EX-99.2 3 ex992-qps1q23.htm EX-99.2 Document














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Quarterly Performance Summary
Truist Financial Corporation
First Quarter 2023



Table of Contents 
Quarterly Performance Summary 
Truist Financial Corporation
   
   
   
  Page
Financial Highlights
Consolidated Statements of Income
Consolidated Ending Balance Sheets
Average Balances and Rates - Quarters
Credit Quality
Segment Financial Performance
Capital Information
Selected Mortgage Banking Information & Additional Information
Selected Items



Financial Highlights
Quarter Ended
 (Dollars in millions, except per share data, shares in thousands)March 31Dec. 31Sept. 30June 30March 31
20232022202220222022
Summary Income Statement
Interest income - taxable equivalent(1)
$5,836 $5,288 $4,407 $3,701 $3,383 
Interest expense1,917 1,257 624 266 174 
Net interest income - taxable equivalent3,919 4,031 3,783 3,435 3,209 
Less: Taxable-equivalent adjustment51 50 38 28 26 
Net interest income3,868 3,981 3,745 3,407 3,183 
Provision for credit losses502 467 234 171 (95)
Net interest income after provision for credit losses3,366 3,514 3,511 3,236 3,278 
Noninterest income2,234 2,227 2,102 2,248 2,142 
Noninterest expense3,691 3,722 3,613 3,580 3,674 
Income before income taxes1,909 2,019 2,000 1,904 1,746 
Provision for income taxes394 337 363 372 330 
Net income1,515 1,682 1,637 1,532 1,416 
Noncontrolling interests2 1 4 1 1 
Preferred stock dividends and other103 71 97 77 88 
Net income available to common shareholders1,410 1,610 1,536 1,454 1,327 
Additional Income Statement Information
Revenue - taxable equivalent6,153 6,258 5,885 5,683 5,351 
Pre-provision net revenue - unadjusted(2)
2,462 2,536 2,272 2,103 1,677 
Pre-provision net revenue - adjusted(2)
2,661 2,869 2,565 2,446 2,227 
Per Common Share Data
Earnings:
Earnings per share-basic$1.06 $1.21 $1.16 $1.09 $1.00 
Earnings per share-diluted1.05 1.20 1.15 1.09 0.99 
Earnings per share-adjusted diluted(2)
NA1.30 1.24 1.20 1.23 
Cash dividends declared0.52 0.52 0.52 0.48 0.48 
Common shareholders’ equity41.82 40.58 40.79 42.45 43.82 
Tangible common shareholders’ equity(2)
19.45 18.04 18.36 20.51 21.87 
End of period shares outstanding1,331,918 1,326,829 1,326,766 1,326,393 1,331,414 
Weighted average shares outstanding-basic1,328,602 1,326,787 1,326,539 1,330,160 1,329,037 
Weighted average shares outstanding-diluted1,339,480 1,337,338 1,336,659 1,338,864 1,341,563 
Performance Ratios
Return on average assets1.10 %1.21 %1.19 %1.14 %1.07 %
Return on average common shareholders’ equity10.3 11.7 10.7 10.3 9.0 
Return on average tangible common shareholders’ equity(2)
24.1 27.6 23.5 22.7 18.6 
Net interest margin - taxable equivalent3.17 3.25 3.12 2.89 2.76 
Fee income ratio36.6 35.9 36.0 39.7 40.2 
Efficiency ratio-GAAP60.5 60.0 61.8 63.3 69.0 
Efficiency ratio-adjusted(2)
56.8 54.2 56.4 57.0 58.3 
Credit Quality
Nonperforming loans and leases as a percentage of loans and leases held for investment0.36 %0.36 %0.35 %0.36 %0.36 %
Net charge-offs as a percentage of average loans and leases0.37 0.34 0.27 0.22 0.25 
Allowance for loan and lease losses as a percentage of LHFI1.37 1.34 1.34 1.38 1.44 
Ratio of allowance for loan and lease losses to nonperforming LHFI3.8x3.7x3.8x3.8x4.0x
Average Balances
Assets$559,627 $552,959 $545,606 $540,568 $535,981 
Securities(3)
140,551 142,433 145,396 148,681 152,687 
Loans and leases 327,547 322,733 311,876 299,861 292,484 
Deposits408,458 413,276 420,096 423,750 415,238 
Common shareholders’ equity55,380 54,823 56,813 56,803 60,117 
Total shareholders’ equity62,077 61,519 63,510 63,500 66,798 
Period-End Balances
Assets$574,354 $555,255 $548,438 $545,123 $543,979 
Securities(3)
128,790 129,514 131,732 139,359 146,415 
Loans and leases 329,833 327,435 316,639 307,300 294,248 
Deposits404,997 413,495 415,992 424,759 428,328 
Common shareholders’ equity55,699 53,841 54,115 56,302 58,348 
Total shareholders’ equity62,394 60,537 60,811 62,999 65,044 
Capital and Liquidity Ratios(preliminary)
Common equity Tier 19.1 %9.0 %9.1 %9.2 %9.4 %
Tier 110.6 10.5 10.7 10.8 11.0 
Total 12.6 12.4 12.6 12.6 13.0 
Leverage8.5 8.5 8.5 8.6 8.6 
Supplementary leverage7.3 7.3 7.3 7.3 7.3 
Liquidity coverage ratio113 112 111 110 111 
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 First Quarter 2023 Earnings Presentation.
(3)Includes AFS and HTM securities. Average balances reflect both AFS and HTM securities at amortized cost. Period-end balances reflect AFS securities at fair value and HTM securities at amortized cost.
- 1 -

Consolidated Statements of Income - Five Quarter Trend
Quarter Ended
March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions, except per share data, shares in thousands)20232022202220222022
Interest Income
Interest and fees on loans and leases$4,656 $4,220 $3,490 $2,898 $2,644 
Interest on securities752 739 709 675 640 
Interest on other earning assets377 279 170 100 73 
Total interest income5,785 5,238 4,369 3,673 3,357 
Interest Expense
Interest on deposits1,125 683 331 99 32 
Interest on long-term debt514 332 190 137 132 
Interest on other borrowings278 242 103 30 10 
Total interest expense1,917 1,257 624 266 174 
Net Interest Income3,868 3,981 3,745 3,407 3,183 
Provision for credit losses502 467 234 171 (95)
Net Interest Income After Provision for Credit Losses3,366 3,514 3,511 3,236 3,278 
Noninterest Income
Insurance income813 766 725 825 727 
Wealth management income339 324 334 337 343 
Investment banking and trading income261 257 222 255 261 
Service charges on deposits249 257 263 254 252 
Card and payment related fees230 245 241 246 212 
Mortgage banking income142 117 122 100 121 
Lending related fees106 110 80 100 85 
Operating lease income67 68 66 66 58 
Securities gains (losses)— — (1)(1)(69)
Other income27 83 50 66 152 
Total noninterest income2,234 2,227 2,102 2,248 2,142 
Noninterest Expense
Personnel expense2,181 2,198 2,116 2,102 2,051 
Professional fees and outside processing314 347 352 349 363 
Software expense214 241 225 234 232 
Net occupancy expense183 179 176 181 208 
Amortization of intangibles136 163 140 143 137 
Equipment expense110 124 122 114 118 
Marketing and customer development78 70 105 93 84 
Operating lease depreciation46 44 45 47 48 
Regulatory costs75 52 52 44 35 
Merger-related and restructuring charges63 114 62 121 216 
Other expense291 190 218 152 182 
Total noninterest expense3,691 3,722 3,613 3,580 3,674 
Earnings
Income before income taxes1,909 2,019 2,000 1,904 1,746 
Provision for income taxes394 337 363 372 330 
Net income1,515 1,682 1,637 1,532 1,416 
Noncontrolling interests2 1 4 1 1 
Preferred stock dividends and other103 71 97 77 88 
Net income available to common shareholders$1,410 $1,610 $1,536 $1,454 $1,327 
Earnings Per Common Share
Basic$1.06 $1.21 $1.16 $1.09 $1.00 
Diluted1.05 1.20 1.15 1.09 0.99 
Weighted Average Shares Outstanding
Basic1,328,602 1,326,787 1,326,539 1,330,160 1,329,037 
Diluted1,339,480 1,337,338 1,336,659 1,338,864 1,341,563 
- 2 -

Consolidated Ending Balance Sheets - Five Quarter Trend
March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20232022202220222022
Assets
Cash and due from banks$4,629 $5,379 $5,031 $5,511 $5,516 
Interest-bearing deposits with banks32,967 16,042 17,194 17,602 23,606 
Securities borrowed or purchased under resale agreements 3,637 3,181 2,568 2,650 2,322 
Trading assets at fair value4,601 4,905 5,864 5,230 5,920 
Securities available for sale at fair value71,858 71,801 72,978 79,278 84,753 
Securities held to maturity at amortized cost56,932 57,713 58,754 60,081 61,662 
Loans and leases:
Commercial:
Commercial and industrial167,217 164,307 153,615 149,840 141,060 
CRE22,670 22,676 22,493 22,149 22,774 
Commercial construction5,951 5,849 5,568 5,157 5,220 
Consumer:
Residential mortgage56,455 56,645 55,529 50,903 48,171 
Home equity(1)
10,577 10,876 10,883 10,689 10,682 
Indirect auto27,279 27,951 28,239 27,419 25,756 
Other consumer(1)
27,742 27,533 27,457 26,617 25,214 
Student4,996 5,287 5,780 6,144 6,514 
Credit card4,786 4,867 4,771 4,744 4,690 
Total loans and leases held for investment327,673 325,991 314,335 303,662 290,081 
Loans held for sale2,160 1,444 2,304 3,638 4,167 
Total loans and leases329,833 327,435 316,639 307,300 294,248 
Allowance for loan and lease losses(4,479)(4,377)(4,205)(4,187)(4,170)
Premises and equipment3,519 3,605 3,585 3,682 3,662 
Goodwill27,014 27,013 26,810 26,299 26,284 
Core deposit and other intangible assets3,535 3,672 3,726 3,535 3,693 
Loan servicing rights at fair value3,303 3,758 3,797 3,466 3,013 
Other assets37,005 35,128 35,697 34,676 33,470 
Total assets$574,354 $555,255 $548,438 $545,123 $543,979 
Liabilities
Deposits:
Noninterest-bearing deposits$128,719 $135,742 $144,826 $147,752 $150,446 
Interest checking107,116 110,464 110,397 114,143 119,572 
Money market and savings136,836 143,815 146,315 149,302 143,834 
Time deposits32,326 23,474 14,454 13,562 14,476 
Total deposits404,997 413,495 415,992 424,759 428,328 
Short-term borrowings23,678 23,422 25,687 13,736 5,147 
Long-term debt69,895 43,203 31,172 30,319 33,773 
Other liabilities13,390 14,598 14,776 13,310 11,687 
Total liabilities511,960 494,718 487,627 482,124 478,935 
Shareholders’ Equity:
Preferred stock6,673 6,673 6,673 6,673 6,673 
Common stock6,660 6,634 6,634 6,632 6,657 
Additional paid-in capital 34,582 34,544 34,487 34,410 34,539 
Retained earnings27,038 26,264 25,344 24,500 23,687 
Accumulated other comprehensive loss(12,581)(13,601)(12,350)(9,240)(6,535)
Noncontrolling interests22 23 23 24 23 
Total shareholders’ equity62,394 60,537 60,811 62,999 65,044 
Total liabilities and shareholders’ equity$574,354 $555,255 $548,438 $545,123 $543,979 
(1)In the first quarter of 2023, the Company reclassified certain portfolios within the consumer portfolio segment to delineate home equity from other consumer portfolios. Prior periods were revised to conform to the current presentation.
- 3 -

Average Balances and Rates - Quarters
 Quarter Ended
 March 31, 2023December 31, 2022September 30, 2022June 30, 2022March 31, 2022
(Dollars in millions)
Average Balances(1)
Income/Expense(2)
Yields/ Rates(2)
Average Balances(1)
Income/Expense(2)
Yields/ Rates(2)
Average Balances(1)
Income/Expense(2)
Yields/ Rates(2)
Average Balances(1)
Income/Expense(2)
Yields/ Rates(2)
Average Balances(1)
Income/Expense(2)
Yields/ Rates(2)
Assets               
AFS and HTM securities at amortized cost:
U.S. Treasury$11,117 $30 1.07 %$10,989 $27 0.98 %$10,925 $26 0.93 %$10,544 $22 0.86 %$9,890 $18 0.72 %
U.S. government-sponsored entities (GSE)335 2 2.86 325 3 2.47 305 1 2.56 255 1 1.96 1,120 6 2.13 
Mortgage-backed securities issued by GSE124,746 694 2.23 126,718 682 2.16 129,703 655 2.02 133,339 625 1.88 137,052 590 1.72 
States and political subdivisions425 4 4.07 426 4 4.03 395 4 3.92 371 4 3.83 374 3 3.72 
Non-agency mortgage-backed3,907 23 2.34 3,953 23 2.33 4,016 24 2.32 4,097 23 2.30 4,224 24 2.25 
Other21 — 5.30 22 1 4.44 52 — 3.94 75 1 3.66 27 — 2.04 
Total securities140,551 753 2.14 142,433 740 2.08 145,396 710 1.95 148,681 676 1.82 152,687 641 1.68 
Loans and leases:
Commercial:
Commercial and industrial165,095 2,436 5.98 159,308 2,098 5.23 152,123 1,564 4.08 145,558 1,174 3.24 138,872 987 2.88 
CRE22,689 355 6.32 22,497 314 5.51 22,245 245 4.32 22,508 193 3.41 23,555 168 2.84 
Commercial construction5,863 101 7.14 5,711 88 6.25 5,284 62 4.83 5,256 43 3.46 5,046 35 3.05 
Consumer:
Residential mortgage56,422 526 3.73 56,292 514 3.65 53,271 478 3.59 49,237 440 3.58 47,976 428 3.57 
Home equity(3)
10,735 180 6.80 10,887 164 6.02 10,767 142 5.17 10,677 118 4.52 10,822 116 4.33 
Indirect auto27,743 398 5.82 28,117 396 5.59 28,057 382 5.40 26,496 362 5.47 26,088 357 5.56 
Other consumer(3)
27,559 459 6.76 27,479 447 6.44 26,927 419 6.21 25,918 391 6.00 24,921 383 6.24 
Student5,129 89 7.04 5,533 90 6.42 5,958 85 5.64 6,331 66 4.20 6,648 63 3.86 
Credit card4,785 136 11.43 4,842 127 10.38 4,755 119 9.97 4,728 105 8.91 4,682 104 8.97 
Total loans and leases held for investment326,020 4,680 5.81 320,666 4,238 5.25 309,387 3,496 4.49 296,709 2,892 3.91 288,610 2,641 3.70 
Loans held for sale1,527 25 6.71 2,067 31 6.08 2,489 30 4.81 3,152 33 4.20 3,874 28 2.87 
Total loans and leases327,547 4,705 5.81 322,733 4,269 5.26 311,876 3,526 4.49 299,861 2,925 3.91 292,484 2,669 3.69 
Interest earning trading assets5,462 83 6.09 5,717 79 5.60 5,446 62 4.49 6,073 55 3.55 5,837 43 3.04 
Other earning assets25,589 295 4.67 21,922 200 3.60 19,631 109 2.24 21,203 45 0.85 18,932 30 0.63 
Total earning assets499,149 5,836 4.72 492,805 5,288 4.27 482,349 4,407 3.63 475,818 3,701 3.12 469,940 3,383 2.90 
Nonearning assets60,478 60,154 63,257 64,750 66,041 
Total assets$559,627 $552,959 $545,606 $540,568 $535,981 
Liabilities and Shareholders’ Equity        
Interest-bearing deposits:      
Interest checking$108,886 430 1.60 $110,001 304 1.10 $111,645 158 0.56 $112,375 43 0.15 $112,159 14 0.05 
Money market and savings139,802 476 1.38 144,730 316 0.87 147,659 159 0.43 148,632 50 0.13 141,500 11 0.03 
Time deposits28,671 219 3.10 17,513 63 1.42 14,751 14 0.40 14,133 6 0.17 15,646 7 0.18 
Total interest-bearing deposits277,359 1,125 1.64 272,244 683 1.00 274,055 331 0.48 275,140 99 0.14 269,305 32 0.05 
Short-term borrowings24,056 278 4.69 25,640 242 3.75 17,392 103 2.34 9,618 30 1.26 6,944 10 0.60 
Long-term debt51,057 514 4.05 38,700 332 3.42 31,381 190 2.43 31,263 137 1.75 35,337 132 1.50 
Total interest-bearing liabilities352,472 1,917 2.20 336,584 1,257 1.48 322,828 624 0.77 316,021 266 0.34 311,586 174 0.22 
Noninterest-bearing deposits131,099 141,032 146,041 148,610 145,933 
Other liabilities13,979 13,824 13,227 12,437 11,664 
Shareholders’ equity62,077 61,519 63,510 63,500 66,798 
Total liabilities and shareholders’ equity$559,627 $552,959 $545,606 $540,568 $535,981 
Average interest-rate spread2.52 2.79 2.86 2.78 2.68 
Net interest income/ net interest margin$3,919 3.17 %$4,031 3.25 %$3,783 3.12 %$3,435 2.89 %$3,209 2.76 %
Taxable-equivalent adjustment51 50 38 28 26 
Memo: Total deposits$408,458 1,125 1.12 %$413,276 683 0.66 %$420,096 331 0.31 %$423,750 99 0.09 %$415,238 32 0.03 %
(1)Excludes basis adjustments for fair value hedges.
(2)Amounts are on a taxable-equivalent basis utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends.
(3)In the first quarter of 2023, the Company reclassified certain portfolios within the consumer portfolio segment to delineate home equity from other consumer portfolios. Prior periods were revised to conform to the current presentation.
- 4 -

Credit Quality
 March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20232022202220222022
Nonperforming Assets     
Nonaccrual loans and leases:     
Commercial:     
Commercial and industrial$394 $398 $443 $393 $330 
CRE117 82 5 19 27 
Commercial construction1 — — — — 
Consumer:
Residential mortgage233 240 227 269 315 
Home equity(1)
132 135 132 133 122 
Indirect auto270 289 260 244 227 
Other consumer(1)
45 44 39 32 23 
Total nonaccrual loans and leases held for investment1,192 1,188 1,106 1,090 1,044 
Loans held for sale— — 72 33 39 
Total nonaccrual loans and leases1,192 1,188 1,178 1,123 1,083 
Foreclosed real estate3 4 4 3 3 
Other foreclosed property66 58 58 47 49 
Total nonperforming assets$1,261 $1,250 $1,240 $1,173 $1,135 
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial$35 $49 $44 $27 $22 
CRE— 1 1 3 — 
Commercial construction— — — 3 — 
Consumer:
Residential mortgage - government guaranteed649 759 808 884 996 
Residential mortgage - nonguaranteed25 27 26 27 31 
Home equity(1)
10 12 9 8 9 
Indirect auto— 1 1 1 1 
Other consumer(1)
10 13 9 5 5 
Student - government guaranteed590 702 770 796 818 
Student - nonguaranteed4 4 5 5 4 
Credit card38 37 36 28 28 
Total loans 90 days past due and still accruing$1,361 $1,605 $1,709 $1,787 $1,914 
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial$125 $256 $162 $223 $280 
CRE34 25 15 10 13 
Commercial construction3 5 3 4 1 
Consumer:
Residential mortgage - government guaranteed232 268 234 233 216 
Residential mortgage - nonguaranteed259 346 300 302 326 
Home equity(1)
65 68 67 68 80 
Indirect auto511 646 591 584 529 
Other consumer(1)
164 187 152 166 127 
Student - government guaranteed350 396 375 447 476 
Student - nonguaranteed6 6 6 6 6 
Credit card56 64 52 48 47 
Total loans 30-89 days past due $1,805 $2,267 $1,957 $2,091 $2,101 
(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.
As of/For the Quarter Ended
 March 31Dec. 31Sept. 30June 30March 31
 20232022202220222022
Asset Quality Ratios     
Loans 30-89 days past due and still accruing as a percentage of loans and leases0.55 %0.70 %0.62 %0.69 %0.72 %
Loans 90 days or more past due and still accruing as a percentage of loans and leases0.42 0.49 0.54 0.59 0.66 
Nonperforming loans and leases as a percentage of loans and leases held for investment0.36 0.36 0.35 0.36 0.36 
Nonperforming loans and leases as a percentage of loans and leases(1)
0.36 0.36 0.37 0.37 0.37 
Nonperforming assets as a percentage of:
Total assets(1)
0.22 0.23 0.23 0.22 0.21 
Loans and leases plus foreclosed property0.38 0.38 0.37 0.38 0.38 
Net charge-offs as a percentage of average loans and leases0.37 0.34 0.27 0.22 0.25 
Allowance for loan and lease losses as a percentage of loans and leases1.37 1.34 1.34 1.38 1.44 
Ratio of allowance for loan and lease losses to:
Net charge-offs3.7X4.1X5.0X6.5X5.8X
Nonperforming loans and leases3.8X3.7X3.8X3.8X4.0X
Asset Quality Ratios (Excluding Government Guaranteed)
Loans 90 days or more past due and still accruing as a percentage of loans and leases0.04 %0.04 %0.04 %0.04 %0.04 %
Applicable ratios are annualized.
(1)Includes loans held for sale.
- 5 -

As of/For the Quarter Ended
 March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20232022202220222022
Allowance for Credit Losses(1)
     
Beginning balance$4,649 $4,455 $4,434 $4,423 $4,695 
Provision for credit losses482 467 234 171 (95)
Charge-offs:
Commercial:
Commercial and industrial(75)(44)(51)(17)(31)
CRE(6)(11)— (1)(1)
Commercial construction— — — — (1)
Consumer:
Residential mortgage(1)(1)(4)(2)(2)
Home equity(2)
(2)(6)(3)(3)(1)
Indirect auto(127)(129)(103)(77)(102)
Other consumer(2)
(105)(96)(109)(100)(76)
Student(5)(5)(7)(4)(6)
Credit card(51)(53)(42)(40)(41)
Total charge-offs(372)(345)(319)(244)(261)
Recoveries:     
Commercial:     
Commercial and industrial13 14 43 13 17 
CRE1 1 — 6 1 
Commercial construction1 1 2 1 1 
Consumer:
Residential mortgage2 3 3 4 6 
Home equity(2)
6 6 8 6 5 
Indirect auto26 21 21 26 23 
Other consumer(2)
17 17 21 20 21 
Student— 1 — — — 
Credit card9 8 8 9 9 
Total recoveries75 72 106 85 83 
Net charge-offs(297)(273)(213)(159)(178)
Other(3)
(73)— — (1)1 
Ending balance$4,761 $4,649 $4,455 $4,434 $4,423 
Allowance for Credit Losses:(1)
     
Allowance for loan and lease losses$4,479 $4,377 $4,205 $4,187 $4,170 
Reserve for unfunded lending commitments (RUFC)282 272 250 247 253 
Allowance for credit losses$4,761 $4,649 $4,455 $4,434 $4,423 
(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
 March 31Dec. 31Sept. 30June 30March 31
 20232022202220222022
Net Charge-offs as a Percentage of Average Loans and Leases:     
Commercial:     
Commercial and industrial0.15 %0.08 %0.02 %0.01 %0.04 %
CRE0.09 0.19 (0.01)(0.10)0.01 
Commercial construction(0.04)(0.06)(0.10)(0.08)(0.02)
Consumer:
Residential mortgage— (0.02)0.01 (0.02)(0.03)
Home equity(0.15)(0.01)(0.13)(0.17)(0.12)
Indirect auto1.47 1.52 1.15 0.77 1.23 
Other consumer1.29 1.11 1.31 1.27 0.87 
Student0.42 0.34 0.40 0.30 0.33 
Credit card3.54 3.68 2.80 2.63 2.77 
Total loans and leases0.37 0.34 0.27 0.22 0.25 
Applicable ratios are annualized.  

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Rollforward of Intangible Assets and Selected Fair Value Marks(1)
 As of/For the Quarter Ended
March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20232022202220222022
Loans and Leases(2)
Beginning balance unamortized fair value mark$(741)$(826)$(924)$(1,119)$(1,323)
Accretion64 80 96 189 191 
Purchase accounting adjustments and other activity4 5 2 6 13 
Ending balance$(673)$(741)$(826)$(924)$(1,119)
Core deposit and other intangible assets
Beginning balance$3,672 $3,726 $3,535 $3,693 $3,408 
Additions - acquisitions— 111 336 — 430 
Amortization of intangibles(3)
(136)(163)(140)(143)(137)
Amortization in net occupancy expense(1)(3)(5)(5)(8)
Purchase accounting adjustments and other activity— 1 — (10)— 
Ending balance$3,535 $3,672 $3,726 $3,535 $3,693 
Deposits(4)
Beginning balance unamortized fair value mark$— $(1)$(3)$(5)$(7)
Amortization— 1 2 2 2 
Ending balance$— $— $(1)$(3)$(5)
Long-Term Debt(4)
Beginning balance unamortized fair value mark$(81)$(94)$(109)$(122)$(139)
Amortization12 13 15 13 17 
Ending balance$(69)$(81)$(94)$(109)$(122)
(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
March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20232022202220222022
Consumer Banking and Wealth
Net interest income (expense)$1,601 $1,729 $1,686 $1,567 $1,528 
Net intersegment interest income (expense) 1,139 1,226 971 718 656 
Segment net interest income2,740 2,955 2,657 2,285 2,184 
Allocated provision for credit losses274 311 283 199 74 
Noninterest income873 846 836 831 910 
Noninterest expense1,969 1,924 1,930 1,927 1,885 
Income (loss) before income taxes1,370 1,566 1,280 990 1,135 
Provision (benefit) for income taxes326 371 303 235 274 
Segment net income (loss)$1,044 $1,195 $977 $755 $861 
Corporate and Commercial Banking(1)
Net interest income (expense)$2,308 $2,089 $1,640 $1,306 $1,118 
Net intersegment interest income (expense) (556)(219)7 61 171 
Segment net interest income1,752 1,870 1,647 1,367 1,289 
Allocated provision for credit losses232 139 (49)(27)(150)
Noninterest income630 677 645 687 656 
Noninterest expense843 853 828 815 788 
Income (loss) before income taxes1,307 1,555 1,513 1,266 1,307 
Provision (benefit) for income taxes273 328 325 274 284 
Segment net income (loss)$1,034 $1,227 $1,188 $992 $1,023 
Insurance Holdings(1)
Net interest income (expense)$1 $1 $1 $1 $1 
Net intersegment interest income (expense) 13 11 10 5 2 
Segment net interest income14 12 11 6 3 
Allocated provision for credit losses— — — — — 
Noninterest income817 792 731 830 733 
Noninterest expense684 662 628 610 546 
Income (loss) before income taxes147 142 114 226 190 
Provision (benefit) for income taxes36 35 29 56 47 
Segment net income (loss)$111 $107 $85 $170 $143 
Other, Treasury & Corporate(2)
Net interest income (expense)$(42)$162 $418 $533 $536 
Net intersegment interest income (expense) (596)(1,018)(988)(784)(829)
Segment net interest income(638)(856)(570)(251)(293)
Allocated provision for credit losses(4)17 — (1)(19)
Noninterest income(86)(88)(110)(100)(157)
Noninterest expense195 283 227 228 455 
Income (loss) before income taxes(915)(1,244)(907)(578)(886)
Provision (benefit) for income taxes(241)(397)(294)(193)(275)
Segment net income (loss)$(674)$(847)$(613)$(385)$(611)
Total Truist Financial Corporation
Net interest income (expense)$3,868 $3,981 $3,745 $3,407 $3,183 
Net intersegment interest income (expense) — — — — — 
Segment net interest income3,868 3,981 3,745 3,407 3,183 
Allocated provision for credit losses502 467 234 171 (95)
Noninterest income2,234 2,227 2,102 2,248 2,142 
Noninterest expense3,691 3,722 3,613 3,580 3,674 
Income (loss) before income taxes1,909 2,019 2,000 1,904 1,746 
Provision (benefit) for income taxes394 337 363 372 330 
Net income$1,515 $1,682 $1,637 $1,532 $1,416 
(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.
(2)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
 March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions, except per share data, shares in thousands)20232022202220222022
Selected Capital Information(preliminary)    
Risk-based capital:     
Common equity tier 1$39,532 $39,098 $38,277 $38,016 $37,225 
Tier 146,202 45,768 44,947 44,686 43,895 
Total55,216 54,072 53,223 52,186 51,599 
Risk-weighted assets436,549 434,413 421,489 413,384 397,855 
Average quarterly assets for leverage ratio544,334 539,689 526,454 521,113 512,694 
Average quarterly assets for supplementary leverage ratio635,577 629,960 616,368 608,770 599,415 
Risk-based capital ratios:
Common equity tier 19.1 %9.0 %9.1 %9.2 %9.4 %
Tier 110.6 10.5 10.7 10.8 11.0 
Total12.6 12.4 12.6 12.6 13.0 
Leverage capital ratio8.5 8.5 8.5 8.6 8.6 
Supplementary leverage7.3 7.3 7.3 7.3 7.3 
Common equity per common share$41.82 $40.58 $40.79 $42.45 $43.82 
March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions, except per share data, shares in thousands)20232022202220222022
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity$62,394 $60,537 $60,811 $62,999 $65,044 
Less:
Preferred stock6,673 6,673 6,673 6,673 6,673 
Noncontrolling interests22 23 23 24 23 
Intangible assets, net of deferred taxes29,788 29,908 29,752 29,095 29,229 
Tangible common equity$25,911 $23,933 $24,363 $27,207 $29,119 
Outstanding shares at end of period (in thousands)1,331,918 1,326,829 1,326,766 1,326,393 1,331,414 
Tangible common equity per common share$19.45 $18.04 $18.36 $20.51 $21.87 
Total assets$574,354 $555,255 $548,438 $545,123 $543,979 
Less: Intangible assets, net of deferred taxes29,788 29,908 29,752 29,095 29,229 
Tangible assets$544,566 $525,347 $518,686 $516,028 $514,750 
Equity as a percentage of total assets10.9 %10.9 %11.1 %11.6 %12.0 %
Tangible common equity as a percentage of tangible assets4.8 4.6 4.7 5.3 5.7 
(1)Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value. These measures are not necessarily comparable to similar measures that may be presented by other companies.
- 9 -

Selected Mortgage Banking Information & Additional Information
 As of/For the Quarter Ended
March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions, except per share data)20232022202220222022
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue$17 $7 $1 $36 $52 
Residential mortgage servicing income:
Residential mortgage income before MSR valuation155 88 80 49 36 
Net MSRs valuation(50)(10)(9)(11)1 
Total residential mortgage servicing income105 78 71 38 37 
Total residential mortgage income122 85 72 74 89 
Commercial mortgage income:
Commercial mortgage production revenue14 28 30 21 32 
Commercial mortgage servicing income:
Commercial mortgage income before MSR valuation7 4 5 2 — 
Net MSRs valuation(1)— 15 3 — 
Total commercial mortgage servicing income6 4 20 5 — 
Total commercial mortgage income20 32 50 26 32 
Total mortgage banking income142 117 122 100 121 
Other Mortgage Banking Information
Residential mortgage loan originations$4,022 $4,868 $11,746 $11,330 $11,408 
Residential mortgage servicing portfolio:(1)
     
Loans serviced for others214,830 217,046 218,740 209,504 195,737 
Bank-owned loans serviced57,493 56,982 56,786 53,341 50,927 
Total servicing portfolio272,323 274,028 275,526 262,845 246,664 
Weighted-average coupon rate on mortgage loans serviced for others3.52 %3.48 %3.45 %3.42 %3.41 %
Weighted-average servicing fee on mortgage loans serviced for others0.27 0.31 0.30 0.30 0.31 
Additional Information
Brokered deposits(2)
$23,816 $22,353 $20,239 $22,926 $19,092 
NQDCP income (expense):
Interest income$11 $2 $2 $2 $19 
Other income(18)20 (28)(30)(44)
Personnel expense7 (22)26 28 25 
Total NQDCP income (expense) $— $— $— $— $— 
Common stock prices:
High$51.26 $47.47 $52.22 $57.50 $68.95 
Low28.70 40.01 42.56 44.75 56.19 
End of period34.10 43.03 43.54 47.43 56.70 
Banking offices2,006 2,123 2,119 2,117 2,112 
ATMs3,041 3,227 3,185 3,194 3,214 
FTEs(3)
53,653 53,999 52,648 51,349 51,169 
(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.
- 10 -

Selected Items(1)
 Favorable (Unfavorable)
(Dollars in millions)After-Tax at
DescriptionPre-TaxMarginal Rate
Selected Items
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.

- 11 -