TFC 8-K
Truist Financial Corp (TFC)
8-K
2026-04-17
For: 2026-04-17
View Original
Added on
April 17, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
Form 8-K
Current Report
_____________________________________________
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
_____________________________________________
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) | (Zip Code) | |||||||
(844 ) 487-8478
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
_____________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
ITEM 2.02 Results of Operations and Financial Condition.
On April 17, 2026, Truist Financial Corporation (“Truist”) issued a press release announcing its reporting of first quarter 2026 results and posted on its website its first quarter 2026 Earnings Release, Quarterly Performance Summary, and Earnings Release Presentation. The materials contain forward-looking statements regarding Truist and include cautionary language identifying important factors that could cause actual results to differ materially from those anticipated.
The information included in Exhibits 99.1 and 99.2, other than the quotation under the heading “CEO Commentary” on page 1 of Exhibit 99.1, shall be deemed “filed” for purposes of the Securities Exchange Act of 1934 (“Exchange Act”). The (i) quotation under the heading “CEO Commentary” on page 1 of Exhibit 99.1 and (ii) the Earnings Release Presentation included as Exhibit 99.3 are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that section. Such quotation and Presentation will not be deemed incorporated by reference into another filing under the Exchange Act or Securities Act of 1933, except as otherwise expressly stated in such subsequent filing.
All information in the Earnings Release, Quarterly Performance Summary, and Earnings Release Presentation speaks as of the date thereof, and Truist does not assume any obligation to update such information in the future.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| Earnings Release issued April 17, 2026. | ||||||||
| Quarterly Performance Summary issued April 17, 2026. | ||||||||
| Earnings Release Presentation issued April 17, 2026. | ||||||||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRUIST FINANCIAL CORPORATION | ||||||||
(Registrant) | ||||||||
| By: | /s/ Cynthia B. Powell | |||||||
Cynthia B. Powell | ||||||||
Executive Vice President and Corporate Controller | ||||||||
(Principal Accounting Officer) | ||||||||
Date: April 17, 2026
`
 | News Release | ||||||||||
Truist reports first quarter 2026 results | |||||||||||
Net income available to common shareholders of $1.4 billion | EPS of $1.09 per diluted share, up 25% compared to 1Q25 | Continued to return significant capital to shareholders through $1.8 billion of dividends and repurchases of common shares | |||||||||
1Q26 Key Financial Data | 1Q26 Performance Highlights(3) | ||||||||||
| (Dollars in billions, except per share data) | 1Q26 | 4Q25 | 1Q25 | ||||||||
| Summary Income Statement | |||||||||||
| Net interest income | $ | 3.60 | $ | 3.70 | $ | 3.51 | |||||
Net interest income - TE(1) | 3.64 | 3.75 | 3.56 | ||||||||
| Noninterest income | 1.55 | 1.55 | 1.39 | ||||||||
| Total revenue | 5.15 | 5.25 | 4.90 | ||||||||
Total revenue - TE(1) | 5.20 | 5.30 | 4.95 | ||||||||
| Noninterest expense | 2.98 | 3.17 | 2.91 | ||||||||
| Net income | 1.48 | 1.35 | 1.26 | ||||||||
| Net income available to common shareholders | 1.38 | 1.29 | 1.16 | ||||||||
PPNR(1) | 2.21 | 2.13 | 2.04 | ||||||||
| Key Metrics | |||||||||||
| Diluted EPS | $ | 1.09 | $ | 1.00 | $ | 0.87 | |||||
| BVPS | 47.60 | 47.74 | 44.85 | ||||||||
TBVPS(1) | 33.19 | 33.48 | 30.95 | ||||||||
| ROCE | 9.3 | % | 8.5 | % | 8.1 | % | |||||
ROTCE(1) | 13.8 | 12.7 | 12.3 | ||||||||
Efficiency ratio | 57.9 | 60.4 | 59.3 | ||||||||
NIM - TE(1) | 3.02 | 3.07 | 3.01 | ||||||||
| NCO ratio | 0.61 | 0.57 | 0.60 | ||||||||
| ALLL ratio | 1.53 | 1.53 | 1.58 | ||||||||
CET1 ratio(2) | 10.8 | 10.8 | 11.3 | ||||||||
| Average Balances | |||||||||||
| Assets | $ | 544 | $ | 542 | $ | 532 | |||||
| Securities | 116 | 118 | 124 | ||||||||
| Loans and leases | 329 | 327 | 308 | ||||||||
| Deposits | 399 | 396 | 392 | ||||||||
Amounts may not foot due to rounding.
(1)Represents a non-GAAP measure. For additional details, see the “Non-GAAP Financial Information” section of this release and reconciliations of non-GAAP measures to the most directly comparable GAAP measures included in this release or Truist’s First Quarter 2026 Quarterly Performance Summary.
(2)Current quarter capital ratios are preliminary.
(3)This section summarizes changes from first quarter of 2026 compared to fourth quarter of 2025, unless otherwise noted.
•Net income available to common shareholders was $1.4 billion, or $1.09 per diluted share, resulting in a ROCE of 9.3% and ROTCE(1) of 13.8%
•Total revenue - TE(1) was down 1.9%
◦Net interest income - TE(1) decreased 2.8%; NIM - TE(1) was down five basis points
◦Noninterest income was stable as an increase in investment banking and trading income was offset by lower other income
•Noninterest expense was down $187 million, or 5.9%, primarily due to lower other expense, personnel expense, and professional fees and outside processing expense, partially offset by higher regulatory costs due to an FDIC special assessment credit in 4Q25
•Average loans and leases HFI were $327.0 billion, up $2.3 billion, or 0.7%, due to continued loan growth in the commercial portfolio, partially offset by a decrease in the consumer portfolio
◦End of period loans and leases HFI were $329.2 billion, up $643 million, or 0.2%
•Average deposits were up $2.9 billion, or 0.7%
◦End of period deposits were $404.1 billion, up $3.7 billion, or 0.9%
•Asset quality remains strong
◦Nonperforming loans to total loans HFI were up two basis points
◦Loans 90 days or more past due to total loans HFI, excluding government guaranteed loans, were flat
◦ALLL ratio was flat
◦NCO ratio of 61 basis points was up four basis points; stable compared to the first quarter of 2025
•Capital levels remain strong
◦Repurchased $1.1 billion of common shares, resulting in a dividend and total payout ratio of 47% and 129%, respectively
◦CET1 ratio(2) was 10.8%
| CEO Commentary | ||
“We delivered a strong first quarter, with earnings per share up 25% from the first quarter of 2025, driven by disciplined execution against our strategic priorities and continued momentum across the franchise.
We continued to build new client relationships, grow in attractive markets, and generate high‑quality loan and deposit growth that is translating into improved profitability.
We also maintained strong asset quality metrics, returned capital to shareholders at an accelerated pace, and continued to invest in scalable technology to better serve our clients and operate more efficiently.
With continued execution against our strategic priorities, we are establishing a long-term ROTCE target of 16% to 18%. This reflects both the progress we’ve made thus far and our confidence in the durability and scalability of our strategy.”
— Bill Rogers, Truist Chairman & CEO
`
| Contact: | ||||||||
| Investors: | Brad Milsaps | [email protected] | ||||||
| Media: | Shelley Miller | [email protected] | ||||||
| Net Interest Income, Net Interest Margin, and Average Balances | |||||||||||||||||||||||||||||
| Quarter Ended | Change | ||||||||||||||||||||||||||||
| (Dollars in millions) | 1Q26 | 4Q25 | 1Q25 | Link Quarter | Like Quarter | ||||||||||||||||||||||||
| Interest income | $ | 5,855 | $ | 6,114 | $ | 5,988 | $ | (259) | (4.2) | % | $ | (133) | (2.2) | % | |||||||||||||||
Plus: TE adjustment(1) | 45 | 49 | 48 | (4) | (8.2) | (3) | (6.3) | ||||||||||||||||||||||
Interest income - TE(1) | 5,900 | 6,163 | 6,036 | (263) | (4.3) | (136) | (2.3) | ||||||||||||||||||||||
| Interest expense | 2,256 | 2,414 | 2,481 | (158) | (6.5) | (225) | (9.1) | ||||||||||||||||||||||
Net interest income - TE(1) | $ | 3,644 | $ | 3,749 | $ | 3,555 | $ | (105) | (2.8) | $ | 89 | 2.5 | |||||||||||||||||
NIM - TE(1) | 3.02 | % | 3.07 | % | 3.01 | % | (5) bps | 1 bp | |||||||||||||||||||||
Average Balances(2) | |||||||||||||||||||||||||||||
| Total earning assets | $ | 486,354 | $ | 484,597 | $ | 476,214 | $ | 1,757 | 0.4 | % | $ | 10,140 | 2.1 | % | |||||||||||||||
| Total interest-bearing liabilities | 363,363 | 358,724 | 349,059 | 4,639 | 1.3 | 14,304 | 4.1 | ||||||||||||||||||||||
Yields / Rates(1) | |||||||||||||||||||||||||||||
| Total earning assets | 4.90 | % | 5.05 | % | 5.12 | % | (15) bps | (22) bps | |||||||||||||||||||||
| Total interest-bearing liabilities | 2.51 | 2.67 | 2.88 | (16) bps | (37) bps | ||||||||||||||||||||||||
(1)Amounts related to interest income and yields are on a TE basis, which represents a non-GAAP measure, utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends. A reconciliation of net interest income - TE to net interest income is included within the table above. NIM – TE is calculated using net interest income on a TE basis to determine the total yield on interest-earning assets.
(2)Represents daily average balances. Unrealized gains and losses on AFS securities are included in nonearning assets. Active hedge basis adjustments for fair value hedges are included in nonearning assets and other liabilities.
Taxable-equivalent net interest income was down $105 million, or 2.8%, compared to the fourth quarter of 2025, driven by two fewer days and deposit client mix. NIM - TE was 3.02%, down five basis points compared to the fourth quarter of 2025, driven by loan repricing, partially offset by loan growth and lower deposit costs.
•Average earning assets increased $1.8 billion, or 0.4%, primarily due to increases in average total loans of $2.2 billion, or 0.7%, and average other earning assets (primarily cash at the Federal Reserve) of $1.3 billion, or 3.9%, partially offset by a decline in average securities of $1.6 billion, or 1.3%.
•The yield on the average total loan portfolio was 5.71%, down 16 basis points. The yield on the average securities portfolio was 2.93%, down 11 basis points.
•Average deposits increased $2.9 billion, or 0.7%, average short-term borrowings increased $1.5 billion, or 5.3%, and average long-term debt decreased $2.0 billion, or 5.1%.
•The average cost of total deposits was 1.55%, down nine basis points. The average cost of short-term borrowings was 3.78%, down 30 basis points. The average cost of long-term debt was 4.80%, down 11 basis points.
Taxable-equivalent net interest income was up $89 million, or 2.5%, compared to the first quarter of 2025, driven by fixed-rate asset repricing and loan growth, partially offset by fixed-rate liability repricing. NIM - TE was 3.02%, up one basis point compared to the first quarter of 2025.
•Average earning assets increased $10.1 billion, or 2.1%, primarily due to an increase in average total loans of $21.4 billion, or 7.0%, partially offset by a decline in average securities of $7.9 billion, or 6.4%, and average other earning assets (primarily cash at the Federal Reserve) of $3.5 billion, or 9.1%.
•The yield on the average total loan portfolio was 5.71%, down 26 basis points. The yield on the average securities portfolio was 2.93%, down 23 basis points.
•Average deposits increased $6.7 billion, or 1.7%, average short-term borrowings increased $337 million, or 1.1%, and average long-term debt increased $4.7 billion, or 15%.
•The average cost of total deposits was 1.55%, down 24 basis points. The average cost of short-term borrowings was 3.78%, down 71 basis points. The average cost of long-term debt was 4.80%, down 25 basis points.
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| Noninterest Income | |||||||||||||||||||||||||||||
| Quarter Ended | Change | ||||||||||||||||||||||||||||
| (Dollars in millions) | 1Q26 | 4Q25 | 1Q25 | Link Quarter | Like Quarter | ||||||||||||||||||||||||
| Wealth management income | $ | 370 | $ | 365 | $ | 344 | $ | 5 | 1.4 | % | $ | 26 | 7.6 | % | |||||||||||||||
Card and treasury management fees | 338 | 336 | 333 | 2 | 0.6 | 5 | 1.5 | ||||||||||||||||||||||
| Investment banking and trading income | 372 | 335 | 273 | 37 | 11.0 | 99 | 36.3 | ||||||||||||||||||||||
Other deposit revenue | 120 | 121 | 117 | (1) | (0.8) | 3 | 2.6 | ||||||||||||||||||||||
| Mortgage banking income | 133 | 119 | 108 | 14 | 11.8 | 25 | 23.1 | ||||||||||||||||||||||
| Lending related fees | 118 | 98 | 95 | 20 | 20.4 | 23 | 24.2 | ||||||||||||||||||||||
| Securities gains (losses) | — | — | (1) | — | — | 1 | (100.0) | ||||||||||||||||||||||
Other income | 102 | 172 | 123 | (70) | (40.7) | (21) | (17.1) | ||||||||||||||||||||||
| Total noninterest income | $ | 1,553 | $ | 1,546 | $ | 1,392 | $ | 7 | 0.5 | $ | 161 | 11.6 | |||||||||||||||||
Noninterest income was stable compared to the fourth quarter of 2025, driven by increased investment banking and trading income, offset by decreased other income, primarily due to lower income from certain equity investments and other investments.
Noninterest income was up $161 million, or 12%, compared to the first quarter of 2025.
•Investment banking and trading income increased primarily due to higher trading income and capital markets activity.
•Wealth management income increased primarily due to higher assets under management.
•Mortgage banking income increased primarily due to higher commercial and residential production revenues.
Noninterest Expense | |||||||||||||||||||||||||||||
| Quarter Ended | Change | ||||||||||||||||||||||||||||
| (Dollars in millions) | 1Q26 | 4Q25 | 1Q25 | Link Quarter | Like Quarter | ||||||||||||||||||||||||
Personnel expense | $ | 1,727 | $ | 1,818 | $ | 1,604 | $ | (91) | (5.0) | % | $ | 123 | 7.7 | % | |||||||||||||||
Professional fees and outside processing | 313 | 337 | 364 | (24) | (7.1) | (51) | (14.0) | ||||||||||||||||||||||
| Software expense | 230 | 242 | 230 | (12) | (5.0) | — | — | ||||||||||||||||||||||
Net occupancy expense | 179 | 176 | 168 | 3 | 1.7 | 11 | 6.5 | ||||||||||||||||||||||
| Equipment expense | 85 | 90 | 82 | (5) | (5.6) | 3 | 3.7 | ||||||||||||||||||||||
| Marketing and customer development | 79 | 63 | 75 | 16 | 25.4 | 4 | 5.3 | ||||||||||||||||||||||
| Amortization of intangibles | 64 | 70 | 75 | (6) | (8.6) | (11) | (14.7) | ||||||||||||||||||||||
| Regulatory costs | 68 | 7 | 69 | 61 | NM | (1) | (1.4) | ||||||||||||||||||||||
Other expense | 238 | 367 | 239 | (129) | (35.1) | (1) | (0.4) | ||||||||||||||||||||||
| Total noninterest expense | $ | 2,983 | $ | 3,170 | $ | 2,906 | $ | (187) | (5.9) | $ | 77 | 2.6 | |||||||||||||||||
Noninterest expense was down $187 million, or 5.9%, compared to the fourth quarter of 2025.
•Other expense decreased due to the incremental accrual related to executing a settlement agreement for a specific legal matter in the fourth quarter of 2025.
•Personnel expense decreased primarily due to lower incentives and severance charges, partially offset by seasonally higher payroll taxes.
•Professional fees and outside processing expense decreased primarily due to the completion of various projects.
•Regulatory costs increased primarily due to the fourth quarter of 2025 FDIC special assessment credit.
Noninterest expense was up $77 million, or 2.6%, compared to the first quarter of 2025.
•Personnel expense increased primarily due to increased salaries, incentives, and employee benefits related to hiring.
•Professional fees and outside processing expense decreased primarily due to the completion of various projects.
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| Provision for Income Taxes | |||||||||||||||||||||||||||||
| Quarter Ended | Change | ||||||||||||||||||||||||||||
| (Dollars in millions) | 1Q26 | 4Q25 | 1Q25 | Link Quarter | Like Quarter | ||||||||||||||||||||||||
| Provision for income taxes | $ | 209 | $ | 210 | $ | 274 | $ | (1) | (0.5)% | $ | (65) | (23.7)% | |||||||||||||||||
| Effective tax rate | 12.4 | % | 13.4 | % | 17.9 | % | (100) bps | (550) bps | |||||||||||||||||||||
The lower effective tax rate for the first quarter of 2026 compared to both the fourth quarter and first quarter of 2025 was primarily driven by discrete tax benefits and tax credit activity.
Average Loans and Leases | |||||||||||||||||||||||
| (Dollars in millions) | 1Q26 | 4Q25 | Change | % Change | |||||||||||||||||||
| Commercial: | |||||||||||||||||||||||
| Commercial and industrial | $ | 166,636 | $ | 163,990 | $ | 2,646 | 1.6 | % | |||||||||||||||
| CRE | 24,165 | 23,205 | 960 | 4.1 | |||||||||||||||||||
| Commercial construction | 7,845 | 8,015 | (170) | (2.1) | |||||||||||||||||||
| Total commercial | 198,646 | 195,210 | 3,436 | 1.8 | |||||||||||||||||||
| Consumer: | |||||||||||||||||||||||
| Residential mortgage | 56,458 | 57,100 | (642) | (1.1) | |||||||||||||||||||
| Home equity | 9,666 | 9,679 | (13) | (0.1) | |||||||||||||||||||
| Indirect auto | 25,342 | 25,639 | (297) | (1.2) | |||||||||||||||||||
| Other consumer | 32,053 | 32,181 | (128) | (0.4) | |||||||||||||||||||
| Total consumer | 123,519 | 124,599 | (1,080) | (0.9) | |||||||||||||||||||
| Credit card | 4,857 | 4,956 | (99) | (2.0) | |||||||||||||||||||
| Total loans and leases held for investment | $ | 327,022 | $ | 324,765 | $ | 2,257 | 0.7 | ||||||||||||||||
Average loans and leases HFI were $327.0 billion, an increase of $2.3 billion, or 0.7%, compared to the fourth quarter of 2025.
•Average commercial loans increased 1.8% primarily due to an increase in the commercial and industrial and CRE portfolios.
•Average consumer loans decreased 0.9% primarily due to a decline in the residential mortgage portfolio.
End of period loans and leases HFI were $329.2 billion, up $643 million, or 0.2% compared to December 31, 2025, primarily due to increases in the commercial and industrial and CRE portfolios, partially offset by declines in the indirect auto and residential mortgage portfolios.
| Average Deposits | |||||||||||||||||||||||
| (Dollars in millions) | 1Q26 | 4Q25 | Change | % Change | |||||||||||||||||||
| Noninterest-bearing deposits | $ | 103,371 | $ | 105,552 | $ | (2,181) | (2.1) | % | |||||||||||||||
| Interest checking | 120,110 | 112,313 | 7,797 | 6.9 | |||||||||||||||||||
| Money market and savings | 136,106 | 138,114 | (2,008) | (1.5) | |||||||||||||||||||
| Time deposits | 39,337 | 40,031 | (694) | (1.7) | |||||||||||||||||||
| Total deposits | $ | 398,924 | $ | 396,010 | $ | 2,914 | 0.7 | ||||||||||||||||
Average deposits for the first quarter of 2026 were $398.9 billion, up $2.9 billion, or 0.7%, compared to the fourth quarter of 2025.
Average noninterest-bearing deposits decreased 2.1% compared to the fourth quarter of 2025 and represented 25.9% of total deposits for the first quarter of 2026 and 26.7% for the fourth quarter of 2025. Average interest checking deposits increased 6.9%. Average money market and savings accounts decreased 1.5%. Average time deposits decreased 1.7%.
End of period deposits were $404.1 billion, up $3.7 billion, or 0.9%, compared to December 31, 2025 primarily due to increases in interest checking deposits and time deposits, partially offset by a decline in money market and savings.
- 4 -
Capital Ratios | |||||||||||||||||||||||||||||
| 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | |||||||||||||||||||||||||
| Risk-based: | (preliminary) | ||||||||||||||||||||||||||||
| CET1 | 10.8 | % | 10.8 | % | 11.0 | % | 11.0 | % | 11.3 | % | |||||||||||||||||||
| Tier 1 | 11.9 | 11.9 | 12.3 | 12.3 | 12.7 | ||||||||||||||||||||||||
| Total | 13.7 | 13.8 | 14.2 | 14.3 | 14.7 | ||||||||||||||||||||||||
| Leverage | 9.9 | 10.0 | 10.2 | 10.2 | 10.3 | ||||||||||||||||||||||||
| Supplementary leverage | 8.3 | 8.3 | 8.5 | 8.5 | 8.7 | ||||||||||||||||||||||||
Capital ratios remain strong relative to the regulatory requirements for well-capitalized banks. Truist’s CET1 ratio was 10.8% as of March 31, 2026, flat compared to December 31, 2025 as capital returned to shareholders was offset by current quarter earnings.
Truist declared common dividends of $0.52 per share during the first quarter of 2026 and repurchased $1.1 billion of common stock. The dividend and total payout ratios for the first quarter of 2026 were 47% and 129%, respectively.
Truist’s average consolidated LCR was 110% for the three months ended March 31, 2026, compared to the regulatory minimum of 100%.
- 5 -
| Asset Quality | |||||||||||||||||||||||||||||
| (Dollars in millions) | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | ||||||||||||||||||||||||
| Total nonperforming assets | $ | 1,785 | $ | 1,633 | $ | 1,629 | $ | 1,316 | $ | 1,618 | |||||||||||||||||||
Total loans 90 days or more past due and still accruing | 760 | 684 | 584 | 546 | 616 | ||||||||||||||||||||||||
| Total loans 30-89 days past due and still accruing | 1,743 | 1,980 | 1,743 | 1,811 | 1,619 | ||||||||||||||||||||||||
Nonperforming loans and leases as a percentage of loans and leases HFI | 0.50 | % | 0.48 | % | 0.48 | % | 0.39 | % | 0.48 | % | |||||||||||||||||||
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI | 0.23 | 0.21 | 0.18 | 0.17 | 0.20 | ||||||||||||||||||||||||
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI, excluding government guaranteed loans | 0.05 | 0.05 | 0.05 | 0.04 | 0.05 | ||||||||||||||||||||||||
Loans 30-89 days past due and still accruing as a percentage of loans and leases HFI | 0.53 | 0.60 | 0.54 | 0.57 | 0.52 | ||||||||||||||||||||||||
ALLL as a percentage of loans and leases HFI | 1.53 | 1.53 | 1.54 | 1.54 | 1.58 | ||||||||||||||||||||||||
Ratio of ALLL to NCO (annualized) | 2.5x | 2.7x | 3.3x | 3.1x | 2.6x | ||||||||||||||||||||||||
Ratio of ALLL to nonperforming loans and leases HFI | 3.1x | 3.2x | 3.2x | 3.9x | 3.3x | ||||||||||||||||||||||||
Nonperforming assets totaled $1.8 billion at March 31, 2026, up $152 million compared to December 31, 2025, primarily due to increases in the indirect auto and LHFS portfolios and partially offset by decreases in the commercial and industrial and CRE portfolios. The increase in indirect auto was driven by an enhancement to nonaccrual criteria for certain loans in that portfolio effective January 1, 2026. Nonperforming loans and leases were 0.50% of loans and leases HFI at March 31, 2026, up two basis points compared to December 31, 2025.
Loans 90 days or more past due and still accruing totaled $760 million at March 31, 2026, up two basis points as a percentage of loans and leases compared with December 31, 2025. 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 0.05% at March 31, 2026, flat compared to December 31, 2025.
Loans 30-89 days past due and still accruing totaled $1.7 billion at March 31, 2026, down $237 million, or seven basis points as a percentage of loans and leases, compared to December 31, 2025.
The ACL was $5.3 billion at March 31, 2026, and included $5.0 billion for the ALLL and $309 million for the reserve for unfunded commitments. The ALLL ratio at March 31, 2026 was 1.53%, flat compared with December 31, 2025. The ALLL covered nonperforming loans and leases HFI 3.1x at March 31, 2026, compared to 3.2x at December 31, 2025. At March 31, 2026, the ALLL was 2.5x annualized net charge-offs, compared to 2.7x at December 31, 2025.
Provision for Credit Losses | |||||||||||||||||||||||||||||
| Quarter Ended | Change | ||||||||||||||||||||||||||||
| (Dollars in millions) | 1Q26 | 4Q25 | 1Q25 | Link Quarter | Like Quarter | ||||||||||||||||||||||||
| Provision for credit losses | $ | 479 | $ | 512 | $ | 458 | $ | (33) | (6.4) | % | $ | 21 | 4.6 | % | |||||||||||||||
| Net charge-offs | 491 | 470 | 454 | 21 | 4.5 | 37 | 8.1 | ||||||||||||||||||||||
Net charge-offs as a percentage of average loans and leases (annualized) | 0.61 | % | 0.57 | % | 0.60 | % | 4 bps | 1 bp | |||||||||||||||||||||
The provision for credit losses was $479 million for the first quarter of 2026, compared to $512 million for the fourth quarter of 2025.
•The provision for credit losses decreased compared to the fourth quarter of 2025 as the allowance remained stable in the current quarter while the prior quarter reflected an allowance build.
•The NCO for the current quarter was up compared to the fourth quarter of 2025 primarily driven by higher net charge-offs in the commercial construction portfolio.
The provision for credit losses was $479 million for the first quarter of 2026, compared to $458 million for the first quarter of 2025.
- 6 -
Earnings Presentation and Quarterly Performance Summary | ||
Investors can access the live first quarter 2026 earnings call at 8 a.m. ET today by webcast or dial-in as follows:
Webcast: app.webinar.net/7W4qlGD2wzg
Dial-in: 1-877-883-0383, passcode 4353788
Additional details: The news release and presentation materials are available at ir.truist.com under “Events & Presentations.” 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 First Quarter 2026 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. Headquartered in Charlotte, North Carolina, Truist has leading market share in many of the high-growth markets in the U.S. and offers a wide range of products and services through wholesale and consumer businesses, including consumer and small business banking, commercial and corporate banking, investment banking and capital markets, wealth management, payments, and specialized lending businesses. Truist is a top-10 commercial bank with total assets of $549 billion as of March 31, 2026. Truist Bank, Member FDIC. Equal Housing Lender. Learn more at Truist.com.
#-#-#
| Glossary of Defined Terms | |||||
| Term | Definition | ||||
ACL | Allowance for credit losses | ||||
AFS | Available-for-sale | ||||
ALLL | Allowance for loan and lease losses | ||||
ATM | Automated teller machine | ||||
| BVPS | Book value (common equity) per share | ||||
| CEO | Chief Executive Officer | ||||
CET1 | Common equity tier 1 | ||||
| CRE | Commercial real estate | ||||
| FDIC | Federal Deposit Insurance Corporation | ||||
| FHLB | Federal Home Loan Bank | ||||
| GAAP | Accounting principles generally accepted in the United States of America | ||||
GSE | U.S. government-sponsored enterprise | ||||
| HFI | Held for investment | ||||
HTM | Held-to-maturity | ||||
| LCR | Liquidity Coverage Ratio | ||||
| LHFS | Loans held for sale | ||||
Like Quarter | First quarter of 2025 | ||||
Link Quarter | Fourth quarter of 2025 | ||||
MBS | Mortgage-backed securities | ||||
MSR | Mortgage servicing rights | ||||
NCO | Net charge-offs | ||||
| NIM - TE | Net interest margin, computed on a TE basis | ||||
| NM | Not meaningful | ||||
NQDCP | Non-Qualified Defined Contribution Plan | ||||
| PPNR | Pre-provision net revenue | ||||
ROA | Return on average assets | ||||
| ROCE | Return on average common equity | ||||
ROTCE | Return on average tangible common equity | ||||
TBVPS | Tangible book value per common share | ||||
| TE | Taxable equivalent | ||||
- 7 -
| Non-GAAP Financial Information | ||
This news release contains financial information and performance measures determined by methods other than in accordance with GAAP. Truist’s management uses these “non-GAAP” measures in their analysis of Truist’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. Truist believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. 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:
•Taxable-Equivalent Measures - Taxable equivalent revenue, taxable equivalent interest income, taxable equivalent net interest income, and taxable equivalent net interest margin include a taxable equivalent adjustment utilizing the federal income tax rate of 21% for certain tax-exempt instruments. Truist’s management uses these measures in their analysis of Truist’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.
•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. Truist’s management calculated this measure based on Truist’s continuing operations. Truist’s management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.
•Tangible Common Equity and Related Measures - Tangible common equity, average tangible common equity, and related measures, including ROTCE and TBVPS, 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.
Truist does not provide reconciliations for forward-looking non-GAAP financial measures because it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of Truist’s control, or cannot be reasonably predicted. For the same reasons, Truist is unable to address the probable significance of the unavailable information.
Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in this release or Truist’s First Quarter 2026 Quarterly Performance Summary, which is available at https://ir.truist.com/earnings.
- 8 -
| Forward Looking Statements | ||
From time to time we have made, and in the future will make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results.
This news release, including any information incorporated by reference herein, contains forward-looking statements. We also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, and others. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, and results may differ materially from those set forth in any forward-looking statement. While no list of assumptions, risks, and uncertainties could be complete, some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements include:
•changes in monetary, fiscal, and trade laws or policies, including tariffs or interest rates;
•evolving political, geopolitical, business, social, economic, and market conditions at the local, regional, national, and international levels;
•our ability to effectively address economic, business, or market deterioration, slowdowns or disruptions;
•disruptions and shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations;
•changes in business and consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households;
•negative market perceptions of our investment portfolio or its value;
•our ability to manage credit risk, including in connection with the loans that we originate or purchase;
•the credit, liquidity, or other financial condition of our clients, counterparties, service providers, or competitors;
•our ability to cost-effectively fund our businesses and operations, including by accessing long- and short-term funding and liquidity and by retaining and growing client deposits;
•our ability to manage any unexpected outflows of uninsured deposits and, in such a circumstance, to access substitute funding, and avoid selling investment securities or other assets at an unfavorable time or at a loss;
•changes in our credit ratings and the related effects on our funding costs, ability to attract or retain funding, and relationships with clients and counterparties;
•any instability or breakdown in the financial system, including as a result of the actual or perceived soundness of another financial institution or another participant in the financial system;
•our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure, including those that safeguard personal and other sensitive information;
•our ability to keep pace with changes in technology, including technology-driven products and services relating to AI, that affect us or our clients, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property;
•our ability to manage system failures or disruptions affecting operations, communications, or other systems or processes;
•our ability to identify, assess, monitor, and mitigate physical-security and cybersecurity risks, including denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction;
•the performance, availability, and resilience of third-party service providers on whom we rely in delivering products and services to our clients and otherwise in conducting our business and operations;
•the adequacy and effectiveness of our corporate governance, risk-management framework, compliance programs, and internal controls over financial reporting, including our ability to identify, assess, monitor, and mitigate risks, remediate lapses or deficiencies in financial reporting, and make appropriate estimates;
•our ability to develop, maintain, and market our products or services and to manage risks and unanticipated costs or liabilities associated with those products or services;
•our ability to satisfactorily and profitably perform loan servicing and similar obligations;
•the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government leadership or personnel;
•U.S. and international regulatory capital and liquidity requirements and standards and their effects on our capital and liquidity levels, ratios, buffers, and targets, and our ability to pay or increase dividends, repurchase shares, or take other capital actions;
•our ability to address scrutiny and expectations from supervisory or other governmental authorities and to timely and credibly remediate related concerns or deficiencies;
•judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings that create uncertainty for or are adverse to us or the financial services industry;
•the outcomes of judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings to which we are or may be subject (either directly or indirectly through our ownership interests in other entities) and our ability to absorb and address any damages or other remedies that are sought or awarded and any collateral consequences;
•our ability to execute strategic and operational plans, including with respect to accelerating growth, improving profitability, investing in talent, technology, and risk infrastructure, maintaining expense, credit, and risk discipline, and returning capital to shareholders;
•our ability to innovate, to anticipate the needs of current or future clients, or to make timely and effective technology investments and enhancements to meet client expectations;
•our ability to compete successfully, to increase or maintain market share in changing competitive environments, or to address pricing or other competitive pressures, including competition from banks and nonbanks and the effects of digital assets, cryptocurrencies, stablecoins, tokenization, and other emerging products, services, and technologies relating to deposits, lending, and payments;
•changes in our corporate and business strategies, the composition of our assets, or the way in which we fund those assets;
•our ability to successfully make and integrate acquisitions and to effect divestitures, which may include regulatory approvals and conditions;
•the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk;
•evolving accounting standards and policies and related changes to interpretations;
•damage to our brand or negative public opinion or adverse publicity affecting us, our leaders, or our service providers, including the impact on our relationships with clients, teammates, and other stakeholders;
•our ability to attract, hire, and retain key teammates and to engage in adequate succession planning;
•our ability to identify, assess, monitor, and mitigate the risk of fraud or misconduct by internal or external parties, including potential losses that may result;
•policies and other actions of governments to manage and mitigate climate and related environmental risks, and the effects of climate change or the transition to a lower-carbon economy on our business, operations, and reputation;
•natural or other disasters, calamities, and conflicts, including terrorist events, cyber-warfare, and pandemics that impact us or our clients, teammates, or service providers; and
•other assumptions, risks, or uncertainties described in the Company’s Annual Report on Form 10-K or subsequent reports.
Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, or Current Report on Form 8-K.
- 9 -
Quarterly Performance Summary
Truist Financial Corporation
First Quarter 2026
| Table of Contents | ||||||||
| Quarterly Performance Summary | ||||||||
| Truist Financial Corporation | ||||||||
| Page | ||||||||
| Financial Highlights | ||||||||
| Consolidated Statements of Income | ||||||||
| Consolidated Ending Balance Sheets | ||||||||
| Average Balances and Rates | ||||||||
| Credit Quality | ||||||||
| Segment Financial Performance | ||||||||
| Capital Information | ||||||||
| Selected Mortgage Banking Information & Additional Information | ||||||||
| Selected Items | ||||||||
Non-GAAP Reconciliations | ||||||||
Financial Highlights
| Quarter Ended | |||||||||||||||||||||||||||||
| (Dollars in millions, except per share data, shares in thousands) | March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | ||||||||||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||
| Summary Income Statement | |||||||||||||||||||||||||||||
| Interest income | $ | 5,855 | $ | 6,114 | $ | 6,286 | $ | 6,154 | $ | 5,988 | |||||||||||||||||||
Plus: TE adjustment | 45 | 49 | 51 | 48 | 48 | ||||||||||||||||||||||||
Interest income - TE(1) | 5,900 | 6,163 | 6,337 | 6,202 | 6,036 | ||||||||||||||||||||||||
| Interest expense | 2,256 | 2,414 | 2,657 | 2,567 | 2,481 | ||||||||||||||||||||||||
| Net interest income | 3,599 | 3,700 | 3,629 | 3,587 | 3,507 | ||||||||||||||||||||||||
Net interest income - TE(1) | 3,644 | 3,749 | 3,680 | 3,635 | 3,555 | ||||||||||||||||||||||||
| Provision for credit losses | 479 | 512 | 436 | 488 | 458 | ||||||||||||||||||||||||
| Net interest income after provision for credit losses | 3,120 | 3,188 | 3,193 | 3,099 | 3,049 | ||||||||||||||||||||||||
| Noninterest income | 1,553 | 1,546 | 1,558 | 1,400 | 1,392 | ||||||||||||||||||||||||
| Noninterest expense | 2,983 | 3,170 | 3,014 | 2,986 | 2,906 | ||||||||||||||||||||||||
| Income before income taxes | 1,690 | 1,564 | 1,737 | 1,513 | 1,535 | ||||||||||||||||||||||||
| Provision for income taxes | 209 | 210 | 285 | 273 | 274 | ||||||||||||||||||||||||
| Net income from continuing operations | 1,481 | 1,354 | 1,452 | 1,240 | 1,261 | ||||||||||||||||||||||||
| Net income | 1,481 | 1,354 | 1,452 | 1,240 | 1,261 | ||||||||||||||||||||||||
| Preferred stock dividends and other | 104 | 65 | 104 | 60 | 104 | ||||||||||||||||||||||||
| Net Income available to common shareholders | 1,377 | 1,289 | 1,348 | 1,180 | 1,157 | ||||||||||||||||||||||||
| Additional Income Statement Information | |||||||||||||||||||||||||||||
| Revenue | 5,152 | 5,246 | 5,187 | 4,987 | 4,899 | ||||||||||||||||||||||||
Revenue - TE(1) | 5,197 | 5,295 | 5,238 | 5,035 | 4,947 | ||||||||||||||||||||||||
PPNR(1) | 2,214 | 2,125 | 2,224 | 2,049 | 2,041 | ||||||||||||||||||||||||
| Key Metrics | |||||||||||||||||||||||||||||
| Earnings: | |||||||||||||||||||||||||||||
| Earnings per share-basic | 1.10 | 1.02 | 1.05 | 0.91 | 0.88 | ||||||||||||||||||||||||
| Earnings per share-diluted | 1.09 | 1.00 | 1.04 | 0.90 | 0.87 | ||||||||||||||||||||||||
| Cash dividends declared per share | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | ||||||||||||||||||||||||
| BVPS | 47.60 | 47.74 | 46.70 | 45.70 | 44.85 | ||||||||||||||||||||||||
TBVPS(1) | 33.19 | 33.48 | 32.57 | 31.63 | 30.95 | ||||||||||||||||||||||||
| End of period shares outstanding | 1,245,879 | 1,262,470 | 1,279,246 | 1,289,435 | 1,309,539 | ||||||||||||||||||||||||
| Weighted average shares outstanding-basic | 1,248,628 | 1,267,341 | 1,280,571 | 1,292,292 | 1,307,457 | ||||||||||||||||||||||||
| Weighted average shares outstanding-diluted | 1,266,572 | 1,285,078 | 1,296,666 | 1,305,005 | 1,324,339 | ||||||||||||||||||||||||
ROA | 1.10 | % | 0.99 | % | 1.06 | % | 0.93 | % | 0.96 | % | |||||||||||||||||||
ROCE | 9.3 | 8.5 | 9.0 | 8.1 | 8.1 | ||||||||||||||||||||||||
ROTCE(1) | 13.8 | 12.7 | 13.6 | 12.3 | 12.3 | ||||||||||||||||||||||||
NIM - TE(1) | 3.02 | 3.07 | 3.01 | 3.02 | 3.01 | ||||||||||||||||||||||||
Efficiency ratio | 57.9 | 60.4 | 58.1 | 59.9 | 59.3 | ||||||||||||||||||||||||
| Credit Quality | |||||||||||||||||||||||||||||
Nonperforming loans and leases as a percentage of loans and leases HFI | 0.50 | % | 0.48 | % | 0.48 | % | 0.39 | % | 0.48 | % | |||||||||||||||||||
NCO as a percentage of average loans and leases HFI | 0.61 | 0.57 | 0.48 | 0.51 | 0.60 | ||||||||||||||||||||||||
| ALLL as a percentage of loans and leases HFI | 1.53 | 1.53 | 1.54 | 1.54 | 1.58 | ||||||||||||||||||||||||
| Ratio of ALLL to nonperforming loans and leases HFI | 3.1x | 3.2x | 3.2x | 3.9x | 3.3x | ||||||||||||||||||||||||
| Average Balances | |||||||||||||||||||||||||||||
| Assets | $ | 544,121 | $ | 542,233 | $ | 541,825 | $ | 537,069 | $ | 531,630 | |||||||||||||||||||
Securities(2) | 116,118 | 117,707 | 119,180 | 121,829 | 124,061 | ||||||||||||||||||||||||
| Loans and leases | 328,972 | 326,737 | 322,070 | 313,841 | 307,528 | ||||||||||||||||||||||||
| Deposits | 398,924 | 396,010 | 396,600 | 400,483 | 392,204 | ||||||||||||||||||||||||
| Common shareholders’ equity | 59,879 | 59,991 | 59,141 | 58,327 | 58,125 | ||||||||||||||||||||||||
| Total shareholders’ equity | 64,794 | 65,338 | 65,049 | 64,235 | 64,033 | ||||||||||||||||||||||||
| Period-End Balances | |||||||||||||||||||||||||||||
| Assets | $ | 548,975 | $ | 547,538 | $ | 543,851 | $ | 543,833 | $ | 535,899 | |||||||||||||||||||
Securities(2) | 111,866 | 112,228 | 113,544 | 115,363 | 117,888 | ||||||||||||||||||||||||
| Loans and leases | 331,412 | 330,478 | 325,663 | 319,999 | 309,752 | ||||||||||||||||||||||||
| Deposits | 404,081 | 400,398 | 394,907 | 406,122 | 403,736 | ||||||||||||||||||||||||
| Common shareholders’ equity | 59,298 | 60,273 | 59,739 | 58,933 | 58,728 | ||||||||||||||||||||||||
| Total shareholders’ equity | 64,214 | 65,189 | 65,646 | 64,840 | 64,635 | ||||||||||||||||||||||||
| Capital and Liquidity Ratios | (preliminary) | ||||||||||||||||||||||||||||
| Common equity tier 1 | 10.8 | % | 10.8 | % | 11.0 | % | 11.0 | % | 11.3 | % | |||||||||||||||||||
| Tier 1 | 11.9 | 11.9 | 12.3 | 12.3 | 12.7 | ||||||||||||||||||||||||
| Total | 13.7 | 13.8 | 14.2 | 14.3 | 14.7 | ||||||||||||||||||||||||
| Leverage | 9.9 | 10.0 | 10.2 | 10.2 | 10.3 | ||||||||||||||||||||||||
| Supplementary leverage | 8.3 | 8.3 | 8.5 | 8.5 | 8.7 | ||||||||||||||||||||||||
| Liquidity coverage ratio | 110 | 111 | 110 | 110 | 111 | ||||||||||||||||||||||||
Applicable ratios are annualized.
(1)Represents a non-GAAP measure. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the Non-GAAP Reconciliations section of this Quarterly Performance Summary or within the table above for TE measures. Net interest margin –TE is calculated using net interest income on a TE basis to determine the total yield on interest-earning assets.
(2)Includes AFS and HTM securities. Average balances reflect AFS and HTM securities at amortized cost. Period-end balances reflect AFS securities at fair value and HTM securities at amortized cost.
- 1 -
Consolidated Statements of Income
| Quarter Ended | |||||||||||||||||||||||||||||
| March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | |||||||||||||||||||||||||
| (Dollars in millions, except per share data, shares in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||
| Interest Income | |||||||||||||||||||||||||||||
| Interest and fees on loans and leases | $ | 4,599 | $ | 4,778 | $ | 4,816 | $ | 4,657 | $ | 4,493 | |||||||||||||||||||
| Interest on securities | 849 | 896 | 941 | 961 | 975 | ||||||||||||||||||||||||
| Interest on other earning assets | 407 | 440 | 529 | 536 | 520 | ||||||||||||||||||||||||
| Total interest income | 5,855 | 6,114 | 6,286 | 6,154 | 5,988 | ||||||||||||||||||||||||
| Interest Expense | |||||||||||||||||||||||||||||
| Interest on deposits | 1,525 | 1,633 | 1,835 | 1,844 | 1,736 | ||||||||||||||||||||||||
| Interest on long-term debt | 445 | 481 | 523 | 431 | 409 | ||||||||||||||||||||||||
| Interest on other borrowings | 286 | 300 | 299 | 292 | 336 | ||||||||||||||||||||||||
| Total interest expense | 2,256 | 2,414 | 2,657 | 2,567 | 2,481 | ||||||||||||||||||||||||
| Net Interest Income | 3,599 | 3,700 | 3,629 | 3,587 | 3,507 | ||||||||||||||||||||||||
| Provision for credit losses | 479 | 512 | 436 | 488 | 458 | ||||||||||||||||||||||||
| Net Interest Income After Provision for Credit Losses | 3,120 | 3,188 | 3,193 | 3,099 | 3,049 | ||||||||||||||||||||||||
| Noninterest Income | |||||||||||||||||||||||||||||
| Wealth management income | 370 | 365 | 374 | 348 | 344 | ||||||||||||||||||||||||
Card and treasury management fees | 338 | 336 | 340 | 351 | 333 | ||||||||||||||||||||||||
| Investment banking and trading income | 372 | 335 | 323 | 205 | 273 | ||||||||||||||||||||||||
Other deposit revenue | 120 | 121 | 125 | 108 | 117 | ||||||||||||||||||||||||
| Mortgage banking income | 133 | 119 | 118 | 107 | 108 | ||||||||||||||||||||||||
| Lending related fees | 118 | 98 | 103 | 99 | 95 | ||||||||||||||||||||||||
| Securities gains (losses) | — | — | — | (18) | (1) | ||||||||||||||||||||||||
Other income | 102 | 172 | 175 | 200 | 123 | ||||||||||||||||||||||||
| Total noninterest income | 1,553 | 1,546 | 1,558 | 1,400 | 1,392 | ||||||||||||||||||||||||
| Noninterest Expense | |||||||||||||||||||||||||||||
Personnel expense | 1,727 | 1,818 | 1,748 | 1,678 | 1,604 | ||||||||||||||||||||||||
Professional fees and outside processing | 313 | 337 | 346 | 373 | 364 | ||||||||||||||||||||||||
| Software expense | 230 | 242 | 233 | 231 | 230 | ||||||||||||||||||||||||
Net occupancy expense | 179 | 176 | 185 | 181 | 168 | ||||||||||||||||||||||||
| Equipment expense | 85 | 90 | 90 | 89 | 82 | ||||||||||||||||||||||||
| Marketing and customer development | 79 | 63 | 79 | 82 | 75 | ||||||||||||||||||||||||
| Amortization of intangibles | 64 | 70 | 72 | 73 | 75 | ||||||||||||||||||||||||
| Regulatory costs | 68 | 7 | 32 | 55 | 69 | ||||||||||||||||||||||||
Other expense | 238 | 367 | 229 | 224 | 239 | ||||||||||||||||||||||||
| Total noninterest expense | 2,983 | 3,170 | 3,014 | 2,986 | 2,906 | ||||||||||||||||||||||||
| Earnings | |||||||||||||||||||||||||||||
| Income before income taxes | 1,690 | 1,564 | 1,737 | 1,513 | 1,535 | ||||||||||||||||||||||||
| Provision for income taxes | 209 | 210 | 285 | 273 | 274 | ||||||||||||||||||||||||
| Net income (loss) from continuing operations | 1,481 | 1,354 | 1,452 | 1,240 | 1,261 | ||||||||||||||||||||||||
| Net income | 1,481 | 1,354 | 1,452 | 1,240 | 1,261 | ||||||||||||||||||||||||
| Preferred stock dividends and other | 104 | 65 | 104 | 60 | 104 | ||||||||||||||||||||||||
| Net income available to common shareholders | $ | 1,377 | $ | 1,289 | $ | 1,348 | $ | 1,180 | $ | 1,157 | |||||||||||||||||||
| Earnings Per Common Share | |||||||||||||||||||||||||||||
| Earnings per share-basic | 1.10 | 1.02 | 1.05 | 0.91 | 0.88 | ||||||||||||||||||||||||
| Earnings per share-diluted | 1.09 | 1.00 | 1.04 | 0.90 | 0.87 | ||||||||||||||||||||||||
| Weighted Average Shares Outstanding | |||||||||||||||||||||||||||||
| Basic | 1,248,628 | 1,267,341 | 1,280,571 | 1,292,292 | 1,307,457 | ||||||||||||||||||||||||
| Diluted | 1,266,572 | 1,285,078 | 1,296,666 | 1,305,005 | 1,324,339 | ||||||||||||||||||||||||
- 2 -
Consolidated Ending Balance Sheets - Five Quarter Trend
| March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | |||||||||||||||||||||||||
| (Dollars in millions) | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Cash and due from banks | $ | 4,294 | $ | 4,967 | $ | 4,329 | $ | 5,157 | $ | 5,996 | |||||||||||||||||||
| Interest-bearing deposits with banks | 31,903 | 31,410 | 32,523 | 36,294 | 36,175 | ||||||||||||||||||||||||
| Securities borrowed or purchased under resale agreements | 4,047 | 3,200 | 2,981 | 2,656 | 2,810 | ||||||||||||||||||||||||
| Trading assets at fair value | 5,235 | 5,790 | 5,731 | 5,963 | 5,838 | ||||||||||||||||||||||||
| AFS securities at fair value | 65,430 | 65,042 | 65,522 | 66,390 | 68,012 | ||||||||||||||||||||||||
| HTM securities at amortized cost | 46,436 | 47,186 | 48,022 | 48,973 | 49,876 | ||||||||||||||||||||||||
| Loans and leases: | |||||||||||||||||||||||||||||
| Commercial: | |||||||||||||||||||||||||||||
| Commercial and industrial | 169,247 | 167,808 | 163,607 | 162,273 | 156,679 | ||||||||||||||||||||||||
| CRE | 24,447 | 23,720 | 22,414 | 20,270 | 19,578 | ||||||||||||||||||||||||
| Commercial construction | 7,620 | 7,783 | 8,027 | 8,277 | 8,766 | ||||||||||||||||||||||||
| Consumer: | |||||||||||||||||||||||||||||
| Residential mortgage | 56,297 | 56,807 | 57,623 | 57,828 | 56,099 | ||||||||||||||||||||||||
| Home equity | 9,633 | 9,719 | 9,618 | 9,591 | 9,523 | ||||||||||||||||||||||||
| Indirect auto | 25,054 | 25,659 | 25,490 | 24,558 | 23,628 | ||||||||||||||||||||||||
| Other consumer | 32,097 | 32,181 | 32,070 | 31,122 | 29,537 | ||||||||||||||||||||||||
| Credit card | 4,843 | 4,918 | 4,889 | 4,877 | 4,828 | ||||||||||||||||||||||||
| Total loans and leases held for investment | 329,238 | 328,595 | 323,738 | 318,796 | 308,638 | ||||||||||||||||||||||||
| Loans held for sale | 2,174 | 1,883 | 1,925 | 1,203 | 1,114 | ||||||||||||||||||||||||
| Total loans and leases | 331,412 | 330,478 | 325,663 | 319,999 | 309,752 | ||||||||||||||||||||||||
| Allowance for loan and lease losses | (5,026) | (5,030) | (4,988) | (4,899) | (4,870) | ||||||||||||||||||||||||
| Premises and equipment | 3,145 | 3,172 | 3,176 | 3,197 | 3,168 | ||||||||||||||||||||||||
| Goodwill | 17,125 | 17,125 | 17,125 | 17,125 | 17,125 | ||||||||||||||||||||||||
| Core deposit and other intangible assets | 1,192 | 1,256 | 1,328 | 1,399 | 1,473 | ||||||||||||||||||||||||
| Loan servicing rights at fair value | 4,112 | 3,972 | 3,776 | 3,612 | 3,628 | ||||||||||||||||||||||||
| Other assets | 39,670 | 38,970 | 38,663 | 37,967 | 36,916 | ||||||||||||||||||||||||
| Total assets | $ | 548,975 | $ | 547,538 | $ | 543,851 | $ | 543,833 | $ | 535,899 | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||||||
| Noninterest-bearing deposits | $ | 105,460 | $ | 105,092 | $ | 106,197 | $ | 106,442 | $ | 108,461 | |||||||||||||||||||
| Interest checking | 123,257 | 117,830 | 109,827 | 118,122 | 118,043 | ||||||||||||||||||||||||
| Money market and savings | 135,702 | 139,044 | 135,931 | 133,891 | 136,777 | ||||||||||||||||||||||||
| Time deposits | 39,662 | 38,432 | 42,952 | 47,667 | 40,455 | ||||||||||||||||||||||||
| Total deposits | 404,081 | 400,398 | 394,907 | 406,122 | 403,736 | ||||||||||||||||||||||||
| Short-term borrowings | 27,441 | 27,839 | 29,376 | 16,631 | 23,730 | ||||||||||||||||||||||||
| Long-term debt | 41,622 | 41,963 | 41,729 | 44,427 | 32,030 | ||||||||||||||||||||||||
| Other liabilities | 11,617 | 12,149 | 12,193 | 11,813 | 11,768 | ||||||||||||||||||||||||
| Total liabilities | 484,761 | 482,349 | 478,205 | 478,993 | 471,264 | ||||||||||||||||||||||||
| Shareholders’ Equity: | |||||||||||||||||||||||||||||
| Preferred stock | 4,916 | 4,916 | 5,907 | 5,907 | 5,907 | ||||||||||||||||||||||||
| Common stock | 6,229 | 6,312 | 6,396 | 6,447 | 6,548 | ||||||||||||||||||||||||
| Additional paid-in capital | 32,610 | 33,663 | 34,278 | 34,620 | 35,178 | ||||||||||||||||||||||||
| Retained earnings | 26,796 | 26,067 | 25,438 | 24,759 | 24,252 | ||||||||||||||||||||||||
| Accumulated other comprehensive loss | (6,337) | (5,769) | (6,373) | (6,893) | (7,250) | ||||||||||||||||||||||||
| Total shareholders’ equity | 64,214 | 65,189 | 65,646 | 64,840 | 64,635 | ||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 548,975 | $ | 547,538 | $ | 543,851 | $ | 543,833 | $ | 535,899 | |||||||||||||||||||
- 3 -
Average Balances and Rates - Quarters
| Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in millions) | Average Balances(1) | Income/ Expense(2) | Yields/ Rates(2) | Average Balances(1) | Income/ Expense(2) | Yields/ Rates(2) | Average Balances(1) | Income/ Expense(2) | Yields/ Rates(2) | Average Balances(1) | Income/ Expense(2) | Yields/ Rates(2) | Average Balances(1) | Income/ Expense(2) | Yields/ Rates(2) | ||||||||||||||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AFS and HTM securities at amortized cost: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Treasury | $ | 13,138 | $ | 145 | 4.48 | % | $ | 13,275 | $ | 162 | 4.82 | % | $ | 13,351 | $ | 174 | 5.18 | % | $ | 14,034 | $ | 181 | 5.20 | % | $ | 14,867 | $ | 191 | 5.19 | % | |||||||||||||||||||||||||||||
| GSE | 474 | 5 | 3.98 | 478 | 4 | 3.80 | 458 | 4 | 3.86 | 463 | 5 | 3.73 | 462 | 4 | 3.75 | ||||||||||||||||||||||||||||||||||||||||||||
| Agency MBS | 102,089 | 696 | 2.73 | 103,591 | 727 | 2.81 | 104,998 | 760 | 2.89 | 106,947 | 772 | 2.89 | 108,345 | 777 | 2.87 | ||||||||||||||||||||||||||||||||||||||||||||
| States and political subdivisions | 347 | 3 | 4.30 | 349 | 4 | 4.27 | 358 | 3 | 4.19 | 370 | 4 | 4.20 | 370 | 4 | 4.20 | ||||||||||||||||||||||||||||||||||||||||||||
| Other | 70 | — | 1.65 | 14 | — | 4.42 | 15 | 1 | 4.50 | 15 | — | 4.53 | 17 | — | 4.72 | ||||||||||||||||||||||||||||||||||||||||||||
| Total securities | 116,118 | 849 | 2.93 | 117,707 | 897 | 3.04 | 119,180 | 942 | 3.16 | 121,829 | 962 | 3.16 | 124,061 | 976 | 3.16 | ||||||||||||||||||||||||||||||||||||||||||||
| Loans and leases: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial and industrial | 166,636 | 2,179 | 5.30 | 163,990 | 2,267 | 5.49 | 162,207 | 2,312 | 5.66 | 158,491 | 2,262 | 5.72 | 155,214 | 2,184 | 5.70 | ||||||||||||||||||||||||||||||||||||||||||||
| CRE | 24,165 | 339 | 5.64 | 23,205 | 354 | 5.99 | 21,171 | 336 | 6.25 | 19,687 | 308 | 6.22 | 19,832 | 302 | 6.12 | ||||||||||||||||||||||||||||||||||||||||||||
| Commercial construction | 7,845 | 117 | 6.21 | 8,015 | 129 | 6.52 | 8,258 | 139 | 6.84 | 8,613 | 144 | 6.85 | 8,734 | 145 | 6.84 | ||||||||||||||||||||||||||||||||||||||||||||
| Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential mortgage | 56,458 | 582 | 4.13 | 57,100 | 589 | 4.13 | 57,676 | 598 | 4.15 | 56,789 | 579 | 4.08 | 55,658 | 562 | 4.04 | ||||||||||||||||||||||||||||||||||||||||||||
| Home equity | 9,666 | 167 | 6.99 | 9,679 | 176 | 7.24 | 9,588 | 182 | 7.51 | 9,586 | 178 | 7.47 | 9,569 | 177 | 7.48 | ||||||||||||||||||||||||||||||||||||||||||||
| Indirect auto | 25,342 | 443 | 7.08 | 25,639 | 469 | 7.27 | 24,964 | 459 | 7.29 | 24,158 | 441 | 7.32 | 23,248 | 412 | 7.19 | ||||||||||||||||||||||||||||||||||||||||||||
| Other consumer | 32,053 | 662 | 8.38 | 32,181 | 677 | 8.35 | 31,714 | 668 | 8.36 | 30,387 | 634 | 8.37 | 29,291 | 602 | 8.33 | ||||||||||||||||||||||||||||||||||||||||||||
| Credit card | 4,857 | 129 | 10.79 | 4,956 | 136 | 10.89 | 4,915 | 146 | 11.74 | 4,890 | 139 | 11.35 | 4,849 | 138 | 11.60 | ||||||||||||||||||||||||||||||||||||||||||||
| Total loans and leases held for investment | 327,022 | 4,618 | 5.71 | 324,765 | 4,797 | 5.87 | 320,493 | 4,840 | 6.00 | 312,601 | 4,685 | 6.01 | 306,395 | 4,522 | 5.97 | ||||||||||||||||||||||||||||||||||||||||||||
| Loans held for sale | 1,950 | 26 | 5.24 | 1,972 | 28 | 5.64 | 1,577 | 24 | 6.18 | 1,240 | 19 | 6.15 | 1,133 | 17 | 5.93 | ||||||||||||||||||||||||||||||||||||||||||||
| Total loans and leases | 328,972 | 4,644 | 5.71 | 326,737 | 4,825 | 5.87 | 322,070 | 4,864 | 6.00 | 313,841 | 4,704 | 6.01 | 307,528 | 4,539 | 5.97 | ||||||||||||||||||||||||||||||||||||||||||||
| Interest earning trading assets | 5,807 | 74 | 5.09 | 6,015 | 82 | 5.38 | 5,991 | 86 | 5.70 | 5,896 | 88 | 5.98 | 5,628 | 80 | 5.72 | ||||||||||||||||||||||||||||||||||||||||||||
Other earning assets(3) | 35,457 | 333 | 3.77 | 34,138 | 359 | 4.13 | 38,765 | 445 | 4.50 | 39,417 | 448 | 4.51 | 38,997 | 441 | 4.53 | ||||||||||||||||||||||||||||||||||||||||||||
| Total earning assets | 486,354 | 5,900 | 4.90 | 484,597 | 6,163 | 5.05 | 486,006 | 6,337 | 5.18 | 480,983 | 6,202 | 5.16 | 476,214 | 6,036 | 5.12 | ||||||||||||||||||||||||||||||||||||||||||||
| Nonearning assets | 57,767 | 57,636 | 55,819 | 56,086 | 55,416 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 544,121 | $ | 542,233 | $ | 541,825 | $ | 537,069 | $ | 531,630 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest checking | $ | 120,110 | 619 | 2.09 | $ | 112,313 | 618 | 2.18 | $ | 109,244 | 677 | 2.46 | $ | 116,193 | 726 | 2.51 | $ | 109,208 | 640 | 2.37 | |||||||||||||||||||||||||||||||||||||||
| Money market and savings | 136,106 | 609 | 1.81 | 138,114 | 677 | 1.95 | 136,515 | 755 | 2.19 | 135,607 | 751 | 2.22 | 136,897 | 743 | 2.20 | ||||||||||||||||||||||||||||||||||||||||||||
| Time deposits | 39,337 | 297 | 3.06 | 40,031 | 338 | 3.35 | 45,090 | 403 | 3.54 | 41,997 | 367 | 3.50 | 40,204 | 353 | 3.56 | ||||||||||||||||||||||||||||||||||||||||||||
| Total interest-bearing deposits | 295,553 | 1,525 | 2.09 | 290,458 | 1,633 | 2.23 | 290,849 | 1,835 | 2.50 | 293,797 | 1,844 | 2.52 | 286,309 | 1,736 | 2.46 | ||||||||||||||||||||||||||||||||||||||||||||
| Short-term borrowings | 30,669 | 286 | 3.78 | 29,128 | 300 | 4.08 | 26,796 | 299 | 4.42 | 26,241 | 292 | 4.47 | 30,332 | 336 | 4.49 | ||||||||||||||||||||||||||||||||||||||||||||
| Long-term debt | 37,141 | 445 | 4.80 | 39,138 | 481 | 4.91 | 41,458 | 523 | 5.04 | 34,213 | 431 | 5.02 | 32,418 | 409 | 5.05 | ||||||||||||||||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 363,363 | 2,256 | 2.51 | 358,724 | 2,414 | 2.67 | 359,103 | 2,657 | 2.94 | 354,251 | 2,567 | 2.91 | 349,059 | 2,481 | 2.88 | ||||||||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing deposits | 103,371 | 105,552 | 105,751 | 106,686 | 105,895 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 12,593 | 12,619 | 11,922 | 11,897 | 12,643 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders’ equity | 64,794 | 65,338 | 65,049 | 64,235 | 64,033 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 544,121 | $ | 542,233 | $ | 541,825 | $ | 537,069 | $ | 531,630 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average interest-rate spread | 2.39 | 2.38 | 2.24 | 2.25 | 2.24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income / net interest margin -TE(2) | $ | 3,644 | 3.02 | % | $ | 3,749 | 3.07 | % | $ | 3,680 | 3.01 | % | $ | 3,635 | 3.02 | % | $ | 3,555 | 3.01 | % | |||||||||||||||||||||||||||||||||||||||
TE adjustment(2) | 45 | 49 | 51 | 48 | 48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest income | $ | 3,599 | $ | 3,700 | $ | 3,629 | $ | 3,587 | $ | 3,507 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Memo: Total deposits | $ | 398,924 | 1,525 | 1.55 | % | $ | 396,010 | 1,633 | 1.64 | % | $ | 396,600 | 1,835 | 1.84 | % | $ | 400,483 | 1,844 | 1.85 | % | $ | 392,204 | 1,736 | 1.79 | % | ||||||||||||||||||||||||||||||||||
(1)Represents daily average balances. Unrealized gains and losses on AFS securities are included in nonearning assets. Active hedge basis adjustments for fair value hedges are included in nonearning assets and other liabilities.
(2)Amounts related to interest income and yields are on a TE basis, which represents a non-GAAP measure, utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends. A reconciliation of net interest income - TE to net interest income is included within the table above. NIM – TE is calculated using net interest income on a TE basis to determine the total yield on interest-earning assets.
(3)Includes cash equivalents, interest-bearing deposits with banks, FHLB stock, and other earning assets.
- 4 -
Credit Quality
| March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| (Dollars in millions) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
| Nonperforming Assets | ||||||||||||||||||||||||||||||||
| Nonaccrual loans and leases: | ||||||||||||||||||||||||||||||||
| Commercial: | ||||||||||||||||||||||||||||||||
| Commercial and industrial | $ | 738 | $ | 839 | $ | 800 | $ | 520 | $ | 586 | ||||||||||||||||||||||
| CRE | 21 | 47 | 98 | 128 | 294 | |||||||||||||||||||||||||||
| Commercial construction | 23 | 41 | 42 | 1 | 2 | |||||||||||||||||||||||||||
| Consumer: | ||||||||||||||||||||||||||||||||
| Residential mortgage | 231 | 213 | 196 | 191 | 179 | |||||||||||||||||||||||||||
| Home equity | 101 | 99 | 103 | 107 | 114 | |||||||||||||||||||||||||||
| Indirect auto | 455 | 267 | 247 | 240 | 248 | |||||||||||||||||||||||||||
| Other consumer | 73 | 71 | 66 | 64 | 65 | |||||||||||||||||||||||||||
| Total nonaccrual loans and leases held for investment | 1,642 | 1,577 | 1,552 | 1,251 | 1,488 | |||||||||||||||||||||||||||
| Loans held for sale | 79 | — | 19 | 12 | 77 | |||||||||||||||||||||||||||
| Total nonaccrual loans and leases | 1,721 | 1,577 | 1,571 | 1,263 | 1,565 | |||||||||||||||||||||||||||
| Foreclosed real estate | 6 | 3 | 4 | 4 | 4 | |||||||||||||||||||||||||||
| Other foreclosed property | 58 | 53 | 54 | 49 | 49 | |||||||||||||||||||||||||||
| Total nonperforming assets | $ | 1,785 | $ | 1,633 | $ | 1,629 | $ | 1,316 | $ | 1,618 | ||||||||||||||||||||||
| Loans 90 Days or More Past Due and Still Accruing | ||||||||||||||||||||||||||||||||
| Commercial: | ||||||||||||||||||||||||||||||||
| Commercial and industrial | $ | 4 | $ | 3 | $ | 3 | $ | 2 | $ | 5 | ||||||||||||||||||||||
| Consumer: | ||||||||||||||||||||||||||||||||
| Residential mortgage - government guaranteed | 609 | 532 | 438 | 424 | 468 | |||||||||||||||||||||||||||
| Residential mortgage - nonguaranteed | 39 | 38 | 41 | 41 | 62 | |||||||||||||||||||||||||||
| Home equity | 7 | 7 | 6 | 6 | 6 | |||||||||||||||||||||||||||
| Other consumer | 26 | 28 | 27 | 24 | 23 | |||||||||||||||||||||||||||
| Credit card | 75 | 76 | 69 | 49 | 52 | |||||||||||||||||||||||||||
| Total loans 90 days past due and still accruing | $ | 760 | $ | 684 | $ | 584 | $ | 546 | $ | 616 | ||||||||||||||||||||||
| Loans 30-89 Days Past Due and Still Accruing | ||||||||||||||||||||||||||||||||
| Commercial: | ||||||||||||||||||||||||||||||||
| Commercial and industrial | $ | 260 | $ | 127 | $ | 73 | $ | 122 | $ | 118 | ||||||||||||||||||||||
| CRE | 42 | 25 | 6 | 34 | 12 | |||||||||||||||||||||||||||
| Commercial construction | 10 | 36 | 5 | 15 | — | |||||||||||||||||||||||||||
| Consumer: | ||||||||||||||||||||||||||||||||
| Residential mortgage - government guaranteed | 263 | 329 | 327 | 330 | 284 | |||||||||||||||||||||||||||
| Residential mortgage - nonguaranteed | 293 | 357 | 344 | 365 | 347 | |||||||||||||||||||||||||||
| Home equity | 57 | 69 | 54 | 54 | 57 | |||||||||||||||||||||||||||
| Indirect auto | 508 | 679 | 620 | 582 | 484 | |||||||||||||||||||||||||||
| Other consumer | 240 | 281 | 241 | 239 | 246 | |||||||||||||||||||||||||||
| Credit card | 70 | 77 | 73 | 70 | 71 | |||||||||||||||||||||||||||
Total loans 30-89 days past due and still accruing | $ | 1,743 | $ | 1,980 | $ | 1,743 | $ | 1,811 | $ | 1,619 | ||||||||||||||||||||||
| As of/For the Quarter Ended | ||||||||||||||||||||||||||||||||
| March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||||||
| Asset Quality Ratios | ||||||||||||||||||||||||||||||||
| Nonperforming loans and leases as a percentage of loans and leases | 0.50 | % | 0.48 | % | 0.48 | % | 0.39 | % | 0.48 | % | ||||||||||||||||||||||
Nonperforming loans and leases(1) as a percentage of total loans and leases(1) | 0.52 | 0.48 | 0.48 | 0.39 | 0.51 | |||||||||||||||||||||||||||
Nonperforming assets(1) as a percentage of total assets | 0.33 | 0.30 | 0.30 | 0.24 | 0.30 | |||||||||||||||||||||||||||
Nonperforming assets as a percentage of loans and leases plus foreclosed property | 0.52 | 0.50 | 0.50 | 0.41 | 0.50 | |||||||||||||||||||||||||||
| Loans 90 days or more past due and still accruing as a percentage of loans and leases | 0.23 | 0.21 | 0.18 | 0.17 | 0.20 | |||||||||||||||||||||||||||
| Loans 90 days or more past due and still accruing as a percentage of loans and leases, excluding government guaranteed loans | 0.05 | 0.05 | 0.05 | 0.04 | 0.05 | |||||||||||||||||||||||||||
| Loans 30-89 days past due and still accruing as a percentage of loans and leases | 0.53 | 0.60 | 0.54 | 0.57 | 0.52 | |||||||||||||||||||||||||||
| Allowance for loan and lease losses as a percentage of loans and leases | 1.53 | 1.53 | 1.54 | 1.54 | 1.58 | |||||||||||||||||||||||||||
| Ratio of allowance for loan and lease losses to: | ||||||||||||||||||||||||||||||||
Net charge-offs (annualized) | 2.5X | 2.7X | 3.3X | 3.1X | 2.6X | |||||||||||||||||||||||||||
| Nonperforming loans and leases | 3.1X | 3.2X | 3.2X | 3.9X | 3.3X | |||||||||||||||||||||||||||
(1)Nonperforming assets and total loans and leases include loans held for sale. | ||||||||||||||||||||||||||||||||
- 5 -
| As of/For the Quarter Ended | ||||||||||||||||||||||||||||||||
| March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| (Dollars in millions) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
| Allowance for Credit Losses | ||||||||||||||||||||||||||||||||
| Beginning balance | $ | 5,347 | $ | 5,305 | $ | 5,253 | $ | 5,166 | $ | 5,161 | ||||||||||||||||||||||
| Provision for credit losses | 479 | 512 | 436 | 488 | 458 | |||||||||||||||||||||||||||
| Charge-offs: | ||||||||||||||||||||||||||||||||
| Commercial: | ||||||||||||||||||||||||||||||||
| Commercial and industrial | (142) | (141) | (98) | (120) | (102) | |||||||||||||||||||||||||||
| CRE | (7) | (14) | (25) | (38) | (70) | |||||||||||||||||||||||||||
| Commercial construction | (17) | — | — | — | — | |||||||||||||||||||||||||||
| Consumer: | ||||||||||||||||||||||||||||||||
| Residential mortgage | (1) | (3) | (1) | (1) | (1) | |||||||||||||||||||||||||||
| Home equity | (3) | (2) | (2) | (4) | (2) | |||||||||||||||||||||||||||
| Indirect auto | (158) | (160) | (150) | (127) | (154) | |||||||||||||||||||||||||||
| Other consumer | (184) | (178) | (155) | (146) | (154) | |||||||||||||||||||||||||||
| Credit card | (71) | (67) | (49) | (70) | (74) | |||||||||||||||||||||||||||
| Total charge-offs | (583) | (565) | (480) | (506) | (557) | |||||||||||||||||||||||||||
| Recoveries: | ||||||||||||||||||||||||||||||||
| Commercial: | ||||||||||||||||||||||||||||||||
| Commercial and industrial | 16 | 23 | 20 | 31 | 24 | |||||||||||||||||||||||||||
| CRE | 3 | 6 | 2 | 3 | 7 | |||||||||||||||||||||||||||
| Commercial construction | 1 | 1 | — | 1 | — | |||||||||||||||||||||||||||
| Consumer: | ||||||||||||||||||||||||||||||||
| Residential mortgage | 2 | 1 | 2 | — | 2 | |||||||||||||||||||||||||||
| Home equity | 3 | 3 | 5 | 4 | 4 | |||||||||||||||||||||||||||
| Indirect auto | 25 | 24 | 25 | 28 | 25 | |||||||||||||||||||||||||||
| Other consumer | 33 | 28 | 31 | 31 | 30 | |||||||||||||||||||||||||||
| Credit card | 9 | 9 | 10 | 12 | 11 | |||||||||||||||||||||||||||
| Total recoveries | 92 | 95 | 95 | 110 | 103 | |||||||||||||||||||||||||||
| Net charge-offs | (491) | (470) | (385) | (396) | (454) | |||||||||||||||||||||||||||
| Other | — | — | 1 | (5) | 1 | |||||||||||||||||||||||||||
| Ending balance | $ | 5,335 | $ | 5,347 | $ | 5,305 | $ | 5,253 | $ | 5,166 | ||||||||||||||||||||||
| Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||
| Allowance for loan and lease losses | $ | 5,026 | $ | 5,030 | $ | 4,988 | $ | 4,899 | $ | 4,870 | ||||||||||||||||||||||
Reserve for unfunded lending commitments | 309 | 317 | 317 | 354 | 296 | |||||||||||||||||||||||||||
| Allowance for credit losses | $ | 5,335 | $ | 5,347 | $ | 5,305 | $ | 5,253 | $ | 5,166 | ||||||||||||||||||||||
| Quarter Ended | ||||||||||||||||||||||||||||||||
| March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||||||
| Net Charge-offs as a Percentage of Average Loans and Leases: | ||||||||||||||||||||||||||||||||
| Commercial: | ||||||||||||||||||||||||||||||||
| Commercial and industrial | 0.31 | % | 0.29 | % | 0.19 | % | 0.22 | % | 0.20 | % | ||||||||||||||||||||||
| CRE | 0.06 | 0.14 | 0.44 | 0.71 | 1.29 | |||||||||||||||||||||||||||
| Commercial construction | 0.84 | (0.04) | (0.03) | (0.02) | (0.02) | |||||||||||||||||||||||||||
| Consumer: | ||||||||||||||||||||||||||||||||
| Residential mortgage | (0.01) | 0.01 | — | — | — | |||||||||||||||||||||||||||
| Home equity | (0.02) | (0.04) | (0.11) | (0.04) | (0.07) | |||||||||||||||||||||||||||
| Indirect auto | 2.14 | 2.10 | 1.99 | 1.63 | 2.26 | |||||||||||||||||||||||||||
| Other consumer | 1.91 | 1.84 | 1.55 | 1.54 | 1.71 | |||||||||||||||||||||||||||
| Credit card | 5.15 | 4.64 | 3.13 | 4.84 | 5.21 | |||||||||||||||||||||||||||
| Total loans and leases | 0.61 | 0.57 | 0.48 | 0.51 | 0.60 | |||||||||||||||||||||||||||
Ratios are annualized. | ||||||||||||||||||||||||||||||||
- 6 -
Segment Financial Performance - Preliminary
| Quarter Ended | ||||||||||||||||||||||||||||||||
| March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| (Dollars in millions) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
| Consumer and Small Business Banking | ||||||||||||||||||||||||||||||||
| Net interest income (expense) | $ | 1,605 | $ | 1,621 | $ | 1,570 | $ | 1,496 | $ | 1,435 | ||||||||||||||||||||||
| Net intersegment interest income (expense) | 891 | 865 | 854 | 830 | 813 | |||||||||||||||||||||||||||
| Segment net interest income (expense) | 2,496 | 2,486 | 2,424 | 2,326 | 2,248 | |||||||||||||||||||||||||||
| Allocated provision for credit losses | 374 | 431 | 400 | 384 | 327 | |||||||||||||||||||||||||||
| Noninterest income | 529 | 521 | 530 | 519 | 503 | |||||||||||||||||||||||||||
| Personnel expense | 433 | 443 | 449 | 434 | 434 | |||||||||||||||||||||||||||
| Amortization of intangibles | 34 | 36 | 39 | 39 | 39 | |||||||||||||||||||||||||||
| Other direct noninterest expense | 293 | 288 | 280 | 286 | 287 | |||||||||||||||||||||||||||
| Direct noninterest expense | 760 | 767 | 768 | 759 | 760 | |||||||||||||||||||||||||||
| Expense allocations | 920 | 934 | 937 | 940 | 903 | |||||||||||||||||||||||||||
| Total noninterest expense | 1,680 | 1,701 | 1,705 | 1,699 | 1,663 | |||||||||||||||||||||||||||
| Income (loss) before income taxes | 971 | 875 | 849 | 762 | 761 | |||||||||||||||||||||||||||
| Provision (benefit) for income taxes | 238 | 212 | 207 | 186 | 185 | |||||||||||||||||||||||||||
| Segment net income (loss) | $ | 733 | $ | 663 | $ | 642 | $ | 576 | $ | 576 | ||||||||||||||||||||||
| Wholesale Banking | ||||||||||||||||||||||||||||||||
| Net interest income (expense) | $ | 1,922 | $ | 2,019 | $ | 2,029 | $ | 1,872 | $ | 1,883 | ||||||||||||||||||||||
| Net intersegment interest income (expense) | (416) | (401) | (450) | (303) | (381) | |||||||||||||||||||||||||||
| Segment net interest income (expense) | 1,506 | 1,618 | 1,579 | 1,569 | 1,502 | |||||||||||||||||||||||||||
| Allocated provision for credit losses | 105 | 82 | 36 | 104 | 132 | |||||||||||||||||||||||||||
| Noninterest income | 1,068 | 1,134 | 1,142 | 941 | 947 | |||||||||||||||||||||||||||
| Personnel expense | 612 | 668 | 598 | 573 | 557 | |||||||||||||||||||||||||||
| Amortization of intangibles | 30 | 34 | 33 | 34 | 36 | |||||||||||||||||||||||||||
| Other direct noninterest expense | 187 | 188 | 199 | 203 | 193 | |||||||||||||||||||||||||||
| Direct noninterest expense | 829 | 890 | 830 | 810 | 786 | |||||||||||||||||||||||||||
| Expense allocations | 521 | 465 | 485 | 519 | 517 | |||||||||||||||||||||||||||
| Total noninterest expense | 1,350 | 1,355 | 1,315 | 1,329 | 1,303 | |||||||||||||||||||||||||||
| Income (loss) before income taxes | 1,119 | 1,315 | 1,370 | 1,077 | 1,014 | |||||||||||||||||||||||||||
| Provision (benefit) for income taxes | 231 | 273 | 285 | 214 | 201 | |||||||||||||||||||||||||||
| Segment net income (loss) | $ | 888 | $ | 1,042 | $ | 1,085 | $ | 863 | $ | 813 | ||||||||||||||||||||||
Other, Treasury & Corporate(1) | ||||||||||||||||||||||||||||||||
| Net interest income (expense) | $ | 72 | $ | 60 | $ | 30 | $ | 219 | $ | 189 | ||||||||||||||||||||||
| Net intersegment interest income (expense) | (475) | (464) | (404) | (527) | (432) | |||||||||||||||||||||||||||
| Segment net interest income (expense) | (403) | (404) | (374) | (308) | (243) | |||||||||||||||||||||||||||
| Allocated provision for credit losses | — | (1) | — | — | (1) | |||||||||||||||||||||||||||
| Noninterest income | (44) | (109) | (114) | (60) | (58) | |||||||||||||||||||||||||||
| Personnel expense | 682 | 707 | 701 | 671 | 613 | |||||||||||||||||||||||||||
| Amortization of intangibles | — | — | — | — | — | |||||||||||||||||||||||||||
| Other direct noninterest expense | 712 | 806 | 715 | 746 | 747 | |||||||||||||||||||||||||||
| Direct Noninterest Expense | 1,394 | 1,513 | 1,416 | 1,417 | 1,360 | |||||||||||||||||||||||||||
| Expense Allocations | (1,441) | (1,399) | (1,422) | (1,459) | (1,420) | |||||||||||||||||||||||||||
| Total noninterest expense | (47) | 114 | (6) | (42) | (60) | |||||||||||||||||||||||||||
| Income (loss) before income taxes | (400) | (626) | (482) | (326) | (240) | |||||||||||||||||||||||||||
| Provision (benefit) for income taxes | (260) | (275) | (207) | (127) | (112) | |||||||||||||||||||||||||||
| Segment net income (loss) | $ | (140) | $ | (351) | $ | (275) | $ | (199) | $ | (128) | ||||||||||||||||||||||
| Total Truist Financial Corporation | ||||||||||||||||||||||||||||||||
| Net interest income (expense) | $ | 3,599 | $ | 3,700 | $ | 3,629 | $ | 3,587 | $ | 3,507 | ||||||||||||||||||||||
| Net intersegment interest income (expense) | — | — | — | — | — | |||||||||||||||||||||||||||
| Segment net interest income (expense) | 3,599 | 3,700 | 3,629 | 3,587 | 3,507 | |||||||||||||||||||||||||||
| Allocated provision for credit losses | 479 | 512 | 436 | 488 | 458 | |||||||||||||||||||||||||||
| Noninterest income | 1,553 | 1,546 | 1,558 | 1,400 | 1,392 | |||||||||||||||||||||||||||
| Personnel expense | 1,727 | 1,818 | 1,748 | 1,678 | 1,604 | |||||||||||||||||||||||||||
| Amortization of intangibles | 64 | 70 | 72 | 73 | 75 | |||||||||||||||||||||||||||
| Other direct noninterest expense | 1,192 | 1,282 | 1,194 | 1,235 | 1,227 | |||||||||||||||||||||||||||
| Direct Noninterest Expense | 2,983 | 3,170 | 3,014 | 2,986 | 2,906 | |||||||||||||||||||||||||||
| Expense Allocations | — | — | — | — | — | |||||||||||||||||||||||||||
| Total noninterest expense | 2,983 | 3,170 | 3,014 | 2,986 | 2,906 | |||||||||||||||||||||||||||
| Income before income taxes | 1,690 | 1,564 | 1,737 | 1,513 | 1,535 | |||||||||||||||||||||||||||
| Provision for income taxes | 209 | 210 | 285 | 273 | 274 | |||||||||||||||||||||||||||
| Net Income from continuing operations | $ | 1,481 | $ | 1,354 | $ | 1,452 | $ | 1,240 | $ | 1,261 | ||||||||||||||||||||||
(1)Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure.
- 7 -
Capital Information - Five Quarter Trend
| As of/For the Quarter Ended | ||||||||||||||||||||||||||||||||
| March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| (Dollars in millions, except per share data, shares in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
| Selected Capital Information | (preliminary) | |||||||||||||||||||||||||||||||
| Risk-based capital: | ||||||||||||||||||||||||||||||||
| Common equity tier 1 | $ | 47,684 | $ | 48,027 | $ | 48,031 | $ | 47,678 | $ | 47,767 | ||||||||||||||||||||||
| Tier 1 | 52,597 | 52,940 | 53,935 | 53,582 | 53,671 | |||||||||||||||||||||||||||
| Total | 60,471 | 61,255 | 62,377 | 62,119 | 62,349 | |||||||||||||||||||||||||||
| Risk-weighted assets | 441,485 | 443,257 | 438,114 | 434,609 | 424,059 | |||||||||||||||||||||||||||
| Average quarterly assets for leverage ratio | 530,908 | 529,156 | 529,861 | 525,567 | 519,981 | |||||||||||||||||||||||||||
| Average quarterly assets for supplementary leverage ratio | 637,276 | 635,249 | 635,076 | 626,855 | 619,992 | |||||||||||||||||||||||||||
| Risk-based capital ratios: | ||||||||||||||||||||||||||||||||
| Common equity tier 1 | 10.8 | % | 10.8 | % | 11.0 | % | 11.0 | % | 11.3 | % | ||||||||||||||||||||||
| Tier 1 | 11.9 | 11.9 | 12.3 | 12.3 | 12.7 | |||||||||||||||||||||||||||
| Total | 13.7 | 13.8 | 14.2 | 14.3 | 14.7 | |||||||||||||||||||||||||||
| Leverage capital ratio | 9.9 | 10.0 | 10.2 | 10.2 | 10.3 | |||||||||||||||||||||||||||
| Supplementary leverage | 8.3 | 8.3 | 8.5 | 8.5 | 8.7 | |||||||||||||||||||||||||||
| Common equity per common share | $ | 47.60 | $ | 47.74 | $ | 46.70 | $ | 45.70 | $ | 44.85 | ||||||||||||||||||||||
- 8 -
Selected Mortgage Banking Information & Additional Information
| As of/For the Quarter Ended | ||||||||||||||||||||||||||||||||
| March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| (Dollars in millions, except per share data) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
| Mortgage Banking Income | ||||||||||||||||||||||||||||||||
| Residential mortgage income: | ||||||||||||||||||||||||||||||||
| Residential mortgage production revenue | $ | 27 | $ | 26 | $ | 22 | $ | 25 | $ | 19 | ||||||||||||||||||||||
| Residential mortgage servicing income: | ||||||||||||||||||||||||||||||||
| Residential mortgage servicing income before MSR valuation | 82 | 77 | 74 | 72 | 87 | |||||||||||||||||||||||||||
| Net MSRs valuation | 9 | 1 | 9 | 1 | (4) | |||||||||||||||||||||||||||
| Total residential mortgage servicing income | 91 | 78 | 83 | 73 | 83 | |||||||||||||||||||||||||||
| Total residential mortgage income | 118 | 104 | 105 | 98 | 102 | |||||||||||||||||||||||||||
| Commercial mortgage income: | ||||||||||||||||||||||||||||||||
| Commercial mortgage production revenue | 12 | 12 | 10 | 6 | 2 | |||||||||||||||||||||||||||
| Commercial mortgage servicing income: | ||||||||||||||||||||||||||||||||
| Commercial mortgage servicing income before MSR valuation | 3 | 2 | 4 | 3 | 4 | |||||||||||||||||||||||||||
| Net MSRs valuation | — | 1 | (1) | — | — | |||||||||||||||||||||||||||
| Total commercial mortgage servicing income | 3 | 3 | 3 | 3 | 4 | |||||||||||||||||||||||||||
| Total commercial mortgage income | 15 | 15 | 13 | 9 | 6 | |||||||||||||||||||||||||||
| Total mortgage banking income | $ | 133 | $ | 119 | $ | 118 | $ | 107 | $ | 108 | ||||||||||||||||||||||
Other Mortgage Banking Information | ||||||||||||||||||||||||||||||||
| Residential mortgage loan originations | $ | 5,137 | $ | 4,551 | $ | 4,743 | $ | 5,855 | $ | 3,626 | ||||||||||||||||||||||
Residential mortgage servicing portfolio:(1) | ||||||||||||||||||||||||||||||||
| Loans serviced for others | 233,870 | 228,383 | 221,274 | 213,002 | 216,148 | |||||||||||||||||||||||||||
| Bank-owned loans serviced | 57,386 | 57,583 | 58,396 | 57,748 | 55,120 | |||||||||||||||||||||||||||
| Total servicing portfolio | 291,256 | 285,966 | 279,670 | 270,750 | 271,268 | |||||||||||||||||||||||||||
| Weighted-average coupon rate on mortgage loans serviced for others | 3.77 | % | 3.77 | % | 3.75 | % | 3.70 | % | 3.68 | % | ||||||||||||||||||||||
| Weighted-average servicing fee on mortgage loans serviced for others | 0.29 | 0.28 | 0.28 | 0.28 | 0.28 | |||||||||||||||||||||||||||
| Additional Information | ||||||||||||||||||||||||||||||||
Brokered deposits(2) | $ | 28,488 | $ | 29,835 | $ | 28,423 | $ | 30,008 | $ | 27,585 | ||||||||||||||||||||||
NQDCP income (expense):(3) | ||||||||||||||||||||||||||||||||
| Interest income | $ | (6) | $ | 4 | $ | 1 | $ | — | $ | — | ||||||||||||||||||||||
| Other income | (7) | (1) | 17 | 21 | (6) | |||||||||||||||||||||||||||
| Personnel expense | 13 | (3) | (18) | (21) | 6 | |||||||||||||||||||||||||||
| Total NQDCP income (expense) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
| Common stock prices: | ||||||||||||||||||||||||||||||||
| High | $ | 56.20 | $ | 50.86 | $ | 47.46 | $ | 43.25 | $ | 48.53 | ||||||||||||||||||||||
| Low | 43.13 | 40.78 | 41.98 | 33.56 | 39.41 | |||||||||||||||||||||||||||
| End of period | 45.97 | 49.21 | 45.72 | 42.99 | 41.15 | |||||||||||||||||||||||||||
| Banking offices | 1,927 | 1,927 | 1,927 | 1,927 | 1,928 | |||||||||||||||||||||||||||
| ATMs | 2,826 | 2,829 | 2,837 | 2,847 | 2,861 | |||||||||||||||||||||||||||
Full-time equivalent teammates(4) | 37,877 | 38,062 | 38,534 | 37,996 | 37,529 | |||||||||||||||||||||||||||
(1)Amounts reported are unpaid principal balance.
(2)Amounts represented in interest checking, money market and savings, and time deposits.
(3)Relates to plans where Truist holds assets in proportion to participant elections.
(4)Full-time equivalent teammates represents an average for the quarter.
- 9 -
Selected Items(1)
| Favorable (Unfavorable) | |||||||||||||||||
| (Dollars in millions, except per share data) Description | Pre-Tax | After-Tax at Marginal Rate | Impact to Diluted EPS(2) | ||||||||||||||
| Selected Items | |||||||||||||||||
First Quarter 2026 | |||||||||||||||||
None | |||||||||||||||||
| Fourth Quarter 2025 | |||||||||||||||||
Legal accrual | $ | (130) | $ | (99) | $ | (0.08) | |||||||||||
| Third Quarter 2025 | |||||||||||||||||
None | |||||||||||||||||
| Second Quarter 2025 | |||||||||||||||||
| Loss on sale of securities (securities gains (losses)) | $ | (18) | $ | (13) | $ | (0.01) | |||||||||||
| First Quarter 2025 | |||||||||||||||||
None | |||||||||||||||||
(1)Includes certain selected items from the consolidated statements of income.
(2)Diluted EPS impact for individual items may not foot to difference between GAAP diluted and adjusted EPS due to rounding.
- 10 -
Non-GAAP Reconciliations
Pre-Provision Net Revenue from Continuing Operations
| Quarter Ended | ||||||||||||||||||||||||||||||||
| March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| (Dollars in millions) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
| Net income from continuing operations | $ | 1,481 | $ | 1,354 | $ | 1,452 | $ | 1,240 | $ | 1,261 | ||||||||||||||||||||||
| Provision for credit losses | 479 | 512 | 436 | 488 | 458 | |||||||||||||||||||||||||||
| Provision for income taxes | 209 | 210 | 285 | 273 | 274 | |||||||||||||||||||||||||||
| Taxable-equivalent adjustment | 45 | 49 | 51 | 48 | 48 | |||||||||||||||||||||||||||
Pre-provision net revenue(1) | $ | 2,214 | $ | 2,125 | $ | 2,224 | $ | 2,049 | $ | 2,041 | ||||||||||||||||||||||
(1)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. Truist’s management calculated this measure based on Truist’s continuing operations. Truist’s management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.
Return on Average Tangible Common Shareholders’ Equity
| Quarter Ended | ||||||||||||||||||||||||||||||||
| March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| (Dollars in millions) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
| Net income available to common shareholders | $ | 1,377 | $ | 1,289 | $ | 1,348 | $ | 1,180 | $ | 1,157 | ||||||||||||||||||||||
| Amortization of intangibles | 64 | 70 | 72 | 73 | 75 | |||||||||||||||||||||||||||
| Applicable income taxes related to the amortization of intangibles | (15) | (16) | (18) | (17) | (18) | |||||||||||||||||||||||||||
Tangible net income available to common shareholders(1) | $ | 1,426 | $ | 1,343 | $ | 1,402 | $ | 1,236 | $ | 1,214 | ||||||||||||||||||||||
| Average common shareholders’ equity | $ | 59,879 | $ | 59,991 | $ | 59,141 | $ | 58,327 | $ | 58,125 | ||||||||||||||||||||||
| Average intangible assets | (18,386) | (18,456) | (18,528) | (18,590) | (18,669) | |||||||||||||||||||||||||||
Applicable deferred taxes related to intangible assets(2) | 404 | 409 | 415 | 417 | 422 | |||||||||||||||||||||||||||
Average tangible common shareholders’ equity(1) | $ | 41,897 | $ | 41,944 | $ | 41,028 | $ | 40,154 | $ | 39,878 | ||||||||||||||||||||||
| Return on average common shareholders’ equity | 9.3 | % | 8.5 | % | 9.0 | % | 8.1 | % | 8.1 | % | ||||||||||||||||||||||
Return on average tangible common shareholders’ equity(1) | 13.8 | 12.7 | 13.6 | 12.3 | 12.3 | |||||||||||||||||||||||||||
(1)Tangible net income available to common shareholders, average tangible common shareholders’ equity, and return on average tangible common shareholders' equity are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes. 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 balance sheet risk and shareholder value. These measures are not necessarily comparable to similar measures that may be presented by other companies.
(2)Calculated using the applicable marginal tax rate.
Tangible Book Value per Common Share
| March 31 | Dec. 31 | Sept. 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| (Dollars in millions, except per share data, shares in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
Calculations of Tangible Common Equity and Related Measures:(1) | ||||||||||||||||||||||||||||||||
| Total shareholders’ equity | $ | 64,214 | $ | 65,189 | $ | 65,646 | $ | 64,840 | $ | 64,635 | ||||||||||||||||||||||
| Preferred stock | (4,916) | (4,916) | (5,907) | (5,907) | (5,907) | |||||||||||||||||||||||||||
| Intangible assets | (18,350) | (18,416) | (18,489) | (18,561) | (18,624) | |||||||||||||||||||||||||||
Applicable deferred taxes related to intangible assets(2) | 403 | 407 | 413 | 418 | 421 | |||||||||||||||||||||||||||
| Tangible common equity | $ | 41,351 | $ | 42,264 | $ | 41,663 | $ | 40,790 | $ | 40,525 | ||||||||||||||||||||||
| Outstanding shares at end of period | 1,245,879 | 1,262,470 | 1,279,246 | 1,289,435 | 1,309,539 | |||||||||||||||||||||||||||
| Common equity per common share | $ | 47.60 | $ | 47.74 | $ | 46.70 | $ | 45.70 | $ | 44.85 | ||||||||||||||||||||||
| Tangible common equity per common share | 33.19 | 33.48 | 32.57 | 31.63 | 30.95 | |||||||||||||||||||||||||||
(1)Tangible common equity and related measures are non-GAAP measures that exclude preferred stock and intangible assets, net of deferred taxes. 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 balance sheet risk and shareholder value. These measures are not necessarily comparable to similar measures that may be presented by other companies.
(2)Calculated using the applicable marginal tax rate.
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Fourth Quarter 2024 Earnings Conference Call Bill Rogers – Chairman & CEO Mike Maguire – CFO April 17, 2026 First Quarter 2026 Earnings Conference Call Bill Rog rs - Chairman & CEO Mike Maguire - CFO April 17, 2026
2 From time to time we have made, and in the future will make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. In particular, forward-looking statements include statements we make about: (i) Truist’s outlook for improved profitability, (ii) Truist’s ROTCE targets for future periods and its confidence in meeting those goals, (iii) expected prepayments of investment securities and fixed rate loans and growth in net interest income in 2026, (iv) projections or estimates of common stock repurchases and preferred stock dividends, (v) Truist's projected CET1 ratio in future periods and the impact to Truist's capital of the proposed Basel III framework changes, including estimated decreases in risk-weighted assets,(vi) guidance with respect to financial performance metrics in future periods, including future levels of taxable equivalent revenue, noninterest expense, and net charge-off ratio, (vii) Truist’s effective tax rate in future periods, and (viii) the key drivers of Truist’s profitability improvement, including the expected compound annual growth rate in diluted EPS. This presentation, including any information incorporated by reference in this presentation, contains forward-looking statements. We also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, and others. All forward- looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, and results may differ materially from those set forth in any forward-looking statement. While no list of assumptions, risks, and uncertainties could be complete, some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements include: • changes in monetary, fiscal, and trade laws or policies, including tariffs or interest rates; • evolving political, geopolitical, business, social, economic, and market conditions at the local, regional, national, and international levels; • our ability to effectively address economic, business, or market deterioration, slowdowns or disruptions; • disruptions and shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations; • changes in business and consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households; • negative market perceptions of our investment portfolio or its value; • our ability to manage credit risk, including in connection with the loans that we originate or purchase; • the credit, liquidity, or other financial condition of our clients, counterparties, service providers, or competitors; • our ability to cost-effectively fund our businesses and operations, including by accessing long- and short-term funding and liquidity and by retaining and growing client deposits; • our ability to manage any unexpected outflows of uninsured deposits and, in such a circumstance, to access substitute funding, and avoid selling investment securities or other assets at an unfavorable time or at a loss; • changes in our credit ratings and the related effects on our funding costs, ability to attract or retain funding, and relationships with clients and counterparties; • any instability or breakdown in the financial system, including as a result of the actual or perceived soundness of another financial institution or another participant in the financial system; • our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure, including those that safeguard personal and other sensitive information; • our ability to keep pace with changes in technology, including technology-driven products and services relating to AI, that affect us or our clients, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property; • our ability to manage system failures or disruptions affecting operations, communications, or other systems or processes; • our ability to identify, assess, monitor, and mitigate physical-security and cybersecurity risks, including denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction; • the performance, availability, and resilience of third-party service providers on whom we rely in delivering products and services to our clients and otherwise in conducting our business and operations; • the adequacy and effectiveness of our corporate governance, risk-management framework, compliance programs, and internal controls over financial reporting, including our ability to identify, assess, monitor, and mitigate risks, remediate lapses or deficiencies in financial reporting, and make appropriate estimates; • our ability to develop, maintain, and market our products or services and to manage risks and unanticipated costs or liabilities associated with those products or services; • our ability to satisfactorily and profitably perform loan servicing and similar obligations; • the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government leadership or personnel; • U.S. and international regulatory capital and liquidity requirements and standards and their effects on our capital and liquidity levels, ratios, buffers, and targets, and our ability to pay or increase dividends, repurchase shares, or take other capital actions; • our ability to address scrutiny and expectations from supervisory or other governmental authorities and to timely and credibly remediate related concerns or deficiencies; • judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings that create uncertainty for or are adverse to us or the financial services industry; • the outcomes of judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings to which we are or may be subject (either directly or indirectly through our ownership interests in other entities) and our ability to absorb and address any damages or other remedies that are sought or awarded and any collateral consequences; • our ability to execute strategic and operational plans, including with respect to accelerating growth, improving profitability, investing in talent, technology, and risk infrastructure, maintaining expense, credit, and risk discipline, and returning capital to shareholders; • our ability to innovate, to anticipate the needs of current or future clients, or to make timely and effective technology investments and enhancements to meet client expectations; • our ability to compete successfully, to increase or maintain market share in changing competitive environments, or to address pricing or other competitive pressures, including competition from banks and nonbanks and the effects of digital assets, cryptocurrencies, stablecoins, tokenization, and other emerging products, services, and technologies relating to deposits, lending, and payments; • changes in our corporate and business strategies, the composition of our assets, or the way in which we fund those assets; • our ability to successfully make and integrate acquisitions and to effect divestitures, which may include regulatory approvals and conditions; • the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk; • evolving accounting standards and policies and related changes to interpretations; • damage to our brand or negative public opinion or adverse publicity affecting us, our leaders, or our service providers, including the impact on our relationships with clients, teammates, and other stakeholders; • our ability to attract, hire, and retain key teammates and to engage in adequate succession planning; • our ability to identify, assess, monitor, and mitigate the risk of fraud or misconduct by internal or external parties, including potential losses that may result; • policies and other actions of governments to manage and mitigate climate and related environmental risks, and the effects of climate change or the transition to a lower-carbon economy on our business, operations, and reputation; • natural or other disasters, calamities, and conflicts, including terrorist events, cyber-warfare, and pandemics that impact us or our clients, teammates, or service providers; and • other assumptions, risks, or uncertainties described in the Company’s Annual Report on Form 10-K or subsequent reports. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, or Current Report on Form 8-K. Forward-looking statements
3 Non-GAAP financial 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 Truist’s performance and the efficiency of its operations. Management believes these non-GAAP measures are useful to investors because they 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. Truist believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. 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: Taxable-Equivalent Measures - Taxable equivalent revenue, taxable equivalent interest income, taxable equivalent net interest income, and taxable equivalent net interest margin include a taxable equivalent adjustment utilizing the federal income tax rate of 21% for certain tax-exempt instruments. Truist’s management uses these measures in their analysis of Truist’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods. 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. Truist’s management calculated this measure based on Truist’s continuing operations. Truist’s management believes this measure provides 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, including ROTCE, 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. Truist does not provide reconciliations for forward-looking non-GAAP financial measures because it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of Truist’s control, or cannot be reasonably predicted. For the same reasons, Truist is unable to address the probable significance of the unavailable information. A copy of this presentation is available on the Truist Investor Relations website, ir.truist.com.
4 Purpose Inspire and build better lives and communities Mission Clients Provide distinctive, secure, and successful client experiences through touch and technology. Teammates Create an inclusive and energizing environment that empowers teammates to learn, grow, and have meaningful careers. Stakeholders Optimize long-term value for stakeholders through safe, sound, and ethical practices. Values Trustworthy We serve with integrity. Caring Everyone and every moment matters. One Team Together, we can accomplish anything. Success When our clients win, we all win. Happiness Positive energy changes lives.
5 1Q26 key takeaways 1Q26 by the numbers $1.4 billion Net income available to common shareholders $1.09 Diluted EPS Executing on strategic priorities First quarter results reinforce confidence in outlook for improved profitability 250 bps YoY positive operating leverage 13.8% Return on average tangible common equity(1) $1.8 billion Capital returned to shareholders – Delivered 25% diluted EPS growth vs. 1Q25 – Generated 12% noninterest income growth vs. 1Q25 – Delivered positive operating leverage – Maintained strong asset quality metrics – Improved ROTCE(1) by 150 bps vs. 1Q25 to 13.8% – Now targeting $5 billion of share repurchases in 2026 – On track to achieve 2027 ROTCE target of 15% – Establishing a 16% to 18% long-term ROTCE target (1) Represents a non-GAAP financial measure; see appendix for reconciliation to ROCE, which is the most directly comparable GAAP measure
6 40% 45% 1Q25 1Q26 $210 $213 1Q25 1Q26 Consumer and Small Business Banking highlights AI in action Digital share of new-to-bank clients Digital transaction volume (in millions) 35% YoY increase in Premier Managed deposit production $128 $133 1Q25 1Q26 83 88 1Q25 1Q26 500 bps 6% 1% 4% 12% YoY increase in Zelle transactions GenAI generated 3.4 million Care Center call summaries in seconds in 1Q26, capturing client insights and streamlining work Truist Assist, our AI chatbot, handled over 12.5 million requests since 2023, with more than 9 million handled end-to-end by AI Since 2023, Truist Insights delivered 1.8 billion personalized insights driving 231 million client interactions Average CSBB loans HFI ($ in billions) 15% YoY increase in Premier Managed lending production Average CSBB deposits ($ in billions)
7 $146 $148 $178 $194 1Q25 1Q26 1Q25 1Q26 Wholesale Banking highlights AI in action 24% YoY growth in new Commercial and Corporate Banking clients; 61% of which have an awarded Payments relationship 8% YoY increase in revenue producers(2) 41% YoY growth in investment assets from Truist client base (1) Wholesale payments fees reflects card and treasury management income attributable to the Wholesale segment (2) Includes middle market, corporate bankers, specialized industries, and treasury consultants Average Wholesale deposits and loans HFI ($ in billions) $344 $370 1Q25 1Q26 $273 $372 1Q25 1Q26 $118 $122 1Q25 1Q26 36% 8% 2% 9% Wholesale payments fees(1) ($ in millions) Wealth management income ($ in millions) Investment banking & trading income ($ in millions) LoansDeposits 3% Enhancing underwriting speed and precision Scaling lead generation and improving conversion rates AI/ML enabled integrated receivables product Leveraging predictive analytics to improve advisor productivity
8 Note: All data points are taxable equivalent, where applicable PPNR and ROTCE are non-GAAP financial measures; see appendix for appropriate reconciliations Net interest margin is presented on a taxable-equivalent basis, which is calculated using taxable equivalent net interest income to determine the total yield on interest-earning assets Current quarter regulatory capital information is preliminary $ in millions, except per share data Key metrics 1Q26 vs. 4Q25 vs. 1Q25 Revenue $5,197 (1.9)% 5.1% Expense $2,983 (5.9)% 2.6% PPNR $2,214 4.2% 8.5% Net income available to common shareholders $1,377 6.8% 19% Diluted EPS $1.09 9.0% 25% Net interest margin 3.02% (5) bps 1 bps ROA 1.1% 11 bps 14 bps ROCE 9.3% 80 bps 120 bps ROTCE 13.8% 110 bps 150 bps Efficiency ratio 57.9% (250) bps (140) bps NCO ratio 0.61% 4 bps 1 bp CET1 ratio 10.8% —% (50) bps Performance highlights – CET1 ratio was 10.8%; repurchased $1.1 billion of common stock in 1Q26 – Noninterest expense decreased 5.9% vs. 4Q25 primarily due to lower other expense – Noninterest expense increased 2.6% vs. 1Q25 due to higher personnel expense partially offset by lower professional fees and outside processing – Revenue declined 1.9% vs. 4Q25 due to lower net interest income – Revenue increased 5.1% vs. 1Q25 primarily due to higher net interest income, investment banking and trading, and wealth management income Capital Noninterest expense – Reported 1Q26 net income available to common shareholders of $1.4 billion, or $1.09 per share – Diluted EPS increased 9.0% vs. 4Q25 and 25% vs. 1Q25 Earnings Revenue – Asset quality metrics remained strong Asset quality
9 May not foot due to rounding Portfolio assignment based off loan purpose 5-quarter trend ($ in billions) Loan portfolio composition $327B Average loans 51% Commercial and industrial 7% CRE 2% Commercial construction 17% Residential mortgage 3% Home equity 8% Indirect auto 10% Other consumer 2% Credit card Average loans and leases HFI $307 $313 $321 $325 $327 $184 $187 $192 $195 $199 $123 $126 $129 $130 $128 5.97% 6.01% 6.00% 5.87% 5.71% Commercial LHFI Consumer and card LHFI Loans HFI yield 1Q25 2Q25 3Q25 4Q25 1Q26 0 Loan growth trends aligned with accelerating profitability
10 37% 38% 45% 46% 24% 24% 30% 31% Interest-bearing deposit beta Total deposit beta 2Q25 3Q25 4Q25 1Q26 Average deposits $392 $400 $397 $396 $399 $286 $294 $291 $290 $296 $106 $107 $106 $106 $103 1.79% 1.85% 1.84% 1.64% 1.55% Interest-bearing deposits Noninterest-bearing deposits Total deposit cost (%) 1Q25 2Q25 3Q25 4Q25 1Q26 May not foot due to rounding (1) Cumulative beta calculations are based on change in average total deposit or interest-bearing deposit cost divided by the change in average Fed Funds rate from 2Q24 Commentary Cumulative deposit beta trend(1) (Down rate) 5-quarter trend ($ in billions) – Average deposits increased 0.7% vs. 4Q25 and 1.7% vs. 1Q25 driven by growth in interest checking – Total deposit costs improved 9 bps to 1.55% in 1Q26 vs. 1.64% in 4Q25 – Interest-bearing deposit beta increased from 45% in 4Q25 to 46% in 1Q26 – Total deposit beta increased from 30% in 4Q25 to 31% in 1Q26 Client deposit growth remains a key strategic focus
11 Active receive-fixed $3,555 $3,635 $3,680 $3,749 $3,644 3.01% 3.02% 3.01% 3.07% 3.02% Net interest income TE Net interest margin 1Q25 2Q25 3Q25 4Q25 1Q26 Fwd. starting receive-fixed Pay-fixed < 3yrs. Net interest income and net interest margin Fixed rate asset repricing and NII outlook ($ in billions) Swap portfolio overview ($ in billions) (1) Net interest income includes a taxable-equivalent adjustment, which is a non-GAAP measure; see Truist’s First Quarter 2026 Quarterly Performance Summary for the reconciliation to GAAP net interest income (2) Net interest margin is presented on a taxable-equivalent basis, which is calculated using taxable equivalent net interest income to determine the total yield on interest-earning assets (3) Run-on rate for new fixed rate loans is ~7.25% (4) Investment securities yield excluding the impact of swaps (5) Runoff reflects contractual maturities and expected prepayments of investment securities and fixed rate loans that will be reinvested at higher run-on interest rates based on the current forward curve 3/31/26 Pay-fixed > 3yrs. 5-quarter net interest income and net interest margin trend ($ in millions) (1) $54 $64 Total wtd. avg. rate = 3.38% ($12)Total wtd. avg. rate = 3.59% ($10) $137 Fixed rate loans Securities Average yield $12 $31 2.88%(4) 3.70%(4) 6.43%(3) 2026 runoff(5) ~ 1Q26 avg. balances $133 5.69% $116 – Net interest income expected to increase 2% to 3% in 2026 vs. 2025 driven by: – 3% to 4% average loan growth – stable Fed Funds rate – fixed rate asset repricing – At 3/31, notional receive-fixed and pay-fixed swaps totaled $118 billion and $22 billion, respectively, compared with $124 billion and $27 billion at 12/31 – Strategy to maintain a relatively neutral position to changes in interest rates is unchanged Net interest income outlook reflects updated market rate expectations (2)
12 Noninterest income Noninterest income details ($ in millions) (1) All other noninterest income includes lending-related fees, securities gains (losses), and other income ($5,212) – Noninterest income increased 0.5% primarily driven by: – increased investment banking and trading income – offset by a decline in other income related to certain equity and other investments Categories 1Q26 vs. 4Q25 vs. 1Q25 Wealth management income $370 1.4% 7.6% Card and treasury management fees $338 0.6% 1.5% Investment banking and trading income $372 11% 36% Other deposit revenue $120 (0.8)% 2.6% Mortgage banking income $133 12% 23% All other noninterest income(1) $220 (19)% 1.4% Total noninterest income $1,553 0.5% 12% Vs. linked quarter Vs. like quarter – Noninterest income increased 12%, primarily driven by: – increased investment banking and trading income – increased wealth management income due to higher AUM – increased mortgage banking income due to higher commercial and residential production revenues Investment banking and trading and wealth management key drivers of growth
13 – Noninterest expense increased 2.6%, primarily driven by: – higher personnel expense due to increased salaries, incentives, and employee benefits related to hiring – partially offset by lower professional fees and outside processing Noninterest expense Noninterest expense details ($ in millions) (1) All other noninterest expense includes amortization of intangibles, marketing and customer development, regulatory costs, and other expense Vs. linked quarter Vs. like quarter ($5,212) – Noninterest expense decreased 5.9%, primarily driven by: – lower other expense driven by an incremental legal accrual in 4Q25 – lower personnel expense primarily due to lower incentives – partially offset by higher regulatory charges due to an FDIC special assessment credit in 4Q25 Categories 1Q26 vs. 4Q25 vs. 1Q25 Personnel expense $1,727 (5.0)% 7.7% Professional fees and outside processing $313 (7.1)% (14)% Software expense $230 (5.0)% —% Net occupancy expense $179 1.7% 6.5% Equipment expense $85 (5.6)% 3.7% All other noninterest expense(1) $449 (11)% (2.0)% Total noninterest expense $2,983 (5.9)% 2.6% Noninterest expense growth remains well controlled
14 0.48% 0.39% 0.48% 0.48% 0.50% 1Q25 2Q25 3Q25 4Q25 1Q26 $458 $488 $436 $512 $479 1Q25 2Q25 3Q25 4Q25 1Q26 $454 $396 $385 $470 $491 0.60% 0.51% 0.48% 0.57% 0.61% 1Q25 2Q25 3Q25 4Q25 1Q26 Asset quality NCO and NCO ratio ($ in millions) Nonperforming loans / LHFI ALLL Provision for credit losses ($ in millions) $4,870 $4,899 $4,988 $5,030 $5,026 ALLL ALLL ratio ALLL / NCO 1Q25 2Q25 3Q25 4Q25 1Q26 2.6x 1.58% 3.1x 1.54% 3.3x ($ in millions) 1.54% 2.7x 1.53% Asset quality metrics remain strong; NCO ratio stable vs. 1Q25 1.53% 2.5x
15 – Strong credit performance across NDFI exposures, supported by diversification and structural protections; performs well under modeled stressed scenarios – Active risk management through controls, collateral management, and ongoing portfolio monitoring – Disciplined client selection aligned with risk appetite with a significant portion of exposures to traditional corporate clients – BDCs and middle market loan securitizations, which represent TFC’s exposure to private credit, have sound valuation processes, advance-rate controls, borrowing-base mechanics, and equity cushions Investor area of focus: NDFI exposure 1Q26 NDFI composition (% of total loans) TFC specific portfolio characteristics ~$39B of loans classified as NDFI, ~12% of total loans; diversified portfolio with strong asset quality and structural protections NDFI total loan amounts and composition percentages are based on current quarterly regulatory report information which is preliminary NDFI composition Selected notable asset types Description Consumer credit intermediaries $4B / 1% Auto loans and lease securitization and other Primarily facilities secured by diversified prime auto loan and lease pools with conservative advance rates Mortgage credit intermediaries $4B / 1% Mortgage warehouse lending Short‑duration lines secured by residential mortgages with defined hold periods Other NDFI $5B / 2% Insurance, investment management funds, and other Exposure to well-capitalized insurers, investment managers, and other Private equity funds $5B / 2% Subscription financing Secured by diversified LP capital commitments with conservative advance rates Other private equity Primarily loans to private equity real estate funds backed by income‑producing real estate Business credit intermediaries $21B / 6% REITs ($8B / 2%) Lending to equity REITs backed by income‑producing real estate with structural protections Primarily trade receivables and securitizations ($7B / 2%) Predominately structured facilities with conservative advance rates BDCs and middle market loan securitization ($4B / 1%) Advance‑rate facilities secured by diversified pools of primarily senior, first‑lien corporate loans Leasing ($2B / 1%) Asset‑backed leasing exposure largely secured by equipment and related receivables
16 11.3% 11.0% 11.0% 10.8% 10.8% 1Q25 2Q25 3Q25 4Q25 1Q26 Capital Capital actions and commentary $0.6 $0.6 CET1 ratio Current quarter regulatory capital information is preliminary 7.0% min. req. effective 10/1/25 – CET1 ratio remained stable at 10.8% vs. 4Q25 – Continue to return significant capital to shareholders – Completed $1.1 billion of share repurchases in 1Q26 vs. $750 million in 4Q25 and $500 million in 1Q25 – Targeting share repurchases of $1.2 billion in 2Q26 – Expect repurchases of $5 billion in 2026 vs. $4 billion previously – Capital allocation priorities remain unchanged – Supporting organic client growth needs – Paying common stock dividend – Returning capital to shareholders through share repurchases – M&A not a priority – Well positioned to operate within the evolving capital framework – RWA would decrease an estimated ~9% under the revised standardized approach and ~11% under ERBA – Well aligned with lending strategies – Improves durability of elevated capital return Well-positioned to operate within the evolving capital framework
17 13.9% 2Q26 and 2026 outlook (1) Change attributed to client-driven transaction activity in Project Finance as well as certain discrete benefits 1Q26 actuals 2Q26 outlook Revenue (TE): $5.2 billion Stable Noninterest expense: $3.0 billion Up 3 to 4% Share repurchases: $1.1 billion ~$1.2 billion Full year 2025 actuals Full year 2026 outlook Revenue (TE): $20.5 billion Up ~4% Noninterest expense: $12.1 billion Up ~1.75% Net charge-off ratio: 54 bps ~55 bps Tax rate: 16.4% effective; 18.9% FTE ~14.5% effective; ~16.5% FTE(1) Share repurchases: $2.5 billion ~$5 billion
18 Confident in achieving full year 2027 ROTCE of 15% ROTCE outlook Key drivers of profitability improvement Execute top business growth and profitability initiatives Drive positive operating leverage Stable economic and operating environment Significant capital return to shareholders 2025 2026 2027 Long-term ~14% ~15% Return on tangible common equity (ROTCE) = (net income available to common shareholders +(CDI amortization *(1- marginal tax rate))/average tangible common equity ROTCE is a non-GAAP metric that excludes the impact of intangible assets, net of deferred taxes, and their related amortization. See appendix for non-GAAP reconciliations. Establishing a 16% to 18% long-term ROTCE target Continue to benefit from fixed asset repricing 16% to 18% ~14% 12.7%
Appendix
A-1 – Net income of $733 million, compared to $663 million in the prior quarter – Net interest income of $2.5 billion increased by $10 million, or 0.4%, primarily driven by rate management on deposits – Average loans of $133 billion decreased 1.4% primarily driven by lower residential mortgage and mortgage warehouse lending, as well as lower indirect auto production – Average deposits of $213 billion decreased 0.1% primarily driven by decline in time and checking, largely offset by money market and savings growth – Provision for credit losses decreased $57 million, or 13.2%, driven by a decrease in reserve build, offset by seasonal increase in net charge-offs – Noninterest income of $529 million increased $8 million, or 1.5%, primarily driven by mortgage banking income – Noninterest expense of $1.7 billion decreased $21 million, or 1.2%, primarily driven by lower enterprise operational expense, personnel, operating losses, and loan- related expense – Debit and credit card sales volume decreased 4.3% from 4Q25 due to seasonality – Digital transactions surpassed 88 million resulting in YoY growth of 6% and accounting for 71% of total transaction volume Consumer and Small Business Banking (1) Excludes loans held for sale (2) Digital sales defined as products opened through digital applications (3) Digital transactions include transfers, Zelle, bill payments, mobile deposits, ACH, and wire transfers Commentary reflects linked quarter comparisons Metrics Commentary Income statement ($ MM) 1Q26 vs. 4Q25 vs. 1Q25 Net interest income $2,496 $10 $248 Allocated provision for credit losses 374 (57) 47 Noninterest income 529 8 26 Noninterest expense 1,680 (21) 17 Segment net income $733 $70 $157 Balance sheet ($ B) Average loans(1) $133 $(1.9) $5.3 Average deposits 213 (0.2) 2.8 Other key metrics Net new checking accounts (k) 10 34 (30) Digital sales as a % of total(2) 36% 55 bps 429 bps Digital transactions as a % of total(3) 71% 220 bps 237 bps Debit/credit card spend ($ B) $29 $(1.3) $1.1 Represents Branch Banking, Digital Banking, Premier Banking, Small Business Banking, and National Consumer Lending
A-2 Wholesale Banking (1) Excludes loans held for sale Commentary reflects linked quarter comparisons unless otherwise noted – Net income of $0.9 billion, compared to $1.0 billion in the prior quarter – Net interest income of $1.5 billion decreased $112 million, or 6.9% – Average loans of $194 billion increased $4.1 billion, or 2.2%, primarily related to growth in C&I and CRE balances – Average deposits of $148 billion increased $0.7 billion, or 0.5%, driven by increased client deposits, partially offset by seasonal balance outflows – Provision for credit losses of $105 million increased $23 million, or 28%, which reflects an increase in net charge-offs and decrease to the net reserve release, compared to the prior quarter – Noninterest income of $1.1 billion decreased $66 million, or 5.8%, primarily driven by lower other income, partially offset by higher investment banking and trading income, lending related fees, and card and treasury management fees – Noninterest expense of $1.4 billion decreased $5 million, or 0.4%, driven by lower personnel-related expenses – Total client assets decreased $18 billion, or 5.1%, primarily due to market driven decreases in equities Metrics Commentary Income statement ($ MM) 1Q26 vs. 4Q25 vs. 1Q25 Net interest income $1,506 $(112) $4 Allocated provision for credit losses 105 23 (27) Noninterest income 1,068 (66) 121 Noninterest expense 1,350 (5) 47 Segment net income $888 $(154) $75 Balance sheet ($ B) Average loans(1) $194 $4.1 $16 Average deposits 148 0.7 2.3 Other key metrics ($ B) Total client assets $332 $(18) $(6.0) Represents Commercial & Corporate Banking, Investment Banking & Capital Markets, CRE, Wholesale Payments, and Wealth
A-3 Preferred dividend 2Q26 3Q26 4Q26 1Q27 Estimated dividends based on projected interest rates, redemptions, and issuances ($ in millions) $34 $114 $43 $113 Estimates assume forward-looking interest rates as of 3/31/26. Actual interest rates , redemptions, or issuances could vary significantly causing dividend payments to differ from the estimates shown above.
A-4 Non-GAAP reconciliations Pre-provision net revenue from continuing operations $ in millions (1) 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. Truist’s management calculated this measure based on Truist’s continuing operations. Truist’s management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods. Quarter Ended March 31 Dec. 31 Sept. 30 June 30 March 31 2026 2025 2025 2025 2025 Net income from continuing operations $ 1,481 $ 1,354 $ 1,452 $ 1,240 $ 1,261 Provision for credit losses 479 512 436 488 458 Provision for income taxes 209 210 285 273 274 Taxable-equivalent adjustment 45 49 51 48 48 Pre-provision net revenue(1) $ 2,214 $ 2,125 $ 2,224 $ 2,049 $ 2,041
A-5 Non-GAAP reconciliations Return on average tangible common equity $ in millions As of / Quarter Ended Year Ended March 31 Dec. 31 Sept. 30 June 30 March 31 Dec. 31 2026 2025 2025 2025 2025 2025 Net income available to common shareholders - GAAP $ 1,377 $ 1,289 $ 1,348 $ 1,180 $ 1,157 $ 4,974 Amortization of intangibles 64 70 72 73 75 290 Applicable income taxes related to amortization of intangibles(1) (15) (16) (18) (17) (18) (69) Net income available to common shareholders - tangible(2) $ 1,426 $ 1,343 $ 1,402 $ 1,236 $ 1,214 $ 5,195 Average common shareholders’ equity $ 59,879 $ 59,991 $ 59,141 $ 58,327 $ 58,125 $ 58,902 Average intangible assets (18,386) (18,456) (18,528) (18,590) (18,669) (18,560) Applicable deferred taxes related to intangible assets(1) 404 409 415 417 422 416 Average tangible common shareholders' equity(2) $ 41,897 $ 41,944 $ 41,028 $ 40,154 $ 39,878 $ 40,758 Return on average common shareholders equity - GAAP 9.3 % 8.5 % 9.0 % 8.1 % 8.1 % 8.4 % Return on average tangible common shareholders equity 13.8 12.7 13.6 12.3 12.3 12.7 (1) Calculated using the applicable marginal tax rate. (2) Tangible common equity and related measures, including ROTCE, 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.