Quarterly Performance Summary

Truist Financial Corporation

Third Quarter 2023

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

Financial Highlights

	Quarter Ended															Year-to-Date
(Dollars in millions, except per share data, shares in thousands)	Sept. 30			June 30			March 31			Dec. 31			Sept. 30			Sept. 30			Sept. 30
	2023			2023			2023			2022			2022			2023			2022
Summary Income Statement
Interest income - taxable equivalent(1)	$	6,286		$	6,230		$	5,836		$	5,288		$	4,407		$	18,352		$	11,491
Interest expense	2,665			2,551			1,917			1,257			624			7,133			1,064
Net interest income - taxable equivalent	3,621			3,679			3,919			4,031			3,783			11,219			10,427
Less: Taxable-equivalent adjustment	57			54			51			50			38			162			92
Net interest income	3,564			3,625			3,868			3,981			3,745			11,057			10,335
Provision for credit losses	497			538			502			467			234			1,537			310
Net interest income after provision for credit losses	3,067			3,087			3,366			3,514			3,511			9,520			10,025
Noninterest income	2,108			2,293			2,234			2,227			2,102			6,635			6,492
Noninterest expense	3,747			3,748			3,691			3,722			3,613			11,186			10,867
Income before income taxes	1,428			1,632			1,909			2,019			2,000			4,969			5,650
Provision for income taxes	245			287			394			337			363			926			1,065
Net income	1,183			1,345			1,515			1,682			1,637			4,043			4,585
Noncontrolling interests	6			36			2			1			4			44			6
Preferred stock dividends and other	106			75			103			71			97			284			262
Net income available to common shareholders	1,071			1,234			1,410			1,610			1,536			3,715			4,317
Additional Income Statement Information
Revenue - taxable equivalent	5,729			5,972			6,153			6,258			5,885			17,854			16,919
Pre-provision net revenue - unadjusted(2)	1,982			2,224			2,462			2,536			2,272			6,668			6,052
Pre-provision net revenue - adjusted(2)	2,187			2,413			2,661			2,869			2,565			7,261			7,238
Per Common Share Data
Earnings:
Earnings per share-basic	$	0.80		$	0.93		$	1.06		$	1.21		$	1.16		$	2.79		$	3.25
Earnings per share-diluted	0.80			0.92			1.05			1.20			1.15			2.77			3.22
Earnings per share-adjusted diluted(2)	NA			NA			NA			1.30			1.24			NA			3.66
Cash dividends declared	0.52			0.52			0.52			0.52			0.52			1.56			1.48
Common shareholders’ equity	41.37			42.68			41.82			40.58			40.79			41.37			40.79
Tangible common shareholders’ equity(2)	19.25			20.44			19.45			18.04			18.36			19.25			18.36
End of period shares outstanding	1,333,668			1,331,976			1,331,918			1,326,829			1,326,766			1,333,668			1,326,766
Weighted average shares outstanding-basic	1,333,522			1,331,953			1,328,602			1,326,787			1,326,539			1,331,377			1,328,569
Weighted average shares outstanding-diluted	1,340,574			1,337,307			1,339,480			1,337,338			1,336,659			1,339,041			1,339,071
Performance Ratios
Return on average assets	0.86		%	0.95		%	1.10		%	1.21		%	1.19		%	0.97		%	1.13		%
Return on average common shareholders’ equity	7.5			8.6			10.3			11.7			10.7			8.8			10.0
Return on average tangible common shareholders’ equity(2)	17.3			19.4			24.1			27.6			23.5			20.2			21.5
Net interest margin - taxable equivalent	2.95			2.91			3.17			3.25			3.12			3.01			2.93
Fee income ratio	37.2			38.8			36.6			35.9			36.0			37.5			38.6
Efficiency ratio-GAAP	66.1			63.3			60.5			60.0			61.8			63.2			64.6
Efficiency ratio-adjusted(2)	61.8			59.6			56.8			54.2			56.4			59.3			57.2
Credit Quality
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.46		%	0.47		%	0.36		%	0.36		%	0.35		%
Net charge-offs as a percentage of average loans and leases(3)	0.51			0.54			0.37			0.34			0.27			0.47		%	0.25		%
Allowance for loan and lease losses as a percentage of LHFI	1.49			1.43			1.37			1.34			1.34
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.2x			3.0x			3.8x			3.7x			3.8x
Average Balances
Assets	$	547,704		$	565,822		$	559,627		$	552,959		$	545,606		$	557,674		$	540,754
Securities(4)	135,527			138,393			140,551			142,433			145,396			138,139			148,895
Loans and leases	319,881			328,258			327,547			322,733			311,876			325,201			301,478
Deposits	401,038			399,826			408,458			413,276			420,096			403,080			419,713
Common shareholders’ equity	56,472			57,302			55,380			54,823			56,813			56,389			57,899
Total shareholders’ equity	63,312			64,101			62,077			61,519			63,510			63,168			64,591
Period-End Balances
Assets	$	542,707		$	554,549		$	574,354		$	555,255		$	548,438
Securities(4)	120,059			124,923			128,790			129,514			131,732
Loans and leases	317,112			324,015			329,833			327,435			316,639
Deposits	400,024			406,043			404,997			413,495			415,992
Common shareholders’ equity	55,167			56,853			55,699			53,841			54,115
Total shareholders’ equity	62,007			63,681			62,394			60,537			60,811
Capital and Liquidity Ratios	(preliminary)
Common equity Tier 1	9.9		%	9.6		%	9.1		%	9.0		%	9.1		%
Tier 1	11.4			11.1			10.6			10.5			10.7
Total	13.5			13.2			12.7			12.4			12.6
Leverage	9.2			8.8			8.5			8.5			8.5
Supplementary leverage	7.8			7.5			7.3			7.3			7.3
Liquidity coverage ratio	110			112			113			112			111

Applicable ratios are annualized.

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

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

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

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

- 1 -

Consolidated Statements of Income

	Quarter Ended										Year-to-Date
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30		Sept. 30		Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2023		2023		2023		2022		2022		2023		2022
Interest Income
Interest and fees on loans and leases	$	4,976	$	4,915	$	4,656	$	4,220	$	3,490	$	14,547	$	9,032
Interest on securities	763		749		752		739		709		2,264		2,024
Interest on other earning assets	490		512		377		279		170		1,379		343
Total interest income	6,229		6,176		5,785		5,238		4,369		18,190		11,399
Interest Expense
Interest on deposits	1,831		1,506		1,125		683		331		4,462		462
Interest on long-term debt	491		734		514		332		190		1,739		459
Interest on other borrowings	343		311		278		242		103		932		143
Total interest expense	2,665		2,551		1,917		1,257		624		7,133		1,064
Net Interest Income	3,564		3,625		3,868		3,981		3,745		11,057		10,335
Provision for credit losses	497		538		502		467		234		1,537		310
Net Interest Income After Provision for Credit Losses	3,067		3,087		3,366		3,514		3,511		9,520		10,025
Noninterest Income
Insurance income	793		935		813		766		725		2,541		2,277
Wealth management income	343		330		339		324		334		1,012		1,014
Investment banking and trading income	185		211		261		257		222		657		738
Service charges on deposits	152		240		249		257		263		641		769
Card and payment related fees	238		236		230		245		241		704		699
Mortgage banking income	102		99		142		117		122		343		343
Lending related fees	102		86		106		110		80		294		265
Operating lease income	63		64		67		68		66		194		190
Securities gains (losses)	—		—		—		—		(1)		—		(71)
Other income	130		92		27		83		50		249		268
Total noninterest income	2,108		2,293		2,234		2,227		2,102		6,635		6,492
Noninterest Expense
Personnel expense	2,200		2,256		2,181		2,198		2,116		6,637		6,269
Professional fees and outside processing	317		352		314		347		352		983		1,064
Software expense	238		237		214		241		225		689		691
Net occupancy expense	180		180		183		179		176		543		565
Amortization of intangibles	130		131		136		163		140		397		420
Equipment expense	97		92		110		124		122		299		354
Marketing and customer development	78		79		78		70		105		235		282
Operating lease depreciation	43		44		46		44		45		133		140
Regulatory costs	77		73		75		52		52		225		131
Merger-related and restructuring charges	75		54		63		114		62		192		399
Other expense	312		250		291		190		218		853		552
Total noninterest expense	3,747		3,748		3,691		3,722		3,613		11,186		10,867
Earnings
Income before income taxes	1,428		1,632		1,909		2,019		2,000		4,969		5,650
Provision for income taxes	245		287		394		337		363		926		1,065
Net income	1,183		1,345		1,515		1,682		1,637		4,043		4,585
Noncontrolling interests	6		36		2		1		4		44		6
Preferred stock dividends and other	106		75		103		71		97		284		262
Net income available to common shareholders	$	1,071	$	1,234	$	1,410	$	1,610	$	1,536	$	3,715	$	4,317
Earnings Per Common Share
Basic	$	0.80	$	0.93	$	1.06	$	1.21	$	1.16	$	2.79	$	3.25
Diluted	0.80		0.92		1.05		1.20		1.15		2.77		3.22
Weighted Average Shares Outstanding
Basic	1,333,522		1,331,953		1,328,602		1,326,787		1,326,539		1,331,377		1,328,569
Diluted	1,340,574		1,337,307		1,339,480		1,337,338		1,336,659		1,339,041		1,339,071

- 2 -

Consolidated Ending Balance Sheets - Five Quarter Trend

	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2023		2023		2023		2022		2022
Assets
Cash and due from banks	$	5,156	$	4,782	$	4,629	$	5,379	$	5,031
Interest-bearing deposits with banks	24,676		25,228		32,967		16,042		17,194
Securities borrowed or purchased under resale agreements	2,018		2,315		3,637		3,181		2,568
Trading assets at fair value	4,384		4,097		4,601		4,905		5,864
Securities available for sale at fair value	65,117		68,965		71,858		71,801		72,978
Securities held to maturity at amortized cost	54,942		55,958		56,932		57,713		58,754
Loans and leases:
Commercial:
Commercial and industrial	162,330		167,153		167,217		164,307		153,615
CRE	22,736		22,825		22,670		22,676		22,493
Commercial construction	6,343		5,943		5,951		5,849		5,568
Consumer:
Residential mortgage	56,013		56,476		56,455		56,645		55,529
Home equity(1)	10,160		10,348		10,577		10,876		10,883
Indirect auto	24,084		25,759		27,279		27,951		28,239
Other consumer(1)	29,105		28,755		27,742		27,533		27,457
Student	—		—		4,996		5,287		5,780
Credit card	4,928		4,833		4,786		4,867		4,771
Total loans and leases held for investment	315,699		322,092		327,673		325,991		314,335
Loans held for sale	1,413		1,923		2,160		1,444		2,304
Total loans and leases	317,112		324,015		329,833		327,435		316,639
Allowance for loan and lease losses	(4,693)		(4,606)		(4,479)		(4,377)		(4,205)
Premises and equipment	3,394		3,453		3,519		3,605		3,585
Goodwill	26,979		27,013		27,014		27,013		26,810
Core deposit and other intangible assets	3,292		3,403		3,535		3,672		3,726
Loan servicing rights at fair value	3,537		3,497		3,303		3,758		3,797
Other assets	36,793		36,429		37,005		35,128		35,697
Total assets	$	542,707	$	554,549	$	574,354	$	555,255	$	548,438
Liabilities
Deposits:
Noninterest-bearing deposits	$	116,674	$	121,831	$	128,719	$	135,742	$	144,826
Interest checking	103,288		106,471		107,116		110,464		110,397
Money market and savings	137,914		135,514		136,836		143,815		146,315
Time deposits	42,148		42,227		32,326		23,474		14,454
Total deposits	400,024		406,043		404,997		413,495		415,992
Short-term borrowings	23,485		24,456		23,678		23,422		25,687
Long-term debt	41,232		44,749		69,895		43,203		31,172
Other liabilities	15,959		15,620		13,390		14,598		14,776
Total liabilities	480,700		490,868		511,960		494,718		487,627
Shareholders’ Equity:
Preferred stock	6,673		6,673		6,673		6,673		6,673
Common stock	6,668		6,660		6,660		6,634		6,634
Additional paid-in capital	36,114		35,990		34,582		34,544		34,487
Retained earnings	27,944		27,577		27,038		26,264		25,344
Accumulated other comprehensive loss	(15,559)		(13,374)		(12,581)		(13,601)		(12,350)
Noncontrolling interests	167		155		22		23		23
Total shareholders’ equity	62,007		63,681		62,394		60,537		60,811
Total liabilities and shareholders’ equity	$	542,707	$	554,549	$	574,354	$	555,255	$	548,438

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

- 3 -

Average Balances and Rates - Quarters

	Quarter Ended
	September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022
(Dollars in millions)	Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury	$	10,886	$	34	1.27	%	$	11,115	$	30	1.10	%	$	11,117	$	30	1.07	%	$	10,989	$	27	0.98	%	$	10,925	$	26	0.93	%
U.S. government-sponsored entities (GSE)	339		3		2.92		329		3		2.70		335		2		2.86		325		3		2.47		305		1		2.56
Mortgage-backed securities issued by GSE	120,078		701		2.33		122,647		690		2.25		124,746		694		2.23		126,718		682		2.16		129,703		655		2.02
States and political subdivisions	423		4		4.12		425		5		4.18		425		4		4.07		426		4		4.03		395		4		3.92
Non-agency mortgage-backed	3,781		22		2.33		3,852		22		2.32		3,907		23		2.34		3,953		23		2.33		4,016		24		2.32
Other	20		1		5.55		25		—		5.20		21		—		5.30		22		1		4.44		52		—		3.94
Total securities	135,527		765		2.26		138,393		750		2.17		140,551		753		2.14		142,433		740		2.08		145,396		710		1.95
Loans and leases:
Commercial:
Commercial and industrial	164,022		2,686		6.50		166,588		2,610		6.28		165,095		2,436		5.98		159,308		2,098		5.23		152,123		1,564		4.08
CRE	22,812		396		6.85		22,706		384		6.73		22,689		355		6.32		22,497		314		5.51		22,245		245		4.32
Commercial construction	6,194		120		7.83		5,921		111		7.64		5,863		101		7.14		5,711		88		6.25		5,284		62		4.83
Consumer:
Residential mortgage	56,135		532		3.79		56,320		531		3.77		56,422		526		3.73		56,292		514		3.65		53,271		478		3.59
Home equity(3)	10,243		196		7.61		10,478		190		7.26		10,735		180		6.80		10,887		164		6.02		10,767		142		5.17
Indirect auto	24,872		386		6.16		26,558		398		6.01		27,743		398		5.82		28,117		396		5.59		28,057		382		5.40
Other consumer(3)	28,963		542		7.43		28,189		499		7.10		27,559		459		6.76		27,479		447		6.44		26,927		419		6.21
Student	—		1		—		4,766		80		6.76		5,129		89		7.04		5,533		90		6.42		5,958		85		5.64
Credit card	4,875		143		11.62		4,846		137		11.48		4,785		136		11.43		4,842		127		10.38		4,755		119		9.97
Total loans and leases held for investment	318,116		5,002		6.25		326,372		4,940		6.07		326,020		4,680		5.81		320,666		4,238		5.25		309,387		3,496		4.49
Loans held for sale	1,765		28		6.20		1,886		28		5.94		1,527		25		6.71		2,067		31		6.08		2,489		30		4.81
Total loans and leases	319,881		5,030		6.25		328,258		4,968		6.07		327,547		4,705		5.81		322,733		4,269		5.26		311,876		3,526		4.49
Interest earning trading assets	4,380		76		6.91		4,445		75		6.73		5,462		83		6.09		5,717		79		5.60		5,446		62		4.49
Other earning assets	29,006		415		5.68		34,988		437		5.02		25,589		295		4.67		21,922		200		3.60		19,631		109		2.24
Total earning assets	488,794		6,286		5.11		506,084		6,230		4.93		499,149		5,836		4.72		492,805		5,288		4.27		482,349		4,407		3.63
Nonearning assets	58,910						59,738						60,478						60,154						63,257
Total assets	$	547,704					$	565,822					$	559,627					$	552,959					$	545,606
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	101,252	584		2.29		$	102,105	487		1.91		$	108,886	430		1.60		$	110,001	304		1.10		$	111,645	158		0.56
Money market and savings	139,961		829		2.35		138,149		686		1.99		139,802		476		1.38		144,730		316		0.87		147,659		159		0.43
Time deposits	40,920		418		4.05		35,844		333		3.73		28,671		219		3.10		17,513		63		1.42		14,751		14		0.40
Total interest-bearing deposits	282,133		1,831		2.57		276,098		1,506		2.19		277,359		1,125		1.64		272,244		683		1.00		274,055		331		0.48
Short-term borrowings	24,894		343		5.47		23,991		311		5.19		24,056		278		4.69		25,640		242		3.75		17,392		103		2.34
Long-term debt	43,353		491		4.51		63,665		734		4.62		51,057		514		4.05		38,700		332		3.42		31,381		190		2.43
Total interest-bearing liabilities	350,380		2,665		3.02		363,754		2,551		2.81		352,472		1,917		2.20		336,584		1,257		1.48		322,828		624		0.77
Noninterest-bearing deposits	118,905						123,728						131,099						141,032						146,041
Other liabilities	15,107						14,239						13,979						13,824						13,227
Shareholders’ equity	63,312						64,101						62,077						61,519						63,510
Total liabilities and shareholders’ equity	$	547,704					$	565,822					$	559,627					$	552,959					$	545,606
Average interest-rate spread					2.09						2.12						2.52						2.79						2.86
Net interest income/ net interest margin			$	3,621	2.95	%			$	3,679	2.91	%			$	3,919	3.17	%			$	4,031	3.25	%			$	3,783	3.12	%
Taxable-equivalent adjustment			57						54						51						50						38
Memo: Total deposits	$	401,038	1,831		1.81	%	$	399,826	1,506		1.51	%	$	408,458	1,125		1.12	%	$	413,276	683		0.66	%	$	420,096	331		0.31	%

(1)Excludes basis adjustments for fair value hedges.

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

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

- 4 -

Average Balances and Rates - Year-To-Date

	Year-to-Date
	September 30, 2023						September 30, 2022
(Dollars in millions)	Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury	$	11,039	$	94	1.14	%	$	10,457	$	66	0.84	%
U.S. government-sponsored entities (GSE)	334		8		2.83		557		8		2.19
Mortgage-backed securities issued by GSE	122,473		2,085		2.27		133,338		1,870		1.87
States and political subdivisions	424		13		4.12		380		11		3.82
Non-agency mortgage-backed	3,846		67		2.33		4,112		71		2.29
Other	23		1		5.34		51		1		3.46
Total securities	138,139		2,268		2.19		148,895		2,027		1.82
Loans and leases:
Commercial:
Commercial and industrial	165,231		7,732		6.26		145,566		3,725		3.42
CRE	22,736		1,135		6.64		22,765		606		3.52
Commercial construction	5,994		332		7.54		5,196		140		3.80
Consumer:
Residential mortgage	56,291		1,589		3.76		50,180		1,346		3.58
Home equity(3)	10,483		566		7.22		10,755		376		4.68
Indirect auto	26,381		1,182		5.99		26,888		1,101		5.47
Other consumer(3)	28,242		1,500		7.10		25,930		1,193		6.15
Student	3,280		170		6.92		6,310		214		4.54
Credit card	4,836		416		11.51		4,721		328		9.29
Total loans and leases held for investment	323,474		14,622		6.04		298,311		9,029		4.04
Loans held for sale	1,727		81		6.25		3,167		91		3.82
Total loans and leases	325,201		14,703		6.04		301,478		9,120		4.04
Interest earning trading assets	4,759		234		6.54		5,784		160		3.67
Other earning assets	29,872		1,147		5.13		19,924		184		1.24
Total earning assets	497,971		18,352		4.92		476,081		11,491		3.22
Nonearning assets	59,703						64,673
Total assets	$	557,674					$	540,754
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	104,053	1,501		1.93		$	112,058	215		0.26
Money market and savings	139,305		1,991		1.91		145,953		220		0.20
Time deposits	35,189		970		3.68		14,840		27		0.25
Total interest-bearing deposits	278,547		4,462		2.14		272,851		462		0.23
Short-term borrowings	24,317		932		5.13		11,356		143		1.68
Long-term debt	52,663		1,739		4.41		32,646		459		1.88
Total interest-bearing liabilities	355,527		7,133		2.68		316,853		1,064		0.45
Noninterest-bearing deposits	124,533						146,862
Other liabilities	14,446						12,448
Shareholders’ equity	63,168						64,591
Total liabilities and shareholders’ equity	$	557,674					$	540,754
Average interest-rate spread					2.24						2.77
Net interest income/ net interest margin			$	11,219	3.01	%			$	10,427	2.93	%
Taxable-equivalent adjustment			162						92
Memo: Total deposits	$	403,080	4,462		1.48	%	$	419,713	462		0.15	%

(1)Excludes basis adjustments for fair value hedges.

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

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

- 5 -

Credit Quality

	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2023		2023		2023		2022		2022
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	561	$	562	$	394	$	398	$	443
CRE	289		275		117		82		5
Commercial construction	29		16		1		—		—
Consumer:
Residential mortgage	132		221		233		240		227
Home equity(1)	123		129		132		135		132
Indirect auto	266		262		270		289		260
Other consumer(1)	52		46		45		44		39
Total nonaccrual loans and leases held for investment	1,452		1,511		1,192		1,188		1,106
Loans held for sale	75		13		—		—		72
Total nonaccrual loans and leases	1,527		1,524		1,192		1,188		1,178
Foreclosed real estate	3		3		3		4		4
Other foreclosed property	54		56		66		58		58
Total nonperforming assets	$	1,584	$	1,583	$	1,261	$	1,250	$	1,240
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	15	$	36	$	35	$	49	$	44
CRE	—		—		—		1		1
Commercial construction	—		5		—		—		—
Consumer:
Residential mortgage - government guaranteed	456		541		649		759		808
Residential mortgage - nonguaranteed	30		23		25		27		26
Home equity(1)	9		7		10		12		9
Indirect auto	1		—		—		1		1
Other consumer(1)	16		12		10		13		9
Student - government guaranteed	—		—		590		702		770
Student - nonguaranteed	—		—		4		4		5
Credit card	47		38		38		37		36
Total loans 90 days past due and still accruing	$	574	$	662	$	1,361	$	1,605	$	1,709
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	98	$	142	$	125	$	256	$	162
CRE	28		38		34		25		15
Commercial construction	1		6		3		5		3
Consumer:
Residential mortgage - government guaranteed	293		267		232		268		234
Residential mortgage - nonguaranteed	270		254		259		346		300
Home equity(1)	61		56		65		68		67
Indirect auto	598		549		511		646		591
Other consumer(1)	219		175		164		187		152
Student - government guaranteed	—		—		350		396		375
Student - nonguaranteed	—		—		6		6		6
Credit card	68		63		56		64		52
Total loans 30-89 days past due	$	1,636	$	1,550	$	1,805	$	2,267	$	1,957

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

- 6 -

	As of/For the Quarter Ended
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
	2023		2023		2023		2022		2022
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.52	%	0.48	%	0.55	%	0.70	%	0.62	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.18		0.21		0.42		0.49		0.54
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.46		0.47		0.36		0.36		0.35
Nonperforming loans and leases as a percentage of loans and leases(1)	0.48		0.47		0.36		0.36		0.37
Nonperforming assets as a percentage of:
Total assets(1)	0.29		0.29		0.22		0.23		0.23
Loans and leases plus foreclosed property	0.48		0.49		0.38		0.38		0.37
Net charge-offs as a percentage of average loans and leases(2)	0.51		0.54		0.37		0.34		0.27
Allowance for loan and lease losses as a percentage of loans and leases	1.49		1.43		1.37		1.34		1.34
Ratio of allowance for loan and lease losses to:
Net charge-offs(3)	2.9X		2.6X		3.7X		4.1X		5.0X
Nonperforming loans and leases	3.2X		3.0X		3.8X		3.7X		3.8X
Asset Quality Ratios (Excluding Government Guaranteed)
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.04	%	0.04	%	0.04	%	0.04	%	0.04	%
							As of/For the Year-to-Date
							Period Ended Sept. 30
							2023		2022
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases							0.47	%	0.25	%
Ratio of allowance for loan and lease losses to net charge-offs							3.1X		5.7X

Applicable ratios are annualized.

(1)Includes loans held for sale.

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

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

- 7 -

	As of/For the Quarter Ended										As of/For the Year-to-Date
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30		Period Ended Sept. 30
(Dollars in millions)	2023		2023		2023		2022		2022		2023		2022
Allowance for Credit Losses(1)
Beginning balance	$	4,879	$	4,761	$	4,649	$	4,455	$	4,434	$	4,649	$	4,695
Provision for credit losses	497		558		482		467		234		1,537		310
Charge-offs:
Commercial:
Commercial and industrial	(98)		(107)		(75)		(44)		(51)		(280)		(99)
CRE	(77)		(35)		(6)		(11)		—		(118)		(2)
Commercial construction	—		—		—		—		—		—		(1)
Consumer:
Residential mortgage	(8)		(1)		(1)		(1)		(4)		(10)		(8)
Home equity(2)	(4)		(2)		(2)		(6)		(3)		(8)		(7)
Indirect auto	(135)		(115)		(127)		(129)		(103)		(377)		(282)
Other consumer(2)	(120)		(104)		(105)		(96)		(109)		(329)		(285)
Student	—		(103)		(5)		(5)		(7)		(108)		(17)
Credit card	(55)		(53)		(51)		(53)		(42)		(159)		(123)
Total charge-offs	(497)		(520)		(372)		(345)		(319)		(1,389)		(824)
Recoveries:
Commercial:
Commercial and industrial	28		13		13		14		43		54		73
CRE	2		—		1		1		—		3		7
Commercial construction	—		—		1		1		2		1		4
Consumer:
Residential mortgage	1		2		2		3		3		5		13
Home equity(2)	7		5		6		6		8		18		19
Indirect auto	25		31		26		21		21		82		70
Other consumer(2)	20		20		17		17		21		57		62
Student	—		—		—		1		—		—		—
Credit card	9		9		9		8		8		27		26
Total recoveries	92		80		75		72		106		247		274
Net charge-offs	(405)		(440)		(297)		(273)		(213)		(1,142)		(550)
Other(3)	(1)		—		(73)		—		—		(74)		—
Ending balance	$	4,970	$	4,879	$	4,761	$	4,649	$	4,455	$	4,970	$	4,455
Allowance for Credit Losses:(1)
Allowance for loan and lease losses	$	4,693	$	4,606	$	4,479	$	4,377	$	4,205
Reserve for unfunded lending commitments (RUFC)	277		273		282		272		250
Allowance for credit losses	$	4,970	$	4,879	$	4,761	$	4,649	$	4,455

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

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

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

	Quarter Ended										As of/For the Year-to-Date
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30		Period Ended Sept. 30
	2023		2023		2023		2022		2022		2023		2022
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial	0.17	%	0.23	%	0.15	%	0.08	%	0.02	%	0.18	%	0.02	%
CRE	1.31		0.62		0.09		0.19		(0.01)		0.68		(0.03)
Commercial construction	(0.03)		(0.02)		(0.04)		(0.06)		(0.10)		(0.03)		(0.07)
Consumer:
Residential mortgage	0.05		(0.01)		—		(0.02)		0.01		0.01		(0.01)
Home equity	(0.10)		(0.12)		(0.15)		(0.01)		(0.13)		(0.13)		(0.14)
Indirect auto	1.75		1.28		1.47		1.52		1.15		1.50		1.05
Other consumer	1.37		1.20		1.29		1.11		1.31		1.29		1.16
Student	—		8.67		0.42		0.34		0.40		4.40		0.34
Credit card	3.78		3.66		3.54		3.68		2.80		3.66		2.74
Total loans and leases	0.51		0.54		0.37		0.34		0.27		0.47		0.25
Applicable ratios are annualized.

- 8 -

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

	As of/For the Quarter Ended
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2023		2023		2023		2022		2022
Loans and Leases(2)
Beginning balance unamortized fair value mark	$	(579)	$	(673)	$	(741)	$	(826)	$	(924)
Accretion	45		63		64		80		96
Purchase accounting adjustments and other activity	6		31		4		5		2
Ending balance	$	(528)	$	(579)	$	(673)	$	(741)	$	(826)
Core deposit and other intangible assets
Beginning balance	$	3,403	$	3,535	$	3,672	$	3,726	$	3,535
Additions - acquisitions	21		—		—		111		336
Amortization of intangibles(3)	(130)		(131)		(136)		(163)		(140)
Amortization in net occupancy expense	(2)		(1)		(1)		(3)		(5)
Purchase accounting adjustments and other activity	—		—		—		1		—
Ending balance	$	3,292	$	3,403	$	3,535	$	3,672	$	3,726
Deposits(4)
Beginning balance unamortized fair value mark	$	—	$	—	$	—	$	(1)	$	(3)
Amortization	—		—		—		1		2
Ending balance	$	—	$	—	$	—	$	—	$	(1)
Long-Term Debt(4)
Beginning balance unamortized fair value mark	$	(59)	$	(69)	$	(81)	$	(94)	$	(109)
Amortization	10		12		12		13		15
Adjustments	—		(2)		—		$	—	$	—
Ending balance	$	(49)	$	(59)	$	(69)	$	(81)	$	(94)

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

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

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

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

- 9 -

Segment Financial Performance - Preliminary

	Quarter Ended
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2023		2023		2023		2022		2022
Consumer Banking and Wealth
Net interest income (expense)	$	1,269	$	1,459	$	1,607	$	1,734	$	1,690
Net intersegment interest income (expense)	1,388		1,228		1,157		1,248		992
Segment net interest income	2,657		2,687		2,764		2,982		2,682
Allocated provision for credit losses	248		224		274		311		283
Noninterest income	756		828		873		846		836
Noninterest expense	2,065		2,051		2,060		1,924		1,930
Income (loss) before income taxes	1,100		1,240		1,303		1,593		1,305
Provision (benefit) for income taxes	266		296		311		377		309
Segment net income (loss)	$	834	$	944	$	992	$	1,216	$	996
Corporate and Commercial Banking(1)
Net interest income (expense)	$	2,427	$	2,415	$	2,302	$	2,083	$	1,635
Net intersegment interest income (expense)	(776)		(722)		(552)		(208)		10
Segment net interest income	1,651		1,693		1,750		1,875		1,645
Allocated provision for credit losses	254		312		231		136		(48)
Noninterest income	584		576		630		678		645
Noninterest expense	874		869		881		853		828
Income (loss) before income taxes	1,107		1,088		1,268		1,564		1,510
Provision (benefit) for income taxes	215		211		264		330		324
Segment net income (loss)	$	892	$	877	$	1,004	$	1,234	$	1,186
Insurance Holdings(1)
Net interest income (expense)	$	1	$	1	$	1	$	1	$	1
Net intersegment interest income (expense)(2)	(81)		(85)		13		11		10
Segment net interest income	(80)		(84)		14		12		11
Allocated provision for credit losses	—		—		—		—		—
Noninterest income	801		944		817		792		731
Noninterest expense	701		705		686		662		628
Income (loss) before income taxes(3)	20		155		145		142		114
Provision (benefit) for income taxes(3)	3		—		36		35		29
Segment net income (loss)	$	17	$	155	$	109	$	107	$	85
Other, Treasury & Corporate(4)
Net interest income (expense)	$	(133)	$	(250)	$	(42)	$	163	$	419
Net intersegment interest income (expense)	(531)		(421)		(618)		(1,051)		(1,012)
Segment net interest income	(664)		(671)		(660)		(888)		(593)
Allocated provision for credit losses	(6)		2		(3)		20		(1)
Noninterest income	(33)		(55)		(86)		(89)		(110)
Noninterest expense	108		123		64		283		227
Income (loss) before income taxes(3)	(799)		(851)		(807)		(1,280)		(929)
Provision (benefit) for income taxes(3)	(239)		(220)		(217)		(405)		(299)
Segment net income (loss)	$	(560)	$	(631)	$	(590)	$	(875)	$	(630)
Total Truist Financial Corporation
Net interest income (expense)	$	3,564	$	3,625	$	3,868	$	3,981	$	3,745
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income	3,564		3,625		3,868		3,981		3,745
Allocated provision for credit losses	496		538		502		467		234
Noninterest income	2,108		2,293		2,234		2,227		2,102
Noninterest expense	3,748		3,748		3,691		3,722		3,613
Income (loss) before income taxes	1,428		1,632		1,909		2,019		2,000
Provision (benefit) for income taxes	245		287		394		337		363
Net income	$	1,183	$	1,345	$	1,515	$	1,682	$	1,637

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

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

(3)Also related to the same transaction, Insurance Holding’s recapitalized from a corporate entity to an LLC, such that each partner is allocated its share of Insurance Holding’s income before taxes, and beginning in the second quarter of 2023 the Company recognizes its associated income tax provision through Other, Treasury & Corporate. The Company elected not to restate prior periods for this change based on Insurance Holding’s previous status as a corporate entity. The Company recognized $30 million and $54 million for the third and second quarter 2023, respectively, tax provision related to Insurance Holdings in Other, Treasury & Corporate. In the third quarter of 2023, Insurance Holdings recognized $3 million of taxes for certain state jurisdictions that impose income taxes on partnerships and LLCs.

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

- 10 -

Capital Information - Five Quarter Trend

	As of/For the Quarter Ended
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2023			2023			2023			2022			2022
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	42,275		$	41,642		$	39,533		$	39,098		$	38,277
Tier 1	48,945			48,312			46,203			45,768			44,947
Total	57,710			57,236			55,237			54,072			53,223
Risk-weighted assets	428,682			434,946			436,381			434,413			421,489
Average quarterly assets for leverage ratio	534,402			550,734			544,334			539,689			526,454
Average quarterly assets for supplementary leverage ratio	627,403			643,662			635,656			629,960			616,368
Risk-based capital ratios:
Common equity tier 1	9.9		%	9.6		%	9.1		%	9.0		%	9.1		%
Tier 1	11.4			11.1			10.6			10.5			10.7
Total	13.5			13.2			12.7			12.4			12.6
Leverage capital ratio	9.2			8.8			8.5			8.5			8.5
Supplementary leverage	7.8			7.5			7.3			7.3			7.3
Common equity per common share	$	41.37		$	42.68		$	41.82		$	40.58		$	40.79
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2023			2023			2023			2022			2022
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity	$	62,007		$	63,681		$	62,394		$	60,537		$	60,811
Less:
Preferred stock	6,673			6,673			6,673			6,673			6,673
Noncontrolling interests	167			155			22			23			23
Intangible assets, net of deferred taxes	29,491			29,628			29,788			29,908			29,752
Tangible common equity	$	25,676		$	27,225		$	25,911		$	23,933		$	24,363
Outstanding shares at end of period (in thousands)	1,333,668			1,331,976			1,331,918			1,326,829			1,326,766
Tangible common equity per common share	$	19.25		$	20.44		$	19.45		$	18.04		$	18.36
Total assets	$	542,707		$	554,549		$	574,354		$	555,255		$	548,438
Less: Intangible assets, net of deferred taxes	29,491			29,628			29,788			29,908			29,752
Tangible assets	$	513,216		$	524,921		$	544,566		$	525,347		$	518,686
Equity as a percentage of total assets	11.4		%	11.5		%	10.9		%	10.9		%	11.1		%
Tangible common equity as a percentage of tangible assets	5.0			5.2			4.8			4.6			4.7

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

- 11 -

Selected Mortgage Banking Information & Additional Information

	As of/For the Quarter Ended
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data)	2023			2023			2023			2022			2022
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue	$	19		$	22		$	17		$	7		$	1
Residential mortgage servicing income:
Residential mortgage servicing income before MSR valuation	85			77			155			88			80
Net MSRs valuation	(20)			(19)			(50)			(10)			(9)
Total residential mortgage servicing income	65			58			105			78			71
Total residential mortgage income	84			80			122			85			72
Commercial mortgage income:
Commercial mortgage production revenue	17			16			14			28			30
Commercial mortgage servicing income:
Commercial mortgage servicing income before MSR valuation	3			4			7			4			5
Net MSRs valuation	(2)			(1)			(1)			—			15
Total commercial mortgage servicing income	1			3			6			4			20
Total commercial mortgage income	18			19			20			32			50
Total mortgage banking income	102			99			142			117			122
Other Mortgage Banking Information
Residential mortgage loan originations	$	4,196		$	5,558		$	4,022		$	4,868		$	11,746
Residential mortgage servicing portfolio:(1)
Loans serviced for others	214,953			222,917			214,830			217,046			218,740
Bank-owned loans serviced	56,679			57,147			57,493			56,982			56,786
Total servicing portfolio	271,632			280,064			272,323			274,028			275,526
Weighted-average coupon rate on mortgage loans serviced for others	3.51		%	3.54		%	3.52		%	3.48		%	3.45		%
Weighted-average servicing fee on mortgage loans serviced for others	0.27			0.27			0.27			0.31			0.30
Additional Information
Brokered deposits(2)	$	34,986		$	32,307		$	23,816		$	22,353		$	20,239
NQDCP income (expense):(3)
Interest income	$	3		$	3		$	11		$	2		$	2
Other income	35			9			(18)			20			(28)
Personnel expense	(38)			(12)			7			(22)			26
Total NQDCP income (expense)	$	—		$	—		$	—		$	—		$	—
Common stock prices:
High	$	35.78		$	35.39		$	51.26		$	47.47		$	52.22
Low	27.70			25.56			28.70			40.01			42.56
End of period	28.61			30.35			34.10			43.03			43.54
Banking offices	2,001			2,002			2,006			2,123			2,119
ATMs	3,037			3,041			3,041			3,227			3,185
FTEs(4)	51,943			52,564			53,653			53,999			52,648

(1)Amounts reported are unpaid principal balance.

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

(3)Relates to plans where Truist holds assets in proportion to participant elections.

(4)FTEs represents an average for the quarter.

- 12 -

Selected Items(1)

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

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

- 13 -