.56						28.70						40.01						42.56						44.75
End of period						30.35						34.10						43.03						43.54						47.43
Banking offices						2,002						2,006						2,123						2,119						2,117
ATMs						3,041						3,041						3,227						3,185						3,194
FTEs(3)						52,564						53,653						53,999						52,648						51,349

(1)Amounts reported are unpaid principal balance.

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

(3)FTEs represents an average for the quarter.

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Selected Items(1)

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

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

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