0000092230FALSE00000922302024-01-182024-01-180000092230us-gaap:CommonStockMember2024-01-182024-01-180000092230tfc:SeriesIPreferredStockMember2024-01-182024-01-180000092230tfc:SeriesJPreferredStockMember2024-01-182024-01-180000092230tfc:SeriesOPreferredStockMember2024-01-182024-01-180000092230tfc:SeriesRPreferredStockMember2024-01-182024-01-18
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
Form 8-K
Current Report
_____________________________________________

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

January 18, 2024
Date of Report (Date of earliest event reported)

Truist Financial Corporation
(Exact name of registrant as specified in its charter)
_____________________________________________
North Carolina1-1085356-0939887
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
214 North Tryon Street
Charlotte,
North Carolina
28202
(Address of principal executive offices)
(Zip Code)

(336) 733-2000
(Registrant’s telephone number, including area code)
_____________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $5 par valueTFCNew York Stock Exchange
Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred StockTFC.PINew York Stock Exchange
5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred StockTFC.PJNew York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred StockTFC.PONew York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred StockTFC.PRNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



ITEM 2.02    Results of Operations and Financial Condition.

On January 18, 2024, Truist Financial Corporation (“Truist”) issued a press release announcing its reporting of fourth quarter 2023 results and posted on its website its fourth quarter 2023 Earnings Release, Quarterly Performance Summary, and Earnings Release Presentation. The materials contain forward-looking statements regarding Truist and include cautionary language identifying important factors that could cause actual results to differ materially from those anticipated. The Earnings Release, Quarterly Performance Summary, and Earnings Release Presentation are furnished as Exhibits 99.1, 99.2, and 99.3, respectively. Consequently, they are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Such materials may only be incorporated by reference into another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K. All information in the Earnings Release, Quarterly Performance Summary, and Earnings Release Presentation speaks as of the date thereof, and Truist does not assume any obligation to update such information in the future.

ITEM 9.01    Financial Statements and Exhibits.
(d)    Exhibits
Exhibit No.Description of Exhibit
Earnings Release issued January 18, 2024.
Quarterly Performance Summary issued January 18, 2024.
Earnings Release Presentation issued January 18, 2024.
104The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.






SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRUIST FINANCIAL CORPORATION
(Registrant)
By:/s/ Cynthia B. Powell
Cynthia B. Powell
Executive Vice President and Corporate Controller
(Principal Accounting Officer)

Date: January 18, 2024


`
truistlogo-whitea.jpg
News Release
Truist reports fourth quarter 2023 results
GAAP loss of $5.2 billion, or $3.85 per share
Adjusted net income(1)(4) of $1.1 billion, or $0.81 per share
Noninterest expense was up $6.5 billion
Adjusted expense(1) was down $160 million, or 4.5%
CET1 ratio(2) increased 20 basis points to 10.1% due to organic capital generation and RWA optimization
4Q23 Key Financial Data
4Q23 Performance Highlights(3)
(Dollars in billions, except per share data)4Q233Q234Q22FY2023FY2022
Summary Income Statement
Net interest income - TE$3.60 $3.62 $4.03 $14.82 $14.46 
Noninterest income2.16 2.11 2.23 8.79 8.72 
Total revenue - TE5.76 5.73 6.26 23.61 23.18 
Noninterest expense10.28 3.75 3.72 21.47 14.59 
Net income (loss) available to common shareholders(5.17)1.07 1.61 (1.45)5.93 
Adjusted net income available to common shareholders(1)(4)
1.09 1.07 1.74 4.81 6.64 
PPNR - unadjusted(1)
(4.52)1.98 2.54 2.14 8.59 
PPNR - adjusted(1)
2.37 2.19 2.87 9.64 10.11 
Per Share Metrics
Diluted EPS$(3.85)$0.80 $1.20 $(1.08)$4.43 
Adjusted diluted EPS(1)(4)
0.81 0.80 1.30 3.59 4.96 
BVPS39.31 41.37 40.58 
TBVPS(1)
21.83 19.25 18.04 
Key Ratios
ROCE(36.6)%7.5 %11.7 %(2.6)%10.4 %
ROTCE(1)
15.0 17.3 27.6 18.9 22.9 
Efficiency ratio - GAAP180.4 66.1 60.0 91.8 63.3 
Efficiency ratio - adjusted(1)
58.8 61.8 54.2 59.2 56.4 
NIM - TE2.98 2.95 3.25 3.00 3.01 
NCO ratio0.57 0.51 0.34 0.50 0.27 
ALLL ratio1.54 1.49 1.34 
CET1 ratio(2)
10.1 9.9 9.0 
Average Balances
Assets$540 $548 $553 $553 $544 
Securities133 136 142 137 147 
Loans and leases 314 320 323 322 307 
Deposits395 401 413 401 418 
Amounts may not foot due to rounding.
(1)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 Fourth Quarter 2023 Earnings Presentation.
(2)Current quarter capital ratios are preliminary.
(3)Comparisons noted in this section summarize changes from fourth quarter of 2023 compared to third quarter of 2023, unless otherwise noted.
(4)These non-GAAP metrics do not adjust for merger-related and restructuring charges for 2023 periods.
Net loss was $5.2 billion, or $3.85 per diluted share, and includes:
Non-cash goodwill impairment of $6.1 billion, or $4.53 per share, which has no impact on our liquidity, regulatory capital ratios, or our ability to pay our common dividend and service our clients’ financial needs
FDIC special assessment of $507 million ($387 million after-tax), or $0.29 per share
Discrete tax benefit of $204 million, or $0.15 per share
Charges of $183 million ($139 million after-tax), or $0.10 per share, primarily due to restructuring activities related to our cost savings program

Adjusted PPNR(1) was $2.4 billion, up 8.6%
Total revenues were up 0.5%
Net interest income declined 0.6% due to lower earning assets and higher funding costs; Net interest margin improved three basis points
Noninterest income was up 2.2% due to higher service charges on deposit and lending related fees, partially offset by lower other income
Noninterest expense was up $6.5 billion due to the aforementioned items. Adjusted noninterest expense(1) was down $160 million, or 4.5%, reflecting our ongoing transformation into a more efficient organization, primarily due to lower personnel expense

Average loans and leases HFI decreased 1.7% due to declines in the commercial and industrial portfolio and indirect auto portfolio

Average deposits decreased 1.4% due to declines in non-interest bearing and money market and savings deposits

Asset quality remains solid
Nonperforming assets declined 6.0%
ALLL ratio increased five basis points
Net charge-off ratio of 57 basis points, up six basis points primarily reflecting seasonality in the consumer portfolios

Capital and liquidity levels strengthened
CET1 ratio(2) was 10.1%, up 20 basis points
Consolidated LCR was 112%

CEO Commentary
“While reported results included several discrete items, we earned $1.1 billion on an adjusted basis during the fourth quarter, which excludes a non-cash goodwill impairment charge that has no impact on our regulatory capital ratios, liquidity, our ability to pay the common dividend, or service our clients.

Underlying results were positive as our transformation into a simpler, more efficient, and profitable company is well underway. This transformative work was evident in our fourth quarter results given the sequential decline in adjusted expense and improvement in revenue.

We continue to invest in our core franchise and risk management infrastructure and strengthen our balance sheet as we achieved a CET1 ratio of 10.1% at year-end. Asset quality continues to normalize but remains in-line relative to our outlook and allowance coverage ratios.

Looking into 2024, we remain diligently focused on winning on our home court in the best U.S. markets by helping new and existing core clients reach their financial goals. Our heightened focus on capitalizing on this competitive advantage will drive efficiencies and growth that will lead to increased franchise and shareholder value.”
— Bill Rogers, Truist Chairman & CEO
`
Contact:
Investors:Brad Milsaps770.352.5347 | investors@truist.com
Media:Hannah Longmore402.613.3499 | media@truist.com

truistlogopurplenobackgroua.jpg
Net Interest Income, Net Interest Margin, and Average Balances
Quarter EndedChange
(Dollars in millions)4Q233Q234Q22LinkLike
Interest income(1)
$6,324 $6,286 $5,288 $38 0.6 %$1,036 19.6 %
Interest expense2,723 2,665 1,257 58 2.2 1,466 116.6
Net interest income(1)
$3,601 $3,621 $4,031 $(20)(0.6)$(430)(10.7)
Net interest margin(1)
2.98 %2.95 %3.25 %3 bps(27) bps
Core net interest margin(1)(2)
2.94 2.90 3.17 4 bps(23) bps
Average Balances(3)
Total earning assets$481,345 $488,794 $492,805 $(7,449)(1.5)%$(11,460)(2.3)%
Total interest-bearing liabilities346,554 350,380 336,584 (3,826)(1.1)9,970 3.0 
Yields / Rates(1)
Total earning assets5.22 %5.11 %4.27 %11 bps95 bps
Total interest-bearing liabilities3.12 3.02 1.48 10 bps164 bps
(1)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.
(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 Fourth Quarter 2023 Earnings Presentation.
(3)Excludes basis adjustments for fair value hedges.

Taxable-equivalent net interest income for the fourth quarter of 2023 was down $20 million, or 0.6%, compared to the third quarter of 2023 primarily due to lower earning assets and higher funding costs. The net interest margin was 2.98%, up three basis points.

Average earning assets decreased $7.4 billion, or 1.5%, primarily due to declines in average total loans of $6.0 billion, or 1.9%, and average securities of $2.1 billion, or 1.6%.
The yield on the average total loan portfolio was 6.36%, up 11 basis points and the yield on the average securities portfolio was 2.41%, up 15 basis points.
Average deposits decreased $5.7 billion, or 1.4% and average long-term debt decreased $2.5 billion, or 5.8%. The decrease in average long-term debt primarily reflects reductions in FHLB borrowings.
The average cost of total deposits was 1.90%, up nine basis points and the average cost of short-term borrowings was 5.62%, up 15 basis points. The average cost of long-term debt was 4.67%, up 16 basis points. The increase in rates on deposits and other funding sources was largely attributable to the higher rate environment.

Taxable-equivalent net interest income for the fourth quarter of 2023 was down $430 million, or 11%, compared to the fourth quarter of 2022 primarily due to higher funding costs and lower earning assets. Net interest margin was 2.98%, down 27 basis points.

Average earning assets decreased $11.5 billion, or 2.3%, primarily due to declines in average total loans of $8.9 billion, or 2.8%, and a decrease in average securities of $9.0 billion, or 6.3%, partially offset by growth in other earning assets of $7.5 billion, or 34%, primarily due to an increase in balances held at the Federal Reserve to support liquidity.
The yield on the average total loan portfolio was 6.36%, up 110 basis points, primarily reflecting higher market interest rates. The yield on the average securities portfolio was 2.41%, up 33 basis points.
Average deposits decreased $17.9 billion, or 4.3%, average short-term borrowings decreased $682 million, or 2.7%, and average long-term debt increased $2.1 billion, or 5.5%.
The average cost of total deposits was 1.90%, up 124 basis points. The average cost of short-term borrowings was 5.62%, up 187 basis points. The average cost of long-term debt was 4.67%, up 125 basis points. The increase in rates on deposits and other funding sources was largely attributable to the higher rate environment.

- 2 -

truistlogopurplenobackgroua.jpg
Noninterest Income
Quarter EndedChange
(Dollars in millions)4Q233Q234Q22LinkLike
Insurance income$813 $793 $766 $20 2.5 %$47 6.1 %
Wealth management income346 343 324 0.9 22 6.8 
Investment banking and trading income165 185 257 (20)(10.8)(92)(35.8)
Service charges on deposits228 152 257 76 50.0 (29)(11.3)
Card and payment related fees232 238 245 (6)(2.5)(13)(5.3)
Mortgage banking income94 102 117 (8)(7.8)(23)(19.7)
Lending related fees153 102 110 51 50.0 43 39.1 
Operating lease income60 63 68 (3)(4.8)(8)(11.8)
Other income64 130 83 (66)(50.8)(19)(22.9)
Total noninterest income$2,155 $2,108 $2,227 $47 2.2 $(72)(3.2)

Noninterest income was up $47 million, or 2.2%, compared to the third quarter of 2023 primarily due to higher service charges on deposits and lending related fees, partially offset by lower other income.

Service charges on deposits increased $76 million as the prior quarter was impacted by revisions in deposit service fee protocols.
Lending related fees increased due to higher leasing-related gains.
Other income decreased primarily due to lower income from certain solar equity investments.

Noninterest income was down $72 million, or 3.2%, compared to the fourth quarter of 2022 due to lower investment banking and trading income, service charges on deposits, and mortgage banking income, partially offset by higher insurance income and lending related fees.

Investment banking and trading income decreased due to lower structured real estate income and lower trading income, partially offset by higher bond originations.
Service charges on deposits decreased primarily due to reduced overdraft fees as a result of continued growth of Truist One Banking.
Mortgage banking income decreased due to lower commercial real estate production.
Insurance income increased primarily due to organic growth.
Lending related fees increased due to higher leasing-related gains.

- 3 -

truistlogopurplenobackgroua.jpg
Noninterest Expense
Quarter EndedChange
(Dollars in millions)4Q233Q234Q22LinkLike
Personnel expense$2,017 $2,200 $2,198 $(183)(8.3)%$(181)(8.2)%
Professional fees and outside processing358 317 347 41 12.9 11 3.2 
Software expense240 238 241 0.8 (1)(0.4)
Net occupancy expense172 180 179 (8)(4.4)(7)(3.9)
Amortization of intangibles130 130 163 — — (33)(20.2)
Equipment expense110 97 124 13 13.4 (14)(11.3)
Marketing and customer development62 78 70 (16)(20.5)(8)(11.4)
Operating lease depreciation42 43 44 (1)(2.3)(2)(4.5)
Regulatory costs599 77 52 522 NM547 NM
Merger-related and restructuring charges183 75 114 108 144.0 69 60.5 
Goodwill impairment6,078 — — 6,078 NM6,078 NM
Other expense289 312 190 (23)(7.4)99 52.1 
Total noninterest expense$10,280 $3,747 $3,722 $6,533 174.4 $6,558 176.2 

Noninterest expense was up $6.5 billion compared to the third quarter of 2023 due to goodwill impairment of $6.1 billion, the FDIC special assessment (regulatory costs) of $507 million, higher merger-related and restructuring charges, and higher professional fees and outside processing expense, partially offset by lower personnel expense and other expense. The goodwill impairment was primarily due to the continued impact of higher interest rates and discount rates, and a sustained decline in banking industry share prices, including Truist’s. Merger-related and restructuring charges for the current quarter include increased severance charges due to the ongoing transformation efforts as well as the continuation of specific facilities optimization costs.

Adjusted noninterest expenses, which exclude goodwill impairment, the FDIC special assessment, merger-related and restructuring costs, and the amortization of intangibles, decreased $160 million, or 4.5%, compared to the prior quarter.

Personnel expense decreased due to lower variable incentives, lower headcount, lower other post-retirement benefit expense, and lower medical claims, in part due to our ongoing transformation into a more efficient organization.
Other expense decreased due to lower operating charge-offs, franchise taxes, and the impact of other regulatory and litigation matters impacting the prior quarter.
Professional fees and outside processing expenses increased primarily due to costs associated with Truist Insurance Holdings independence readiness and the transformative efforts underway to be a more efficient company.

Noninterest expense was up $6.6 billion compared to the fourth quarter of 2022 due to goodwill impairment of $6.1 billion, higher regulatory costs primarily due to the FDIC special assessment of $507 million, higher other expense and higher merger-related and restructuring charges, partially offset by lower personnel expense and lower amortization. Incremental operating expenses related to the merger decreased $56 million due to the completion of integration-related activities.

Adjusted noninterest expenses, which exclude goodwill impairment, the FDIC special assessment, merger-related and restructuring costs, incremental operating expenses related to the merger, and the amortization of intangibles, was stable.

Personnel expense decreased due to lower incentives, lower pension expenses, lower headcount, and lower medical claims, in part due to our ongoing transformation into a more efficient organization.
Other expense increased primarily due to higher pension expense (driven primarily by lower plan assets) and higher operating losses.
Regulatory costs, excluding the aforementioned FDIC special assessment, increased primarily due to an increase in the FDIC’s deposit insurance assessment rate.

- 4 -

truistlogopurplenobackgroua.jpg
Provision for Income Taxes
Quarter EndedChange
(Dollars in millions)4Q233Q234Q22LinkLike
Provision (benefit) for income taxes$(64)$245 $337 $(309)(126.1)%$(401)(119.0)%
Effective tax rate1.2 %17.2 %16.7 %NMNM

The effective tax rate for the fourth quarter of 2023 decreased compared to the third quarter of 2023 and fourth quarter of 2022 primarily driven by lower pre-tax earnings, which includes a non-deductible goodwill impairment, partially offset by a discrete tax benefit of $204 million.

Average Loans and Leases
(Dollars in millions)4Q233Q23Change% Change
Commercial:
Commercial and industrial$160,278 $164,022 $(3,744)(2.3)%
CRE22,755 22,812 (57)(0.2)
Commercial construction6,515 6,194 321 5.2 
Total commercial189,548 193,028 (3,480)(1.8)
Consumer:
Residential mortgage55,658 56,135 (477)(0.8)
Home equity10,104 10,243 (139)(1.4)
Indirect auto23,368 24,872 (1,504)(6.0)
Other consumer28,913 28,963 (50)(0.2)
Total consumer118,043 120,213 (2,170)(1.8)
Credit card4,996 4,875 121 2.5 
Total loans and leases held for investment$312,587 $318,116 $(5,529)(1.7)

Average loans held for investment decreased $5.5 billion, or 1.7%, compared to the prior quarter.

Average commercial loans decreased 1.8% due to a decline in the commercial and industrial portfolio, partially offset by an increase in commercial construction loans.
Average consumer loans decreased 1.8% primarily due to declines in the indirect auto and mortgage portfolios.

Average Deposits
(Dollars in millions)4Q233Q23Change% Change
Noninterest-bearing deposits$114,555 $118,905 $(4,350)(3.7)%
Interest checking101,722 101,252 470 0.5 
Money market and savings137,464 139,961 (2,497)(1.8)
Time deposits41,592 40,920 672 1.6 
Total deposits$395,333 $401,038 $(5,705)(1.4)

Average deposits for the fourth quarter of 2023 were $395.3 billion, a decrease of $5.7 billion, or 1.4%, compared to the prior quarter.

Average noninterest-bearing deposits decreased 3.7% compared to the prior quarter and represented 29.0% of total deposits for the fourth quarter of 2023 compared to 29.6% for the third quarter of 2023 and 34.1% compared to the year ago quarter. Average money market and savings accounts decreased 1.8%. Average time deposits increased 1.6% due to increases in retail client time deposits, primarily due to migration from other deposit products, partially offset by a $2.1 billion decline in brokered time deposits.


- 5 -

truistlogopurplenobackgroua.jpg
Capital Ratios
4Q233Q232Q231Q234Q22
Risk-based:(preliminary)
CET110.1 %9.9 %9.6 %9.1 %9.0 %
Tier 111.6 11.4 11.1 10.6 10.5 
Total13.7 13.5 13.2 12.7 12.4 
Leverage9.3 9.2 8.8 8.5 8.5 
Supplementary leverage7.9 7.8 7.5 7.3 7.3 

Capital ratios remained strong compared to the regulatory requirements for well capitalized banks. Truist declared common dividends of $0.52 per share during the fourth quarter of 2023. Truist did not repurchase any shares in the fourth quarter of 2023.

Truist’s CET1 ratio was 10.1% as of December 31, 2023. The increase since September 30, 2023 resulted from organic capital generation and RWA optimization.

Truist’s average consolidated LCR was 112% for the three months ended December 31, 2023, compared to the regulatory minimum of 100%.


- 6 -

truistlogopurplenobackgroua.jpg
Asset Quality
(Dollars in millions)4Q233Q232Q231Q234Q22
Total nonperforming assets$1,488 $1,584 $1,583 $1,261 $1,250 
Total loans 90 days past due and still accruing534 574 662 1,361 1,605 
Total loans 30-89 days past due and still accruing1,971 1,636 1,550 1,805 2,267 
Nonperforming loans and leases as a percentage of loans and leases held for investment
0.44 %0.46 %0.47 %0.36 %0.36 %
Loans 30-89 days past due and still accruing as a percentage of loans and leases0.63 0.52 0.48 0.55 0.70 
Loans 90 days or more past due and still accruing as a percentage of loans and leases0.17 0.18 0.21 0.42 0.49 
Loans 90 days or more past due and still accruing as a percentage of loans and leases, excluding government guaranteed0.04 0.04 0.04 0.04 0.04 
Allowance for loan and lease losses as a percentage of loans and leases held for investment
1.54 1.49 1.43 1.37 1.34 
Ratio of allowance for loan and lease losses to net charge-offs(1)
2.7x2.9x2.6x3.7x4.1x
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment
3.5x3.2x3.0x3.8x3.7x
Applicable ratios are annualized.
(1)Excluding the impact from the student loan charge-offs, the ALLL to annualized net charge-offs was 3.4X at June 30, 2023.

Nonperforming assets totaled $1.5 billion at December 31, 2023, down 6.0% compared to September 30, 2023. Nonperforming loans and leases held for investment were 0.44% of loans and leases held for investment at December 31, 2023, down two basis points compared to September 30, 2023.

Loans 90 days or more past due and still accruing totaled $534 million at December 31, 2023, down $40 million, or one basis point as a percentage of loans and leases, compared with the prior quarter primarily due to a decline in government guaranteed residential mortgages. Excluding government guaranteed loans, the ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.04% at December 31, 2023, unchanged from September 30, 2023.

Loans 30-89 days past due and still accruing of $2.0 billion at December 31, 2023 were up $335 million, or 11 basis points as a percentage of loans and leases, compared to the prior quarter due to increases in the commercial and industrial portfolio and consumer portfolios.

The allowance for credit losses was $5.1 billion and includes $4.8 billion for the allowance for loan and lease losses and $295 million for the reserve for unfunded commitments. The ALLL ratio was 1.54%, up five basis points compared with September 30, 2023. The ALLL covered nonperforming loans and leases held for investment 3.5X compared to 3.2X at September 30, 2023. At December 31, 2023, the ALLL was 2.7X annualized net charge-offs, compared to 2.9X at September 30, 2023.

Provision for Credit Losses
Quarter EndedChange
(Dollars in millions)4Q233Q234Q22LinkLike
Provision for credit losses$572 $497 $467 $75 15.1 %$105 22.5 %
Net charge-offs453 405 273 48 11.9 180 65.9 
Net charge-offs as a percentage of average loans and leases
0.57 %0.51 %0.34 %6 bps23 bps
Applicable ratios are annualized.

The provision for credit losses was $572 million compared to $497 million for the third quarter of 2023.

The increase in the current quarter provision expense primarily reflects higher net charge-offs and an allowance build.
The net charge-off ratio for the current quarter was up compared to the third quarter of 2023 primarily driven by higher net charge-offs in the other consumer, commercial and industrial, and indirect auto portfolios, partially offset by lower net charge-offs in the CRE portfolio.

The provision for credit losses was $572 million compared to $467 million for the fourth quarter of 2022.

The increase in the current quarter provision expense primarily reflects higher net charge-offs and an allowance build.
The net charge-off ratio was up compared to the fourth quarter of 2022 driven by higher net charge-offs in the commercial and industrial, other consumer, and CRE portfolios.

- 7 -

truistlogopurplenobackgroua.jpg
Earnings Presentation and Quarterly Performance Summary
Investors can access the live fourth quarter 2023 earnings call at 8 a.m. ET today by webcast or dial-in as follows:

Webcast: app.webinar.net/rgaR7bgpWvJ

Dial-in: 1-877-883-0383, passcode 4549529

Additional details: The news release and presentation materials will be available at ir.truist.com under “Events & Presentations.” A replay of the call will be available on the website for 30 days.

The presentation, including an appendix reconciling non-GAAP disclosures, and Truist’s Fourth Quarter 2023 Quarterly Performance Summary, which contains detailed financial schedules, are available at https://ir.truist.com/earnings.

About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank with total assets of $535 billion as of December 31, 2023. Truist Bank, Member FDIC. Learn more at Truist.com.

#-#-#

Glossary of Defined Terms
TermDefinition
ACL
Allowance for credit losses
ALLL
Allowance for loan and lease losses
BVPSBook value (common equity) per share
CEOChief Executive Officer
CET1
Common equity tier 1
CRECommercial real estate
EBITDAEarnings before interest, taxes, depreciation, and amortization
FDICFederal Deposit Insurance Corporation
FHLBFederal Home Loan Bank
GAAPAccounting principles generally accepted in the United States of America
HFIHeld for investment
LCRLiquidity Coverage Ratio
Like
Compared to Fourth quarter of 2022
Link
Compared to Third quarter of 2023
NCO
Net charge-offs
NIMNet interest margin, computed on a TE basis
NMNot meaningful
PPNRPre-provision net revenue
ROCEReturn on average common equity
ROTCE
Return on average tangible common equity
TBVPS
Tangible book value per common share
TETaxable-equivalent
TIHTruist Insurance Holdings
- 8 -

truistlogopurplenobackgroua.jpg
Non-GAAP Financial Information
This news release contains financial information and performance measures determined by methods other than in accordance with GAAP. Truist’s management uses these “non-GAAP” measures in their analysis of Truist’s performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. The Corporation believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. Truist’s management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the types of non-GAAP measures used in this news release:

Adjusted net income available to common shareholders and adjusted diluted EPS - Adjusted net income available to common shareholders and diluted earnings per share are non-GAAP in that these measures exclude selected items, net of tax. Truist’s management uses these measures in their analysis of the Corporation’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges.
Adjusted efficiency ratio - The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges, and other selected items. Adjusted revenue and adjusted noninterest expense are related measures used to calculate the adjusted efficiency ratio. Adjusted revenue excludes securities gains (losses), and other selected items. Adjusted noninterest expense excludes amortization of intangible assets, merger-related and restructuring charges, and other selected items. Truist’s management uses this measure in their analysis of the Corporation’s performance. Truist’s management believes these measures provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges.
PPNR - Pre-provision net revenue is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the provision for credit losses and provision for income taxes. Adjusted pre-provision net revenue is a non-GAAP measure that additionally excludes securities gains (losses), merger-related and restructuring charges, amortization of intangible assets, and other selected items. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods.
Tangible Common Equity and Related Measures - Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization and impairment charges. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value.
Core NIM - Core net interest margin is a non-GAAP measure that adjusts net interest margin to exclude the impact of purchase accounting. The purchase accounting marks and related amortization for loans, deposits, and long-term debt from mergers and acquisitions are excluded to approximate the yields paid by clients. Truist’s management believes the adjustments to the calculation of net interest margin for certain assets and liabilities acquired provide investors with useful information related to the performance of Truist’s earning assets.

A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist’s Fourth Quarter 2023 Earnings Presentation, which is available at https://ir.truist.com/earnings.
- 9 -

truistlogopurplenobackgroua.jpg
Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the financial condition, results of operations, business plans and the future performance of Truist. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements.

Forward-looking statements are not based on historical facts but instead represent management’s expectations and assumptions regarding Truist’s business, the economy, and other future conditions. Such statements involve inherent uncertainties, risks, and changes in circumstances that are difficult to predict. As such, Truist’s actual results may differ materially from those contemplated by forward-looking statements. While there can be no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those contemplated by forward-looking statements include the following, without limitation, as well as the risks and uncertainties more fully discussed under Part I, Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022 and in Truist’s subsequent filings with the Securities and Exchange Commission:

current and future economic and market conditions, such as the interest rate environment; U.S. fiscal debt, budget and tax matters; geopolitical matters (including conflicts in the Ukraine, Israel, and the Gaza Strip); and any slowdown in global economic growth could result in, among other things, slower deposit or asset growth, a deterioration in credit quality, or a reduced demand for credit, insurance, or other services;
the monetary and fiscal policies of the federal government and its agencies, including in response to higher inflation, could have a material adverse effect on the economy and Truist’s profitability;
regulatory and supervisory matters, litigation, or other legal actions may result in, among other things, costs, fines, penalties, restrictions on Truist’s business activities, reputational harm, negative publicity, or other adverse consequences;
evolving legislative, accounting, regulatory, and supervisory standards, including with respect to climate change, deposit, capital, liquidity, and long-term debt requirements, which may become more stringent in light of the turmoil in the banking industry in early 2023, and results of regulatory examinations, may adversely affect Truist’s financial condition and results of operations;
increased scrutiny regarding Truist’s consumer sales practices, training practices, incentive compensation design, and governance could damage its reputation and adversely impact business and revenues;
Truist may be impacted by actual or perceived soundness of other financial institutions, including as a result of the financial or operational failure of a major financial institution, or concerns about the creditworthiness of such a financial institution or its ability to fulfill its obligations, which can cause substantial and cascading disruption within the financial markets and increased expenses, including FDIC insurance premiums, and could affect our ability to attract and retain depositors and to borrow or raise capital;
Truist is subject to credit risk by lending or committing to lend money, may have more credit risk and higher credit losses to the extent that loans are concentrated by loan type, industry segment, borrower type or location of the borrower or collateral, and may suffer losses if the value of collateral declines in stressed market conditions;
inability to access short-term funding or liquidity, loss of client deposits, or changes in Truist’s credit ratings could increase the cost of funding, limit access to capital markets, or negatively affect Truist’s overall liquidity or capitalization;
unexpected outflows of uninsured deposits may require Truist to sell investment securities at a loss;
a loss of value of Truist’s investment portfolio could negatively impact market perceptions of Truist and could lead to deposit withdrawals;
risk management oversight functions may not identify or address risks adequately, and management may not be able to effectively manage credit risk;
there are risks resulting from the extensive use of models in Truist’s business, which may impact decisions made by management and regulators;
deposit attrition, client loss, or revenue loss following completed mergers or acquisitions may be greater than anticipated;
Truist could fail to execute on strategic or operational plans, including the ability to achieve its cost savings targets;
increased competition, including from (i) new or existing competitors that could have greater financial resources or be subject to different regulatory standards or compliance costs, and (ii) products and services offered by non-bank financial technology companies, may reduce Truist’s client base, cause Truist to lower prices for its products and services in order to maintain market share or otherwise adversely impact Truist’s businesses or results of operations;
failure to maintain or enhance Truist’s competitive position with respect to new products, services, and technology, whether we fail to anticipate client expectations or because our technological developments fail to perform as desired or do not achieve market acceptance or regulatory approval or for other reasons, may cause Truist to lose market share or incur additional expense;
negative public opinion could damage Truist’s reputation and adversely impact business and revenues, including the effects of social media on market perceptions of Truist and banks generally;
Truist faces substantial legal and operational risks in safeguarding personal information;
accounting policies and processes require management to make estimates about matters that are uncertain, including the potential write down to goodwill if there is an elongated period of decline in market value for Truist’s stock and adverse economic conditions are sustained over a period of time or if there is a decline in a reporting unit’s forecasted net income;
Truist faces risks related to originating and selling mortgages, including repurchase and indemnity demands from purchasers related to representations and warranties on loans sold, which could result in an increase in the amount of losses for loan repurchases;
there are risks relating to Truist’s role as a loan servicer, including an increase in the scope or costs of the services Truist is required to perform without any corresponding increase in servicing fees or a breach of Truist’s obligations as servicer;
Truist’s success depends on hiring and retaining key teammates, and if these individuals leave or change roles without effective replacements, Truist’s operations could be adversely impacted, which could be exacerbated in the increased work-from-home environment as job markets may be less constrained by physical geography;
Truist’s operations rely on its ability, and the ability of key external parties, to maintain appropriately-staffed workforces, and on the competence, trustworthiness, health and safety of teammates;
Truist faces the risk of fraud or misconduct by internal or external parties, which Truist may not be able to prevent, detect, or mitigate;
security risks, including denial of service attacks, hacking, social engineering attacks targeting Truist’s teammates and clients, malware intrusion, data corruption attempts, system breaches, cyberattacks, which have increased in frequency with geopolitical tensions, identity theft, ransomware attacks, and physical security risks, such as natural disasters, environmental conditions, and intentional acts of destruction, could result in the disclosure of confidential information, adversely affect Truist’s business or reputation or create significant legal or financial exposure; and
widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism and pandemics), and the effects of climate change, including physical risks, such as more frequent and intense weather events, and risks related to the transition to a lower carbon economy, such as regulatory or technological changes or shifts in market dynamics or consumer preferences, could have an adverse effect on Truist’s financial condition and results of operations, lead to material disruption of Truist’s operations or the ability or willingness of clients to access Truist’s products and services.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by applicable law or regulation, Truist undertakes no obligation to revise or update any forward-looking statements.
- 10 -














logo-boxed.jpg

Quarterly Performance Summary
Truist Financial Corporation
Fourth Quarter 2023




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
Rollforward of Intangible Assets and Selected Fair Value Marks
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)Dec. 31Sept. 30June 30March 31Dec. 31Dec. 31Dec. 31
2023202320232023202220232022
Summary Income Statement
Interest income - taxable equivalent(1)
$6,324 $6,286 $6,230 $5,836 $5,288 $24,676 $16,779 
Interest expense2,723 2,665 2,551 1,917 1,257 9,856 2,321 
Net interest income - taxable equivalent3,601 3,621 3,679 3,919 4,031 14,820 14,458 
Less: Taxable-equivalent adjustment58 57 54 51 50 220 142 
Net interest income3,543 3,564 3,625 3,868 3,981 14,600 14,316 
Provision for credit losses572 497 538 502 467 2,109 777 
Net interest income after provision for credit losses2,971 3,067 3,087 3,366 3,514 12,491 13,539 
Noninterest income2,155 2,108 2,293 2,234 2,227 8,790 8,719 
Noninterest expense10,280 3,747 3,748 3,691 3,722 21,466 14,589 
Income (loss) before income taxes(5,154)1,428 1,632 1,909 2,019 (185)7,669 
Provision (benefit) for income taxes(64)245 287 394 337 862 1,402 
Net income (loss)(5,090)1,183 1,345 1,515 1,682 (1,047)6,267 
Noncontrolling interests— 36 44 
Preferred stock dividends and other77 106 75 103 71 361 333 
Net income (loss) available to common shareholders(5,167)1,071 1,234 1,410 1,610 (1,452)5,927 
Net income available to common shareholders - adjusted(2)
1,094 1,071 1,234 1,410 1,740 4,809 6,643 
Additional Income Statement Information
Revenue - taxable equivalent5,756 5,729 5,972 6,153 6,258 23,610 23,177 
Pre-provision net revenue - unadjusted(2)
(4,524)1,982 2,224 2,462 2,536 2,144 8,588 
Pre-provision net revenue - adjusted(2)
2,374 2,187 2,413 2,661 2,869 9,635 10,107 
Per Common Share Data
Earnings:
Earnings per share-basic$(3.87)$0.80 $0.93 $1.06 $1.21 $(1.09)$4.46 
Earnings per share-diluted(3.85)0.80 0.92 1.05 1.20 (1.08)4.43 
Earnings per share-adjusted diluted(2)
0.81 0.80 0.92 1.05 1.30 3.59 4.96 
Cash dividends declared0.52 0.52 0.52 0.52 0.52 2.08 2.00 
Common shareholders’ equity39.31 41.37 42.68 41.82 40.58 
Tangible common shareholders’ equity(2)
21.83 19.25 20.44 19.45 18.04 
End of period shares outstanding1,333,743 1,333,668 1,331,976 1,331,918 1,326,829 
Weighted average shares outstanding-basic1,333,703 1,333,522 1,331,953 1,328,602 1,326,787 1,331,963 1,328,120 
Weighted average shares outstanding-diluted1,342,790 1,340,574 1,337,307 1,339,480 1,337,338 1,339,895 1,338,462 
Performance Ratios
Return on average assets(3.74)%0.86 %0.95 %1.10 %1.21 %(0.19)%1.15 %
Return on average common shareholders’ equity(36.6)7.5 8.6 10.3 11.7 (2.6)10.4 
Return on average tangible common shareholders’ equity(2)
15.0 17.3 19.4 24.1 27.6 18.9 22.9 
Net interest margin - taxable equivalent2.98 2.95 2.91 3.17 3.25 3.00 3.01 
Fee income ratio37.8 37.2 38.8 36.6 35.9 37.6 37.9 
Efficiency ratio-GAAP180.4 66.1 63.3 60.5 60.0 91.8 63.3 
Efficiency ratio-adjusted(2)
58.8 61.8 59.6 56.8 54.2 59.2 56.4 
Credit Quality
Nonperforming loans and leases as a percentage of loans and leases held for investment0.44 %0.46 %0.47 %0.36 %0.36 %
Net charge-offs as a percentage of average loans and leases(3)
0.57 0.51 0.54 0.37 0.34 0.50 %0.27 %
Allowance for loan and lease losses as a percentage of LHFI1.54 1.49 1.43 1.37 1.34 
Ratio of allowance for loan and lease losses to nonperforming LHFI3.5x3.2x3.0x3.8x3.7x
Average Balances
Assets$539,656 $547,704 $565,822 $559,627 $552,959 $553,132 $543,830 
Securities(4)
133,390 135,527 138,393 140,551 142,433 136,942 147,266 
Loans and leases 313,832 319,881 328,258 327,547 322,733 322,335 306,835 
Deposits395,333 401,038 399,826 408,458 413,276 401,127 418,090 
Common shareholders’ equity56,061 56,472 57,302 55,380 54,823 56,306 57,124 
Total shareholders’ equity62,896 63,312 64,101 62,077 61,519 63,099 63,817 
Period-End Balances
Assets$535,349 $542,707 $554,549 $574,354 $555,255 
Securities(4)
121,473 120,059 124,923 128,790 129,514 
Loans and leases 313,341 317,112 324,015 329,833 327,435 
Deposits395,865 400,024 406,043 404,997 413,495 
Common shareholders’ equity52,428 55,167 56,853 55,699 53,841 
Total shareholders’ equity59,253 62,007 63,681 62,394 60,537 
Capital and Liquidity Ratios(preliminary)
Common equity Tier 110.1 %9.9 %9.6 %9.1 %9.0 %
Tier 111.6 11.4 11.1 10.6 10.5 
Total 13.7 13.5 13.2 12.7 12.4 
Leverage9.3 9.2 8.8 8.5 8.5 
Supplementary leverage7.9 7.8 7.5 7.3 7.3 
Liquidity coverage ratio112 110 112 113 112 
Applicable ratios are annualized.
(1)Interest income includes certain fees, deferred costs, fair value mark accretion, and dividends.
(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 Fourth Quarter 2023 Earnings Presentation.
(3)2Q23 includes 12 basis point impact from student loan portfolio sale.
(4)Includes AFS and HTM securities. Average balances reflect both 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
Dec. 31Sept. 30June 30March 31Dec. 31Dec. 31Dec. 31
(Dollars in millions, except per share data, shares in thousands)2023202320232023202220232022
Interest Income
Interest and fees on loans and leases$4,971 $4,976 $4,915 $4,656 $4,220 $19,518 $13,252 
Interest on securities802 763 749 752 739 3,066 2,763 
Interest on other earning assets493 490 512 377 279 1,872 622 
Total interest income6,266 6,229 6,176 5,785 5,238 24,456 16,637 
Interest Expense
Interest on deposits1,893 1,831 1,506 1,125 683 6,355 1,145 
Interest on long-term debt476 491 734 514 332 2,215 791 
Interest on other borrowings354 343 311 278 242 1,286 385 
Total interest expense2,723 2,665 2,551 1,917 1,257 9,856 2,321 
Net Interest Income3,543 3,564 3,625 3,868 3,981 14,600 14,316 
Provision for credit losses572 497 538 502 467 2,109 777 
Net Interest Income After Provision for Credit Losses2,971 3,067 3,087 3,366 3,514 12,491 13,539 
Noninterest Income
Insurance income813 793 935 813 766 3,354 3,043 
Wealth management income346 343 330 339 324 1,358 1,338 
Investment banking and trading income165 185 211 261 257 822 995 
Service charges on deposits228 152 240 249 257 869 1,026 
Card and payment related fees232 238 236 230 245 936 944 
Mortgage banking income94 102 99 142 117 437 460 
Lending related fees153 102 86 106 110 447 375 
Operating lease income60 63 64 67 68 254 258 
Securities gains (losses)— — — — — — (71)
Other income64 130 92 27 83 313 351 
Total noninterest income2,155 2,108 2,293 2,234 2,227 8,790 8,719 
Noninterest Expense
Personnel expense2,017 2,200 2,256 2,181 2,198 8,654 8,467 
Professional fees and outside processing358 317 352 314 347 1,341 1,411 
Software expense240 238 237 214 241 929 932 
Net occupancy expense172 180 180 183 179 715 744 
Amortization of intangibles130 130 131 136 163 527 583 
Equipment expense110 97 92 110 124 409 478 
Marketing and customer development62 78 79 78 70 297 352 
Operating lease depreciation42 43 44 46 44 175 184 
Regulatory costs599 77 73 75 52 824 183 
Merger-related and restructuring charges183 75 54 63 114 375 513 
Goodwill impairment6,078 — — — — 6,078 — 
Other expense289 312 250 291 190 1,142 742 
Total noninterest expense10,280 3,747 3,748 3,691 3,722 21,466 14,589 
Earnings
Income (loss) before income taxes(5,154)1,428 1,632 1,909 2,019 (185)7,669 
Provision (benefit) for income taxes(64)245 287 394 337 862 1,402 
Net income (loss)(5,090)1,183 1,345 1,515 1,682 (1,047)6,267 
Noncontrolling interests— 36 44 
Preferred stock dividends and other77 106 75 103 71 361 333 
Net income (loss) available to common shareholders$(5,167)$1,071 $1,234 $1,410 $1,610 $(1,452)$5,927 
Earnings Per Common Share
Basic$(3.87)$0.80 $0.93 $1.06 $1.21 $(1.09)$4.46 
Diluted(3.85)0.80 0.92 1.05 1.20 (1.08)4.43 
Weighted Average Shares Outstanding
Basic1,333,703 1,333,522 1,331,953 1,328,602 1,326,787 1,331,963 1,328,120 
Diluted1,342,790 1,340,574 1,337,307 1,339,480 1,337,338 1,339,895 1,338,462 
- 2 -


Consolidated Ending Balance Sheets - Five Quarter Trend
Dec. 31Sept. 30June 30March 31Dec. 31
(Dollars in millions)20232023202320232022
Assets
Cash and due from banks$5,072 $5,156 $4,782 $4,629 $5,379 
Interest-bearing deposits with banks25,572 24,676 25,228 32,967 16,042 
Securities borrowed or purchased under resale agreements 2,378 2,018 2,315 3,637 3,181 
Trading assets at fair value4,332 4,384 4,097 4,601 4,905 
Securities available for sale at fair value67,366 65,117 68,965 71,858 71,801 
Securities held to maturity at amortized cost54,107 54,942 55,958 56,932 57,713 
Loans and leases:
Commercial:
Commercial and industrial160,788 162,330 167,153 167,217 164,307 
CRE22,570 22,736 22,825 22,670 22,676 
Commercial construction6,683 6,343 5,943 5,951 5,849 
Consumer:
Residential mortgage55,492 56,013 56,476 56,455 56,645 
Home equity(1)
10,053 10,160 10,348 10,577 10,876 
Indirect auto22,727 24,084 25,759 27,279 27,951 
Other consumer(1)
28,647 29,105 28,755 27,742 27,533 
Student— — — 4,996 5,287 
Credit card5,101 4,928 4,833 4,786 4,867 
Total loans and leases held for investment312,061 315,699 322,092 327,673 325,991 
Loans held for sale1,280 1,413 1,923 2,160 1,444 
Total loans and leases313,341 317,112 324,015 329,833 327,435 
Allowance for loan and lease losses(4,798)(4,693)(4,606)(4,479)(4,377)
Premises and equipment3,370 3,394 3,453 3,519 3,605 
Goodwill20,901 26,979 27,013 27,014 27,013 
Core deposit and other intangible assets3,160 3,292 3,403 3,535 3,672 
Loan servicing rights at fair value3,378 3,537 3,497 3,303 3,758 
Other assets37,170 36,793 36,429 37,005 35,128 
Total assets$535,349 $542,707 $554,549 $574,354 $555,255 
Liabilities
Deposits:
Noninterest-bearing deposits$111,624 $116,674 $121,831 $128,719 $135,742 
Interest checking104,757 103,288 106,471 107,116 110,464 
Money market and savings135,923 137,914 135,514 136,836 143,815 
Time deposits43,561 42,148 42,227 32,326 23,474 
Total deposits395,865 400,024 406,043 404,997 413,495 
Short-term borrowings24,828 23,485 24,456 23,678 23,422 
Long-term debt38,918 41,232 44,749 69,895 43,203 
Other liabilities16,485 15,959 15,620 13,390 14,598 
Total liabilities476,096 480,700 490,868 511,960 494,718 
Shareholders' Equity:
Preferred stock6,673 6,673 6,673 6,673 6,673 
Common stock6,669 6,668 6,660 6,660 6,634 
Additional paid-in capital 36,177 36,114 35,990 34,582 34,544 
Retained earnings22,088 27,944 27,577 27,038 26,264 
Accumulated other comprehensive loss(12,506)(15,559)(13,374)(12,581)(13,601)
Noncontrolling interests152 167 155 22 23 
Total shareholders’ equity59,253 62,007 63,681 62,394 60,537 
Total liabilities and shareholders’ equity$535,349 $542,707 $554,549 $574,354 $555,255 
(1)In the first quarter of 2023, the Company reclassified certain portfolios within the consumer portfolio segment to delineate home equity from other consumer portfolios. Prior periods were revised to conform to the current presentation.
- 3 -


Average Balances and Rates - Quarters
 Quarter Ended
 December 31, 2023September 30, 2023June 30, 2023March 31, 2023December 31, 2022
(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$10,967 $38 1.37 %$10,886 $34 1.27 %$11,115 $30 1.10 %$11,117 $30 1.07 %$10,989 $27 0.98 %
U.S. government-sponsored entities (GSE)389 3.23 339 2.92 329 2.70 335 2.86 325 2.47 
Mortgage-backed securities issued by GSE117,868 736 2.50 120,078 701 2.33 122,647 690 2.25 124,746 694 2.23 126,718 682 2.16 
States and political subdivisions421 4.16 423 4.12 425 4.18 425 4.07 426 4.03 
Non-agency mortgage-backed3,725 22 2.37 3,781 22 2.33 3,852 22 2.32 3,907 23 2.34 3,953 23 2.33 
Other20 — 5.47 20 5.55 25 — 5.20 21 — 5.30 22 4.44 
Total securities133,390 803 2.41 135,527 765 2.26 138,393 750 2.17 140,551 753 2.14 142,433 740 2.08 
Loans and leases: