8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________

Form 8-K

Current Report

_____________________________________________

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

April 20, 2020

Date of Report (Date of earliest event reported)

Truist Financial Corporation

(Exact name of registrant as specified in its charter)

_____________________________

North Carolina	1-10853	56-0939887
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

214 North Tryon Street
Charlotte,	North Carolina	28202
(Address of principal executive offices)		(Zip Code)

(336) 733-2000

(Registrant's telephone number, including area code)

_____________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $5 par value	TFC	New York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series F Non-Cumulative Perpetual Preferred Stock	TFC.PF	New York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series G Non-Cumulative Perpetual Preferred Stock	TFC.PG	New York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series H Non-Cumulative Perpetual Preferred Stock	TFC.PH	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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

ITEM 2.02 Results of Operations and Financial Condition

On April 20, 2020, Truist Financial Corporation ("Truist") issued a press release reporting first quarter 2020 results and posted on its website its first quarter 2020 Earnings Release, Quarterly Performance Summary and Earnings Release Presentation. The materials contain forward-looking statements regarding Truist and includes a cautionary note identifying important factors that could cause actual results to differ materially from those anticipated. The Earnings Release, Quarterly Performance Summary and Earnings Release Presentation are furnished as Exhibits 99.1, 99.2 and 99.3, respectively. Consequently, they are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Such materials may only be incorporated by reference into another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K. All information in the earnings release, quarterly performance summary and presentation materials speak as of the date thereof, and Truist does not assume any obligation to update such information in the future.

ITEM 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.	Description of Exhibit
99.1	Earnings Release issued April 20, 2020
99.2	Quarterly Performance Summary issued April 20, 2020
99.3	Earnings Release Presentation issued April 20, 2020
104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURE

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

TRUIST FINANCIAL CORPORATION
	(Registrant)
By:	/s/ Cynthia B. Powell
	Cynthia B. Powell
	Executive Vice President and Corporate Controller
	(Principal Accounting Officer)

Date: April 20, 2020

EX-99.1

		News Release
Contact:
Investors:	Ryan Richards 980.465.5000 | investors@truist.com	Aaron Reeves 336.733.2874 | investors@truist.com
Media:	Kyle Tarrance 469.396.3555 | media@truist.com

Truist Reports First Quarter 2020 Results

Earnings of $986 million, or $0.73 per diluted share

CHARLOTTE, N.C., (APRIL 20, 2020)— Truist Financial Corporation (NYSE: TFC) today reported earnings for the first quarter of 2020.

Net income available to common shareholders was $986 million, up 31.6 percent, compared with the first quarter last year. Earnings per diluted common share were $0.73 for the first quarter of 2020, a decrease of 24.7 percent compared with the same period last year. Results for the first quarter produced an annualized return on average assets (ROA) of 0.90 percent, an annualized return on average common shareholders' equity (ROCE) of 6.58 percent, and an annualized return on tangible common shareholders' equity (ROTCE) of 13.23 percent.

Adjusted net income available to common shareholders was $1.2 billion, or $0.87 per diluted share, excluding merger-related and restructuring charges of $107 million ($82 million after-tax), incremental operating expenses related to the merger of $74 million ($57 million after-tax), and impacts associated with certain discretionary actions undertaken by management related to COVID-19 of $71 million ($54 million after-tax). Adjusted diluted earnings per common share decreased $0.18 compared to the first quarter of 2019. Adjusted results produced an annualized ROA of 1.06 percent, an annualized ROCE of 7.88 percent and an annualized ROTCE of 15.51 percent.

"The COVID-19 pandemic has altered life as we know it, and our hearts go out to everyone affected by this global health crisis," said Chairman and Chief Executive Officer Kelly S. King. "The combination of our two heritage companies positions Truist well to support our clients, communities and teammates in this challenging environment. As a well-capitalized institution with a strong liquidity position, we have seen significant growth in loans as our commercial clients drew down their lines of credit and have also seen a flight to quality as many of our clients move funds out of the financial markets and into deposit accounts.

"Truist earned $986 million in the first quarter, affected significantly by merger-related costs and certain discretionary costs and fee rebates that were necessary to support our teammates, clients and communities during the pandemic. Excluding these costs and fee rebates, Truist earned $1.2 billion, or $0.87 per share for the quarter. While asset quality remained strong at quarter-end, we know credit costs will increase and we provided $893 million in reserves to address expected future losses.

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“Truist's purpose is to inspire and build better lives and communities. In this challenging time, we are fortunate to have the ability to fulfill that purpose and support our Truist family and stakeholders, help stabilize the economy and look forward to a recovery in the future. For clients, we’re helping in a number of ways including payment relief for credit card, personal loan, auto loan, home equity line of credit and residential mortgage products. In the past several weeks, we’ve also launched several digital tools to make it easier for our clients to request help.

"I am extremely proud of our teammates, many of whom are working around the clock to deliver solutions to help our clients and communities during this time of need. Our support for teammates includes additional paid time off, flexibility and family care benefits. Additionally, teammates making under $100,000 annually received a one-time pre-tax bonus of $1,200 in March to recognize their ongoing commitment to our clients and help alleviate some of the financial pressures caused by the pandemic. To meet the immediate and long-term needs of our communities, we've launched the Truist Cares initiative, a pledge of $25 million in philanthropic support that is providing aid for basic needs, medical supplies, and financial hardship across the nation. The remaining charitable funds will be given as grants to Truist’s community partners to support and expand technology initiatives and programs for youth, seniors, small businesses and people to rebuild, restore and create thriving communities,” said King.

First Quarter 2020 Performance Highlights

•Earnings per diluted common share were $0.73

–Adjusted diluted earnings per share were $0.87

–ROA was 0.90 percent; adjusted ROA was 1.06 percent

–ROCE was 6.58 percent; adjusted ROCE was 7.88 percent

–ROTCE was 13.23 percent; adjusted ROTCE was 15.51 percent

•Purchase accounting valuations for loans and intangibles were updated

–$193 million reduction in the fair value mark for loans

–$165 million increase in CDI and other intangibles

–$258 million reduction in goodwill

–Valuations remain subject to finalization

•Taxable-equivalent revenue was $5.6 billion for the first quarter of 2020

–Fee income ratio was 34.9 percent, compared to 38.6 percent for fourth quarter 2019

–Net interest margin was 3.58 percent, up 17 basis points from the fourth quarter 2019

–Core net interest margin was 3.06 percent, down eight basis points from the fourth quarter 2019

•Noninterest expense was $3.4 billion for the first quarter of 2020

–Noninterest expense includes $107 million of merger-related and restructuring charges, $74 million of incremental operating expenses related to the merger, and $65 million of discretionary management expenses related to COVID-19

–GAAP efficiency ratio was 61.1 percent, compared to 71.0 percent for fourth quarter 2019

–Adjusted efficiency ratio was 53.4 percent, compared to 57.5 percent for fourth quarter 2019

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•Asset quality remains strong; significant economic uncertainty related to COVID-19

–Nonperforming assets were 0.23 percent of total assets

–Loans 90 days or more past due and still accruing were 0.55 percent of loans held for investment, down from 0.66 percent for the prior quarter

–Excluding government guaranteed loans, loans 90 days or more past due and still accruing were 0.04 percent of loans held for investment

–Net charge-offs were 0.36 percent of average loans and leases, down four basis points compared to the prior quarter

–The allowance for loan and lease losses was 1.63 percent of loans and leases held for investment

–Provision for credit losses was $893 million for the first quarter of 2020; $582 million build compared to the Day 1 CECL

–The allowance for loan and lease loss coverage ratio was 5.04 times nonperforming loans and leases held for investment, versus 3.41 times in the prior quarter

•Capital and liquidity levels remained strong

–Common equity tier 1 to risk-weighted assets was 9.3 percent

–Tier 1 risk-based capital was 10.5 percent

–Total capital was 12.6 percent

–LCR ratio was 117 percent for first quarter 2020

EARNINGS HIGHLIGHTS										Change 1Q20 vs.
(dollars in millions, except per share data)	1Q20			4Q19			1Q19			4Q19			1Q19
Net income available to common shareholders	$	986		$	702		$	749		$	284		$	237
Diluted earnings per common share	0.73			0.75			0.97			(0.02)			(0.24)
Net interest income - taxable equivalent	$	3,687		$	2,252		$	1,720		$	1,435		$	1,967
Noninterest income	1,961			1,398			1,202			563			759
Total taxable-equivalent revenue	$	5,648		$	3,650		$	2,922		$	1,998		$	2,726
Less taxable-equivalent adjustment	37			25			24
Total revenue	$	5,611		$	3,625		$	2,898
Return on average assets	0.90		%	0.95		%	1.43		%	(0.05)		%	(0.53)		%
Return on average risk-weighted assets (current quarter is preliminary)	1.11			1.02			1.78			0.09			(0.67)
Return on average common shareholders' equity	6.58			7.33			11.08			(0.75)			(4.50)
Return on average tangible common shareholders' equity (1)	13.23			12.91			18.36			0.32			(5.13)
Net interest margin - taxable equivalent	3.58			3.41			3.51			0.17			0.07

(1) Excludes certain items as detailed in the non-GAAP reconciliations in the Quarterly Performance Summary.

First Quarter 2020 compared to Fourth Quarter 2019

Total taxable-equivalent revenue was $5.6 billion for the first quarter of 2020, an increase of $2.0 billion compared to the prior quarter, driven by an increase of $1.4 billion in net interest income and an increase of $563 million in noninterest income.

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The net interest margin was 3.58 percent for the first quarter, up 17 basis points compared to the prior quarter. Average earning assets increased $150.4 billion, which primarily reflects a $114.1 billion increase in average total loans and leases, a $15.0 billion increase in average securities and a $17.3 billion increase in average other earning assets. The increase in average other earning assets primarily reflects higher interest-bearing balances at the Federal Reserve. Average interest-bearing liabilities increased $119.4 billion, driven by an increase of $95.3 billion in average interest-bearing deposits, an increase of $16.7 billion in average long-term debt and an increase of $7.4 billion in average short-term borrowings. The increases in balances were primarily due to the merger, as the prior quarter included only a partial impact on average balances, and actions to build liquidity in response to the COVID-19 pandemic.

The yield on the total loan portfolio for the first quarter was 4.98 percent, up seven basis points compared to the prior quarter, primarily due to accretion of the fair value mark on the merged loans, partially offset by lower rates. The yield on the average securities portfolio for the first quarter was 2.62 percent, down three basis points compared to the prior quarter.

The average cost of total deposits was 0.51 percent, down six basis points compared to the prior quarter. The average cost of interest-bearing deposits was 0.70 percent, down 12 basis points compared to the prior quarter. The average rate on long-term debt was 2.34 percent, down 58 basis points compared to the prior quarter. The average rate on short-term borrowings was 1.76 percent, down 39 basis points compared to the prior quarter. The decrease in rates on deposits and other funding was largely attributable to the declines in fed funds and LIBOR rates. The decrease in rates on long-term debt also reflects the amortization of the fair value mark on the assumed debt, as well as the issuance of $4.3 billion of senior and subordinated long-term debt and the issuance of $20.0 billion of long-term FHLB advances in March 2020.

The provision for credit losses was $893 million, and net charge-offs were $272 million for the first quarter, compared to $171 million and $192 million, respectively, for the prior quarter. The increase in the provision for credit losses was primarily due to the recognition of an economic downturn and significant growth in loans related to COVID-19, including the impact of reserving for the lifetime expected losses under CECL. Higher net charge-offs also contributed to the increase in the current quarter as there was a full quarter of activity from the merger.

Noninterest income was $2.0 billion, an increase of $563 million compared to the prior quarter. This increase reflects a full quarter of impact from the merger and a $114 million change in securities losses recognized compared to the prior quarter. Insurance income was up $40 million primarily due to seasonality. Residential mortgage income increased $180 million due to the merger, as well as strong production income due to the declining interest rate environment. Investment banking and trading income was up slightly compared to the prior quarter. This category of income was negatively impacted by credit valuation adjustments of $92 million on the derivatives portfolio primarily related to the decline in interest rates and widening of credit spreads. Other income was down $72 million compared to the prior period, primarily as a result of a $58 million change in the market value of assets held for certain post-retirement benefits, which is primarily offset by lower personnel expense.

Noninterest expense was $3.4 billion for the first quarter, up $856 million compared to the prior quarter. Merger-related and restructuring charges decreased $116 million primarily due to higher personnel-related expenses incurred in the prior quarter. Incremental operating expenses related to the merger decreased $27 million primarily due to lower personnel-related items. As previously mentioned, additional discretionary expenses were incurred in connection with COVID-19 that amounted to approximately $65 million during the quarter. On an adjusted basis, noninterest expense was up $934 million, primarily due to a full quarter impact from the merger. Marketing and customer development expense reflects higher spend related to the launch of the Truist brand. Amortization of intangibles increased $94 million due to the intangibles recognized in the merger.

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The provision for income taxes was $224 million for the first quarter, compared to $153 million for the prior quarter. The effective tax rate for the first quarter was 17.4 percent, unchanged compared to the prior quarter.

First Quarter 2020 compared to First Quarter 2019

Total taxable-equivalent revenues were $5.6 billion for the first quarter of 2020, an increase of $2.7 billion compared to the earlier quarter, which reflects an increase of $2.0 billion in taxable-equivalent net interest income and an increase of $759 million in noninterest income.

Net interest margin was 3.58 percent, up seven basis points compared to the earlier quarter. Average earning assets increased $215.8 billion. The increase in average earning assets reflects a $159.0 billion increase in average total loans and leases and a $29.0 billion increase in average securities. Average interest earning trading assets and other earning assets increased $27.9 billion due to higher trading securities and interest-bearing balances at the Federal Reserve. Average interest-bearing liabilities increased $170.3 billion compared to the earlier quarter. Average interest-bearing deposits increased $133.8 billion, average long-term debt increased $23.3 billion and average short-term borrowings increased $13.3 billion.

The yield on the total loan portfolio for the first quarter of 2020 was 4.98 percent, down eight basis points compared to the earlier quarter, reflecting the impact of rate decreases, partially offset by purchase accounting accretion from merged loans. The yield on the average securities portfolio was 2.62 percent, up two basis points compared to the earlier period.

The average cost of total deposits was 0.51 percent, down 13 basis points compared to the earlier quarter. The average cost of interest-bearing deposits was 0.70 percent, down 25 basis points compared to the earlier quarter. The average rate on short-term borrowings was 1.76 percent, down 56 basis points compared to the earlier quarter. The average rate on long-term debt was 2.34 percent, down 96 basis points compared to the earlier quarter. The lower rates on interest-bearing liabilities reflect declines in fed funds and LIBOR rates. The lower rates on long-term debt also reflect the amortization of the fair value mark on the assumed debt and the recent issuance of new senior and subordinated notes and FHLB long-term debt.

The provision for credit losses was $893 million, compared to $155 million for the earlier quarter. The increase in the provision for credit losses was primarily due to the recognition of an economic downturn and significant growth in loans related to COVID-19, including the impact of reserving for the lifetime expected losses under CECL. Net charge-offs for the first quarter of 2020 totaled $272 million compared to $147 million in the earlier quarter. Higher net charge-offs also contributed to the increase in the provision for credit losses and primarily reflect increases as a result of the merger. The net charge-off rate for the current quarter of 0.36 percent was down four basis points compared to the first quarter of 2019.

Noninterest income for the first quarter of 2020 increased $759 million compared to the earlier quarter. Nearly all categories of noninterest income were impacted by the merger. Insurance income increased $39 million due to higher production. Residential mortgage banking income was up due to strong production and refinance activity driven by the declining rate environment. Investment banking and trading income was up $91 million, but was negatively impacted by credit valuation adjustments of $92 million on the derivatives portfolio primarily related to the decline in interest rates and widening of credit spreads. Other income was worse $58 million, primarily as a result of a $26 million change in the market value of assets held for certain post-retirement benefits, which is primarily offset by lower personnel expense.

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Noninterest expense for the first quarter of 2020 was up $1.7 billion compared to the earlier quarter. Merger-related and restructuring charges and other incremental operating expenses related to the merger increased $27 million and $72 million, respectively. In addition, the current quarter was impacted by $65 million of discretionary expenses related to COVID-19. On an adjusted basis, noninterest expense was up $1.5 billion, primarily reflecting the impact of the merger. Marketing and customer development expense reflects higher spend related to the launch of the Truist brand. Amortization of intangibles increased $133 million due to the intangibles recognized in the merger.

The provision for income taxes was $224 million for the first quarter of 2020, compared to $177 million for the earlier quarter. This produced an effective tax rate for the first quarter of 2020 of 17.4 percent, compared to 18.2 percent for the earlier quarter. The lower effective tax rate is primarily due to higher income tax credits in the current year.

LOANS AND LEASES
	End of Period						Average Balances
(dollars in millions)	1Q20		4Q19		Change		1Q20
Commercial:
Commercial and industrial	$	149,161	$	130,180	$	18,981	$	131,743
CRE	27,532		26,832		700		27,046
Commercial construction	6,630		6,205		425		6,409
Lease financing	5,984		6,122		(138)		6,070
Total commercial	189,307		169,339		19,968		171,268
Consumer:
Residential mortgage	53,096		52,071		1,025		52,993
Residential home equity and direct	27,629		27,044		585		27,564
Indirect auto	25,146		24,442		704		24,975
Indirect other	10,980		11,100		(120)		10,950
Student	7,771		6,743		1,028		7,787
Total consumer	124,622		121,400		3,222		124,269
Credit card	5,300		5,619		(319)		5,534
PCI	—		3,484		(3,484)		—
Total loans and leases held for investment	$	319,229	$	299,842	$	19,387	$	301,071

Total loans and leases held for investment were $319.2 billion as of March 31, 2020, compared to $299.8 billion as of December 31, 2019. In connection with the adoption of CECL, all loans previously in the PCI portfolio became PCD loans and were transferred to their respective portfolios. The significant growth in the commercial and industrial portfolio was primarily due to draws on lines of credit by clients building liquidity in response to COVID-19.

Average loans and leases held for investment for the first quarter of 2020 were $301.1 billion, up $110.8 billion compared to the fourth quarter of 2019, primarily due to the merged loans and the line draws in response to COVID-19. Excluding the impact from these items, average loans were down slightly due to residential mortgage as a result of transferring loans to held for sale in the fourth quarter of 2019, partially offset by increases in indirect automobile loans and student loans.

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DEPOSITS
	End of Period						Average Balances
(dollars in millions)	1Q20		4Q19		Change		1Q20
Noninterest-bearing deposits	$	97,618	$	92,405	$	5,213	$	93,135
Interest checking	92,950		85,492		7,458		85,008
Money market and savings	124,072		120,934		3,138		120,936
Time deposits	35,539		35,896		(357)		35,570
Total deposits	$	350,179	$	334,727	$	15,452	$	334,649

Total deposits were $350.2 billion as of March 31, 2020, compared to $334.7 billion as of December 31, 2019. Growth in deposits reflects clients retaining a portion of their credit line draws in the bank and solid growth in all non-time deposit products. Average deposits for the first quarter were $334.6 billion, up $123.9 billion compared to the prior quarter, primarily due to the merged deposits. Average noninterest-bearing deposits represented 27.8 percent of total deposits for the first quarter of 2020. The cost of average total deposits was 0.51 percent for the first quarter, down six basis points compared to the prior quarter. The cost of average interest-bearing deposits was 0.70 percent for the first quarter, down 12 basis points compared to the prior quarter.

SEGMENT RESULTS							Change 1Q20 vs.
(dollars in millions)
Segment Net Income	1Q20		4Q19		1Q19		4Q19		1Q19
Consumer Banking and Wealth	$	681	$	435	$	390	$	246	$	291
Corporate and Commercial Banking	423		522		430		(99)		(7)
Insurance Holdings	105		59		88		46		17
Other, Treasury & Corporate	(146)		(290)		(110)		144		(36)
Total net income	$	1,063	$	726	$	798	$	337	$	265

Effective December 2019, segments were realigned in connection with the SunTrust merger. Results for prior periods have been revised to reflect the new structure.

First Quarter 2020 compared to Fourth Quarter 2019

Consumer Banking and Wealth ("CB&W")

CB&W serves individuals and small business clients by offering a variety of loan and deposit products, payment services, bankcard products and other financial services by connecting clients to a wide range of financial products and services. CB&W includes Dealer Retail Services, which originates loans on an indirect basis to individuals for the purchase of automobiles, boats and recreational vehicles. Additionally, CB&W includes National Consumer Finance & Payments, which provides a comprehensive set of technology-enabled lending solutions to individuals and small businesses through several national channels, as well as merchant services and payment processing solutions to business clients. CB&W also includes Mortgage Banking, which offers residential mortgage products nationally through its retail and correspondent channels, the internet and by telephone. These products are either sold in the secondary market, primarily with servicing rights retained, or held in the Company’s loan portfolio. Mortgage Banking also services loans for other investors, in addition to loans held in the Company’s loan portfolio. Mortgage Banking also includes Mortgage Warehouse Lending, which provides short-term lending solutions to finance first-lien residential mortgage LHFS by independent mortgage companies. Wealth delivers investment management, financial planning, banking, fiduciary services and related solutions to institutions, affluent and high net worth individuals and families, with financial expertise and industry-specific insights in the medical, legal, sports and entertainment industries.

- 7 -

CB&W net income was $681 million for the first quarter of 2020, an increase of $246 million compared to the prior quarter. Segment net interest income increased $856 million primarily due to the merger. Noninterest income increased $426 million due to the merger and higher residential mortgage income as a result of the lower rate environment driving mortgage production through refinance activity. The allocated provision for credit losses increased $292 million primarily due to the recognition of an economic downturn related to COVID-19 and higher net charge-offs in the current quarter as there was a full quarter of activity from the merger. Noninterest expense increased $674 million primarily due to operating expenses and amortization of intangibles related to the merger, as well as discretionary management impacts from COVID-19.

Loans and leases were up $748 million at March 31, 2020, compared to the prior quarter, primarily driven by a seasonal increase in dealer/recreational lending and mortgage. Total deposits were up $6.4 billion at March 31, 2020, compared to the prior quarter, primarily due to seasonality and reduced consumer spending late in the quarter related to COVID-19.

Corporate and Commercial Banking ("C&CB")

C&CB serves large, medium and small business clients by offering a variety of loan and deposit products and connecting clients to the combined organization’s broad array of financial services. C&CB includes Corporate and Investment Banking (“CIB”), which delivers a comprehensive range of strategic advisory, capital raising, risk management, financing, liquidity and investment solutions to both public and private companies in the C&CB segment and Wealth. Additionally, C&CB includes Commercial Community Banking, which offers an array of traditional banking products, including lending, cash management and investment banking to commercial clients via CIB. C&CB also includes Commercial Real Estate, which provides a range of credit and deposit services as well as fee-based product offerings to privately held developers, operators, and investors in commercial real estate properties. C&CB also includes Grandbridge Real Estate Capital, which is a fully integrated commercial mortgage banking company that originates commercial and multi-family real estate loans, services loan portfolios and provides asset and portfolio management as well as real estate brokerage services. Treasury Solutions, within C&CB, provides business clients across the organization with services required to manage their payments and receipts, combined with the ability to manage and optimize their deposits across all aspects of their business.

C&CB net income was $423 million for the first quarter of 2020, a decrease of $99 million compared to the prior quarter. Segment net interest income increased $501 million. Noninterest income increased $41 million due to the merger, partially offset by credit value adjustments primarily related to the decline in interest rates and widening of credit spreads. The allocated provision for credit losses increased $382 million primarily due to the recognition of an economic downturn and significant growth in loans related to COVID-19. Noninterest expense increased $311 million primarily due to operating expenses and amortization of intangibles related to the merger in the current quarter.

Loans and leases were up $18.9 billion compared to the prior quarter due to significant growth in commercial and industrial loans in March related to COVID-19. Total deposits were up $5.8 billion at March 31, 2020, compared to the prior quarter, primarily due to commercial clients retaining a portion of their credit line draws in the bank and solid growth in all non-time deposit products.

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Insurance Holdings ("IH")

Truist’s IH segment is one of the largest insurance agency / brokerage networks in the world, providing property and casualty, employee benefits and life insurance to businesses and individuals. It also provides small business and corporate services, such as workers compensation and professional liability, as well as surety coverage and title insurance. In addition, IH includes commercial and retail insurance premium finance.

IH net income was $105 million for the first quarter of 2020, an increase of $46 million compared to the prior quarter. Noninterest income increased $21 million primarily due to seasonality in employee benefits renewal commissions. Noninterest expense decreased $41 million primarily due to seasonally higher performance-based incentives and restructuring expense in the prior quarter.

Other, Treasury & Corporate ("OT&C")

Net income in OT&C can vary due to the changing needs of the Corporation, including the size of the investment portfolio, the need for wholesale funding and variability associated with derivatives used to hedge the balance sheet.

OT&C generated a net loss of $146 million for the first quarter of 2020, compared to a net loss of $290 million for the prior quarter. Segment net interest income increased $68 million. Noninterest income increased $75 million primarily due to losses on the sale of securities in the prior quarter, partially offset by lower income related to certain post-employment benefits in the current quarter. The allocated provision for credit losses increased $49 million primarily due to the provision for unfunded commitments. Noninterest expense decreased $88 million primarily due to lower merger-related charges and increased corporate expenses allocated to the segments. The benefit for income taxes decreased $38 million primarily due to lower pre-tax losses in the current quarter.

First Quarter 2020 compared to First Quarter 2019

Consumer Banking and Wealth

CB&W net income was $681 million for the first quarter of 2020, an increase of $291 million compared to the earlier quarter. Segment net interest income increased $1.2 billion primarily due to the merger. Noninterest income increased $565 million, due to the merger and higher residential mortgage income as a result of the lower rate environment driving mortgage production through refinance activity. The allocated provision for credit losses increased $306 million primarily due to the recognition of an economic downturn related to COVID-19 and higher net charge-offs in the current quarter as there was a full quarter of activity from the merger. Noninterest expense increased $1.1 billion primarily due to operating expenses and amortization of intangibles related to the merger and discretionary management impacts from COVID-19 in the current quarter.

Corporate and Commercial Banking

C&CB net income was $423 million for the first quarter of 2020, a decrease of $7 million compared to the earlier quarter. Segment net interest income increased $706 million primarily due to the merger. Noninterest income increased $216 million due to the merger, partially offset by losses in trading income primarily related to the decline in interest rates and widening of credit spreads. The allocated provision for credit losses increased $379 million primarily due to the recognition of an economic downturn and significant growth in loans related to COVID-19. Noninterest expense increased $571 million primarily due to operating expenses and amortization of intangibles related to the merger in the current quarter.

- 9 -

Insurance Holdings

IH net income was $105 million for the first quarter of 2020, an increase of $17 million compared to the earlier quarter. Noninterest income increased $42 million primarily due to higher production. Noninterest expense increased $23 million primarily due to commissions on higher production in the current quarter.

Other, Treasury & Corporate

OT&C generated a net loss of $146 million in the first quarter of 2020, compared to a net loss of $110 million in the earlier quarter. Segment net interest income increased $19 million. Noninterest income decreased $64 million primarily due to lower income related to certain post-employment benefits and higher tax credit equivalents allocated to the segments. The allocated provision for credit losses increased $55 million primarily due to the provision for unfunded commitments. Noninterest expense decreased $42 million primarily due to lower merger-related charges and increased corporate expenses allocated to the segments. The benefit for income taxes increased $22 million primarily due to a higher pre-tax loss.

CAPITAL RATIOS	1Q20		4Q19		3Q19		2Q19		1Q19
Risk-based:	(preliminary)
Common equity Tier 1	9.3	%	9.5	%	10.6	%	10.4	%	10.3	%
Tier 1	10.5		10.8		12.2		12.0		12.0
Total	12.6		12.6		14.8		14.2		14.2
Leverage (1)	9.0		14.7		10.3		10.2		10.1
Supplementary leverage (2)	7.8		7.9		NA		NA		NA

(1)The leverage ratio is calculated using end of period Tier 1 capital and quarterly average tangible assets. The timing of the merger impacted the result for the fourth quarter of 2019. The estimated leverage ratio for the fourth quarter of 2019 using a full quarterly average tangible assets was 9.3 percent.

(2)Truist became subject to the supplementary leverage ratio as of January 1, 2020. The December 31, 2019 measure was an estimate based on a full quarter of average tangible assets in the denominator.

Capital ratios declined slightly primarily due to the significant balance sheet growth related to commercial clients drawing on lines of credit in response to COVID-19. The leverage and supplementary leverage ratios were also impacted by higher balances held at the Federal Reserve. In March 2020, the company redeemed $500 million of Series K preferred stock and issued $1.25 billion of subordinated debt. Truist's capital levels remain strong compared to the regulatory levels for well capitalized banks at March 31, 2020. Truist declared common dividends of $0.450 per share during the first quarter of 2020. The dividend and total payout ratios for the first quarter of 2020 were 61.4 percent. As previously communicated at the time of the merger announcement, Truist suspended its share repurchase program until capital ratios return to higher levels.

As of January 1, 2020, Truist is subject to Category III reduced LCR requirements (85 percent). Truist's average LCR was approximately 117 percent for the three months ended March 31, 2020, compared to the regulatory minimum of 100 percent. Truist continues to maintain a strong liquidity position and is prepared to meet the funding needs of clients. In addition, the liquid asset buffer, which is defined as high quality unencumbered liquid assets as a percentage of total assets, was 19.6 percent at March 31, 2020.

- 10 -

ASSET QUALITY
(dollars in millions)	1Q20			4Q19			3Q19			2Q19			1Q19
Total nonperforming assets	$	1,177		$	684		$	509		$	523		$	584
Total performing TDRs	1,079			980			1,057			1,070			1,130
Total loans 90 days past due and still accruing	1,748			1,994			403			407			431
Total loans 30-89 days past due	2,374			2,213			992			1,016			948
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.32		%	0.15		%	0.30		%	0.30		%	0.35		%
Nonperforming assets as a percentage of total assets	0.23			0.14			0.22			0.23			0.26
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.74			0.74			0.66			0.67			0.64
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.55			0.66			0.27			0.27			0.29
Loans 90 days or more past due and still accruing as a percentage of loans and leases, excluding government guaranteed and PCI	0.04			0.03			0.04			0.04			0.04
Allowance for loan and lease losses as a percentage of loans and leases held for investment	1.63			0.52			1.05			1.05			1.05
Net charge-offs as a percentage of average loans and leases, annualized	0.36			0.40			0.41			0.38			0.40
Ratio of allowance for loan and lease losses to net charge-offs, annualized	4.76x			2.03x			2.59x			2.80x			2.62x
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	5.04x			3.41x			3.52x			3.46x			2.97x

Nonperforming assets totaled $1.2 billion at March 31, 2020, up $493 million compared to December 31, 2019 due primarily to the adoption of CECL, which resulted in the discontinuation of the pool-level accounting for PCI loans and replaced that with a loan-level evaluation for nonaccrual status. As of December 31, 2019, there was approximately $500 million of PCI loans that would have been classified as nonperforming had we evaluated accrual status on a loan level basis. Nonperforming loans and leases held for investment represented 0.32 percent of loans and leases held for investment, up 17 basis points compared to December 31, 2019, but down three basis points from March 31, 2019. Performing TDRs were up $99 million during the first quarter, primarily in residential mortgage loans, commercial and industrial loans and indirect automobile loans.

Loans 90 days or more past due and still accruing totaled $1.7 billion at March 31, 2020, down $246 million compared to the prior quarter. The decline was due to loans that transitioned into nonaccrual as a result of the change in pool level accounting described above, partially offset by an increase in government guaranteed student loans. The ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.55 percent at March 31, 2020, down 11 basis points from the prior quarter. Excluding government guaranteed and PCI loans, the ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.04 percent at March 31, 2020, up one basis point from 0.03 percent at December 31, 2019.

Loans 30-89 days past due and still accruing totaled $2.4 billion at March 31, 2020, up $161 million compared to the prior quarter. The increase was largely in commercial and industrial loans and residential mortgage loans, partially offset by a decrease in student loans. The ratio of loans 30-89 days or more past due and still accruing as a percentage of loans and leases was 0.74 percent at March 31, 2020, unchanged from the prior quarter.

Net charge-offs during the first quarter totaled $272 million, up $80 million compared to the prior quarter. The increase was largely due to the impact of a full quarter from the merger. As a percentage of average loans and leases, annualized net charge-offs were 0.36 percent, down four basis points compared to the prior quarter.

- 11 -

The allowance for credit losses was $5.6 billion, up $3.7 billion compared to the prior quarter. The increase in the allowance for credit losses was primarily due the adoption of CECL. Upon adoption, the company recorded a $3.1 billion increase in the allowance for credit losses, including $2.8 billion that was charged to retained earnings net of deferred taxes, and $378 million related to the gross up for PCD loans. The remaining increase in the allowance for credit losses primarily reflects deteriorated economic conditions as well as significant loan growth from clients drawing down their lines of credit to build liquidity in response to COVID-19. The allowance for credit losses includes $5.2 billion for loans and leases and $400 million for the reserve for unfunded commitments. As of March 31, 2020, the allowance for loan and lease losses was 1.63 percent of loans and leases held for investment.

The allowance for loan and lease losses was 5.04 times nonperforming loans and leases held for investment, compared to 3.41 times at December 31, 2019. At March 31, 2020, the allowance for loan and lease losses was 4.76 times annualized net charge-offs, compared to 2.03 times at December 31, 2019.

Earnings Presentation and Quarterly Performance Summary

To listen to Truist's live first quarter 2020 earnings conference call at 8 a.m. ET today, please call 866-519-2796 and enter the participant code 892418. A presentation will be used during the earnings conference call and is available on our website at https://ir.truist.com/events-and-presentation. Replays of the conference call will be available for 30 days by dialing 888-203-1112 (access code 892418).

The presentation, including an appendix reconciling non-GAAP disclosures, and Truist's First Quarter 2020 Quarterly Performance Summary, which contains detailed financial schedules, is available at https://ir.truist.com/earnings.

About Truist

Truist Financial Corporation is a purpose-driven financial services company committed to inspire and build better lives and communities. With 275 years of combined BB&T and SunTrust history, Truist serves approximately 12 million households with leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending and wealth management. Headquartered in Charlotte, North Carolina, Truist is the sixth-largest commercial bank in the U.S. with total assets of $506 billion as of March 31, 2020. Truist Bank, Member FDIC. Learn more at Truist.com.

#-#-#

Capital ratios and return on risk-weighted assets are preliminary.

This news release contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Truist's management uses these "non-GAAP" measures in their analysis of the Corporation's performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. The Corporation believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. Truist's management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the types of non-GAAP measures used in this news release:

= The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges.

- 12 -

=	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 the quality of capital and returns relative to balance sheet risk and believes investors may find them useful in their analysis of the Corporation.
=	Core net interest margin is a non-GAAP measure that adjusts net interest margin to exclude the impact of purchase accounting. The purchase accounting marks and related amortization for a) securities acquired from the FDIC in the Colonial Bank acquisition and b) loans, deposits and long-term debt from SunTrust, Susquehanna, National Penn and Colonial Bank are excluded to approximate the yields paid by clients. Interest income for PCI loans adjusts the accretion, net of interest reversals, which approximates the interest received from the client. Truist's management believes the adjustments to the calculation of net interest margin for certain assets and liabilities acquired provide investors with useful information related to the performance of Truist's earning assets.
=	The adjusted diluted earnings per share is non-GAAP in that it excludes merger-related and restructuring charges and other selected items, net of tax. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges.
=	The adjusted operating leverage ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges.
=	The adjusted performance ratios are non-GAAP in that they exclude merger-related and restructuring charges, selected items and, in the case of return on average tangible common shareholders' equity, amortization of intangible assets. Truist's management uses these measures in their analysis of the Corporation's performance. Truist's management believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges.
=	EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, depreciation and amortization to net income. Truist's management also adds back merger-related and restructuring charges, incremental operating expenses related to the merger and other selected items. Truist's management uses this measure in its analysis of the Corporation's Insurance Holdings segment. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges.
=	Allowance for loan and lease losses and unamortized fair value mark as a percentage of gross loans and leases is a non-GAAP measurement of credit reserves that is calculated by adjusting the ALLL and loans and leases held for investment by the unamortized fair value mark. Truist's management uses this measure to assess credit reserves and believes investors may find this measure useful in their analysis of the Corporation.

A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist's First Quarter 2020 Earnings Presentation, which is available at https://ir.truist.com/earnings.

This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the financial condition, results of operations, business plans and the future performance of Truist. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," “would," "could" and other similar expressions are intended to identify these forward-looking statements.

Forward-looking statements are not based on historical facts but instead represent management's expectations and assumptions regarding Truist's business, the economy and other future conditions. Such statements involve inherent uncertainties, risks and changes in circumstances that are difficult to predict. As such, Truist’s actual results may differ materially from those contemplated by forward-looking statements. While there can be no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those contemplated by forward-looking statements include the following, without limitation, as well as the risks and uncertainties more fully discussed under Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2019 and in Truist's subsequent filings with the Securities and Exchange Commission:

• risks and uncertainties relating to the Merger, including the ability to successfully integrate the companies or to realize the anticipated benefits of the Merger;

• expenses relating to the Merger and integration of heritage BB&T and heritage SunTrust;

• deposit attrition, client loss or revenue loss following completed mergers or acquisitions may be greater than anticipated;

• changes in the interest rate environment, including the replacement of LIBOR as an interest rate benchmark, which could adversely affect Truist’s revenue and expenses, the value of assets and obligations, and the availability and cost of capital, cash flows, and liquidity;

• volatility in mortgage production and servicing revenues, and changes in carrying values of Truist’s servicing assets and mortgages held for sale due to changes in interest rates;

• management’s ability to effectively manage credit risk;

• inability to access short-term funding or liquidity;

• loss of client deposits, which could increase Truist’s funding costs;

- 13 -

• changes in Truist’s credit ratings, which could increase the cost of funding or limit access to capital markets;

• additional capital and liquidity requirements that will result from the Merger;

• regulatory matters, litigation or other legal actions, which may result in, among other things, costs, fines, penalties, restrictions on Truist’s business activities, reputational harm, or other adverse consequences;

• risks related to originating and selling mortgages, including repurchase and indemnity demands from purchasers related to representations and warranties on loans sold, which could result in an increase in the amount of losses for loan repurchases;

• failure to execute on strategic or operational plans, including the ability to successfully complete and/or integrate mergers and acquisitions;

• risks relating to Truist’s role as a servicer of loans, including an increase in the scope or costs of the services Truist is required to perform without any corresponding increase in Truist’s servicing fee, or a breach of Truist’s obligations as servicer;

• negative public opinion, which could damage Truist’s reputation;

• increased scrutiny regarding Truist’s consumer sales practices, training practices, incentive compensation design and governance;

• competition from new or existing competitors, including increased competition from products and services offered by non-bank financial technology companies, may reduce Truist’s client base, cause Truist to lower prices for its products and services in order to maintain market share or otherwise adversely impact Truist’s businesses or results of operations;

• Truist’s ability to introduce new products and services in response to industry trends or developments in technology that achieve market acceptance and regulatory approval;

• Truist’s success depends on the expertise of key personnel, and if these individuals leave or change their roles without effective replacements Truist's operations and integration activities could be adversely impacted. This could be exacerbated as Truist continues to integrate the management teams of heritage BB&T and heritage SunTrust, or if the organization is unable to hire and retain qualified personnel;

• legislative, regulatory or accounting changes may adversely affect the businesses in which Truist is engaged;

• evolving regulatory standards, including with respect to capital and liquidity requirements, and results of regulatory examinations, may adversely affect Truist's financial condition and results of operations;

• accounting policies and processes require management to make estimates about matters that are uncertain;

• general economic or business conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, slower deposit or asset growth, a deterioration in credit quality or a reduced demand for credit, insurance or other services;

• risk management measures and management oversight functions may not identify or address risks adequately;

• unfavorable resolution of legal proceedings or other claims or regulatory or other governmental investigations or inquiries could result in negative publicity, protests, fines, penalties, restrictions on Truist's operations or ability to expand its business or other negative consequences, all of which could cause reputational damage and adversely impact Truist's financial condition and results of operations;

• competitors of Truist may have greater financial resources or develop products that enable them to compete more successfully than Truist and may be subject to different regulatory standards than Truist;

• failure to maintain or enhance Truist’s competitive position with respect to technology, whether it fails to anticipate client expectations or because its technological developments fail to perform as desired or are not rolled out in a timely manner or for other reasons, may cause Truist to lose market share or incur additional expense;

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

• operational or communications systems, including systems used by vendors or other external parties, may fail or may be the subject of a breach or cyber-attack that, if successful, could adversely impact Truist's financial condition and results of operations;

• security risks, including denial of service attacks, hacking, social engineering attacks targeting Truist’s employees and clients, malware intrusion or data corruption attempts, and identity theft could result in the disclosure of confidential information, adversely affect Truist’s business or reputation or create significant legal or financial exposure;

• the COVID-19 pandemic has disrupted the global economy, and continuation of current conditions could affect Truist’s capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase Truist's allowance for credit losses, impair the collateral values, cause an outflow of deposits, result in lost revenue or additional expenses, result in goodwill impairment charges, and increase Truist’s cost of capital;

• natural or other disasters, including acts of terrorism and pandemics, could have an adverse effect on Truist, including a material disruption of Truist's operations or the ability or willingness of clients to access Truist's products and services;

• widespread system outages, caused by the failure of critical internal systems or critical services provided by third parties could adversely impact Truist's financial condition and results of operations; and

• depressed market values for Truist’s stock and adverse economic conditions sustained over a period of time may require a write down to goodwill.

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

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EX-99.2

Quarterly Performance Summary

Truist Financial Corporation

First Quarter 2020

Table of Contents
Quarterly Performance Summary
Truist Financial Corporation
	Page
Financial Highlights	1
Financial Highlights - Five Quarter Trend	2
Consolidated Statements of Income	3
Consolidated Statements of Income - Five Quarter Trend	4
Segment Financial Performance - Five Quarter Trend	5
Consolidated Ending Balance Sheets - Five Quarter Trend	6
Average Balance Sheets	7
Average Balance Sheets - Five Quarter Trend	8
Average Balances and Rates - Quarters	9
Credit Quality	11
Capital Information - Five Quarter Trend	15
Selected Mortgage Banking Information & Additional Information	16
Selected Items	17
Non-GAAP Reconciliations	17

Financial Highlights
	Quarter Ended
	March 31						%
(Dollars in millions, except per share data, shares in thousands)	2020			2019			Change
Summary Income Statement
Interest income - taxable equivalent	$	4,463		$	2,197		103.1	%
Interest expense	776			477			62.7
Net interest income - taxable equivalent	3,687			1,720			114.4
Less: Taxable-equivalent adjustment	37			24			54.2
Net interest income	3,650			1,696			115.2
Provision for credit losses	893			155			NM
Net interest income after provision for credit losses	2,757			1,541			78.9
Noninterest income	1,961			1,202			63.1
Noninterest expense	3,431			1,768			94.1
Income before income taxes	1,287			975			32.0
Provision for income taxes	224			177			26.6
Net income	1,063			798			33.2
Noncontrolling interests	3			6			(50.0)
Preferred stock dividends	74			43			72.1
Net income available to common shareholders	986			749			31.6
Per Common Share Data
Earnings per share-basic	$	0.73		$	0.98		(25.5)	%
Earnings per share-diluted	0.73			0.97			(24.7)
Earnings per share-adjusted diluted (1)	0.87			1.05			(17.1)
Cash dividends declared	0.450			0.405			11.1
Common shareholders' equity	45.49			36.26			25.5
Tangible common shareholders' equity (1)	26.00			22.78			14.1
End of period shares outstanding	1,347,461			765,920			75.9
Weighted average shares outstanding-basic	1,344,372			764,135			75.9
Weighted average shares outstanding-diluted	1,357,545			774,071			75.4
Performance Ratios
Return on average assets	0.90		%	1.43		%
Return on average risk-weighted assets (current period is preliminary)	1.11			1.78
Return on average common shareholders' equity	6.58			11.08
Return on average tangible common shareholders' equity (1)	13.23			18.36
Net interest margin - taxable equivalent	3.58			3.51
Fee income ratio	34.9			41.5
Efficiency ratio-GAAP	61.1			61.0
Efficiency ratio-adjusted (1)	53.4			56.6
Credit Quality
Nonperforming assets as a percentage of:
Assets	0.23		%	0.26		%
Loans and leases plus foreclosed property	0.36			0.39
Net charge-offs as a percentage of average loans and leases	0.36			0.40
Allowance for loan and lease losses as a percentage of loans and leases held for investment	1.63			1.05
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	5.04x			2.97x
Average Balances
Assets	$	477,550		$	225,573		111.7	%
Securities (2)	75,701			46,734			62.0
Loans and leases	307,748			148,790			106.8
Deposits	334,649			160,045			109.1
Common shareholders' equity	60,224			27,432			119.5
Total shareholders' equity	65,412			30,541			114.2
Period-End Balances
Assets	$	506,229		$	227,683		122.3	%
Securities (2)	78,398			46,410			68.9
Loans and leases	324,039			149,891			116.2
Deposits	350,179			159,766			119.2
Common shareholders' equity	61,295			27,770			120.7
Total shareholders' equity	66,061			30,883			113.9
Capital Ratios (current quarter is preliminary)
Risk-based:
Common equity Tier 1	9.3		%	10.3		%
Tier 1	10.5			12.0
Total	12.6			14.2
Leverage	9.0			10.1
Supplementary leverage	7.8			NA
Applicable ratios are annualized.
NM - not meaningful
(1) Represents a non-GAAP measure. See the calculations and management's reasons for using these measures in the Non-GAAP Reconciliations and Preliminary Capital Information - Five Quarter Trend sections of this supplement.
(2) 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. In 4Q19, Truist transferred all HTM securities into AFS securities in response to changes in regulatory capital rules.

Truist Financial Corporation 1

Financial Highlights - Five Quarter Trend
	Quarter Ended
	March 31			Dec. 31			Sept. 30			June 30			March 31
(Dollars in millions, except per share data, shares in thousands)	2020			2019			2019			2019			2019
Summary Income Statement
Interest income - taxable equivalent	$	4,463		$	2,837		$	2,241		$	2,230		$	2,197
Interest expense	776			585			518			516			477
Net interest income - taxable equivalent	3,687			2,252			1,723			1,714			1,720
Less: Taxable-equivalent adjustment	37			25			23			24			24
Net interest income	3,650			2,227			1,700			1,690			1,696
Provision for credit losses	893			171			117			172			155
Net interest income after provision for credit losses	2,757			2,056			1,583			1,518			1,541
Noninterest income	1,961			1,398			1,303			1,352			1,202
Noninterest expense	3,431			2,575			1,840			1,751			1,768
Income before income taxes	1,287			879			1,046			1,119			975
Provision for income taxes	224			153			218			234			177
Net income	1,063			726			828			885			798
Noncontrolling interests	3			5			3			(1)			6
Preferred stock dividends	74			19			90			44			43
Net income available to common shareholders	986			702			735			842			749
Per Common Share Data
Earnings per share-basic	$	0.73		$	0.76		$	0.96		$	1.10		$	0.98
Earnings per share-diluted	0.73			0.75			0.95			1.09			0.97
Earnings per share-adjusted diluted (1)	0.87			1.12			1.07			1.12			1.05
Cash dividends declared	0.450			0.450			0.450			0.405			0.405
Common shareholders' equity	45.49			45.66			38.07			37.40			36.26
Tangible common shareholders' equity (1)	26.00			25.93			24.66			23.93			22.78
End of period shares outstanding	1,347,461			1,342,166			766,303			766,010			765,920
Weighted average shares outstanding-basic	1,344,372			922,840			766,167			765,958			764,135
Weighted average shares outstanding-diluted	1,357,545			934,718			775,791			774,603			774,071
Performance Ratios
Return on average assets	0.90		%	0.95		%	1.41		%	1.55		%	1.43		%
Return on average risk-weighted assets (current quarter is preliminary)	1.11			1.02			1.75			1.92			1.78
Return on average common shareholders' equity	6.58			7.33			10.04			11.98			11.08
Return on average tangible common shareholders' equity (1)	13.23			12.91			16.03			19.45			18.36
Net interest margin - taxable equivalent	3.58			3.41			3.37			3.42			3.51
Fee income ratio	34.9			38.6			43.4			44.4			41.5
Efficiency ratio-GAAP	61.1			71.0			61.3			57.6			61.0
Efficiency ratio-adjusted (1)	53.4			57.5			57.1			55.1			56.6
Credit Quality
Nonperforming assets as a percentage of:
Assets	0.23		%	0.14		%	0.22		%	0.23		%	0.26		%
Loans and leases plus foreclosed property	0.36			0.19			0.34			0.34			0.39
Net charge-offs as a percentage of average loans and leases	0.36			0.40			0.41			0.38			0.40
Allowance for loan and lease losses as a percentage of loans and leases held for investment	1.63			0.52			1.05			1.05			1.05
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	5.04x			3.41x			3.52x			3.46x			2.97x
Average Balances
Assets	$	477,550		$	302,059		$	232,420		$	229,249		$	225,573
Securities (2)	75,701			60,699			48,900			46,115			46,734
Loans and leases	307,748			193,641			152,042			151,557			148,790
Deposits	334,649			210,716			161,992			159,891			160,045
Common shareholders' equity	60,224			38,031			29,040			28,188			27,432
Total shareholders' equity	65,412			41,740			32,744			31,301			30,541
Period-End Balances
Assets	$	506,229		$	473,078		$	236,750		$	230,872		$	227,683
Securities (2)	78,398			74,727			54,765			45,289			46,410
Loans and leases	324,039			308,215			150,855			153,823			149,891
Deposits	350,179			334,727			162,280			159,521			159,766
Common shareholders' equity	61,295			61,282			29,177			28,650			27,770
Total shareholders' equity	66,061			66,558			32,303			31,764			30,883
Capital Ratios (current quarter is preliminary)
Risk-based:
Common equity Tier 1	9.3		%	9.5		%	10.6		%	10.4		%	10.3		%
Tier 1	10.5			10.8			12.2			12.0			12.0
Total	12.6			12.6			14.8			14.2			14.2
Leverage (3)	9.0			14.7			10.3			10.2			10.1
Supplementary leverage (4)	7.8			7.9			NA			NA			NA
Applicable ratios are annualized.
(1) Represents a non-GAAP measure. See the calculations and management's reasons for using these measures in the Non-GAAP Reconciliations and Preliminary Capital Information - Five Quarter Trend sections of this supplement.
(2) 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. In 4Q19, Truist transferred all HTM securities into AFS securities in response to changes in regulatory capital rules.
(3) The leverage ratio is calculated using end of period Tier 1 capital and quarterly average tangible assets. The timing of the merger impacted the 4Q19 result.
(4) Truist became subject to the supplementary leverage ratio in 2020. The 4Q19 measure was an estimate based on a full quarter of average tangible assets.

Consolidated Statements of Income
	Quarter Ended
	March 31				Change
(Dollars in millions, except per share data, shares in thousands)	2020		2019		$		%
Interest Income
Interest and fees on loans and leases	$	3,776	$	1,839	$	1,937	105.3	%
Interest on securities	494		302		192		63.6
Interest on other earning assets	156		32		124		NM
Total interest income	4,426		2,173		2,253		103.7
Interest Expense
Interest on deposits	421		253		168		66.4
Interest on long-term debt	272		192		80		41.7
Interest on other borrowings	83		32		51		159.4
Total interest expense	776		477		299		62.7
Net Interest Income	3,650		1,696		1,954		115.2
Provision for credit losses	893		155		738		NM
Net Interest Income After Provision for Credit Losses	2,757		1,541		1,216		78.9
Noninterest Income
Insurance income	549		510		39		7.6
Service charges on deposits	305		171		134		78.4
Wealth management income	332		162		170		104.9
Card and payment related fees	187		128		59		46.1
Residential mortgage income	245		49		196		NM
Investment banking and trading income	118		27		91		NM
Operating lease income	77		35		42		120.0
Income from bank-owned life insurance	44		28		16		57.1
Lending related fees	67		25		42		168.0
Commercial real estate related income	44		14		30		NM
Securities gains (losses)	(2)		—		(2)		NM
Other income	(5)		53		(58)		(109.4)
Total noninterest income	1,961		1,202		759		63.1
Noninterest Expense
Personnel expense	1,972		1,087		885		81.4
Net occupancy expense	221		122		99		81.1
Professional fees and outside processing	247		86		161		187.2
Software expense	210		72		138		191.7
Equipment expense	116		65		51		78.5
Marketing and customer development	84		27		57		NM
Operating lease depreciation	71		29		42		144.8
Loan-related expense	62		25		37		148.0
Amortization of intangibles	165		32		133		NM
Regulatory costs	29		18		11		61.1
Merger-related and restructuring charges	107		80		27		33.8
Other expense	147		125		22		17.6
Total noninterest expense	3,431		1,768		1,663		94.1
Earnings
Income before income taxes	1,287		975		312		32.0
Provision for income taxes	224		177		47		26.6
Net income	1,063		798		265		33.2
Noncontrolling interests	3		6		(3)		(50.0)
Preferred stock dividends	74		43		31		72.1
Net income available to common shareholders	$	986	$	749	$	237	31.6	%
Earnings Per Common Share
Basic	$	0.73	$	0.98	$	(0.25)	(25.5)	%
Diluted	0.73		0.97		(0.24)		(24.7)
Weighted Average Shares Outstanding
Basic	1,344,372		764,135		580,237		75.9
Diluted	1,357,545		774,071		583,474		75.4
NM - not meaningful

Truist Financial Corporation 2

Consolidated Statements of Income - Five Quarter Trend
	Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions, except per share data, shares in thousands)	2020		2019		2019		2019		2019
Interest Income
Interest and fees on loans and leases	$	3,776	$	2,371	$	1,886	$	1,886	$	1,839
Interest on securities	494		402		315		300		302
Interest on other earning assets	156		39		17		20		32
Total interest income	4,426		2,812		2,218		2,206		2,173
Interest Expense
Interest on deposits	421		304		271		273		253
Interest on long-term debt	272		219		193		193		192
Interest on other borrowings	83		62		54		50		32
Total interest expense	776		585		518		516		477
Net Interest Income	3,650		2,227		1,700		1,690		1,696
Provision for credit losses	893		171		117		172		155
Net Interest Income After Provision for Credit Losses	2,757		2,056		1,583		1,518		1,541
Noninterest Income
Insurance income	549		509		487		566		510
Service charges on deposits	305		222		188		181		171
Wealth management income	332		206		175		172		162
Card and payment related fees	187		156		132		139		128
Residential mortgage income	245		65		80		91		49
Investment banking and trading income	118		109		60		48		27
Operating lease income	77		47		36		35		35
Income from bank-owned life insurance	44		38		29		34		28
Lending related fees	67		47		24		28		25
Commercial real estate related income	44		48		32		22		14
Securities gains (losses)	(2)		(116)		—		—		—
Other income	(5)		67		60		36		53
Total noninterest income	1,961		1,398		1,303		1,352		1,202
Noninterest Expense
Personnel expense	1,972		1,465		1,161		1,120		1,087
Net occupancy expense	221		147		122		116		122
Professional fees and outside processing	247		161		102		84		86
Software expense	210		118		77		71		72
Equipment expense	116		83		64		68		65
Marketing and customer development	84		45		36		29		27
Operating lease depreciation	71		43		35		29		29
Loan-related expense	62		42		26		30		25
Amortization of intangibles	165		71		29		32		32
Regulatory costs	29		24		20		19		18
Merger-related and restructuring charges	107		223		34		23		80
Other expense	147		153		134		130		125
Total noninterest expense	3,431		2,575		1,840		1,751		1,768
Earnings
Income before income taxes	1,287		879		1,046		1,119		975
Provision for income taxes	224		153		218		234		177
Net income	1,063		726		828		885		798
Noncontrolling interests	3		5		3		(1)		6
Preferred stock dividends	74		19		90		44		43
Net income available to common shareholders	$	986	$	702	$	735	$	842	$	749
Earnings Per Common Share
Basic	$	0.73	$	0.76	$	0.96	$	1.10	$	0.98
Diluted	0.73		0.75		0.95		1.09		0.97
Weighted Average Shares Outstanding
Basic	1,344,372		922,840		766,167		765,958		764,135
Diluted	1,357,545		934,718		775,791		774,603		774,071

4 Truist Financial Corporation

Segment Financial Performance - Preliminary
	Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions)	2020		2019		2019		2019		2019
Consumer Banking and Wealth
Net interest income (expense)	$	1,860	$	1,114	$	855	$	835	$	828
Net intersegment interest income (expense)	388		278		225		210		193
Segment net interest income	2,248		1,392		1,080		1,045		1,021
Allocated provision for credit losses	437		145		115		123		131
Noninterest income	1,072		646		574		580		507
Noninterest expense	1,993		1,319		930		899		882
Income (loss) before income taxes	890		574		609		603		515
Provision (benefit) for income taxes	209		139		147		146		125
Segment net income (loss)	$	681	$	435	$	462	$	457	$	390
Corporate and Commercial Banking
Net interest income (expense)	$	1,534	$	934	$	729	$	751	$	739
Net intersegment interest income (expense)	(194)		(95)		(85)		(109)		(105)
Segment net interest income	1,340		839		644		642		634
Allocated provision for credit losses	399		17		14		51		20
Noninterest income	460		419		277		251		244
Noninterest expense	886		575		342		325		315
Income (loss) before income taxes	515		666		565		517		543
Provision (benefit) for income taxes	92		144		119		107		113
Segment net income (loss)	$	423	$	522	$	446	$	410	$	430
Insurance Holdings
Net interest income (expense)	$	36	$	38	$	39	$	35	$	34
Net intersegment interest income (expense)	(11)		(11)		(11)		(10)		(11)
Segment net interest income	25		27		28		25		23
Allocated provision for credit losses	1		2		2		2		3
Noninterest income	557		536		491		570		515
Noninterest expense	440		481		435		444		417
Income (loss) before income taxes	141		80		82		149		118
Provision (benefit) for income taxes	36		21		21		38		30
Segment net income (loss)	$	105	$	59	$	61	$	111	$	88
Other, Treasury & Corporate (1)
Net interest income (expense)	$	220	$	141	$	77	$	69	$	95
Net intersegment interest income (expense)	(183)		(172)		(129)		(91)		(77)
Segment net interest income	37		(31)		(52)		(22)		18
Allocated provision for credit losses	56		7		(14)		(4)		1
Noninterest income	(128)		(203)		(39)		(49)		(64)
Noninterest expense	112		200		133		83		154
Income (loss) before income taxes	(259)		(441)		(210)		(150)		(201)
Provision (benefit) for income taxes	(113)		(151)		(69)		(57)		(91)
Segment net income (loss)	$	(146)	$	(290)	$	(141)	$	(93)	$	(110)
Total Truist Financial Corporation
Net interest income (expense)	$	3,650	$	2,227	$	1,700	$	1,690	$	1,696
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income	3,650		2,227		1,700		1,690		1,696
Allocated provision for credit losses	893		171		117		172		155
Noninterest income	1,961		1,398		1,303		1,352		1,202
Noninterest expense	3,431		2,575		1,840		1,751		1,768
Income (loss) before income taxes	1,287		879		1,046		1,119		975
Provision (benefit) for income taxes	224		153		218		234		177
Net income	$	1,063	$	726	$	828	$	885	$	798
Effective December 2019, segments were realigned in connection with the SunTrust merger. Results for prior periods have been revised to reflect the new structure.
(1) Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure.

Truist Financial Corporation 5

Consolidated Ending Balance Sheets - Five Quarter Trend
	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions)	2020		2019		2019		2019		2019
Assets
Cash and due from banks	$	5,312	$	4,084	$	2,027	$	1,831	$	1,873
Interest-bearing deposits with banks	31,036		14,981		877		722		847
Federal funds sold and securities purchased under resale agreements or similar arrangements	1,796		1,417		114		148		252
Trading assets	3,863		5,733		400		1,429		1,524
Securities available for sale at fair value	78,398		74,727		35,997		25,802		26,315
Securities held to maturity at amortized cost	—		—		18,768		19,487		20,095
Loans and leases:
Commercial:
Commercial and industrial	149,161		130,180		64,324		63,693		61,978
CRE	27,532		26,832		17,080		16,976		16,718
Commercial construction	6,630		6,205		3,804		3,746		4,111
Lease financing	5,984		6,122		2,356		2,203		2,098
Consumer:
Residential mortgage	53,096		52,071		28,297		32,607		31,572
Residential home equity and direct	27,629		27,044		11,646		11,675		11,646
Indirect auto	25,146		24,442		11,871		11,756		11,506
Indirect other	10,980		11,100		6,590		6,453		6,017
Student	7,771		6,743		—		—		—
Credit card	5,300		5,619		3,058		3,056		2,970
PCI	—		3,484		387		421		441
Total loans and leases held for investment	319,229		299,842		149,413		152,586		149,057
Loans held for sale	4,810		8,373		1,442		1,237		834
Total loans and leases	324,039		308,215		150,855		153,823		149,891
Allowance for loan and lease losses	(5,211)		(1,549)		(1,573)		(1,595)		(1,561)
Premises and equipment	3,999		3,712		2,022		2,029		2,078
Goodwill	23,927		24,154		9,832		9,830		9,818
Core deposit and other intangible assets	3,168		3,142		678		712		726
Mortgage servicing rights	2,150		2,630		929		982		1,049
Other assets	33,752		31,832		15,824		15,672		14,776
Total assets	$	506,229	$	473,078	$	236,750	$	230,872	$	227,683
Liabilities
Deposits:
Noninterest-bearing deposits	$	97,618	$	92,405	$	52,667	$	52,458	$	53,021
Interest checking	92,950		85,492		27,723		28,021		28,028
Money market and savings	124,072		120,934		64,454		63,972		63,739
Time deposits	35,539		35,896		16,526		15,070		14,978
Foreign office deposits - interest-bearing	—		—		910		—		—
Total deposits	350,179		334,727		162,280		159,521		159,766
Short-term borrowings	12,696		18,218		10,405		10,344		6,305
Long-term debt	65,662		41,339		25,520		22,640		24,729
Other liabilities	11,631		12,236		6,242		6,603		6,000
Total liabilities	440,168		406,520		204,447		199,108		196,800
Shareholders' Equity:
Preferred stock	4,599		5,102		3,057		3,053		3,053
Common stock	6,737		6,711		3,832		3,830		3,830
Additional paid-in capital	35,584		35,609		6,931		6,889		6,843
Retained earnings	18,076		19,806		19,440		19,050		18,518
Accumulated other comprehensive loss	898		(844)		(1,026)		(1,119)		(1,421)
Noncontrolling interests	167		174		69		61		60
Total shareholders' equity	66,061		66,558		32,303		31,764		30,883
Total liabilities and shareholders' equity	$	506,229	$	473,078	$	236,750	$	230,872	$	227,683
In 4Q19, Truist transferred all HTM securities into AFS securities in response to changes in regulatory capital rules.

6 Truist Financial Corporation

Average Balance Sheets
	Quarter Ended
	March 31				Change
(Dollars in millions)	2020		2019		$		%
Assets
Securities at amortized cost (1):
U.S. Treasury	$	2,274	$	3,302	$	(1,028)	(31.1)	%
U.S. government-sponsored entities (GSE)	1,856		2,418		(562)		(23.2)
Mortgage-backed securities issued by GSE	70,816		40,044		30,772		76.8
States and political subdivisions	530		620		(90)		(14.5)
Non-agency mortgage-backed	185		315		(130)		(41.3)
Other	40		35		5		14.3
Total securities	75,701		46,734		28,967		62.0
Loans and leases:
Commercial:
Commercial and industrial	131,743		61,370		70,373		114.7
CRE	27,046		16,786		10,260		61.1
Commercial construction	6,409		4,119		2,290		55.6
Lease financing	6,070		2,021		4,049		NM
Consumer:
Residential mortgage	52,993		31,370		21,623		68.9
Residential home equity and direct	27,564		11,681		15,883		136.0
Indirect auto	24,975		11,308		13,667		120.9
Indirect other	10,950		6,029		4,921		81.6
Student	7,787		—		7,787		NM
Credit card	5,534		2,922		2,612		89.4
PCI	—		455		(455)		(100.0)
Total loans and leases held for investment	301,071		148,061		153,010		103.3
Loans held for sale	6,677		729		5,948		NM
Total loans and leases	307,748		148,790		158,958		106.8
Interest earning trading assets	6,334		602		5,732		NM
Other earning assets	23,750		1,595		22,155		NM
Total earning assets	413,533		197,721		215,812		109.1
Nonearning assets	64,017		27,852		36,165		129.8
Total assets	$	477,550	$	225,573	$	251,977	111.7	%
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing deposits	$	93,135	$	52,283	$	40,852	78.1	%
Interest checking	85,008		27,622		57,386		NM
Money market and savings	120,936		63,325		57,611		91.0
Time deposits	35,570		16,393		19,177		117.0
Foreign office deposits - interest-bearing	—		422		(422)		(100.0)
Total deposits	334,649		160,045		174,604		109.1
Short-term borrowings	18,900		5,624		13,276		NM
Long-term debt	46,547		23,247		23,300		100.2
Other liabilities	12,042		6,116		5,926		96.9
Total liabilities	412,138		195,032		217,106		111.3
Shareholders' equity	65,412		30,541		34,871		114.2
Total liabilities and shareholders' equity	$	477,550	$	225,573	$	251,977	111.7	%
Average balances exclude basis adjustments for fair value hedges.
(1) Includes AFS and HTM securities.
NM - not meaningful

Truist Financial Corporation 7

Average Balance Sheets - Five Quarter Trend
	Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions)	2020		2019		2019		2019		2019
Assets
Securities at amortized cost (1):
U.S. Treasury	$	2,274	$	2,384	$	2,240	$	2,662	$	3,302
U.S. government-sponsored entities (GSE)	1,856		2,301		2,449		2,440		2,418
Mortgage-backed securities issued by GSE	70,816		55,119		43,415		40,112		40,044
States and political subdivisions	530		598		566		566		620
Non-agency mortgage-backed	185		263		198		302		315
Other	40		34		32		33		35
Total securities	75,701		60,699		48,900		46,115		46,734
Loans and leases:
Commercial:
Commercial and industrial	131,743		81,853		63,768		62,563		61,370
CRE	27,046		19,896		17,042		16,854		16,786
Commercial construction	6,409		4,506		3,725		3,894		4,119
Lease financing	6,070		3,357		2,260		2,122		2,021
Consumer:
Residential mortgage	52,993		34,824		28,410		32,066		31,370
Residential home equity and direct	27,564		15,810		11,650		11,687		11,681
Indirect auto	24,975		15,390		11,810		11,633		11,308
Indirect other	10,950		7,772		6,552		6,246		6,029
Student	7,787		1,825		—		—		—
Credit card	5,534		3,788		3,036		2,970		2,922
PCI	—		1,220		411		432		455
Total loans and leases held for investment	301,071		190,241		148,664		150,467		148,061
Loans held for sale	6,677		3,400		3,378		1,090		729
Total loans and leases	307,748		193,641		152,042		151,557		148,790
Interest earning trading assets	6,334		2,370		668		1,456		602
Other earning assets	23,750		6,405		1,798		1,711		1,595
Total earning assets	413,533		263,115		203,408		200,839		197,721
Nonearning assets	64,017		38,944		29,012		28,410		27,852
Total assets	$	477,550	$	302,059	$	232,420	$	229,249	$	225,573
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing deposits	$	93,135	$	64,485	$	52,500	$	52,680	$	52,283
Interest checking	85,008		43,246		27,664		27,708		27,622
Money market and savings	120,936		79,903		64,920		63,394		63,325
Time deposits	35,570		23,058		16,643		15,730		16,393
Foreign office deposits - interest-bearing	—		24		265		379		422
Total deposits	334,649		210,716		161,992		159,891		160,045
Short-term borrowings	18,900		11,489		8,307		8,367		5,624
Long-term debt	46,547		29,888		22,608		23,233		23,247
Other liabilities	12,042		8,226		6,769		6,457		6,116
Total liabilities	412,138		260,319		199,676		197,948		195,032
Shareholders' equity	65,412		41,740		32,744		31,301		30,541
Total liabilities and shareholders' equity	$	477,550	$	302,059	$	232,420	$	229,249	$	225,573
Average balances exclude basis adjustments for fair value hedges.
(1) Includes AFS and HTM securities.

8 Truist Financial Corporation

Average Balances and Rates - Quarters
	Quarter Ended
	March 31, 2020						December 31, 2019
	(1)		(2) Interest		(2)		(1)		(2) Interest		(2)
	Average		Income/		Yields/		Average		Income/		Yields/
(Dollars in millions)	Balances		Expense		Rates		Balances		Expense		Rates
Assets
Securities at amortized cost (3):
U.S. Treasury	$	2,274	$	11	1.93	%	$	2,384	$	12	1.97	%
U.S. government-sponsored entities (GSE)	1,856		10		2.33		2,301		12		2.28
Mortgage-backed securities issued by GSE	70,816		461		2.60		55,119		366		2.64
States and political subdivisions	530		5		3.56		598		4		3.38
Non-agency mortgage-backed	185		8		16.72		263		9		13.15
Other	40		—		3.01		34		—		3.53
Total securities	75,701		495		2.62		60,699		403		2.65
Loans and leases:
Commercial:
Commercial and industrial	131,743		1,419		4.33		81,853		862		4.18
CRE	27,046		287		4.25		19,896		223		4.43
Commercial construction	6,409		76		4.87		4,506		57		5.17
Lease financing	6,070		65		4.27		3,357		32		3.79
Consumer:
Residential mortgage	52,993		594		4.48		34,824		361		4.15
Residential home equity and direct	27,564		452		6.60		15,810		242		6.04
Indirect auto	24,975		428		6.89		15,390		312		8.04
Indirect other	10,950		201		7.37		7,772		133		6.77
Student	7,787		104		5.38		1,825		24		5.20
Credit card	5,534		133		9.68		3,788		85		9.06
PCI	—		—		—		1,220		33		10.63
Total loans and leases held for investment	301,071		3,759		5.02		190,241		2,364		4.94
Loans held for sale	6,677		53		3.14		3,400		31		3.52
Total loans and leases	307,748		3,812		4.98		193,641		2,395		4.91
Interest earning trading assets	6,334		64		4.04		2,370		11		1.84
Other earning assets	23,750		92		1.55		6,405		28		1.78
Total earning assets	413,533		4,463		4.33		263,115		2,837		4.29
Nonearning assets	64,017						38,944
Total assets	$	477,550					$	302,059
Liabilities and Shareholders' Equity
Interest-bearing deposits:
Interest checking	$	85,008	129		0.61		$	43,246	65		0.60
Money market and savings	120,936		178		0.59		79,903		152		0.76
Time deposits	35,570		114		1.29		23,058		87		1.48
Foreign office deposits - interest-bearing	—		—		—		24		—		2.19
Total interest-bearing deposits (4)	241,514		421		0.70		146,231		304		0.82
Short-term borrowings	18,900		83		1.76		11,489		62		2.15
Long-term debt	46,547		272		2.34		29,888		219		2.92
Total interest-bearing liabilities	306,961		776		1.02		187,608		585		1.24
Noninterest-bearing deposits (4)	93,135						64,485
Other liabilities	12,042						8,226
Shareholders' equity	65,412						41,740
Total liabilities and shareholders' equity	$	477,550					$	302,059
Average interest-rate spread					3.31						3.05
Net interest income/ net interest margin			$	3,687	3.58	%			$	2,252	3.41	%
Taxable-equivalent adjustment			$	37					$	25
Applicable ratios are annualized.
(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.
(3) Includes AFS and HTM securities.
(4) Total deposit costs were 0.51% and 0.57% for the three months ended March 31, 2020 and December 31, 2019, respectively.

Truist Financial Corporation 9

Average Balances and Rates - Quarters
	Quarter Ended
	September 30, 2019						June 30, 2019						March 31, 2019
	(1)		(2) Interest		(2)		(1)		(2) Interest		(2)		(1)		(2) Interest		(2)
	Average		Income/		Yields/		Average		Income/		Yields/		Average		Income/		Yields/
(Dollars in millions)	Balances		Expense		Rates		Balances		Expense		Rates		Balances		Expense		Rates
Assets
Securities at amortized cost (3):
U.S. Treasury	$	2,240	$	11	2.04	%	$	2,662	$	14	2.04	%	$	3,302	$	16	2.01	%
U.S. government-sponsored entities (GSE)	2,449		14		2.25		2,440		13		2.25		2,418		14		2.24
Mortgage-backed securities issued by GSE	43,415		279		2.57		40,112		258		2.57		40,044		258		2.58
States and political subdivisions	566		5		3.44		566		6		4.37		620		6		3.73
Non-agency mortgage-backed	198		9		18.77		302		10		13.28		315		10		12.51
Other	32		—		3.67		33		1		3.85		35		—		3.96
Total securities	48,900		318		2.60		46,115		302		2.62		46,734		304		2.60
Loans and leases:
Commercial:
Commercial and industrial	63,768		671		4.18		62,563		679		4.35		61,370		656		4.33
CRE	17,042		209		4.83		16,854		210		4.97		16,786		207		4.99
Commercial construction	3,725		47		5.11		3,894		50		5.32		4,119		54		5.33
Lease financing	2,260		18		3.17		2,122		17		3.29		2,021		17		3.33
Consumer:
Residential mortgage	28,410		285		4.02		32,066		321		4.00		31,370		324		4.13
Residential home equity and direct	11,650		173		5.92		11,687		173		5.97		11,681		171		5.92
Indirect auto	11,810		262		8.84		11,633		254		8.71		11,308		240		8.62
Indirect other	6,552		110		6.61		6,246		102		6.63		6,029		98		6.57
Student	—		—		—		—		—		—		—		—		—
Credit card	3,036		71		9.18		2,970		67		8.94		2,922		65		9.03
PCI	411		25		24.23		432		24		21.63		455		20		17.99
Total loans and leases held for investment	148,664		1,871		5.00		150,467		1,897		5.05		148,061		1,852		5.06
Loans held for sale	3,378		35		4.16		1,090		11		4.17		729		8		4.38
Total loans and leases	152,042		1,906		4.98		151,557		1,908		5.05		148,790		1,860		5.06
Interest earning trading assets	668		3		2.02		1,456		8		2.25		602		4		2.27
Other earning assets	1,798		14		2.92		1,711		12		2.88		1,595		29		7.43
Total earning assets	203,408		2,241		4.38		200,839		2,230		4.45		197,721		2,197		4.49
Nonearning assets	29,012						28,410						27,852
Total assets	$	232,420					$	229,249					$	225,573
Liabilities and Shareholders' Equity
Interest-bearing deposits:
Interest checking	$	27,664	47		0.67		$	27,708	45		0.65		$	27,622	40		0.59
Money market and savings	64,920		156		0.95		63,394		163		1.03		63,325		150		0.96
Time deposits	16,643		67		1.62		15,730		63		1.58		16,393		60		1.50
Foreign office deposits - interest-bearing	265		1		2.13		379		2		2.43		422		3		2.43
Total interest-bearing deposits (4)	109,492		271		0.99		107,211		273		1.02		107,762		253		0.95
Short-term borrowings	8,307		54		2.55		8,367		50		2.40		5,624		32		2.32
Long-term debt	22,608		193		3.42		23,233		193		3.33		23,247		192		3.30
Total interest-bearing liabilities	140,407		518		1.47		138,811		516		1.49		136,633		477		1.41
Noninterest-bearing deposits (4)	52,500						52,680						52,283
Other liabilities	6,769						6,457						6,116
Shareholders' equity	32,744						31,301						30,541
Total liabilities and shareholders' equity	$	232,420					$	229,249					$	225,573
Average interest-rate spread					2.91						2.96						3.08
Net interest income/ net interest margin			$	1,723	3.37	%			$	1,714	3.42	%			$	1,720	3.51	%
Taxable-equivalent adjustment			$	23					$	24					$	24
Applicable ratios are annualized.
(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.
(3) Includes AFS and HTM securities.
(4) Total deposit costs were 0.67%, 0.68% and 0.64% for the three months ended September 30, 2019, June 30, 2019 and March 31, 2019, respectively.

10 Truist Financial Corporation

Credit Quality
	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions)	2020		2019		2019		2019		2019
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	443	$	212	$	172	$	193	$	196
CRE	18		10		27		31		73
Commercial construction	2		—		2		2		2
Lease financing	27		8		2		2		1
Consumer:
Residential mortgage	248		55		106		104		121
Residential home equity and direct	170		67		56		54		53
Indirect auto	125		100		81		74		79
Indirect other	1		2		1		1		1
Total nonaccrual loans and leases held for investment	1,034		454		447		461		526
Loans held for sale	41		107		—		—		—
Total nonaccrual loans and leases	1,075		561		447		461		526
Foreclosed real estate	63		82		33		36		33
Other foreclosed property	39		41		29		26		25
Total nonperforming assets	$	1,177	$	684	$	509	$	523	$	584
Troubled Debt Restructurings (TDRs)
Performing TDRs:
Commercial:
Commercial and industrial	$	65	$	47	$	69	$	84	$	63
CRE	7		6		6		7		8
Commercial construction	36		37		1		1		1
Lease financing	1		—		—		—		—
Consumer:
Residential mortgage	513		470		570		581		669
Residential home equity and direct	66		51		54		53		54
Indirect auto	350		333		324		311		302
Indirect other	5		5		4		4		4
Student	1		—		—		—		—
Credit card	35		31		29		29		29
Total performing TDRs	1,079		980		1,057		1,070		1,130
Nonperforming TDRs	121		82		115		135		178
Total TDRs	$	1,200	$	1,062	$	1,172	$	1,205	$	1,308
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	5	$	1	$	—	$	—	$	—
CRE	1		—		—		—		—
Consumer:
Residential mortgage	$	610	$	543	$	347	$	350	$	377
Residential home equity and direct	10		9		8		11		8
Indirect auto	11		11		9		7		5
Indirect other	2		2		—		—		—
Student	1,068		188		—		—		—
Credit card	41		22		15		13		13
PCI	—		1,218		24		26		28
Total loans 90 days past due and still accruing	$	1,748	$	1,994	$	403	$	407	$	431
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	262	$	94	$	34	$	32	$	36
CRE	8		5		1		3		3
Commercial construction	16		1		—		—		—
Lease financing	8		2		1		5		3
Consumer:
Residential mortgage	679		498		432		480		478
Residential home equity and direct	156		122		56		60		69
Indirect auto	521		560		380		354		281
Indirect other	74		85		43		39		35
Student	593		650		—		—		—
Credit card	57		56		29		26		25
PCI	—		140		16		17		18
Total loans 30-89 days past due	$	2,374	$	2,213	$	992	$	1,016	$	948

Truist Financial Corporation 11

	As of/For the Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions)	2020		2019		2019		2019		2019
Allowance for Credit Losses
Beginning balance	$	1,889	$	1,653	$	1,689	$	1,659	$	1,651
CECL adoption - impact to retained earnings	2,762		—		—		—		—
CECL adoption - reserves on PCD assets	378		—		—		—		—
Provision for credit losses	893		171		117		172		155
Charge-offs:
Commercial:
Commercial and industrial	(39)		(23)		(28)		(22)		(17)
CRE	(1)		(5)		(2)		(18)		(8)
Commercial construction	(3)		—		—		—		—
Lease financing	(2)		(9)		(1)		—		(1)
Consumer:
Residential mortgage	(11)		(8)		(3)		(5)		(5)
Residential home equity and direct	(68)		(25)		(24)		(24)		(20)
Indirect auto	(142)		(107)		(92)		(79)		(92)
Indirect other	(18)		(19)		(14)		(12)		(17)
Student	(8)		—		—		—		—
Credit card	(53)		(37)		(25)		(23)		(24)
Total charge-offs	(345)		(233)		(189)		(183)		(184)
Recoveries:
Commercial:
Commercial and industrial	17		6		5		8		6
CRE	—		—		3		2		—
Commercial construction	1		1		—		1		1
Lease financing	—		—		1		—		—
Consumer:
Residential mortgage	2		1		—		—		1
Residential home equity and direct	15		10		6		8		6
Indirect auto	23		13		12		14		13
Indirect other	7		5		3		5		4
Credit card	8		5		6		3		6
Total recoveries	73		41		36		41		37
Net charge-offs	(272)		(192)		(153)		(142)		(147)
Merger related items and other	(39)		257		—		—		—
Ending balance	$	5,611	$	1,889	$	1,653	$	1,689	$	1,659
Allowance for Credit Losses:
Allowance for loan and lease losses (excluding PCD / PCI loans)	$	4,880	$	1,541	$	1,565	$	1,587	$	1,552
Allowance for PCD / PCI loans	331		8		8		8		9
Reserve for unfunded lending commitments (RUFC)	400		340		80		94		98
Total	$	5,611	$	1,889	$	1,653	$	1,689	$	1,659

	As of/For the Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
	2020		2019		2019		2019		2019
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.74	%	0.74	%	0.66	%	0.67	%	0.64	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.55		0.66		0.27		0.27		0.29
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.32		0.15		0.30		0.30		0.35
Nonperforming loans and leases as a percentage of loans and leases (1)	0.33		0.18		0.30		0.30		0.35
Nonperforming assets as a percentage of:
Total assets (1)	0.23		0.14		0.22		0.23		0.26
Loans and leases plus foreclosed property	0.36		0.19		0.34		0.34		0.39
Net charge-offs as a percentage of average loans and leases	0.36		0.40		0.41		0.38		0.40
Allowance for loan and lease losses as a percentage of loans and leases	1.63		0.52		1.05		1.05		1.05
Ratio of allowance for loan and lease losses to:
Net charge-offs	4.76X		2.03X		2.59X		2.80X		2.62X
Nonperforming loans and leases	5.04X		3.41X		3.52X		3.46X		2.97X
Asset Quality Ratios (Excluding Government Guaranteed and PCI)
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.04	%	0.03	%	0.04	%	0.04	%	0.04	%
Applicable ratios are annualized.
(1)Includes loans held for sale.

12 Truist Financial Corporation

	March 31, 2020
					Past Due 30-89					Past Due 90+
(Dollars in millions)	Current Status				Days					Days					Total
Troubled Debt Restructurings
Performing TDRs: (1)
Commercial:
Commercial and industrial	$	64	98.5	%	$	1		1.5	%	$	—		—	%	$	65
CRE	7		100.0		—			—		—			—		7
Commercial construction	36		100.0		—			—		—			—		36
Lease financing	1		100.0		—			—		—			—		1
Consumer:
Residential mortgage	272		53.0		87			17.0		154			30.0		513
Residential home equity and direct	64		97.0		2			3.0		—			—		66
Indirect auto	295		84.3		55			15.7		—			—		350
Indirect other	5		100.0		—			—		—			—		5
Student	1		100.0		—			—		—			—		1
Credit card	29		82.9		4			11.4		2			5.7		35
Total performing TDRs (1)	774		71.7		149			13.8		156			14.5		1,079
Nonperforming TDRs (2)	75		61.9		6			5.0		40			33.1		121
Total TDRs (1)(2)	$	849	70.8	%	$	155		12.9	%	$	196		16.3	%	$	1,200
(1)Past due performing TDRs are included in past due disclosures.
(2)Nonperforming TDRs are included in nonaccrual loan disclosures.
					Quarter Ended
					March 31			Dec. 31		Sept. 30			June 30		March 31
					2020			2019		2019			2019		2019
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial					0.07		%	0.09	%	0.14		%	0.09	%	0.07		%
CRE					0.01			0.09		—			0.41		0.18
Commercial construction					0.13			(0.09)		(0.11)			(0.19)		(0.08)
Lease financing					0.05			1.03		0.11			0.03		0.10
Consumer:
Residential mortgage					0.07			0.09		0.04			0.06		0.05
Residential home equity and direct					0.78			0.39		0.60			0.57		0.47
Indirect auto					1.92			2.41		2.70			2.23		2.88
Indirect other					0.41			0.72		0.60			0.49		0.79
Student					0.38			(0.01)		—			—		—
Credit card					3.30			3.32		2.59			2.50		2.58
Total loans and leases					0.36			0.40		0.41			0.38		0.40
Applicable ratios are annualized.

Credit Quality - Allowance Rollforward with Fair Value Marks
	As of/For the Quarter Ended
	March 31, 2020
(Dollars in millions)	Loans and Leases			RUFC		Total
Beginning balance	$	1,549		$	340	$	1,889
CECL adoption	3,071			69		3,140
Provision (benefit) for credit losses	866			27		893
Net charge offs	(272)			—		(272)
Merger related items and other	(3)			(36)		(39)
Ending balance	5,211			400		5,611
Unamortized fair value mark (1)	3,539			—		3,539
Allowance plus unamortized fair value mark	$	8,750		$	400	$	9,150
Loans and leases held for investment	$	319,229
Unamortized fair value mark (1)	3,539
Gross loans and leases	$	322,768
Allowance for loan and lease losses as a percentage of loans and leases - GAAP	1.63		%
Allowance for loan and lease losses and unamortized fair value mark as a percentage of gross loans and leases - Adjusted (1) (2)	2.71

(1)Unamortized fair value mark includes credit, interest rate and liquidity components.

(2)Allowance for loan and lease losses and unamortized fair value mark as a percentage of gross loans and leases is a non-GAAP measurement of credit reserves that is calculated by adjusting the ALLL and loans and leases held for investment by the unamortized fair value mark. Truist's management uses this measure to assess credit reserves and believes investors may find this measure useful in their analysis of the Corporation.

Truist Financial Corporation 13

Rollforward of Intangible Assets and Selected Fair Value Marks (1)
	As of/For the Quarter Ended
	March 31		Dec. 31
(Dollars in millions)	2020		2019
Loans and Leases (2)
Beginning balance unamortized fair value mark	$	(4,564)	$	(221)
Additions - Merger with SunTrust	—		(4,513)
Accretion	454		170
CECL adoption - reserves on PCD assets	378		—
Adjustments and other additions	193		—
Ending balance	$	(3,539)	$	(4,564)
Core deposit and other intangible assets
Beginning balance	$	3,142	$	678
Additions - Merger with SunTrust	—		2,535
Additions - other acquisitions	31		—
Amortization of intangibles	(165)		(71)
Amortization in net occupancy expense	(5)		$	—
Adjustments	165		$	—
Ending balance	$	3,168	$	3,142
Deposits (3)
Beginning balance unamortized fair value mark	$	(76)	$	—
Additions - Merger with SunTrust	—		(83)
Amortization	22		7
Ending balance	$	(54)	$	(76)
Long-Term Debt (3)
Beginning balance unamortized fair value mark	$	(312)	$	(10)
Additions - Merger with SunTrust	—		(309)
Amortization	27		7
Ending balance	$	(285)	$	(312)

(1)Includes the merger with SunTrust, as well as other acquisitions. This summary includes only selected information and does not represent all purchase accounting adjustments.

(2)Purchase accounting loan marks on loans and leases represents the total mark, including credit, interest and liquidity, and are recognized using level-yield method over the remaining life of the individual loans or recognized in full in the event of prepayment.

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

14 Truist Financial Corporation

Capital Information - Five Quarter Trend
	As of/For the Quarter Ended
	March 31			Dec. 31			Sept. 30			June 30			March 31
(Dollars in millions, except per share data, shares in thousands)	2020			2019			2019			2019			2019
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	36,381		$	35,643		$	19,905		$	19,435		$	18,848
Tier 1	40,978			40,743			22,960			22,486			21,899
Total	49,334			47,511			27,666			26,693			26,078
Risk-weighted assets	391,387			376,056			187,503			187,523			183,060
Average quarterly tangible assets	454,361			276,591			223,298			220,514			217,247
Risk-based capital ratios:
Common equity tier 1	9.3		%	9.5		%	10.6		%	10.4		%	10.3		%
Tier 1	10.5			10.8			12.2			12.0			12.0
Total	12.6			12.6			14.8			14.2			14.2
Leverage capital ratio (1)	9.0			14.7			10.3			10.2			10.1
Supplementary leverage (2)	7.8			7.9			NA			NA			NA
Equity as a percentage of total assets	13.0			14.1			13.6			13.8			13.6
Common equity per common share	$	45.49		$	45.66		$	38.07		$	37.40		$	36.26
(1)The leverage ratio is calculated using end of period Tier 1 capital and quarterly average tangible assets. The timing of the merger impacted the 4Q19 result.
(2)Truist became subject to the supplementary leverage ratio in 2020. The 4Q19 measure was an estimate based on a full quarter of average tangible assets.
	March 31			Dec. 31			Sept. 30			June 30			March 31
(Dollars in millions, except per share data, shares in thousands)	2020			2019			2019			2019			2019
Calculations of Tangible Common Equity and Related Measures: (1)
Total shareholders' equity	$	66,061		$	66,558		$	32,303		$	31,764		$	30,883
Less:
Preferred stock	4,599			5,102			3,057			3,053			3,053
Noncontrolling interests	167			174			69			61			60
Intangible assets, net of deferred taxes	26,263			26,482			10,281			10,317			10,326
Tangible common equity	$	35,032		$	34,800		$	18,896		$	18,333		$	17,444
Outstanding shares at end of period (in thousands)	1,347,461			1,342,166			766,303			766,010			765,920
Tangible Common Equity Per Common Share	$	26.00		$	25.93		$	24.66		$	23.93		$	22.78

(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 the quality of capital and returns relative to balance sheet risk and believes investors may find them useful in their analysis of the Corporation. These measures are not necessarily comparable to similar measures that may be presented by other companies.

Truist Financial Corporation 15

Selected Mortgage Banking Information & Additional Information
	As of/For the Quarter Ended
	March 31			Dec. 31			Sept. 30			June 30			March 31
(Dollars in millions, except per share data)	2020			2019			2019			2019			2019
Residential Mortgage Income
Residential mortgage production revenue	$	206		$	40		$	50		$	37		$	20
Residential mortgage servicing revenue	169			78			64			62			61
Realization of expected residential MSR cash flows	(122)			(59)			(36)			(38)			(33)
Residential mortgage income before MSR valuation	253			59			78			61			48
Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease)	(503)			80			(79)			(47)			(51)
MSRs hedge gains (losses)	495			(74)			81			77			52
Net MSRs valuation	(8)			6			2			30			1
Total residential mortgage income	$	245		$	65		$	80		$	91		$	49
Commercial Real Estate Related Income
Commercial mortgage production revenue	$	36		$	44		$	26		$	20		$	11
Commercial mortgage servicing revenue	19			13			10			9			10
Realization of expected commercial MSR cash flows	(11)			(7)			(7)			(7)			(7)
Commercial real estate related income before MSR valuation	44			50			29			22			14
Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease)	(20)			2			—			(5)			(3)
MSRs hedge gains (losses)	20			(4)			3			5			3
Net MSRs valuation	—			(2)			3			—			—
Commercial real estate related income	$	44		$	48		$	32		$	22		$	14
Other Mortgage Banking Information
Residential mortgage loan originations	$	11,708		$	7,523		$	5,274		$	4,735		$	2,383
Residential mortgage servicing portfolio (1):
Loans serviced for others	219,979			219,347			87,147			85,060			86,119
Bank-owned loans serviced	56,325			60,211			29,122			32,852			31,861
Total servicing portfolio	276,304			279,558			116,269			117,912			117,980
Weighted-average coupon rate on mortgage loans serviced for others	4.02		%	4.04		%	4.09		%	4.07		%	4.06		%
Weighted-average servicing fee on mortgage loans serviced for others	0.313			0.310			0.280			0.279			0.278
Additional Information
Fair value of derivatives, net	3,276			1,687			641			489			158
Common stock prices:
High	56.68			56.92			53.85			51.76			52.45
Low	24.01			50.02			44.98			46.53			42.79
End of period	30.84			56.32			53.37			49.13			46.53
Banking offices	2,957			2,958			1,789			1,787			1,871
ATMs	4,408			4,426			2,376			2,376			2,503
FTEs (2)	56,504			40,691			34,723			34,771			35,334

(1)Amounts reported are unpaid principal balance.

(2)FTEs represents an average for the quarter. The timing of the merger impacted the 4Q19 result.

16 Truist Financial Corporation

Selected Items (1)
	Favorable (Unfavorable)
(Dollars in millions)			After-Tax at
Description	Pre-Tax		Marginal Rate
Selected Items
First Quarter 2020
Incremental operating expenses related to the merger ($44 million in personnel expense, $20 million in professional fees and outside processing, and $10 million in other expense)	$	(74)	$	(57)
COVID-19 impact ($62 million in personnel expense, $4 million in card and payment related fees, $3 million in net occupancy expense, and $2 million in service charges on deposits)	(71)		(54)
Fourth Quarter 2019
Incremental operating expenses related to the merger ($80 million in personnel expense, $12 million in professional fees and outside processing, and $9 million in other expense)	$	(101)	$	(79)
Impact of mortgage portfolio sale ($25 million in provision for credit losses, offset by $22 in residential mortgage income, and a $2 million corporate advance write off included in loan-related expense)	1		1
Third Quarter 2019
Incremental operating expenses related to the merger ($39 million in personnel expense, $12 million in professional fees and outside processing, and $1 million in other expense)	$	(52)	$	(40)
Redemption of preferred shares	(46)		(46)
Impact of mortgage portfolio sale ($16 million in provision for credit losses and $4 million in residential mortgage income)	20		15
Second Quarter 2019
Incremental operating expenses related to the merger ($4 million in personnel expense, and $5 million in professional fees and outside processing)	$	(9)	$	(7)
First Quarter 2019
Incremental operating expenses related to the merger ($1 million in personnel expense, and $1 million in other expense)	$	(2)	$	(1)

(1)Includes costs not classified as merger-related and restructuring charges that are excluded from adjusted disclosures.

Non-GAAP Reconciliations
	Quarter Ended
	March 31			Dec. 31			Sept. 30			June 30			March 31
(Dollars in millions)	2020			2019			2019			2019			2019
Efficiency Ratio (1)
Efficiency Ratio Numerator - Noninterest Expense - GAAP	$	3,431		$	2,575		$	1,840		$	1,751		$	1,768
Merger-related and restructuring charges, net	(107)			(223)			(34)			(23)			(80)
Incremental operating expense related to the merger	(74)			(101)			(52)			(9)			(2)
Amortization	(165)			(71)			(29)			(32)			(32)
Corporate advance write off	—			(2)			—			—			—
COVID-19 impact	(65)			—			—			—			—
Efficiency Ratio Numerator - Adjusted	$	3,020		$	2,178		$	1,725		$	1,687		$	1,654
Efficiency Ratio Denominator - Revenue (2) - GAAP	$	5,611		$	3,625		$	3,003		$	3,042		$	2,898
Taxable equivalent adjustment	37			25			23			24			24
Securities (gains) losses, net	2			116			—			—			—
Gain (loss) on loan portfolio sale	—			22			(4)			—			—
COVID-19 impact	6			—			—			—			—
Efficiency Ratio Denominator - Adjusted	$	5,656		$	3,788		$	3,022		$	3,066		$	2,922
Efficiency Ratio - GAAP	61.1		%	71.0		%	61.3		%	57.6		%	61.0		%
Efficiency Ratio - Adjusted	53.4			57.5			57.1			55.1			56.6

(1)The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. These measures are not necessarily comparable to similar measures that may be presented by other companies.

(2)Revenue is defined as net interest income plus noninterest income.

Truist Financial Corporation 17

	Quarter Ended
	March 31			Dec. 31			Sept. 30			June 30			March 31
(Dollars in millions)	2020			2019			2019			2019			2019
Return on Average Tangible Common Shareholders' Equity (1)
Net income available to common shareholders	$	986		$	702		$	735		$	842		$	749
Plus: Amortization of intangibles, net of tax	126			57			22			24			25
Tangible net income available to common shareholders	$	1,112		$	759		$	757		$	866		$	774
Average common shareholders' equity	$	60,224		$	38,031		$	29,040		$	28,188		$	27,432
Less: Average intangible assets, net of deferred taxes	26,429			14,760			10,298			10,326			10,343
Average tangible common shareholders' equity	$	33,795		$	23,271		$	18,742		$	17,862		$	17,089
Return on average common shareholders' equity	6.58		%	7.33		%	10.04		%	11.98		%	11.08		%
Return on average tangible common shareholders' equity	13.23			12.91			16.03			19.45			18.36

(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 the quality of capital and returns relative to balance sheet risk and believes investors may find them useful in their analysis of the Corporation. These measures are not necessarily comparable to similar measures that may be presented by other companies.

	Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions, except per share data)	2020		2019		2019		2019		2019
Diluted EPS (1)
Net income available to common shareholders - GAAP	$	986	$	702	$	735	$	842	$	749
Merger-related and restructuring charges	82		176		26		19		64
Securities gains (losses)	2		90		—		—		—
Incremental operating expenses related to the merger	57		79		40		7		1
Corporate advance write off	—		1		—		—		—
Gain (loss) on loan portfolio sale	—		17		(3)		—		—
Redemption of preferred shares	—		—		46		—		—
Allowance release related to loan portfolio sale	—		(19)		(12)		—		—
COVID-19 impact	54		—		—		—		—
Net income available to common shareholders - adjusted	$	1,181	$	1,046	$	832	$	868	$	814
Weighted average shares outstanding - diluted	1,357,545		934,718		775,791		774,603		774,071
Diluted EPS - GAAP	$	0.73	$	0.75	$	0.95	$	1.09	$	0.97
Diluted EPS - adjusted	0.87		1.12		1.07		1.12		1.05

(1)The adjusted diluted earnings per share is non-GAAP in that it excludes merger-related and restructuring charges and other selected items, net of tax. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges.

18 Truist Financial Corporation

EX-99.3

First Quarter 2020 Earnings Conference Call Kelly King - Chairman & CEO Daryl Bible - CFO APRIL 20, 2020

Forward-Looking Statement This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the financial condition, results of operations, business plans and the future performance of Truist. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements. Forward-looking statements are not based on historical facts but instead represent management’s expectations and assumptions regarding Truist’s business, the economy and other future conditions. Such statements involve inherent uncertainties, risks and changes in circumstances that are difficult to predict. As such, Truist’s actual results may differ materially from those contemplated by forward-looking statements. While there can be no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those contemplated by forward-looking statements include the following, without limitation, as well as the risks and uncertainties more fully discussed under Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2019 and in Truist's subsequent filings with the Securities and Exchange Commission: = risks and uncertainties relating to the Merger, including the ability to successfully integrate the companies or to realize the anticipated benefits of = legislative, regulatory or accounting changes may adversely affect the businesses in which Truist is engaged; the Merger; = = evolving regulatory standards, including with respect to capital and liquidity requirements, and results of regulatory examinations, may adversely expenses relating to the Merger and integration of heritage BB&T and heritage SunTrust; affect Truist's financial condition and results of operations; = deposit attrition, client loss or revenue loss following completed mergers or acquisitions may be greater than anticipated; = accounting policies and processes require management to make estimates about matters that are uncertain; = changes in the interest rate environment, including the replacement of LIBOR as an interest rate benchmark, which could adversely affect = general economic or business conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, Truist’s revenue and expenses, the value of assets and obligations, and the availability and cost of capital, cash flows, and liquidity; slower deposit or asset growth, a deterioration in credit quality or a reduced demand for credit, insurance or other services; = volatility in mortgage production and servicing revenues, and changes in carrying values of Truist’s servicing assets and mortgages held for sale = due to changes in interest rates; risk management measures and management oversight functions may not identify or address risks adequately; = = management’s ability to effectively manage credit risk; unfavorable resolution of legal proceedings or other claims or regulatory or other governmental investigations or inquiries could result in negative publicity, protests, fines, penalties, restrictions on Truist's operations or ability to expand its business or other negative consequences, all of = inability to access short-term funding or liquidity; which could cause reputational damage and adversely impact Truist's financial condition and results of operations; = loss of client deposits, which could increase Truist’s funding costs; = competitors of Truist may have greater financial resources or develop products that enable them to compete more successfully than Truist and may be subject to different regulatory standards than Truist; = changes in Truist’s credit ratings, which could increase the cost of funding or limit access to capital markets; = failure to maintain or enhance Truist’s competitive position with respect to technology, whether it fails to anticipate client expectations or because = additional capital and liquidity requirements that will result from the Merger; its technological developments fail to perform as desired or are not rolled out in a timely manner or for other reasons, may cause Truist to lose market share or incur additional expense; = regulatory matters, litigation or other legal actions, which may result in, among other things, costs, fines, penalties, restrictions on Truist’s business activities, reputational harm, or other adverse consequences; = fraud or misconduct by internal or external parties, which Truist may not be able to prevent, detect or mitigate; = risks related to originating and selling mortgages, including repurchase and indemnity demands from purchasers related to representations and = operational or communications systems, including systems used by vendors or other external parties, may fail or may be the subject of a breach warranties on loans sold, which could result in an increase in the amount of losses for loan repurchases; or cyber-attack that, if successful, could adversely impact Truist's financial condition and results of operations; = failure to execute on strategic or operational plans, including the ability to successfully complete and/or integrate mergers and acquisitions; = security risks, including denial of service attacks, hacking, social engineering attacks targeting Truist’s employees and clients, malware intrusion = risks relating to Truist’s role as a servicer of loans, including an increase in the scope or costs of the services Truist is required to perform without or data corruption attempts, and identity theft could result in the disclosure of confidential information, adversely affect Truist’s business or any corresponding increase in Truist’s servicing fee, or a breach of Truist’s obligations as servicer; reputation or create significant legal or financial exposure; = = negative public opinion, which could damage Truist’s reputation; the COVID-19 pandemic has disrupted the global economy, and continuation of current conditions could affect Truist’s capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase Truist's allowance for credit losses, impair the collateral values, = increased scrutiny regarding Truist’s consumer sales practices, training practices, incentive compensation design and governance; cause an outflow of deposits, result in lost revenue or additional expenses, result in goodwill impairment charges, and increase Truist’s cost of = capital; competition from new or existing competitors, including increased competition from products and services offered by non-bank financial technology companies, may reduce Truist’s client base, cause Truist to lower prices for its products and services in order to maintain market = natural or other disasters, including acts of terrorism and pandemics, could have an adverse effect on Truist, including a material disruption of share or otherwise adversely impact Truist’s businesses or results of operations; Truist's operations or the ability or willingness of clients to access Truist's products and services; = Truist’s ability to introduce new products and services in response to industry trends or developments in technology that achieve market = widespread system outages, caused by the failure of critical internal systems or critical services provided by third parties could adversely impact acceptance and regulatory approval; Truist's financial condition and results of operations; and = Truist’s success depends on the expertise of key personnel, and if these individuals leave or change their roles without effective replacements = depressed market values for Truist’s stock and adverse economic conditions sustained over a period of time may require a write down to Truist's operations and integration activities could be adversely impacted. This could be exacerbated as Truist continues to integrate the goodwill. management teams of heritage BB&T and heritage SunTrust, or if the organization is unable to hire and retain qualified personnel; Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by applicable law or regulation, Truist undertakes no obligation to revise or update any forward-looking statements. 2

Non-GAAP Information This presentation contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Truist’s management uses these "non-GAAP" measures in their analysis of the Corporation's performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. The company believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. Truist’s management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non- GAAP performance measures that may be presented by other companies. Below is a listing of the types of non-GAAP measures used in this presentation: Adjusted Efficiency Ratio - The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Tangible Common Equity and Related Measures - Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist's management uses these measures to assess the quality of capital and returns relative to balance sheet risk and believes investors may find them useful in their analysis of the Corporation. Core NIM - Core net interest margin is a non-GAAP measure that adjusts net interest margin to exclude the impact of purchase accounting. The purchase accounting marks and related amortization for a) securities acquired from the FDIC in the Colonial Bank acquisition and b) loans, deposits and long-term debt from SunTrust, Susquehanna, National Penn and Colonial Bank are excluded to approximate the yields paid by clients. Interest income for PCI loans adjusts the accretion, net of interest reversals, which approximates the interest received from the client. Truist's management believes the adjustments to the calculation of net interest margin for certain assets and liabilities acquired provide investors with useful information related to the performance of Truist's earning assets. Adjusted Diluted EPS - The adjusted diluted earnings per share is non-GAAP in that it excludes merger-related and restructuring charges and other selected items, net of tax. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Adjusted Operating Leverage - The adjusted operating leverage ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Performance Ratios - The adjusted performance ratios are non-GAAP in that they exclude merger-related and restructuring charges, selected items and, in the case of return on average tangible common shareholders' equity, amortization of intangible assets. Truist's management uses these measures in their analysis of the Corporation's performance. Truist's management believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Insurance Holdings Adjusted EBITDA - EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, depreciation and amortization to net income. Truist's management also adds back merger- related and restructuring charges, incremental operating expenses related to the merger and other selected items. Truist's management uses this measure in its analysis of the Corporation's Insurance Holdings segment. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Allowance for loan and lease losses and unamortized fair value mark as a percentage of gross loans and leases - Allowance for loan and lease losses and unamortized fair value mark as a percentage of gross loans and leases is a non- GAAP measurement of credit reserves that is calculated by adjusting the ALLL and loans and leases held for investment by the unamortized fair value mark. Truist's management uses this measure to assess credit reserves and believes investors may find this measure useful in their analysis of the Corporation. Selected items affecting results are included on slide 8. 3

4

We Are Truist Financial Corporation 275+ combined years of serving our clients and communities 6th largest U.S. #2 weighted $506B commercial bank by assets average deposit assets and market value rank in Top 20 MSAs $324B loans $350B ~12 million households ~58,000 teammates deposits 5 6th largest U.S. commercial bank by assets and market value

Crisis Response In response to the COVID-19 pandemic, Truist acted swiftly to support our communities, clients and teammates Clients Teammates ▪ Providing payment relief assistance including ▪ Awarded $1,200 coronavirus relief bonus to Truist forbearance, deferrals, extensions and re-aging (together teammates making less than $100K/year (~78% of with other modification strategies) workforce) • 300K+ accommodations for consumer clients ▪ Enabled alternative work strategies by supplementing • 16K+ accommodations for wholesale clients network capacity and securing additional IT equipment and infrastructure (more than half of teammates working ▪ Enhanced automation capabilities for contact centers to remotely) accelerate response times ▪ Offered teammates additional support through paid time off, ▪ Temporarily waiving ATM surcharge fees work space flexibility, family care benefits, tutoring, ▪ Offering 5% cash back on qualifying card purchases for employee assistance program, bereavement and additional important basic needs onsite special pay rate of $6.25/hour or $50/day for ▪ Implemented multiple strategies to keep our branches teammates required to work in offices operational and clients safe, including lobby access by ▪ Truist Foundation contributed $4 for every $1 that Truist appointment and the extensive use of drive-thrus teammates donate to the One Team Fund (providing ▪ Created an online, automated process for the Paycheck financial hardship assistance for teammates in need) Protection Program (PPP) and began to accept applications during the first weekend of the program Communities • Authorized for 32K companies (1 million+ ▪ Announced and distributed $25 million of philanthropic 1 employees) contributions to support the basic needs of our communities • Average loan amount of $323,000 ▪ Donated $1 million each to the CDC Foundation and Johns • Expected funding of approximately $10 billion Hopkins Medicine ▪ Implemented financial relief program for our small ▪ Truist Foundation donated $3 million to local United Way business suppliers and tenants organizations ▪ Funded extensive line draws for commercial clients to help them fund liquidity and working capital needs 1 E-tran authorizations as of 4/17/2020 6

1Q20 Highlights Summary Income Statement ($ MM) 1Q20 Asset Quality and Capital 1Q20 Total taxable-equivalent revenue1 $5,648 Nonperforming assets as a % of total assets 0.23% Provision for credit losses 893 Net charge-offs as a % of average loans and leases 0.36% Income before income taxes 1,287 Common equity tier 1 capital ratio (CET1)4 9.3% Net income 1,063 Key Points Net income available to common shareholders 986 ▪ Reported adjusted EPS2 of $0.87 Adjusted net income available to common shareholders2,3 1,181 ▪ Taxable-equivalent net interest income of $3.7 billion was supported by earning asset growth and purchase accounting accretion GAAP / 2,3 1Q20 Performance Metrics Unadjusted Adjusted ▪ Asset quality metrics remain strong but pandemic-related uncertainty persists; significant increase in our provision reflects economic Diluted earnings per share $0.73 $0.87 deterioration and loan growth ▪ Fee income benefited from insurance seasonality, strong residential Return on average assets 0.90% 1.06% mortgage refinance activity and elevated wealth management income Return on average common equity 6.58% 7.88% • COVID-19 adversely impacted service charges, card fees and trading income (increased CVA reserves) Return on average tangible common equity2 13.23% 15.51% ▪ Proactively built liquidity in the early stages of the pandemic; capital and liquidity remain strong Efficiency ratio 61.1% 53.4% 1 Comprised of net interest income and noninterest income 2 See non-GAAP reconciliations in the attached appendix 3 Excludes merger-related and restructuring charges, incremental operating expenses related to the merger and other items noted on slide 8 4 Current quarter regulatory capital information is preliminary 7

Selected Items Affecting 1Q20 Results Item Pre-Tax After-Tax Diluted EPS Impact ($ MM, except per share impact) Merger-related and restructuring charges $(107) $(82) $(0.06) Incremental operating expenses related to the merger1 $(74) $(57) $(0.04) COVID-19 impact2 $(71) $(54) $(0.04) 1 Includes costs not classified as merger-related and restructuring charges that are also excluded from adjusted disclosures. Refer to the non-GAAP disclosures in the Appendix. 2 Includes $65MM of pre-tax expense and $6MM of pre-tax fee rebates associated with discretionary actions taken by management in response to the COVID-19 pandemic Refer to the Quarterly Performance Summary for a complete list of selected items 8

Loans & Leases 1Q20 Loans & Leases Held for Investment ($ MM) $400,000 6.00% 1Q20 Average 1Q20 End of 4Q19 End of 5.02% balance period period $124,622 Commercial: $124,269 $121,400 $200,000 4.00% Commercial and industrial $131,743 $149,161 $130,180 $171,268 $189,307 $169,339 CRE 27,046 27,532 26,832 Commercial construction 6,409 6,630 6,205 $— 2.00% 1Q20 Average 1Q20 End of 4Q19 End of Lease financing 6,070 5,984 6,122 balance period balance period balance Consumer: Commercial LHFI ($ MM) Consumer LHFI ($ MM) Residential mortgage 52,993 53,096 52,071 Loans HFI yield (%) Residential home equity and direct 27,564 27,629 27,044 Key Points Indirect auto 24,975 25,146 24,442 ▪ Period-end total loans held for investment increased $19.4 billion vs. 12/31/19 Indirect other 10,950 10,980 11,100 primarily due to an increase in C&I loans Student 7,787 7,771 6,743 • Net C&I line draws from 3/12/20 through 3/31/20 were approximately $17.6 billion and broad-based across industries Credit card 5,534 5,300 5,619 • Accompanied by growth in mortgage warehouse lending PCI — — 3,484 • Partly offset by residential mortgage loan pay downs, a seasonal decline in Total loans & leases held for investment $301,071 $319,229 $299,842 indirect other (Sheffield) and credit card ▪ In connection with the adoption of CECL, all loans previously in the PCI portfolio became PCD loans and were transferred to their respective portfolios • Significant transfers included $1.4 billion to residential mortgage, $0.6 billion to residential home equity and direct and $0.6 billion to student at 3/31/20 9

Deposits 1Q20 Deposits ($ MM) $400,000 1.00% 1Q20 Average 1Q20 End of 4Q19 End of $334,649 $350,179 $334,727 balance period period 0.75% $200,000 Noninterest-bearing deposits $93,135 $97,618 $92,405 0.70% 0.50% 0.51% Interest checking 85,008 92,950 85,492 $— 1Q20 Average 1Q20 End of 4Q19 End of Money market and savings 120,936 124,072 120,934 balance period period Time deposits 35,570 35,539 35,896 Total deposits ($ MM) IBD cost (%) Total deposit cost (%) Total deposits $334,649 $350,179 $334,727 Key Points ▪ Period-end total deposits increased by $15.5 billion vs. 12/31/19 ▪ Deposits increased approximately $7.1 billion from clients that drew down their commercial loan lines ▪ The remaining $8.4 billion increase in period-end total deposits vs. 12/31/19 reflected broad-based growth primarily due to seasonal inflows and flight to quality due to economic uncertainty ▪ Average deposit mix consisted of 27.8% noninterest-bearing, 25.4% interest checking, 36.2% money market and savings and 10.6% time deposits ▪ The cost of average total deposits and average interest-bearing deposits decreased 6 bps and 12 bps, respectively, vs. 4Q19 10

Net Interest Income and Interest Rate Sensitivity Net Interest Income and Margin Key Points ▪ Reported NIM for 1Q20 was 3.58%; increased 17 bps vs. 4Q19 $4,000 4.00% primarily due to a full quarter of purchase accounting accretion, partly $3,687 offset by a decline in the core NIM 3.50% ▪ Core NIM for 1Q20 was 3.06%; decreased 8 bps vs. 4Q19 primarily $2,000 3.58% due to the MOE, lower interest rates and higher cash balances at the FRB, partly offset by the annual dividend received on market value 3.00% assets held for certain post-retirement benefits 3.06% $— • Cash balances at the FRB increased $16.0 billion, from $14.7 1Q20 billion at 12/31/19 to $30.7 billion at 3/31/20, to fund liquidity Net interest income TE ($ MM) Reported NIM (%) Core NIM (%) needs; decreased NIM by 10 bps • Income from market value assets held for certain post- retirement benefits increased NIM by 1 bp Change in Net Interest Income1 +4.00% Key Points +2.56% +2.00% ▪ Became more asset-sensitive vs. 12/31/19 due to floating rate loan +2.00% growth (primarily due to increased line draws), expected higher prepayments, terming out FHLB advances (3+ year average 0.00% -1.18% +0.75% +0.95% maturity/1.04% average cost) and increased noninterest-bearing -2.11% deposits -2.00% ▪ The mix of loans at 3/31/20 was 55% floating rate and 45% fixed rate -3.86% -4.00% Down 50 Down 25 Up 50 Up 100 At 12/31/19 At 03/31/20 1 Market rate increase or decrease scenarios assume a ramped, parallel 25 basis point change per quarter in market interest rates and that market rates floor at 0 11

Noninterest Income 1Q20 Noninterest Income ($ MM) $2,000 60% $1,961 Insurance income $549 $1,000 40% Service charges on deposits 305 Wealth management income 332 34.9% Card and payment related fees 187 $— 20% 1Q20 Residential mortgage income 245 Noninterest income ($ MM) Fee income ratio (%) Investment banking and trading income 118 Operating lease income 77 Key Points Income from bank-owned life insurance 44 ▪ Noninterest income totaled $2.0 billion, an increase of $563 million vs. 4Q19 Lending related fees 67 reflecting a full quarter impact from the merger ▪ Insurance income increased $39 million, or 7.6%, vs. 1Q19 due to strong Commercial real estate related income 44 organic growth in P&C commissions from higher production, retention and increased pricing Securities gains (losses) (2) ▪ Wealth management income benefited from year-end 2019 asset values Other income (5) ▪ Residential mortgage income elevated primarily due to origination volumes of Total noninterest income $1,961 $11.7 billion in 1Q20 resulting from lower interest rates; income reflected anticipated forbearance impacts on the MSR due to COVID-19 ▪ Other income was negatively impacted by a $36 million decrease in market value of assets held for certain post-retirement benefits which is offset in net ▪ COVID-19 discretionary actions impacted service charges on deposits as a interest income and personnel expense result of fee rebates and card and payment related fees from increased cashback awards ▪ 2Q20 noninterest income expected to reflect strong residential mortgage originations and seasonally higher insurance income, offset by COVID-19 ▪ Investment banking and trading income was impacted negatively by $92 million impacts (lower fee income, forbearance and asset valuations) of CVA reserves on the derivatives portfolio primarily related to lower interest rates and widening credit spreads 12

Noninterest Expense & Efficiency $4,500 80% 1Q20 Noninterest Expense ($ MM) Personnel expense $1,972 $3,000 $3,431 70% Net occupancy expense 221 61.1% Professional fees and outside processing 247 $1,500 60% 53.4% Software expense 210 Equipment expense 116 $— 50% 1Q20 Marketing and customer development 84 Total noninterest expense ($ MM) GAAP efficiency (%) Operating lease depreciation 71 Adjusted efficiency (%) Loan-related expense 62 Key Points Amortization of intangibles 165 ▪ Noninterest expense totaled $3.4 billion, an increase of $856 million vs. 4Q19 reflecting Regulatory costs 29 a full quarter impact from the merger Merger-related and restructuring charges 107 ▪ COVID-19 discretionary actions impacted noninterest expense by approximately $65 million primarily due to bonuses paid to teammates with annual earnings under Other expense 147 $100,000; net occupancy expense increased slightly due to additional measures to protect teammates Total noninterest expense $ 3,431 1 ▪ Personnel expense included approximately $44 million for incremental operating Adjusted noninterest expense $ 3,185 expenses related to the merger; positively impacted by a decrease in market value ▪ 2Q20 noninterest expense expected to reflect COVID-19 impacts (onsite assets held for certain post-retirement benefits which is offset in net interest income and special pay to teammates working in the office and additional measures to other income protect teammates) • Net headcount declined approximately 800 primarily due to positions eliminated in early 1Q20 as a result of the MOE 1 Excludes merger-related charges and other selected items in the Quarterly Performance Summary, including discretionary COVID-19 items 13

Asset Quality Net Charge-offs Nonperforming Assets $320 1.00% $1,600 1.00% $272 $1,177 $160 0.50% $800 0.50% 0.23% 0.36% $— —% $— —% 1Q20 1Q20 Net charge-offs ($ MM) as % of avg. loans and leases Nonperforming assets ($ MM) as a % of total assets Loss Absorbency Key Points $9,000 4.00% ▪ Asset quality remains strong; COVID-19 uncertainties persist $8,750 ▪ NPA and NPL ratios were essentially flat vs. 4Q19 when adjusted for the $6,000 3.00% effects of the PCI to PCD transition; approximately $500 million of PCI loans at 12/31/19 would have been classified as nonperforming had we evaluated $5,211 2.71% accrual status on a loan level basis $3,000 2.00% ▪ Provision increased to $893 million primarily due to significant loan growth 1.63% and economic deterioration $— 1.00% 1Q20 ▪ Net charge-offs were $272 million, or 36 bps of average loans and leases ▪ Allowance coverage ratios remain strong at 4.76x net charge-offs and 5.04x ALLL ($ MM) nonperforming loans and leases; adoption of CECL and transition from ALLL + unamortized loan marks ($ MM) pooled-level PCI to loan-level PCD accounting impacted the coverage ratios ALLL as % of loans and leases ALLL + unamortized loan marks as % of loans and leases ▪ 2Q20 asset quality metrics expected to reflect increased COVID-19 related stress across loan portfolios ALLL + unamortized loan marks as % of loans and leases is a non-GAAP measure. See non-GAAP reconciliations in the attached appendix. 14

Selected Credit Exposures A Highly Diversified Portfolio Outstandings % of Key Points as of March 31, 2020 ($ in B) Total Loans HFI ▪ Oil and gas portfolio: Hotels, resorts and cruise lines $6.6 2.1 % ▪ 40% upstream Oil and gas portfolio 5.9 1.8 • 43% midstream Senior care 5.6 1.8 • 9% downstream Acute care facilities 4.9 1.5 • 7% drilling / oil field services Sensitive retail 2.9 0.9 ▪ 42% of leveraged lending is investment grade or equivalent ▪ Performing detailed portfolio reviews and adjusting underwriting / risk Restaurants 2.5 0.8 acceptance criteria as appropriate Total $28.4 8.9 % ▪ Included qualitative overlays in the ALLL for affected industries Leveraged lending (inclusive of above industries) $10.5 3.3 % Note: Industry exposures are based on systemic industry assignments (NAICS) at the borrower level 15

Current Expected Credit Loss Roll Forward 12/31/2019 Incurred Loss Allowance for Credit Losses ($ in MM) $6,000 2.50% ▪ ACL of $1.9 billion or 0.63% based on the incurred loss method; purchase accounting marks supplanted the ALLL on the merged SunTrust loans, which $5,611 reduced the ACL coverage ratio at year-end $582 $4,800 $5,029 2.00% ▪ Excluding purchase accounting impacts (i.e., including estimated ACL for heritage SunTrust loans), combined ACL estimated at $3.5 billion $3,140 $3,472 1.76% 1/1/2020 CECL $3,600 1.68% 1.50% ▪ ACL of $5.0 billion or 1.68%; $3.1 billion increase at adoption impacted by merger estimated $2,400 heritage • On a non-GAAP basis, ≈ 45% increase to ACL excluding purchase accounting SunTrust 1.00% ▪ Estimation process included the use of multiple economic scenarios sourced by third $1,889 parties, including an assumed likelihood of recession $1,200 3/31/2020 CECL 0.63% 0.50% ▪ ACL of $5.6 billion or 1.76%; $582 million or 12% increase from 1/1/2020 $— 12/31/2019 Incurred 1/1/2020 CECL 3/31/2020 CECL ▪ Rapidly evolving COVID-19 conditions evaluated through the use of multiple forecasts % of ACL to total LHFI ▪ Increase driven by pandemic risks including heightened industry concerns from economic disruptions with some consideration of government relief packages 16

CECL Loss Estimation Approach Modeled Approach ▪ Borrower and portfolio-segment level loss forecasting models designed to estimate probability of default, loss given default, payoff/prepayments, etc. ▪ Two year reasonable and supportable period followed by one year reversion to historic loss conditions Quantitative and Qualitative Adjustments ▪ Quantitative and qualitative adjustments capture risks not reflected in modeled results ▪ Includes adjustments for asset quality trends, changes in lending policies and processes and single name borrower concentration (granularity risk) Economic Imprecision ▪ Models evaluate loss estimates under multiple economic forecast scenarios • The primary economic scenario is a third-party sourced baseline adjusted for Truist interest rate outlook • Additional economic forecasts are used to refine and support qualitative adjustments ▪ The final CECL ACL estimate considers the range of economic forecast scenario outcomes to inform an “economic imprecision” adjustment used to reflect the uncertainty around the timing and level of change incorporated in the economic forecasts and additional external risk factors such as economic and political uncertainty 17

Capital Position Common Equity Tier 1 Ratio 1 Key Points 10% 1 9.3% ▪ The CET1 ratio was 9.3% for 1Q20 ▪ The dividend and total payout ratios were 61.4% for 1Q20 ▪ Management is taking a prudent approach to capital management 5% given economic uncertainty; augmented the 2020 CCAR submission with a COVID-19 analysis that informed the scenarios ▪ Ending CET1 ratios for the internal baseline and severely adverse scenarios well exceeded regulatory minimums and internal post stress —% 1Q20 policy goals ▪ Management intends to utilize the five-year CECL transition for regulatory capital purposes • The Interim Final Rule CECL delay resulted in 17 bps improvement to the CET1 ratio for 1Q20 • Absent the transition, the CET1 ratio would be 8.7% ▪ Management expects a stress capital buffer of 2.5% ▪ Management expects capital to grow through the COVID-19 stress, creating capacity to serve clients 1 Current quarter regulatory capital information is preliminary 18

Stressed Loss Resiliency 2018 Stress Test Results - Severely Adverse Scenario Loss Absorbency CCAR (Planned DFAST 1Q20 Capital Actions) (Dividends Only) Reserves Credit Reserves as a Firm Beginning Min Levels Erosion Min Levels Erosion Loan Loss Reserves % of Stress Key Points 4Q17 CET1 CET1 ($ B) ($ B) Losses BAC 11.9% 5.4% 6.5% 7.9% 4.0% $49.7 $17.1 34% ▪ TFC blended stress test erosion 2nd CFG 11.2% 5.4% 5.8% 6.8% 4.4% $6.8 $2.2 33% best among peers (2018) 4 4 FITB 10.6% 5.5% 5.1% 7.5% 3.1% $5.7 NR NR ▪ Significant loss absorbency JPM 12.2% 5.0% 7.2% 7.2% 5.0% $61.8 $25.4 41% represented by a combination of KEY 10.2% 4.8% 5.4% 6.8% 3.4% $5.4 $1.5 28% TFC’s 1Q20 ACL + unamortized loan marks MTB 11.0% 4.9% 6.1% 7.5% 3.5% $6.0 NR4 NR4 PNC 10.4% 5.3% 5.1% 6.4% 4.0% $11.6 $4.4 38% • Totaling $9.150 billion in loss absorbing capacity RF 11.1% 5.2% 5.9% 8.1% 3.0% $5.3 $1.7 31% USB 9.3% 6.0% 3.3% 7.5% 1.8% $18.3 $6.6 36% • Represents 58% of 2018 WFC 12.3% 6.5% 5.8% 8.6% 3.7% $53.6 $12.0 22% DFAST severely adverse stress losses Peer Average 11.0% 5.6% 3.6% $8.9 33% BBT 10.2% 6.0% 4.2% 7.9% 2.3% $8.4 STI 9.7% 4.7% 5.0% 6.6% 3.1% $7.5 TFC (Blend)1 10.0% 5.4% 4.6% 7.3% 2.7% $15.9 $5.62 35% Unamortized Loan Marks $3.5 TFC ACL + Unamortized Loan Marks $9.23 58% 1 TFC (Blend) represents the average of BBT and STI reported percentages 2 Reported TFC ACL as of 3/31/2020 3 Results may not foot due to rounding 4 NR = not reported; FITB and MTB excluded from 1Q20 reserves averages as their 1Q20 earnings releases are not currently available Source: FRB and Company Releases 19

Liquidity Position Category III Reduced LCR 1 Key Points 150% ▪ Liquidity ratios remain strong and include an average LCR1 of 117% for 1Q20 and a liquid asset buffer of 19.6% at 03/31/20 100% 117% ▪ Management took quick action in response to COVID-19 to term out short-term borrowings and increase cash to meet potential funding needs, with $30.7 billion cash reserves held at the FRB at 3/31/20 50% ▪ Access to secured funding sources remains robust with approximately $180.4 billion of cash, securities and secured borrowing capacity ▪ Deposits increased $15.5 billion in 1Q20 partly as a result of a flight to —% 1Q20 quality in response to market volatility ▪ The holding company cash is sufficient to cover 17 months of Truist Corporation ($ in B) contractual and expected outflows with no inflows Parent company cash $12.1 ▪ Paycheck Protection Program loans of approximately $10 billion are Months of stress capacity2 17 months expected to fund from existing reserve balances with the ability to Truist Bank ($ in B) pledge them to the FRB for additional borrowing capacity as necessary FRB reserve balance $30.7 Investment portfolio (market value) 78.4 Discount window capacity (none drawn) 49.6 FHLB capacity 21.7 Total $180.4 1 Current quarter LCR information is preliminary 2 Stress capacity measures ability to cover contractual and expected outflows including dividends with no inflows 20

Merger Update and Medium-Term Targets Accomplishments Performance Net Targets Expense Savings ▪ Introduced the Truist visual identity and logo ▪ Completed 32 culture town hall meetings ROTCE Adjusted Cost Saves ▪ Completed purchase of Truist Center, our corporate HQ building Efficiency ▪ Launched the Truist Foundation Low 20% Low 50% $1.6B ▪ Began consolidating combined real estate portfolio – strategy shift to owned office space when possible Key Points Next Steps ▪ Remain committed to achieving $1.6 billion in net cost saves ▪ Continue to execute on systems integration ▪ Timing of performance target realization conditioned on the duration ▪ Develop plans for teammate readiness and client communications of the pandemic and post-crisis economic conditions, including the related to ongoing integration work normalization of interest rates ▪ Complete previously announced branch divestitures in 3Q20 21

Value Proposition Purpose-driven: Committed to inspire and build better lives and communities Growing earnings stream with less volatility relative to Exceptional franchise with diverse Uniquely positioned to deliver Strong capital and liquidity with resilient peers over the products, services, and markets best-in-class efficiency and returns risk profile enhanced by the merger long-term while investing in the future ▪ Sixth-largest commercial bank in the ▪ Continued confidence in achieving ▪ Prudent and disciplined risk and U.S. $1.6 billion of net cost savings financial management ▪ Strong market share in vibrant, fast- ▪ Highly complementary businesses ▪ Conservative risk culture; leading growing MSAs throughout the and expanded client base combine to credit metrics; among the highest- Southeast and Mid-Atlantic and a yield revenue synergies rated large banks growing national presence ▪ Returns and capital buoyed by ▪ Diversification benefits arising from ▪ Comprehensive business mix with purchase accounting accretion the merger distinct capabilities in traditional ▪ Meaningful investments in tech ▪ Stress test well (separately and banking, capital markets and insurance capabilities, teammates, marketing together) ▪ Better together: “Best of breed” talent, and advertising ▪ Strong capital and liquidity equate to technology, strategy and processes flight to quality ▪ Defensive balance sheet insulated by purchase accounting marks, combined with CECL credit reserves 22

Appendix

Consumer Banking & Wealth Represents performance for Retail Community Banking, Wealth, Mortgage Banking, Dealer Retail Services and National Consumer Finance & Payments 1Q20 Key Points ▪ Continued focus on revenue and expense synergies as businesses are Net interest income $2,248 integrated Provision for credit losses 437 • Expense synergies realized in 1Q20 driven by lower headcount ▪ Noninterest income benefited from strong residential mortgage Noninterest income 1,072 refinance activity along with higher wealth management revenue due to year-end asset valuations, while COVID-19 impact of lower purchase Noninterest expense 1,993 activity and waived ATM fees adversely impacted the quarter Income Statement ($ MM) ▪ End of period loans held for investment were up $0.7B or 0.5% from the Pre-tax income 890 prior quarter, primarily driven by a seasonal increase in Dealer/ Recreational Lending, Wealth Specialty Group (Legal and Sports & Segment net income 681 Entertainment) and Mortgage (1) ▪ End of period deposits were up $6.4B or 3.2% from the prior quarter, EOP loans $141.6 primarily due to seasonality and reduced consumer spending late in the quarter due to COVID-19 Balance Sheet ($ B) EOP deposits 208.5 Mortgages serviced for others ($ B)(2) $220.0 Branches 2,957 Other Key Metrics ATMs 4,408 (1) Excludes loans held for sale (2) Amount reported reflects end of period balance A-1

Corporate & Commercial Banking Represents performance for Commercial Community Banking, Corporate & Investment Banking and CIG – Real Estate 1Q20 Key Points ▪ 1Q performance meaningfully impacted by market disruption tied to Net interest income $1,340 COVID-19 ▪ End of period loans HFI were up $18.9B and deposits were up Provision for credit losses 399 $5.8B from the beginning of the year, driven by increased draws on revolver facilities as clients sought short term liquidity Noninterest income 460 ▪ Loan loss provision expense increased $382MM driven by increased volume and higher reserve levels; actual net charge-offs Noninterest expense 886 remain low Income Statement ($ MM) ▪ Noninterest income was impacted by trading volatility; beginning mid-to-late February, as a result of COVID-19, rates dropped Pre-tax income 515 dramatically and credit spreads widened impacting the overall trading portfolio Segment net income 423 ▪ Focus continues on revenue and expense synergies as the businesses are integrated; expense run rate declined driven by EOP loans(1) $175.4 lower headcount ($ B) EOP deposits 126.7 Balance Sheet (1) Excludes loans held for sale A-2

Insurance Holdings Represents performance for Retail and Wholesale Insurance businesses and Premium Finance 1Q20 Key Points Net interest income $25 ▪ 1Q organic growth driven by strong fundamentals - continued economic expansion, exposure unit growth and increasing insurance Noninterest income 557 rate environment Total revenue 582 ▪ 1Q new business up 11% with ongoing high retention rates Provision for credit losses 1 ▪ Margin expansion has been driven by industry leading organic growth, prudent expense control, and operating leverage created Noninterest expense 440 through realization of Insurance Holdings Operations Project (IHOP) Income Statement ($ MM) initiatives Pre-tax income 141 ▪ COVID-19 concerns dampen organic growth outlook for the Segment net income 105 remainder of 2020 Y-o-Y organic revenue growth 7.2% Net acquired revenue $2 Performance based commissions 18 Adjusted EBITDA(1) 171 Performance ($ MM) Adjusted EBITDA margin(1) 29.4% (1) EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, depreciation and amortization to net income. Truist's management also adds back merger- related and restructuring charges, incremental operating expenses related to the merger and other selected items. Truist's management uses this measure in its analysis of the Corporation's Insurance Holdings segment. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. See non-GAAP reconciliations included in the attached Appendix. A-3

Allowance and Fair Value Marks Information ($ MM) March 31, 2020 Loans and Allowance for Credit Losses & Fair Value Marks Leases RUFC Total Allowance for credit losses - End of period $ 5,211 $ 400 $ 5,611 Unamortized fair value mark(1) 3,539 — 3,539 Allowance plus unamortized fair value mark $ 8,750 $ 400 $ 9,150 Loans and leases held for investment $ 319,229 Unamortized fair value mark(1) 3,539 Gross loans and leases $ 322,768 Allowance for loan and lease losses as a percentage of loans and leases - GAAP 1.63 % Allowance for loan and lease losses and unamortized fair value mark as a percentage of gross loans and leases - adjusted (1)(2) 2.71 (1) Unamortized fair value mark includes credit, interest rate and liquidity components. (2) Allowance for loan and lease losses and unamortized fair value mark as a percentage of gross loans and leases is a non-GAAP measurement of credit reserves that is calculated by adjusting the ALLL and loans and leases held for investment by the unamortized fair value mark. Truist's management uses this measure to assess credit reserves and believes investors may find this measure useful in their analysis of the Corporation. A-4

Purchase Accounting Summary1 ($ MM) March 31, 2020 December 31, 2019 Loans and Leases(2) Beginning balance unamortized fair value mark $ (4,564) $ (221) Additions - Merger with SunTrust — (4,513) Accretion 454 170 CECL adoption - reserves on PCD assets 378 — Adjustments and other additions 193 — Ending balance $ (3,539) $ (4,564) Core deposit and other intangible assets Beginning balance $ 3,142 $ 678 Additions - Merger with SunTrust — 2,535 Additions - other acquisitions 31 — Amortization (165) (71) Amortization in net occupancy expense (5) — Adjustments 165 — Ending balance $ 3,168 $ 3,142 Deposits(3) Beginning balance unamortized fair value mark $ (76) $ — Additions - Merger with SunTrust — (83) Amortization 22 7 Ending balance $ (54) $ (76) Long-Term Debt(3) Beginning balance unamortized fair value mark $ (312) $ (10) Additions - Merger with SunTrust — (309) Amortization 27 7 Ending balance $ (285) $ (312) (1) Includes the merger with SunTrust, as well as other acquisitions. This summary includes only selected information and does not represent all purchase accounting adjustments. (2) Purchase accounting loan marks on loans and leases represents the total mark, including credit, interest and liquidity, and are recognized using level-yield method over the remaining life of the individual loans or recognized in full in the event of prepayment. (3) Purchase accounting marks on liabilities represents interest rate marks on time deposits and long-term debt and are recognized using level-yield method over the term of the liability. A-5

Non-GAAP Reconciliations

Non-GAAP Reconciliations Diluted EPS ($ MM, except per share data, shares in thousands) Quarter Ended March 31 Dec. 31 Sept. 30 June 30 March 31 2020 2019 2019 2019 2019 Net income available to common shareholders - GAAP $986 $702 $735 $842 $749 Merger-related and restructuring charges 82 176 26 19 64 Securities gains (losses) 2 90 — — — Incremental operating expenses related to the merger 57 79 40 7 1 Corporate advance write off — 1 — — — Gain (loss) on loan portfolio sale — 17 (3) — — Redemption of preferred shares — — 46 — — Allowance release related to loan portfolio sale — (19) (12) — — COVID-19 impact 54 — — — — Net income available to common shareholders - adjusted $1,181 $1,046 $832 $868 $814 Weighted average shares outstanding - diluted 1,357,545 934,718 775,791 774,603 774,071 Diluted EPS - GAAP $0.73 $0.75 $0.95 $1.09 $0.97 Diluted EPS - adjusted(1) $0.87 $1.12 $1.07 $1.12 $1.05 (1) The adjusted diluted earnings per share is non-GAAP in that it excludes merger-related and restructuring charges and other selected items, net of tax. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. A-7

Non-GAAP Reconciliations Efficiency Ratio ($ MM) Quarter Ended March 31 Dec. 31 Sept. 30 June 30 March 31 2020 2019 2019 2019 2019 Efficiency ratio numerator - noninterest expense - GAAP $ 3,431 $ 2,575 $ 1,840 $ 1,751 $ 1,768 Merger-related and restructuring charges, net (107) (223) (34) (23) (80) Incremental operating expense related to the merger (74) (101) (52) (9) (2) Amortization (165) (71) (29) (32) (32) Corporate advance write off — (2) — — — COVID-19 impact (65) — — — — Efficiency ratio numerator - adjusted $ 3,020 $ 2,178 $ 1,725 $ 1,687 $ 1,654 Efficiency ratio denominator - revenue(1) - GAAP $ 5,611 $ 3,625 $ 3,003 $ 3,042 $ 2,898 Taxable equivalent adjustment 37 25 23 24 24 Securities (gains) losses, net 2 116 — — — Gain (loss) on loan portfolio sale — 22 (4) — — COVID-19 impact 6 — — — — Efficiency ratio denominator - adjusted $ 5,656 $ 3,788 $ 3,022 $ 3,066 $ 2,922 Efficiency ratio - GAAP 61.1 % 71.0 % 61.3 % 57.6 % 61.0 % Efficiency ratio - adjusted(2) 53.4 57.5 57.1 55.1 56.6 (1) Revenue is defined as net interest income plus noninterest income. (2) The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. A-8

Non-GAAP Reconciliations Calculations of tangible common equity and related measures ($ MM, except per share data, shares in thousands) As of / Quarter Ended March 31 Dec. 31 Sept. 30 June 30 March 31 2020 2019 2019 2019 2019 Common shareholders' equity $ 61,295 $ 61,282 $ 29,177 $ 28,650 $ 27,770 Less: Intangible assets, net of deferred taxes 26,263 26,482 10,281 10,317 10,326 Tangible common shareholders' equity(1) $ 35,032 $ 34,800 $ 18,896 $ 18,333 $ 17,444 Outstanding shares at end of period 1,347,461 1,342,166 766,303 766,010 765,920 Common shareholders' equity per common share $ 45.49 $ 45.66 $ 38.07 $ 37.40 $ 36.26 Tangible common shareholders' equity per common share(1) 26.00 25.93 24.66 23.93 22.78 Net income available to common shareholders $ 986 $ 702 $ 735 $ 842 $ 749 Plus amortization of intangibles, net of tax 126 57 22 24 25 Tangible net income available to common shareholders(1) $ 1,112 $ 759 $ 757 $ 866 $ 774 Average common shareholders' equity $ 60,224 $ 38,031 $ 29,040 $ 28,188 $ 27,432 Less: Average intangible assets, net of deferred taxes 26,429 14,760 10,298 10,326 10,343 Average tangible common shareholders' equity(1) $ 33,795 $ 23,271 $ 18,742 $ 17,862 $ 17,089 Return on average common shareholders' equity 6.58 % 7.33 % 10.04 % 11.98 % 11.08 % Return on average tangible common shareholders' equity(1) 13.23 12.91 16.03 19.45 18.36 (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 the quality of capital and returns relative to balance sheet risk and believes investors may find them useful in their analysis of the Corporation. These measures are not necessarily comparable to similar measures that may be presented by other companies. A-9

Non-GAAP Reconciliations Performance Ratios ($ MM) Quarter Ended March 31, 2020 Return on Average Return on Average Return on Average Common Tangible Common Assets Shareholders’ Equity Shareholders’ Equity(2) Net income - GAAP $ 1,063 Net income available to common shareholders - GAAP $ 986 $ 986 Merger-related and restructuring charges 82 82 82 Securities gains (losses) 2 2 2 Incremental operating expenses related to the merger 57 57 57 Amortization 126 COVID-19 impact $ 54 $ 54 $ 54 Numerator - adjusted(1) $ 1,258 $ 1,181 $ 1,307 Average assets $ 477,550 Average common shareholders' equity $ 60,224 $ 60,224 Plus: Estimated impact of adjustments on denominator — 98 98 Less: Average intangible assets, net of deferred taxes 26,429 Denominator - adjusted(1) $ 477,550 $ 60,322 $ 33,893 Reported ratio 0.90 % 6.58 % 13.23 % Adjusted ratio 1.06 7.88 15.51 (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 the quality of capital and returns relative to balance sheet risk and believes investors may find them useful in their analysis of the Corporation. These measures are not necessarily comparable to similar measures that may be presented by other companies. (2) Tangible common equity is a non-GAAP measure. The reconciliation for this measure is on page A-9. A-10

Non-GAAP Reconciliations Operating Leverage(1) ($ MM) Quarter Ended March 31 Dec. 31 March 31 % Growth 1Q20 vs. 2020 2019 2019 4Q19 1Q19 (annualized) Revenue(2) - GAAP $ 5,611 $ 3,625 $ 2,898 220.2 % 93.6 % Taxable equivalent adjustment 37 25 24 Securities (gains) losses, net 2 116 — Gain (loss) on loan portfolio sale — 22 — COVID-19 impact 6 — — Revenue(2) - adjusted $ 5,656 $ 3,788 $ 2,922 198.2 % 93.6 % Noninterest expense - GAAP $ 3,431 $ 2,575 $ 1,768 133.5 % 94.1 % Merger-related and restructuring charges, net (107) (223) (80) Incremental operating expense related to the merger (74) (101) (2) Amortization (165) (71) (32) Corporate advance write off — (2) — COVID-19 impact (65) — — Noninterest expense - adjusted $ 3,020 $ 2,178 $ 1,654 155.2 % 82.7 % Operating leverage - GAAP 86.7 % (0.5)% Operating leverage - adjusted(3) 43.0 % 10.9 % (1) Operating leverage is defined as percentage growth in revenue growth less percentage growth in noninterest expense. (2) Revenue is defined as net interest income plus noninterest income. (3) The adjusted operating leverage ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. These measures are not necessarily comparable to similar measures that may be presented by other companies. A-11

Non-GAAP Reconciliations Core NIM ($ MM) Quarter Ended March 31 Dec. 31 2020 2019 Net interest income - GAAP $ 3,650 $ 2,227 Taxable-equivalent adjustment 37 25 Net interest income - taxable-equivalent 3,687 2,252 Accretion of mark, net of interest reversals - PCI loans NA (14) Accretion of mark on acquired loans (454) (130) Accretion of mark on acquired liabilities (49) (14) Accretion of mark on securities acquired from FDIC (3) (3) Net interest income - core(1) $ 3,181 $ 2,091 Average earning assets - GAAP $ 413,533 $ 263,115 Average balance - mark on acquired loans 3,759 1,423 Average balance - mark on securities acquired from FDIC 336 339 Average earning assets - core(1) $ 417,628 $ 264,877 Annualized net interest margin: Reported - taxable-equivalent 3.58 % 3.41 % Core(1) 3.06 3.14 (1) Core net interest margin is a non-GAAP measure that adjusts net interest margin to exclude the impact of purchase accounting. The purchase accounting marks and related amortization for a) securities acquired from the FDIC in the Colonial Bank acquisition and b) loans, deposits and long-term debt from SunTrust, Susquehanna, National Penn and Colonial Bank are excluded to approximate the yields paid by clients. Interest income for PCI loans adjusts the accretion, net of interest reversals, which approximates the interest received from the client. Truist's management believes the adjustments to the calculation of net interest margin for certain assets and liabilities acquired provide investors with useful information related to the performance of Truist's earning assets. These measures are not necessarily comparable to similar measures that may be presented by other companies. A-12

Non-GAAP Reconciliations Insurance Holdings Adjusted EBITDA ($ MM) Quarter Ended March 31 2020 Segment net interest income $ 25 Noninterest income 557 Total revenue $ 582 Segment net income (loss) - GAAP $ 105 Provision (benefit) for income taxes 36 Depreciation & amortization 19 EBITDA 160 Merger-related and restructuring charges, net 3 COVID-19 impact 8 Adjusted EBITDA(1) $ 171 Adjusted EBITDA(1) margin 29.4 % (1) EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, depreciation and amortization to net income. Truist's management also adds back merger-related and restructuring charges, incremental operating expenses related to the merger and other selected items. Truist's management uses this measure in its analysis of the Corporation's Insurance Holdings segment. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. A-13

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Cover Cover	Apr. 20, 2020
Entity Information [Line Items]
Entity Central Index Key	0000092230
Entity Address, Address Line Two	214 North Tryon Street
Entity Address, City or Town	Charlotte,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28202
Entity Address, Address Line One	NC
Document Type	8-K
Document Period End Date	Apr. 20, 2020
Entity Registrant Name	Truist Financial Corporation
Entity File Number	1-10853
Entity Tax Identification Number	56-0939887
City Area Code	336
Local Phone Number	733-2000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Amendment Flag	false
Entity Emerging Growth Company	false
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $5 par value
Trading Symbol	TFC
Security Exchange Name	NYSE
Series F Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/1,000th interest in a share of Series F Non-Cumulative Perpetual Preferred Stock
Trading Symbol	TFC.PF
Security Exchange Name	NYSE
Series G Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/1,000th interest in a share of Series G Non-Cumulative Perpetual Preferred Stock
Trading Symbol	TFC.PG
Security Exchange Name	NYSE
Series H Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/1,000th interest in a share of Series H Non-Cumulative Perpetual Preferred Stock
Trading Symbol	TFC.PH
Security Exchange Name	NYSE
Series I Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock
Trading Symbol	TFC.PI
Security Exchange Name	NYSE
Series J Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock
Trading Symbol	TFC.PJ
Security Exchange Name	NYSE