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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________
FORM 10-Q
_________________________________________________________________

 Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended: September 30, 2023
Commission File Number: 1-10853

TRUIST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
_________________________________________________________________
North Carolina56-0939887
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
214 North Tryon Street
Charlotte,North Carolina28202
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code:(336)733-2000
_________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $5 par valueTFCNew York Stock Exchange
Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred StockTFC.PINew 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 StockTFC.PJNew York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred StockTFC.PONew York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred StockTFC.PRNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
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. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

At September 30, 2023, 1,333,668,077 shares of the registrant’s common stock, $5 par value, were outstanding.


TABLE OF CONTENTS
TRUIST FINANCIAL CORPORATION
FORM 10-Q
September 30, 2023
Page No.
PART I - Financial Information
Glossary of Defined Terms
Forward-Looking Statements
Item 1.Financial Statements
Consolidated Balance Sheets (Unaudited)
Consolidated Statements of Income (Unaudited)
Consolidated Statements of Comprehensive Income (Unaudited)
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
Consolidated Statements of Cash Flows (Unaudited)
Notes to Consolidated Financial Statements (Unaudited)
Note 1. Basis of Presentation
Note 2. Business Combinations, Divestitures, and Noncontrolling Interests
Note 3. Securities Financing Activities
Note 4. Investment Securities
Note 5. Loans and ACL
Note 6. Goodwill and Other Intangible Assets
Note 7. Loan Servicing
Note 8. Other Assets and Liabilities
Note 9. Borrowings
Note 10. Shareholders’ Equity
Note 11. AOCI
Note 12. Income Taxes
Note 13. Benefit Plans
Note 14. Commitments and Contingencies
Note 15. Fair Value Disclosures
Note 16. Derivative Financial Instruments
Note 17. Computation of EPS
Note 18. Operating Segments
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Regulatory Considerations
Executive Overview
Analysis of Results of Operations
Analysis of Financial Condition
Risk Management
Liquidity
Capital
Share Repurchase activity
Critical Accounting Policies
Item 3.Quantitative and Qualitative Disclosures About Market Risk (see Market Risk in MD&A)
Item 4.Controls and Procedures
PART II - Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
Item 3.Defaults Upon Senior Securities - (none)
Item 4.Mine Safety Disclosures - (not applicable)
Item 5.Other Information
Item 6.Exhibits




Glossary of Defined Terms
The following terms may be used throughout this report, including the consolidated financial statements and related notes.
TermDefinition
ACL
Allowance for credit losses
AFS
Available-for-sale
Agency MBS
Mortgage-backed securities issued by a U.S. government agency or GSE
ALLL
Allowance for loan and lease losses
AOCI
Accumulated other comprehensive income (loss)
BoardTruist’s Board of Directors
C&CB
Corporate and Commercial Banking, an operating segment
CB&W
Consumer Banking and Wealth, an operating segment
CCAR
Comprehensive Capital Analysis and Review
CDI
Core deposit intangible
CECLCurrent expected credit loss model
CEO
Chief Executive Officer
CFO
Chief Financial Officer
CFTCCommodity Futures Trading Commission
CET1
Common equity tier 1
Company
Truist Financial Corporation and its subsidiaries (interchangeable with “Truist” below)
COVID-19Coronavirus disease 2019
CRE
Commercial real estate
DEI
Diversity, Equity & Inclusion
DTADeferred tax asset
EPS
Earnings per common share
Exchange Act
Securities Exchange Act of 1934, as amended
FDIC
Federal Deposit Insurance Corporation
FHLB
Federal Home Loan Bank
FHLMC
Federal Home Loan Mortgage Corporation
FNMA
Federal National Mortgage Association
FRB
Board of Governors of the Federal Reserve System
GAAP
Accounting principles generally accepted in the United States of America
GDPGross Domestic Product
Grandbridge
Grandbridge Real Estate Capital, LLC
GSE
U.S. government-sponsored enterprise
HFI
Held for investment
HQLA
High-quality liquid assets
HTM
Held-to-maturity
IH
Truist Insurance Holdings, LLC, an operating segment
IPV
Independent price verification
ISDA
International Swaps and Derivatives Association, Inc.
LCR
Liquidity Coverage Ratio
LHFS
Loans held for sale
LIBOR
London Interbank Offered Rate
LIBOR ActAdjustable Interest Rate (LIBOR) Act
LOCOMLower of cost or market
Market Risk RuleMarket risk capital requirements issued jointly by the OCC, U.S. Treasury, FRB, and FDIC
MBS
Mortgage-backed securities
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
MergerMerger of BB&T Corporation and SunTrust Banks, Inc effective December 6, 2019
MRO
Model Risk Oversight
MSR
Mortgage servicing right
NA
Not applicable
NIM
Net interest margin, computed on a TE basis
NPA
Nonperforming asset
NPL
Nonperforming loan
NSFR
Net stable funding ratio
NYSE
New York Stock Exchange
OAS
Option adjusted spread
OCCOffice of the Comptroller of the Currency
OCI
Other comprehensive income (loss)
OPEB
Other post-employment benefit
OREO
Other real estate owned
OT&C
Other, Treasury and Corporate
Parent Company
Truist Financial Corporation, the parent company of Truist Bank and other subsidiaries
PCD
Purchased credit deteriorated loans
ROU assets
Right-of-use assets
RUFC
Reserve for unfunded lending commitments
S&P
Standard & Poor’s
SBIC
Small Business Investment Company
SCBStress Capital Buffer
Truist Financial Corporation 1


TermDefinition
SEC
Securities and Exchange Commission
SOFR
Secured Overnight Financing Rate
TBATo-be-announced
TBVPS
Tangible book value per common share
TDR
Troubled debt restructuring
TE
Taxable-equivalent
TRSTotal Return Swap
Truist
Truist Financial Corporation and its subsidiaries (interchangeable with the “Company” above)
Truist BankTruist Bank, formerly Branch Banking and Trust Company
U.S.
United States of America
U.S. Treasury
United States Department of the Treasury
UPB
Unpaid principal balance
USAAUnited Services Automobile Association
VaR
Value-at-risk
VIE
Variable interest entity
2 Truist Financial Corporation


Forward-Looking Statements

This Quarterly Report on Form 10-Q 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 in Part I, Item 1A-Risk Factors in Truist’s Form 10-K for the year ended December 31, 2022:

current and future economic and market conditions, such as the interest rate environment, including the replacement of LIBOR as an interest rate benchmark; U.S. fiscal debt, budget and tax matters; geopolitical matters (including conflicts in the Ukraine, Israel, and the Gaza Strip); and any slow down in global economic growth could result in, among other things, slower deposit or asset growth, a deterioration in credit quality, or a reduced demand for credit, insurance, or other services;
the monetary and fiscal policies of the federal government and its agencies, including in response to higher inflation, could have a material adverse effect on the economy and Truist’s profitability;
regulatory and supervisory matters, litigation, or other legal actions may result in, among other things, costs, fines, penalties, restrictions on Truist’s business activities, reputational harm, negative publicity, or other adverse consequences;
evolving legislative, accounting standards, regulatory and supervisory standards, including with respect to climate, deposit, capital, liquidity, and long-term debt requirements, which may become more stringent in light of recent turmoil in the banking industry and results of regulatory examinations, which may adversely affect Truist’s financial condition and results of operations;
increased scrutiny regarding Truist’s consumer sales practices, training practices, incentive compensation design, and governance could damage its reputation and adversely impact business and revenues;
Truist may be impacted by actual or perceived soundness of other financial institutions, including as a result of the financial or operational failure of a major financial institution, or concerns about the creditworthiness of such a financial institution or its ability to fulfill its obligations, which can cause substantial and cascading disruption within the financial markets and increased expenses, including FDIC insurance premiums, and could affect our ability to attract and retain depositors and to borrow or raise capital;
Truist is subject to credit risk by lending or committing to lend money, may have more credit risk and higher credit losses to the extent that loans are concentrated by loan type, industry segment, borrower type or location of the borrower or collateral, and may suffer losses if the value of collateral declines in stressed market conditions;
inability to access short-term funding or liquidity, loss of client deposits, or changes in Truist’s credit ratings could increase the cost of funding, limit access to capital markets, or negatively affect Truist’s overall liquidity or capitalization;
unexpected outflows of uninsured deposits may require Truist to sell investment securities at a loss;
a loss of value of Truist’s investment portfolio could negatively impact market perceptions of Truist and could lead to deposit withdrawals;
risk management oversight functions may not identify or address risks adequately, and management may not be able to effectively manage credit risk;
there are risks resulting from the extensive use of models in Truist’s business, which may impact decisions made by management and regulators;
deposit attrition, client loss, or revenue loss following completed mergers or acquisitions may be greater than anticipated;
Truist could fail to execute on strategic or operational plans, including the ability to achieve its cost saves targets;
increased competition, including from (i) new or existing competitors that could have greater financial resources or be subject to different regulatory standards or compliance costs, and (ii) products and services offered by non-bank financial technology companies, which 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;
failure to maintain or enhance Truist’s competitive position with respect to new products, services, and technology, whether we fail to anticipate client expectations or because our technological developments fail to perform as desired or do not achieve market acceptance or regulatory approval or for other reasons, may cause Truist to lose market share or incur additional expense;
negative public opinion could damage Truist’s reputation and adversely impact business and revenues, including the effects of social media on market perceptions of Truist and banks generally;
Truist faces substantial legal and operational risks in safeguarding personal information;
accounting policies and processes require management to make estimates about matters that are uncertain, including the potential write down to goodwill if there is an elongated period of decline in market value for Truist’s stock and adverse economic conditions are sustained over a period of time or if there is a decline in a reporting unit’s forecasted net income;
Truist faces 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;
there are risks relating to Truist’s role as a loan servicer, including an increase in the scope or costs of the services Truist is required to perform without any corresponding increase in servicing fees or a breach of Truist’s obligations as servicer;
Truist’s success depends on hiring and retaining key teammates, and if these individuals leave or change roles without effective replacements, Truist’s operations could be adversely impacted, which could be exacerbated in the increased work-from-home environment as job markets may be less constrained by physical geography;
Truist’s operations rely on its ability, and the ability of key external parties, to maintain appropriate-staffed workforces, and on the competence, trustworthiness, health and safety of teammates;
Truist faces the risk of fraud or misconduct by internal or external parties, which Truist may not be able to prevent, detect, or mitigate;
security risks, including denial of service attacks, hacking, social engineering attacks targeting Truist’s teammates and clients, malware intrusion, data corruption attempts, system breaches, cyberattacks, which have increased in frequency with geopolitical tensions, identity theft, ransomware attacks, and physical security risks, such as natural disasters, environmental conditions, and intentional acts of destruction, could result in the disclosure of confidential information, adversely affect Truist’s business or reputation or create significant legal or financial exposure;
widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism and pandemics), and the effects of climate change, including physical risks, such as more frequent and intense weather events, and risks related to the transition to a lower carbon economy, such as regulatory or technological changes or shifts in market dynamics or consumer preferences, could have an adverse effect on Truist’s financial condition and results of operations, lead to material disruption of Truist’s operations or the ability or willingness of clients to access Truist’s products and services; and
the effects of COVID-19 adversely impacted the Company’s operations and financial performance and similar adverse impacts resulting from pandemics could occur in future periods.

Readers are cautioned not to place undue reliance on these forward-looking statements, which represented management’s views on the date they were made. Except to the extent required by applicable law or regulation, Truist undertakes no obligation to revise or update any forward-looking statements.
Truist Financial Corporation 3


ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions, except per share data, shares in thousands)
Sep 30, 2023Dec 31, 2022
Assets
Cash and due from banks$5,156 $5,379 
Interest-bearing deposits with banks24,676 16,042 
Securities borrowed or purchased under agreements to resell2,018 3,181 
Trading assets at fair value4,384 4,905 
AFS securities at fair value65,117 71,801 
HTM securities (fair value of $42,501 and $47,791, respectively)54,942 57,713 
LHFS (including $1,269 and $1,065 at fair value, respectively)1,413 1,444 
Loans and leases (including $16 and $18 at fair value, respectively)315,699 325,991 
ALLL(4,693)(4,377)
Loans and leases, net of ALLL311,006 321,614 
Premises and equipment3,394 3,605 
Goodwill26,979 27,013 
CDI and other intangible assets3,292 3,672 
Loan servicing rights at fair value3,537 3,758 
Other assets (including $1,079 and $1,582 at fair value, respectively)36,793 35,128 
Total assets$542,707 $555,255 
Liabilities
Noninterest-bearing deposits$116,674 $135,742 
Interest-bearing deposits283,350 277,753 
Short-term borrowings (including $1,718 and $1,551 at fair value, respectively)23,485 23,422 
Long-term debt41,232 43,203 
Other liabilities (including $3,474 and $2,971 at fair value, respectively)15,959 14,598 
Total liabilities480,700 494,718 
Shareholders’ Equity
Preferred stock6,673 6,673 
Common stock, $5 par value6,668 6,634 
Additional paid-in capital36,114 34,544 
Retained earnings27,944 26,264 
AOCI, net of deferred income taxes(15,559)(13,601)
Noncontrolling interests167 23 
Total shareholders’ equity62,007 60,537 
Total liabilities and shareholders’ equity$542,707 $555,255 
Common shares outstanding1,333,668 1,326,829 
Common shares authorized2,000,000 2,000,000 
Preferred shares outstanding223 223 
Preferred shares authorized5,000 5,000 

The accompanying notes are an integral part of these consolidated financial statements.
4 Truist Financial Corporation


CONSOLIDATED STATEMENTS OF INCOME
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions, except per share data, shares in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Interest Income    
Interest and fees on loans and leases$4,976 $3,490 $14,547 $9,032 
Interest on securities763 709 2,264 2,024 
Interest on other earning assets490 170 1,379 343 
Total interest income6,229 4,369 18,190 11,399 
Interest Expense    
Interest on deposits1,831 331 4,462 462 
Interest on long-term debt491 190 1,739 459 
Interest on other borrowings343 103 932 143 
Total interest expense2,665 624 7,133 1,064 
Net Interest Income3,564 3,745 11,057 10,335 
Provision for credit losses497 234 1,537 310 
Net Interest Income After Provision for Credit Losses3,067 3,511 9,520 10,025 
Noninterest Income    
Insurance income793 725 2,541 2,277 
Wealth management income343 334 1,012 1,014 
Investment banking and trading income185 222 657 738 
Service charges on deposits152 263 641 769 
Card and payment related fees238 241 704 699 
Mortgage banking income102 122 343 343 
Lending related fees102 80 294 265 
Operating lease income63 66 194 190 
Securities gains (losses) (1) (71)
Other income130 50 249 268 
Total noninterest income2,108 2,102 6,635 6,492 
Noninterest Expense    
Personnel expense2,200 2,116 6,637 6,269 
Professional fees and outside processing317 352 983 1,064 
Software expense238 225 689 691 
Net occupancy expense180 176 543 565 
Amortization of intangibles130 140 397 420 
Equipment expense97 122 299 354 
Marketing and customer development78 105 235 282 
Operating lease depreciation43 45 133 140 
Regulatory costs77 52 225 131 
Merger-related and restructuring charges75 62 192 399 
Other expense312 218 853 552 
Total noninterest expense3,747 3,613 11,186 10,867 
Earnings    
Income before income taxes1,428 2,000 4,969 5,650 
Provision for income taxes245 363 926 1,065 
Net income1,183 1,637 4,043 4,585 
Noncontrolling interests6 4 44 6 
Preferred stock dividends and other106 97 284 262 
Net income available to common shareholders$1,071 $1,536 $3,715 $4,317 
Basic EPS$0.80 $1.16 $2.79 $3.25 
Diluted EPS0.80 1.15 2.77 3.22 
Basic weighted average shares outstanding1,333,522 1,326,539 1,331,377 1,328,569 
Diluted weighted average shares outstanding1,340,574 1,336,659 1,339,041 1,339,071 

The accompanying notes are an integral part of these consolidated financial statements.
Truist Financial Corporation 5


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net income$1,183 $1,637 $4,043 $4,585 
OCI, net of tax:    
Net change in net pension and postretirement costs23 6 17 19 
Net change in cash flow hedges(255)(139)(447)(85)
Net change in AFS securities(2,015)(3,051)(1,712)(10,889)
Net change in HTM securities63 80 183 216 
Other, net(1)(6)1 (7)
Total OCI, net of tax(2,185)(3,110)(1,958)(10,746)
Total OCI$(1,002)$(1,473)$2,085 $(6,161)
Income Tax Effect of Items Included in OCI:
Net change in net pension and postretirement costs$ $1 $ $6 
Net change in cash flow hedges(79)(42)(138)(26)
Net change in AFS securities(618)(927)(543)(3,307)
Net change in HTM securities19 25 51 65 
Total income taxes related to OCI