EX-99.2 3 ex992-qpsx4q24.htm EX-99.2

Quarterly Performance Summary

Truist Financial Corporation

Fourth Quarter 2024

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Table of Contents
Quarterly Performance Summary
Truist Financial Corporation
						Page
Financial Highlights						1
Consolidated Statements of Income						2
Consolidated Ending Balance Sheets						3
Average Balances and Rates - Quarters						4
Average Balances and Rates - Year-To-Date						5
Credit Quality						6
Segment Financial Performance						9
Capital Information						10
Selected Mortgage Banking Information & Additional Information						11
Selected Items						12

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Financial Highlights

			Quarter Ended																														Year-to-Date
(Dollars in millions, except per share data, shares in thousands)			Dec. 31						Sept. 30						June 30						March 31						Dec. 31						Dec. 31						Dec. 31
			2024						2024						2024						2024						2023						2024						2023
Summary Income Statement
Interest income - taxable equivalent			$	6,230					$	6,407					$	6,404					$	6,237					$	6,324					$	25,278					$	24,672
Interest expense			2,589						2,750						2,824						2,812						2,747						10,975						9,928
Net interest income - taxable equivalent			3,641						3,657						3,580						3,425						3,577						14,303						14,744
Less: Taxable-equivalent adjustment			51						55						53						53						58						212						220
Net interest income			3,590						3,602						3,527						3,372						3,519						14,091						14,524
Provision for credit losses			471						448						451						500						572						1,870						2,109
Net interest income after provision for credit losses			3,119						3,154						3,076						2,872						2,947						12,221						12,415
Noninterest income			1,470						1,483						(5,212)						1,446						1,363						(813)						5,498
Noninterest expense			3,035						2,927						3,094						2,953						9,557						12,009						18,678
Income (loss) before income taxes			1,554						1,710						(5,230)						1,365						(5,247)						(601)						(765)
Provision (benefit) for income taxes			265						271						(1,324)						232						(56)						(556)						738
Net income (loss) from continuing operations(1)			1,289						1,439						(3,906)						1,133						(5,191)						(45)						(1,503)
Net income (loss) from discontinued operations(1)			(13)						3						4,828						67						101						4,885						456
Net income (loss)			1,276						1,442						922						1,200						(5,090)						4,840						(1,047)
Noncontrolling interests from discontinued operations(1)			—						—						19						3						—						22						44
Preferred stock dividends and other			60						106						77						106						77						349						361
Net income (loss) available to common shareholders			1,216						1,336						826						1,091						(5,167)						4,469						(1,452)
Net income available to common shareholders - adjusted(2)			1,211						1,307						1,235						1,216						1,094						4,969						4,809
Additional Income Statement Information
Revenue - taxable equivalent			5,111						5,140						(1,632)						4,871						4,940						13,490						20,242
Pre-provision net revenue - unadjusted(2)			2,076						2,213						(4,726)						1,918						(4,617)						1,481						1,564
Pre-provision net revenue - adjusted(2)			2,164						2,306						2,209						2,132						2,221						8,811						8,868
Key Metrics
Earnings:
Earnings per share-basic from continuing operations(1)(3)			$	0.93					$	1.00					$	(2.98)					$	0.77					$	(3.95)					$	(0.30)					$	(1.40)
Earnings per share-basic			0.92						1.00						0.62						0.82						(3.87)						$	3.36					$	(1.09)
Earnings per share-diluted from continuing operations(1)(3)			0.92						0.99						(2.98)						0.76						(3.95)						(0.30)						(1.40)
Earnings per share-diluted			0.91						0.99						0.62						0.81						(3.87)						3.36						(1.09)
Earnings per share-adjusted diluted(2)			0.91						0.97						0.91						0.90						0.81						3.69						3.59
Cash dividends declared per share			0.52						0.52						0.52						0.52						0.52						2.08						2.08
Common shareholders’ equity per share			43.90						44.46						42.71						38.97						39.31
Tangible common shareholders’ equity per share(2)			30.01						30.64						28.91						21.64						21.83
End of period shares outstanding			1,315,936						1,327,521						1,338,223						1,338,096						1,333,743
Weighted average shares outstanding-basic			1,317,017						1,334,212						1,338,149						1,335,091						1,333,703						1,331,087						1,331,963
Weighted average shares outstanding-diluted			1,333,701						1,349,129						1,338,149						1,346,904						1,333,703						1,331,087						1,331,963
Return on average assets			0.96		%				1.10		%				0.70		%				0.91		%				(3.74)		%				0.92		%				(0.19)		%
Return on average common shareholders’ equity			8.4						9.1						6.1						8.4						(36.6)						8.0						(2.6)
Return on average tangible common shareholders’ equity(2)			12.9						13.8						10.4						16.3						15.0						13.3						18.9
Net interest margin - taxable equivalent(3)			3.07						3.12						3.02						2.88						2.95						3.03						2.98
Efficiency ratio-unadjusted(3)			60.0						57.5						NM						61.3						NM						90.4						93.3
Efficiency ratio-adjusted(2)(3)			57.7						55.2						56.0						56.2						55.0						56.3						56.2
Fee income ratio-unadjusted(3)			29.0						29.2						NM						30.0						27.9						NM						27.5
Fee income ratio-adjusted(2)(3)			28.8						28.9						28.7						29.7						27.6						29.0						27.2
Credit Quality
Nonperforming loans and leases as a percentage of LHFI			0.47		%				0.48		%				0.46		%				0.45		%				0.44		%
Net charge-offs as a percentage of average LHFI			0.59						0.55						0.58						0.64						0.57						0.59		%				0.50		%
Allowance for loan and lease losses as a percentage of LHFI			1.59						1.60						1.57						1.56						1.54
Ratio of allowance for loan and lease losses to nonperforming LHFI			3.4x						3.3x						3.4x						3.4x						3.5x
Average Balances
Assets			$	527,013					$	519,415					$	526,894					$	531,002					$	539,656					$	526,065					$	553,132
Securities(4)			124,871						117,172						121,796						131,659						134,070						123,858						137,552
Loans and leases			304,609						304,578						307,583						309,426						313,832						306,538						322,335
Deposits			390,042						384,344						388,042						389,058						395,333						387,868						401,127
Common shareholders’ equity			57,754						58,667						54,863						52,167						56,061						55,876						56,306
Total shareholders’ equity			64,295						65,341						61,677						59,011						62,896						62,593						63,099
Period-End Balances
Assets			$	531,176					$	523,434					$	519,853					$	534,959					$	535,349
Securities(4)			118,104						115,606						108,416						119,419						121,473
Loans and leases			307,771						304,362						307,149						308,477						313,341
Deposits			390,524						387,778						385,411						394,265						395,865
Common shareholders’ equity			57,772						59,023						57,154						52,148						52,428
Total shareholders’ equity			63,679						65,696						63,827						59,053						59,253
Capital and Liquidity Ratios			(preliminary)
Common equity tier 1			11.5		%				11.6		%				11.6		%				10.1		%				10.1		%
Tier 1			12.9						13.2						13.2						11.7						11.6
Total			14.9						15.3						15.4						13.9						13.7
Leverage			10.5						10.8						10.5						9.5						9.3
Supplementary leverage			8.8						9.1						8.9						8.0						7.9
Liquidity coverage ratio			109						112						110						115						112

Applicable ratios are annualized.

(1)On February 20, 2024, the Company entered into an agreement to sell the remaining 80% stake of the common equity in TIH to an investor group, representing substantially all of the Company’s IH segment. The sale represents a material strategic shift for the Company and as a result, the Company recast results for all periods presented under the discontinued operations basis of presentation. On May 6, 2024, the Company completed the sale resulting in an after-tax gain of $4.8 billion.

(2)Represents a non-GAAP measure. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the appendix to Truist’s Fourth Quarter 2024 Earnings Presentation.

(3)This metric is calculated based on continuing operations.

(4)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.

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Consolidated Statements of Income

			Quarter Ended																														Year-to-Date
			Dec. 31						Sept. 30						June 30						March 31						Dec. 31						Dec. 31						Dec. 31
(Dollars in millions, except per share data, shares in thousands)			2024						2024						2024						2024						2023						2024						2023
Interest Income
Interest and fees on loans and leases			$	4,634					$	4,852					$	4,879					$	4,865					$	4,971					$	19,230					$	19,518
Interest on securities			994						869						838						805						802						3,506						3,066
Interest on other earning assets			551						631						634						514						493						2,330						1,868
Total interest income			6,179						6,352						6,351						6,184						6,266						25,066						24,452
Interest Expense
Interest on deposits			1,855						2,014						2,016						1,964						1,917						7,849						6,427
Interest on long-term debt			431						454						446						482						476						1,813						2,215
Interest on other borrowings			303						282						362						366						354						1,313						1,286
Total interest expense			2,589						2,750						2,824						2,812						2,747						10,975						9,928
Net Interest Income			3,590						3,602						3,527						3,372						3,519						14,091						14,524
Provision for credit losses			471						448						451						500						572						1,870						2,109
Net Interest Income After Provision for Credit Losses			3,119						3,154						3,076						2,872						2,947						12,221						12,415
Noninterest Income
Wealth management income			345						350						361						356						346						1,412						1,358
Investment banking and trading income			262						332						286						323						165						1,203						822
Card and payment related fees			231						222						230						224						232						907						936
Service charges on deposits			237						221						232						225						229						915						873
Mortgage banking income			117						106						112						97						94						432						437
Lending related fees			93						88						89						96						153						366						447
Operating lease income			47						49						50						59						60						205						254
Securities gains (losses)			(1)						—						(6,650)						—						—						(6,651)						—
Other income			139						115						78						66						84						398						371
Total noninterest income			1,470						1,483						(5,212)						1,446						1,363						(813)						5,498
Noninterest Expense
Personnel expense			1,587						1,628						1,661						1,630						1,474						6,506						6,516
Professional fees and outside processing			415						336						308						278						305						1,337						1,192
Software expense			232						222						218						224						223						896						868
Net occupancy expense			179						157						160						160						159						656						658
Equipment expense			112						84						89						88						103						373						381
Amortization of intangibles			84						84						89						88						98						345						395
Marketing and customer development			74						75						63						56						53						268						260
Operating lease depreciation			36						34						34						40						42						144						175
Regulatory costs			56						51						85						152						599						344						824
Restructuring charges			11						25						33						51						155						120						320
Goodwill impairment			—						—						—						—						6,078						—						6,078
Other expense			249						231						354						186						268						1,020						1,011
Total noninterest expense			3,035						2,927						3,094						2,953						9,557						12,009						18,678
Earnings
Income (loss) before income taxes			1,554						1,710						(5,230)						1,365						(5,247)						(601)						(765)
Provision (benefit) for income taxes			265						271						(1,324)						232						(56)						(556)						738
Net income (loss) from continuing operations(1)			1,289						1,439						(3,906)						1,133						(5,191)						(45)						(1,503)
Net income from discontinued operations(1)			(13)						3						4,828						67						101						4,885						456
Net income (loss)			1,276						1,442						922						1,200						(5,090)						4,840						(1,047)
Noncontrolling interests from discontinuing operations(1)			—						—						19						3						—						22						44
Preferred stock dividends and other			60						106						77						106						77						349						361
Net income (loss) available to common shareholders			$	1,216					$	1,336					$	826					$	1,091					$	(5,167)					$	4,469					$	(1,452)
Earnings Per Common Share
Basic earnings from continuing operations(1)			$	0.93					$	1.00					$	(2.98)					$	0.77					$	(3.95)					$	(0.30)					$	(1.40)
Basic earnings			0.92						1.00						0.62						0.82						(3.87)						$	3.36					(1.09)
Diluted earnings from continuing operations(1)			0.92						0.99						(2.98)						0.76						(3.95)						(0.30)						(1.40)
Diluted earnings			0.91						0.99						0.62						0.81						(3.87)						3.36						(1.09)
Weighted Average Shares Outstanding
Basic			1,317,017						1,334,212						1,338,149						1,335,091						1,333,703						1,331,087						1,331,963
Diluted			1,333,701						1,349,129						1,338,149						1,346,904						1,333,703						1,331,087						1,331,963

(1)On February 20, 2024, the Company entered into an agreement to sell the remaining 80% stake of the common equity in TIH to an investor group, representing substantially all of the Company’s IH segment. The sale represents a material strategic shift for the Company and as a result, the Company recast results for all periods presented under the discontinued operations basis of presentation. On May 6, 2024, the Company completed the sale resulting in an after-tax gain of $4.8 billion.

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Consolidated Ending Balance Sheets - Five Quarter Trend

			Dec. 31						Sept. 30						June 30						March 31						Dec. 31
(Dollars in millions)			2024						2024						2024						2024						2023
Assets
Cash and due from banks			$	5,793					$	5,229					$	5,204					$	5,040					$	5,000
Interest-bearing deposits with banks			33,975						34,411						35,675						29,510						25,230
Securities borrowed or purchased under resale agreements			2,550						2,973						2,338						2,091						2,378
Trading assets at fair value			5,100						5,209						5,558						5,268						4,332
Securities available for sale at fair value			67,464						64,111						55,969						66,050						67,366
Securities held to maturity at amortized cost			50,640						51,495						52,447						53,369						54,107
Loans and leases:
Commercial:
Commercial and industrial			154,848						153,925						156,400						157,669						160,788
CRE			20,363						20,912						21,730						22,142						22,570
Commercial construction			8,520						7,980						7,787						7,472						6,683
Consumer:
Residential mortgage			55,599						53,963						54,344						54,886						55,492
Home equity			9,642						9,680						9,772						9,825						10,053
Indirect auto			23,089						22,508						21,994						22,145						22,727
Other consumer			29,395						29,282						28,677						28,096						28,647
Credit card			4,927						4,834						4,988						4,989						5,101
Total loans and leases held for investment			306,383						303,084						305,692						307,224						312,061
Loans held for sale			1,388						1,278						1,457						1,253						1,280
Total loans and leases			307,771						304,362						307,149						308,477						313,341
Allowance for loan and lease losses			(4,857)						(4,842)						(4,808)						(4,803)						(4,798)
Premises and equipment			3,225						3,251						3,244						3,274						3,298
Goodwill			17,125						17,125						17,157						17,157						17,156
Core deposit and other intangible assets			1,550						1,635						1,729						1,816						1,909
Loan servicing rights at fair value			3,708						3,499						3,410						3,417						3,378
Other assets			37,132						34,976						34,781						36,521						34,997
Assets of discontinued operations(1)			—						—						—						7,772						7,655
Total assets			$	531,176					$	523,434					$	519,853					$	534,959					$	535,349
Liabilities
Deposits:
Noninterest-bearing deposits			$	107,451					$	105,984					$	107,310					$	110,901					$	111,624
Interest checking			109,042						109,493						102,654						108,329						104,757
Money market and savings			137,307						134,349						136,989						133,176						135,923
Time deposits			36,724						37,952						38,458						41,859						43,561
Total deposits			390,524						387,778						385,411						394,265						395,865
Short-term borrowings			29,205						20,859						22,816						26,329						24,828
Long-term debt			34,956						36,770						34,616						39,071						38,918
Other liabilities			12,812						12,331						13,183						13,119						12,946
Liabilities of discontinued operations			—						—						—						3,122						3,539
Total liabilities			467,497						457,738						456,026						475,906						476,096
Shareholders’ Equity:
Preferred stock			5,907						6,673						6,673						6,673						6,673
Common stock			6,580						6,638						6,691						6,690						6,669
Additional paid-in capital			35,628						36,020						36,364						36,197						36,177
Retained earnings			23,777						23,248						22,603						22,483						22,088
Accumulated other comprehensive loss			(8,213)						(6,883)						(8,504)						(13,222)						(12,506)
Noncontrolling interests			—						—						—						232						152
Total shareholders’ equity			63,679						65,696						63,827						59,053						59,253
Total liabilities and shareholders’ equity			$	531,176					$	523,434					$	519,853					$	534,959					$	535,349

(1)Includes goodwill and intangible assets of $5.0 billion as of March 31, 2024 and December 31, 2023.

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Average Balances and Rates - Quarters

			Quarter Ended
			December 31, 2024												September 30, 2024												June 30, 2024												March 31, 2024												December 31, 2023
(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			$	14,387		$	196		5.40		%				$	12,986		$	151		4.65		%				$	11,138		$	101		3.66		%				$	9,853		$	37		1.49		%				$	10,967		$	38		1.37		%
U.S. government-sponsored entities (GSE)			412			3			3.42						377			4			3.41						382			3			3.27						389			3			3.40						389			2			3.23
Mortgage-backed securities issued by GSE			109,644			792			2.89						103,374			711			2.75						108,358			720			2.66						117,301			735			2.51						118,548			736			2.48
States and political subdivisions			411			5			4.14						417			3			4.14						420			5			4.14						421			4			4.15						421			5			4.16
Non-agency mortgage-backed			—			—			—						—			—			—						1,480			10			2.56						3,676			27			2.95						3,725			22			2.37
Other			17			—			5.16						18			1			5.18						18			—			5.29						19			—			5.35						20			—			5.47
Total securities			124,871			996			3.19						117,172			870			2.97						121,796			839			2.76						131,659			806			2.45						134,070			803			2.39
Loans and leases:
Commercial:
Commercial and industrial			153,209			2,293			5.95						154,102			2,482			6.41						157,043			2,550			6.53						158,385			2,572			6.53						160,278			2,657			6.58
CRE			20,504			337			6.47						21,481			373			6.88						21,969			381			6.93						22,400			389			6.95						22,755			400			6.94
Commercial construction			8,261			147			7.26						7,870			152			7.79						7,645			147			7.85						7,134			137			7.83						6,515			127			7.84
Consumer:
Residential mortgage			54,390			536			3.94						53,999			525			3.89						54,490			525			3.86						55,070			528			3.84						55,658			532			3.83
Home equity			9,675			189			7.78						9,703			196			8.04						9,805			195			8.02						9,930			196			7.92						10,104			199			7.80
Indirect auto			22,790			411			7.19						22,121			399			7.18						22,016			381			6.95						22,374			372			6.69						23,368			381			6.46
Other consumer			29,355			606			8.21						29,015			603			8.26						28,326			581			8.25						28,285			561			7.98						28,913			561			7.69
Credit card			4,926			143			11.54						4,874			150			12.20						4,905			148			12.14						4,923			146			11.96						4,996			149			11.84
Total loans and leases held for investment			303,110			4,662			6.12						303,165			4,880			6.41						306,199			4,908			6.44						308,501			4,901			6.38						312,587			5,006			6.36
Loans held for sale			1,499			21			5.87						1,413			24			6.49						1,384			22			6.56						925			15			6.38						1,245			21			6.82
Total loans and leases			304,609			4,683			6.12						304,578			4,904			6.41						307,583			4,930			6.44						309,426			4,916			6.38						313,832			5,027			6.36
Interest earning trading assets			5,462			79			5.86						5,454			84			6.05						5,515			84			6.11						4,845			79			6.50						4,680			80			6.92
Other earning assets(3)			37,697			472			4.91						38,933			549			5.54						39,250			551			5.56						30,567			436			5.74						28,956			414			5.65
Total earning assets			472,639			6,230			5.25						466,137			6,407			5.47						474,144			6,404			5.42						476,497			6,237			5.25						481,538			6,324			5.22
Nonearning assets			54,374												53,278												50,109												46,921												50,485
Assets of discontinued operations			—												—												2,641												7,584												7,633
Total assets			$	527,013											$	519,415											$	526,894											$	531,002											$	539,656
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking			$	107,075		679			2.52						$	103,899		732			2.80						$	103,894		707			2.74						$	103,537		684			2.65						$	101,722		635			2.48
Money market and savings			138,242			838			2.41						136,639			914			2.66						135,264			873			2.60						134,696			832			2.49						137,464			843			2.43
Time deposits			36,757			338			3.66						37,726			368			3.88						41,250			436			4.24						41,937			448			4.30						41,592			439			4.19
Total interest-bearing deposits			282,074			1,855			2.62						278,264			2,014			2.88						280,408			2,016			2.89						280,170			1,964			2.82						280,778			1,917			2.71
Short-term borrowings			25,006			303			4.81						20,781			282			5.41						26,016			362			5.58						26,230			366			5.62						24,958			354			5.62
Long-term debt			34,133			431			5.06						35,318			454			5.13						36,721			446			4.87						40,721			482			4.74						40,818			476			4.67
Total interest-bearing liabilities			341,213			2,589			3.02						334,363			2,750			3.27						343,145			2,824			3.31						347,121			2,812			3.26						346,554			2,747			3.15
Noninterest-bearing deposits			107,968												106,080												107,634												108,888												114,555
Other liabilities			13,537												13,631												13,318												12,885												12,433
Liabilities of discontinued operations			—												—												1,120												3,097												3,218
Shareholders’ equity			64,295												65,341												61,677												59,011												62,896
Total liabilities and shareholders’ equity			$	527,013											$	519,415											$	526,894											$	531,002											$	539,656
Average interest-rate spread									2.23												2.20												2.11												1.99												2.07
Net interest income/ net interest margin						$	3,641		3.07		%							$	3,657		3.12		%							$	3,580		3.02		%							$	3,425		2.88		%							$	3,577		2.95		%
Taxable-equivalent adjustment						51												55												53												53												58
Memo: Total deposits			$	390,042		1,855			1.89		%				$	384,344		2,014			2.08		%				$	388,042		2,016			2.09		%				$	389,058		1,964			2.03		%				$	395,333		1,917			1.92		%

(1)Represents daily average balances. Unrealized gains and losses on available-for-sale securities are included in nonearning assets. Active hedge basis adjustments for fair value hedges are included in nonearning assets and other liabilities. In the third quarter of 2024, Truist revised its presentation of active hedge basis adjustments for fair value hedges on securities to be included in nonearning assets for all periods presented.

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

(3)Includes cash equivalents, interest-bearing deposits with banks, FHLB stock, and other earning assets.

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Average Balances and Rates - Year-To-Date

						Year-to-Date
						December 31, 2024																		December 31, 2023
(Dollars in millions)						Average Balances(1)						Income/Expense(2)						Yields/ Rates(2)						Average Balances(1)						Income/Expense(2)						Yields/ Rates(2)
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury						$	12,100					$	485					4.01		%				$	11,021					$	132					1.20		%
U.S. government-sponsored entities (GSE)						390						13						3.38						348						10						2.94
Mortgage-backed securities issued by GSE						109,652						2,958						2.70						121,923						2,821						2.31
States and political subdivisions						417						17						4.14						424						18						4.13
Non-agency mortgage-backed						1,282						37						2.85						3,816						89						2.34
Other						17						1						5.25						20						1						5.37
Total securities						123,858						3,511						2.83						137,552						3,071						2.23
Loans and leases:
Commercial:
Commercial and industrial						155,674						9,897						6.36						163,983						10,389						6.34
CRE						21,585						1,480						6.81						22,741						1,535						6.71
Commercial construction						7,729						583						7.67						6,125						459						7.62
Consumer:
Residential mortgage						54,486						2,114						3.88						56,131						2,121						3.78
Home equity						9,778						776						7.94						10,388						765						7.36
Indirect auto						22,326						1,563						7.00						25,621						1,563						6.10
Other consumer						28,748						2,351						8.18						28,412						2,061						7.25
Student						—						—						—						2,453						170						6.91
Credit card						4,907						587						11.96						4,876						565						11.59
Total loans and leases held for investment						305,233						19,351						6.34						320,730						19,628						6.12
Loans held for sale						1,305						82						6.31						1,605						102						6.37
Total loans and leases						306,538						19,433						6.34						322,335						19,730						6.12
Interest earning trading assets						5,320						326						6.12						4,739						314						6.64
Other earning assets(3)						36,622						2,008						5.48						29,335						1,557						5.31
Total earning assets						472,338						25,278						5.35						493,961						24,672						4.99
Nonearning assets						51,185																		51,554
Assets of discontinued operations						2,542																		7,617
Total assets						$	526,065																	$	553,132
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking						$	104,606					2,802						2.68						$	103,465					2,184						2.11
Money market and savings						136,217						3,457						2.54						138,841						2,834						2.04
Time deposits						39,406						1,590						4.04						36,803						1,409						3.83
Total interest-bearing deposits						280,229						7,849						2.80						279,109						6,427						2.30
Short-term borrowings						24,499						1,313						5.36						24,478						1,286						5.25
Long-term debt						36,713						1,813						4.94						49,678						2,215						4.46
Total interest-bearing liabilities						341,441						10,975						3.21						353,265						9,928						2.81
Noninterest-bearing deposits						107,639																		122,018
Other liabilities						13,343																		11,560
Liabilities of discontinued operations						1,049																		3,190
Shareholders’ equity						62,593																		63,099
Total liabilities and shareholders’ equity						$	526,065																	$	553,132
Average interest-rate spread																		2.14																		2.18
Net interest income/ net interest margin												$	14,303					3.03		%										$	14,744					2.98		%
Taxable-equivalent adjustment												212																		220
Memo: Total deposits						$	387,868					7,849						2.02		%				$	401,127					6,427						1.60		%

(1)Represents daily average balances. Unrealized gains and losses on available-for-sale securities are included in nonearning assets. Active hedge basis adjustments for fair value hedges are included in nonearning assets and other liabilities. In the third quarter of 2024, Truist revised its presentation of active hedge basis adjustments for fair value hedges on securities to be included in nonearning assets for all periods presented.

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

(3)Includes cash equivalents, interest-bearing deposits with banks, FHLB stock, and other earning assets.

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Credit Quality

						Dec. 31						Sept. 30						June 30						March 31						Dec. 31
(Dollars in millions)						2024						2024						2024						2024						2023
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial						$	521					$	575					$	459					$	512					$	470
CRE						298						302						360						261						284
Commercial construction						3						1						—						23						24
Consumer:
Residential mortgage						166						156						161						151						153
Home equity						116						118						123						130						122
Indirect auto						259						252						244						256						268
Other consumer						66						63						64						61						59
Total nonaccrual loans and leases held for investment						1,429						1,467						1,411						1,394						1,380
Loans held for sale						—						5						9						22						51
Total nonaccrual loans and leases						1,429						1,472						1,420						1,416						1,431
Foreclosed real estate						3						3						5						4						3
Other foreclosed property						45						53						51						56						54
Total nonperforming assets						$	1,477					$	1,528					$	1,476					$	1,476					$	1,488
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial						$	19					$	5					$	8					$	12					$	7
CRE						1						—						—						—						—
Commercial construction						—						—						1						—						1
Consumer:
Residential mortgage - government guaranteed						430						394						375						408						418
Residential mortgage - nonguaranteed						51						39						27						33						21
Home equity						9						7						7						10						11
Indirect auto						—						—						1						1						2
Other consumer						23						22						19						18						21
Credit card						54						51						51						56						53
Total loans 90 days past due and still accruing						$	587					$	518					$	489					$	538					$	534
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial						$	168					$	116					$	109					$	158					$	230
CRE						60						10						8						21						5
Commercial construction						3						4						—						—						—
Consumer:
Residential mortgage - government guaranteed						318						305						340						286						326
Residential mortgage - nonguaranteed						401						366						392						352						313
Home equity						60						63						58						59						70
Indirect auto						622						596						592						540						669
Other consumer						236						233						214						226						271
Credit card						81						76						78						74						87
Total loans 30-89 days past due						$	1,949					$	1,769					$	1,791					$	1,716					$	1,971

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						As of/For the Quarter Ended
						Dec. 31						Sept. 30						June 30						March 31						Dec. 31
						2024						2024						2024						2024						2023
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases						0.64		%				0.58		%				0.59		%				0.56		%				0.63		%
Loans 90 days or more past due and still accruing as a percentage of loans and leases						0.19						0.17						0.16						0.18						0.17
Nonperforming loans and leases as a percentage of loans and leases held for investment						0.47						0.48						0.46						0.45						0.44
Nonperforming loans and leases as a percentage of loans and leases(1)						0.46						0.48						0.46						0.46						0.46
Nonperforming assets as a percentage of:
Total assets(1)						0.28						0.29						0.28						0.28						0.28
Loans and leases plus foreclosed property						0.48						0.50						0.48						0.47						0.46
Net charge-offs as a percentage of average loans and leases						0.59						0.55						0.58						0.64						0.57
Allowance for loan and lease losses as a percentage of loans and leases						1.59						1.60						1.57						1.56						1.54
Ratio of allowance for loan and lease losses to:
Net charge-offs						2.7X						2.9X						2.7X						2.4X						2.7X
Nonperforming loans and leases						3.4X						3.3X						3.4X						3.4X						3.5X
Asset Quality Ratios (Excluding Government Guaranteed)
Loans 90 days or more past due and still accruing as a percentage of loans and leases						0.05		%				0.04		%				0.04		%				0.04		%				0.04		%
Applicable ratios are annualized.
(1)Includes loans held for sale.
																								As of/For the Year-to-Date
																								Period Ended Dec. 31
																								2024						2023
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases																								0.59		%				0.50		%
Ratio of allowance for loan and lease losses to net charge-offs																								2.7X						3.0X

Applicable ratios are annualized.

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						As of/For the Quarter Ended																														As of/For the Year-to-Date
						Dec. 31						Sept. 30						June 30						March 31						Dec. 31						Period Ended Dec. 31
(Dollars in millions)						2024						2024						2024						2024						2023						2024						2023
Allowance for Credit Losses
Beginning balance						$	5,140					$	5,110					$	5,100					$	5,093					$	4,970					$	5,093					$	4,649
Provision for credit losses						471						448						451						500						572						1,870						2,109
Charge-offs:
Commercial:
Commercial and industrial						(119)						(96)						(83)						(97)						(110)						(395)						(390)
CRE						(51)						(65)						(97)						(103)						(48)						(316)						(166)
Commercial construction						—						—						—						—						(5)						—						(5)
Consumer:
Residential mortgage						(1)						—						(1)						(1)						—						(3)						(10)
Home equity						(2)						(1)						(3)						(3)						(2)						(9)						(10)
Indirect auto						(158)						(143)						(136)						(154)						(154)						(591)						(531)
Other consumer						(148)						(152)						(141)						(165)						(148)						(606)						(477)
Student						—						—						—						—						—						—						(108)
Credit card						(74)						(71)						(74)						(77)						(64)						(296)						(223)
Total charge-offs						(553)						(528)						(535)						(600)						(531)						(2,216)						(1,920)
Recoveries:
Commercial:
Commercial and industrial						15						26						14						32						16						87						70
CRE						17						5						5						7						—						34						3
Commercial construction						—						1						1						—						2						2						3
Consumer:
Residential mortgage						2						1						2						1						1						6						6
Home equity						3						4						4						5						5						16						23
Indirect auto						24						38						30						28						25						120						107
Other consumer						28						26						28						28						21						110						78
Credit card						11						9						9						9						8						38						35
Total recoveries						100						110						93						110						78						413						325
Net charge-offs						(453)						(418)						(442)						(490)						(453)						(1,803)						(1,595)
Other(1)						3						—						1						(3)						4						1						(70)
Ending balance						$	5,161					$	5,140					$	5,110					$	5,100					$	5,093					$	5,161					$	5,093
Allowance for Credit Losses:
Allowance for loan and lease losses						$	4,857					$	4,842					$	4,808					$	4,803					$	4,798
Reserve for unfunded lending commitments (RUFC)						304						298						302						297						295
Allowance for credit losses						$	5,161					$	5,140					$	5,110					$	5,100					$	5,093

(1)The year ended December 31, 2023 includes the impact from the adoption of the Troubled Debt Restructurings and Vintage Disclosures accounting standard.

						Quarter Ended																														As of/For the Year-to-Date
						Dec. 31						Sept. 30						June 30						March 31						Dec. 31						Period Ended Dec. 31
						2024						2024						2024						2024						2023						2024						2023
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial						0.27		%				0.18		%				0.18		%				0.17		%				0.23		%				0.20		%				0.20		%
CRE						0.66						1.12						1.67						1.73						0.83						1.31						0.71
Commercial construction						(0.02)						(0.01)						(0.05)						(0.02)						0.22						(0.03)						0.04
Consumer:
Residential mortgage						(0.01)						(0.01)						(0.01)						—						(0.01)						(0.01)						0.01
Home equity						(0.07)						(0.11)						(0.03)						(0.08)						(0.12)						(0.07)						(0.12)
Indirect auto						2.33						1.89						1.94						2.26						2.19						2.11						1.66
Other consumer						1.63						1.73						1.60						1.96						1.74						1.73						1.40
Student						—						—						—						—						—						—						4.39
Credit card						5.10						5.04						5.33						5.54						4.38						5.26						3.85
Total loans and leases						0.59						0.55						0.58						0.64						0.57						0.59						0.50
Applicable ratios are annualized.

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Segment Financial Performance - Preliminary(1)(2)

						Quarter Ended
						Dec. 31						Sept. 30						June 30						March 31						Dec. 31
(Dollars in millions)						2024						2024						2024						2024						2023
Consumer and Small Business Banking
Net interest income (expense)						$	1,388					$	1,345					$	1,289					$	1,266					$	1,342
Net intersegment interest income (expense)						1,203						1,311						1,354						1,352						1,288
Segment net interest income (expense)						2,591						2,656						2,643						2,618						2,630
Allocated provision for credit losses						344						353						308						303						359
Noninterest income						535						506						503						497						519
Personnel expense						406						399						417						405						416
Amortization of intangibles						45						45						45						46						52
Restructuring charges						1						1						1						1						33
Goodwill impairment						—						—						—						—						3,361
Other direct noninterest expense						308						298						265						244						303
Direct noninterest expense						760						743						728						696						4,165
Expense allocations						981						920						934						890						981
Total noninterest expense(3)						1,741						1,663						1,662						1,586						5,146
Income (loss) before income taxes						1,041						1,146						1,176						1,226						(2,356)
Provision (benefit) for income taxes						249						274						282						294						244
Segment net income (loss)						$	792					$	872					$	894					$	932					$	(2,600)
Wholesale Banking
Net interest income (expense)						$	1,978					$	2,105					$	2,184					$	2,232					$	2,297
Net intersegment interest income (expense)						(342)						(469)						(507)						(559)						(580)
Segment net interest income (expense)						1,636						1,636						1,677						1,673						1,717
Allocated provision for credit losses						126						96						142						198						212
Noninterest income						1,038						1,048						987						980						878
Personnel expense						553						569						586						580						515
Amortization of intangibles						39						39						41						42						46
Restructuring charges						4						9						9						7						47
Goodwill impairment						—						—						—						—						2,717
Other direct noninterest expense						206						182						186						176						210
Direct noninterest expense						802						799						822						805						3,535
Expense allocations						497						436						447						528						898
Total noninterest expense(3)						1,299						1,235						1,269						1,333						4,433
Income (loss) before income taxes						1,249						1,353						1,253						1,122						(2,050)
Provision (benefit) for income taxes						248						273						252						220						115
Segment net income (loss)						$	1,001					$	1,080					$	1,001					$	902					$	(2,165)
Other, Treasury & Corporate(4)
Net interest income (expense)						$	224					$	152					$	54					$	(126)					$	(120)
Net intersegment interest income (expense)						(861)						(842)						(847)						(793)						(708)
Segment net interest income (expense)						(637)						(690)						(793)						(919)						(828)
Allocated provision for credit losses						1						(1)						1						(1)						1
Noninterest income						(103)						(71)						(6,702)						(31)						(34)
Personnel expense						628						660						658						645						543
Amortization of intangibles						—						—						3						—						—
Restructuring charges						6						15						23						43						75
Other direct noninterest expense						839						710						860						764						1,239
Direct Noninterest Expense						1,473						1,385						1,544						1,452						1,857
Expense Allocations						(1,478)						(1,356)						(1,381)						(1,418)						(1,879)
Total noninterest expense(3)						(5)						29						163						34						(22)
Income (loss) before income taxes						(736)						(789)						(7,659)						(983)						(841)
Provision (benefit) for income taxes						(232)						(276)						(1,858)						(282)						(415)
Segment net income (loss)						$	(504)					$	(513)					$	(5,801)					$	(701)					$	(426)
Total Truist Financial Corporation
Net interest income (expense)						$	3,590					$	3,602					$	3,527					$	3,372					$	3,519
Net intersegment interest income (expense)						—						—						—						—						—
Segment net interest income (expense)						3,590						3,602						3,527						3,372						3,519
Allocated provision for credit losses						471						448						451						500						572
Noninterest income						1,470						1,483						(5,212)						1,446						1,363
Personnel expense						1,587						1,628						1,661						1,630						1,474
Amortization of intangibles						84						84						89						88						98
Restructuring charges						11						25						33						51						155
Goodwill impairment						—						—						—						—						6,078
Other direct noninterest expense						1,353						1,190						1,311						1,184						1,752
Direct Noninterest Expense						3,035						2,927						3,094						2,953						9,557
Expense Allocations						—						—						—						—						—
Total noninterest expense						3,035						2,927						3,094						2,953						9,557
Income (loss) before income taxes						1,554						1,710						(5,230)						1,365						(5,247)
Provision (benefit) for income taxes						265						271						(1,324)						232						(56)
Net income (loss) from continuing operations						$	1,289					$	1,439					$	(3,906)					$	1,133					$	(5,191)

(1)Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. First, the CB&W segment was renamed CSBB and the C&CB segment was renamed WB. Second, the Wealth business was realigned into the WB segment from the CSBB segment, representing a separate reporting unit in that segment. Third, the small business banking client segmentation was realigned into the CSBB segment from the WB segment. The segment disclosures have been revised to reflect the segment realignment.

(2)On February 20, 2024, the Company entered into an agreement to sell the remaining 80% stake of the common equity in TIH to an investor group, representing substantially all of the Company’s IH segment. The sale represents a material strategic shift for the Company and as a result, the Company recast results for all periods presented under the discontinued operations basis of presentation. On May 6, 2024, the Company completed the sale resulting in an after-tax gain of $4.8 billion. As a result, the IH segment is no longer presented in the table above.

(3)In the third quarter of 2024, corporate expense allocation methodology was enhanced to more fully allocate certain overhead or functional expenses based on actual OT&C noninterest expense performance. Prior period results have been revised to conform to the current allocation methodology, which was not considered material to the Company’s results.

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

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Capital Information - Five Quarter Trend

						As of/For the Quarter Ended
						Dec. 31						Sept. 30						June 30						March 31						Dec. 31
(Dollars in millions, except per share data, shares in thousands)						2024						2024						2024						2024						2023
Selected Capital Information						(preliminary)
Risk-based capital:
Common equity tier 1						$	48,223					$	48,076					$	47,706					$	42,691					$	42,671
Tier 1						54,127						54,746						54,376						49,361						49,341
Total						62,583						63,349						63,345						58,548						58,063
Risk-weighted assets						419,329						414,828						412,607						421,680						423,705
Average quarterly assets for leverage ratio						515,831						508,280						519,467						522,095						533,084
Average quarterly assets for supplementary leverage ratio						612,289						600,000						608,627						614,238						624,591
Risk-based capital ratios:
Common equity tier 1						11.5		%				11.6		%				11.6		%				10.1		%				10.1		%
Tier 1						12.9						13.2						13.2						11.7						11.6
Total						14.9						15.3						15.4						13.9						13.7
Leverage capital ratio						10.5						10.8						10.5						9.5						9.3
Supplementary leverage						8.8						9.1						8.9						8.0						7.9
Common equity per common share						$	43.90					$	44.46					$	42.71					$	38.97					$	39.31
						Dec. 31						Sept. 30						June 30						March 31						Dec. 31
(Dollars in millions, except per share data, shares in thousands)						2024						2024						2024						2024						2023
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity						$	63,679					$	65,696					$	63,827					$	59,053					$	59,253
Less:
Preferred stock						5,907						6,673						6,673						6,673						6,673
Noncontrolling interests						—						—						—						232						152
Intangible assets, net of deferred taxes (including discontinued operations)						18,274						18,350						18,471						23,198						23,306
Tangible common equity						$	39,498					$	40,673					$	38,683					$	28,950					$	29,122
Outstanding shares at end of period (in thousands)						1,315,936						1,327,521						1,338,223						1,338,096						1,333,743
Tangible common equity per common share						$	30.01					$	30.64					$	28.91					$	21.64					$	21.83
Total assets						$	531,176					$	523,434					$	519,853					$	534,959					$	535,349
Less: Intangible assets, net of deferred taxes (including discontinued operations prior to the sale of TIH)						18,274						18,350						18,471						23,198						23,306
Tangible assets						$	512,902					$	505,084					$	501,382					$	511,761					$	512,043
Equity as a percentage of total assets						12.0		%				12.6		%				12.3		%				11.0		%				11.1		%
Tangible common equity as a percentage of tangible assets						7.7						8.1						7.7						5.7						5.7

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

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Selected Mortgage Banking Information & Additional Information

						As of/For the Quarter Ended
						Dec. 31						Sept. 30						June 30						March 31						Dec. 31
(Dollars in millions, except per share data)						2024						2024						2024						2024						2023
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue						$	25					$	25					$	24					$	17					$	14
Residential mortgage servicing income:
Residential mortgage servicing income before MSR valuation						83						80						72						88						85
Net MSRs valuation						(5)						(7)						(12)						(15)						(13)
Total residential mortgage servicing income						78						73						60						73						72
Total residential mortgage income						103						98						84						90						86
Commercial mortgage income:
Commercial mortgage production revenue						12						6						4						5						5
Commercial mortgage servicing income:
Commercial mortgage servicing income before MSR valuation						4						3						7						3						3
Net MSRs valuation						(2)						(1)						17						(1)						—
Total commercial mortgage servicing income						2						2						24						2						3
Total commercial mortgage income						14						8						28						7						8
Total mortgage banking income						$	117					$	106					$	112					$	97					$	94
Other Mortgage Banking Information
Residential mortgage loan originations						$	4,745					$	3,726					$	3,881					$	2,412					$	3,027
Residential mortgage servicing portfolio:(1)
Loans serviced for others						218,475						221,143						208,270						210,635						213,399
Bank-owned loans serviced						54,937						54,281						54,903						55,255						55,669
Total servicing portfolio						273,412						275,424						263,173						265,890						269,068
Weighted-average coupon rate on mortgage loans serviced for others						3.65		%				3.62		%				3.63		%				3.59		%				3.56		%
Weighted-average servicing fee on mortgage loans serviced for others						0.28						0.28						0.28						0.28						0.27
Additional Information
Brokered deposits(2)						$	28,085					$	27,671					$	27,384					$	30,650					$	31,260
NQDCP income (expense):(3)
Interest income						$	4					$	1					$	—					$	1					$	2
Other income						(2)						12						4						15						17
Personnel expense						(2)						(13)						(4)						(16)						(19)
Total NQDCP income (expense)						$	—					$	—					$	—					$	—					$	—
Common stock prices:
High						$	49.06					$	45.31					$	40.51					$	39.29					$	37.83
Low						41.08						37.85						35.09						34.23						26.57
End of period						43.38						42.77						38.85						38.98						36.92
Banking offices						1,928						1,930						1,930						1,930						2,001
ATMs						2,901						2,928						2,942						2,947						3,031
FTEs(4)						37,661						37,867						41,368						49,218						50,905
FTEs - continuing operations(4)						37,661						37,867						38,140						39,417						40,997

(1)Amounts reported are unpaid principal balance.

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

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

(4)FTEs represents an average for the quarter.

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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
Fourth Quarter 2024
Restructuring charges			$	(11)					$	(9)					$	(0.01)
FDIC special assessment (regulatory costs)			8						6						—
Third Quarter 2024
Gain on sale of TIH (net income from discontinued operations)			$	36					$	16					$	0.01
Restructuring charges			(25)						(19)						(0.01)
FDIC special assessment (regulatory costs)			16						13						0.01
Second Quarter 2024
Gain on sale of TIH (net income from discontinued operations)			$	6,903					$	4,814					$	3.60
Loss on sale of securities (securities gains (losses))			(6,650)						(5,089)						(3.80)
Charitable contribution (other expense)			(150)						(115)						(0.09)
Restructuring charges ($33 million in restructuring charges and $63 million in net income from discontinued operations)			(96)						(73)						(0.05)
FDIC special assessment (regulatory costs)			(13)						(11)						(0.01)
Accelerated recognition of TIH equity compensation expense (net income from discontinued operations)			(10)						(8)						(0.01)
First Quarter 2024
Accelerated recognition of TIH equity compensation expense (net income from discontinued operations)			$	(89)					$	(68)					$	(0.05)
FDIC special assessment (regulatory costs)			(75)						(57)						(0.04)
Restructuring charges ($51 million in restructuring charges and $19 million in net income from discontinued operations)			(70)						(53)						(0.04)
Fourth Quarter 2023
Goodwill impairment			$	(6,078)					$	(6,078)					$	(4.53)
FDIC special assessment (regulatory costs)			(507)						(387)						(0.29)
Restructuring charges ($155 million in restructuring charges and $28 million in net income from discontinued operations)			(183)						(139)						(0.10)
Discrete tax benefit (provision for income taxes)			—						204						(0.15)
Third Quarter 2023
Restructuring charges ($61 million in restructuring charges and $14 million in net income from discontinued operations)			$	(75)					$	(58)					$	(0.04)
Second Quarter 2023
Restructuring charges ($48 million in restructuring charges and $6 million in net income from discontinued operations)			$	(54)					$	(41)					$	(0.03)
First Quarter 2023
Restructuring charges ($56 million in restructuring charges and $7 million in net income from discontinued operations)			$	(63)					$	(48)					$	(0.04)

(1)Includes certain selected items from the consolidated statements of income. A reconciliation of non-GAAP measures is included in the appendix to Truist’s Fourth Quarter 2024 Earnings Presentation.

(2)Diluted EPS impact for individual items may not foot to difference between GAAP diluted and adjusted EPS due to rounding.

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