EX-99.2 3 ex992-qpsx1q24.htm EX-99.2 Document














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Quarterly Performance Summary
Truist Financial Corporation
First 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
Credit Quality
Segment Financial Performance
Capital Information
Selected Mortgage Banking Information & Additional Information
Selected Items



Financial Highlights
Quarter Ended
(Dollars in millions, except per share data, shares in thousands)March 31Dec. 31Sept. 30June 30March 31
20242023202320232023
Summary Income Statement
Interest income - taxable equivalent$6,237 $6,324 $6,284 $6,229 $5,835 
Interest expense2,812 2,747 2,692 2,572 1,917 
Net interest income - taxable equivalent3,425 3,577 3,592 3,657 3,918 
Less: Taxable-equivalent adjustment53 58 57 54 51 
Net interest income3,372 3,519 3,535 3,603 3,867 
Provision for credit losses500 572 497 538 502 
Net interest income after provision for credit losses2,872 2,947 3,038 3,065 3,365 
Noninterest income1,446 1,363 1,334 1,380 1,421 
Noninterest expense2,953 9,557 3,060 3,046 3,015 
Income (loss) before income taxes1,365 (5,247)1,312 1,399 1,771 
Provision (benefit) for income taxes232 (56)203 230 361 
Net income (loss) from continuing operations(1)
1,133 (5,191)1,109 1,169 1,410 
Net income (loss) from discontinued operations(1)
67 101 74 176 105 
Net income (loss)1,200 (5,090)1,183 1,345 1,515 
Noncontrolling interests from discontinued operations(1)
3 — 6 36 2 
Preferred stock dividends and other106 77 106 75 103 
Net income (loss) available to common shareholders1,091 (5,167)1,071 1,234 1,410 
Net income available to common shareholders - adjusted(2)
1,216 1,094 1,071 1,234 1,410 
Additional Income Statement Information
Revenue - taxable equivalent4,871 4,940 4,926 5,037 5,339 
Pre-provision net revenue - unadjusted(2)
1,918 (4,617)1,866 1,991 2,324 
Pre-provision net revenue - adjusted(2)
2,132 2,221 2,025 2,142 2,480 
Key Metrics
Earnings:
Earnings per share-basic from continuing operations(1)(3)
$0.77 $(3.95)$0.75 $0.82 $0.98 
Earnings per share-basic0.82 (3.87)0.80 0.93 1.06 
Earnings per share-diluted from continuing operations(1)(3)
0.76 (3.95)0.75 0.82 0.98 
Earnings per share-diluted0.81 (3.87)0.80 0.92 1.05 
Earnings per share-adjusted diluted(2)
0.90 0.81 0.80 0.92 1.05 
Cash dividends declared0.52 0.52 0.52 0.52 0.52 
Common shareholders’ equity38.97 39.31 41.37 42.68 41.82 
Tangible common shareholders’ equity(2)
21.64 21.83 19.25 20.44 19.45 
End of period shares outstanding1,338,096 1,333,743 1,333,668 1,331,976 1,331,918 
Weighted average shares outstanding-basic1,335,091 1,333,703 1,333,522 1,331,953 1,328,602 
Weighted average shares outstanding-diluted1,346,904 1,333,703 1,340,574 1,337,307 1,339,480 
Return on average assets0.91 %(3.74)%0.86 %0.95 %1.10 %
Return on average common shareholders’ equity8.4 (36.6)7.5 8.6 10.3 
Return on average tangible common shareholders’ equity(2)
16.3 15.0 17.3 19.4 24.1 
Net interest margin - taxable equivalent(3)
2.89 2.96 2.93 2.90 3.17 
Fee income ratio(3)
30.0 27.9 27.4 27.7 26.9 
Efficiency ratio-GAAP(3)
61.3 195.8 62.9 61.1 57.0 
Efficiency ratio-adjusted(2)(3)
56.2 55.0 58.9 57.5 53.6 
Credit Quality
Nonperforming loans and leases as a percentage of loans and leases held for investment0.45 %0.44 %0.46 %0.47 %0.36 %
Net charge-offs as a percentage of average loans and leases0.64 0.57 0.51 0.54 0.37 
Allowance for loan and lease losses as a percentage of LHFI1.56 1.54 1.49 1.43 1.37 
Ratio of allowance for loan and lease losses to nonperforming LHFI3.4x3.5x3.2x3.0x3.8x
Average Balances
Assets$531,002 $539,656 $547,704 $565,822 $559,627 
Securities(4)
131,273 133,390 135,527 138,393 140,551 
Loans and leases 309,426 313,832 319,881 328,258 327,547 
Deposits389,058 395,333 401,038 399,826 408,458 
Common shareholders’ equity52,167 56,061 56,472 57,302 55,380 
Total shareholders’ equity59,011 62,896 63,312 64,101 62,077 
Period-End Balances
Assets$534,959 $535,349 $542,707 $554,549 $574,354 
Securities(4)
119,419 121,473 120,059 124,923 128,790 
Loans and leases 308,477 313,341 317,112 324,015 329,833 
Deposits394,265 395,865 400,024 406,043 404,997 
Common shareholders’ equity52,148 52,428 55,167 56,853 55,699 
Total shareholders’ equity59,053 59,253 62,007 63,681 62,394 
Capital and Liquidity Ratios(preliminary)
Common equity tier 110.1 %10.1 %9.9 %9.6 %9.1 %
Tier 111.7 11.6 11.4 11.1 10.6 
Total 13.9 13.7 13.5 13.2 12.7 
Leverage9.4 9.3 9.2 8.8 8.5 
Supplementary leverage8.0 7.9 7.8 7.5 7.3 
Liquidity coverage ratio115 112 110 112 113 
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 expected 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.
(2)Represents a non-GAAP measure. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist’s First 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
March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions, except per share data, shares in thousands)20242023202320232023
Interest Income
Interest and fees on loans and leases$4,865 $4,971 $4,976 $4,915 $4,656 
Interest on securities805 802 763 749 752 
Interest on other earning assets514 493 488 511 376 
Total interest income6,184 6,266 6,227 6,175 5,784 
Interest Expense
Interest on deposits1,964 1,917 1,858 1,527 1,125 
Interest on long-term debt482 476 491 734 514 
Interest on other borrowings366 354 343 311 278 
Total interest expense2,812 2,747 2,692 2,572 1,917 
Net Interest Income3,372 3,519 3,535 3,603 3,867 
Provision for credit losses500 572 497 538 502 
Net Interest Income After Provision for Credit Losses2,872 2,947 3,038 3,065 3,365 
Noninterest Income
Wealth management income356 346 343 330 339 
Investment banking and trading income323 165 185 211 261 
Service charges on deposits225 229 154 240 250 
Card and payment related fees224 232 238 236 230 
Mortgage banking income97 94 102 99 142 
Lending related fees96 153 102 86 106 
Operating lease income59 60 63 64 67 
Other income66 84 147 114 26 
Total noninterest income1,446 1,363 1,334 1,380 1,421 
Noninterest Expense
Personnel expense1,630 1,474 1,669 1,705 1,668 
Professional fees and outside processing278 305 289 311 287 
Software expense224 223 222 223 200 
Net occupancy expense160 159 164 166 169 
Amortization of intangibles88 98 98 99 100 
Equipment expense88 103 89 87 102 
Marketing and customer development56 53 70 69 68 
Operating lease depreciation40 42 43 44 46 
Regulatory costs152 599 77 73 75 
Restructuring charges51 155 61 48 56 
Goodwill impairment— 6,078 — — — 
Other expense186 268 278 221 244 
Total noninterest expense2,953 9,557 3,060 3,046 3,015 
Earnings
Income (loss) before income taxes1,365 (5,247)1,312 1,399 1,771 
Provision (benefit) for income taxes232 (56)203 230 361 
Net income (loss) from continuing operations(1)
1,133 (5,191)1,109 1,169 1,410 
Net income from discontinued operations(1)
67 101 74 176 105 
Net income (loss)1,200 (5,090)1,183 1,345 1,515 
Noncontrolling interests from discontinued operations(1)
3 — 6 36 2 
Preferred stock dividends and other106 77 106 75 103 
Net income (loss) available to common shareholders$1,091 $(5,167)$1,071 $1,234 $1,410 
Earnings Per Common Share
Basic earnings from continuing operations(1)
$0.77 $(3.95)$0.75 $0.82 $0.98 
Basic earnings0.82 (3.87)0.80 0.93 1.06 
Diluted earnings from continuing operations(1)
0.76 (3.95)0.75 0.82 0.98 
Diluted earnings0.81 (3.87)0.80 0.92 1.05 
Weighted Average Shares Outstanding
Basic1,335,091 1,333,703 1,333,522 1,331,953 1,328,602 
Diluted1,346,904 1,333,703 1,340,574 1,337,307 1,339,480 
(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 expected 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.
- 2 -

Consolidated Ending Balance Sheets - Five Quarter Trend
March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20242023202320232023
Assets
Cash and due from banks$5,040 $5,000 $5,090 $4,733 $4,590 
Interest-bearing deposits with banks29,510 25,230 24,305 24,934 32,768 
Securities borrowed or purchased under resale agreements 2,091 2,378 2,018 2,315 3,637 
Trading assets at fair value5,268 4,332 4,384 4,097 4,601 
Securities available for sale at fair value66,050 67,366 65,117 68,965 71,858 
Securities held to maturity at amortized cost53,369 54,107 54,942 55,958 56,932 
Loans and leases:
Commercial:
Commercial and industrial157,669 160,788 162,330 167,153 167,217 
CRE22,142 22,570 22,736 22,825 22,670 
Commercial construction7,472 6,683 6,343 5,943 5,951 
Consumer:
Residential mortgage54,886 55,492 56,013 56,476 56,455 
Home equity9,825 10,053 10,160 10,348 10,577 
Indirect auto22,145 22,727 24,084 25,759 27,279 
Other consumer28,096 28,647 29,105 28,755 27,742 
Student— — — — 4,996 
Credit card4,989 5,101 4,928 4,833 4,786 
Total loans and leases held for investment307,224 312,061 315,699 322,092 327,673 
Loans held for sale1,253 1,280 1,413 1,923 2,160 
Total loans and leases308,477 313,341 317,112 324,015 329,833 
Allowance for loan and lease losses(4,803)(4,798)(4,693)(4,606)(4,479)
Premises and equipment3,274 3,298 3,319 3,379 3,441 
Goodwill17,157 17,156 23,234 23,235 23,235 
Core deposit and other intangible assets1,816 1,909 2,011 2,111 2,212 
Loan servicing rights at fair value3,417 3,378 3,537 3,497 3,303 
Other assets36,521 34,997 34,858 33,864 35,070 
Assets of discontinued operations(1)
7,772 7,655 7,473 8,052 7,353 
Total assets$534,959 $535,349 $542,707 $554,549 $574,354 
Liabilities
Deposits:
Noninterest-bearing deposits$110,901 $111,624 $116,674 $121,831 $128,719 
Interest checking108,329 104,757 103,288 106,471 107,116 
Money market and savings133,176 135,923 137,914 135,514 136,836 
Time deposits41,859 43,561 42,148 42,227 32,326 
Total deposits394,265 395,865 400,024 406,043 404,997 
Short-term borrowings26,329 24,828 23,485 24,456 23,678 
Long-term debt39,071 38,918 41,232 44,749 69,895 
Other liabilities13,119 12,946 12,962 11,788 10,731 
Liabilities of discontinued operations3,122 3,539 2,997 3,832 2,659 
Total liabilities475,906 476,096 480,700 490,868 511,960 
Shareholders’ Equity:
Preferred stock6,673 6,673 6,673 6,673 6,673 
Common stock6,690 6,669 6,668 6,660 6,660 
Additional paid-in capital 36,197 36,177 36,114 35,990 34,582 
Retained earnings22,483 22,088 27,944 27,577 27,038 
Accumulated other comprehensive loss(13,222)(12,506)(15,559)(13,374)(12,581)
Noncontrolling interests232 152 167 155 22 
Total shareholders’ equity59,053 59,253 62,007 63,681 62,394 
Total liabilities and shareholders’ equity$534,959 $535,349 $542,707 $554,549 $574,354 
(1)Includes goodwill and intangible assets of $5.0 billion as of March 31, 2024, $5.0 billion as of December 31, 2023, $5.0 billion as of September 30, 2023, $5.1 billion as of June 30, 2023, and $5.1 billion as of March 31, 2023.

- 3 -

Average Balances and Rates - Quarters
 Quarter Ended
 March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31, 2023
(Dollars in millions)
Average Balances(1)
Income/ Expense(2)
Yields/ Rates(2)
Average Balances(1)
Income/ Expense(2)
Yields/ Rates(2)
Average Balances(1)
Income/ Expense(2)
Yields/ Rates(2)
Average Balances(1)
Income/ Expense(2)
Yields/ Rates(2)
Average Balances(1)
Income/ Expense(2)
Yields/ Rates(2)
Assets               
AFS and HTM securities at amortized cost:
U.S. Treasury$9,853 $37 1.49 %$10,967 $38 1.37 %$10,886 $34 1.27 %$11,115 $30 1.10 %$11,117 $30 1.07 %
U.S. government-sponsored entities (GSE)389 3 3.40 389 2 3.23 339 3 2.92 329 3 2.70 335 2 2.86 
Mortgage-backed securities issued by GSE116,946 735 2.51 117,868 736 2.50 120,078 701 2.33 122,647 690 2.25 124,746 694 2.23 
States and political subdivisions421 4 4.15 421 5 4.16 423 4 4.12 425 5 4.18 425 4 4.07 
Non-agency mortgage-backed3,645 27 2.98 3,725 22 2.37 3,781 22 2.33 3,852 22 2.32 3,907 23 2.34 
Other19 — 5.35 20 — 5.47 20 1 5.55 25 — 5.20 21 — 5.30 
Total securities131,273 806 2.46 133,390 803 2.41 135,527 765 2.26 138,393 750 2.17 140,551 753 2.14 
Loans and leases:
Commercial:
Commercial and industrial158,385 2,572 6.53 160,278 2,657 6.58 164,022 2,686 6.50 166,588 2,610 6.28 165,095 2,436 5.98 
CRE22,400 389 6.95 22,755 400 6.94 22,812 396 6.85 22,706 384 6.73 22,689 355 6.32 
Commercial construction7,134 137 7.83 6,515 127 7.84 6,194 120 7.83 5,921 111 7.64 5,863 101 7.14 
Consumer:
Residential mortgage55,070 528 3.84 55,658 532 3.83 56,135 532 3.79 56,320 531 3.77 56,422 526 3.73 
Home equity(3)
9,930 196 7.92 10,104 199 7.80 10,243 196 7.61 10,478 190 7.26 10,735 180 6.80 
Indirect auto22,374 372 6.69 23,368 381 6.46 24,872 386 6.16 26,558 398 6.01 27,743 398 5.82 
Other consumer(3)
28,285 561 7.98 28,913 561 7.69 28,963 542 7.43 28,189 499 7.10 27,559 459 6.76 
Student— — — — — — — 1 — 4,766 80 6.76 5,129 89 7.04 
Credit card4,923 146 11.96 4,996 149 11.84 4,875 143 11.62 4,846 137 11.48 4,785 136 11.43 
Total loans and leases held for investment308,501 4,901 6.38 312,587 5,006 6.36 318,116 5,002 6.25 326,372 4,940 6.07 326,020 4,680 5.81 
Loans held for sale925 15 6.38 1,245 21 6.82 1,765 28 6.20 1,886 28 5.94 1,527 25 6.71 
Total loans and leases309,426 4,916 6.38 313,832 5,027 6.36 319,881 5,030 6.25 328,258 4,968 6.07 327,547 4,705 5.81 
Interest earning trading assets4,845 79 6.50 4,680 80 6.92 4,380 76 6.91 4,445 75 6.73 5,462 83 6.09 
Other earning assets30,567 436 5.74 28,956 414 5.65 28,574 413 5.74 34,616 436 5.06 25,166 294 4.73 
Total earning assets476,111 6,237 5.26 480,858 6,324 5.23 488,362 6,284 5.12 505,712 6,229 4.94 498,726 5,835 4.73 
Nonearning assets47,307 51,165 51,607 52,316 53,598 
Assets of discontinued operations7,584 7,633 7,735 7,794 7,303 
Total assets$531,002 $539,656 $547,704 $565,822 $559,627 
Liabilities and Shareholders’ Equity        
Interest-bearing deposits:      
Interest checking$103,537 684 2.65 $101,722 635 2.48 $101,252 611 2.40 $102,105 508 1.99 $108,886 430 1.60 
Money market and savings134,696 832 2.49 137,464 843 2.43 139,961 829 2.35 138,149 686 1.99 139,802 476 1.38 
Time deposits41,937 448 4.30 41,592 439 4.19 40,920 418 4.05 35,844 333 3.73 28,671 219 3.10 
Total interest-bearing deposits280,170 1,964 2.82 280,778 1,917 2.71 282,133 1,858 2.61 276,098 1,527 2.22 277,359 1,125 1.64 
Short-term borrowings26,230 366 5.62 24,958 354 5.62 24,894 343 5.47 23,991 311 5.19 24,056 278 4.69 
Long-term debt40,721 482 4.74 40,818 476 4.67 43,353 491 4.51 63,665 734 4.62 51,057 514 4.05 
Total interest-bearing liabilities347,121 2,812 3.26 346,554 2,747 3.15 350,380 2,692 3.05 363,754 2,572 2.84 352,472 1,917 2.20 
Noninterest-bearing deposits108,888 114,555 118,905 123,728 131,099 
Other liabilities12,885 12,433 11,699 10,865 11,225 
Liabilities of discontinued operations3,097 3,218 3,408 3,374 2,754 
Shareholders’ equity59,011 62,896 63,312 64,101 62,077 
Total liabilities and shareholders’ equity$531,002 $539,656 $547,704 $565,822 $559,627 
Average interest-rate spread2.00 2.08 2.07 2.10 2.53 
Net interest income/ net interest margin$3,425 2.89 %$3,577 2.96 %$3,592 2.93 %$3,657 2.90 %$3,918 3.17 %
Taxable-equivalent adjustment53 58 57 54 51 
Memo: Total deposits$389,058 1,964 2.03 %$395,333 1,917 1.92 %$401,038 1,858 1.84 %$399,826 1,527 1.53 %$408,458 1,125 1.12 %
(1)Excludes basis adjustments for fair value hedges.
(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.

- 4 -

Credit Quality
 March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20242023202320232023
Nonperforming Assets     
Nonaccrual loans and leases:     
Commercial:     
Commercial and industrial$512 $470 $561 $562 $394 
CRE261 284 289 275 117 
Commercial construction23 24 29 16 1 
Consumer:
Residential mortgage151 153 132 221 233 
Home equity130 122 123 129 132 
Indirect auto256 268 266 262 270 
Other consumer61 59 52 46 45 
Total nonaccrual loans and leases held for investment1,394 1,380 1,452 1,511 1,192 
Loans held for sale22 51 75 13 — 
Total nonaccrual loans and leases1,416 1,431 1,527 1,524 1,192 
Foreclosed real estate4 3 3 3 3 
Other foreclosed property56 54 54 56 66 
Total nonperforming assets$1,476 $1,488 $1,584 $1,583 $1,261 
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial$12 $7 $15 $36 $35 
Commercial construction— 1 — 5 — 
Consumer:
Residential mortgage - government guaranteed408 418 456 541 649 
Residential mortgage - nonguaranteed33 21 30 23 25 
Home equity10 11 9 7 10 
Indirect auto1 2 1 — — 
Other consumer18 21 16 12 10 
Student - government guaranteed— — — — 590 
Student - nonguaranteed— — — — 4 
Credit card56 53 47 38 38 
Total loans 90 days past due and still accruing$538 $534 $574 $662 $1,361 
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial$158 $230 $98 $142 $125 
CRE21 5 28 38 34 
Commercial construction— — 1 6 3 
Consumer:
Residential mortgage - government guaranteed286 326 293 267 232 
Residential mortgage - nonguaranteed352 313 270 254 259 
Home equity59 70 61 56 65 
Indirect auto540 669 598 549 511 
Other consumer226 271 219 175 164 
Student - government guaranteed— — — — 350 
Student - nonguaranteed— — — — 6 
Credit card74 87 68 63 56 
Total loans 30-89 days past due $1,716 $1,971 $1,636 $1,550 $1,805 

As of/For the Quarter Ended
 March 31Dec. 31Sept. 30June 30March 31
 20242023202320232023
Asset Quality Ratios     
Loans 30-89 days past due and still accruing as a percentage of loans and leases0.56 %0.63 %0.52 %0.48 %0.55 %
Loans 90 days or more past due and still accruing as a percentage of loans and leases0.18 0.17 0.18 0.21 0.42 
Nonperforming loans and leases as a percentage of loans and leases held for investment0.45 0.44 0.46 0.47 0.36 
Nonperforming loans and leases as a percentage of loans and leases(1)
0.46 0.46 0.48 0.47 0.36 
Nonperforming assets as a percentage of:
Total assets(1)
0.28 0.28 0.29 0.29 0.22 
Loans and leases plus foreclosed property0.47 0.46 0.48 0.49 0.38 
Net charge-offs as a percentage of average loans and leases0.64 0.57 0.51 0.54 0.37 
Allowance for loan and lease losses as a percentage of loans and leases1.56 1.54 1.49 1.43 1.37 
Ratio of allowance for loan and lease losses to:
Net charge-offs2.4X2.7X2.9X2.6X3.7X
Nonperforming loans and leases3.4X3.5X3.2X3.0X3.8X
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.

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As of/For the Quarter Ended
 March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20242023202320232023
Allowance for Credit Losses(1)
     
Beginning balance$5,093 $4,970 $4,879 $4,761 $4,649 
Provision for credit losses500 572 497 558 482 
Charge-offs:
Commercial:
Commercial and industrial(97)(110)(98)(107)(75)
CRE(103)(48)(77)(35)(6)
Commercial construction— (5)— — — 
Consumer:
Residential mortgage(1)— (8)(1)(1)
Home equity(3)(2)(4)(2)(2)
Indirect auto(154)(154)(135)(115)(127)
Other consumer(165)(148)(120)(104)(105)
Student— — — (103)(5)
Credit card(77)(64)(55)(53)(51)
Total charge-offs(600)(531)(497)(520)(372)
Recoveries:     
Commercial:     
Commercial and industrial32 16 28 13 13 
CRE7 — 2 — 1 
Commercial construction— 2 — — 1 
Consumer:
Residential mortgage1 1 1 2 2 
Home equity5 5 7 5 6 
Indirect auto28 25 25 31 26 
Other consumer28 21 20 20 17 
Student— — — — — 
Credit card9 8 9 9 9 
Total recoveries110 78 92 80 75 
Net charge-offs(490)(453)(405)(440)(297)
Other(2)
(3)4 (1)— (73)
Ending balance$5,100 $5,093 $4,970 $4,879 $4,761 
Allowance for Credit Losses:(1)
     
Allowance for loan and lease losses$4,803 $4,798 $4,693 $4,606 $4,479 
Reserve for unfunded lending commitments (RUFC)297 295 277 273 282 
Allowance for credit losses$5,100 $5,093 $4,970 $4,879 $4,761 
(1)Excludes provision for credit losses and allowances related to other financial assets at amortized cost.
(2)The first quarter of 2023 includes the impact from the adoption of the Troubled Debt Restructurings and Vintage Disclosures accounting standard.

Quarter Ended
 March 31Dec. 31Sept. 30June 30March 31
 20242023202320232023
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:     
Commercial and industrial0.17 %0.23 %0.17 %0.23 %0.15 %
CRE1.73 0.83 1.31 0.62 0.09 
Commercial construction(0.02)0.22 (0.03)(0.02)(0.04)
Consumer:
Residential mortgage— (0.01)0.05 (0.01)— 
Home equity(0.08)(0.12)(0.10)(0.12)(0.15)
Indirect auto2.26 2.19 1.75 1.28 1.47 
Other consumer1.96 1.74 1.37 1.20 1.29 
Student— — — 8.67 0.42 
Credit card5.54 4.38 3.78 3.66 3.54 
Total loans and leases0.64 0.57 0.51 0.54 0.37 
Applicable ratios are annualized. 

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Segment Financial Performance - Preliminary(1)(2)
   
Quarter Ended
March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20242023202320232023
Consumer and Small Business Banking
Net interest income (expense)$1,262 $1,339 $1,369 $1,543 $1,689 
Net intersegment interest income (expense) 1,341 1,273 1,237 1,083 1,001 
Segment net interest income (expense)2,603 2,612 2,606 2,626 2,690 
Allocated provision for credit losses303 359 260 227 270 
Noninterest income494 517 427 504 544 
Goodwill impairment— 3,361 — — — 
Noninterest expense ex goodwill impairment1,634 1,692 1,637 1,613 1,623 
Income (loss) before income taxes1,160 (2,283)1,136 1,290 1,341 
Provision (benefit) for income taxes280 261 273 308 318 
Segment net income (loss)$880 $(2,544)$863 $982 $1,023 
Wholesale Banking
Net interest income (expense)$2,240 $2,304 $2,327 $2,332 $2,221 
Net intersegment interest income (expense) (561)(576)(617)(570)(389)
Segment net interest income (expense)1,679 1,728 1,710 1,762 1,832 
Allocated provision for credit losses198 213 243 309 235 
Noninterest income985 893 914 901 960 
Goodwill impairment— 2,717 — — — 
Noninterest expense ex goodwill impairment1,385 1,648 1,303 1,302 1,310 
Income (loss) before income taxes1,081 (1,957)1,078 1,052 1,247 
Provision (benefit) for income taxes205 137 211 203 260 
Segment net income (loss)$876 $(2,094)$867 $849 $987 
Other, Treasury & Corporate(3)
Net interest income (expense)$(130)$(124)$(161)$(272)$(43)
Net intersegment interest income (expense) (780)(697)(620)(513)(612)
Segment net interest income (expense)(910)(821)(781)(785)(655)
Allocated provision for credit losses(1)— (6)2 (3)
Noninterest income(33)(47)(7)(25)(83)
Noninterest expense(66)139 120 131 82 
Income (loss) before income taxes(876)(1,007)(902)(943)(817)
Provision (benefit) for income taxes(253)(454)(281)(281)(217)
Segment net income (loss)$(623)$(553)$(621)$(662)$(600)
Total Truist Financial Corporation
Net interest income (expense)$3,372 $3,519 $3,535 $3,603 $3,867 
Net intersegment interest income (expense) — — — — — 
Segment net interest income (expense)3,372 3,519 3,535 3,603 3,867 
Allocated provision for credit losses500 572 497 538 502 
Noninterest income1,446 1,363 1,334 1,380 1,421 
Goodwill impairment— 6,078 — — — 
Noninterest expense ex goodwill impairment2,953 3,479 3,060 3,046 3,015 
Income (loss) before income taxes1,365 (5,247)1,312 1,399 1,771 
Provision (benefit) for income taxes232 (56)203 230 361 
Net income (loss) from continuing operations$1,133 $(5,191)$1,109 $1,169 $1,410 
(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 repositioned into a component of the WB segment from the CB&W segment. Third, certain small business banking functions were repositioned into a component of the CSBB segment from the C&CB 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 expected 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. As a result, the IH segment is no longer presented in the table above.
(3)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 31Dec. 31Sept. 30June 30March 31
(Dollars in millions, except per share data, shares in thousands)20242023202320232023
Selected Capital Information(preliminary)    
Risk-based capital:     
Common equity tier 1$42,659 $42,671 $42,276 $41,642 $39,533 
Tier 149,329 49,341 48,946 48,312 46,203 
Total58,516 58,063 57,713 57,236 55,237 
Risk-weighted assets420,985 423,705 428,755 434,946 436,381 
Average quarterly assets for leverage ratio522,095 533,084 534,402 550,734 544,334 
Average quarterly assets for supplementary leverage ratio614,032 624,591 627,382 643,662 635,656 
Risk-based capital ratios:
Common equity tier 110.1 %10.1 %9.9 %9.6 %9.1 %
Tier 111.7 11.6 11.4 11.1 10.6 
Total13.9 13.7 13.5 13.2 12.7 
Leverage capital ratio9.4 9.3 9.2 8.8 8.5 
Supplementary leverage8.0 7.9 7.8 7.5 7.3 
Common equity per common share$38.97 $39.31 $41.37 $42.68 $41.82 
March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions, except per share data, shares in thousands)20242023202320232023
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity$59,053 $59,253 $62,007 $63,681 $62,394 
Less:
Preferred stock6,673 6,673 6,673 6,673 6,673 
Noncontrolling interests232 152 167 155 22 
Intangible assets, net of deferred taxes (including discontinued operations)23,198 23,306 29,491 29,628 29,788 
Tangible common equity$28,950 $29,122 $25,676 $27,225 $25,911 
Outstanding shares at end of period (in thousands)1,338,096 1,333,743 1,333,668 1,331,976 1,331,918 
Tangible common equity per common share$21.64 $21.83 $19.25 $20.44 $19.45 
Total assets$534,959 $535,349 $542,707 $554,549 $574,354 
Less: Intangible assets, net of deferred taxes (including discontinued operations)23,198 23,306 29,491 29,628 29,788 
Tangible assets$511,761 $512,043 $513,216 $524,921 $544,566 
Equity as a percentage of total assets11.0 %11.1 %11.4 %11.5 %10.9 %
Tangible common equity as a percentage of tangible assets5.7 5.7 5.0 5.2 4.8 
(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 31Dec. 31Sept. 30June 30March 31
(Dollars in millions, except per share data)20242023202320232023
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue$17 $14 $19 $22 $17 
Residential mortgage servicing income:
Residential mortgage servicing income before MSR valuation88 85 85 77 155 
Net MSRs valuation(15)(13)(20)(19)(50)
Total residential mortgage servicing income73 72 65 58 105 
Total residential mortgage income90 86 84 80 122 
Commercial mortgage income:
Commercial mortgage production revenue5 5 17 16 14 
Commercial mortgage servicing income:
Commercial mortgage servicing income before MSR valuation3 3 3 4 7 
Net MSRs valuation(1)— (2)(1)(1)
Total commercial mortgage servicing income2 3 1 3 6 
Total commercial mortgage income7 8 18 19 20 
Total mortgage banking income$97 $94 $102 $99 $142 
Other Mortgage Banking Information
Residential mortgage loan originations$2,412 $3,027 $4,196 $5,558 $4,022 
Residential mortgage servicing portfolio:(1)
     
Loans serviced for others210,635 213,399 214,953 222,917 214,830 
Bank-owned loans serviced55,255 55,669 56,679 57,147 57,493 
Total servicing portfolio265,890 269,068 271,632 280,064 272,323 
Weighted-average coupon rate on mortgage loans serviced for others3.59 %3.56 %3.51 %3.54 %3.52 %
Weighted-average servicing fee on mortgage loans serviced for others0.28 0.27 0.27 0.27 0.27 
Additional Information
Brokered deposits(2)
$30,650 $31,260 $34,986 $32,307 $23,816 
NQDCP income (expense):(3)
Interest income$1 $2 $3 $3 $11 
Other income15 17 35 9 (18)
Personnel expense(16)(19)(38)(12)7 
Total NQDCP income (expense) $— $— $— $— $— 
Common stock prices:
High$39.29 $37.83 $35.78 $35.39 $51.26 
Low34.23 26.57 27.70 25.56 28.70 
End of period38.98 36.92 28.61 30.35 34.10 
Banking offices1,930 2,001 2,001 2,002 2,006 
ATMs2,947 3,031 3,037 3,041 3,041 
FTEs(4)
49,218 50,905 51,943 52,564 53,653 
FTEs - continuing operations(4)
39,417 40,997 41,997 42,701 44,364 
(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.
- 9 -

Selected Items(1)
 Favorable (Unfavorable)
(Dollars in millions)After-Tax at
DescriptionPre-TaxMarginal Rate
Selected Items
First Quarter 2024
Accelerated recognition of TIH equity compensation expense (net income from discontinued operations)
$(89)$(68)
FDIC special assessment (regulatory costs)(75)(57)
Fourth Quarter 2023
Goodwill impairment$(6,078)$(6,078)
FDIC special assessment (regulatory costs)(507)(387)
Discrete tax benefit (provision for income taxes)
— 204 
Third Quarter 2023
None$— $— 
Second Quarter 2023
None$— $— 
First Quarter 2023
None$— $— 
(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 2024 Earnings Presentation.

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