Truist Financial 8K Results of Operations and Financial Condition | TFC 17 Oct 24

Quarterly Performance Summary

Truist Financial Corporation

Third 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)	Sept. 30			June 30			March 31			Dec. 31			Sept. 30			Sept. 30			Sept. 30
	2024			2024			2024			2023			2023			2024			2023
Summary Income Statement
Interest income - taxable equivalent	$	6,407		$	6,404		$	6,237		$	6,324		$	6,284		$	19,048		$	18,348
Interest expense	2,750			2,824			2,812			2,747			2,692			8,386			7,181
Net interest income - taxable equivalent	3,657			3,580			3,425			3,577			3,592			10,662			11,167
Less: Taxable-equivalent adjustment	55			53			53			58			57			161			162
Net interest income	3,602			3,527			3,372			3,519			3,535			10,501			11,005
Provision for credit losses	448			451			500			572			497			1,399			1,537
Net interest income after provision for credit losses	3,154			3,076			2,872			2,947			3,038			9,102			9,468
Noninterest income	1,483			(5,212)			1,446			1,363			1,334			(2,283)			4,135
Noninterest expense	2,927			3,094			2,953			9,557			3,060			8,974			9,121
Income (loss) before income taxes	1,710			(5,230)			1,365			(5,247)			1,312			(2,155)			4,482
Provision (benefit) for income taxes	271			(1,324)			232			(56)			203			(821)			794
Net income (loss) from continuing operations(1)	1,439			(3,906)			1,133			(5,191)			1,109			(1,334)			3,688
Net income (loss) from discontinued operations(1)	3			4,828			67			101			74			4,898			355
Net income (loss)	1,442			922			1,200			(5,090)			1,183			3,564			4,043

Noncontrolling interests from discontinued operations(1)	—			19			3			—			6			22			44

Preferred stock dividends and other	106			77			106			77			106			289			284
Net income (loss) available to common shareholders	1,336			826			1,091			(5,167)			1,071			3,253			3,715
Net income available to common shareholders - adjusted(2)	1,307			1,235			1,216			1,094			1,071			3,758			3,715
Additional Income Statement Information
Revenue - taxable equivalent	5,140			(1,632)			4,871			4,940			4,926			8,379			15,302
Pre-provision net revenue - unadjusted(2)	2,213			(4,726)			1,918			(4,617)			1,866			(595)			6,181
Pre-provision net revenue - adjusted(2)	2,306			2,209			2,132			2,221			2,025			6,647			6,647
Key Metrics
Earnings:
Earnings per share-basic from continuing operations(1)(3)	$	1.00		$	(2.98)		$	0.77		$	(3.95)		$	0.75		$	(1.21)		$	2.56

Earnings per share-basic	1.00			0.62			0.82			(3.87)			0.80			$	2.44		$	2.79
Earnings per share-diluted from continuing operations(1)(3)	0.99			(2.98)			0.76			(3.95)			0.75			(1.21)			2.54

Earnings per share-diluted	0.99			0.62			0.81			(3.87)			0.80			2.44			2.77
Earnings per share-adjusted diluted(2)	0.97			0.91			0.90			0.81			0.80			2.79			2.77
Cash dividends declared per share	0.52			0.52			0.52			0.52			0.52			1.56			1.56
Common shareholders’ equity per share	44.46			42.71			38.97			39.31			41.37
Tangible common shareholders’ equity per share(2)	30.64			28.91			21.64			21.83			19.25
End of period shares outstanding	1,327,521			1,338,223			1,338,096			1,333,743			1,333,668
Weighted average shares outstanding-basic	1,334,212			1,338,149			1,335,091			1,333,703			1,333,522			1,335,812			1,331,377
Weighted average shares outstanding-diluted	1,349,129			1,338,149			1,346,904			1,333,703			1,340,574			1,335,812			1,339,041
Return on average assets	1.10		%	0.70		%	0.91		%	(3.74)		%	0.86		%	0.91		%	0.97		%
Return on average common shareholders’ equity	9.1			6.1			8.4			(36.6)			7.5			7.9			8.8
Return on average tangible common shareholders’ equity(2)	13.8			10.4			16.3			15.0			17.3			13.4			20.2
Net interest margin - taxable equivalent(3)	3.12			3.02			2.88			2.95			2.92			3.01			2.99
Efficiency ratio-unadjusted(3)	57.5			NM			61.3			NM			62.9			NM			60.3
Efficiency ratio-adjusted(2)(3)	55.2			56.0			56.2			55.0			58.9			55.8			56.6
Fee income ratio-unadjusted(3)	29.2			NM			30.0			27.9			27.4			NM			27.3
Fee income ratio-adjusted(2)(3)	28.9			28.7			29.7			27.6			27.1			29.1			27.0
Credit Quality
Nonperforming loans and leases as a percentage of LHFI	0.48		%	0.46		%	0.45		%	0.44		%	0.46		%
Net charge-offs as a percentage of average LHFI	0.55			0.58			0.64			0.57			0.51			0.59		%	0.47		%
Allowance for loan and lease losses as a percentage of LHFI	1.60			1.57			1.56			1.54			1.49
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.3x			3.4x			3.4x			3.5x			3.2x
Average Balances
Assets	$	519,415		$	526,894		$	531,002		$	539,656		$	547,704		$	525,747		$	557,674
Securities(4)	117,172			121,796			131,659			134,070			136,166			123,518			138,726
Loans and leases	304,578			307,583			309,426			313,832			319,881			307,186			325,201
Deposits	384,344			388,042			389,058			395,333			401,038			387,138			403,080
Common shareholders’ equity	58,667			54,863			52,167			56,061			56,472			55,245			56,389
Total shareholders’ equity	65,341			61,677			59,011			62,896			63,312			62,022			63,168
Period-End Balances
Assets	$	523,434		$	519,853		$	534,959		$	535,349		$	542,707
Securities(4)	115,606			108,416			119,419			121,473			120,059
Loans and leases	304,362			307,149			308,477			313,341			317,112
Deposits	387,778			385,411			394,265			395,865			400,024
Common shareholders’ equity	59,023			57,154			52,148			52,428			55,167
Total shareholders’ equity	65,696			63,827			59,053			59,253			62,007
Capital and Liquidity Ratios	(preliminary)
Common equity tier 1	11.6		%	11.6		%	10.1		%	10.1		%	9.9		%
Tier 1	13.2			13.2			11.7			11.6			11.4
Total	15.3			15.4			13.9			13.7			13.5
Leverage	10.8			10.5			9.5			9.3			9.2
Supplementary leverage	9.1			8.9			8.0			7.9			7.8
Liquidity coverage ratio	112			110			115			112			110

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 Third 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
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30		Sept. 30		Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2024		2024		2024		2023		2023		2024		2023
Interest Income
Interest and fees on loans and leases	$	4,852	$	4,879	$	4,865	$	4,971	$	4,976	$	14,596	$	14,547
Interest on securities	869		838		805		802		763		2,512		2,264
Interest on other earning assets	631		634		514		493		488		1,779		1,375
Total interest income	6,352		6,351		6,184		6,266		6,227		18,887		18,186
Interest Expense
Interest on deposits	2,014		2,016		1,964		1,917		1,858		5,994		4,510
Interest on long-term debt	454		446		482		476		491		1,382		1,739
Interest on other borrowings	282		362		366		354		343		1,010		932
Total interest expense	2,750		2,824		2,812		2,747		2,692		8,386		7,181
Net Interest Income	3,602		3,527		3,372		3,519		3,535		10,501		11,005
Provision for credit losses	448		451		500		572		497		1,399		1,537
Net Interest Income After Provision for Credit Losses	3,154		3,076		2,872		2,947		3,038		9,102		9,468
Noninterest Income

Wealth management income	350		361		356		346		343		1,067		1,012
Investment banking and trading income	332		286		323		165		185		941		657
Card and payment related fees	222		230		224		232		238		676		704
Service charges on deposits	221		232		225		229		154		678		644
Mortgage banking income	106		112		97		94		102		315		343
Lending related fees	88		89		96		153		102		273		294
Operating lease income	49		50		59		60		63		158		194
Securities gains (losses)	—		(6,650)		—		—		—		(6,650)		—
Other income	115		78		66		84		147		259		287
Total noninterest income	1,483		(5,212)		1,446		1,363		1,334		(2,283)		4,135
Noninterest Expense
Personnel expense	1,628		1,661		1,630		1,474		1,669		4,919		5,042
Professional fees and outside processing	336		308		278		305		289		922		887
Software expense	222		218		224		223		222		664		645
Net occupancy expense	157		160		160		159		164		477		499
Amortization of intangibles	84		89		88		98		98		261		297
Equipment expense	84		89		88		103		89		261		278
Marketing and customer development	75		63		56		53		70		194		207
Operating lease depreciation	34		34		40		42		43		108		133
Regulatory costs	51		85		152		599		77		288		225
Restructuring charges	25		33		51		155		61		109		165
Goodwill impairment	—		—		—		6,078		—		—		—
Other expense	231		354		186		268		278		771		743
Total noninterest expense	2,927		3,094		2,953		9,557		3,060		8,974		9,121
Earnings
Income (loss) before income taxes	1,710		(5,230)		1,365		(5,247)		1,312		(2,155)		4,482
Provision (benefit) for income taxes	271		(1,324)		232		(56)		203		(821)		794
Net income (loss) from continuing operations(1)	1,439		(3,906)		1,133		(5,191)		1,109		(1,334)		3,688
Net income from discontinued operations(1)	3		4,828		67		101		74		4,898		355
Net income (loss)	1,442		922		1,200		(5,090)		1,183		3,564		4,043

Noncontrolling interests from discontinuing operations(1)	—		19		3		—		6		22		44


Preferred stock dividends and other	106		77		106		77		106		289		284


Net income (loss) available to common shareholders	$	1,336	$	826	$	1,091	$	(5,167)	$	1,071	$	3,253	$	3,715

Earnings Per Common Share
Basic earnings from continuing operations(1)	$	1.00	$	(2.98)	$	0.77	$	(3.95)	$	0.75	$	(1.21)	$	2.56

Basic earnings	1.00		0.62		0.82		(3.87)		0.80		$	2.44	2.79
Diluted earnings from continuing operations(1)	0.99		(2.98)		0.76		(3.95)		0.75		(1.21)		2.54

Diluted earnings	0.99		0.62		0.81		(3.87)		0.80		2.44		2.77
Weighted Average Shares Outstanding
Basic	1,334,212		1,338,149		1,335,091		1,333,703		1,333,522		1,335,812		1,331,377
Diluted	1,349,129		1,338,149		1,346,904		1,333,703		1,340,574		1,335,812		1,339,041

- 2 -

Consolidated Ending Balance Sheets - Five Quarter Trend


	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2024		2024		2024		2023		2023
Assets
Cash and due from banks	$	5,229	$	5,204	$	5,040	$	5,000	$	5,090
Interest-bearing deposits with banks	34,411		35,675		29,510		25,230		24,305
Securities borrowed or purchased under resale agreements	2,973		2,338		2,091		2,378		2,018
Trading assets at fair value	5,209		5,558		5,268		4,332		4,384
Securities available for sale at fair value	64,111		55,969		66,050		67,366		65,117
Securities held to maturity at amortized cost	51,495		52,447		53,369		54,107		54,942
Loans and leases:
Commercial:
Commercial and industrial	153,925		156,400		157,669		160,788		162,330
CRE	20,912		21,730		22,142		22,570		22,736
Commercial construction	7,980		7,787		7,472		6,683		6,343

Consumer:
Residential mortgage	53,963		54,344		54,886		55,492		56,013
Home equity	9,680		9,772		9,825		10,053		10,160
Indirect auto	22,508		21,994		22,145		22,727		24,084
Other consumer	29,282		28,677		28,096		28,647		29,105

Credit card	4,834		4,988		4,989		5,101		4,928

Total loans and leases held for investment	303,084		305,692		307,224		312,061		315,699
Loans held for sale	1,278		1,457		1,253		1,280		1,413
Total loans and leases	304,362		307,149		308,477		313,341		317,112
Allowance for loan and lease losses	(4,842)		(4,808)		(4,803)		(4,798)		(4,693)
Premises and equipment	3,251		3,244		3,274		3,298		3,319
Goodwill	17,125		17,157		17,157		17,156		23,234
Core deposit and other intangible assets	1,635		1,729		1,816		1,909		2,011
Loan servicing rights at fair value	3,499		3,410		3,417		3,378		3,537
Other assets	34,976		34,781		36,521		34,997		34,858
Assets of discontinued operations(1)	—		—		7,772		7,655		7,473
Total assets	$	523,434	$	519,853	$	534,959	$	535,349	$	542,707
Liabilities
Deposits:
Noninterest-bearing deposits	$	105,984	$	107,310	$	110,901	$	111,624	$	116,674
Interest checking	109,493		102,654		108,329		104,757		103,288
Money market and savings	134,349		136,989		133,176		135,923		137,914
Time deposits	37,952		38,458		41,859		43,561		42,148

Total deposits	387,778		385,411		394,265		395,865		400,024
Short-term borrowings	20,859		22,816		26,329		24,828		23,485
Long-term debt	36,770		34,616		39,071		38,918		41,232
Other liabilities	12,331		13,183		13,119		12,946		12,962
Liabilities of discontinued operations	—		—		3,122		3,539		2,997
Total liabilities	457,738		456,026		475,906		476,096		480,700
Shareholders’ Equity:
Preferred stock	6,673		6,673		6,673		6,673		6,673
Common stock	6,638		6,691		6,690		6,669		6,668
Additional paid-in capital	36,020		36,364		36,197		36,177		36,114
Retained earnings	23,248		22,603		22,483		22,088		27,944
Accumulated other comprehensive loss	(6,883)		(8,504)		(13,222)		(12,506)		(15,559)
Noncontrolling interests	—		—		232		152		167
Total shareholders’ equity	65,696		63,827		59,053		59,253		62,007
Total liabilities and shareholders’ equity	$	523,434	$	519,853	$	534,959	$	535,349	$	542,707

(1)Includes goodwill and intangible assets of $5.0 billion as of March 31, 2024, $5.0 billion as of December 31, 2023, and $5.0 billion as of September 30, 2023.

- 3 -

Average Balances and Rates - Quarters


	Quarter Ended
	September 30, 2024						June 30, 2024						March 31, 2024						December 31, 2023						September 30, 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	$	12,986	$	151	4.65	%	$	11,138	$	101	3.66	%	$	9,853	$	37	1.49	%	$	10,967	$	38	1.37	%	$	10,886	$	34	1.27	%
U.S. government-sponsored entities (GSE)	377		4		3.41		382		3		3.27		389		3		3.40		389		2		3.23		339		3		2.92
Mortgage-backed securities issued by GSE	103,374		711		2.75		108,358		720		2.66		117,301		735		2.51		118,548		736		2.48		120,717		701		2.32
States and political subdivisions	417		3		4.14		420		5		4.14		421		4		4.15		421		5		4.16		423		4		4.12
Non-agency mortgage-backed	—		—		—		1,480		10		2.56		3,676		27		2.95		3,725		22		2.37		3,781		22		2.33
Other	18		1		5.18		18		—		5.29		19		—		5.35		20		—		5.47		20		1		5.55
Total securities	117,172		870		2.97		121,796		839		2.76		131,659		806		2.45		134,070		803		2.39		136,166		765		2.25
Loans and leases:
Commercial:
Commercial and industrial	154,102		2,482		6.41		157,043		2,550		6.53		158,385		2,572		6.53		160,278		2,657		6.58		164,022		2,686		6.50
CRE	21,481		373		6.88		21,969		381		6.93		22,400		389		6.95		22,755		400		6.94		22,812		396		6.85
Commercial construction	7,870		152		7.79		7,645		147		7.85		7,134		137		7.83		6,515		127		7.84		6,194		120		7.83

Consumer:
Residential mortgage	53,999		525		3.89		54,490		525		3.86		55,070		528		3.84		55,658		532		3.83		56,135		532		3.79
Home equity	9,703		196		8.04		9,805		195		8.02		9,930		196		7.92		10,104		199		7.80		10,243		196		7.61
Indirect auto	22,121		399		7.18		22,016		381		6.95		22,374		372		6.69		23,368		381		6.46		24,872		386		6.16
Other consumer	29,015		603		8.26		28,326		581		8.25		28,285		561		7.98		28,913		561		7.69		28,963		542		7.43
Student	—		—		—		—		—		—		—		—		—		—		—		—		—		1		—
Credit card	4,874		150		12.20		4,905		148		12.14		4,923		146		11.96		4,996		149		11.84		4,875		143		11.62

Total loans and leases held for investment	303,165		4,880		6.41		306,199		4,908		6.44		308,501		4,901		6.38		312,587		5,006		6.36		318,116		5,002		6.25
Loans held for sale	1,413		24		6.49		1,384		22		6.56		925		15		6.38		1,245		21		6.82		1,765		28		6.20
Total loans and leases	304,578		4,904		6.41		307,583		4,930		6.44		309,426		4,916		6.38		313,832		5,027		6.36		319,881		5,030		6.25

Interest earning trading assets	5,454		84		6.05		5,515		84		6.11		4,845		79		6.50		4,680		80		6.92		4,380		76		6.91
Other earning assets(3)	38,933		549		5.54		39,250		551		5.56		30,567		436		5.74		28,956		414		5.65		28,574		413		5.74
Total earning assets	466,137		6,407		5.47		474,144		6,404		5.42		476,497		6,237		5.25		481,538		6,324		5.22		489,001		6,284		5.11
Nonearning assets	53,278						50,109						46,921						50,485						50,968
Assets of discontinued operations	—						2,641						7,584						7,633						7,735
Total assets	$	519,415					$	526,894					$	531,002					$	539,656					$	547,704
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	103,899	732		2.80		$	103,894	707		2.74		$	103,537	684		2.65		$	101,722	635		2.48		$	101,252	611		2.40
Money market and savings	136,639		914		2.66		135,264		873		2.60		134,696		832		2.49		137,464		843		2.43		139,961		829		2.35
Time deposits	37,726		368		3.88		41,250		436		4.24		41,937		448		4.30		41,592		439		4.19		40,920		418		4.05

Total interest-bearing deposits	278,264		2,014		2.88		280,408		2,016		2.89		280,170		1,964		2.82		280,778		1,917		2.71		282,133		1,858		2.61
Short-term borrowings	20,781		282		5.41		26,016		362		5.58		26,230		366		5.62		24,958		354		5.62		24,894		343		5.47
Long-term debt	35,318		454		5.13		36,721		446		4.87		40,721		482		4.74		40,818		476		4.67		43,353		491		4.51
Total interest-bearing liabilities	334,363		2,750		3.27		343,145		2,824		3.31		347,121		2,812		3.26		346,554		2,747		3.15		350,380		2,692		3.05
Noninterest-bearing deposits	106,080						107,634						108,888						114,555						118,905
Other liabilities	13,631						13,318						12,885						12,433						11,699
Liabilities of discontinued operations	—						1,120						3,097						3,218						3,408
Shareholders’ equity	65,341						61,677						59,011						62,896						63,312
Total liabilities and shareholders’ equity	$	519,415					$	526,894					$	531,002					$	539,656					$	547,704
Average interest-rate spread					2.20						2.11						1.99						2.07						2.06

Net interest income/ net interest margin			$	3,657	3.12	%			$	3,580	3.02	%			$	3,425	2.88	%			$	3,577	2.95	%			$	3,592	2.92	%
Taxable-equivalent adjustment			55						53						53						58						57
Memo: Total deposits	$	384,344	2,014		2.08	%	$	388,042	2,016		2.09	%	$	389,058	1,964		2.03	%	$	395,333	1,917		1.92	%	$	401,038	1,858		1.84	%

(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
	September 30, 2024						September 30, 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	$	11,332	$	289	3.41	%	$	11,039	$	94	1.14	%
U.S. government-sponsored entities (GSE)	383		10		3.36		334		8		2.83
Mortgage-backed securities issued by GSE	109,654		2,166		2.63		123,060		2,085		2.26
States and political subdivisions	419		12		4.14		424		13		4.12
Non-agency mortgage-backed	1,712		37		2.85		3,846		67		2.33
Other	18		1		5.28		23		1		5.34
Total securities	123,518		2,515		2.72		138,726		2,268		2.18
Loans and leases:
Commercial:
Commercial and industrial	156,501		7,604		6.49		165,231		7,732		6.26
CRE	21,948		1,143		6.92		22,736		1,135		6.64
Commercial construction	7,551		436		7.82		5,994		332		7.54

Consumer:
Residential mortgage	54,518		1,578		3.86		56,291		1,589		3.76
Home equity	9,812		587		7.99		10,483		566		7.22
Indirect auto	22,170		1,152		6.94		26,381		1,182		5.99
Other consumer	28,545		1,745		8.17		28,242		1,500		7.10
Student	—		—		—		3,280		170		6.92
Credit card	4,900		444		12.10		4,836		416		11.51

Total loans and leases held for investment	305,945		14,689		6.41		323,474		14,622		6.04
Loans held for sale	1,241		61		6.49		1,727		81		6.25
Total loans and leases	307,186		14,750		6.41		325,201		14,703		6.04

Interest earning trading assets	5,272		247		6.21		4,759		234		6.54
Other earning assets(3)	36,261		1,536		5.58		29,463		1,143		5.13
Total earning assets	472,237		19,048		5.38		498,149		18,348		4.92
Nonearning assets	50,114						51,913
Assets of discontinued operations	3,396						7,612
Total assets	$	525,747					$	557,674
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	103,777	2,123		2.73		$	104,053	1,549		1.99
Money market and savings	135,537		2,619		2.58		139,305		1,991		1.91
Time deposits	40,295		1,252		4.15		35,189		970		3.68

Total interest-bearing deposits	279,609		5,994		2.86		278,547		4,510		2.16
Short-term borrowings	24,329		1,010		5.55		24,317		932		5.13
Long-term debt	37,579		1,382		4.90		52,663		1,739		4.41
Total interest-bearing liabilities	341,517		8,386		3.28		355,527		7,181		2.70
Noninterest-bearing deposits	107,529						124,533
Other liabilities	13,278						11,265
Liabilities of discontinued operations	1,401						3,181
Shareholders’ equity	62,022						63,168
Total liabilities and shareholders’ equity	$	525,747					$	557,674
Average interest-rate spread					2.10						2.22

Net interest income/ net interest margin			$	10,662	3.01	%			$	11,167	2.99	%
Taxable-equivalent adjustment			161						162
Memo: Total deposits	$	387,138	5,994		2.07	%	$	403,080	4,510		1.50	%

(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


	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2024		2024		2024		2023		2023
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	575	$	459	$	512	$	470	$	561
CRE	302		360		261		284		289
Commercial construction	1		—		23		24		29

Consumer:
Residential mortgage	156		161		151		153		132
Home equity	118		123		130		122		123
Indirect auto	252		244		256		268		266
Other consumer	63		64		61		59		52


Total nonaccrual loans and leases held for investment	1,467		1,411		1,394		1,380		1,452
Loans held for sale	5		9		22		51		75
Total nonaccrual loans and leases	1,472		1,420		1,416		1,431		1,527
Foreclosed real estate	3		5		4		3		3

Other foreclosed property	53		51		56		54		54
Total nonperforming assets	$	1,528	$	1,476	$	1,476	$	1,488	$	1,584



















Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	5	$	8	$	12	$	7	$	15

Commercial construction	—		1		—		1		—

Consumer:
Residential mortgage - government guaranteed	394		375		408		418		456
Residential mortgage - nonguaranteed	39		27		33		21		30
Home equity	7		7		10		11		9
Indirect auto	—		1		1		2		1
Other consumer	22		19		18		21		16


Credit card	51		51		56		53		47

Total loans 90 days past due and still accruing	$	518	$	489	$	538	$	534	$	574
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	116	$	109	$	158	$	230	$	98
CRE	10		8		21		5		28
Commercial construction	4		—		—		—		1

Consumer:
Residential mortgage - government guaranteed	305		340		286		326		293
Residential mortgage - nonguaranteed	366		392		352		313		270
Home equity	63		58		59		70		61
Indirect auto	596		592		540		669		598
Other consumer	233		214		226		271		219


Credit card	76		78		74		87		68

Total loans 30-89 days past due	$	1,769	$	1,791	$	1,716	$	1,971	$	1,636

- 6 -



	As of/For the Quarter Ended
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
	2024		2024		2024		2023		2023
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.58	%	0.59	%	0.56	%	0.63	%	0.52	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.17		0.16		0.18		0.17		0.18
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.48		0.46		0.45		0.44		0.46
Nonperforming loans and leases as a percentage of loans and leases(1)	0.48		0.46		0.46		0.46		0.48
Nonperforming assets as a percentage of:
Total assets(1)	0.29		0.28		0.28		0.28		0.29
Loans and leases plus foreclosed property	0.50		0.48		0.47		0.46		0.48
Net charge-offs as a percentage of average loans and leases	0.55		0.58		0.64		0.57		0.51
Allowance for loan and lease losses as a percentage of loans and leases	1.60		1.57		1.56		1.54		1.49
Ratio of allowance for loan and lease losses to:
Net charge-offs	2.9X		2.7X		2.4X		2.7X		2.9X
Nonperforming loans and leases	3.3X		3.4X		3.4X		3.5X		3.2X
Asset Quality Ratios (Excluding Government Guaranteed)
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.04	%	0.04	%	0.04	%	0.04	%	0.04	%
Applicable ratios are annualized.
(1)Includes loans held for sale.

							As of/For the Year-to-Date
							Period Ended Sept. 30
							2024		2023
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases							0.59	%	0.47	%
Ratio of allowance for loan and lease losses to net charge-offs							2.7X		3.1X
Applicable ratios are annualized.

Applicable ratios are annualized.

(1)Includes loans held for sale.

- 7 -



	As of/For the Quarter Ended										As of/For the Year-to-Date
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30		Period Ended Sept. 30
(Dollars in millions)	2024		2024		2024		2023		2023		2024		2023
Allowance for Credit Losses
Beginning balance	$	5,110	$	5,100	$	5,093	$	4,970	$	4,879	$	5,093	$	4,649
Provision for credit losses	448		451		500		572		497		1,399		1,537
Charge-offs:
Commercial:
Commercial and industrial	(96)		(83)		(97)		(110)		(98)		(276)		(280)
CRE	(65)		(97)		(103)		(48)		(77)		(265)		(118)
Commercial construction	—		—		—		(5)		—		—		—

Consumer:
Residential mortgage	—		(1)		(1)		—		(8)		(2)		(10)
Home equity	(1)		(3)		(3)		(2)		(4)		(7)		(8)
Indirect auto	(143)		(136)		(154)		(154)		(135)		(433)		(377)
Other consumer	(152)		(141)		(165)		(148)		(120)		(458)		(329)
Student	—		—		—		—		—		—		(108)
Credit card	(71)		(74)		(77)		(64)		(55)		(222)		(159)

Total charge-offs	(528)		(535)		(600)		(531)		(497)		(1,663)		(1,389)
Recoveries:
Commercial:
Commercial and industrial	26		14		32		16		28		72		54
CRE	5		5		7		—		2		17		3
Commercial construction	1		1		—		2		—		2		1

Consumer:
Residential mortgage	1		2		1		1		1		4		5
Home equity	4		4		5		5		7		13		18
Indirect auto	38		30		28		25		25		96		82
Other consumer	26		28		28		21		20		82		57

Credit card	9		9		9		8		9		27		27

Total recoveries	110		93		110		78		92		313		247
Net charge-offs	(418)		(442)		(490)		(453)		(405)		(1,350)		(1,142)
Other(1)	—		1		(3)		4		(1)		(2)		(74)
Ending balance	$	5,140	$	5,110	$	5,100	$	5,093	$	4,970	$	5,140	$	4,970
Allowance for Credit Losses:


Allowance for loan and lease losses	$	4,842	$	4,808	$	4,803	$	4,798	$	4,693
Reserve for unfunded lending commitments (RUFC)	298		302		297		295		277
Allowance for credit losses	$	5,140	$	5,110	$	5,100	$	5,093	$	4,970

(1)The nine months ended September 30, 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
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30		Period Ended Sept. 30
	2024		2024		2024		2023		2023		2024		2023
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial	0.18	%	0.18	%	0.17	%	0.23	%	0.17	%	0.17	%	0.18	%
CRE	1.12		1.67		1.73		0.83		1.31		1.51		0.68
Commercial construction	(0.01)		(0.05)		(0.02)		0.22		(0.03)		(0.03)		(0.03)

Consumer:
Residential mortgage	(0.01)		(0.01)		—		(0.01)		0.05		(0.01)		0.01
Home equity	(0.11)		(0.03)		(0.08)		(0.12)		(0.10)		(0.07)		(0.13)
Indirect auto	1.89		1.94		2.26		2.19		1.75		2.03		1.50
Other consumer	1.73		1.60		1.96		1.74		1.37		1.76		1.29
Student	—		—		—		—		—		—		4.40
Credit card	5.04		5.33		5.54		4.38		3.78		5.31		3.66

Total loans and leases	0.55		0.58		0.64		0.57		0.51		0.59		0.47

Applicable ratios are annualized.

- 8 -

Segment Financial Performance - Preliminary(1)(2)



	Quarter Ended
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2024		2024		2024		2023		2023
Consumer and Small Business Banking
Net interest income (expense)	$	1,344	$	1,289	$	1,266	$	1,342	$	1,371
Net intersegment interest income (expense)	1,302		1,346		1,343		1,276		1,242
Segment net interest income (expense)	2,646		2,635		2,609		2,618		2,613
Allocated provision for credit losses	353		309		303		359		259
Noninterest income	506		506		501		523		433
Goodwill impairment	—		—		—		3,361		—
Noninterest expense ex goodwill impairment(3)	1,663		1,662		1,586		1,786		1,704
Income (loss) before income taxes	1,136		1,170		1,221		(2,365)		1,083
Provision (benefit) for income taxes	271		281		294		242		260
Segment net income (loss)	$	865	$	889	$	927	$	(2,607)	$	823




Wholesale Banking
Net interest income (expense)	$	2,105	$	2,185	$	2,232	$	2,298	$	2,321
Net intersegment interest income (expense)	(460)		(500)		(550)		(569)		(613)
Segment net interest income (expense)	1,645		1,685		1,682		1,729		1,708
Allocated provision for credit losses	96		142		198		213		243
Noninterest income	1,047		986		977		874		897
Goodwill impairment	—		—		—		2,717		—
Noninterest expense ex goodwill impairment(3)	1,236		1,268		1,332		1,715		1,353
Income (loss) before income taxes	1,360		1,261		1,129		(2,042)		1,009
Provision (benefit) for income taxes	275		253		221		117		194
Segment net income (loss)	$	1,085	$	1,008	$	908	$	(2,159)	$	815































Other, Treasury & Corporate(4)
Net interest income (expense)	$	153	$	53	$	(126)	$	(121)	$	(157)
Net intersegment interest income (expense)	(842)		(846)		(793)		(707)		(629)
Segment net interest income (expense)	(689)		(793)		(919)		(828)		(786)
Allocated provision for credit losses	(1)		—		(1)		—		(5)
Noninterest income	(70)		(6,704)		(32)		(34)		4
Noninterest expense(3)	28		164		35		(22)		3
Income (loss) before income taxes	(786)		(7,661)		(985)		(840)		(780)
Provision (benefit) for income taxes	(275)		(1,858)		(283)		(415)		(251)
Segment net income (loss)	$	(511)	$	(5,803)	$	(702)	$	(425)	$	(529)


Total Truist Financial Corporation
Net interest income (expense)	$	3,602	$	3,527	$	3,372	$	3,519	$	3,535
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income (expense)	3,602		3,527		3,372		3,519		3,535
Allocated provision for credit losses	448		451		500		572		497
Noninterest income	1,483		(5,212)		1,446		1,363		1,334
Goodwill impairment	—		—		—		6,078		—
Noninterest expense ex goodwill impairment	2,927		3,094		2,953		3,479		3,060
Income (loss) before income taxes	1,710		(5,230)		1,365		(5,247)		1,312
Provision (benefit) for income taxes	271		(1,324)		232		(56)		203
Net income (loss) from continuing operations	$	1,439	$	(3,906)	$	1,133	$	(5,191)	$	1,109

(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.

- 9 -

Capital Information - Five Quarter Trend


	As of/For the Quarter Ended
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2024			2024			2024			2023			2023
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	48,074		$	47,706		$	42,691		$	42,671		$	42,276
Tier 1	54,744			54,376			49,361			49,341			48,946
Total	63,347			63,345			58,548			58,063			57,713
Risk-weighted assets	415,188			412,607			421,680			423,705			428,755
Average quarterly assets for leverage ratio	508,280			519,467			522,095			533,084			534,402
Average quarterly assets for supplementary leverage ratio	599,880			608,627			614,238			624,591			627,382
Risk-based capital ratios:
Common equity tier 1	11.6		%	11.6		%	10.1		%	10.1		%	9.9		%
Tier 1	13.2			13.2			11.7			11.6			11.4
Total	15.3			15.4			13.9			13.7			13.5
Leverage capital ratio	10.8			10.5			9.5			9.3			9.2
Supplementary leverage	9.1			8.9			8.0			7.9			7.8
Common equity per common share	$	44.46		$	42.71		$	38.97		$	39.31		$	41.37

	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2024			2024			2024			2023			2023
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity	$	65,696		$	63,827		$	59,053		$	59,253		$	62,007
Less:
Preferred stock	6,673			6,673			6,673			6,673			6,673
Noncontrolling interests	—			—			232			152			167
Intangible assets, net of deferred taxes (including discontinued operations)	18,350			18,471			23,198			23,306			29,491
Tangible common equity	$	40,673		$	38,683		$	28,950		$	29,122		$	25,676







Outstanding shares at end of period (in thousands)	1,327,521			1,338,223			1,338,096			1,333,743			1,333,668
Tangible common equity per common share	$	30.64		$	28.91		$	21.64		$	21.83		$	19.25

Total assets	$	523,434		$	519,853		$	534,959		$	535,349		$	542,707
Less: Intangible assets, net of deferred taxes (including discontinued operations prior to the sale of TIH)	18,350			18,471			23,198			23,306			29,491
Tangible assets	$	505,084		$	501,382		$	511,761		$	512,043		$	513,216

Equity as a percentage of total assets	12.6		%	12.3		%	11.0		%	11.1		%	11.4		%
Tangible common equity as a percentage of tangible assets	8.1			7.7			5.7			5.7			5.0

(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
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data)	2024			2024			2024			2023			2023
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue	$	25		$	24		$	17		$	14		$	19
Residential mortgage servicing income:


Residential mortgage servicing income before MSR valuation	80			72			88			85			85




Net MSRs valuation	(7)			(12)			(15)			(13)			(20)
Total residential mortgage servicing income	73			60			73			72			65
Total residential mortgage income	98			84			90			86			84
Commercial mortgage income:
Commercial mortgage production revenue	6			4			5			5			17
Commercial mortgage servicing income:


Commercial mortgage servicing income before MSR valuation	3			7			3			3			3



Net MSRs valuation	(1)			17			(1)			—			(2)
Total commercial mortgage servicing income	2			24			2			3			1
Total commercial mortgage income	8			28			7			8			18
Total mortgage banking income	$	106		$	112		$	97		$	94		$	102

Other Mortgage Banking Information
Residential mortgage loan originations	$	3,726		$	3,881		$	2,412		$	3,027		$	4,196
Residential mortgage servicing portfolio:(1)
Loans serviced for others	221,143			208,270			210,635			213,399			214,953
Bank-owned loans serviced	54,281			54,903			55,255			55,669			56,679
Total servicing portfolio	275,424			263,173			265,890			269,068			271,632
Weighted-average coupon rate on mortgage loans serviced for others	3.62		%	3.63		%	3.59		%	3.56		%	3.51		%
Weighted-average servicing fee on mortgage loans serviced for others	0.28			0.28			0.28			0.27			0.27

Additional Information
Brokered deposits(2)	$	27,671		$	27,384		$	30,650		$	31,260		$	34,986

NQDCP income (expense):(3)
Interest income	$	1		$	—		$	1		$	2		$	3
Other income	12			4			15			17			35
Personnel expense	(13)			(4)			(16)			(19)			(38)
Total NQDCP income (expense)	$	—		$	—		$	—		$	—		$	—


Common stock prices:
High	$	45.31		$	40.51		$	39.29		$	37.83		$	35.78
Low	37.85			35.09			34.23			26.57			27.70
End of period	42.77			38.85			38.98			36.92			28.61
Banking offices	1,930			1,930			1,930			2,001			2,001
ATMs	2,928			2,942			2,947			3,031			3,037
FTEs(4)	37,867			41,368			49,218			50,905			51,943
FTEs - continuing operations(4)	37,867			38,140			39,417			40,997			41,997

(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
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 Third 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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Truist Financial (TFC) 8-KResults of Operations and Financial Condition