tfc-20230119


		News Release

Contact:
Investors:	Ankur Vyas 404.827.6714 \| [email protected]
Media:	Shelley Miller 704.692.1518 \| [email protected]

Truist reports fourth quarter and full year 2022 results

Fourth quarter 2022 GAAP earnings of $1.6 billion, or $1.20 per diluted share

Fourth quarter 2022 Adjusted earnings of $1.7 billion, or $1.30 per diluted share

Results reflect strong PPNR performance as a result of strong loan growth and expanded NIM

Capital, liquidity, and credit quality remain strengths

CHARLOTTE, N.C., (January 19, 2023) — Truist Financial Corporation (NYSE: TFC) today reported earnings for the fourth quarter and full year of 2022.

Net income available to common shareholders of $1.6 billion was up 5.6% from the fourth quarter of 2021. Earnings per diluted common share were $1.20, an increase of 6.2% compared with the same period last year. Results for the fourth quarter produced an annualized return on average assets (ROA) of 1.21%, an annualized return on average common shareholders’ equity (ROCE) of 11.7%, and an annualized return on tangible common shareholders’ equity (ROTCE) of 27.6%.

Adjusted net income available to common shareholders was $1.7 billion, or $1.30 per diluted share, excluding merger-related and restructuring charges of $114 million ($87 million after-tax) and incremental operating expenses related to the merger of $56 million ($43 million after-tax). Adjusted results produced an annualized ROA of 1.30%, an annualized ROCE of 12.6%, and an annualized ROTCE of 29.6%.

For the full year 2022, net income available to common shareholders was $5.9 billion compared to $6.0 billion for 2021. Earnings per diluted share were $4.43 for 2022 compared to $4.47 for 2021. Results for 2022 produced an ROA of 1.15%, an ROCE of 10.4%, and an ROTCE of 22.9%.

Adjusted net income available to common shareholders for the full year 2022, which excludes merger-related charges, incremental operating expenses related to the merger, and certain other items as detailed in our non-GAAP reconciliations was $6.6 billion compared to $7.5 billion for 2021. Adjusted diluted earnings per share was $4.96, down 10.3%, compared to $5.53 for 2021. Adjusted results for 2022 produced an ROA of 1.28%, an ROCE of 11.6%, and an ROTCE of 25.1%.

“Fourth quarter results were strong, reflecting post-integration momentum and progress in many areas. Robust loan growth, significant margin expansion, and good cost discipline contributed to a 12% sequential increase in adjusted pre-provision net revenue. Credit quality remains strong reflecting our conservative credit culture and diverse business mix. We also delivered on our commitment to achieve positive operating leverage for the full-year 2022,” said Chairman and CEO Bill Rogers.

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“We fulfilled our purpose to inspire and build better lives and communities in many ways throughout the year. We showed care for our teammates with a bold increase in our minimum wage; created new ways to meet clients’ needs through initiatives like Truist One Banking and enhanced digital offerings like Truist Assist, Truist Invest Pro, and Truist Trade; and supported our communities, including introducing a $120 million commitment to small businesses. In addition, we exceeded our $60 billion Community Benefits Plan commitment that we established at the time of the merger.

“Last year was a strategic turning point for Truist as we began to shift our focus to executional excellence and purposeful growth. I look forward to further realizing our potential in 2023 as we fully leverage our increased capacity, expanded capabilities and talented teammates to actualize our purpose.”

Fourth Quarter 2022 Performance Highlights

•Earnings per diluted common share for the fourth quarter of 2022 were $1.20

◦Adjusted diluted earnings per share were $1.30, up 4.8%, compared to third quarter 2022 and down 5.8%, compared to fourth quarter 2021

◦ROA was 1.21%; adjusted ROA was 1.30%

◦ROCE was 11.7%; adjusted ROCE was 12.6%

◦ROTCE was 27.6%; adjusted ROTCE was 29.6%

•Pre-provision net revenue (PPNR) for the fourth quarter of 2022 was $2.5 billion, up 12% compared to third quarter 2022 and 34% compared to fourth quarter 2021

◦Adjusted PPNR was up 12% compared to third quarter 2022 and 17% compared to fourth quarter 2021

◦GAAP operating leverage was 10.9% compared to fourth quarter 2021

◦Adjusted operating leverage was 3.7% compared to fourth quarter 2021

•Taxable-equivalent revenue for the fourth quarter of 2022 was $6.3 billion, up 6.3% compared to third quarter 2022 and up 12% compared to fourth quarter 2021

◦Taxable-equivalent net interest income was up 6.6% compared to third quarter 2022 and up 23% compared to fourth quarter 2021

▪The increase compared to third quarter 2022 was primarily due to higher market interest rates coupled with strong loan growth and well controlled deposit costs

▪The increase compared to fourth quarter 2021 was primarily due to strong loan growth and higher market interest rates coupled with well controlled deposit costs, partially offset by lower purchase accounting accretion and lower PPP revenue

◦Noninterest income was up 5.9% compared to third quarter 2022 and down 4.1% compared to fourth quarter 2021

▪The increase compared to third quarter 2022 was primarily due to seasonally higher insurance revenues and higher investment banking revenues

▪The decrease compared to fourth quarter 2021 was primarily due to lower investment banking and mortgage banking income, partially offset by strong growth in insurance revenues

◦Net interest margin was 3.25%, up 13 basis points from third quarter 2022 and up 49 basis points from fourth quarter 2021

▪Core net interest margin was 3.17%, up 15 basis points from third quarter 2022, and 62 basis points from fourth quarter 2021, driven by higher market interest rates coupled with well controlled deposit costs

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•Noninterest expense for the fourth quarter of 2022 was $3.7 billion, up 3.0% compared to third quarter 2022 and up 0.6% compared to fourth quarter 2021

◦Adjusted noninterest expense was $3.4 billion, up $68 million, or 2.0%, compared to third quarter 2022 due to higher personnel expenses, partially offset by lower marketing costs and lower operational losses

◦Adjusted noninterest expenses increased $258 million, or 8.2%, compared to fourth quarter 2021 primarily due to higher personnel expenses and professional fees

◦GAAP efficiency ratio was 60.0%, compared to 61.8% for third quarter 2022

◦Adjusted efficiency ratio was 54.2%, compared to 56.4% for third quarter 2022

•Average loans and leases held for investment for the fourth quarter of 2022 were $320.7 billion, up $11.3 billion, or 3.6%, compared to third quarter 2022

◦Average commercial loans were up $7.9 billion, or 4.4%, due to broad based growth within the commercial and industrial portfolio and as a result of the BankDirect Capital Finance (“BankDirect”) acquisition on November 1, 2022

◦Average consumer loans were up $3.3 billion, or 2.7%, primarily due to growth in residential mortgage loans

•Asset quality remains strong, reflecting Truist’s prudent risk culture and diverse portfolio

◦Net charge-offs were 0.34% of average loans and leases, up seven basis points compared to third quarter 2022 primarily due to seasonality

◦The ALLL ratio was 1.34%, unchanged compared to third quarter 2022

▪The ALLL coverage ratio was 4.05X annualized net charge-offs, versus 4.98X for the third quarter 2022

◦Provision for credit losses was $467 million for the fourth quarter of 2022 compared to $234 million for third quarter 2022 and a benefit of $103 million for fourth quarter 2021

•Capital and liquidity levels remained strong; deployed capital through organic loan growth, dividends, and acquisition

◦Common equity tier 1 to risk-weighted assets was 9.0%

◦Acquired BankDirect, a leading insurance premium finance lender, on November 1, 2022

◦Consolidated average LCR ratio was 112%

Full Year 2022 Performance Highlights

•Earnings per diluted common share were $4.43 compared to $4.47 for 2021; Adjusted earnings per diluted common share were $4.96 compared to $5.53 for 2021

◦Decline in earnings reflects reserve releases in 2021 partially offset by PPNR growth in 2022

•PPNR for 2022 was $8.6 billion, up 18% compared to 2021

◦Adjusted PPNR of $10.1 billion was up 4.4% compared to 2021

◦GAAP operating leverage was 6.8% compared to 2021

◦Adjusted operating leverage was 0.6% compared to 2021

•Taxable-equivalent revenue for 2022 was $23.2 billion, up 3.5% compared to 2021

◦Net interest income was up $1.3 billion, or 10%, primarily due to higher market interest rates coupled with strong loan growth and well controlled deposit costs, partially offset by lower purchase accounting accretion and lower PPP fees

◦Noninterest income was down $571 million, or 6.1%, driven by lower investment banking and mortgage banking income, partially offset by growth in insurance revenues

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•Noninterest expense was down $527 million, or 3.5% due to declines in merger-related costs

◦Adjusted noninterest expense was up $380 million, or 3.0%, compared to 2021; driven by higher professional fees, operational losses, expenses related to acquired companies and marketing expenses, partially offset by lower occupancy and equipment expenses

◦GAAP efficiency ratio was 63.3%, compared to 67.8% for 2021

◦Adjusted efficiency ratio was 56.4%, compared to 56.7% for 2021

•Provision for credit losses was up $1.6 billion; the current year reflects strong loan growth and a moderate decline in the ALLL ratio, whereas the prior year included reserve releases due to the rapidly improving economic environment during that period


EARNINGS HIGHLIGHTS										Change 4Q22 vs.
(dollars in millions, except per share data)	4Q22			3Q22			4Q21			3Q22			4Q21
Net income available to common shareholders	$	1,610		$	1,536		$	1,524		$	74		$	86
Diluted earnings per common share	1.20			1.15			1.13			0.05			0.07

Net interest income - taxable equivalent	$	4,031		$	3,783		$	3,267		$	248		$	764
Noninterest income	2,227			2,102			2,323			125			(96)
Total taxable-equivalent revenue	$	6,258		$	5,885		$	5,590		$	373		$	668
Less taxable-equivalent adjustment	50			38			24
Total revenue	$	6,208		$	5,847		$	5,566

Return on average assets	1.21		%	1.19		%	1.19		%	0.02		%	0.02		%
Return on average risk-weighted assets (current quarter is preliminary)	1.56			1.56			1.64			—			(0.08)
Return on average common shareholders’ equity	11.7			10.7			9.8			1.0			1.9
Return on average tangible common shareholders’ equity (1)	27.6			23.5			18.9			4.1			8.7
Net interest margin - taxable equivalent	3.25			3.12			2.76			0.13			0.49

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

Fourth Quarter 2022 compared to Third Quarter 2022

Total taxable-equivalent revenue was $6.3 billion for the fourth quarter of 2022, an increase of $373 million, or 6.3%, compared to the prior quarter.

Taxable-equivalent net interest income for the fourth quarter of 2022 was up $248 million, or 6.6%, compared to the prior quarter due primarily to higher market interest rates coupled with strong loan growth and well controlled deposits costs. Average earning assets increased $10.5 billion, or 2.2%, primarily due to growth in average total loans of $10.9 billion, or 3.5%. Average deposits decreased $6.8 billion, or 1.6%, while average short-term borrowings increased $8.2 billion, or 47%, and average long-term debt increased $7.3 billion, or 23%.

The net interest margin was 3.25% for the fourth quarter, up 13 basis points compared to the prior quarter. The yield on the total loan portfolio for the fourth quarter was 5.26%, up 77 basis points compared to the prior quarter primarily due to higher market interest rates. The yield on the average securities portfolio for the fourth quarter was 2.08%, up 13 basis points compared to the prior quarter primarily due to the higher rate environment. Core net interest margin was 3.17% for the fourth quarter, up 15 basis points compared to the prior quarter driven primarily by higher market interest rates coupled with well controlled deposit costs.

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The average cost of total deposits was 0.66%, up 35 basis points compared to the prior quarter. The average cost of short-term borrowings was 3.75%, up 141 basis points compared to the prior quarter. The average cost of long-term debt was 3.42%, up 99 basis points compared to the prior quarter. The increase in rates on deposits and other funding sources was largely attributable to the higher rate environment.

The provision for credit losses was $467 million for the fourth quarter, compared to $234 million for the prior quarter. The increase in the current quarter provision expense primarily reflects a moderately slower economic outlook. Net charge-offs for the fourth quarter of 2022 totaled $273 million compared to $213 million for the prior quarter. The net charge-off ratio for the current quarter of 0.34% was up seven basis points compared to third quarter 2022, primarily driven by seasonality within the consumer portfolio and lower recoveries in the commercial and industrial portfolio.

Noninterest income was $2.2 billion, an increase of $125 million, or 5.9%, compared to the prior quarter. Insurance income increased $41 million, or 5.7%, primarily due to seasonality and the BenefitMall acquisition. Investment banking and trading income increased $35 million, or 16%, primarily due to higher structured real estate fees, partially offset by lower trading income. Other income increased $33 million due to valuation changes from assets held for certain post-retirement benefits, which is almost entirely offset by higher personnel expense. Lending related fees increased $30 million, or 38%, primarily due to higher leasing-related gains and higher unused commitment fees.

Noninterest expense was $3.7 billion for the fourth quarter, up $109 million, or 3.0%, compared to the prior quarter. Merger-related and restructuring charges increased $52 million compared to third quarter 2022 due to higher restructuring charges related to the planned rationalization of corporate real estate and the branch network. In addition, incremental operating expenses related to the merger decreased $34 million compared to third quarter 2022, given diminishing integration-related activities. Excluding the aforementioned items and amortization expense, adjusted noninterest expense increased $68 million, or 2.0%, compared to the prior quarter. Personnel expense increased $82 million compared to third quarter 2022 due to higher other post-retirement benefit expense, which is almost entirely offset by higher other income, and an increase in minimum wages for teammates. Marketing and customer development expenses decreased $35 million, or 33%, due to reduced marketing compared to the earlier quarter. Other expense decreased $28 million primarily due to lower operational losses.

The provision for income taxes was $337 million for the fourth quarter of 2022, compared to $363 million for the prior quarter. The effective tax rate for the fourth quarter of 2022 was 16.7%, compared to 18.2% for the prior quarter. The decrease in the effective tax rate was primarily driven by discrete tax benefits recognized in the current quarter.

Fourth Quarter 2022 compared to Fourth Quarter 2021

Total taxable-equivalent revenues were $6.3 billion for the fourth quarter of 2022, an increase of $668 million, or 12%, compared to the earlier quarter.

Taxable equivalent net interest income for the fourth quarter of 2022 was up $764 million, or 23%, compared to the earlier quarter primarily due to strong loan growth and higher market interest rates coupled with well controlled deposit costs. These increases were partially offset by lower purchase accounting accretion and lower PPP revenue. Average earning assets increased $21.9 billion, or 4.7%, compared to the earlier quarter primarily due to growth in average total loans of $31.7 billion, or 10.9%, partially offset by a decrease in average securities of $11.0 billion, or 7.2%. Average deposits increased $2.3 billion, or 0.6%, average short-term borrowings increased $19.2 billion, and average long-term debt increased $1.1 billion, or 2.9%, compared to the earlier quarter.

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Net interest margin was 3.25%, up 49 basis points compared to the earlier quarter. The yield on the total loan portfolio for the fourth quarter of 2022 was 5.26%, up 147 basis points compared to the earlier quarter, primarily reflecting higher market interest rates, partially offset by lower purchase accounting accretion and lower PPP revenue. The yield on the average securities portfolio was 2.08%, up 51 basis points compared to the earlier quarter primarily due to the higher rate environment. Core net interest margin was 3.17% for the fourth quarter, up 62 basis points compared to the earlier quarter driven by higher market interest rates coupled with well controlled deposit costs.

The average cost of total deposits was 0.66%, up 63 basis points compared to the earlier quarter. The average cost of short-term borrowings was 3.75%, up 320 basis points compared to the earlier quarter. The average cost of long-term debt was 3.42%, up 207 basis points compared to the earlier quarter. The increase in rates on deposits and other funding sources was largely attributable to the higher rate environment.

The provision for credit losses was $467 million, compared to a benefit of $103 million for the earlier quarter. The increase in the current quarter provision expense primarily reflects a moderately slower economic outlook, whereas the earlier quarter included a reserve release due to the improving credit environment during that period. Net charge-offs for the fourth quarter of 2022 totaled $273 million compared to $182 million in the earlier quarter. The net charge-off ratio for the current quarter of 0.34% was up nine basis points compared to the earlier quarter primarily driven by normalizing trends across certain consumer portfolios.

Noninterest income for the fourth quarter of 2022 decreased $96 million, or 4.1%, compared to the earlier quarter. Investment banking and trading income decreased $120 million, or 32%, due to lower capital markets activity and lower merger and acquisition fees, partially offset by higher structured real estate fees. Mortgage banking income decreased $87 million, or 43%, as lower production income (due to lower refinance activity) was partially offset by higher residential servicing income (due to lower prepayments and fees earned on servicing portfolio purchases). Wealth management income decreased $26 million, or 7.4%, primarily due to lower market valuations. These decreases were partially offset by an increase of $100 million, or 15%, in insurance income due to organic growth and acquisitions. Lending related fees increased $29 million, or 36%, primarily due to higher leasing-related gains and higher unused commitment fees.

Noninterest expense for the fourth quarter of 2022 was up $22 million, or 0.6%, compared to the earlier quarter. Merger-related and restructuring charges and incremental operating expenses related to the merger decreased $98 million and $159 million, respectively, due to diminishing integration-related activities. Excluding the aforementioned items and the amortization of intangibles, adjusted noninterest expense increased $258 million, or 8.2%, compared to the earlier quarter. Personnel expense increased $102 million ($161 million, or 7.9%, on an adjusted basis) due to annual merit and minimum wage increases, the impact from acquisitions, investments in revenue producing businesses and enterprise technology, and higher medical claims, partially offset by lower incentives. Professional fees and outside processing expenses decreased $32 million, but was up $61 million, or 26%, on an adjusted basis due to increased project spend for enterprise technology investments and increased call center staffing. Other expense increased $20 million primarily due to higher teammate travel and entertainment expenses.

The provision for income taxes was $337 million for the fourth quarter of 2022, compared to $367 million for the earlier quarter. The effective tax rate for the fourth quarter of 2022 was 16.7%, compared to 18.6% for the earlier quarter. The decrease in the effective tax rate was primarily driven by the impact of actual versus forecasted rate and an increase in discrete tax benefits.

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LOANS AND LEASES
(dollars in millions) Average balances	4Q22		3Q22		Change		% Change

Commercial:
Commercial and industrial	$	159,308	$	152,123	$	7,185	4.7	%
CRE	22,497		22,245		252		1.1
Commercial construction	5,711		5,284		427		8.1

Total commercial	187,516		179,652		7,864		4.4
Consumer:
Residential mortgage	56,292		53,271		3,021		5.7
Residential home equity and direct	25,518		25,394		124		0.5
Indirect auto	28,117		28,057		60		0.2
Indirect other	12,848		12,300		548		4.5
Student	5,533		5,958		(425)		(7.1)
Total consumer	128,308		124,980		3,328		2.7
Credit card	4,842		4,755		87		1.8

Total loans and leases held for investment	$	320,666	$	309,387	$	11,279	3.6

Average loans and leases held for investment for the fourth quarter of 2022 were $320.7 billion, up $11.3 billion, or 3.6%, compared to the third quarter of 2022. The company added $3.1 billion of loans in conjunction with the acquisition of BankDirect on November 1, 2022, which contributed $2.1 billion of average loan growth for the fourth quarter of 2022. Excluding the acquisition, average loans and leases held for investment increased $9.2 billion, or 3.0% compared to the third quarter of 2022.

Average commercial loans increased $7.9 billion, or 4.4%, due to broad-based growth within the commercial and industrial portfolio and the BankDirect acquisition.

Average consumer loans increased $3.3 billion, or 2.7%, due to a $3.0 billion increase in residential mortgages due to correspondent channel production and lower prepayments. In addition, indirect other increased $548 million primarily due to growth from the Service Finance, recreational lending, and Sheffield portfolios, partially offset by runoff in other partnership lending programs. These increases were partially offset by $425 million runoff in student loans.


DEPOSITS
(dollars in millions) Average balances	4Q22		3Q22		Change		% Change

Noninterest-bearing deposits	$	141,032	$	146,041	$	(5,009)	(3.4)	%
Interest checking	110,001		111,645		(1,644)		(1.5)
Money market and savings	144,730		147,659		(2,929)		(2.0)
Time deposits	17,513		14,751		2,762		18.7

Total deposits	$	413,276	$	420,096	$	(6,820)	(1.6)

Average deposits for the fourth quarter of 2022 were $413.3 billion, a decrease of $6.8 billion, or 1.6%, compared to the prior quarter. The decrease in deposits was primarily driven by the impacts of monetary tightening, inflation, and higher interest rate alternatives. Average noninterest-bearing deposits decreased 3.4% compared to the prior quarter and represented 34.1% of total deposits for the fourth quarter of 2022. Average money market and savings and interest checking declined 2.0% and 1.5%, respectively, compared to the prior quarter. Average time deposits increased 19% primarily due to an increase in wholesale time deposit products.

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CAPITAL RATIOS	4Q22		3Q22		2Q22		1Q22		4Q21
Risk-based:	(preliminary)
Common equity Tier 1	9.0	%	9.1	%	9.2	%	9.4	%	9.6	%
Tier 1	10.5		10.7		10.8		11.0		11.3
Total	12.5		12.6		12.6		13.0		13.2
Leverage	8.5		8.5		8.6		8.6		8.7
Supplementary leverage	7.3		7.3		7.3		7.3		7.4

Capital ratios remained strong compared to the regulatory requirements for well capitalized banks. Truist declared common dividends of $0.52 per share during the fourth quarter of 2022. The dividend payout ratio for the fourth quarter of 2022 was 43%. Truist did not repurchase any shares in the fourth quarter of 2022.

Truist CET1 ratio was 9.0% as of December 31, 2022. The decline compared to the September 30, 2022 CET1 ratio primarily reflects strong loan growth and the BankDirect acquisition.

Truist’s average LCR was 112% for the three months ended December 31, 2022, compared to the regulatory minimum of 100%. Truist continues to maintain a strong liquidity position and is well prepared to meet the funding needs of its clients.


ASSET QUALITY
(dollars in millions)	4Q22			3Q22			2Q22			1Q22			4Q21
Total nonperforming assets	$	1,250		$	1,240		$	1,173		$	1,135		$	1,163
Total performing TDRs	1,986			1,873			1,693			1,515			1,390
Total loans 90 days past due and still accruing	1,605			1,709			1,787			1,914			1,930
Total loans 30-89 days past due	2,267			1,957			2,091			2,101			2,044
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.36		%	0.35		%	0.36		%	0.36		%	0.38		%


Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.70			0.62			0.69			0.72			0.71
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.49			0.54			0.59			0.66			0.67
Loans 90 days or more past due and still accruing as a percentage of loans and leases, excluding PPP and other government guaranteed	0.04			0.04			0.04			0.04			0.03
Allowance for loan and lease losses as a percentage of loans and leases held for investment	1.34			1.34			1.38			1.44			1.53
Net charge-offs as a percentage of average loans and leases, annualized	0.34			0.27			0.22			0.25			0.25
Ratio of allowance for loan and lease losses to net charge-offs, annualized	4.05x			4.98x			6.54x			5.78x			6.14x
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	3.68x			3.80x			3.84x			3.99x			4.07x

Nonperforming assets totaled $1.3 billion at December 31, 2022, relatively flat compared to September 30, 2022. Nonperforming loans and leases held for investment were 0.36% of loans and leases held for investment at December 31, 2022, relatively stable compared to September 30, 2022.

Performing TDRs were up $113 million compared to the prior quarter primarily due to increases in the government guaranteed residential mortgage and the indirect auto portfolios.

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Loans 90 days or more past due and still accruing totaled $1.6 billion at December 31, 2022, down $104 million, or five basis points as a percentage of loans and leases, compared with the prior quarter primarily due to declines in government guaranteed student loans and government guaranteed residential mortgages. Excluding government guaranteed loans, the ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.04% at December 31, 2022, flat from September 30, 2022.

Loans 30-89 days past due and still accruing of $2.3 billion at December 31, 2022 were up $310 million, or eight basis points as a percentage of loans and leases, compared to the prior quarter primarily due to a seasonal increase in the consumer portfolios.

Net charge-offs during the fourth quarter totaled $273 million, or 0.34% as a percentage of average loans, and were up seven basis points compared to the prior quarter, primarily driven by seasonality within the consumer portfolio and lower recoveries in the commercial and industrial portfolio.

The allowance for credit losses was $4.6 billion and includes $4.4 billion for the allowance for loan and lease losses and $272 million for the reserve for unfunded commitments. The ALLL ratio was 1.34%, unchanged compared September 30, 2022 as an increase for a moderately slower economic outlook was offset by growth in high-quality loans, including organic growth and the acquisition of the BankDirect portfolio. The ALLL covered nonperforming loans and leases held for investment 3.68X compared to 3.80X at September 30, 2022. At December 31, 2022, the ALLL was 4.05X annualized net charge-offs, compared to 4.98X at September 30, 2022.


SEGMENT RESULTS							Change 4Q22 vs.
(dollars in millions)
Segment Net Income	4Q22		3Q22		4Q21		3Q22		4Q21
Consumer Banking and Wealth	$	1,194	$	976	$	972	$	218	$	222
Corporate and Commercial Banking	1,217		1,180		1,198		37		19
Insurance Holdings	121		94		127		27		(6)
Other, Treasury & Corporate	(850)		(613)		(695)		(237)		(155)
Total net income	$	1,682	$	1,637	$	1,602	$	45	$	80

Truist operates and measures business activity across three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings, with functional activities included in Other, Treasury and Corporate. The Company’s business segment structure is based on the manner in which financial information is evaluated by management as well as the products and services provided or the type of client served. For additional information, see “Note 21. Operating Segments” of the Annual Report on Form 10-K for the year ended December 31, 2021.

Fourth Quarter 2022 compared to Third Quarter 2022

Consumer Banking and Wealth (“CB&W”)

CB&W net income was $1.2 billion for the fourth quarter of 2022, an increase of $218 million compared to the prior quarter. Segment net interest income increased $298 million primarily driven by favorable funding credits on deposits attributable to a higher rate environment and higher average loan balances, partially offset by a decrease in loan spreads and lower average deposit balances. The allocated provision for credit losses increased $28 million primarily due to a moderately slower economic outlook. Noninterest income was relatively stable with higher mortgage banking income offsetting lower wealth income, service charges on deposits, and card and payment related fees. Noninterest expense was essentially flat driven by lower operational losses and marketing and customer development expenses, partially offset by higher personnel expenses and restructuring expenses in the current quarter.

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Average loans held for investment increased $3.0 billion, or 2.2%, compared to the prior quarter primarily due to an increase in residential mortgages and other consumer loans, partially offset by runoff in student loans and other partnership lending programs. Average total deposits decreased $6.6 billion, or 2.7%, compared to the prior quarter primarily due to declines in interest-bearing checking and money market and savings deposits as well noninterest-bearing deposits and time deposits.

Corporate and Commercial Banking (“C&CB”)

C&CB net income was $1.2 billion for the fourth quarter of 2022, an increase of $37 million compared to the prior quarter. Segment net interest income increased $211 million due to higher funding credit on deposits, higher average loan balances, partially offset by lower deposit balances. The allocated provision for credit losses increased $184 million which reflects a reserve release in the prior quarter as well as loan growth and a moderately slower economic outlook in the current quarter. Noninterest income increased $31 million primarily due to higher investment banking income and lending related fees, partially offset by lower mark-to-market valuations and lower commercial mortgage income. Noninterest expense increased $17 million driven by increased personnel expenses due to strategic hiring.

Average loans held for investment increased $5.7 billion, or 3.4%, compared to the prior quarter primarily due to increases in commercial and industrial loans and commercial construction loans. Average total deposits decreased $570 million, or 0.4%, compared to the prior quarter primarily due to declines in noninterest-bearing deposits, partially offset by increases in money market and savings deposits and interest-bearing checking.

Insurance Holdings (“IH”)

IH net income was $121 million for the fourth quarter of 2022, an increase of $27 million compared to the prior quarter. Noninterest income increased $67 million primarily due to seasonality and the BenefitMall acquisition. Noninterest expense increased $41 million primarily due to the BenefitMall acquisition.

Other, Treasury & Corporate (“OT&C”)

OT&C generated a net loss of $850 million for the fourth quarter of 2022, compared to a net loss of $613 million for the prior quarter. Net interest income decreased $286 million primarily due to higher funding credit on deposits to other segments largely due to the higher rate environment. The allocated provision for credit losses increased $17 million which reflects a build in the reserve for unfunded commitments in the current quarter. Noninterest income increased $17 million primarily due to valuation changes from assets held for certain post-retirement benefits, which is primarily offset by higher personnel expense. Noninterest expense increased $56 million compared to the prior quarter primarily due to higher merger-related and restructuring charges, personnel expense, and other operating expenses.

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Fourth Quarter 2022 compared to Fourth Quarter 2021

Consumer Banking and Wealth

CB&W net income was $1.2 billion for the fourth quarter of 2022, an increase of $222 million compared to the earlier quarter. Segment net interest income increased $674 million primarily driven by favorable funding credit on deposits attributable to the higher rate environment and higher average loan balances, partially offset by decreased loan spreads, lower average deposit balances, and lower purchase accounting accretion. The allocated provision for credit losses increased $252 million reflecting a reserve release in the earlier quarter, and higher loan growth as well as a moderately slower economic outlook in the current quarter. Noninterest income decreased $109 million compared to earlier quarter primarily due to lower mortgage banking income as well as a decline in wealth income. Noninterest expense decreased $26 million compared to the earlier quarter primarily due to lower net occupancy and merger-related and restructuring charges, partially offset by increased personnel expense.

Corporate and Commercial Banking

C&CB net income was $1.2 billion for the fourth quarter of 2022, an increase of $19 million compared to the earlier quarter. Segment net interest income increased $523 million primarily due to higher funding credit on deposits and higher average loan balances, partially offset by lower purchase accounting accretion and lower PPP revenue. The allocated provision for credit losses increased $317 million primarily reflecting an allowance release in the earlier quarter and higher loan growth in the current quarter. Noninterest income decreased $147 million compared to the earlier quarter primarily due to lower investment banking revenue. Noninterest expense increased $13 million compared to the earlier quarter primarily due to higher salaries and equity-based compensation due to strategic hiring, partially offset by decrease in incremental operating expenses related to the merger and lower incentive expense.

Insurance Holdings

IH net income was $121 million for the fourth quarter of 2022, relatively stable compared to the earlier quarter. Noninterest income increased $120 million primarily due to continued organic growth and acquisitions. Noninterest expense increased $135 million primarily due to the impact of acquisitions, investments in new hires and teammates, performance-driven incentive expense, higher merger-related charges related to acquisitions, and an increase in travel and entertainment expense.

Other, Treasury & Corporate

OT&C generated a net loss of $850 million in the fourth quarter of 2022, compared to a net loss of $695 million in the earlier quarter. Net interest income decreased $482 million primarily due to higher funding credit on deposits to other segments, partially offset by higher earnings in the securities portfolio from the higher rate environment. Noninterest income increased $40 million primarily due to valuation changes from assets held for certain post-retirement benefits, which is almost entirely offset in other benefits expense. Noninterest expense decreased $100 million compared to the earlier quarter primarily due to a decrease in incremental operating expenses related to the merger.

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Earnings Presentation and Quarterly Performance Summary

Investors can access a live audio webcast of the fourth quarter 2022 earnings conference call at 8 a.m. ET today and view the news release and presentation materials at ir.truist.com under “Events & Presentations.” The conference call can also be accessed by dialing 855-303-0072 and using passcode 100038. A replay of the call will be available on the website for 30 days.

The presentation, including an appendix reconciling non-GAAP disclosures, and Truist’s Fourth Quarter 2022 Quarterly Performance Summary, which contains detailed financial schedules, are available at https://ir.truist.com/earnings.

About Truist

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country, and offers a wide range of products and services through our retail and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $555 billion as of December 31, 2022. 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:

•Adjusted Performance Measures -The adjusted performance measures, including adjusted diluted EPS, adjusted return on average assets, adjusted return on average common shareholders’ equity, adjusted return on average tangible common shareholders’ equity, adjusted efficiency, adjusted operating leverage, adjusted revenue, and adjusted noninterest expense, are non-GAAP in that they exclude merger-related and restructuring charges, other selected items, and amortization of intangible assets, as applicable to tangible measures. 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 enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges.

•Pre-Provision Net Revenue (PPNR) - Pre-provision net revenue is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the provision for credit losses and provision for income taxes. Adjusted pre-provision net revenue is a non-GAAP measure that additionally excludes securities gains (losses), merger-related and restructuring charges, amortization of intangible assets, and other selected items. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods.

•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 profitability, returns relative to balance sheet risk, and shareholder value.

•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 loans, deposits, and long-term debt from SunTrust and other acquisitions are excluded to approximate the yields paid by clients. 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.

- 12 -

•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.

A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist’s Fourth Quarter 2022 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 Part I, Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2021 and in Truist’s subsequent filings with the Securities and Exchange Commission:

•changes in the interest rate environment, including the replacement of LIBOR as an interest rate benchmark, 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;

•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 or limit access to capital markets;

•general economic or business conditions, either globally, nationally or regionally, may be less favorable than expected, including as a result of supply chain disruptions, inflationary pressures and labor shortages, and instability in global geopolitical matters, including due to an outbreak or escalation of hostilities, or volatility in financial markets 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 rising inflation, could have a material adverse effect on the economy and Truist’s profitability;

•the effects of COVID-19 have adversely impacted the Company’s operations and financial performance and could have similar adverse impacts in future periods;

•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 successfully complete or integrate mergers and acquisitions;

•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, 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 it fails to anticipate client expectations or because its 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;

•regulatory 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;

•Truist faces substantial legal and operational risks in safeguarding personal information;

•evolving legislative, accounting and regulatory standards, including with respect to climate, capital, and liquidity requirements, and results of regulatory examinations 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;

- 13 -

•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;

•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, cyber-attacks, which have increased in frequency with current 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; and

•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.

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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Quarterly Performance Summary

Truist Financial Corporation

Fourth Quarter 2022


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
Consolidated Ending Balance Sheets - Five Quarter Trend						5
Average Balance Sheets						6
Average Balance Sheets - Five Quarter Trend						7
Average Balances and Rates - Quarters						8
Average Balances and Rates - Year-To-Date						10
Credit Quality						11
Segment Financial Performance - Five Quarter Trend						15
Capital Information - Five Quarter Trend						16
Selected Mortgage Banking Information & Additional Information						17
Selected Items						18
Non-GAAP Reconciliations						19


Financial Highlights
	Quarter Ended								Year-to-Date
	December 31						%		December 31						%
(Dollars in millions, except per share data, shares in thousands)	2022			2021			Change		2022			2021			Change
Summary Income Statement
Interest income - taxable equivalent (1)	$	5,288		$	3,435		53.9	%	$	16,779		$	13,882		20.9	%
Interest expense	1,257			168			NM		2,321			768			NM
Net interest income - taxable equivalent	4,031			3,267			23.4		14,458			13,114			10.2
Less: Taxable-equivalent adjustment	50			24			108.3		142			108			31.5
Net interest income	3,981			3,243			22.8		14,316			13,006			10.1
Provision for credit losses	467			(103)			NM		777			(813)			(195.6)
Net interest income after provision for credit losses	3,514			3,346			5.0		13,539			13,819			(2.0)
Noninterest income	2,227			2,323			(4.1)		8,719			9,290			(6.1)
Noninterest expense	3,722			3,700			0.6		14,589			15,116			(3.5)
Income before income taxes	2,019			1,969			2.5		7,669			7,993			(4.1)
Provision for income taxes	337			367			(8.2)		1,402			1,556			(9.9)
Net income	1,682			1,602			5.0		6,267			6,437			(2.6)
Noncontrolling interests	1			—			NM		7			(3)			NM
Net income available to the bank holding company	1,681			1,602			4.9		6,260			6,440			(2.8)
Preferred stock dividends and other	71			78			(9.0)		333			407			(18.2)
Net income available to common shareholders	1,610			1,524			5.6		5,927			6,033			(1.8)
Per Common Share Data

Earnings per share-basic	$	1.21		$	1.15		5.2	%	$	4.46		$	4.51		(1.1)	%
Earnings per share-diluted	1.20			1.13			6.2		4.43			4.47			(0.9)
Earnings per share-adjusted diluted (2)	1.30			1.38			(5.8)		4.96			5.53			(10.3)
Cash dividends declared	0.52			0.48			8.3		2.00			1.86			7.5
Common shareholders’ equity	40.58			47.14			(13.9)		40.58			47.14			(13.9)
Tangible common shareholders’ equity (2)	18.04			25.47			(29.2)		18.04			25.47			(29.2)
End of period shares outstanding	1,326,829			1,327,818			(0.1)		1,326,829			1,327,818			(0.1)

Weighted average shares outstanding-basic	1,326,787			1,329,979			(0.2)		1,328,120			1,337,144			(0.7)
Weighted average shares outstanding-diluted	1,337,338			1,343,029			(0.4)		1,338,462			1,349,378			(0.8)
Performance Ratios
Return on average assets	1.21		%	1.19		%			1.15		%	1.23		%
Return on average risk-weighted assets (current period is preliminary)	1.56			1.64					1.52			1.69
Return on average common shareholders’ equity	11.7			9.8					10.4			9.7
Return on average tangible common shareholders’ equity (2)	27.6			18.9					22.9			18.4
Net interest margin - taxable equivalent	3.25			2.76					3.01			2.86
Fee income ratio	35.9			41.7					37.9			41.7
Efficiency ratio-GAAP	60.0			66.5					63.3			67.8
Efficiency ratio-adjusted (2)	54.2			56.0					56.4			56.7
Credit Quality
Nonperforming assets as a percentage of:
Assets, including LHFS	0.23		%	0.21		%			0.23		%	0.21		%
Loans and leases plus foreclosed property	0.38			0.39					0.38			0.39
Net charge-offs as a percentage of average loans and leases	0.34			0.25					0.27			0.24
Allowance for loan and lease losses as a percentage of LHFI	1.34			1.53					1.34			1.53
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.68x			4.07x					3.68x			4.07x
Average Balances
Assets	$	552,959		$	534,911		3.4	%	$	543,830		$	522,385		4.1	%
Securities (3)	142,433			153,405			(7.2)		147,266			139,497			5.6
Loans and leases	322,733			291,074			10.9		306,835			293,448			4.6
Deposits	413,276			410,966			0.6		418,090			398,372			4.9
Common shareholders’ equity	54,823			61,807			(11.3)		57,124			62,112			(8.0)
Total shareholders’ equity	61,519			68,480			(10.2)		63,817			69,133			(7.7)
Period-End Balances
Assets	$	555,255		$	541,241		2.6	%
Securities (3)	129,514			154,617			(16.2)
Loans and leases	327,435			294,325			11.2
Deposits	413,495			416,488			(0.7)
Common shareholders’ equity	53,841			62,598			(14.0)
Total shareholders’ equity	60,537			69,271			(12.6)
Capital Ratios (current quarter is preliminary)

Common equity Tier 1	9.0		%	9.6		%
Tier 1	10.5			11.3
Total	12.5			13.2

Leverage	8.5			8.7
Supplementary leverage	7.3			7.4
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.

Truist Financial Corporation 1


Financial Highlights - Five Quarter Trend
	Quarter Ended
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2022			2022			2022			2022			2021
Summary Income Statement
Interest income - taxable equivalent (1)	$	5,288		$	4,407		$	3,701		$	3,383		$	3,435
Interest expense	1,257			624			266			174			168
Net interest income - taxable equivalent	4,031			3,783			3,435			3,209			3,267
Less: Taxable-equivalent adjustment	50			38			28			26			24
Net interest income	3,981			3,745			3,407			3,183			3,243
Provision for credit losses	467			234			171			(95)			(103)
Net interest income after provision for credit losses	3,514			3,511			3,236			3,278			3,346
Noninterest income	2,227			2,102			2,248			2,142			2,323
Noninterest expense	3,722			3,613			3,580			3,674			3,700
Income before income taxes	2,019			2,000			1,904			1,746			1,969
Provision for income taxes	337			363			372			330			367
Net income	1,682			1,637			1,532			1,416			1,602
Noncontrolling interests	1			4			1			1			—
Net income available to the bank holding company	1,681			1,633			1,531			1,415			1,602
Preferred stock dividends and other	71			97			77			88			78
Net income available to common shareholders	1,610			1,536			1,454			1,327			1,524
Per Common Share Data

Earnings per share-basic	$	1.21		$	1.16		$	1.09		$	1.00		$	1.15
Earnings per share-diluted	1.20			1.15			1.09			0.99			1.13
Earnings per share-adjusted diluted (2)	1.30			1.24			1.20			1.23			1.38
Cash dividends declared	0.52			0.52			0.48			0.48			0.48
Common shareholders’ equity	40.58			40.79			42.45			43.82			47.14
Tangible common shareholders’ equity (2)	18.04			18.36			20.51			21.87			25.47
End of period shares outstanding	1,326,829			1,326,766			1,326,393			1,331,414			1,327,818

Weighted average shares outstanding-basic	1,326,787			1,326,539			1,330,160			1,329,037			1,329,979
Weighted average shares outstanding-diluted	1,337,338			1,336,659			1,338,864			1,341,563			1,343,029
Performance Ratios
Return on average assets	1.21		%	1.19		%	1.14		%	1.07		%	1.19		%
Return on average risk-weighted assets (current quarter is preliminary)	1.56			1.56			1.52			1.46			1.64
Return on average common shareholders’ equity	11.7			10.7			10.3			9.0			9.8
Return on average tangible common shareholders’ equity (2)	27.6			23.5			22.7			18.6			18.9
Net interest margin - taxable equivalent	3.25			3.12			2.89			2.76			2.76
Fee income ratio	35.9			36.0			39.7			40.2			41.7
Efficiency ratio-GAAP	60.0			61.8			63.3			69.0			66.5
Efficiency ratio-adjusted (2)	54.2			56.4			57.0			58.3			56.0
Credit Quality
Nonperforming assets as a percentage of:
Assets, including LHFS	0.23		%	0.23		%	0.22		%	0.21		%	0.21		%
Loans and leases plus foreclosed property	0.38			0.37			0.38			0.38			0.39
Net charge-offs as a percentage of average loans and leases	0.34			0.27			0.22			0.25			0.25
Allowance for loan and lease losses as a percentage of LHFI	1.34			1.34			1.38			1.44			1.53
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.68x			3.80x			3.84x			3.99x			4.07x
Average Balances
Assets	$	552,959		$	545,606		$	540,568		$	535,981		$	534,911
Securities (3)	142,433			145,396			148,681			152,687			153,405
Loans and leases	322,733			311,876			299,861			292,484			291,074
Deposits	413,276			420,096			423,750			415,238			410,966
Common shareholders’ equity	54,823			56,813			56,803			60,117			61,807
Total shareholders’ equity	61,519			63,510			63,500			66,798			68,480
Period-End Balances
Assets	$	555,255		$	548,438		$	545,123		$	543,979		$	541,241
Securities (3)	129,514			131,732			139,359			146,415			154,617
Loans and leases	327,435			316,639			307,300			294,248			294,325
Deposits	413,495			415,992			424,759			428,328			416,488
Common shareholders’ equity	53,841			54,115			56,302			58,348			62,598
Total shareholders’ equity	60,537			60,811			62,999			65,044			69,271
Capital Ratios (current quarter is preliminary)

Common equity Tier 1	9.0		%	9.1		%	9.2		%	9.4		%	9.6		%
Tier 1	10.5			10.7			10.8			11.0			11.3
Total	12.5			12.6			12.6			13.0			13.2

Leverage	8.5			8.5			8.6			8.6			8.7
Supplementary leverage	7.3			7.3			7.3			7.3			7.4
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.

2 Truist Financial Corporation


Consolidated Statements of Income
	Quarter Ended								Year-to-Date
	Dec. 31				Change				Dec. 31				Change
(Dollars in millions, except per share data, shares in thousands)	2022		2021		$		%		2022		2021		$		%
Interest Income
Interest and fees on loans and leases	$	4,220	$	2,753	$	1,467	53.3	%	$	13,252	$	11,481	$	1,771	15.4	%
Interest on securities	739		602		137		22.8		2,763		2,090		673		32.2
Interest on other earning assets	279		56		223		NM		622		203		419		NM
Total interest income	5,238		3,411		1,827		53.6		16,637		13,774		2,863		20.8
Interest Expense
Interest on deposits	683		32		651		NM		1,145		148		997		NM
Interest on long-term debt	332		127		205		161.4		791		573		218		38.0
Interest on other borrowings	242		9		233		NM		385		47		338		NM
Total interest expense	1,257		168		1,089		NM		2,321		768		1,553		NM
Net Interest Income	3,981		3,243		738		22.8		14,316		13,006		1,310		10.1
Provision for credit losses	467		(103)		570		NM		777		(813)		1,590		(195.6)
Net Interest Income After Provision for Credit Losses	3,514		3,346		168		5.0		13,539		13,819		(280)		(2.0)
Noninterest Income
Insurance income	766		666		100		15.0		3,043		2,627		416		15.8
Wealth management income	324		350		(26)		(7.4)		1,338		1,392		(54)		(3.9)
Investment banking and trading income	257		377		(120)		(31.8)		995		1,441		(446)		(31.0)
Service charges on deposits	257		273		(16)		(5.9)		1,026		1,060		(34)		(3.2)
Card and payment related fees	245		224		21		9.4		944		874		70		8.0
Mortgage banking income	117		204		(87)		(42.6)		460		734		(274)		(37.3)
Lending related fees	110		81		29		35.8		375		349		26		7.4
Operating lease income	68		71		(3)		(4.2)		258		262		(4)		(1.5)


Securities gains (losses)	—		—		—		—		(71)		—		(71)		NM
Other income	83		77		6		7.8		351		551		(200)		(36.3)
Total noninterest income	2,227		2,323		(96)		(4.1)		8,719		9,290		(571)		(6.1)
Noninterest Expense
Personnel expense	2,198		2,096		102		4.9		8,467		8,632		(165)		(1.9)
Professional fees and outside processing	347		379		(32)		(8.4)		1,411		1,442		(31)		(2.1)
Software expense	241		238		3		1.3		932		945		(13)		(1.4)
Net occupancy expense	179		186		(7)		(3.8)		744		764		(20)		(2.6)
Amortization of intangibles	163		143		20		14.0		583		574		9		1.6
Equipment expense	124		124		—		—		478		513		(35)		(6.8)
Marketing and customer development	70		68		2		2.9		352		294		58		19.7
Operating lease depreciation	44		46		(2)		(4.3)		184		190		(6)		(3.2)
Regulatory costs	52		38		14		36.8		183		137		46		33.6


Merger-related and restructuring charges	114		212		(98)		(46.2)		513		822		(309)		(37.6)
Other expense	190		170		20		11.8		742		803		(61)		(7.6)
Total noninterest expense	3,722		3,700		22		0.6		14,589		15,116		(527)		(3.5)
Earnings
Income before income taxes	2,019		1,969		50		2.5		7,669		7,993		(324)		(4.1)
Provision for income taxes	337		367		(30)		(8.2)		1,402		1,556		(154)		(9.9)
Net income	1,682		1,602		80		5.0		6,267		6,437		(170)		(2.6)
Noncontrolling interests	1		—		1		NM		7		(3)		10		NM
Net income available to the bank holding company	1,681		1,602		79		4.9		6,260		6,440		(180)		(2.8)
Preferred stock dividends and other	71		78		(7)		(9.0)		333		407		(74)		(18.2)
Net income available to common shareholders	$	1,610	$	1,524	$	86	5.6	%	$	5,927	$	6,033	$	(106)	(1.8)	%
Earnings Per Common Share
Basic	$	1.21	$	1.15	$	0.06	5.2	%	$	4.46	$	4.51	$	(0.05)	(1.1)	%
Diluted	1.20		1.13		0.07		6.2		4.43		4.47		(0.04)		(0.9)
Weighted Average Shares Outstanding
Basic	1,326,787		1,329,979		(3,192)		(0.2)		1,328,120		1,337,144		(9,024)		(0.7)
Diluted	1,337,338		1,343,029		(5,691)		(0.4)		1,338,462		1,349,378		(10,916)		(0.8)
NM - not meaningful
In 4Q22, the Company combined residential mortgage income and commercial mortgage income. Further, the Company collapsed income from bank-owned life insurances into other income and loan-related expense and loss (gain) on early extinguishment of debt into other expense. Prior periods were restated to conform to the current presentation.

Truist Financial Corporation 3


Consolidated Statements of Income - Five Quarter Trend
	Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2022		2022		2022		2022		2021
Interest Income
Interest and fees on loans and leases	$	4,220	$	3,490	$	2,898	$	2,644	$	2,753
Interest on securities	739		709		675		640		602
Interest on other earning assets	279		170		100		73		56
Total interest income	5,238		4,369		3,673		3,357		3,411
Interest Expense
Interest on deposits	683		331		99		32		32
Interest on long-term debt	332		190		137		132		127
Interest on other borrowings	242		103		30		10		9
Total interest expense	1,257		624		266		174		168
Net Interest Income	3,981		3,745		3,407		3,183		3,243
Provision for credit losses	467		234		171		(95)		(103)
Net Interest Income After Provision for Credit Losses	3,514		3,511		3,236		3,278		3,346
Noninterest Income
Insurance income	766		725		825		727		666
Wealth management income	324		334		337		343		350
Investment banking and trading income	257		222		255		261		377
Service charges on deposits	257		263		254		252		273
Card and payment related fees	245		241		246		212		224
Mortgage banking income	117		122		100		121		204
Lending related fees	110		80		100		85		81
Operating lease income	68		66		66		58		71


Securities gains (losses)	—		(1)		(1)		(69)		—
Other income	83		50		66		152		77
Total noninterest income	2,227		2,102		2,248		2,142		2,323
Noninterest Expense
Personnel expense	2,198		2,116		2,102		2,051		2,096
Professional fees and outside processing	347		352		349		363		379
Software expense	241		225		234		232		238
Net occupancy expense	179		176		181		208		186
Amortization of intangibles	163		140		143		137		143
Equipment expense	124		122		114		118		124
Marketing and customer development	70		105		93		84		68
Operating lease depreciation	44		45		47		48		46
Regulatory costs	52		52		44		35		38


Merger-related and restructuring charges	114		62		121		216		212
Other expense	190		218		152		182		170
Total noninterest expense	3,722		3,613		3,580		3,674		3,700
Earnings
Income before income taxes	2,019		2,000		1,904		1,746		1,969
Provision for income taxes	337		363		372		330		367
Net income	1,682		1,637		1,532		1,416		1,602
Noncontrolling interests	1		4		1		1		—
Net income available to the bank holding company	1,681		1,633		1,531		1,415		1,602
Preferred stock dividends and other	71		97		77		88		78
Net income available to common shareholders	$	1,610	$	1,536	$	1,454	$	1,327	$	1,524
Earnings Per Common Share
Basic	$	1.21	$	1.16	$	1.09	$	1.00	$	1.15
Diluted	1.20		1.15		1.09		0.99		1.13
Weighted Average Shares Outstanding
Basic	1,326,787		1,326,539		1,330,160		1,329,037		1,329,979
Diluted	1,337,338		1,336,659		1,338,864		1,341,563		1,343,029
In 4Q22, the Company combined residential mortgage income and commercial mortgage income. Further, the Company collapsed income from bank-owned life insurances into other income and loan-related expense and loss (gain) on early extinguishment of debt into other expense. Prior periods were restated to conform to the current presentation.

4 Truist Financial Corporation


Consolidated Ending Balance Sheets - Five Quarter Trend
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2022		2022		2022		2022		2021
Assets
Cash and due from banks	$	5,379	$	5,031	$	5,511	$	5,516	$	5,085
Interest-bearing deposits with banks	16,042		17,194		17,602		23,606		15,210
Securities borrowed or purchased under resale agreements	3,181		2,568		2,650		2,322		4,028
Trading assets at fair value	4,905		5,864		5,230		5,920		4,423
Securities available for sale at fair value	71,801		72,978		79,278		84,753		153,123
Securities held to maturity at amortized cost	57,713		58,754		60,081		61,662		1,494
Loans and leases:
Commercial:
Commercial and industrial	164,307		153,615		149,840		141,060		138,762
CRE	22,676		22,493		22,149		22,774		23,951
Commercial construction	5,849		5,568		5,157		5,220		4,971

Consumer:
Residential mortgage	56,645		55,529		50,903		48,171		47,852
Residential home equity and direct	25,432		25,657		25,345		24,853		25,066
Indirect auto	27,951		28,239		27,419		25,756		26,441
Indirect other	12,977		12,683		11,961		11,043		10,883
Student	5,287		5,780		6,144		6,514		6,780
Credit card	4,867		4,771		4,744		4,690		4,807

Total loans and leases held for investment	325,991		314,335		303,662		290,081		289,513
Loans held for sale	1,444		2,304		3,638		4,167		4,812
Total loans and leases	327,435		316,639		307,300		294,248		294,325
Allowance for loan and lease losses	(4,377)		(4,205)		(4,187)		(4,170)		(4,435)
Premises and equipment	3,605		3,585		3,682		3,662		3,700
Goodwill	27,013		26,810		26,299		26,284		26,098
Core deposit and other intangible assets	3,672		3,726		3,535		3,693		3,408
Loan servicing rights at fair value	3,758		3,797		3,466		3,013		2,633
Other assets	35,128		35,697		34,676		33,470		32,149
Total assets	$	555,255	$	548,438	$	545,123	$	543,979	$	541,241
Liabilities
Deposits:
Noninterest-bearing deposits	$	135,742	$	144,826	$	147,752	$	150,446	$	145,892
Interest checking	110,464		110,397		114,143		119,572		115,754
Money market and savings	143,815		146,315		149,302		143,834		138,956
Time deposits	23,474		14,454		13,562		14,476		15,886

Total deposits	413,495		415,992		424,759		428,328		416,488
Short-term borrowings	23,422		25,687		13,736		5,147		5,292
Long-term debt	43,203		31,172		30,319		33,773		35,913
Other liabilities	14,598		14,776		13,310		11,687		14,277
Total liabilities	494,718		487,627		482,124		478,935		471,970
Shareholders’ Equity:
Preferred stock	6,673		6,673		6,673		6,673		6,673
Common stock	6,634		6,634		6,632		6,657		6,639
Additional paid-in capital	34,544		34,487		34,410		34,539		34,565
Retained earnings	26,264		25,344		24,500		23,687		22,998
Accumulated other comprehensive loss	(13,601)		(12,350)		(9,240)		(6,535)		(1,604)
Noncontrolling interests	23		23		24		23		—
Total shareholders’ equity	60,537		60,811		62,999		65,044		69,271
Total liabilities and shareholders’ equity	$	555,255	$	548,438	$	545,123	$	543,979	$	541,241

Truist Financial Corporation 5


Average Balance Sheets
	Quarter Ended								Year-to-Date
	December 31				Change				December 31				Change
(Dollars in millions)	2022		2021		$		%		2022		2021		$		%
Assets
Securities at amortized cost (1):
U.S. Treasury	$	10,989	$	9,891	$	1,098	11.1	%	$	10,591	$	7,633	$	2,958	38.8	%
U.S. government-sponsored entities (GSE)	325		1,686		(1,361)		(80.7)		498		1,799		(1,301)		(72.3)
Mortgage-backed securities issued by GSE	126,718		137,651		(10,933)		(7.9)		131,669		128,306		3,363		2.6
States and political subdivisions	426		410		16		3.9		392		429		(37)		(8.6)
Non-agency mortgage-backed	3,953		3,738		215		5.8		4,072		1,299		2,773		NM
Other	22		29		(7)		(24.1)		44		31		13		41.9
Total securities	142,433		153,405		(10,972)		(7.2)		147,266		139,497		7,769		5.6
Loans and leases:
Commercial:
Commercial and industrial	159,308		134,804		24,504		18.2		149,030		137,304		11,726		8.5
CRE	22,497		24,396		(1,899)		(7.8)		22,697		25,269		(2,572)		(10.2)
Commercial construction	5,711		5,341		370		6.9		5,326		6,053		(727)		(12.0)

Consumer:
Residential mortgage	56,292		47,185		9,107		19.3		51,721		45,500		6,221		13.7
Residential home equity and direct	25,518		25,146		372		1.5		25,232		25,319		(87)		(0.3)
Indirect auto	28,117		26,841		1,276		4.8		27,197		26,621		576		2.2
Indirect other	12,848		10,978		1,870		17.0		11,876		10,935		941		8.6
Student	5,533		6,884		(1,351)		(19.6)		6,114		7,251		(1,137)		(15.7)
Credit card	4,842		4,769		73		1.5		4,753		4,650		103		2.2

Total loans and leases held for investment	320,666		286,344		34,322		12.0		303,946		288,902		15,044		5.2
Loans held for sale	2,067		4,730		(2,663)		(56.3)		2,889		4,546		(1,657)		(36.4)
Total loans and leases	322,733		291,074		31,659		10.9		306,835		293,448		13,387		4.6

Interest earning trading assets	5,717		6,772		(1,055)		(15.6)		5,767		5,602		165		2.9
Other earning assets	21,922		19,634		2,288		11.7		20,429		19,498		931		4.8
Total earning assets	492,805		470,885		21,920		4.7		480,297		458,045		22,252		4.9
Nonearning assets	60,154		64,026		(3,872)		(6.0)		63,533		64,340		(807)		(1.3)
Total assets	$	552,959	$	534,911	$	18,048	3.4	%	$	543,830	$	522,385	$	21,445	4.1	%
Liabilities and Shareholders’ Equity
Deposits:
Noninterest-bearing deposits	$	141,032	$	146,492	$	(5,460)	(3.7)	%	$	145,392	$	138,733	$	6,659	4.8	%
Interest checking	110,001		110,506		(505)		(0.5)		111,539		107,311		4,228		3.9
Money market and savings	144,730		137,676		7,054		5.1		145,645		134,303		11,342		8.4
Time deposits	17,513		16,292		1,221		7.5		15,514		18,025		(2,511)		(13.9)

Total deposits	413,276		410,966		2,310		0.6		418,090		398,372		19,718		4.9
Short-term borrowings	25,640		6,433		19,207		NM		14,957		6,170		8,787		142.4
Long-term debt	38,700		37,623		1,077		2.9		34,172		37,410		(3,238)		(8.7)
Other liabilities	13,824		11,409		2,415		21.2		12,794		11,300		1,494		13.2
Total liabilities	491,440		466,431		25,009		5.4		480,013		453,252		26,761		5.9
Shareholders’ equity	61,519		68,480		(6,961)		(10.2)		63,817		69,133		(5,316)		(7.7)
Total liabilities and shareholders’ equity	$	552,959	$	534,911	$	18,048	3.4	%	$	543,830	$	522,385	$	21,445	4.1	%

Average balances exclude basis adjustments for fair value hedges.
(1) Includes AFS and HTM securities.
NM - not meaningful

6 Truist Financial Corporation


Average Balance Sheets - Five Quarter Trend
	Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2022		2022		2022		2022		2021
Assets
Securities at amortized cost (1):
U.S. Treasury	$	10,989	$	10,925	$	10,544	$	9,890	$	9,891
U.S. government-sponsored entities (GSE)	325		305		255		1,120		1,686
Mortgage-backed securities issued by GSE	126,718		129,703		133,339		137,052		137,651
States and political subdivisions	426		395		371		374		410
Non-agency mortgage-backed	3,953		4,016		4,097		4,224		3,738
Other	22		52		75		27		29
Total securities	142,433		145,396		148,681		152,687		153,405
Loans and leases:
Commercial:
Commercial and industrial	159,308		152,123		145,558		138,872		134,804
CRE	22,497		22,245		22,508		23,555		24,396
Commercial construction	5,711		5,284		5,256		5,046		5,341

Consumer:
Residential mortgage	56,292		53,271		49,237		47,976		47,185
Residential home equity and direct	25,518		25,394		25,124		24,883		25,146
Indirect auto	28,117		28,057		26,496		26,088		26,841
Indirect other	12,848		12,300		11,471		10,860		10,978
Student	5,533		5,958		6,331		6,648		6,884
Credit card	4,842		4,755		4,728		4,682		4,769

Total loans and leases held for investment	320,666		309,387		296,709		288,610		286,344
Loans held for sale	2,067		2,489		3,152		3,874		4,730
Total loans and leases	322,733		311,876		299,861		292,484		291,074

Interest earning trading assets	5,717		5,446		6,073		5,837		6,772
Other earning assets	21,922		19,631		21,203		18,932		19,634
Total earning assets	492,805		482,349		475,818		469,940		470,885
Nonearning assets	60,154		63,257		64,750		66,041		64,026
Total assets	$	552,959	$	545,606	$	540,568	$	535,981	$	534,911
Liabilities and Shareholders’ Equity
Deposits:
Noninterest-bearing deposits	$	141,032	$	146,041	$	148,610	$	145,933	$	146,492
Interest checking	110,001		111,645		112,375		112,159		110,506
Money market and savings	144,730		147,659		148,632		141,500		137,676
Time deposits	17,513		14,751		14,133		15,646		16,292

Total deposits	413,276		420,096		423,750		415,238		410,966
Short-term borrowings	25,640		17,392		9,618		6,944		6,433
Long-term debt	38,700		31,381		31,263		35,337		37,623
Other liabilities	13,824		13,227		12,437		11,664		11,409
Total liabilities	491,440		482,096		477,068		469,183		466,431
Shareholders’ equity	61,519		63,510		63,500		66,798		68,480
Total liabilities and shareholders’ equity	$	552,959	$	545,606	$	540,568	$	535,981	$	534,911

Average balances exclude basis adjustments for fair value hedges.
(1) Includes AFS and HTM securities.

Truist Financial Corporation 7


Average Balances and Rates - Quarters
	Quarter Ended
	December 31, 2022						September 30, 2022
	(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	$	10,989	$	27	0.98	%	$	10,925	$	26	0.93	%
U.S. government-sponsored entities (GSE)	325		3		2.47		305		1		2.56
Mortgage-backed securities issued by GSE	126,718		682		2.16		129,703		655		2.02
States and political subdivisions	426		4		4.03		395		4		3.92
Non-agency mortgage-backed	3,953		23		2.33		4,016		24		2.32
Other	22		1		4.44		52		—		3.94
Total securities	142,433		740		2.08		145,396		710		1.95
Loans and leases:
Commercial:
Commercial and industrial	159,308		2,098		5.23		152,123		1,564		4.08
CRE	22,497		314		5.51		22,245		245		4.32
Commercial construction	5,711		88		6.25		5,284		62		4.83

Consumer:
Residential mortgage	56,292		514		3.65		53,271		478		3.59
Residential home equity and direct	25,518		402		6.25		25,394		361		5.64
Indirect auto	28,117		396		5.59		28,057		382		5.40
Indirect other	12,848		209		6.46		12,300		200		6.46
Student	5,533		90		6.42		5,958		85		5.64
Credit card	4,842		127		10.38		4,755		119		9.97

Total loans and leases held for investment	320,666		4,238		5.25		309,387		3,496		4.49
Loans held for sale	2,067		31		6.08		2,489		30		4.81
Total loans and leases	322,733		4,269		5.26		311,876		3,526		4.49

Interest earning trading assets	5,717		79		5.60		5,446		62		4.49
Other earning assets	21,922		200		3.60		19,631		109		2.24
Total earning assets	492,805		5,288		4.27		482,349		4,407		3.63
Nonearning assets	60,154						63,257
Total assets	$	552,959					$	545,606
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	110,001	304		1.10		$	111,645	158		0.56
Money market and savings	144,730		316		0.87		147,659		159		0.43
Time deposits	17,513		63		1.42		14,751		14		0.40

Total interest-bearing deposits (4)	272,244		683		1.00		274,055		331		0.48
Short-term borrowings	25,640		242		3.75		17,392		103		2.34
Long-term debt	38,700		332		3.42		31,381		190		2.43
Total interest-bearing liabilities	336,584		1,257		1.48		322,828		624		0.77
Noninterest-bearing deposits (4)	141,032						146,041
Other liabilities	13,824						13,227
Shareholders’ equity	61,519						63,510
Total liabilities and shareholders’ equity	$	552,959					$	545,606
Average interest-rate spread					2.79						2.86

Net interest income/ net interest margin - taxable equivalent			$	4,031	3.25	%			$	3,783	3.12	%
Taxable-equivalent adjustment			$	50					$	38

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. Interest income includes certain fees, deferred costs, and dividends.
(3) Includes AFS and HTM securities.
(4) Total deposit costs were 0.66% and 0.31% for the three months ended December 31, 2022 and September 30, 2022, respectively.

8 Truist Financial Corporation


Average Balances and Rates - Quarters
	Quarter Ended
	June 30, 2022						March 31, 2022						December 31, 2021
	(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	$	10,544	$	22	0.86	%	$	9,890	$	18	0.72	%	$	9,891	$	18	0.72	%
U.S. government-sponsored entities (GSE)	255		1		1.96		1,120		6		2.13		1,686		9		2.20
Mortgage-backed securities issued by GSE	133,339		625		1.88		137,052		590		1.72		137,651		552		1.60
States and political subdivisions	371		4		3.83		374		3		3.72		410		3		3.60
Non-agency mortgage-backed	4,097		23		2.30		4,224		24		2.25		3,738		20		2.23
Other	75		1		3.66		27		—		2.04		29		1		1.90
Total securities	148,681		676		1.82		152,687		641		1.68		153,405		603		1.57
Loans and leases:
Commercial:
Commercial and industrial	145,558		1,174		3.24		138,872		987		2.88		134,804		986		2.90
CRE	22,508		193		3.41		23,555		168		2.84		24,396		175		2.81
Commercial construction	5,256		43		3.46		5,046		35		3.05		5,341		38		2.96

Consumer:
Residential mortgage	49,237		440		3.58		47,976		428		3.57		47,185		453		3.84
Residential home equity and direct	25,124		329		5.25		24,883		330		5.38		25,146		352		5.55
Indirect auto	26,496		362		5.47		26,088		357		5.56		26,841		389		5.75
Indirect other	11,471		180		6.27		10,860		169		6.32		10,978		176		6.42
Student	6,331		66		4.20		6,648		63		3.86		6,884		70		4.07
Credit card	4,728		105		8.91		4,682		104		8.97		4,769		105		8.69

Total loans and leases held for investment	296,709		2,892		3.91		288,610		2,641		3.70		286,344		2,744		3.81
Loans held for sale	3,152		33		4.20		3,874		28		2.87		4,730		32		2.66
Total loans and leases	299,861		2,925		3.91		292,484		2,669		3.69		291,074		2,776		3.79

Interest earning trading assets	6,073		55		3.55		5,837		43		3.04		6,772		46		2.72
Other earning assets	21,203		45		0.85		18,932		30		0.63		19,634		10		0.20
Total earning assets	475,818		3,701		3.12		469,940		3,383		2.90		470,885		3,435		2.90
Nonearning assets	64,750						66,041						64,026
Total assets	$	540,568					$	535,981					$	534,911
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	112,375	43		0.15		$	112,159	14		0.05		$	110,506	15		0.05
Money market and savings	148,632		50		0.13		141,500		11		0.03		137,676		8		0.03
Time deposits	14,133		6		0.17		15,646		7		0.18		16,292		9		0.21

Total interest-bearing deposits (4)	275,140		99		0.14		269,305		32		0.05		264,474		32		0.05
Short-term borrowings	9,618		30		1.26		6,944		10		0.60		6,433		9		0.55
Long-term debt	31,263		137		1.75		35,337		132		1.50		37,623		127		1.35
Total interest-bearing liabilities	316,021		266		0.34		311,586		174		0.22		308,530		168		0.22
Noninterest-bearing deposits (4)	148,610						145,933						146,492
Other liabilities	12,437						11,664						11,409
Shareholders’ equity	63,500						66,798						68,480
Total liabilities and shareholders’ equity	$	540,568					$	535,981					$	534,911
Average interest-rate spread					2.78						2.68						2.68

Net interest income/ net interest margin - taxable equivalent			$	3,435	2.89	%			$	3,209	2.76	%			$	3,267	2.76	%
Taxable-equivalent adjustment			$	28					$	26					$	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. Interest income includes certain fees, deferred costs, and dividends.
(3) Includes AFS and HTM securities.
(4) Total deposit costs were 0.09%, 0.03%, and 0.03% for the three months ended June 30, 2022, March 31, 2022, and December 31, 2021, respectively.

Truist Financial Corporation 9


Average Balances and Rates - Year-To-Date
	Year-to-Date
	December 31, 2022						December 31, 2021
	(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	$	10,591	$	93	0.88	%	$	7,633	$	56	0.73	%
U.S. government-sponsored entities (GSE)	498		11		2.24		1,799		41		2.29
Mortgage-backed securities issued by GSE	131,669		2,552		1.94		128,306		1,953		1.52
States and political subdivisions	392		15		3.88		429		15		3.55
Non-agency mortgage-backed	4,072		94		2.30		1,299		28		2.20
Other	44		2		3.60		31		1		1.90
Total securities	147,266		2,767		1.88		139,497		2,094		1.50
Loans and leases:
Commercial:
Commercial and industrial	149,030		5,823		3.91		137,304		4,174		3.04
CRE	22,697		920		4.01		25,269		728		2.85
Commercial construction	5,326		228		4.46		6,053		173		2.98

Consumer:
Residential mortgage	51,721		1,860		3.60		45,500		1,884		4.14
Residential home equity and direct	25,232		1,422		5.64		25,319		1,441		5.69
Indirect auto	27,197		1,497		5.50		26,621		1,629		6.12
Indirect other	11,876		758		6.39		10,935		731		6.70
Student	6,114		304		4.97		7,251		289		3.99
Credit card	4,753		455		9.57		4,650		415		8.92

Total loans and leases held for investment	303,946		13,267		4.36		288,902		11,464		3.97
Loans held for sale	2,889		122		4.23		4,546		120		2.63
Total loans and leases	306,835		13,389		4.36		293,448		11,584		3.95

Interest earning trading assets	5,767		239		4.15		5,602		156		2.78
Other earning assets	20,429		384		1.88		19,498		48		0.24
Total earning assets	480,297		16,779		3.49		458,045		13,882		3.03
Nonearning assets	63,533						64,340
Total assets	$	543,830					$	522,385
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	111,539	519		0.47		$	107,311	59		0.05
Money market and savings	145,645		536		0.37		134,303		35		0.03
Time deposits	15,514		90		0.58		18,025		54		0.30

Total interest-bearing deposits (4)	272,698		1,145		0.42		259,639		148		0.06
Short-term borrowings	14,957		385		2.58		6,170		47		0.76
Long-term debt	34,172		791		2.31		37,410		573		1.53
Total interest-bearing liabilities	321,827		2,321		0.72		303,219		768		0.25
Noninterest-bearing deposits (4)	145,392						138,733
Other liabilities	12,794						11,300
Shareholders’ equity	63,817						69,133
Total liabilities and shareholders’ equity	$	543,830					$	522,385
Average interest-rate spread					2.77						2.78

Net interest income/ net interest margin - taxable equivalent			$	14,458	3.01	%			$	13,114	2.86	%
Taxable-equivalent adjustment			$	142					$	108

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. Interest income includes certain fees, deferred costs, and dividends.
(3) Includes AFS and HTM securities.
(4) Total deposit costs were 0.27% and 0.04% for the year ended December 31, 2022 and 2021, respectively.

10 Truist Financial Corporation


Credit Quality
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2022		2022		2022		2022		2021
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	398	$	443	$	393	$	330	$	394
CRE	82		5		19		27		29
Commercial construction	—		—		—		—		7

Consumer:
Residential mortgage	240		227		269		315		296
Residential home equity and direct	173		166		159		141		141
Indirect auto	289		260		244		227		218
Indirect other	6		5		6		4		5


Total nonaccrual loans and leases held for investment	1,188		1,106		1,090		1,044		1,090
Loans held for sale	—		72		33		39		22
Total nonaccrual loans and leases	1,188		1,178		1,123		1,083		1,112
Foreclosed real estate	4		4		3		3		8

Other foreclosed property	58		58		47		49		43
Total nonperforming assets	$	1,250	$	1,240	$	1,173	$	1,135	$	1,163
Troubled Debt Restructurings (TDRs)
Performing TDRs:
Commercial:
Commercial and industrial	$	136	$	165	$	105	$	104	$	147
CRE	5		5		5		5		5
Commercial construction	1		1		1		1		—

Consumer:
Residential mortgage - government guaranteed	917		839		761		622		480
Residential mortgage - nonguaranteed	335		305		281		244		212
Residential home equity and direct	76		78		84		91		98
Indirect auto	462		425		401		392		389
Indirect other	6		7		6		6		7

Student - nonguaranteed	30		29		27		25		25
Credit card	18		19		22		25		27
Total performing TDRs	1,986		1,873		1,693		1,515		1,390
Nonperforming TDRs	214		187		204		189		152
Total TDRs	$	2,200	$	2,060	$	1,897	$	1,704	$	1,542
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	49	$	44	$	27	$	22	$	13
CRE	1		1		3		—		—
Commercial construction	—		—		3		—		—

Consumer:
Residential mortgage - government guaranteed	759		808		884		996		978
Residential mortgage - nonguaranteed	27		26		27		31		31
Residential home equity and direct	15		12		10		12		9
Indirect auto	1		1		1		1		1
Indirect other	10		6		3		2		3
Student - government guaranteed	702		770		796		818		864
Student - nonguaranteed	4		5		5		4		4
Credit card	37		36		28		28		27

Total loans 90 days past due and still accruing	$	1,605	$	1,709	$	1,787	$	1,914	$	1,930
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	256	$	162	$	223	$	280	$	130
CRE	25		15		10		13		20
Commercial construction	5		3		4		1		2

Consumer:
Residential mortgage - government guaranteed	268		234		233		216		256
Residential mortgage - nonguaranteed	346		300		302		326		258
Residential home equity and direct	127		122		156		142		107
Indirect auto	646		591		584		529		607
Indirect other	128		97		78		65		64
Student - government guaranteed	396		375		447		476		549
Student - nonguaranteed	6		6		6		6		6
Credit card	64		52		48		47		45

Total loans 30-89 days past due	$	2,267	$	1,957	$	2,091	$	2,101	$	2,044

Truist Financial Corporation 11



	As of/For the Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2022		2022		2022		2022		2021
Allowance for Credit Losses
Beginning balance	$	4,455	$	4,434	$	4,423	$	4,695	$	4,978


Provision for credit losses	467		234		171		(95)		(103)

Charge-offs:
Commercial:
Commercial and industrial	(44)		(51)		(17)		(31)		(54)
CRE	(11)		—		(1)		(1)		(5)
Commercial construction	—		—		—		(1)		—

Consumer:
Residential mortgage	(1)		(4)		(2)		(2)		(1)
Residential home equity and direct	(65)		(86)		(85)		(58)		(51)
Indirect auto	(129)		(103)		(77)		(102)		(89)
Indirect other	(37)		(26)		(18)		(19)		(16)
Student	(5)		(7)		(4)		(6)		(12)
Credit card	(53)		(42)		(40)		(41)		(37)

Total charge-offs	(345)		(319)		(244)		(261)		(265)
Recoveries:
Commercial:
Commercial and industrial	14		43		13		17		23
CRE	1		—		6		1		—
Commercial construction	1		2		1		1		1

Consumer:
Residential mortgage	3		3		4		6		2
Residential home equity and direct	18		23		20		20		21
Indirect auto	21		21		26		23		21
Indirect other	5		6		6		6		6
Student	1		—		—		—		—
Credit card	8		8		9		9		9

Total recoveries	72		106		85		83		83
Net charge-offs	(273)		(213)		(159)		(178)		(182)
Other	—		—		(1)		1		2
Ending balance	$	4,649	$	4,455	$	4,434	$	4,423	$	4,695
Allowance for Credit Losses:


Allowance for loan and lease losses	$	4,377	$	4,205	$	4,187	$	4,170	$	4,435
Reserve for unfunded lending commitments (RUFC)	272		250		247		253		260
Allowance for credit losses	$	4,649	$	4,455	$	4,434	$	4,423	$	4,695

12 Truist Financial Corporation



















































	As of/For the Year-to-Date
	Period Ended Dec. 31
(Dollars in millions)	2022		2021
Allowance for Credit Losses
Beginning balance	$	4,695	$	6,199


Provision for credit losses	777		(813)
Charge-offs:
Commercial:
Commercial and industrial	(143)		(243)
CRE	(13)		(10)
Commercial construction	(1)		(2)

Consumer:
Residential mortgage	(9)		(23)
Residential home equity and direct	(294)		(214)
Indirect auto	(411)		(336)
Indirect other	(100)		(57)
Student	(22)		(24)
Credit card	(176)		(150)

Total charge-offs	(1,169)		(1,059)
Recoveries:
Commercial:
Commercial and industrial	87		107
CRE	8		6
Commercial construction	5		4

Consumer:
Residential mortgage	16		12
Residential home equity and direct	81		79
Indirect auto	91		92
Indirect other	23		24
Student	1		1
Credit card	34		37

Total recoveries	346		362
Net charge-offs	(823)		(697)
Other	—		6
Ending balance	$	4,649	$	4,695



	As of/For the Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
	2022		2022		2022		2022		2021
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.70	%	0.62	%	0.69	%	0.72	%	0.71	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.49		0.54		0.59		0.66		0.67
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.36		0.35		0.36		0.36		0.38
Nonperforming loans and leases as a percentage of loans and leases (1)	0.36		0.37		0.37		0.37		0.38
Nonperforming assets as a percentage of:
Total assets (1)	0.23		0.23		0.22		0.21		0.21
Loans and leases plus foreclosed property	0.38		0.37		0.38		0.38		0.39
Net charge-offs as a percentage of average loans and leases	0.34		0.27		0.22		0.25		0.25
Allowance for loan and lease losses as a percentage of loans and leases	1.34		1.34		1.38		1.44		1.53
Ratio of allowance for loan and lease losses to:
Net charge-offs	4.05X		4.98X		6.54X		5.78X		6.14X
Nonperforming loans and leases	3.68X		3.80X		3.84X		3.99X		4.07X
Asset Quality Ratios (Excluding PPP and other 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	%	0.03	%
Applicable ratios are annualized.
(1)Includes loans held for sale.

							As of/For the Year-to-Date
							Period Ended Dec. 31
							2022		2021
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases							0.27	%	0.24	%
Ratio of allowance for loan and lease losses to net charge-offs							5.32X		6.36X
Applicable ratios are annualized.

Truist Financial Corporation 13



	December 31, 2022
					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	$	135	99.3	%	$	1		0.7	%	$	—		—	%	$	136
CRE	5		100.0		—			—		—			—		5
Commercial construction	1		100.0		—			—		—			—		1

Consumer:
Residential mortgage - government guaranteed	496		54.1		111			12.1		310			33.8		917
Residential mortgage - nonguaranteed	294		87.7		31			9.3		10			3.0		335
Residential home equity and direct	71		93.4		5			6.6		—			—		76
Indirect auto	389		84.2		73			15.8		—			—		462
Indirect other	5		83.3		1			16.7		—			—		6

Student - nonguaranteed	27		90.0		2			6.7		1			3.3		30
Credit card	15		83.3		2			11.1		1			5.6		18
Total performing TDRs (1)	1,438		72.4		226			11.4		322			16.2		1,986
Nonperforming TDRs (2)	90		42.0		32			15.0		92			43.0		214
Total TDRs (1)(2)	$	1,528	69.5	%	$	258		11.7	%	$	414		18.8	%	$	2,200
(1)Past due performing TDRs are included in past due disclosures.
(2)Nonperforming TDRs are included in nonaccrual loan disclosures.

					Quarter Ended
					Dec. 31			Sept. 30		June 30			March 31		Dec. 31
					2022			2022		2022			2022		2021
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial					0.08		%	0.02	%	0.01		%	0.04	%	0.09		%
CRE					0.19			(0.01)		(0.10)			0.01		0.07
Commercial construction					(0.06)			(0.10)		(0.08)			(0.02)		(0.10)

Consumer:
Residential mortgage					(0.02)			0.01		(0.02)			(0.03)		(0.02)
Residential home equity and direct					0.71			1.01		1.04			0.61		0.49
Indirect auto					1.52			1.15		0.77			1.23		1.01
Indirect other					0.95			0.66		0.43			0.48		0.39
Student					0.34			0.40		0.30			0.33		0.65
Credit card					3.68			2.80		2.63			2.77		2.31

Total loans and leases					0.34			0.27		0.22			0.25		0.25

Applicable ratios are annualized.


Rollforward of Intangible Assets and Selected Fair Value Marks (1)
	As of/For the Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2022		2022		2022		2022		2021







Loans and Leases (2)
Beginning balance unamortized fair value mark	$	(826)	$	(924)	$	(1,119)	$	(1,323)	$	(1,540)

Accretion	80		96		189		191		217

Purchase accounting adjustments and other activity	5		2		6		13		—
Ending balance	$	(741)	$	(826)	$	(924)	$	(1,119)	$	(1,323)
Core deposit and other intangible assets
Beginning balance	$	3,726	$	3,535	$	3,693	$	3,408	$	2,930

Additions - acquisitions	111		336		—		430		647
Amortization of intangibles (3)	(163)		(140)		(143)		(137)		(143)
Amortization in net occupancy expense	(3)		(5)		(5)		(8)		(3)
Purchase accounting adjustments and other activity	1		—		(10)		—		(23)
Ending balance	$	3,672	$	3,726	$	3,535	$	3,693	$	3,408
Deposits (4)
Beginning balance unamortized fair value mark	$	(1)	$	(3)	$	(5)	$	(7)	$	(9)

Amortization	1		2		2		2		2
Ending balance	$	—	$	(1)	$	(3)	$	(5)	$	(7)
Long-Term Debt (4)
Beginning balance unamortized fair value mark	$	(94)	$	(109)	$	(122)	$	(139)	$	(157)

Amortization	13		15		13		17		18

Ending balance	$	(81)	$	(94)	$	(109)	$	(122)	$	(139)

(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)Includes $16 million partial write-down of an investment advisory intangible asset from a prior acquisition in 4Q22.

(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.

14 Truist Financial Corporation


Segment Financial Performance - Preliminary
	Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2022		2022		2022		2022		2021
Consumer Banking and Wealth
Net interest income (expense)	$	1,728	$	1,686	$	1,567	$	1,528	$	1,629
Net intersegment interest income (expense)	1,226		970		718		657		651
Segment net interest income	2,954		2,656		2,285		2,185		2,280
Allocated provision for credit losses	311		283		199		74		59
Noninterest income	846		836		831		910		955
Noninterest expense	1,925		1,930		1,928		1,886		1,951
Income (loss) before income taxes	1,564		1,279		989		1,135		1,225
Provision (benefit) for income taxes	370		303		235		274		253
Segment net income (loss)	$	1,194	$	976	$	754	$	861	$	972




Corporate and Commercial Banking
Net interest income (expense)	$	2,008	$	1,601	$	1,277	$	1,094	$	1,106
Net intersegment interest income (expense)	(172)		24		68		173		207
Segment net interest income	1,836		1,625		1,345		1,267		1,313
Allocated provision for credit losses	134		(50)		(28)		(151)		(183)
Noninterest income	675		644		687		655		822
Noninterest expense	834		817		804		778		821
Income (loss) before income taxes	1,543		1,502		1,256		1,295		1,497
Provision (benefit) for income taxes	326		322		272		281		299
Segment net income (loss)	$	1,217	$	1,180	$	984	$	1,014	$	1,198




Insurance Holdings
Net interest income (expense)	$	82	$	40	$	30	$	24	$	23
Net intersegment interest income (expense)	(36)		(7)		(2)		—		—
Segment net interest income	46		33		28		24		23
Allocated provision for credit losses	5		1		1		—		(1)
Noninterest income	801		734		833		737		681
Noninterest expense	681		640		623		560		546
Income (loss) before income taxes	161		126		237		201		159
Provision (benefit) for income taxes	40		32		58		49		32
Segment net income (loss)	$	121	$	94	$	179	$	152	$	127
















Other, Treasury & Corporate (1)
Net interest income (expense)	$	163	$	418	$	533	$	537	$	485
Net intersegment interest income (expense)	(1,018)		(987)		(784)		(830)		(858)
Segment net interest income	(855)		(569)		(251)		(293)		(373)
Allocated provision for credit losses	17		—		(1)		(18)		22
Noninterest income	(95)		(112)		(103)		(160)		(135)
Noninterest expense	282		226		225		450		382
Income (loss) before income taxes	(1,249)		(907)		(578)		(885)		(912)
Provision (benefit) for income taxes	(399)		(294)		(193)		(274)		(217)
Segment net income (loss)	$	(850)	$	(613)	$	(385)	$	(611)	$	(695)


Total Truist Financial Corporation
Net interest income (expense)	$	3,981	$	3,745	$	3,407	$	3,183	$	3,243
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income	3,981		3,745		3,407		3,183		3,243
Allocated provision for credit losses	467		234		171		(95)		(103)
Noninterest income	2,227		2,102		2,248		2,142		2,323
Noninterest expense	3,722		3,613		3,580		3,674		3,700
Income (loss) before income taxes	2,019		2,000		1,904		1,746		1,969
Provision (benefit) for income taxes	337		363		372		330		367
Net income	$	1,682	$	1,637	$	1,532	$	1,416	$	1,602

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

Truist Financial Corporation 15


Capital Information - Five Quarter Trend
	As of/For the Quarter Ended
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2022			2022			2022			2022			2021
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	39,099		$	38,277		$	38,016		$	37,225		$	37,524
Tier 1	45,769			44,947			44,686			43,895			44,194
Total	54,073			53,223			52,186			51,599			51,518
Risk-weighted assets	433,857			421,489			413,384			397,855			390,886
Average quarterly assets for leverage ratio	539,689			526,454			521,113			512,694			510,404
Average quarterly assets for supplementary leverage ratio	629,910			616,368			608,770			599,415			595,075
Risk-based capital ratios:
Common equity tier 1	9.0		%	9.1		%	9.2		%	9.4		%	9.6		%
Tier 1	10.5			10.7			10.8			11.0			11.3
Total	12.5			12.6			12.6			13.0			13.2
Leverage capital ratio	8.5			8.5			8.6			8.6			8.7
Supplementary leverage	7.3			7.3			7.3			7.3			7.4
Equity as a percentage of total assets	10.9			11.1			11.6			12.0			12.8
Common equity per common share	$	40.58		$	40.79		$	42.45		$	43.82		$	47.14

	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2022			2022			2022			2022			2021
Calculations of Tangible Common Equity and Related Measures: (1)
Total shareholders’ equity	$	60,537		$	60,811		$	62,999		$	65,044		$	69,271
Less:
Preferred stock	6,673			6,673			6,673			6,673			6,673
Noncontrolling interests	23			23			24			23			—
Intangible assets, net of deferred taxes	29,908			29,752			29,095			29,229			28,772
Tangible common equity	$	23,933		$	24,363		$	27,207		$	29,119		$	33,826







Outstanding shares at end of period (in thousands)	1,326,829			1,326,766			1,326,393			1,331,414			1,327,818
Tangible Common Equity Per Common Share	$	18.04		$	18.36		$	20.51		$	21.87		$	25.47

(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.

16 Truist Financial Corporation


Selected Mortgage Banking Information & Additional Information
	As of/For the Quarter Ended
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data)	2022			2022			2022			2022			2021
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue	$	7		$	1		$	36		$	52		$	115
Residential mortgage servicing income:
Residential mortgage servicing revenue	168			165			152			145			155
Realization of expected residential MSR cash flows	(80)			(85)			(103)			(109)			(143)

Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease)	(7)			166			254			350			(25)
MSRs hedge gains (losses)	(3)			(175)			(265)			(349)			57
Net MSRs valuation	(10)			(9)			(11)			1			32
Total residential mortgage servicing income	78			71			38			37			44
Total residential mortgage income	85			72			74			89			159
Commercial mortgage income:
Commercial mortgage production revenue	28			30			21			32			40
Commercial mortgage servicing income:
Commercial mortgage servicing revenue	18			17			17			17			18
Realization of expected commercial MSR cash flows	(14)			(12)			(15)			(17)			(12)

Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease)	(1)			24			8			9			(1)
MSRs hedge gains (losses)	1			(9)			(5)			(9)			—
Net MSRs valuation	—			15			3			—			(1)
Total commercial mortgage servicing income	4			20			5			—			5
Commercial mortgage income	32			50			26			32			45
Total mortgage banking income	$	117		$	122		$	100		$	121		$	204

Other Mortgage Banking Information
Residential mortgage loan originations	$	4,868		$	11,746		$	11,330		$	11,408		$	14,458
Residential mortgage servicing portfolio (1):
Loans serviced for others	217,046			218,740			209,504			195,737			196,011
Bank-owned loans serviced	56,982			56,786			53,341			50,927			50,716
Total servicing portfolio	274,028			275,526			262,845			246,664			246,727
Weighted-average coupon rate on mortgage loans serviced for others	3.48		%	3.45		%	3.42		%	3.41		%	3.44		%
Weighted-average servicing fee on mortgage loans serviced for others	0.31			0.30			0.30			0.31			0.31

Additional Information
Brokered deposits (2)	$	22,353		$	20,239		$	22,926		$	19,092		$	9,627

NQDCP income (expense):
Interest income	$	2		$	2		$	2		$	19		$	1
Other income	20			(28)			(30)			(44)			(7)
Personnel expense	(22)			26			28			25			6
Total NQDCP income (expense)	$	—		$	—		$	—		$	—		$	—







Common stock prices:
High	$	47.47		$	52.22		$	57.50		$	68.95		$	65.42
Low	40.01			42.56			44.75			56.19			54.73
End of period	43.03			43.54			47.43			56.70			58.55
Banking offices	2,123			2,119			2,117			2,112			2,517
ATMs	3,227			3,185			3,194			3,214			3,670
FTEs (3)	53,999			52,648			51,349			51,169			51,348

(1)Amounts reported are unpaid principal balance.

(2)Amounts primarily represent interest checking and money market and savings deposits.

(3)FTEs represents an average for the quarter.

Truist Financial Corporation 17


Selected Items (1)
	Favorable (Unfavorable)
(Dollars in millions)			After-Tax at
Description	Pre-Tax		Marginal Rate
Selected Items
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

Fourth Quarter 2021
Incremental operating expenses related to the merger ($144 million professional fees and outside processing, $59 million personnel expense, and $12 million other line items)	$	(215)	$	(165)

Third Quarter 2021
Incremental operating expenses related to the merger ($132 million professional fees and outside processing, $41 million personnel expense, and $18 million other line items)	$	(191)	$	(147)
Professional fee accrual (professional fees and outside processing)	(30)		(23)

Second Quarter 2021
Charitable contribution (other expense)	$	(200)	$	(153)
Incremental operating expenses related to the merger ($137 million professional fees and outside processing, $42 million personnel expense, and $11 million other line items)	(190)		(146)

First Quarter 2021
Incremental operating expenses related to the merger ($120 million professional fees and outside processing, $42 million personnel expense, and $13 million other line items)	$	(175)	$	(134)
Acceleration for cash flow hedge unwind (other expense)	(36)		(28)

(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.

18 Truist Financial Corporation


Non-GAAP Reconciliations
	Quarter Ended															Year-to-Date
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31			Dec. 31			Dec. 31
(Dollars in millions)	2022			2022			2022			2022			2021			2022			2021
Efficiency Ratio (1)
Efficiency Ratio Numerator - Noninterest Expense - GAAP	$	3,722		$	3,613		$	3,580		$	3,674		$	3,700		$	14,589		$	15,116
Merger-related and restructuring charges, net	(114)			(62)			(121)			(216)			(212)			(513)			(822)
Gain (loss) on early extinguishment of debt	—			—			39			—			1			39			4
Incremental operating expense related to the merger	(56)			(90)			(117)			(202)			(215)			(465)			(771)
Amortization of intangibles	(163)			(140)			(143)			(137)			(143)			(583)			(574)
Charitable contribution	—			—			—			—			—			—			(200)

Professional fee accrual	—			—			—			—			—			—			(30)

Acceleration for cash flow hedge unwind	—			—			—			—			—			—			(36)






Efficiency Ratio Numerator - Adjusted	$	3,389		$	3,321		$	3,238		$	3,119		$	3,131		$	13,067		$	12,687
















Efficiency Ratio Denominator - Revenue (2) - GAAP	$	6,208		$	5,847		$	5,655		$	5,325		$	5,566		$	23,035		$	22,296
Taxable equivalent adjustment	50			38			28			26			24			142			108
Securities (gains) losses	—			1			1			69			—			71			—

Gain on redemption of noncontrolling equity interest	—			—			—			(74)			—			(74)			—



Gains on divestiture of certain businesses	—			—			—			—			—			—			(37)


Efficiency Ratio Denominator - Adjusted	$	6,258		$	5,886		$	5,684		$	5,346		$	5,590		$	23,174		$	22,367








Efficiency Ratio - GAAP	60.0		%	61.8		%	63.3		%	69.0		%	66.5		%	63.3		%	67.8		%
Efficiency Ratio - Adjusted	54.2			56.4			57.0			58.3			56.0			56.4			56.7

(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.






	Quarter Ended															Year-to-Date
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31			Dec. 31			Dec. 31
(Dollars in millions)	2022			2022			2022			2022			2021			2022			2021
Return on Average Tangible Common Shareholders’ Equity (1)
Net income available to common shareholders	$	1,610		$	1,536		$	1,454		$	1,327		$	1,524		$	5,927		$	6,033
Plus: Amortization of intangibles, net of tax	125			107			109			105			110			446			441
Tangible net income available to common shareholders	$	1,735		$	1,643		$	1,563		$	1,432		$	1,634		$	6,373		$	6,474

Average common shareholders’ equity	$	54,823		$	56,813		$	56,803		$	60,117		$	61,807		$	57,124		$	62,112
Less: Average intangible assets, net of deferred taxes	29,891			29,035			29,173			28,905			27,523			29,253			26,897
Average tangible common shareholders’ equity	$	24,932		$	27,778		$	27,630		$	31,212		$	34,284		$	27,871		$	35,215

Return on average common shareholders’ equity	11.7		%	10.7		%	10.3		%	9.0		%	9.8		%	10.4		%	9.7		%
Return on average tangible common shareholders’ equity	27.6			23.5			22.7			18.6			18.9			22.9			18.4


	Quarter Ended										Year-to-Date
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31		Dec. 31		Dec. 31
(Dollars in millions, except per share data)	2022		2022		2022		2022		2021		2022		2021
Diluted EPS (1)
Net income available to common shareholders - GAAP	$	1,610	$	1,536	$	1,454	$	1,327	$	1,524	$	5,927	$	6,033
Merger-related and restructuring charges	87		48		92		166		163		393		631
Securities (gains) losses	—		1		—		53		—		54		—
Loss (gain) on early extinguishment of debt	—		—		(30)		—		—		(30)		(3)
Incremental operating expenses related to the merger	43		69		89		155		165		356		592


Charitable contribution	—		—		—		—		—		—		153

Professional fee accrual	—		—		—		—		—		—		23

Acceleration for cash flow hedge unwind	—		—		—		—		—		—		28





Gain on redemption of noncontrolling equity interest	—		—		—		(57)		—		(57)		—















Net income available to common shareholders - Adjusted	$	1,740	$	1,654	$	1,605	$	1,644	$	1,852	$	6,643	$	7,457

Weighted average shares outstanding - diluted	1,337,338		1,336,659		1,338,864		1,341,563		1,343,029		1,338,462		1,349,378

Diluted EPS - GAAP	$	1.20	$	1.15	$	1.09	$	0.99	$	1.13	$	4.43	$	4.47
Diluted EPS - Adjusted	1.30		1.24		1.20		1.23		1.38		4.96		5.53

(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.

Truist Financial Corporation 19

Fourth Quarter 2022 Earnings Conference Call Bill Rogers – Chairman & CEO Mike Maguire – CFO January 19, 2023

2 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. In particular, forward looking statements include, but are not limited to, statements we make about: (i) the benefits of Truist’s shift from integrating to operating and being “One Truist”, (ii) guidance with respect to financial performance metrics in future periods, including future levels of revenues, adjusted expenses, adjusted operating leverage and net charge-off ratio, (iii) Truist’s ability to perform well through a range of economic scenarios, (iv) Truist’s effective tax rate in future periods, (v) the financial impact of recently completed acquisitions in 2023, (vi) projections of preferred stock dividends in 2023, (vii) Truist goal to more fully activate digital capabilities with clients in 2023 to improve client acquisition and retention and reduce costs, (viii) loan growth in future periods, (ix) the effects of purchase accounting accretion in future periods, (x) expected declines in overdraft fees through 2024, (xi) anticipated restructuring costs and expense rationalization efforts, (xii) expectations for organic capital generation in 2023, and (xiii) Truist’s goal to produce strong growth and profitability with less volatility than peers. 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 Part I, Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2021 and in Truist’s subsequent filings with the Securities and Exchange Commission: • changes in the interest rate environment, including the replacement of LIBOR as an interest rate benchmark, 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; • 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 or limit access to capital markets; • general economic or business conditions, either globally, nationally or regionally, may be less favorable than expected, including as a result of supply chain disruptions, inflationary pressures and labor shortages, and instability in global geopolitical matters, including due to an outbreak or escalation of hostilities, or volatility in financial markets 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 rising inflation, could have a material adverse effect on the economy and Truist’s profitability; • the effects of COVID-19 have adversely impacted the Company’s operations and financial performance and could have similar adverse impacts in future periods; • 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 successfully complete or integrate mergers and acquisitions; • 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, 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 it fails to anticipate client expectations or because its 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; • regulatory 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; • Truist faces substantial legal and operational risks in safeguarding personal information; • evolving legislative, accounting and regulatory standards, including with respect to climate, capital, and liquidity requirements, and results of regulatory examinations 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; • 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; • 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, cyber-attacks, which have increased in frequency with current 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; and • 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. 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. Forward-Looking Statements

3 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 Performance Measures - The adjusted performance measures, including adjusted diluted EPS, adjusted return on average assets, adjusted return on average common shareholders’ equity, adjusted return on average tangible common shareholders’ equity, adjusted efficiency, adjusted operating leverage, adjusted revenue, and adjusted noninterest expense, are non-GAAP in that they exclude merger-related and restructuring charges, other selected items, and amortization of intangible assets, as applicable to tangible measures. 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 enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. Pre-Provision Net Revenue (PPNR) - Pre-provision net revenue is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the provision for credit losses and provision for income taxes. Adjusted pre-provision net revenue is a non-GAAP measure that additionally excludes securities gains (losses), merger-related and restructuring charges, amortization of intangible assets, and other selected items. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods. 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 profitability, returns relative to balance sheet risk, and shareholder value. 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 loans, deposits, and long-term debt from SunTrust and other acquisitions are excluded to approximate the yields paid by clients. 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. 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. Selected items affecting results are included on slide 7.

5 A purpose-driven year In 2022, Truist remained true to our commitment to inspire and build better lives for our clients, teammates, and communities Clients Teammates & DEI Communities Strengthened financial inclusion – Truist One Banking with no overdraft fees Matured digital offerings to enhance the client experience – Launched Truist Assist, Truist Invest Pro, and Truist Trade – Opened Innovation and Technology Center – Acquired Long Game and Zaloni Arena Integrated Relationship Management momentum building – IRM qualified referrals up 16% vs. 2021 (excludes mortgage impact) Making Truist a great place to work – Industry-leading minimum wage increase to $22/hour for eligible teammates – Enhanced total rewards program with Employee Stock Purchase Program and additional family-building benefits Continued focus on DEI – Exceeded objective for ethnically diverse senior leadership roles one year early with continued aspirations for growth – Surpassed 10% spend goal with diverse suppliers in 2022 Accolades and honors – Ranked 5th overall on the JUST 100 list (January 2023) – Recognized as one of Fortune Magazine’s Most Admired Companies Momentum for ESG and CSR programs – Exceeded $60 billion Community Benefits Plan overall commitments – Announced Net Zero by 2050 goal and made progress on sustainable finance opportunities Innovative charitable commitments – $120 million commitment to strengthen and support diverse-owned small businesses – Quickly deployed aid to help those impacted by Hurricane Ian; including from teammates via the One Team Fund 5

Financial Results

7 Selected items affecting 4Q22 results Item ($ in millions, except per share data) Pre-Tax After-Tax Diluted EPS Impact Merger-related and restructuring charges ($114) ($87) ($0.07) Incremental operating expenses related to the merger ($56) ($43) ($0.03) See non-GAAP reconciliations in the appendix

8 4Q22 performance highlights Earnings and profitability – $1.7 billion of adjusted net income available to common ($1.30 per share) and adjusted ROTCE of 30% – Adjusted EPS up 4.8%, sequentially driven by strong growth in PPNR, partially offset by higher provision for credit losses – Adjusted PPNR up 12% sequentially as a result of expanding net interest margin, strong loan growth, and rebound in fee income, partially offset by higher noninterest expense – Building operating leverage momentum: YoY (4Q22 vs. 4Q21) adjusted operating leverage of 370 bps – Strong asset quality: 34 bps NCO ratio and stable NPL / delinquencies Balance sheet, capital, and liquidity – Robust sequential average loan growth of 3.0% (excluding BankDirect Capital Finance) – Liquidity and funding remain relatively stable – Average deposits declined 1.6% sequentially – LCR of 112% – Capital (9.0% CET1) remains strong, particularly in the context of Truist’s risk profile – Closed acquisition of BankDirect Capital Finance (11/1) Change vs. 4Q22 3Q22 4Q21 GAAP / Unadjusted Revenue $6,258 6.3% 11.9% Expense $3,722 3.0% 0.6% PPNR $2,536 11.6% 34.2% Provision for credit losses $467 NM NM Net income available to common $1,610 4.8% 5.6% Diluted EPS $1.20 4.3% 6.2% ROCE 11.7% 100 bps 190 bps ROTCE 27.6% 410 bps 870 bps Efficiency ratio 60.0% (180) bps (650) bps TBVPS $18.04 (1.7)% (29.2)% Adjusted Revenue $6,258 6.3% 11.9% Expense $3,389 2.0% 8.2% PPNR $2,869 11.9% 16.7% Net income available to common $1,740 5.2% (6.0)% Diluted EPS $1.30 4.8% (5.8)% ROCE 12.6% 110 bps 70 bps ROTCE 29.6% 450 bps 700 bps Efficiency ratio 54.2% (220) bps (180) bps Note: All data points are taxable-equivalent, where applicable; see non-GAAP reconciliations in the appendix Current quarter regulatory capital information is preliminary Summary Income Statement Commentary ($ in millions, except per share data)

9 2022 performance highlights Earnings and profitability – Strong overall financial results: $6.6 billion of adjusted net income ($4.96 per share) and 25% adjusted ROTCE – Adjusted EPS declined 10% YoY as solid 4.4% adjusted PPNR growth was offset by increase in provision expense (due to reserve releases in 2021) – Achieved positive operating leverage – GAAP: 680 bps – Adjusted: 60 bps – Strong asset quality: 27 bps NCO ratio Balance sheet, capital, and liquidity – Robust point-to-point loan growth of 13% – Significant capital deployment and capital ratios remains strong (9.0% CET1) – Completed acquisitions of Kensington Vanguard, certain merchant relationships, BenefitMall, and BankDirect Capital Finance (~50 bps of capital deployment) – Increased dividend 8% to $0.52 per share in 3Q22 2022 2021 Change GAAP / Unadjusted Revenue $23,177 $22,404 3.5% Expense $14,589 $15,116 (3.5)% PPNR $8,588 $7,288 17.8% Provision for credit losses $777 $(813) NM Net income available to common $5,927 $6,033 (1.8)% Diluted EPS $4.43 $4.47 (0.9)% ROCE 10.4% 9.7% 70 bps ROTCE 22.9% 18.4% 450 bps Efficiency ratio 63.3% 67.8% (450) bps TBVPS $18.04 $25.47 (29.2)% Adjusted Revenue $23,174 $22,367 3.6% Expense $13,067 $12,687 3.0% PPNR $10,107 $9,680 4.4% Net income available to common $6,643 $7,457 (10.9)% Diluted EPS $4.96 $5.53 (10.3)% ROCE 11.6% 11.9% (30) bps ROTCE 25.1% 22.0% 310 bps Efficiency ratio 56.4% 56.7% (30) bps Note: All data points are taxable-equivalent, where applicable; see non-GAAP reconciliations in the appendix Current quarter regulatory capital information is preliminary Summary Income Statement Commentary ($ in millions, except per share data)

10 1Q22 2Q22 3Q22 4Q22 Product, Experience, and Platform Innovations Delivered in 2022 Position Truist for Continued Digital Growth and Client Engagement in 2023 1Q22 2Q22 3Q22 4Q22 Client-centric digital growth 1Q22 2Q22 3Q22 4Q22 1 Active users reflect clients that have logged in using the mobile app over the prior 90 days 2 Digital transactions include transfers, Zelle, bill payments, mobile deposits, ACH, and wire transfers 3 Client satisfaction: How satisfied are you with your most recent experience using digital banking with Truist? 4.24MM Mobile App Users1 Zelle Transactions Digital Transactions2 Increase in Client Satisfaction With Digital3 1Q22 2Q22 3Q22 4Q22 58.0MM 63.5MM 13.5MM – Long Game Acquisition (2Q). Mobile application uses prize-linked savings and fun to promote financial literacy, increase client lifetime value, and drive new client acquisition. Launches to Truist teammates, clients, and prospects throughout 2023. – Truist One Banking (3Q). Truist One Checking and Truist Confidence accounts have features to help prevent overdraft fees and overspending, while encouraging strong money management habits with digital payments tools like online bill pay and Zelle® – Truist Assist (3Q). AI-enhanced virtual assistant, combining technology with human touch. Provides automated chat messaging for everyday banking help, seamlessly connecting to Contact Center teammates when live help is needed. – Truist Trade (4Q). Expanding the digital investment solutions portfolio by offering a self- directed, commission-free online trading experience with a new, simplified (digital end-to- end) account opening process 4.4MM 64.5MM +6% +5% +7% 4.30MM 4.35MM 4.38MM +3% 15.9MM 17.6MM 19.0MM +42% 65.7MM +13% +3% +21%

11 $164.5 $167.5 $173.3 $179.7 $187.5 $121.8 $121.1 $123.4 $129.7 $133.2 3.81% 3.70% 3.91% 4.49% 5.25% 3.49% 3.42% 3.64% Commercial LHFI ($ B) Consumer & Card LHFI ($ B) Loans HFI yield (%) Loans HFI yield ex. PAA (%) 4Q21 1Q22 2Q22 3Q22 4Q22 – Strong growth: Average loans up 3.6% (3.0% excluding BankDirect Capital Finance) – C&I up 4.7% due to growth across most CIB industry verticals and product groups and CCB – BankDirect Capital Finance acquisition closed on 11/1 and added $3.1 billion of loans ($2.1 billion on an average basis) – Residential mortgage up $3.0 billion, or 5.7%, as a result of prior correspondent purchases and slower prepays Average loans & leases HFI 5-Quarter Trend vs. Linked Quarter $286.3 $288.6 $296.7 $309.4 $320.7 $288.9 $303.9 $168.6 $177.1 $120.3 $126.9 3.97% 4.36% 3.57% 4.14% 2021 2022 Full-Year Trend vs. Like Quarter – Average loans up 12% – C&I up 18% due to growth across most CIB industry verticals and product groups and CCB – Residential mortgage up 19% as a result of additional correspondent purchases and slower prepays – Consumer/card (ex. residential mortgage) up 3.0% due to growth in Service Finance, indirect auto, recreational lending, LightStream, and Sheffield; partially offset by run-off in student and partnership loans4.36% May not foot due to rounding 5.14% +5%

12 $259.6 $272.7 $138.7 $145.4 0.04% 2021 2022 264.5 $269.3 $275.1 $274.1 $272.2 $146.5 $145.9 $148.6 $146.0 $141.0 0.03% 0.03% 0.09% Interest-bearing deposits Noninterest-bearing deposits Total deposit cost (%) 4Q21 1Q22 2Q22 3Q22 4Q22 Average deposits 1 Marginal beta calculation is based on change in average interest-bearing deposits costs divided by change in average Fed Funds from 3Q22 to 4Q22 2 Cumulative beta calculation is based on change in average interest-bearing deposit costs divided by change in average Fed Funds from 1Q22 to 4Q22 May not foot due to rounding $411.0 $415.2 $423.8 $420.1 – Average deposits declined $6.8 billion, or 1.6%, driven by monetary tightening, inflation, and higher rate alternatives – Well-controlled deposit costs – Total cost of deposits was 66 bps; up 35 bps compared to prior quarter – Total cost of interest-bearing deposits was 100 bps, up 52 bps compared to prior quarter – Reflects a 34% marginal1 and 27% cumulative2 beta vs. Linked Quarter vs. Like Quarter – Average deposits increased $2.3 billion, or 0.6%, due to an increase in brokered deposits, partially offset by the impact of monetary tightening, inflation, and higher rate alternatives 5-Quarter Trend Full-Year Trend $413.3 $418.1 $398.4 0.31% 0.66% 0.27% +5%

13 $3,267 $3,209 $3,435 $3,783 $4,030 $3,030 $2,999 $3,231 $3,670 $237 $210 $204 $113 $94 2.76% 2.76% 2.89% 3.12% 3.25% 2.55% 2.57% 2.72% 3.02% 3.17% Core net interest income TE ($ MM) Purchase accounting accretion ($ MM) Reported NIM (%) Core NIM (%) 4Q21 1Q22 2Q22 3Q22 4Q22 Net interest income & net interest margin 1 See non-GAAP reconciliations in the appendix vs. Linked Quarter5-Quarter Trend Full-Year Trend 1 – Net interest income increased 6.6% as a result of higher short-term interest rates and strong loan growth (alongside well-controlled deposit costs) – Reported and core NIM expanded 13 and 15 bps respectively, as a result of higher short-term interest rates (alongside well-controlled deposit costs) vs. Like Quarter – Net interest income up 23% as a result of aforementioned factors, partially offset by lower PAA and PPP revenue – Reported NIM up 49 bps as core NIM expansion of 62 bps more than offset 13 bps decline in PAA contribution – Core NIM expansion driven by higher market interest rates alongside well-controlled deposit costs $11,974 2.86% 3.01% 2.60% 2.88% 2021 2022 $1,140 $621 $13,114 $14,458 $3,937 $13,837 +10% 1

14 $2,323 $2,142 $2,248 $2,102 $2,227 41.7% 40.2% 39.7% 36.0% 35.9% Fee income Fee income ratio (%) 4Q21 1Q22 2Q22 3Q22 4Q22 Noninterest income vs. Linked Quarter5-Quarter Trend Full-Year Trend – Noninterest income increased $125 million, or 5.9% – Insurance income increased $41 million driven by seasonality and the BenefitMall acquisition – Investment banking & trading increased $35 million, primarily due to higher structured real estate income – Other income increased $33 million due to NQDCP vs. Like Quarter – Noninterest income decreased $96 million, or 4.1% – Investment banking & trading declined $120 million due to lower capital markets and M&A activity – Mortgage banking income declined $87 million due to lower refinance activity (impacting volumes and margins) – Partially offset by strong 15% growth in insurance revenue (acquisitions and 5.6% organic growth) $9,290 $8,719 41.7% 37.9% 2021 2022 (6%)

15 – Noninterest expense increased $22 million, or 0.6% – Merger costs1 declined $257 million, offset by higher adjusted noninterest expense – Adjusted noninterest expense2 increased $258 million, or 8.2% – Personnel expense increased $161 million due to increase in minimum wage, investments in targeted businesses and acquisitions, and higher medical claims – Professional fees and outside processing increased $61 million due to enterprise technology investments and increased call center staffing – Other expense increased $26 million primarily due to higher T&E expense – Acquisitions contributed ~$75 million to YoY increase 67.8% 63.3% 56.7% 56.4% 2021 2022 66.5% 69.0% 63.3% 61.8% 60.0% 56.0% 58.3% 57.0% 56.4% Adjusted noninterest expense Merger costs Amortization Other significant items GAAP efficiency ratio Adjusted efficiency ratio 4Q21 1Q22 2Q22 3Q22 4Q22 1 Includes merger-related and restructuring charges and incremental operating expenses related to the merger 2 Excludes incremental operating expenses related to the merger May not foot due to rounding Noninterest expense $143 $427 $3,131 $3,700 $137 $418 $3,119 $3,674 $143 $152 $3,238 $3,580 ($39) 1 $3,613 vs. Linked Quarter5-Quarter Trend Full-Year Trend – Noninterest expense increased $109 million, or 3.0% – 4Q22 included $170 million of merger costs1 compared to $152 million in 3Q22 – Adjusted noninterest expense2 was $3.4 billion, up $68 million, or 2.0% – Personnel expense increased $84 million primarily due to changes in NQDCP and increase in minimum wage – Marketing expenses declined $35 million – Other expense decreased $28 million due to lower operational losses – Acquisitions contributed ~$30 million to sequential increase – Excluding NQDCP, adjusted noninterest expense increased 0.6% vs. Like Quarter $238 $3,321 $140 $3,389 $170 $163 $3,722 ($39) $13,067 $12,687 $978$1,593 $583 $574 $15,116 $14,589 $262 54.2% (3%)

16 $182 $178 $159 $213 $273 0.25% 0.25% 0.22% 0.27% 0.34% NCO NCO ratio 4Q21 1Q22 2Q22 3Q22 4Q22 Asset quality 4.5x 9.0x 8.8x $421Net Charge-Offs Provision / (Benefit) for Credit Losses Nonperforming Loans / LHFI ALLL ($103) ($95) $171 $234 $467 4Q21 1Q22 2Q22 3Q22 4Q22 $4,435 $4,170 $4,187 $4,205 $4,377 1.53% 1.44% 1.38% 1.34% 1.34% ALLL ALLL ratio ALLL / NCO 4Q21 1Q22 2Q22 3Q22 4Q22 Continued strong credit performance; sequential and YoY trends primarily driven by seasonality / normalization within consumer portfolios Provision expense increased sequentially primarily due to moderately slower economic outlook The ALLL ratio was stable sequentially as a moderately slower economic outlook was offset by growth in higher quality loans (organic and BankDirect Capital Finance acquisition) Strong asset quality continues to reflect Truist’s prudent risk culture and diverse loan portfolio Leading indicators (NPL, early stage delinquencies) remain strong 6.14X 5.78X 6.54X 4.98X $697 $823 0.24% 0.27% 2021 2022 $(813) $775 2021 2022 $777 0.38% 0.36% 0.36% 0.35% 0.36% 4Q21 1Q22 2Q22 3Q22 4Q22 4.05X

17 Capital and liquidity position 9.6% 9.1% 9.0% Common Equity Tier 1 Tier 1 Total 4Q21 3Q22 4Q22 Current quarter regulatory capital information is preliminary 114% 111% 112% $86.7 $88.6 $89.4 LCR HQLA ($ B) 4Q21 3Q22 4Q22 13.9% Capital position – CET1 ratio was 9.0%, down 10 bps from 9/30 – Decline driven by strong 2.7% EOP organic loan growth and BankDirect Capital Finance acquisition – Dividend per share of $0.52 – Overall, continue to maintain a strong capital position, particularly in the context of Truist’s diverse business model and risk and profitability profile Liquidity position – Average LCR of 112% – Average loan-to-deposit ratio of 78% – Securities portfolio is 97% government guaranteed and declined 7% YoY (cash flows funded loan growth) 11.3% 13.2% Capital and liquidity position Commentary 10.7% 12.6% 12.5% 10.5%

18 13.9% 4Q22 Actuals 1Q23 Outlook Revenue (TE) $6.3 Down 2-3% Adjusted expenses $3.4 Up 1-2% Full Year 2022 Actuals Full Year 2023 Outlook Adjusted revenue (TE) $23.2 Up 7-9% Adjusted expenses $13.1 Up 5-7% Net charge-off ratio 27 bps 35-50 bps Tax rate 18% effective; 20% on TE basis ~19% effective; ~21% on TE basis 1Q23 and 2023 outlook Fu ll ye ar 2 02 3 co m pa re d to fu ll ye ar 2 02 2 ($ in billions) 1Q 23 co m pa re d to 4 Q 22 All data points are taxable-equivalent, where applicable Adjusted expenses exclude amortization of intangibles, merger-related and restructuring charges, incremental operating expenses related to the merger, and other selected items Adjusted revenues exclude securities gains / (losses) and other selected items See non-GAAP reconciliations in the appendix

19 9.2% ...Well Positioned for the Future – Shifting from integrating focus to operating focus (executional excellence and purposeful growth) – Realize significant benefit from becoming One Truist (systems, digital, brand) – Digitize, automate, simplify processes and operations – Accelerate IRM progress – Targeted investments and ongoing client experience enhancements – Raising the bar – Well positioned for wide range of economic outcomes – Conservative credit culture – Balanced interest rate risk profile – Diverse business mix – Strong profitability profile – Strong capital position Building momentum Operating Leverage Increasing and... (2.4)% (1.7)% 2.6% 3.7% (1.5)% 0.6% FY 2021 FY 2022 (4.7%) 10.8% 10.9% (3.3%) 6.8% 4Q223Q222Q221Q22 GAAP Adjusted Operating Leverage (YoY) Quarterly Trends (YoY) Full Year Trend See non-GAAP reconciliations in appendix

20 Investment thesis Why Truist? Purpose-Driven Culture Exceptional Company Investing in the Future Leading Financial Performance – Inspire and build better lives and communities – Optimize long-term value for all stakeholders through safe, sound, and ethical practices – Attract and retain top talent – Continued strong ESG progress – Top 10 U.S. commercial bank – Comprehensive and diverse business mix with distinct capabilities in insurance, investment banking, digital / point-of- sale lending, and advice / industry expertise – Significant IRM potential – Strong market shares in high growth footprint (South / Mid-Atlantic) with select national businesses – Further modernize technology stack – Obsess over enhanced client and teammate experience to drive client acquisition – Enable convenient commerce and strengthen payments capabilities – Fit-for-purpose approach (build, buy, partner) – Increased usage of Open Banking, APIs, and Truist Ventures – Targeting strong growth and profitability relative to peers (with lower volatility) – Disciplined risk and financial management; focus on diversity – Strong risk adjusted capital position

Appendix

A-1 Consumer Banking & Wealth Income statement ($ MM) 4Q22 vs. 3Q22 vs. 4Q21 Full Year 2022 Full Year Change Net interest income $2,954 $298 $674 $10,080 $975 Provision for credit losses 311 28 252 867 717 Noninterest income 846 10 (109) 3,423 (274) Noninterest expense 1,925 (5) (26) 7,669 (94) Segment net income 1,194 218 222 3,785 15 Balance Sheet ($ B) Average loans(1) $143.4 $3.0 $10.1 $137.5 $4.9 Average deposits 242.7 (6.6) (6.3) 250.0 8.9 Other Key Metrics(2) Mortgages serviced for others ($ B) $217.0 ($1.7) $21.0 Wealth management AUM ($ B) 180.4 6.5 (29.2) Branches 2,123 4 (394) (1) Excludes loans held for sale (2) Amount reported reflects end of period balance Represents performance for Retail and Small Business Banking, Wealth, Mortgage Banking, and Consumer Finance Solutions – Segment net income of $3.8 billion, flat YoY – Net interest income increased 11% primarily driven by higher funding credit on deposits and higher average loan balances, partially offset by reduced PAA – Average loans grew 3.7% YoY primarily driven by residential mortgage balances due to slower run-off and correspondent production – Growth in Service Finance, recreational lending, LightStream, and prime auto partially offset declines in mortgage warehouse lending and other portfolios – Average deposits increased 3.7% YoY, but began to normalize in the second half of 2022 due to higher interest rates and inflation – Provision for credit losses increased in 2022 due to higher loan growth and reserve releases in 2021 – Fee income down 7.4% YoY largely due to declines in mortgage banking income, wealth management income, and service charges – Noninterest expense declined 1.2% YoY primarily due to decline in occupancy and incentives expense, partially offset by increased operational losses – Branch count down 16% YoY due to merger-related branch closures in 2022 Metrics Full Year Commentary

A-2 Corporate & Commercial Banking – Net income of $4.4 billion, down 9.0%, primarily driven by higher provision for credit losses and lower IB fees, partially offset by higher net interest income and lower expenses – Net interest income of $6.1 billion increased 14% as a result of higher funding credit on deposits and higher average loan balances, partially offset by reduced PAA and PPP fees – Noninterest income of $2.7 billion decreased 16% primarily due to lower IB fees – Noninterest expense of $3.2 billion, down 0.9%, primarily due to lower variable incentive comp, merger and restructuring charges, and professional services; partially offset by investments / strategic hiring – Average loans of $164.5 billion increased 7.2% driven by increased revolver utilization and strong production momentum across both CIB and CCB – Average deposits of $147.9 billion declined 1.3% primarily driven by impact of the higher rate environment (1) Excludes loans held for sale Represents performance for Commercial Community Banking, Corporate & Investment Banking, and CRE & Grandbridge Metrics Full Year Commentary Income statement ($ MM) 4Q22 vs. 3Q22 vs. 4Q21 Full Year 2022 Full Year Change Net interest income $1,836 $211 $523 $6,073 $740 Provision for credit losses 134 184 317 (95) 786 Noninterest income 675 31 (147) 2,661 (513) Noninterest expense 834 17 13 3,233 (31) Segment net income 1,217 37 19 4,395 (435) Balance Sheet ($ B) Average loans(1) $173.5 $5.7 $23.4 $164.5 $11.0 Average deposits 145.7 (0.6) (9.6) 147.9 (1.9)

A-3 Insurance Holdings 4Q commentary – Revenue increased 20% – Organic revenue growth was 5.6% – Acquired revenue of $76 million – New business generation was strong with improving retention – Noninterest expenses were up 25% due to completed acquisitions, investments in new hires and teammates, performance-driven incentive expense, higher merger- related charges related to acquisitions, and an increase in T&E expense – Market conditions – P&C premium rate increases remained relatively consistent vs prior quarters – Continue to see growth in exposure units and growth in the value of the exposure units due to inflation Full year commentary – Revenue increased 17% – Organic revenue growth was 6.7% – EBITDA margin declined 170 bps primarily driven by an increase in T&E expense post-COVID and investments in new producers (1) EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, depreciation, and amortization to net income. Truist’s management also adds back merger- related and restructuring charges, incremental operating expenses related to the merger, and other selected items. Truist’s management uses this measure in its analysis of the Corporation’s Insurance Holdings segment. Truist’s management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. See non-GAAP reconciliations included in the attached Appendix. Represents performance for Truist Insurance Holdings’ Retail, Wholesale, and Services Divisions Metrics 4Q and Full Year Commentary Income statement ($ MM) 4Q22 vs. 3Q22 vs. 4Q21 Full Year 2022 Full Year Change Net interest income $46 $13 $23 $131 $30 Noninterest income 801 67 120 3,105 441 Total revenue 847 80 143 3,236 471 Noninterest expense 681 41 135 2,504 425 Segment net income 121 27 (6) 546 16 Performance ($ MM) YoY organic revenue growth 5.6 % (0.9) % (5.2) % 6.7 % (4.3) % Net acquired revenue $76 $35 $14 $256 $70 Performance based commissions 32 11 4 91 14 Adjusted EBITDA(1) 218 37 23 918 88 Adjusted EBITDA margin(1) 25.7 % 2.2 % (2.0) % 28.3 % (1.7) %

A-4 Purchase accounting summary(1) ($ in millions) As of/For the Quarter Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 2022 2022 2022 2022 2021 Loans and Leases(2) Beginning balance unamortized fair value mark $ (826) $ (924) $ (1,119) $ (1,323) $ (1,540) Accretion 80 96 189 191 217 Purchase accounting adjustments and other activity 5 2 6 13 — Ending balance $ (741) $ (826) $ (924) $ (1,119) $ (1,323) Core deposit and other intangible assets Beginning balance $ 3,726 $ 3,535 $ 3,693 $ 3,408 $ 2,930 Additions - acquisitions 111 336 — 430 647 Amortization(3) (163) (140) (143) (137) (143) Amortization in net occupancy expense (3) (5) (5) (8) (3) Purchase accounting adjustments and other activity 1 — (10) — (23) Ending balance $ 3,672 $ 3,726 $ 3,535 $ 3,693 $ 3,408 Deposits(4) Beginning balance unamortized fair value mark $ (1) $ (3) $ (5) $ (7) $ (9) Amortization 1 2 2 2 2 Ending balance $ — $ (1) $ (3) $ (5) $ (7) Long-Term Debt(4) Beginning balance unamortized fair value mark $ (94) $ (109) $ (122) $ (139) $ (157) Amortization 13 15 13 17 18 Ending balance $ (81) $ (94) $ (109) $ (122) $ (139) (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) Includes $16 million partial write-down of an investment advisory intangible asset from a prior acquisition in 4Q22. (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.

A-5 M&A related financial impacts Purchase accounting accretion Amortization of intangibles Merger-related and restructuring charges Incremental operating expenses related to the merger 1Q22 $210 $137 $216 $202 2Q22 204 143 121 117 3Q22 113 140 62 90 4Q22 94 163 114 56 FY 2022 621 583 513 465 FY 2023E ~300 ~540 ~100-125 0 ($ in millions) Amounts for future periods are based on Company projections No cost for MOE; represents BAU costs for acquisitions and restructuring activity

A-6 1Q23–4Q23 preferred stock projected dividends Estimates assume forward-looking LIBOR and SOFR rates. Actual interest rates could vary significantly causing dividend payments to differ from the estimates shown above. Truist Preferred Outstandings ($ MM) 1Q23 2Q23 3Q23 4Q23 Series I $173 $2.3 $2.5 $2.6 $2.5 Series J $102 1.4 1.5 1.5 1.5 Series L $750 14.8 15.8 16.0 15.6 Series M $500 — 12.8 — 12.8 Series N $1,700 40.8 — 40.8 — Series O $575 7.5 7.5 7.5 7.5 Series P $1,000 — 24.8 — 24.8 Series Q $1,000 25.5 — 25.5 — Series R $925 11.0 11.0 11.0 11.0 Estimated dividends based on projected interest rates and amounts outstanding ($ MM) $103.3 $75.9 $105.0 $75.7

Non-GAAP Reconciliations

A-8 Quarter Ended Year Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2022 2022 2022 2022 2021 2022 2021 Net income available to common shareholders - GAAP $ 1,610 $ 1,536 $ 1,454 $ 1,327 $ 1,524 $ 5,927 $ 6,033 Merger-related and restructuring charges 87 48 92 166 163 393 631 Securities (gains) losses — 1 — 53 — 54 — Loss (gain) on early extinguishment of debt — — (30) — — (30) (3) Incremental operating expenses related to the merger 43 69 89 155 165 356 592 Charitable contribution — — — — — — 153 Professional fee accrual — — — — — — 23 Acceleration for cash flow hedge unwind — — — — — — 28 Gain on redemption of noncontrolling equity interest — — — (57) — (57) — Net income available to common shareholders - Adjusted $ 1,740 $ 1,654 $ 1,605 $ 1,644 $ 1,852 $ 6,643 $ 7,457 Weighted average shares outstanding - diluted 1,337,338 1,336,659 1,338,864 1,341,563 1,343,029 1,338,462 1,349,378 Diluted EPS - GAAP $ 1.20 $ 1.15 $ 1.09 $ 0.99 $ 1.13 $ 4.43 $ 4.47 Diluted EPS - adjusted(1) 1.30 1.24 1.20 1.23 1.38 4.96 5.53 Non-GAAP reconciliations Diluted EPS ($ in millions, except per share data, shares in thousands) (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-9 Non-GAAP reconciliations Efficiency ratio ($ in millions) (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. Quarter Ended Year Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. Dec. 2022 2022 2022 2022 2021 2022 2021 Efficiency ratio numerator - noninterest expense - GAAP $ 3,722 $ 3,613 $ 3,580 $ 3,674 $ 3,700 $ 14,589 $ 15,116 Merger-related and restructuring charges, net (114) (62) (121) (216) (212) (513) (822) Gain (loss) on early extinguishment of debt — — 39 — 1 39 4 Incremental operating expense related to the merger (56) (90) (117) (202) (215) (465) (771) Amortization of intangibles (163) (140) (143) (137) (143) (583) (574) Charitable contribution — — — — — — (200) Professional fee accrual — — — — — — (30) Acceleration for cash flow hedge unwind — — — — — — (36) Efficiency ratio numerator - adjusted $ 3,389 $ 3,321 $ 3,238 $ 3,119 $ 3,131 $ 13,067 $ 12,687 Efficiency ratio denominator - revenue(1) - GAAP $ 6,208 $ 5,847 $ 5,655 $ 5,325 $ 5,566 $ 23,035 $ 22,296 Taxable equivalent adjustment 50 38 28 26 24 142 108 Securities (gains) losses — 1 1 69 — 71 — Gain on redemption of noncontrolling equity interest — — — (74) — (74) — Gains on divestiture of certain businesses — — — — — — (37) Efficiency ratio denominator - adjusted $ 6,258 $ 5,886 $ 5,684 $ 5,346 $ 5,590 $ 23,174 $ 22,367 Efficiency ratio - GAAP 60.0 % 61.8 % 63.3 % 69.0 % 66.5 % 63.3 % 67.8 % Efficiency ratio - adjusted(2) 54.2 56.4 57.0 58.3 56.0 56.4 56.7

A-10 Non-GAAP Reconciliations Operating Leverage(1) ($ in millions) Quarter Ended Year-to-Date Link Quarters Like Quarters Year-to-Date Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Dec. 31 Dec. 31 4Q22 vs. 3Q22 4Q22 vs. 4Q21 3Q22 vs. 3Q21 2Q22 vs. 2Q21 1Q22 vs. 1Q21 2022 vs. 2021 2021 vs. 20202022 2022 2022 2022 2021 2021 2021 2021 2022 2021 2020 Revenue(2) - GAAP $ 6,208 $ 5,847 $ 5,655 $ 5,325 $ 5,566 $ 5,598 $ 5,650 $ 5,482 $ 23,035 $ 22,296 $ 22,705 6.2 % 11.5 % 4.4 % 0.1 % (2.9) % 3.3 % (1.8) % Taxable equivalent adjustment 50 38 28 26 24 28 28 28 142 108 125 Securities (gains) losses — 1 1 69 — — — — 71 — (402) Gain on redemption of noncontrolling equity interest — — — (74) — — — — (74) — — Gains on divestiture of certain businesses — — — — — — — (37) — (37) — Revenue(2) - adjusted $ 6,258 $ 5,886 $ 5,684 $ 5,346 $ 5,590 $ 5,626 $ 5,678 $ 5,473 $ 23,174 $ 22,367 $ 22,428 6.3 % 11.9 % 4.6 % 0.1 % (2.3) % 3.6 % (0.3) % Noninterest expense - GAAP $ 3,722 $ 3,613 $ 3,580 $ 3,674 $ 3,700 $ 3,795 $ 4,011 $ 3,610 $ 14,589 $ 15,116 $ 14,897 3.0 % 0.6 % (4.8) % (10.7) % 1.8 % (3.5) % 1.5 % Merger-related and restructuring charges, net (114) (62) (121) (216) (212) (172) (297) (141) (513) (822) (860) Gain (loss) on early extinguishment of debt — — 39 — 1 — — 3 39 4 (235) Incremental operating expense related to the merger (56) (90) (117) (202) (215) (191) (190) (175) (465) (771) (534) Amortization of intangibles (163) (140) (143) (137) (143) (145) (142) (144) (583) (574) (685) Charitable contribution — — — — — — (200) — — (200) (50) Professional fee accrual — — — — — (30) — — — (30) — Acceleration for cash flow hedge unwind — — — — — — — (36) — (36) — Noninterest expense - adjusted $ 3,389 $ 3,321 $ 3,238 $ 3,119 $ 3,131 $ 3,257 $ 3,182 $ 3,117 $ 13,067 $ 12,687 $ 12,533 2.0 % 8.2 % 2.0 % 1.8 % 0.1 % 3.0 % 1.2 % Operating leverage - GAAP 3.2 % 10.9 % 9.2 % 10.8 % (4.7) % 6.8 % (3.3) % Operating leverage - adjusted(3) 4.3 % 3.7 % 2.6 % (1.7) % (2.4) % 0.6 % (1.5) % (1) Operating leverage is defined as percentage growth in revenue 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 Pre-provision net revenue ($ in millions) (1) Revenue is defined as net interest income plus noninterest income. (2) Pre-provision net revenue is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the provision for credit losses and provision for income taxes. Adjusted pre-provision net revenue is a non-GAAP measure that additionally excludes securities gains (losses), merger-related and restructuring charges, amortization of intangible assets, and other selected items. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods. Quarter Ended Year Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2022 2022 2022 2022 2021 2022 2021 Net income $ 1,682 $ 1,637 $ 1,532 $ 1,416 $ 1,602 $ 6,267 $ 6,437 Provision for credit losses 467 234 171 (95) (103) 777 (813) Provision for income taxes 337 363 372 330 367 1,402 1,556 Taxable-equivalent adjustment 50 38 28 26 24 142 108 Pre-provision net revenue(1)(2) $ 2,536 $ 2,272 $ 2,103 $ 1,677 $ 1,890 $ 8,588 $ 7,288 PPNR $ 2,536 $ 2,272 $ 2,103 $ 1,677 $ 1,890 $ 8,588 $ 7,288 Merger-related and restructuring charges, net 114 62 121 216 212 513 822 Gain (loss) on early extinguishment of debt — — (39) — (1) (39) (4) Incremental operating expense related to the merger 56 90 117 202 215 465 771 Amortization of intangibles 163 140 143 137 143 583 574 Charitable contribution — — — — — — 200 Professional fee accrual — — — — — — 30 Acceleration for cash flow hedge unwind — — — — — — 36 Securities (gains) losses — 1 1 69 — 71 — Gain on redemption of noncontrolling equity interest — — — (74) — (74) — Gains on divestiture of certain businesses — — — — — — (37) Pre-provision net revenue - adjusted(1)(2) $ 2,869 $ 2,565 $ 2,446 $ 2,227 $ 2,459 $ 10,107 $ 9,680

A-12 Non-GAAP reconciliations Return on average assets ($ in millions) (1) The adjusted performance ratios, including adjusted return on average assets, adjusted return on average common shareholders’ equity, and adjusted return on average tangible common shareholders’ equity, 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 enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. These measures are not necessarily comparable to similar measures that may be presented by other companies. As of / Quarter Ended Year Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2022 2022 2022 2022 2021 2022 2021 Net income - GAAP $ 1,682 $ 1,637 $ 1,532 $ 1,416 $ 1,602 $ 6,267 $ 6,437 Merger-related and restructuring charges 87 48 92 166 163 393 631 Securities (gains) losses — 1 — 53 — 54 — Loss (gain) on early extinguishment of debt — — (30) — — (30) (3) Incremental operating expenses related to the merger 43 69 89 155 165 356 592 Charitable contribution — — — — — — 153 Professional fee accrual — — — — — — 23 Acceleration for cash flow hedge unwind — — — — — — 28 Gain on redemption of noncontrolling equity interest — — — (57) — (57) — Numerator - adjusted(1) $ 1,812 $ 1,755 $ 1,683 $ 1,733 $ 1,930 $ 6,983 $ 7,861 Average assets $ 552,959 $ 545,606 $ 540,568 $ 535,981 $ 534,911 $ 543,830 $ 522,385 Return on average assets - GAAP 1.21 % 1.19 % 1.14 % 1.07 % 1.19 % 1.15 % 1.23 % Return on average assets - adjusted(1) 1.30 1.28 1.25 1.31 1.43 1.28 1.50

A-13 Non-GAAP reconciliations Calculations of tangible common equity and related measures ($ in millions, except per share data, shares in thousands) (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. As of / Quarter Ended Year Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2022 2022 2022 2022 2021 2022 2021 Common shareholders' equity $ 53,841 $ 54,115 $ 56,302 $ 58,348 $ 62,598 Less: Intangible assets, net of deferred taxes 29,908 29,752 29,095 29,229 28,772 Tangible common shareholders' equity(1) $ 23,933 $ 24,363 $ 27,207 $ 29,119 $ 33,826 Outstanding shares at end of period 1,326,829 1,326,766 1,326,393 1,331,414 1,327,818 Common shareholders' equity per common share $ 40.58 $ 40.79 $ 42.45 $ 43.82 $ 47.14 Tangible common shareholders' equity per common share(1) 18.04 18.36 20.51 21.87 25.47 Net income available to common shareholders $ 1,610 $ 1,536 $ 1,454 $ 1,327 $ 1,524 $ 5,927 $ 6,033 Plus amortization of intangibles, net of tax 125 107 109 105 110 446 441 Tangible net income available to common shareholders(1) $ 1,735 $ 1,643 $ 1,563 $ 1,432 $ 1,634 $ 6,373 $ 6,474 Average common shareholders' equity $ 54,823 $ 56,813 $ 56,803 $ 60,117 $ 61,807 $ 57,124 $ 62,112 Less: Average intangible assets, net of deferred taxes 29,891 29,035 29,173 28,905 27,523 29,253 26,897 Average tangible common shareholders' equity(1) $ 24,932 $ 27,778 $ 27,630 $ 31,212 $ 34,284 $ 27,871 $ 35,215 Return on average common shareholders' equity 11.7 % 10.7 % 10.3 % 9.0 % 9.8 % 10.4 % 9.7 % Return on average tangible common shareholders' equity(1) 27.6 23.5 22.7 18.6 18.9 22.9 18.4

A-14 Non-GAAP reconciliations Return on average common equity and average tangible common equity ($ in millions) As of / Quarter Ended Year Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2022 2022 2022 2022 2021 2022 2021 Net income available to common shareholders - GAAP $ 1,610 $ 1,536 $ 1,454 $ 1,327 $ 1,524 $ 5,927 $ 6,033 Merger-related and restructuring charges 87 48 92 166 163 393 631 Securities (gains) losses — 1 — 53 — 54 — Loss (gain) on early extinguishment of debt — — (30) — — (30) (3) Incremental operating expenses related to the merger 43 69 89 155 165 356 592 Charitable contribution — — — — — — 153 Professional fee accrual — — — — — — 23 Acceleration for cash flow hedge unwind — — — — — — 28 Gain on redemption of noncontrolling equity interest — — — (57) — (57) — Net income available to common shareholders - adjusted 1,740 1,654 1,605 1,644 1,852 6,643 7,457 Amortization of intangibles, net of tax 125 107 109 105 110 446 441 Net income available to common shareholders - tangible adjusted $ 1,865 $ 1,761 $ 1,714 $ 1,749 $ 1,962 $ 7,089 $ 7,898 Average common shareholders’ equity $ 54,823 $ 56,813 $ 56,803 $ 60,117 $ 61,807 $ 57,124 $ 62,112 Plus: Estimated impact of adjustments on denominator 65 59 76 158 164 358 712 Average common shareholders' equity - adjusted 54,888 56,872 56,879 60,275 61,971 57,482 62,824 Less: Average intangible assets 29,891 29,035 29,173 28,905 27,523 29,253 26,897 Average tangible common shareholders' equity - adjusted $ 24,997 $ 27,837 $ 27,706 $ 31,370 $ 34,448 $ 28,229 $ 35,927 Return on average common shareholders equity - GAAP 11.7 % 10.7 % 10.3 % 9.0 % 9.8 % 10.4 % 9.7 % Return on average common shareholders equity - adjusted(1) 12.6 % 11.5 % 11.3 % 11.1 % 11.9 % 11.6 % 11.9 % Return on average tangible common shareholders equity - adjusted(1) 29.6 25.1 24.8 22.6 22.6 25.1 22.0 (1) The adjusted performance ratios, including adjusted return on average assets, adjusted return on average common shareholders’ equity, and adjusted return on average tangible common shareholders’ equity, 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 enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. These measures are not necessarily comparable to similar measures that may be presented by other companies.

A-15 Quarter Ended Year Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2022 2022 2022 2022 2021 2022 2021 Net interest income - GAAP $ 3,981 $ 3,745 $ 3,407 $ 3,183 $ 3,243 $ 14,316 $ 13,006 Taxable-equivalent adjustment 50 38 28 26 24 142 108 Net interest income - taxable-equivalent 4,031 3,783 3,435 3,209 3,267 14,458 13,114 Accretion of mark on acquired loans (80) (96) (189) (191) (217) (556) (1,051) Accretion of mark on acquired liabilities (14) (17) (15) (19) (20) (65) (89) Net interest income - core(1) $ 3,937 $ 3,670 $ 3,231 $ 2,999 $ 3,030 $ 13,837 $ 11,974 Average earning assets - GAAP $ 492,805 $ 482,349 $ 475,818 $ 469,940 $ 470,885 $ 480,297 $ 458,045 Average balance - mark on acquired loans 787 875 1,029 1,247 1,449 949 1,827 Average earning assets - core(1) $ 493,592 $ 483,224 $ 476,847 $ 471,187 $ 472,334 $ 481,246 $ 459,872 Annualized net interest margin: Reported - taxable-equivalent 3.25 % 3.12 % 2.89 % 2.76 % 2.76 % 3.01 % 2.86 % Core(1) 3.17 3.02 2.72 2.57 2.55 2.88 2.60 Non-GAAP reconciliations Core NIM ($ in millions) (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 loans, deposits, and long-term debt from SunTrust and other acquisitions are excluded to approximate the yields paid by clients. 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-16 Non-GAAP reconciliations Insurance Holdings adjusted EBITDA ($ in millions) (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. Quarter Ended Year Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2022 2022 2022 2022 2021 2022 2021 Segment net interest income $ 46 $ 33 $ 28 $ 24 $ 23 $ 131 $ 101 Noninterest income 801 734 833 737 681 3,105 2,664 Total revenue $ 847 $ 767 $ 861 $ 761 $ 704 $ 3,236 $ 2,765 Segment net income (loss) - GAAP $ 121 $ 94 $ 179 $ 152 $ 127 $ 546 $ 530 Provision (benefit) for income taxes 40 32 58 49 32 179 156 Depreciation & amortization 39 34 33 33 24 139 109 EBITDA 200 160 270 234 183 864 795 Merger-related and restructuring charges, net 18 21 8 7 8 54 28 Incremental operating expenses related to the merger — — — — 4 — 7 Adjusted EBITDA(1) $ 218 $ 181 $ 278 $ 241 $ 195 $ 918 $ 830 Adjusted EBITDA(1) margin 25.7 % 23.5 % 32.3 % 31.6 % 27.7 % 28.3 % 30.0 %

To inspire and build better lives and communities


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)



Exhibit No.						Description of Exhibit
99.1						Earnings Release issued January 19, 2023.
99.2						Quarterly Performance Summary issued January 19, 2023.
99.3						Earnings Release Presentation issued January 19, 2023.






104						The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.


			TRUIST FINANCIAL CORPORATION
						(Registrant)

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