EX-99.2 3 ex992-qpsx1q25.htm EX-99.2

Quarterly Performance Summary

Truist Financial Corporation

First Quarter 2025

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Table of Contents
Quarterly Performance Summary
Truist Financial Corporation
						Page
Financial Highlights						1
Consolidated Statements of Income						2
Consolidated Ending Balance Sheets						3
Average Balances and Rates						4
Credit Quality						5
Segment Financial Performance						7
Capital Information						8
Selected Mortgage Banking Information & Additional Information						9
Selected Items						10

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Financial Highlights

			Quarter Ended
(Dollars in millions, except per share data, shares in thousands)			March 31						Dec. 31						Sept. 30						June 30						March 31
			2025						2024						2024						2024						2024
Summary Income Statement
Interest income - taxable equivalent			$	6,036					$	6,230					$	6,407					$	6,404					$	6,237
Interest expense			2,481						2,589						2,750						2,824						2,812
Net interest income - taxable equivalent			3,555						3,641						3,657						3,580						3,425
Less: Taxable-equivalent adjustment			48						51						55						53						53
Net interest income			3,507						3,590						3,602						3,527						3,372
Provision for credit losses			458						471						448						451						500
Net interest income after provision for credit losses			3,049						3,119						3,154						3,076						2,872
Noninterest income			1,392						1,470						1,483						(5,212)						1,446
Noninterest expense			2,906						3,035						2,927						3,094						2,953
Income (loss) before income taxes			1,535						1,554						1,710						(5,230)						1,365
Provision (benefit) for income taxes			274						265						271						(1,324)						232
Net income (loss) from continuing operations			1,261						1,289						1,439						(3,906)						1,133
Net income (loss) from discontinued operations			—						(13)						3						4,828						67
Net income			1,261						1,276						1,442						922						1,200
Noncontrolling interests from discontinued operations			—						—						—						19						3
Preferred stock dividends and other			104						60						106						77						106
Net Income available to common shareholders			1,157						1,216						1,336						826						1,091
Net income available to common shareholders - adjusted(1)			1,158						1,211						1,307						1,235						1,216
Additional Income Statement Information
Revenue - taxable equivalent			4,947						5,111						5,140						(1,632)						4,871
Pre-provision net revenue - unadjusted(1)			2,041						2,076						2,213						(4,726)						1,918
Pre-provision net revenue - adjusted(1)			2,080						2,080						2,222						2,120						2,044
Key Metrics
Earnings:
Earnings per share-basic from continuing operations(2)			$	0.88					$	0.93					$	1.00					$	(2.98)					$	0.77
Earnings per share-basic			0.88						0.92						1.00						0.62						0.82
Earnings per share-diluted from continuing operations(2)			0.87						0.92						0.99						(2.98)						0.76
Earnings per share-diluted			0.87						0.91						0.99						0.62						0.81
Earnings per share-adjusted diluted(1)			0.87						0.91						0.97						0.91						0.90
Cash dividends declared per share			0.52						0.52						0.52						0.52						0.52
Common shareholders’ equity per share			44.85						43.90						44.46						42.71						38.97
Tangible common shareholders’ equity per share(1)			30.95						30.01						30.64						28.91						21.64
End of period shares outstanding			1,309,539						1,315,936						1,327,521						1,338,223						1,338,096
Weighted average shares outstanding-basic			1,307,457						1,317,017						1,334,212						1,338,149						1,335,091
Weighted average shares outstanding-diluted			1,324,339						1,333,701						1,349,129						1,338,149						1,346,904
Return on average assets			0.96		%				0.96		%				1.10		%				0.70		%				0.91		%
Return on average common shareholders’ equity			8.1						8.4						9.1						6.1						8.4
Return on average tangible common shareholders’ equity(1)			12.3						12.9						13.8						10.4						16.3
Net interest margin - taxable equivalent(2)			3.01						3.07						3.12						3.02						2.88
Efficiency ratio-unadjusted(1)(2)			59.3						60.0						57.5						NM						61.3
Efficiency ratio-adjusted(1)(2)			56.4						57.7						55.2						56.0						56.2
Fee income ratio-unadjusted(1)(2)			28.4						29.0						29.2						NM						30.0
Fee income ratio-adjusted(1)(2)			28.2						28.8						28.9						28.7						29.7
Credit Quality
Nonperforming loans and leases as a percentage of LHFI			0.48		%				0.47		%				0.48		%				0.46		%				0.45		%
Net charge-offs as a percentage of average LHFI			0.60						0.59						0.55						0.58						0.64
Allowance for loan and lease losses as a percentage of LHFI			1.58						1.59						1.60						1.57						1.56
Ratio of allowance for loan and lease losses to nonperforming LHFI			3.3x						3.4x						3.3x						3.4x						3.4x
Average Balances
Assets			$	531,630					$	527,013					$	519,415					$	526,894					$	531,002
Securities(3)			124,061						124,871						117,172						121,796						131,659
Loans and leases			307,528						304,609						304,578						307,583						309,426
Deposits			392,204						390,042						384,344						388,042						389,058
Common shareholders’ equity			58,125						57,754						58,667						54,863						52,167
Total shareholders’ equity			64,033						64,295						65,341						61,677						59,011
Period-End Balances
Assets			$	535,899					$	531,176					$	523,434					$	519,853					$	534,959
Securities(3)			117,888						118,104						115,606						108,416						119,419
Loans and leases			309,752						307,771						304,362						307,149						308,477
Deposits			403,736						390,524						387,778						385,411						394,265
Common shareholders’ equity			58,728						57,772						59,023						57,154						52,148
Total shareholders’ equity			64,635						63,679						65,696						63,827						59,053
Capital and Liquidity Ratios			(preliminary)
Common equity tier 1			11.3		%				11.5		%				11.6		%				11.6		%				10.1		%
Tier 1			12.7						12.9						13.2						13.2						11.7
Total			14.7						15.0						15.3						15.4						13.9
Leverage			10.3						10.5						10.8						10.5						9.5
Supplementary leverage			8.7						8.8						9.1						8.9						8.0
Liquidity coverage ratio			111						109						112						110						115

Applicable ratios are annualized.

(1)Represents a non-GAAP measure. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the appendix to Truist’s First Quarter 2025 Earnings Presentation.

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

(3)Includes AFS and HTM securities. Average balances reflect AFS and HTM securities at amortized cost. Period-end balances reflect AFS securities at fair value and HTM securities at amortized cost.

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Consolidated Statements of Income

			Quarter Ended
			March 31						Dec. 31						Sept. 30						June 30						March 31
(Dollars in millions, except per share data, shares in thousands)			2025						2024						2024						2024						2024
Interest Income
Interest and fees on loans and leases			$	4,493					$	4,634					$	4,852					$	4,879					$	4,865
Interest on securities			975						994						869						838						805
Interest on other earning assets			520						551						631						634						514
Total interest income			5,988						6,179						6,352						6,351						6,184
Interest Expense
Interest on deposits			1,736						1,855						2,014						2,016						1,964
Interest on long-term debt			409						431						454						446						482
Interest on other borrowings			336						303						282						362						366
Total interest expense			2,481						2,589						2,750						2,824						2,812
Net Interest Income			3,507						3,590						3,602						3,527						3,372
Provision for credit losses			458						471						448						451						500
Net Interest Income After Provision for Credit Losses			3,049						3,119						3,154						3,076						2,872
Noninterest Income
Wealth management income			344						345						350						361						356
Investment banking and trading income			273						262						332						286						323
Card and payment related fees			220						231						222						230						224
Service charges on deposits			230						237						221						232						225
Mortgage banking income			108						117						106						112						97
Lending related fees			95						93						88						89						96
Operating lease income			53						47						49						50						59
Securities gains (losses)			(1)						(1)						—						(6,650)						—
Other income			70						139						115						78						66
Total noninterest income			1,392						1,470						1,483						(5,212)						1,446
Noninterest Expense
Personnel expense			1,587						1,587						1,628						1,661						1,630
Professional fees and outside processing			364						415						336						308						278
Software expense			230						232						222						218						224
Net occupancy expense			163						179						157						160						160
Equipment expense			82						112						84						89						88
Amortization of intangibles			75						84						84						89						88
Marketing and customer development			75						74						75						63						56
Operating lease depreciation			35						36						34						34						40
Regulatory costs			69						56						51						85						152
Restructuring charges			38						11						25						33						51
Other expense			188						249						231						354						186
Total noninterest expense			2,906						3,035						2,927						3,094						2,953
Earnings
Income (loss) before income taxes			1,535						1,554						1,710						(5,230)						1,365
Provision (benefit) for income taxes			274						265						271						(1,324)						232
Net income (loss) from continuing operations			1,261						1,289						1,439						(3,906)						1,133
Net income from discontinued operations			—						(13)						3						4,828						67
Net income			1,261						1,276						1,442						922						1,200
Noncontrolling interests from discontinuing operations			—						—						—						19						3
Preferred stock dividends and other			104						60						106						77						106
Net income available to common shareholders			$	1,157					$	1,216					$	1,336					$	826					$	1,091
Earnings Per Common Share
Basic earnings from continuing operations			$	0.88					$	0.93					$	1.00					$	(2.98)					$	0.77
Basic earnings			0.88						0.92						1.00						0.62						0.82
Diluted earnings from continuing operations			0.87						0.92						0.99						(2.98)						0.76
Diluted earnings			0.87						0.91						0.99						0.62						0.81
Weighted Average Shares Outstanding
Basic			1,307,457						1,317,017						1,334,212						1,338,149						1,335,091
Diluted			1,324,339						1,333,701						1,349,129						1,338,149						1,346,904

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Consolidated Ending Balance Sheets - Five Quarter Trend

			March 31						Dec. 31						Sept. 30						June 30						March 31
(Dollars in millions)			2025						2024						2024						2024						2024
Assets
Cash and due from banks			$	5,996					$	5,793					$	5,229					$	5,204					$	5,040
Interest-bearing deposits with banks			36,175						33,975						34,411						35,675						29,510
Securities borrowed or purchased under resale agreements			2,810						2,550						2,973						2,338						2,091
Trading assets at fair value			5,838						5,100						5,209						5,558						5,268
Securities available for sale at fair value			68,012						67,464						64,111						55,969						66,050
Securities held to maturity at amortized cost			49,876						50,640						51,495						52,447						53,369
Loans and leases:
Commercial:
Commercial and industrial			156,679						154,848						153,925						156,400						157,669
CRE			19,578						20,363						20,912						21,730						22,142
Commercial construction			8,766						8,520						7,980						7,787						7,472
Consumer:
Residential mortgage			56,099						55,599						53,963						54,344						54,886
Home equity			9,523						9,642						9,680						9,772						9,825
Indirect auto			23,628						23,089						22,508						21,994						22,145
Other consumer			29,537						29,395						29,282						28,677						28,096
Credit card			4,828						4,927						4,834						4,988						4,989
Total loans and leases held for investment			308,638						306,383						303,084						305,692						307,224
Loans held for sale			1,114						1,388						1,278						1,457						1,253
Total loans and leases			309,752						307,771						304,362						307,149						308,477
Allowance for loan and lease losses			(4,870)						(4,857)						(4,842)						(4,808)						(4,803)
Premises and equipment			3,168						3,225						3,251						3,244						3,274
Goodwill			17,125						17,125						17,125						17,157						17,157
Core deposit and other intangible assets			1,473						1,550						1,635						1,729						1,816
Loan servicing rights at fair value			3,628						3,708						3,499						3,410						3,417
Other assets			36,916						37,132						34,976						34,781						36,521
Assets of discontinued operations(1)			—						—						—						—						7,772
Total assets			$	535,899					$	531,176					$	523,434					$	519,853					$	534,959
Liabilities
Deposits:
Noninterest-bearing deposits			$	108,461					$	107,451					$	105,984					$	107,310					$	110,901
Interest checking			118,043						109,042						109,493						102,654						108,329
Money market and savings			136,777						137,307						134,349						136,989						133,176
Time deposits			40,455						36,724						37,952						38,458						41,859
Total deposits			403,736						390,524						387,778						385,411						394,265
Short-term borrowings			23,730						29,205						20,859						22,816						26,329
Long-term debt			32,030						34,956						36,770						34,616						39,071
Other liabilities			11,768						12,812						12,331						13,183						13,119
Liabilities of discontinued operations			—						—						—						—						3,122
Total liabilities			471,264						467,497						457,738						456,026						475,906
Shareholders’ Equity:
Preferred stock			5,907						5,907						6,673						6,673						6,673
Common stock			6,548						6,580						6,638						6,691						6,690
Additional paid-in capital			35,178						35,628						36,020						36,364						36,197
Retained earnings			24,252						23,777						23,248						22,603						22,483
Accumulated other comprehensive loss			(7,250)						(8,213)						(6,883)						(8,504)						(13,222)
Noncontrolling interests			—						—						—						—						232
Total shareholders’ equity			64,635						63,679						65,696						63,827						59,053
Total liabilities and shareholders’ equity			$	535,899					$	531,176					$	523,434					$	519,853					$	534,959

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

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Average Balances and Rates - Quarters

			Quarter Ended
			March 31, 2025												December 31, 2024												September 30, 2024												June 30, 2024												March 31, 2024
(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			$	14,867		$	191		5.19		%				$	14,387		$	196		5.40		%				$	12,986		$	151		4.65		%				$	11,138		$	101		3.66		%				$	9,853		$	37		1.49		%
U.S. government-sponsored entities (GSE)			462			4			3.75						412			3			3.42						377			4			3.41						382			3			3.27						389			3			3.40
Mortgage-backed securities issued by GSE			108,345			777			2.87						109,644			792			2.89						103,374			711			2.75						108,358			720			2.66						117,301			735			2.51
States and political subdivisions			370			4			4.20						411			5			4.14						417			3			4.14						420			5			4.14						421			4			4.15
Non-agency mortgage-backed			—			—			—						—			—			—						—			—			—						1,480			10			2.56						3,676			27			2.95
Other			17			—			4.72						17			—			5.16						18			1			5.18						18			—			5.29						19			—			5.35
Total securities			124,061			976			3.16						124,871			996			3.19						117,172			870			2.97						121,796			839			2.76						131,659			806			2.45
Loans and leases:
Commercial:
Commercial and industrial			155,214			2,184			5.70						153,209			2,293			5.95						154,102			2,482			6.41						157,043			2,550			6.53						158,385			2,572			6.53
CRE			19,832			302			6.12						20,504			337			6.47						21,481			373			6.88						21,969			381			6.93						22,400			389			6.95
Commercial construction			8,734			145			6.84						8,261			147			7.26						7,870			152			7.79						7,645			147			7.85						7,134			137			7.83
Consumer:
Residential mortgage			55,658			562			4.04						54,390			536			3.94						53,999			525			3.89						54,490			525			3.86						55,070			528			3.84
Home equity			9,569			177			7.48						9,675			189			7.78						9,703			196			8.04						9,805			195			8.02						9,930			196			7.92
Indirect auto			23,248			412			7.19						22,790			411			7.19						22,121			399			7.18						22,016			381			6.95						22,374			372			6.69
Other consumer			29,291			602			8.33						29,355			606			8.21						29,015			603			8.26						28,326			581			8.25						28,285			561			7.98
Credit card			4,849			138			11.60						4,926			143			11.54						4,874			150			12.20						4,905			148			12.14						4,923			146			11.96
Total loans and leases held for investment			306,395			4,522			5.97						303,110			4,662			6.12						303,165			4,880			6.41						306,199			4,908			6.44						308,501			4,901			6.38
Loans held for sale			1,133			17			5.93						1,499			21			5.87						1,413			24			6.49						1,384			22			6.56						925			15			6.38
Total loans and leases			307,528			4,539			5.97						304,609			4,683			6.12						304,578			4,904			6.41						307,583			4,930			6.44						309,426			4,916			6.38
Interest earning trading assets			5,628			80			5.72						5,462			79			5.86						5,454			84			6.05						5,515			84			6.11						4,845			79			6.50
Other earning assets(3)			38,997			441			4.53						37,697			472			4.91						38,933			549			5.54						39,250			551			5.56						30,567			436			5.74
Total earning assets			476,214			6,036			5.12						472,639			6,230			5.25						466,137			6,407			5.47						474,144			6,404			5.42						476,497			6,237			5.25
Nonearning assets			55,416												54,374												53,278												50,109												46,921
Assets of discontinued operations			—												—												—												2,641												7,584
Total assets			$	531,630											$	527,013											$	519,415											$	526,894											$	531,002
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking			$	109,208		640			2.37						$	107,075		679			2.52						$	103,899		732			2.80						$	103,894		707			2.74						$	103,537		684			2.65
Money market and savings			136,897			743			2.20						138,242			838			2.41						136,639			914			2.66						135,264			873			2.60						134,696			832			2.49
Time deposits			40,204			353			3.56						36,757			338			3.66						37,726			368			3.88						41,250			436			4.24						41,937			448			4.30
Total interest-bearing deposits			286,309			1,736			2.46						282,074			1,855			2.62						278,264			2,014			2.88						280,408			2,016			2.89						280,170			1,964			2.82
Short-term borrowings			30,332			336			4.49						25,006			303			4.81						20,781			282			5.41						26,016			362			5.58						26,230			366			5.62
Long-term debt			32,418			409			5.05						34,133			431			5.06						35,318			454			5.13						36,721			446			4.87						40,721			482			4.74
Total interest-bearing liabilities			349,059			2,481			2.88						341,213			2,589			3.02						334,363			2,750			3.27						343,145			2,824			3.31						347,121			2,812			3.26
Noninterest-bearing deposits			105,895												107,968												106,080												107,634												108,888
Other liabilities			12,643												13,537												13,631												13,318												12,885
Liabilities of discontinued operations			—												—												—												1,120												3,097
Shareholders’ equity			64,033												64,295												65,341												61,677												59,011
Total liabilities and shareholders’ equity			$	531,630											$	527,013											$	519,415											$	526,894											$	531,002
Average interest-rate spread									2.24												2.23												2.20												2.11												1.99
Net interest income/ net interest margin						$	3,555		3.01		%							$	3,641		3.07		%							$	3,657		3.12		%							$	3,580		3.02		%							$	3,425		2.88		%
Taxable-equivalent adjustment						48												51												55												53												53
Memo: Total deposits			$	392,204		1,736			1.79		%				$	390,042		1,855			1.89		%				$	384,344		2,014			2.08		%				$	388,042		2,016			2.09		%				$	389,058		1,964			2.03		%

(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.

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

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

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Credit Quality

						March 31						Dec. 31						Sept. 30						June 30						March 31
(Dollars in millions)						2025						2024						2024						2024						2024
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial						$	586					$	521					$	575					$	459					$	512
CRE						294						298						302						360						261
Commercial construction						2						3						1						—						23
Consumer:
Residential mortgage						179						166						156						161						151
Home equity						114						116						118						123						130
Indirect auto						248						259						252						244						256
Other consumer						65						66						63						64						61
Total nonaccrual loans and leases held for investment						1,488						1,429						1,467						1,411						1,394
Loans held for sale						77						—						5						9						22
Total nonaccrual loans and leases						1,565						1,429						1,472						1,420						1,416
Foreclosed real estate						4						3						3						5						4
Other foreclosed property						49						45						53						51						56
Total nonperforming assets						$	1,618					$	1,477					$	1,528					$	1,476					$	1,476
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial						$	5					$	19					$	5					$	8					$	12
CRE						—						1						—						—						—
Commercial construction						—						—						—						1						—
Consumer:
Residential mortgage - government guaranteed						468						430						394						375						408
Residential mortgage - nonguaranteed						62						51						39						27						33
Home equity						6						9						7						7						10
Indirect auto						—						—						—						1						1
Other consumer						23						23						22						19						18
Credit card						52						54						51						51						56
Total loans 90 days past due and still accruing						$	616					$	587					$	518					$	489					$	538
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial						$	118					$	168					$	116					$	109					$	158
CRE						12						60						10						8						21
Commercial construction						—						3						4						—						—
Consumer:
Residential mortgage - government guaranteed						284						318						305						340						286
Residential mortgage - nonguaranteed						347						401						366						392						352
Home equity						57						60						63						58						59
Indirect auto						484						622						596						592						540
Other consumer						246						236						233						214						226
Credit card						71						81						76						78						74
Total loans 30-89 days past due						$	1,619					$	1,949					$	1,769					$	1,791					$	1,716

						As of/For the Quarter Ended
						March 31						Dec. 31						Sept. 30						June 30						March 31
						2025						2024						2024						2024						2024
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases						0.52		%				0.64		%				0.58		%				0.59		%				0.56		%
Loans 90 days or more past due and still accruing as a percentage of loans and leases						0.20						0.19						0.17						0.16						0.18
Nonperforming loans and leases as a percentage of loans and leases held for investment						0.48						0.47						0.48						0.46						0.45
Nonperforming loans and leases as a percentage of loans and leases(1)						0.51						0.46						0.48						0.46						0.46
Nonperforming assets as a percentage of:
Total assets(1)						0.30						0.28						0.29						0.28						0.28
Loans and leases plus foreclosed property						0.50						0.48						0.50						0.48						0.47
Net charge-offs as a percentage of average loans and leases						0.60						0.59						0.55						0.58						0.64
Allowance for loan and lease losses as a percentage of loans and leases						1.58						1.59						1.60						1.57						1.56
Ratio of allowance for loan and lease losses to:
Net charge-offs						2.6X						2.7X						2.9X						2.7X						2.4X
Nonperforming loans and leases						3.3X						3.4X						3.3X						3.4X						3.4X
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		%				0.05		%				0.04		%				0.04		%				0.04		%
Applicable ratios are annualized.
(1)Includes loans held for sale.

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						As of/For the Quarter Ended
						March 31						Dec. 31						Sept. 30						June 30						March 31
(Dollars in millions)						2025						2024						2024						2024						2024
Allowance for Credit Losses
Beginning balance						$	5,161					$	5,140					$	5,110					$	5,100					$	5,093
Provision for credit losses						458						471						448						451						500
Charge-offs:
Commercial:
Commercial and industrial						(102)						(119)						(96)						(83)						(97)
CRE						(70)						(51)						(65)						(97)						(103)
Consumer:
Residential mortgage						(1)						(1)						—						(1)						(1)
Home equity						(2)						(2)						(1)						(3)						(3)
Indirect auto						(154)						(158)						(143)						(136)						(154)
Other consumer						(154)						(148)						(152)						(141)						(165)
Credit card						(74)						(74)						(71)						(74)						(77)
Total charge-offs						(557)						(553)						(528)						(535)						(600)
Recoveries:
Commercial:
Commercial and industrial						24						15						26						14						32
CRE						7						17						5						5						7
Commercial construction						—						—						1						1						—
Consumer:
Residential mortgage						2						2						1						2						1
Home equity						4						3						4						4						5
Indirect auto						25						24						38						30						28
Other consumer						30						28						26						28						28
Credit card						11						11						9						9						9
Total recoveries						103						100						110						93						110
Net charge-offs						(454)						(453)						(418)						(442)						(490)
Other						1						3						—						1						(3)
Ending balance						$	5,166					$	5,161					$	5,140					$	5,110					$	5,100
Allowance for Credit Losses:
Allowance for loan and lease losses						$	4,870					$	4,857					$	4,842					$	4,808					$	4,803
Reserve for unfunded lending commitments (RUFC)						296						304						298						302						297
Allowance for credit losses						$	5,166					$	5,161					$	5,140					$	5,110					$	5,100

						Quarter Ended
						March 31						Dec. 31						Sept. 30						June 30						March 31
						2025						2024						2024						2024						2024
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial						0.20		%				0.27		%				0.18		%				0.18		%				0.17		%
CRE						1.29						0.66						1.12						1.67						1.73
Commercial construction						(0.02)						(0.02)						(0.01)						(0.05)						(0.02)
Consumer:
Residential mortgage						—						(0.01)						(0.01)						(0.01)						—
Home equity						(0.07)						(0.07)						(0.11)						(0.03)						(0.08)
Indirect auto						2.26						2.33						1.89						1.94						2.26
Other consumer						1.71						1.63						1.73						1.60						1.96
Credit card						5.21						5.10						5.04						5.33						5.54
Total loans and leases						0.60						0.59						0.55						0.58						0.64
Applicable ratios are annualized.

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Segment Financial Performance - Preliminary

						Quarter Ended
						March 31						Dec. 31						Sept. 30						June 30						March 31
(Dollars in millions)						2025						2024						2024						2024						2024
Consumer and Small Business Banking(1)
Net interest income (expense)						$	1,426					$	1,390					$	1,346					$	1,291					$	1,267
Net intersegment interest income (expense)						858						1,106						1,184						1,216						1,210
Segment net interest income (expense)						2,284						2,496						2,530						2,507						2,477
Allocated provision for credit losses						328						347						353						308						313
Noninterest income						503						535						506						503						497
Personnel expense						408						406						398						417						405
Amortization of intangibles						39						45						45						45						46
Restructuring charges						—						1						1						1						1
Other direct noninterest expense						275						308						298						265						244
Direct noninterest expense						722						760						742						728						696
Expense allocations						941						981						920						934						890
Total noninterest expense						1,663						1,741						1,662						1,662						1,586
Income (loss) before income taxes						796						943						1,021						1,040						1,075
Provision (benefit) for income taxes						194						226						244						249						259
Segment net income (loss)						$	602					$	717					$	777					$	791					$	816
Wholesale Banking(1)
Net interest income (expense)						$	1,892					$	1,976					$	2,102					$	2,182					$	2,231
Net intersegment interest income (expense)						(299)						(376)						(515)						(559)						(615)
Segment net interest income (expense)						1,593						1,600						1,587						1,623						1,616
Allocated provision for credit losses						131						123						96						142						188
Noninterest income						949						1,038						1,048						987						980
Personnel expense						548						553						569						586						580
Amortization of intangibles						36						39						39						41						42
Restructuring charges						1						4						9						9						7
Other direct noninterest expense						192						206						182						186						176
Direct noninterest expense						777						802						799						822						805
Expense allocations						524						497						437						447						528
Total noninterest expense						1,301						1,299						1,236						1,269						1,333
Income (loss) before income taxes						1,110						1,216						1,303						1,199						1,075
Provision (benefit) for income taxes						222						241						262						239						209
Segment net income (loss)						$	888					$	975					$	1,041					$	960					$	866
Other, Treasury & Corporate(1)(2)
Net interest income (expense)						$	189					$	224					$	154					$	54					$	(126)
Net intersegment interest income (expense)						(559)						(730)						(669)						(657)						(595)
Segment net interest income (expense)						(370)						(506)						(515)						(603)						(721)
Allocated provision for credit losses						(1)						1						(1)						1						(1)
Noninterest income						(60)						(103)						(71)						(6,702)						(31)
Personnel expense						631						628						661						658						645
Amortization of intangibles						—						—						—						3						—
Restructuring charges						37						6						15						23						43
Other direct noninterest expense						739						839						710						860						764
Direct Noninterest Expense						1,407						1,473						1,386						1,544						1,452
Expense Allocations						(1,465)						(1,478)						(1,357)						(1,381)						(1,418)
Total noninterest expense						(58)						(5)						29						163						34
Income (loss) before income taxes						(371)						(605)						(614)						(7,469)						(785)
Provision (benefit) for income taxes						(142)						(202)						(235)						(1,812)						(236)
Segment net income (loss)						$	(229)					$	(403)					$	(379)					$	(5,657)					$	(549)
Total Truist Financial Corporation
Net interest income (expense)						$	3,507					$	3,590					$	3,602					$	3,527					$	3,372
Net intersegment interest income (expense)						—						—						—						—						—
Segment net interest income (expense)						3,507						3,590						3,602						3,527						3,372
Allocated provision for credit losses						458						471						448						451						500
Noninterest income						1,392						1,470						1,483						(5,212)						1,446
Personnel expense						1,587						1,587						1,628						1,661						1,630
Amortization of intangibles						75						84						84						89						88
Restructuring charges						38						11						25						33						51
Other direct noninterest expense						1,206						1,353						1,190						1,311						1,184
Direct Noninterest Expense						2,906						3,035						2,927						3,094						2,953
Expense Allocations						—						—						—						—						—
Total noninterest expense						2,906						3,035						2,927						3,094						2,953
Income (loss) before income taxes						1,535						1,554						1,710						(5,230)						1,365
Provision (benefit) for income taxes						274						265						271						(1,324)						232
Net income (loss) from continuing operations						$	1,261					$	1,289					$	1,439					$	(3,906)					$	1,133

(1)In the first quarter of 2025, deposit expense allocation methodology was enhanced to reflect methodology changes to funds transfer pricing and internal equity allocations. Prior period results have been revised to align to the current allocation methodology, which was not considered material to the Company’s results.

(2)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
						March 31						Dec. 31						Sept. 30						June 30						March 31
(Dollars in millions, except per share data, shares in thousands)						2025						2024						2024						2024						2024
Selected Capital Information						(preliminary)
Risk-based capital:
Common equity tier 1						$	47,774					$	48,225					$	48,076					$	47,706					$	42,691
Tier 1						53,677						54,128						54,746						54,376						49,361
Total						62,353						62,583						63,349						63,345						58,548
Risk-weighted assets						424,076						418,337						414,828						412,607						421,680
Average quarterly assets for leverage ratio						519,986						515,830						508,280						519,467						522,095
Average quarterly assets for supplementary leverage ratio						619,886						612,764						600,000						608,627						614,238
Risk-based capital ratios:
Common equity tier 1						11.3		%				11.5		%				11.6		%				11.6		%				10.1		%
Tier 1						12.7						12.9						13.2						13.2						11.7
Total						14.7						15.0						15.3						15.4						13.9
Leverage capital ratio						10.3						10.5						10.8						10.5						9.5
Supplementary leverage						8.7						8.8						9.1						8.9						8.0
Common equity per common share						$	44.85					$	43.90					$	44.46					$	42.71					$	38.97
						March 31						Dec. 31						Sept. 30						June 30						March 31
(Dollars in millions, except per share data, shares in thousands)						2025						2024						2024						2024						2024
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity						$	64,635					$	63,679					$	65,696					$	63,827					$	59,053
Less:
Preferred stock						5,907						5,907						6,673						6,673						6,673
Noncontrolling interests						—						—						—						—						232
Intangible assets, net of deferred taxes (including discontinued operations)						18,203						18,274						18,350						18,471						23,198
Tangible common equity						$	40,525					$	39,498					$	40,673					$	38,683					$	28,950
Outstanding shares at end of period (in thousands)						1,309,539						1,315,936						1,327,521						1,338,223						1,338,096
Tangible common equity per common share						$	30.95					$	30.01					$	30.64					$	28.91					$	21.64
Total assets						$	535,899					$	531,176					$	523,434					$	519,853					$	534,959
Less: Intangible assets, net of deferred taxes (including discontinued operations prior to the sale of TIH)						18,203						18,274						18,350						18,471						23,198
Tangible assets						$	517,696					$	512,902					$	505,084					$	501,382					$	511,761
Equity as a percentage of total assets						12.1		%				12.0		%				12.6		%				12.3		%				11.0		%
Tangible common equity as a percentage of tangible assets						7.8						7.7						8.1						7.7						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
						March 31						Dec. 31						Sept. 30						June 30						March 31
(Dollars in millions, except per share data)						2025						2024						2024						2024						2024
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue						$	19					$	25					$	25					$	24					$	17
Residential mortgage servicing income:
Residential mortgage servicing income before MSR valuation						87						83						80						72						88
Net MSRs valuation						(4)						(5)						(7)						(12)						(15)
Total residential mortgage servicing income						83						78						73						60						73
Total residential mortgage income						102						103						98						84						90
Commercial mortgage income:
Commercial mortgage production revenue						2						12						6						4						5
Commercial mortgage servicing income:
Commercial mortgage servicing income before MSR valuation						4						4						3						7						3
Net MSRs valuation						—						(2)						(1)						17						(1)
Total commercial mortgage servicing income						4						2						2						24						2
Total commercial mortgage income						6						14						8						28						7
Total mortgage banking income						$	108					$	117					$	106					$	112					$	97
Other Mortgage Banking Information
Residential mortgage loan originations						$	3,626					$	4,745					$	3,726					$	3,881					$	2,412
Residential mortgage servicing portfolio:(1)
Loans serviced for others						216,148						218,475						221,143						208,270						210,635
Bank-owned loans serviced						55,120						54,937						54,281						54,903						55,255
Total servicing portfolio						271,268						273,412						275,424						263,173						265,890
Weighted-average coupon rate on mortgage loans serviced for others						3.68		%				3.65		%				3.62		%				3.63		%				3.59		%
Weighted-average servicing fee on mortgage loans serviced for others						0.28						0.28						0.28						0.28						0.28
Additional Information
Brokered deposits(2)						$	27,585					$	28,085					$	27,671					$	27,384					$	30,650
NQDCP income (expense):(3)
Interest income						$	—					$	4					$	1					$	—					$	1
Other income						(6)						(2)						12						4						15
Personnel expense						6						(2)						(13)						(4)						(16)
Total NQDCP income (expense)						$	—					$	—					$	—					$	—					$	—
Common stock prices:
High						$	48.53					$	49.06					$	45.31					$	40.51					$	39.29
Low						39.41						41.08						37.85						35.09						34.23
End of period						41.15						43.38						42.77						38.85						38.98
Banking offices						1,928						1,928						1,930						1,930						1,930
ATMs						2,861						2,901						2,928						2,942						2,947
FTEs(4)						37,529						37,661						37,867						41,368						49,218
FTEs - continuing operations(4)						37,529						37,661						37,867						38,140						39,417

(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
First Quarter 2025
Restructuring charges			$	(38)					$	(29)					$	(0.02)
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)

(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 First Quarter 2025 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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