Document

Quarterly Performance Summary

Truist Financial Corporation

Fourth Quarter 2024


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

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.

- 1 -

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

- 2 -

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.

- 3 -

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.

- 4 -

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	%

(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.

- 5 -

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

- 6 -



	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.

- 7 -



	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.

- 8 -

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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