EX-99.2 3 ex992-qps4q20.htm EX-99.2 Document














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Quarterly Performance Summary
Truist Financial Corporation
Fourth Quarter 2020





Table of Contents 
Quarterly Performance Summary 
Truist Financial Corporation
   
   
   
  Page
Financial Highlights
Financial Highlights - Five Quarter Trend
Consolidated Statements of Income
Consolidated Statements of Income - Five Quarter Trend
Segment Financial Performance - Five Quarter Trend
Consolidated Ending Balance Sheets - Five Quarter Trend
Average Balance Sheets
Average Balance Sheets - Five Quarter Trend
Average Balances and Rates - Quarters
Average Balances and Rates - Year-To-Date
Credit Quality
Capital Information - Five Quarter Trend
Selected Mortgage Banking Information & Additional Information
Selected Items
Non-GAAP Reconciliations




Financial Highlights 
Quarter Ended Year-to-Date
 December 31%December 31%
(Dollars in millions, except per share data, shares in thousands)20202019Change20202019Change
Summary Income Statement      
Interest income - taxable equivalent (1)$3,639 $2,837 28.3 %$15,673 $9,505 64.9 %
Interest expense245 585 (58.1)1,722 2,096 (17.8)
Net interest income - taxable equivalent3,394 2,252 50.7 13,951 7,409 88.3 
Less: Taxable-equivalent adjustment28 25 12.0 125 96 30.2 
Net interest income 3,366 2,227 51.1 13,826 7,313 89.1 
Provision for credit losses177 171 3.5 2,335 615 NM
Net interest income after provision for credit losses3,189 2,056 55.1 11,491 6,698 71.6 
Noninterest income2,285 1,398 63.4 8,879 5,255 69.0 
Noninterest expense3,833 2,575 48.9 14,897 7,934 87.8 
Income before income taxes1,641 879 86.7 5,473 4,019 36.2 
Provision for income taxes311 153 103.3 981 782 25.4 
Net income1,330 726 83.2 4,492 3,237 38.8 
Noncontrolling interests(80.0)10 13 (23.1)
Net income available to the bank holding company1,329 721 84.34,482 3,224 39.0 
Preferred stock dividends101 19 NM298 196 52.0 
Net income available to common shareholders1,228 702 74.9 4,184 3,028 38.2 
Per Common Share Data
Earnings per share-basic$0.91 $0.76 19.7 %$3.11 $3.76 (17.3)%
Earnings per share-diluted0.90 0.75 20.0 3.08 3.71 (17.0)
Earnings per share-adjusted diluted (2)1.18 1.12 5.4 3.80 4.37 (13.0)
Cash dividends declared0.450 0.450 — 1.800 1.710 5.3 
Common shareholders' equity46.52 45.66 1.9 46.52 45.66 1.9 
Tangible common shareholders' equity (2)26.78 25.93 3.3 26.78 25.93 3.3 
End of period shares outstanding1,348,961 1,342,166 0.5 1,348,961 1,342,166 0.5 
Weighted average shares outstanding-basic1,348,493 922,840 46.1 1,347,080 805,104 67.3 
Weighted average shares outstanding-diluted1,361,763 934,718 45.7 1,358,289 815,204 66.6 
Performance Ratios
Return on average assets1.05 %0.95 %0.90 %1.31 %
Return on average risk-weighted assets (current period is preliminary)1.40 1.02 1.18 1.55 
Return on average common shareholders' equity7.88 7.33 6.82 9.87 
Return on average tangible common shareholders' equity (2)14.99 12.91 13.35 16.40 
Net interest margin - taxable equivalent3.08 3.41 3.22 3.42 
Fee income ratio40.4 38.6 39.1 41.8 
Efficiency ratio-GAAP67.8 71.0 65.6 63.1 
Efficiency ratio-adjusted (2)55.9 57.5 55.9 56.6 
Credit Quality
Nonperforming assets as a percentage of:
Assets0.27 %0.14 %0.27 %0.14 %
Loans and leases plus foreclosed property0.46 0.19 0.46 0.19 
Net charge-offs as a percentage of average loans and leases 0.27 0.40 0.36 0.40 
Allowance for loan and lease losses as a percentage of LHFI1.95 0.52 1.95 0.52 
Ratio of allowance for loan and lease losses to nonperforming LHFI4.39x3.41x4.39x3.41x
Average Balances
Assets$503,181 $302,059 66.6 %$499,085 $247,494 101.7 %
Securities (3)102,053 60,699 68.1 83,227 50,645 64.3 
Loans and leases 308,188 193,641 59.2 314,501 161,604 94.6 
Deposits375,266 210,716 78.1 363,293 173,269 109.7 
Common shareholders' equity61,991 38,031 63.0 61,379 30,697 100.0 
Total shareholders' equity70,145 41,740 68.1 68,024 34,108 99.4 
Period-End Balances
Assets$509,228 $473,078 7.6 %$509,228 $473,078 7.6 %
Securities (3)120,788 74,727 61.6 120,788 74,727 61.6 
Loans and leases 305,793 308,215 (0.8)305,793 308,215 (0.8)
Deposits381,077 334,727 13.8 381,077 334,727 13.8 
Common shareholders' equity62,759 61,282 2.4 62,759 61,282 2.4 
Total shareholders' equity70,912 66,558 6.5 70,912 66,558 6.5 
Capital Ratios (current quarter is preliminary)
Common equity Tier 110.0 %9.5 %10.0 %9.5 %
Tier 112.1 10.8 12.1 10.8 
Total 14.5 12.6 14.5 12.6 
Leverage (4)9.6 14.7 9.6 14.7 
Supplementary leverage (5)8.7 7.98.7 7.9
Applicable ratios are annualized.
NM - not meaningful
(1) Interest income includes certain fees, deferred costs, fair value mark accretion, and dividends.
(2) 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.
(3) Includes AFS and HTM securities. Average balances reflect both AFS and HTM securities at amortized cost. Period-end balances reflect AFS securities at fair value and HTM securities at amortized cost. In 4Q19, Truist transferred all HTM securities into AFS securities in response to changes in regulatory capital rules.
(4) 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.
(5) 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.
Truist Financial Corporation 1


Financial Highlights - Five Quarter Trend   
Quarter Ended
 Dec. 31Sept. 30June 30March 31Dec. 31
(Dollars in millions, except per share data, shares in thousands)20202020202020202019
Summary Income Statement
Interest income - taxable equivalent (1)$3,639 $3,652 $3,919 $4,463 $2,837 
Interest expense245 261 440 776 585 
Net interest income - taxable equivalent3,394 3,391 3,479 3,687 2,252 
Less: Taxable-equivalent adjustment28 29 31 37 25 
Net interest income 3,366 3,362 3,448 3,650 2,227 
Provision for credit losses177 421 844 893 171 
Net interest income after provision for credit losses3,189 2,941 2,604 2,757 2,056 
Noninterest income2,285 2,210 2,423 1,961 1,398 
Noninterest expense3,833 3,755 3,878 3,431 2,575 
Income before income taxes1,641 1,396 1,149 1,287 879 
Provision for income taxes311 255 191 224 153 
Net income1,330 1,141 958 1,063 726 
Noncontrolling interests
Net income available to the bank holding company1,329 1,138 955 1,060 721 
Preferred stock dividends101 70 53 74 19 
Net income available to common shareholders1,228 1,068 902 986 702 
Per Common Share Data
Earnings per share-basic$0.91 $0.79 $0.67 $0.73 $0.76 
Earnings per share-diluted0.90 0.79 0.67 0.73 0.75 
Earnings per share-adjusted diluted (2)1.18 0.97 0.82 0.83 1.12 
Cash dividends declared0.450 0.450 0.450 0.450 0.450 
Common shareholders' equity46.52 45.86 45.74 45.49 45.66 
Tangible common shareholders' equity (2)26.78 26.63 26.38 26.00 25.93 
End of period shares outstanding1,348,961 1,348,118 1,347,609 1,347,461 1,342,166 
Weighted average shares outstanding-basic1,348,493 1,347,916 1,347,512 1,344,372 922,840 
Weighted average shares outstanding-diluted1,361,763 1,358,122 1,355,834 1,357,545 934,718 
Performance Ratios
Return on average assets1.05 %0.91 %0.75 %0.90 %0.95 %
Return on average risk-weighted assets (current quarter is preliminary)1.40 1.19 1.00 1.12 1.02 
Return on average common shareholders' equity7.88 6.87 5.90 6.58 7.33 
Return on average tangible common shareholders' equity (2)14.99 13.31 11.83 13.23 12.91 
Net interest margin - taxable equivalent3.08 3.10 3.13 3.58 3.41 
Fee income ratio40.4 39.7 41.3 34.9 38.6 
Efficiency ratio-GAAP67.8 67.4 66.1 61.1 71.0 
Efficiency ratio-adjusted (2)55.9 57.3 55.8 54.6 57.5 
Credit Quality
Nonperforming assets as a percentage of:
Assets0.27 %0.26 %0.25 %0.23 %0.14 %
Loans and leases plus foreclosed property0.46 0.39 0.37 0.36 0.19 
Net charge-offs as a percentage of average loans and leases 0.27 0.42 0.39 0.36 0.40 
Allowance for loan and lease losses as a percentage of LHFI1.95 1.91 1.81 1.63 0.52 
Ratio of allowance for loan and lease losses to nonperforming LHFI4.39x5.22x5.24x5.04x3.41x
Average Balances
Assets$503,181 $500,826 $514,720 $477,550 $302,059 
Securities (3)102,053 79,828 75,159 75,701 60,699 
Loans and leases 308,188 315,691 326,435 307,748 193,641 
Deposits375,266 372,211 370,818 334,649 210,716 
Common shareholders' equity61,991 61,804 61,484 60,224 38,031 
Total shareholders' equity70,145 69,634 66,863 65,412 41,740 
Period-End Balances
Assets$509,228 $499,183 $504,336 $506,229 $473,078 
Securities (3)120,788 86,132 77,805 78,398 74,727 
Loans and leases 305,793 312,149 321,148 324,039 308,215 
Deposits381,077 370,747 376,235 350,179 334,727 
Common shareholders' equity62,759 61,819 61,634 61,295 61,282 
Total shareholders' equity70,912 69,973 68,883 66,061 66,558 
Capital Ratios (current quarter is preliminary)
Common equity Tier 110.0 %10.0 %9.7 %9.3 %9.5 %
Tier 112.1 12.2 11.6 10.5 10.8 
Total 14.5 14.6 14.0 12.7 12.6 
Leverage (4)9.6 9.6 9.0 9.0 14.7 
Supplementary leverage (5)8.7 8.9 8.5 7.8 7.9
Applicable ratios are annualized.
(1) Interest income includes certain fees, deferred costs, fair value mark accretion, and dividends.
(2) 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.
(3) Includes AFS and HTM securities. Average balances reflect both AFS and HTM securities at amortized cost. Period-end balances reflect AFS securities at fair value and HTM securities at amortized cost. In 4Q19, Truist transferred all HTM securities into AFS securities in response to changes in regulatory capital rules.
(4) 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.
(5) 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.

2 Truist Financial Corporation



Consolidated Statements of Income 
 Quarter EndedYear-to-Date
 Dec. 31ChangeDec. 31Change
(Dollars in millions, except per share data, shares in thousands)20202019$%20202019$%
Interest Income
Interest and fees on loans and leases$3,158 $2,371 $787 33.2 %$13,485 $7,982 $5,503 68.9 %
Interest on securities408 402 1.5 1,739 1,319 420 31.8 
Interest on other earning assets45 39 15.4 324 108 216 200.0 
Total interest income3,611 2,812 799 28.4 15,548 9,409 6,139 65.2 
Interest Expense
Interest on deposits67 304 (237)(78.0)785 1,101 (316)(28.7)
Interest on long-term debt165 219 (54)(24.7)800 797 0.4 
Interest on other borrowings13 62 (49)(79.0)137 198 (61)(30.8)
Total interest expense245 585 (340)(58.1)1,722 2,096 (374)(17.8)
Net Interest Income3,366 2,227 1,139 51.1 13,826 7,313 6,513 89.1 
Provision for credit losses177 171 3.5 2,335 615 1,720 NM
Net Interest Income After Provision for Credit Losses3,189 2,056 1,133 55.1 11,491 6,698 4,793 71.6 
Noninterest Income
Insurance income545 509 36 7.1 2,193 2,072 121 5.8 
Service charges on deposits266 222 44 19.8 1,020 762 258 33.9 
Wealth management income332 206 126 61.2 1,277 715 562 78.6 
Card and payment related fees203 156 47 30.1 761 555 206 37.1 
Residential mortgage income193 65 128 196.9 1,000 285 715 NM
Investment banking and trading income308 109 199 182.6 944 244 700 NM
Operating lease income77 47 30 63.8 309 153 156 102.0 
Income from bank-owned life insurance44 38 15.8 179 129 50 38.8 
Lending related fees105 47 58 123.4 315 124 191 154.0 
Commercial real estate related income123 48 75 156.3 271 116 155 133.6 
Securities gains (losses)— (116)116 NM402 (116)518 NM
Other income (loss)89 67 22 32.8 208 216 (8)(3.7)
Total noninterest income2,285 1,398 887 63.4 8,879 5,255 3,624 69.0 
Noninterest Expense
Personnel expense2,108 1,465 643 43.9 8,146 4,833 3,313 68.5 
Net occupancy expense207 147 60 40.8 904 507 397 78.3 
Professional fees and outside processing393 161 232 144.1 1,252 433 819 189.1 
Software expense215 118 97 82.2 862 338 524 155.0 
Equipment expense121 83 38 45.8 484 280 204 72.9 
Marketing and customer development58 45 13 28.9 273 137 136 99.3 
Operating lease depreciation54 43 11 25.6 258 136 122 89.7 
Loan-related expense65 42 23 54.8 242 123 119 96.7 
Amortization of intangibles172 71 101 142.3 685 164 521 NM
Regulatory costs32 24 33.3 125 81 44 54.3 
Merger-related and restructuring charges308 223 85 38.1 860 360 500 138.9 
Loss (gain) on early extinguishment of debt— — — — 235 — 235 NM
Other expense100 153 (53)(34.6)571 542 29 5.4 
Total noninterest expense3,833 2,575 1,258 48.9 14,897 7,934 6,963 87.8 
Earnings
Income before income taxes1,641 879 762 86.7 5,473 4,019 1,454 36.2 
Provision for income taxes311 153 158 103.3 981 782 199 25.4 
Net income1,330 726 604 83.2 4,492 3,237 1,255 38.8 
Noncontrolling interests(4)(80.0)10 13 (3)(23.1)
Net income available to the bank holding company1,329 721 608 84.3 4,482 3,224 1,258 39.0 
Preferred stock dividends101 19 82 NM298 196 102 52.0 
Net income available to common shareholders$1,228 $702 $526 74.9 %$4,184 $3,028 $1,156 38.2 %
Earnings Per Common Share
Basic$0.91 $0.76 $0.15 19.7 %$3.11 $3.76 $(0.65)(17.3)%
Diluted0.90 0.75 0.15 20.0 3.08 3.71 (0.63)(17.0)
Weighted Average Shares Outstanding
Basic1,348,493 922,840 425,653 46.1 1,347,080 805,104 541,97667.3 
Diluted1,361,763 934,718 427,045 45.7 1,358,289 815,204 543,08566.6 
NM - not meaningful

Truist Financial Corporation 3



Consolidated Statements of Income - Five Quarter Trend   
Quarter Ended
Dec. 31Sept. 30June 30March 31Dec. 31
(Dollars in millions, except per share data, shares in thousands)20202020202020202019
Interest Income
Interest and fees on loans and leases$3,158 $3,174 $3,377 $3,776 $2,371 
Interest on securities408 393 444 494 402 
Interest on other earning assets45 56 67 156 39 
Total interest income3,611 3,623 3,888 4,426 2,812 
Interest Expense
Interest on deposits67 96 201 421 304 
Interest on long-term debt165 152 211 272 219 
Interest on other borrowings13 13 28 83 62 
Total interest expense245 261 440 776 585 
Net Interest Income3,366 3,362 3,448 3,650 2,227 
Provision for credit losses177 421 844 893 171 
Net Interest Income After Provision for Credit Losses3,189 2,941 2,604 2,757 2,056 
Noninterest Income
Insurance income545 518 581 549 509 
Service charges on deposits266 247 202 305 222 
Wealth management income332 324 289 332 206 
Card and payment related fees203 200 171 187 156 
Residential mortgage income193 221 341 245 65 
Investment banking and trading income308 244 274 118 109 
Operating lease income77 72 83 77 47 
Income from bank-owned life insurance44 46 45 44 38 
Lending related fees105 77 66 67 47 
Commercial real estate related income123 55 49 44 48 
Securities gains (losses)— 104 300 (2)(116)
Other income (loss)89 102 22 (5)67 
Total noninterest income2,285 2,210 2,423 1,961 1,398 
Noninterest Expense
Personnel expense2,108 2,058 2,008 1,972 1,465 
Net occupancy expense207 233 243 221 147 
Professional fees and outside processing393 323 289 247 161 
Software expense215 221 216 210 118 
Equipment expense121 127 120 116 83 
Marketing and customer development58 75 56 84 45 
Operating lease depreciation54 56 77 71 43 
Loan-related expense65 59 56 62 42 
Amortization of intangibles172 170 178 165 71 
Regulatory costs32 34 30 29 24 
Merger-related and restructuring charges308 236 209 107 223 
Loss (gain) on early extinguishment of debt— — 235 — — 
Other expense100 163 161 147 153 
Total noninterest expense3,833 3,755 3,878 3,431 2,575 
Earnings
Income before income taxes1,641 1,396 1,149 1,287 879 
Provision for income taxes311 255 191 224 153 
Net income1,330 1,141 958 1,063 726 
Noncontrolling interests
Net income available to the bank holding company1,329 1,138 955 1,060 721 
Preferred stock dividends101 70 53 74 19 
Net income available to common shareholders$1,228 $1,068 $902 $986 $702 
Earnings Per Common Share
Basic$0.91 $0.79 $0.67 $0.73 $0.76 
Diluted0.90 0.79 0.67 0.73 0.75 
Weighted Average Shares Outstanding
Basic1,348,493 1,347,916 1,347,512 1,344,372 922,840 
Diluted1,361,763 1,358,122 1,355,834 1,357,545 934,718 

4 Truist Financial Corporation


Segment Financial Performance - Preliminary   
 Quarter Ended
Dec. 31Sept. 30June 30March 31Dec. 31
(Dollars in millions)20202020202020202019
Consumer Banking and Wealth
Net interest income (expense)$1,818 $1,856 $1,843 $1,860 $1,114 
Net intersegment interest income (expense) 377 337 316 394 282 
Segment net interest income2,195 2,193 2,159 2,254 1,396 
Allocated provision for credit losses116 181 270 437 145 
Noninterest income994 990 1,006 1,066 652 
Noninterest expense1,955 1,934 1,972 1,989 1,318 
Income (loss) before income taxes1,118 1,068 923 894 585 
Provision (benefit) for income taxes264 252 218 210 142 
Segment net income (loss)$854 $816 $705 $684 $443 
Corporate and Commercial Banking
Net interest income (expense)$1,271 $1,235 $1,351 $1,534 $934 
Net intersegment interest income (expense) 12 42 (60)(207)(99)
Segment net interest income1,283 1,277 1,291 1,327 835 
Allocated provision for credit losses60 311 534 399 17 
Noninterest income789 609 621 457 412 
Noninterest expense841 843 880 883 570 
Income (loss) before income taxes1,171 732 498 502 660 
Provision (benefit) for income taxes253 148 92 89 142 
Segment net income (loss)$918 $584 $406 $413 $518 
Insurance Holdings
Net interest income (expense)$26 $31 $33 $36 $38 
Net intersegment interest income (expense) (4)(7)(10)(11)(11)
Segment net interest income22 24 23 25 27 
Allocated provision for credit losses— 
Noninterest income562 524 598 557 536 
Noninterest expense451 446 448 440 481 
Income (loss) before income taxes131 102 167 141 80 
Provision (benefit) for income taxes32 25 41 36 21 
Segment net income (loss)$99 $77 $126 $105 $59 
Other, Treasury & Corporate (1)
Net interest income (expense)$251 $240 $221 $220 $141 
Net intersegment interest income (expense) (385)(372)(246)(176)(172)
Segment net interest income(134)(132)(25)44 (31)
Allocated provision for credit losses(1)(71)34 56 
Noninterest income(60)87 198 (119)(202)
Noninterest expense586 532 578 119 206 
Income (loss) before income taxes(779)(506)(439)(250)(446)
Provision (benefit) for income taxes(238)(170)(160)(111)(152)
Segment net income (loss)$(541)$(336)$(279)$(139)$(294)
Total Truist Financial Corporation
Net interest income (expense)$3,366 $3,362 $3,448 $3,650 $2,227 
Net intersegment interest income (expense) — — — — — 
Segment net interest income3,366 3,362 3,448 3,650 2,227 
Allocated provision for credit losses177 421 844 893 171 
Noninterest income2,285 2,210 2,423 1,961 1,398 
Noninterest expense3,833 3,755 3,878 3,431 2,575 
Income (loss) before income taxes1,641 1,396 1,149 1,287 879 
Provision (benefit) for income taxes311 255 191 224 153 
Net income$1,330 $1,141 $958 $1,063 $726 
(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   
Dec. 31Sept. 30June 30March 31Dec. 31
(Dollars in millions)20202020202020202019
Assets
Cash and due from banks$5,029 $4,194 $5,116 $5,312 $4,084 
Interest-bearing deposits with banks13,839 32,914 36,081 31,036 14,981 
Securities borrowed or purchased under resale agreements 1,745 1,300 1,345 1,796 1,417 
Trading assets at fair value3,872 4,670 3,824 3,863 5,733 
Securities available for sale at fair value120,788 86,132 77,805 78,398 74,727 
Loans and leases:
Commercial:
Commercial and industrial138,354 140,874 147,141 149,161 130,180 
CRE26,595 27,474 27,963 27,532 26,832 
Commercial construction6,491 6,772 6,891 6,630 6,205 
Lease financing5,240 5,493 5,783 5,984 6,122 
Consumer:
Residential mortgage47,272 50,379 51,671 53,096 52,071 
Residential home equity and direct26,064 26,558 26,935 27,629 27,044 
Indirect auto26,150 25,269 24,509 25,146 24,442 
Indirect other11,177 11,527 11,592 10,980 11,100 
Student7,552 7,480 7,484 7,771 6,743 
Credit card4,839 4,801 4,856 5,300 5,619 
PCI— — — — 3,484 
Total loans and leases held for investment299,734 306,627 314,825 319,229 299,842 
Loans held for sale6,059 5,522 6,323 4,810 8,373 
Total loans and leases305,793 312,149 321,148 324,039 308,215 
Allowance for loan and lease losses(5,835)(5,863)(5,702)(5,211)(1,549)
Premises and equipment3,870 3,968 4,002 3,999 3,712 
Goodwill24,447 23,869 23,882 23,927 24,154 
Core deposit and other intangible assets2,984 2,840 3,016 3,168 3,142 
Mortgage servicing rights2,023 1,991 2,077 2,150 2,630 
Other assets30,673 31,019 31,742 33,752 31,832 
Total assets$509,228 $499,183 $504,336 $506,229 $473,078 
Liabilities
Deposits:
Noninterest-bearing deposits$127,629 $124,297 $122,694 $97,618 $92,405 
Interest checking105,269 98,694 99,005 92,950 85,492 
Money market and savings126,238 121,856 123,974 124,072 120,934 
Time deposits21,941 25,900 30,562 35,539 35,896 
Foreign office deposits - interest-bearing— — — — — 
Total deposits381,077 370,747 376,235 350,179 334,727 
Short-term borrowings6,092 6,244 5,700 12,696 18,218 
Long-term debt39,597 41,008 42,133 65,662 41,339 
Other liabilities11,550 11,211 11,385 11,631 12,236 
Total liabilities438,316 429,210 435,453 440,168 406,520 
Shareholders' Equity:
Preferred stock8,048 8,048 7,143 4,599 5,102 
Common stock6,745 6,741 6,738 6,737 6,711 
Additional paid-in capital 35,843 35,774 35,676 35,584 35,609 
Retained earnings19,455 18,834 18,373 18,076 19,806 
Accumulated other comprehensive loss716 470 847 898 (844)
Noncontrolling interests105 106 106 167 174 
Total shareholders' equity70,912 69,973 68,883 66,061 66,558 
Total liabilities and shareholders' equity$509,228 $499,183 $504,336 $506,229 $473,078 

6 Truist Financial Corporation


Average Balance Sheets  
 Quarter EndedYear-to-Date
 December 31ChangeDecember 31Change
(Dollars in millions)20202019$%20202019$%
Assets        
Securities at amortized cost (1):
U.S. Treasury$2,049 $2,384 $(335)(14.1)%$2,194 $2,644 $(450)(17.0)%
U.S. government-sponsored entities (GSE)1,841 2,301 (460)(20.0)1,846 2,402 (556)(23.1)
Mortgage-backed securities issued by GSE97,660 55,119 42,541 77.2 78,564 44,710 33,854 75.7 
States and political subdivisions469 598 (129)(21.6)501 587 (86)(14.7)
Non-agency mortgage-backed— 263 (263)(100.0)86 269 (183)(68.0)
Other34 34 — — 36 33 9.1 
Total securities102,053 60,699 41,354 68.1 83,227 50,645 32,582 64.3 
Loans and leases:
Commercial:
Commercial and industrial139,223 81,853 57,370 70.1 141,850 67,435 74,415 110.4 
CRE27,030 19,896 7,134 35.9 27,410 17,651 9,759 55.3 
Commercial construction6,616 4,506 2,110 46.8 6,659 4,061 2,598 64.0 
Lease financing5,401 3,357 2,044 60.95,753 2,443 3,310 135.5 
Consumer:
Residential mortgage48,847 34,824 14,023 40.3 51,423 31,668 19,755 62.4 
Residential home equity and direct26,327 15,810 10,517 66.5 26,951 12,716 14,235 111.9 
Indirect auto25,788 15,390 10,398 67.6 25,055 12,545 12,510 99.7 
Indirect other11,291 7,772 3,519 45.3 11,264 6,654 4,610 69.3 
Student7,519 1,825 5,694 NM7,596 460 7,136 NM
Credit card4,818 3,788 1,030 27.2 5,027 3,181 1,846 58.0 
PCI— 1,220 (1,220)(100.0)— 631 (631)(100.0)
Total loans and leases held for investment302,860 190,241 112,619 59.2 308,988 159,445 149,543 93.8 
Loans held for sale5,328 3,400 1,928