EX-99.2 3 ex992-qpsx3q24.htm EX-99.2 Document














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Quarterly Performance Summary
Truist Financial Corporation
Third Quarter 2024



Table of Contents 
Quarterly Performance Summary 
Truist Financial Corporation
   
   
   
  Page
Financial Highlights
Consolidated Statements of Income
Consolidated Ending Balance Sheets
Average Balances and Rates - Quarters
Average Balances and Rates - Year-To-Date
Credit Quality
Segment Financial Performance
Capital Information
Selected Mortgage Banking Information & Additional Information
Selected Items



Financial Highlights
Quarter EndedYear-to-Date
(Dollars in millions, except per share data, shares in thousands)Sept. 30June 30March 31Dec. 31Sept. 30Sept. 30Sept. 30
2024202420242023202320242023
Summary Income Statement
Interest income - taxable equivalent$6,407 $6,404 $6,237 $6,324 $6,284 $19,048 $18,348 
Interest expense2,750 2,824 2,812 2,747 2,692 8,386 7,181 
Net interest income - taxable equivalent3,657 3,580 3,425 3,577 3,592 10,662 11,167 
Less: Taxable-equivalent adjustment55 53 53 58 57 161 162 
Net interest income3,602 3,527 3,372 3,519 3,535 10,501 11,005 
Provision for credit losses448 451 500 572 497 1,399 1,537 
Net interest income after provision for credit losses3,154 3,076 2,872 2,947 3,038 9,102 9,468 
Noninterest income1,483 (5,212)1,446 1,363 1,334 (2,283)4,135 
Noninterest expense2,927 3,094 2,953 9,557 3,060 8,974 9,121 
Income (loss) before income taxes1,710 (5,230)1,365 (5,247)1,312 (2,155)4,482 
Provision (benefit) for income taxes271 (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 other106 77 106 77 106 289 284 
Net income (loss) available to common shareholders1,336 826 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 equivalent5,140 (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-basic1.00 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-diluted0.99 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 share0.52 0.52 0.52 0.52 0.52 1.56 1.56 
Common shareholders’ equity per share44.46 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 outstanding1,327,521 1,338,223 1,338,096 1,333,743 1,333,668 
Weighted average shares outstanding-basic1,334,212 1,338,149 1,335,091 1,333,703 1,333,522 1,335,812 1,331,377 
Weighted average shares outstanding-diluted1,349,129 1,338,149 1,346,904 1,333,703 1,340,574 1,335,812 1,339,041 
Return on average assets1.10 %0.70 %0.91 %(3.74)%0.86 %0.91 %0.97 %
Return on average common shareholders’ equity9.1 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 NM61.3 NM62.9 NM60.3 
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 NM30.0 27.9 27.4 NM27.3 
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 LHFI0.48 %0.46 %0.45 %0.44 %0.46 %
Net charge-offs as a percentage of average LHFI0.55 0.58 0.64 0.57 0.51 0.59 %0.47 %
Allowance for loan and lease losses as a percentage of LHFI1.60 1.57 1.56 1.54 1.49 
Ratio of allowance for loan and lease losses to nonperforming LHFI3.3x3.4x3.4x3.5x3.2x
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 
Deposits384,344 388,042 389,058 395,333 401,038 387,138 403,080 
Common shareholders’ equity58,667 54,863 52,167 56,061 56,472 55,245 56,389 
Total shareholders’ equity65,341 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 
Deposits387,778 385,411 394,265 395,865 400,024 
Common shareholders’ equity59,023 57,154 52,148 52,428 55,167 
Total shareholders’ equity65,696 63,827 59,053 59,253 62,007 
Capital and Liquidity Ratios(preliminary)
Common equity tier 111.6 %11.6 %10.1 %10.1 %9.9 %
Tier 113.2 13.2 11.7 11.6 11.4 
Total 15.3 15.4 13.9 13.7 13.5 
Leverage10.8 10.5 9.5 9.3 9.2 
Supplementary leverage9.1 8.9 8.0 7.9 7.8 
Liquidity coverage ratio112 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 EndedYear-to-Date
Sept. 30June 30March 31Dec. 31Sept. 30Sept. 30Sept. 30
(Dollars in millions, except per share data, shares in thousands)2024202420242023202320242023
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 securities869 838 805 802 763 2,512 2,264 
Interest on other earning assets631 634 514 493 488 1,779 1,375 
Total interest income6,352 6,351 6,184 6,266 6,227 18,887 18,186 
Interest Expense
Interest on deposits2,014 2,016 1,964 1,917 1,858 5,994 4,510 
Interest on long-term debt454 446 482 476 491 1,382 1,739 
Interest on other borrowings282 362 366 354 343 1,010 932 
Total interest expense2,750 2,824 2,812 2,747 2,692 8,386 7,181 
Net Interest Income3,602 3,527 3,372 3,519 3,535 10,501 11,005 
Provision for credit losses448 451 500 572 497 1,399 1,537 
Net Interest Income After Provision for Credit Losses3,154 3,076 2,872 2,947 3,038 9,102 9,468 
Noninterest Income
Wealth management income350 361 356 346 343 1,067 1,012 
Investment banking and trading income332 286 323 165 185 941 657 
Card and payment related fees222 230 224 232 238 676 704 
Service charges on deposits221 232 225 229 154 678 644 
Mortgage banking income106 112 97 94 102 315 343 
Lending related fees88 89 96 153 102 273 294 
Operating lease income49 50 59 60 63 158 194 
Securities gains (losses)— (6,650)— — — (6,650)— 
Other income115 78 66 84 147 259 287 
Total noninterest income1,483 (5,212)1,446 1,363 1,334 (2,283)4,135 
Noninterest Expense
Personnel expense1,628 1,661 1,630 1,474 1,669 4,919 5,042 
Professional fees and outside processing336 308 278 305 289 922 887 
Software expense222 218 224 223 222 664 645 
Net occupancy expense157 160 160 159 164 477 499 
Amortization of intangibles84 89 88 98 98 261 297 
Equipment expense84 89 88 103 89 261 278 
Marketing and customer development75 63 56 53 70 194 207 
Operating lease depreciation34 34 40 42 43 108 133 
Regulatory costs51 85 152 599 77 288 225 
Restructuring charges25 33 51 155 61 109 165 
Goodwill impairment— — — 6,078 — — — 
Other expense231 354 186 268 278 771 743 
Total noninterest expense2,927 3,094 2,953 9,557 3,060 8,974 9,121 
Earnings
Income (loss) before income taxes1,710 (5,230)1,365 (5,247)1,312 (2,155)4,482 
Provision (benefit) for income taxes271 (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 other106 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 earnings1.00 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 earnings0.99 0.62 0.81 (3.87)0.80 2.44 2.77 
Weighted Average Shares Outstanding
Basic1,334,212 1,338,149 1,335,091 1,333,703 1,333,522 1,335,812 1,331,377 
Diluted1,349,129 1,338,149 1,346,904 1,333,703 1,340,574 1,335,812 1,339,041 
(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
Sept. 30June 30March 31Dec. 31Sept. 30
(Dollars in millions)20242024202420232023
Assets
Cash and due from banks$5,229 $5,204 $5,040 $5,000 $5,090 
Interest-bearing deposits with banks34,411 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 value5,209 5,558 5,268 4,332 4,384 
Securities available for sale at fair value64,111 55,969 66,050 67,366 65,117 
Securities held to maturity at amortized cost51,495 52,447 53,369 54,107 54,942 
Loans and leases:
Commercial:
Commercial and industrial153,925 156,400 157,669 160,788 162,330 
CRE20,912 21,730 22,142 22,570 22,736 
Commercial construction7,980 7,787 7,472 6,683 6,343 
Consumer:
Residential mortgage53,963 54,344 54,886 55,492 56,013 
Home equity9,680 9,772 9,825 10,053 10,160 
Indirect auto22,508 21,994 22,145 22,727 24,084 
Other consumer29,282 28,677 28,096 28,647 29,105 
Credit card4,834 4,988 4,989 5,101 4,928 
Total loans and leases held for investment303,084 305,692 307,224 312,061 315,699 
Loans held for sale1,278 1,457 1,253 1,280 1,413 
Total loans and leases304,362 307,149 308,477 313,341 317,112 
Allowance for loan and lease losses(4,842)(4,808)(4,803)(4,798)(4,693)
Premises and equipment3,251 3,244 3,274 3,298 3,319 
Goodwill17,125 17,157 17,157 17,156 23,234 
Core deposit and other intangible assets1,635 1,729 1,816 1,909 2,011 
Loan servicing rights at fair value3,499 3,410 3,417 3,378 3,537 
Other assets34,976 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 checking109,493 102,654 108,329 104,757 103,288 
Money market and savings134,349 136,989 133,176 135,923 137,914 
Time deposits37,952 38,458 41,859 43,561 42,148 
Total deposits387,778 385,411 394,265 395,865 400,024 
Short-term borrowings20,859 22,816 26,329 24,828 23,485 
Long-term debt36,770 34,616 39,071 38,918 41,232 
Other liabilities12,331 13,183 13,119 12,946 12,962 
Liabilities of discontinued operations— — 3,122 3,539 2,997 
Total liabilities457,738 456,026 475,906 476,096 480,700 
Shareholders’ Equity:
Preferred stock6,673 6,673 6,673 6,673 6,673 
Common stock6,638 6,691 6,690 6,669 6,668 
Additional paid-in capital 36,020 36,364 36,197 36,177 36,114 
Retained earnings23,248 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’ equity65,696 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.

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Average Balances and Rates - Quarters
 Quarter Ended
 September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 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 GSE103,374 711 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 subdivisions417 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 
Other18 1 5.18 18 — 5.29 19 — 5.35 20 — 5.47 20 1 5.55 
Total securities117,172 870 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 industrial154,102 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 
CRE21,481 373 6.88 21,969 381 6.93 22,400 389 6.95 22,755 400 6.94 22,812 396 6.85 
Commercial construction7,870 152 7.79 7,645 147 7.85 7,134 137 7.83 6,515 127 7.84 6,194 120 7.83 
Consumer:
Residential mortgage53,999 525 3.89 54,490 525 3.86 55,070 528 3.84 55,658 532 3.83 56,135 532 3.79 
Home equity9,703 196 8.04 9,805 195 8.02 9,930 196 7.92 10,104 199 7.80 10,243 196 7.61 
Indirect auto22,121 399 7.18 22,016 381 6.95 22,374 372 6.69 23,368 381 6.46 24,872 386 6.16 
Other consumer29,015 603 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 card4,874 150 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 investment303,165 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 sale1,413 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 leases304,578 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 assets5,454 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 assets466,137 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 assets53,278 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 savings136,639 914 2.66 135,264 873 2.60 134,696 832 2.49 137,464 843 2.43 139,961 829 2.35 
Time deposits37,726 368 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 deposits278,264 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 borrowings20,781 282 5.41 26,016 362 5.58 26,230 366 5.62 24,958 354 5.62 24,894 343 5.47 
Long-term debt35,318 454 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 liabilities334,363 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 deposits106,080 107,634 108,888 114,555 118,905 
Other liabilities13,631 13,318 12,885 12,433 11,699 
Liabilities of discontinued operations— 1,120 3,097 3,218 3,408 
Shareholders’ equity65,341 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 spread2.20 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 adjustment55 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.

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Average Balances and Rates - Year-To-Date
 Year-to-Date
 September 30, 2024September 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 GSE109,654 2,166 2.63 123,060 2,085 2.26 
States and political subdivisions419 12 4.14 424 13 4.12 
Non-agency mortgage-backed1,712 37 2.85 3,846 67 2.33 
Other18 1 5.28 23 1 5.34 
Total securities123,518 2,515 2.72 138,726 2,268 2.18 
Loans and leases:
Commercial:
Commercial and industrial156,501 7,604 6.49 165,231 7,732 6.26 
CRE21,948 1,143 6.92 22,736 1,135 6.64 
Commercial construction7,551 436 7.82 5,994 332 7.54 
Consumer:
Residential mortgage54,518 1,578 3.86 56,291 1,589 3.76 
Home equity9,812 587 7.99 10,483 566 7.22 
Indirect auto22,170 1,152 6.94 26,381 1,182 5.99 
Other consumer28,545 1,745 8.17 28,242 1,500 7.10 
Student— — — 3,280 170 6.92 
Credit card4,900 444 12.10 4,836 416 11.51 
Total loans and leases held for investment305,945 14,689 6.41 323,474 14,622 6.04 
Loans held for sale1,241 61 6.49 1,727 81 6.25 
Total loans and leases307,186 14,750 6.41 325,201 14,703 6.04 
Interest earning trading assets5,272 247 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 assets472,237 19,048 5.38 498,149 18,348 4.92 
Nonearning assets50,114 51,913 
Assets of discontinued operations3,396 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 savings135,537 2,619 2.58 139,305 1,991 1.91 
Time deposits40,295 1,252 4.15 35,189 970 3.68 
Total interest-bearing deposits279,609 5,994 2.86 278,547 4,510 2.16 
Short-term borrowings24,329 1,010 5.55 24,317 932 5.13 
Long-term debt37,579 1,382 4.90 52,663 1,739 4.41 
Total interest-bearing liabilities341,517 8,386 3.28 355,527 7,181 2.70 
Noninterest-bearing deposits107,529 124,533 
Other liabilities13,278 11,265 
Liabilities of discontinued operations1,401 3,181 
Shareholders’ equity62,022 63,168 
Total liabilities and shareholders’ equity$525,747 $557,674 
Average interest-rate spread2.10 2.22 
Net interest income/ net interest margin$10,662 3.01 %$11,167 2.99 %
Taxable-equivalent adjustment161 162 
Memo: Total deposits$387,138 5,994 2.07 %$403,080 4,510 1.50 %
(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.
- 5 -

Credit Quality
 Sept. 30June 30March 31Dec. 31Sept. 30
(Dollars in millions)20242024202420232023
Nonperforming Assets     
Nonaccrual loans and leases:     
Commercial:     
Commercial and industrial$575 $459 $512 $470 $561 
CRE302 360 261 284 289 
Commercial construction1 — 23 24 29 
Consumer:
Residential mortgage156 161 151 153 132 
Home equity118 123 130 122 123 
Indirect auto252 244 256 268 266 
Other consumer63 64 61 59 52 
Total nonaccrual loans and leases held for investment1,467 1,411 1,394 1,380 1,452 
Loans held for sale5 9 22 51 75 
Total nonaccrual loans and leases1,472 1,420 1,416 1,431 1,527 
Foreclosed real estate3 5 4 3 3 
Other foreclosed property53 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 guaranteed394 375 408 418 456 
Residential mortgage - nonguaranteed39 27 33 21 30 
Home equity7 7 10 11 9 
Indirect auto— 1 1 2 1 
Other consumer22 19 18 21 16 
Credit card51 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 
CRE10 8 21 5 28 
Commercial construction4 — — — 1 
Consumer:
Residential mortgage - government guaranteed305 340 286 326 293 
Residential mortgage - nonguaranteed366 392 352 313 270 
Home equity63 58 59 70 61 
Indirect auto596 592 540 669 598 
Other consumer233 214 226 271 219 
Credit card76 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. 30June 30March 31Dec. 31Sept. 30
 20242024202420232023
Asset Quality Ratios     
Loans 30-89 days past due and still accruing as a percentage of loans and leases0.58 %0.59 %0.56 %0.63 %0.52 %
Loans 90 days or more past due and still accruing as a percentage of loans and leases0.17 0.16 0.18 0.17 0.18 
Nonperforming loans and leases as a percentage of loans and leases held for investment0.48 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 property0.50 0.48 0.47 0.46 0.48 
Net charge-offs as a percentage of average loans and leases0.55 0.58 0.64 0.57 0.51 
Allowance for loan and lease losses as a percentage of loans and leases1.60 1.57 1.56 1.54 1.49 
Ratio of allowance for loan and lease losses to:
Net charge-offs2.9X2.7X2.4X2.7X2.9X
Nonperforming loans and leases3.3X3.4X3.4X3.5X3.2X
Asset Quality Ratios (Excluding Government Guaranteed)
Loans 90 days or more past due and still accruing as a percentage of loans and leases0.04 %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
    20242023
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   2.7X3.1X
Applicable ratios are annualized.
Applicable ratios are annualized.
(1)Includes loans held for sale.

- 7 -

As of/For the Quarter EndedAs of/For the Year-to-Date
 Sept. 30June 30March 31Dec. 31Sept. 30Period Ended Sept. 30
(Dollars in millions)2024202420242023202320242023
Allowance for Credit Losses     
Beginning balance$5,110 $5,100 $5,093 $4,970 $4,879 $5,093 $4,649 
Provision for credit losses448 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 industrial26 14 32 16 28 72 54 
CRE5 5 7 — 2 17 3 
Commercial construction1 1 — 2 — 2 1 
Consumer:
Residential mortgage1 2 1 1 1 4 5 
Home equity4 4 5 5 7 13 18 
Indirect auto38 30 28 25 25 96 82 
Other consumer26 28 28 21 20 82 57 
Credit card9 9 9 8 9 27 27 
Total recoveries110 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 EndedAs of/For the Year-to-Date
 Sept. 30June 30March 31Dec. 31Sept. 30Period Ended Sept. 30
 2024202420242023202320242023
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:     
Commercial and industrial0.18 %0.18 %0.17 %0.23 %0.17 %0.17 %0.18 %
CRE1.12 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 auto1.89 1.94 2.26 2.19 1.75 2.03 1.50 
Other consumer1.73 1.60 1.96 1.74 1.37 1.76 1.29 
Student— — — — — — 4.40 
Credit card5.04 5.33 5.54 4.38 3.78 5.31 3.66 
Total loans and leases0.55 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. 30June 30March 31Dec. 31Sept. 30
(Dollars in millions)20242024202420232023
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 losses353 309 303 359 259 
Noninterest income506 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 taxes1,136 1,170 1,221 (2,365)1,083 
Provision (benefit) for income taxes271 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 losses96 142 198 213 243 
Noninterest income1,047 986 977 874 897 
Goodwill impairment— — — 2,717 — 
Noninterest expense ex goodwill impairment(3)
1,236 1,268 1,332 1,715 1,353 
Income (loss) before income taxes1,360 1,261 1,129 (2,042)1,009 
Provision (benefit) for income taxes275 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 losses448 451 500 572 497 
Noninterest income1,483 (5,212)1,446 1,363 1,334 
Goodwill impairment— — — 6,078 — 
Noninterest expense ex goodwill impairment2,927 3,094 2,953 3,479 3,060 
Income (loss) before income taxes1,710 (5,230)1,365 (5,247)1,312 
Provision (benefit) for income taxes271 (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. 30June 30March 31Dec. 31Sept. 30
(Dollars in millions, except per share data, shares in thousands)20242024202420232023
Selected Capital Information(preliminary)    
Risk-based capital:     
Common equity tier 1$48,074 $47,706 $42,691 $42,671 $42,276 
Tier 154,744 54,376 49,361 49,341 48,946 
Total63,347 63,345 58,548 58,063 57,713 
Risk-weighted assets415,188 412,607 421,680 423,705 428,755 
Average quarterly assets for leverage ratio508,280 519,467 522,095 533,084 534,402 
Average quarterly assets for supplementary leverage ratio599,880 608,627 614,238 624,591 627,382 
Risk-based capital ratios:
Common equity tier 111.6 %11.6 %10.1 %10.1 %9.9 %
Tier 113.2 13.2 11.7 11.6 11.4 
Total15.3 15.4 13.9 13.7 13.5 
Leverage capital ratio10.8 10.5 9.5 9.3 9.2 
Supplementary leverage9.1 8.9 8.0 7.9 7.8 
Common equity per common share$44.46 $42.71 $38.97 $39.31 $41.37 
Sept. 30June 30March 31Dec. 31Sept. 30
(Dollars in millions, except per share data, shares in thousands)20242024202420232023
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity$65,696 $63,827 $59,053 $59,253 $62,007 
Less:
Preferred stock6,673 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 assets12.6 %12.3 %11.0 %11.1 %11.4 %
Tangible common equity as a percentage of tangible assets8.1 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.

- 10 -

Selected Mortgage Banking Information & Additional Information
 As of/For the Quarter Ended
Sept. 30June 30March 31Dec. 31Sept. 30
(Dollars in millions, except per share data)20242024202420232023
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 valuation80 72 88 85 85 
Net MSRs valuation(7)(12)(15)(13)(20)
Total residential mortgage servicing income73 60 73 72 65 
Total residential mortgage income98 84 90 86 84 
Commercial mortgage income:
Commercial mortgage production revenue6 4 5 5 17 
Commercial mortgage servicing income:
Commercial mortgage servicing income before MSR valuation3 7 3 3 3 
Net MSRs valuation(1)17 (1)— (2)
Total commercial mortgage servicing income2 24 2 3 1 
Total commercial mortgage income8 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 others221,143 208,270 210,635 213,399 214,953 
Bank-owned loans serviced54,281 54,903 55,255 55,669 56,679 
Total servicing portfolio275,424 263,173 265,890 269,068 271,632 
Weighted-average coupon rate on mortgage loans serviced for others3.62 %3.63 %3.59 %3.56 %3.51 %
Weighted-average servicing fee on mortgage loans serviced for others0.28 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 income12 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 
Low37.85 35.09 34.23 26.57 27.70 
End of period42.77 38.85 38.98 36.92 28.61 
Banking offices1,930 1,930 1,930 2,001 2,001 
ATMs2,928 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.
- 11 -


Selected Items(1)
 Favorable (Unfavorable)
(Dollars in millions, except per share data)
Description		Pre-TaxAfter-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.

- 12 -