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Truist Financial Corp. – ‘8-K’ for 4/15/21 – ‘EX-99.2’

On:  Thursday, 4/15/21, at 6:06am ET   ·   For:  4/15/21   ·   Accession #:  92230-21-38   ·   File #:  1-10853

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  As Of               Filer                 Filing    For·On·As Docs:Size

 4/15/21  Truist Financial Corp.            8-K:2,9     4/15/21   15:9.3M

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     36K 
 2: EX-99.1     Miscellaneous Exhibit                               HTML    126K 
 3: EX-99.2     Miscellaneous Exhibit                               HTML    703K 
 4: EX-99.3     Miscellaneous Exhibit                               HTML     71K 
11: R1          Cover Cover                                         HTML     61K 
13: XML         IDEA XML File -- Filing Summary                      XML     13K 
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12: EXCEL       IDEA Workbook of Financial Reports                  XLSX      6K 
 6: EX-101.CAL  XBRL Calculations -- tfc-20210415_cal                XML      7K 
 7: EX-101.DEF  XBRL Definitions -- tfc-20210415_def                 XML     50K 
 8: EX-101.LAB  XBRL Labels -- tfc-20210415_lab                      XML    108K 
 9: EX-101.PRE  XBRL Presentations -- tfc-20210415_pre               XML     51K 
 5: EX-101.SCH  XBRL Schema -- tfc-20210415                          XSD     16K 
14: JSON        XBRL Instance as JSON Data -- MetaLinks               17±    24K 
15: ZIP         XBRL Zipped Folder -- 0000092230-21-000038-xbrl      Zip    121K

‘EX-99.2’   —   Miscellaneous Exhibit

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Quarterly Performance Summary
Truist Financial Corporation
First Quarter 2021




Table of Contents 
Quarterly Performance Summary 
Truist Financial Corporation
   
   
   
  Page
Financial Highlights
1
Financial Highlights - Five Quarter Trend
2
Consolidated Statements of Income
3
Consolidated Statements of Income - Five Quarter Trend
4
Segment Financial Performance - Five Quarter Trend
5
Consolidated Ending Balance Sheets - Five Quarter Trend
6
Average Balance Sheets
7
Average Balance Sheets - Five Quarter Trend
8
Average Balances and Rates - Quarters
9
Credit Quality
11
Capital Information - Five Quarter Trend
14
Selected Mortgage Banking Information & Additional Information
15
Selected Items
16
Non-GAAP Reconciliations
16



Financial Highlights 
Quarter Ended 
 March 31%
(Dollars in millions, except per share data, shares in thousands)20212020Change
Summary Income Statement   
Interest income - taxable equivalent (1)$3,522 $4,463 (21.1)%
Interest expense209 776 (73.1)
Net interest income - taxable equivalent3,313 3,687 (10.1)
Less: Taxable-equivalent adjustment28 37 (24.3)
Net interest income 3,285 3,650 (10.0)
Provision for credit losses48 893 (94.6)
Net interest income after provision for credit losses3,237 2,757 17.4 
Noninterest income2,197 1,961 12.0 
Noninterest expense3,610 3,431 5.2 
Income before income taxes1,824 1,287 41.7 
Provision for income taxes351 224 56.7 
Net income1,473 1,063 38.6 
Noncontrolling interests(4)3 NM
Net income available to the bank holding company1,477 1,060 39.3 
Preferred stock dividends and other143 74 93.2 
Net income available to common shareholders1,334 986 35.3 
Per Common Share Data
Earnings per share-basic$0.99 $0.73 35.6 %
Earnings per share-diluted0.98 0.73 34.2 
Earnings per share-adjusted diluted (2)1.18 0.83 42.2 
Cash dividends declared0.450 0.450 — 
Common shareholders' equity45.17 45.49 (0.7)
Tangible common shareholders' equity (2)25.53 26.00 (1.8)
End of period shares outstanding1,344,845 1,347,461 (0.2)
Weighted average shares outstanding-basic1,345,666 1,344,372 0.1 
Weighted average shares outstanding-diluted1,358,932 1,357,545 0.1 
Performance Ratios
Return on average assets1.17 %0.90 %
Return on average risk-weighted assets (current period is preliminary)1.58 1.12 
Return on average common shareholders' equity8.69 6.58 
Return on average tangible common shareholders' equity (2)16.40 13.23 
Net interest margin - taxable equivalent3.01 3.58 
Fee income ratio40.1 34.9 
Efficiency ratio-GAAP65.8 61.1 
Efficiency ratio-adjusted (2)56.9 54.6 
Credit Quality
Nonperforming assets as a percentage of:
Assets0.25 %0.23 %
Loans and leases plus foreclosed property0.42 0.36 
Net charge-offs as a percentage of average loans and leases 0.33 0.36 
Allowance for loan and lease losses as a percentage of LHFI1.94 1.63 
Ratio of allowance for loan and lease losses to nonperforming LHFI4.84x5.04x
Average Balances
Assets$508,833 $477,550 6.6 %
Securities available for sale (3)122,246 75,701 61.5 
Loans and leases 299,541 307,748 (2.7)
Deposits383,185 334,649 14.5 
Common shareholders' equity62,252 60,224 3.4 
Total shareholders' equity70,047 65,412 7.1 
Period-End Balances
Assets$517,537 $506,229 2.2 %
Securities available for sale (3)123,807 78,398 57.9 
Loans and leases 297,179 324,039 (8.3)
Deposits395,562 350,179 13.0 
Common shareholders' equity60,752 61,295 (0.9)
Total shareholders' equity67,876 66,061 2.7 
Capital Ratios (current quarter is preliminary)
Common equity Tier 110.1 %9.3 %
Tier 112.0 10.5 
Total 14.3 12.7 
Leverage9.4 9.0 
Supplementary leverage8.3 7.8 
Applicable ratios are annualized.
NM - not meaningful
(1) Interest income includes certain fees, deferred costs, fair value mark accretion, and dividends.
(2) Represents a non-GAAP measure. See the calculations and management's reasons for using these measures in the Non-GAAP Reconciliations and Preliminary Capital Information - Five Quarter Trend sections of this supplement.
(3) Average balances reflect AFS securities at amortized cost. Period-end balances reflect AFS securities at fair value.
Truist Financial Corporation 1

Financial Highlights - Five Quarter Trend   
Quarter Ended
 March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions, except per share data, shares in thousands)20212020202020202020
Summary Income Statement
Interest income - taxable equivalent (1)$3,522 $3,639 $3,652 $3,919 $4,463 
Interest expense209 245 261 440 776 
Net interest income - taxable equivalent3,313 3,394 3,391 3,479 3,687 
Less: Taxable-equivalent adjustment28 28 29 31 37 
Net interest income 3,285 3,366 3,362 3,448 3,650 
Provision for credit losses48 177 421 844 893 
Net interest income after provision for credit losses3,237 3,189 2,941 2,604 2,757 
Noninterest income2,197 2,285 2,210 2,423 1,961 
Noninterest expense3,610 3,833 3,755 3,878 3,431 
Income before income taxes1,824 1,641 1,396 1,149 1,287 
Provision for income taxes351 311 255 191 224 
Net income1,473 1,330 1,141 958 1,063 
Noncontrolling interests(4)1 3 3 3 
Net income available to the bank holding company1,477 1,329 1,138 955 1,060 
Preferred stock dividends and other143 101 70 53 74 
Net income available to common shareholders1,334 1,228 1,068 902 986 
Per Common Share Data
Earnings per share-basic$0.99 $0.91 $0.79 $0.67 $0.73 
Earnings per share-diluted0.98 0.90 0.79 0.67 0.73 
Earnings per share-adjusted diluted (2)1.18 1.18 0.97 0.82 0.83 
Cash dividends declared0.450 0.450 0.450 0.450 0.450 
Common shareholders' equity45.17 46.52 45.86 45.74 45.49 
Tangible common shareholders' equity (2)25.53 26.78 26.63 26.38 26.00 
End of period shares outstanding1,344,845 1,348,961 1,348,118 1,347,609 1,347,461 
Weighted average shares outstanding-basic1,345,666 1,348,493 1,347,916 1,347,512 1,344,372 
Weighted average shares outstanding-diluted1,358,932 1,361,763 1,358,122 1,355,834 1,357,545 
Performance Ratios
Return on average assets1.17 %1.05 %0.91 %0.75 %0.90 %
Return on average risk-weighted assets (current quarter is preliminary)1.58 1.40 1.19 1.00 1.12 
Return on average common shareholders' equity8.69 7.88 6.87 5.90 6.58 
Return on average tangible common shareholders' equity (2)16.40 14.99 13.31 11.83 13.23 
Net interest margin - taxable equivalent3.01 3.08 3.10 3.13 3.58 
Fee income ratio40.1 40.4 39.7 41.3 34.9 
Efficiency ratio-GAAP65.8 67.8 67.4 66.1 61.1 
Efficiency ratio-adjusted (2)56.9 55.9 57.3 55.8 54.6 
Credit Quality
Nonperforming assets as a percentage of:
Assets0.25 %0.27 %0.26 %0.25 %0.23 %
Loans and leases plus foreclosed property0.42 0.46 0.39 0.37 0.36 
Net charge-offs as a percentage of average loans and leases 0.33 0.27 0.42 0.39 0.36 
Allowance for loan and lease losses as a percentage of LHFI1.94 1.95 1.91 1.81 1.63 
Ratio of allowance for loan and lease losses to nonperforming LHFI4.84x4.39x5.22x5.24x5.04x
Average Balances
Assets$508,833 $503,181 $500,826 $514,720 $477,550 
Securities available for sale (3)122,246 102,053 79,828 75,159 75,701 
Loans and leases 299,541 308,188 315,691 326,435 307,748 
Deposits383,185 375,266 372,211 370,818 334,649 
Common shareholders' equity62,252 61,991 61,804 61,484 60,224 
Total shareholders' equity70,047 70,145 69,634 66,863 65,412 
Period-End Balances
Assets$517,537 $509,228 $499,183 $504,336 $506,229 
Securities available for sale (3)123,807 120,788 86,132 77,805 78,398 
Loans and leases 297,179 305,793 312,149 321,148 324,039 
Deposits395,562 381,077 370,747 376,235 350,179 
Common shareholders' equity60,752 62,759 61,819 61,634 61,295 
Total shareholders' equity67,876 70,912 69,973 68,883 66,061 
Capital Ratios (current quarter is preliminary)
Common equity Tier 110.1 %10.0 %10.0 %9.7 %9.3 %
Tier 112.0 12.1 12.2 11.6 10.5 
Total 14.3 14.5 14.6 14.0 12.7 
Leverage9.4 9.6 9.6 9.0 9.0 
Supplementary leverage8.3 8.7 8.9 8.5 7.8 
Applicable ratios are annualized.
(1) Interest income includes certain fees, deferred costs, fair value mark accretion, and dividends.
(2) Represents a non-GAAP measure. See the calculations and management's reasons for using these measures in the Non-GAAP Reconciliations and Preliminary Capital Information - Five Quarter Trend sections of this supplement.
(3) Average balances reflect AFS securities at amortized cost. Period-end balances reflect AFS securities at fair value.

2 Truist Financial Corporation


Consolidated Statements of Income
 Quarter Ended
 March 31Change
(Dollars in millions, except per share data, shares in thousands)20212020$%
Interest Income
Interest and fees on loans and leases$3,002 $3,776 $(774)(20.5)%
Interest on securities443 494 (51)(10.3)
Interest on other earning assets49 156 (107)(68.6)
Total interest income3,494 4,426 (932)(21.1)
Interest Expense
Interest on deposits47 421 (374)(88.8)
Interest on long-term debt148 272 (124)(45.6)
Interest on other borrowings14 83 (69)(83.1)
Total interest expense209 776 (567)(73.1)
Net Interest Income3,285 3,650 (365)(10.0)
Provision for credit losses48 893 (845)(94.6)
Net Interest Income After Provision for Credit Losses3,237 2,757 480 17.4 
Noninterest Income
Insurance income626 549 77 14.0 
Wealth management income341 332 9 2.7 
Service charges on deposits258 305 (47)(15.4)
Residential mortgage income100 245 (145)(59.2)
Investment banking and trading income340 118 222 188.1 
Card and payment related fees200 187 13 7.0 
Lending related fees100 67 33 49.3 
Operating lease income68 77 (9)(11.7)
Commercial real estate related income43 44 (1)(2.3)
Income from bank-owned life insurance50 44 6 13.6 
Securities gains (losses)— (2)2 NM
Other income (loss)71 (5)76 NM
Total noninterest income2,197 1,961 236 12.0 
Noninterest Expense
Personnel expense2,142 1,972 170 8.6 
Professional fees and outside processing350 247 103 41.7 
Net occupancy expense209 221 (12)(5.4)
Software expense210 210 — — 
Amortization of intangibles144 165 (21)(12.7)
Equipment expense113 116 (3)(2.6)
Marketing and customer development66 84 (18)(21.4)
Operating lease depreciation50 71 (21)(29.6)
Loan-related expense54 62 (8)(12.9)
Regulatory costs25 29 (4)(13.8)
Merger-related and restructuring charges141 107 34 31.8 
Loss (gain) on early extinguishment of debt(3)— (3)NM
Other expense109 147 (38)(25.9)
Total noninterest expense3,610 3,431 179 5.2 
Earnings
Income before income taxes1,824 1,287 537 41.7 
Provision for income taxes351 224 127 56.7 
Net income1,473 1,063 410 38.6 
Noncontrolling interests(4)3 (7)NM
Net income available to the bank holding company1,477 1,060 417 39.3 
Preferred stock dividends and other143 74 69 93.2 
Net income available to common shareholders$1,334 $986 $348 35.3 %
Earnings Per Common Share
Basic$0.99 $0.73 $0.26 35.6 %
Diluted0.98 0.73 0.25 34.2 
Weighted Average Shares Outstanding
Basic1,345,666 1,344,372 1,294 0.1 
Diluted1,358,932 1,357,545 1,387 0.1 
NM - not meaningful

Truist Financial Corporation 3


Consolidated Statements of Income - Five Quarter Trend   
Quarter Ended
March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions, except per share data, shares in thousands)20212020202020202020
Interest Income
Interest and fees on loans and leases$3,002 $3,158 $3,174 $3,377 $3,776 
Interest on securities443 408 393 444 494 
Interest on other earning assets49 45 56 67 156 
Total interest income3,494 3,611 3,623 3,888 4,426 
Interest Expense
Interest on deposits47 67 96 201 421 
Interest on long-term debt148 165 152 211 272 
Interest on other borrowings14 13 13 28 83 
Total interest expense209 245 261 440 776 
Net Interest Income3,285 3,366 3,362 3,448 3,650 
Provision for credit losses48 177 421 844 893 
Net Interest Income After Provision for Credit Losses3,237 3,189 2,941 2,604 2,757 
Noninterest Income
Insurance income626 545 518 581 549 
Wealth management income341 332 324 289 332 
Service charges on deposits258 266 247 202 305 
Residential mortgage income100 193 221 341 245 
Investment banking and trading income340 308 244 274 118 
Card and payment related fees200 203 200 171 187 
Lending related fees100 105 77 66 67 
Operating lease income68 77 72 83 77 
Commercial real estate related income43 123 55 49 44 
Income from bank-owned life insurance50 44 46 45 44 
Securities gains (losses)— — 104 300 (2)
Other income (loss)71 89 102 22 (5)
Total noninterest income2,197 2,285 2,210 2,423 1,961 
Noninterest Expense
Personnel expense2,142 2,108 2,058 2,008 1,972 
Professional fees and outside processing350 393 323 289 247 
Net occupancy expense209 207 233 243 221 
Software expense210 215 221 216 210 
Amortization of intangibles144 172 170 178 165 
Equipment expense113 121 127 120 116 
Marketing and customer development66 58 75 56 84 
Operating lease depreciation50 54 56 77 71 
Loan-related expense54 65 59 56 62 
Regulatory costs25 32 34 30 29 
Merger-related and restructuring charges141 308 236 209 107 
Loss (gain) on early extinguishment of debt(3)— — 235 — 
Other expense109 100 163 161 147 
Total noninterest expense3,610 3,833 3,755 3,878 3,431 
Earnings
Income before income taxes1,824 1,641 1,396 1,149 1,287 
Provision for income taxes351 311 255 191 224 
Net income1,473 1,330 1,141 958 1,063 
Noncontrolling interests(4)1 3 3 3 
Net income available to the bank holding company1,477 1,329 1,138 955 1,060 
Preferred stock dividends and other143 101 70 53 74 
Net income available to common shareholders$1,334 $1,228 $1,068 $902 $986 
Earnings Per Common Share
Basic$0.99 $0.91 $0.79 $0.67 $0.73 
Diluted0.98 0.90 0.79 0.67 0.73 
Weighted Average Shares Outstanding
Basic1,345,666 1,348,493 1,347,916 1,347,512 1,344,372 
Diluted1,358,932 1,361,763 1,358,122 1,355,834 1,357,545 

4 Truist Financial Corporation

Segment Financial Performance - Preliminary   
 Quarter Ended
March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20212020202020202020
Consumer Banking and Wealth
Net interest income (expense)$1,752 $1,818 $1,856 $1,843 $1,860 
Net intersegment interest income (expense) 386 382 344 322 397 
Segment net interest income2,138 2,200 2,200 2,165 2,257 
Allocated provision for credit losses100 116 181 270 437 
Noninterest income921 994 990 1,006 1,066 
Noninterest expense1,910 1,960 1,939 1,988 2,004 
Income (loss) before income taxes1,049 1,118 1,070 913 882 
Provision (benefit) for income taxes246 264 253 216 207 
Segment net income (loss)$803 $854 $817 $697 $675 
Corporate and Commercial Banking
Net interest income (expense)$1,208 $1,271 $1,235 $1,351 $1,534 
Net intersegment interest income (expense) 1 11 36 (63)(211)
Segment net interest income1,209 1,282 1,271 1,288 1,323 
Allocated provision for credit losses(35)60 311 534 399 
Noninterest income694 789 609 621 457 
Noninterest expense782 831 843 867 869 
Income (loss) before income taxes1,156 1,180 726 508 512 
Provision (benefit) for income taxes248 258 146 94 91 
Segment net income (loss)$908 $922 $580 $414 $421 
Insurance Holdings
Net interest income (expense)$24 $26 $31 $33 $36 
Net intersegment interest income (expense) (4)(4)(7)(10)(11)
Segment net interest income20 22 24 23 25 
Allocated provision for credit losses1 2 — 6 1 
Noninterest income633 562 524 598 557 
Noninterest expense479 451 446 448 440 
Income (loss) before income taxes173 131 102 167 141 
Provision (benefit) for income taxes42 32 25 41 36 
Segment net income (loss)$131 $99 $77 $126 $105 
Other, Treasury & Corporate (1)
Net interest income (expense)$301 $251 $240 $221 $220 
Net intersegment interest income (expense) (383)(389)(373)(249)(175)
Segment net interest income(82)(138)(133)(28)45 
Allocated provision for credit losses(18)(1)(71)34 56 
Noninterest income(51)(60)87 198 (119)
Noninterest expense439 591 527 575 118 
Income (loss) before income taxes(554)(788)(502)(439)(248)
Provision (benefit) for income taxes(185)(243)(169)(160)(110)
Segment net income (loss)$(369)$(545)$(333)$(279)$(138)
Total Truist Financial Corporation
Net interest income (expense)$3,285 $3,366 $3,362 $3,448 $3,650 
Net intersegment interest income (expense) — — — — — 
Segment net interest income3,285 3,366 3,362 3,448 3,650 
Allocated provision for credit losses48 177 421 844 893 
Noninterest income2,197 2,285 2,210 2,423 1,961 
Noninterest expense3,610 3,833 3,755 3,878 3,431 
Income (loss) before income taxes1,824 1,641 1,396 1,149 1,287 
Provision (benefit) for income taxes351 311 255 191 224 
Net income$1,473 $1,330 $1,141 $958 $1,063 
(1) Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure.

Truist Financial Corporation 5

Consolidated Ending Balance Sheets - Five Quarter Trend   
March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20212020202020202020
Assets
Cash and due from banks$5,097 $5,029 $4,194 $5,116 $5,312 
Interest-bearing deposits with banks27,035 13,839 32,914 36,081 31,036 
Securities borrowed or purchased under resale agreements 1,349 1,745 1,300 1,345 1,796 
Trading assets at fair value5,094 3,872 4,670 3,824 3,863 
Securities available for sale at fair value123,807 120,788 86,132 77,805 78,398 
Loans and leases:
Commercial:
Commercial and industrial135,432 138,354 140,874 147,141 149,161 
CRE25,899 26,595 27,474 27,963 27,532 
Commercial construction6,559 6,491 6,772 6,891 6,630 
Lease financing4,883 5,240 5,493 5,783 5,984 
Consumer:
Residential mortgage44,298 47,272 50,379 51,671 53,096 
Residential home equity and direct25,333 26,064 26,558 26,935 27,629 
Indirect auto26,438 26,150 25,269 24,509 25,146 
Indirect other10,631 11,177 11,527 11,592 10,980 
Student7,478 7,552 7,480 7,484 7,771 
Credit card4,560 4,839 4,801 4,856 5,300 
Total loans and leases held for investment291,511 299,734 306,627 314,825 319,229 
Loans held for sale5,668 6,059 5,522 6,323 4,810 
Total loans and leases297,179 305,793 312,149 321,148 324,039 
Allowance for loan and lease losses(5,662)(5,835)(5,863)(5,702)(5,211)
Premises and equipment3,787 3,870 3,968 4,002 3,999 
Goodwill24,356 24,447 23,869 23,882 23,927 
Core deposit and other intangible assets2,825 2,984 2,840 3,016 3,168 
Mortgage servicing rights2,365 2,023 1,991 2,077 2,150 
Other assets30,305 30,673 31,019 31,742 33,752 
Total assets$517,537 $509,228 $499,183 $504,336 $506,229 
Liabilities
Deposits:
Noninterest-bearing deposits$136,555 $127,629 $124,297 $122,694 $97,618 
Interest checking107,082 105,269 98,694 99,005 92,950 
Money market and savings132,733 126,238 121,856 123,974 124,072 
Time deposits19,192 21,941 25,900 30,562 35,539 
Foreign office deposits - interest-bearing— — — — — 
Total deposits395,562 381,077 370,747 376,235 350,179 
Short-term borrowings5,889 6,092 6,244 5,700 12,696 
Long-term debt37,753 39,597 41,008 42,133 65,662 
Other liabilities10,457 11,550 11,211 11,385 11,631 
Total liabilities449,661 438,316 429,210 435,453 440,168 
Shareholders' Equity:
Preferred stock7,124 8,048 8,048 7,143 4,599 
Common stock6,724 6,745 6,741 6,738 6,737 
Additional paid-in capital 35,360 35,843 35,774 35,676 35,584 
Retained earnings20,184 19,455 18,834 18,373 18,076 
Accumulated other comprehensive loss(1,516)716 470 847 898 
Noncontrolling interests— 105 106 106 167 
Total shareholders' equity67,876 70,912 69,973 68,883 66,061 
Total liabilities and shareholders' equity$517,537 $509,228 $499,183 $504,336 $506,229 

6 Truist Financial Corporation

Average Balance Sheets 
 Quarter Ended
 March 31Change
(Dollars in millions)20212020$%
Assets    
Securities available for sale at amortized cost:
U.S. Treasury$1,759 $2,274 $(515)(22.6)%
U.S. government-sponsored entities (GSE)1,839 1,856 (17)(0.9)
Mortgage-backed securities issued by GSE118,171 70,816 47,355 66.9 
States and political subdivisions444 530 (86)(16.2)
Non-agency mortgage-backed— 185 (185)(100.0)
Other33 40 (7)(17.5)
Total securities122,246 75,701 46,545 61.5 
Loans and leases:
Commercial:
Commercial and industrial136,051 131,743 4,308 3.3 
CRE26,211 27,046 (835)(3.1)
Commercial construction6,557 6,409 148 2.3 
Lease financing4,975 6,070 (1,095)(18.0)
Consumer:
Residential mortgage45,823 52,993 (7,170)(13.5)
Residential home equity and direct25,658 27,564 (1,906)(6.9)
Indirect auto26,363 24,975 1,388 5.6 
Indirect other10,848 10,950 (102)(0.9)
Student7,519 7,787 (268)(3.4)
Credit card4,645 5,534 (889)(16.1)
Total loans and leases held for investment294,650 301,071 (6,421)(2.1)
Loans held for sale4,891 6,677 (1,786)(26.7)
Total loans and leases299,541 307,748 (8,207)(2.7)
Interest earning trading assets4,742 6,334 (1,592)(25.1)
Other earning assets17,417 23,750 (6,333)(26.7)
Total earning assets443,946 413,533 30,413 7.4 
Nonearning assets64,887 64,017 870 1.4 
Total assets$508,833 $477,550 $31,283 6.6 %
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing deposits$128,579 $93,135 $35,444 38.1 %
Interest checking104,744 85,008 19,736 23.2
Money market and savings129,303 120,936 8,367 6.9 
Time deposits20,559 35,570 (15,011)(42.2)
Total deposits383,185 334,649 48,536 14.5 
Short-term borrowings6,731 18,900 (12,169)(64.4)
Long-term debt37,820 46,547 (8,727)(18.7)
Other liabilities11,050 12,042 (992)(8.2)
Total liabilities438,786 412,138 26,648 6.5 
Shareholders' equity70,047 65,412 4,635 7.1 
Total liabilities and shareholders' equity$508,833 $477,550 $31,283 6.6 %
Average balances exclude basis adjustments for fair value hedges.
NM - not meaningful

Truist Financial Corporation 7

Average Balance Sheets - Five Quarter Trend   
 Quarter Ended
 March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20212020202020202020
Assets     
Securities available for sale at amortized cost:     
U.S. Treasury$1,759 $2,049 $2,218 $2,237 $2,274 
U.S. government-sponsored entities (GSE)1,839 1,841 1,842 1,844 1,856 
Mortgage-backed securities issued by GSE118,171 97,660 75,232 70,374 70,816 
States and political subdivisions444 469 499 505 530 
Non-agency mortgage-backed— — — 162 185 
Other33 34 37 37 40 
Total securities122,246 102,053 79,828 75,159 75,701 
Loans and leases:
Commercial:
Commercial and industrial136,051 139,223 143,452 152,991 131,743 
CRE26,211 27,030 27,761 27,804 27,046 
Commercial construction6,557 6,616 6,861 6,748 6,409 
Lease financing4,975 5,401 5,626 5,922 6,070 
Consumer:
Residential mortgage45,823 48,847 51,500 52,380 52,993 
Residential home equity and direct25,658 26,327 26,726 27,199 27,564 
Indirect auto26,363 25,788 24,732 24,721 24,975 
Indirect other10,848 11,291 11,530 11,282 10,950 
Student7,519 7,519 7,446 7,633 7,787 
Credit card4,645 4,818 4,810 4,949 5,534 
Total loans and leases held for investment294,650 302,860 310,444 321,629 301,071 
Loans held for sale4,891 5,328 5,247 4,806 6,677 
Total loans and leases299,541 308,188 315,691 326,435 307,748 
Interest earning trading assets4,742 4,538 4,056 3,700 6,334 
Other earning assets17,417 23,887 35,819 41,531 23,750 
Total earning assets443,946 438,666 435,394 446,825 413,533 
Nonearning assets64,887 64,515 65,432 67,895 64,017 
Total assets$508,833 $503,181 $500,826 $514,720 $477,550 
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing deposits$128,579 $127,103 $123,966 $113,875 $93,135 
Interest checking104,744 99,866 96,707 97,863 85,008 
Money market and savings129,303 124,692 123,598 126,071 120,936 
Time deposits20,559 23,605 27,940 33,009 35,570 
Total deposits383,185 375,266 372,211 370,818 334,649 
Short-term borrowings6,731 6,493 6,209 8,998 18,900 
Long-term debt37,820 40,284 40,919 55,537 46,547 
Other liabilities11,050 10,993 11,853 12,504 12,042 
Total liabilities438,786 433,036 431,192 447,857 412,138 
Shareholders' equity70,047 70,145 69,634 66,863 65,412 
Total liabilities and shareholders' equity$508,833 $503,181 $500,826 $514,720 $477,550 
Average balances exclude basis adjustments for fair value hedges.

8 Truist Financial Corporation

Average Balances and Rates - Quarters   
 Quarter Ended
 March 31, 2021December 31, 2020
 (1)(2) Interest(2)(1)(2) Interest(2)
 AverageIncome/Yields/AverageIncome/Yields/
(Dollars in millions)BalancesExpenseRatesBalancesExpenseRates
Assets      
Securities available for sale at amortized cost:
U.S. Treasury$1,759 $4 0.89 %$2,049 $9 1.62 %
U.S. government-sponsored entities (GSE)1,839 11 2.33 1,841 11 2.33 
Mortgage-backed securities issued by GSE118,171 426 1.44 97,660 385 1.58 
States and political subdivisions444 4 3.52 469 3 3.52 
Other33 — 1.92 34 — 1.98 
Total securities122,246 445 1.45 102,053 408 1.60 
Loans and leases:
Commercial:
Commercial and industrial136,051 1,040 3.10 139,223 1,091 3.12 
CRE26,211 189 2.90 27,030 197 2.88 
Commercial construction6,557 48 3.04 6,616 51 3.13 
Lease financing4,975 53 4.28 5,401 65 4.82 
Consumer:
Residential mortgage45,823 507 4.42 48,847 542 4.44 
Residential home equity and direct25,658 368 5.81 26,327 388 5.86 
Indirect auto26,363 426 6.56 25,788 416 6.41 
Indirect other10,848 187 6.98 11,291 195 6.87 
Student7,519 73 3.96 7,519 80 4.23 
Credit card4,645 106 9.24 4,818 114 9.35 
Total loans and leases held for investment294,650 2,997 4.11 302,860 3,139 4.13 
Loans held for sale4,891 32 2.59 5,328 47 3.54 
Total loans and leases299,541 3,029 4.09 308,188 3,186 4.12 
Interest earning trading assets4,742 32 2.79 4,538 33 2.89 
Other earning assets17,417 16 0.37 23,887 12 0.20 
Total earning assets443,946 3,522 3.20 438,666 3,639 3.31 
Nonearning assets64,887 64,515 
Total assets$508,833 $503,181 
Liabilities and Shareholders' Equity
Interest-bearing deposits:      
Interest checking$104,744 15 0.06 $99,866 17 0.07 
Money market and savings129,303 10 0.03 124,692 10 0.03 
Time deposits20,559 22 0.44 23,605 40 0.66 
Total interest-bearing deposits (3)254,606 47 0.07 248,163 67 0.11 
Short-term borrowings6,731 14 0.82 6,493 13 0.77 
Long-term debt37,820 148 1.57 40,284 165 1.64 
Total interest-bearing liabilities299,157 209 0.28 294,940 245 0.33 
Noninterest-bearing deposits (3)128,579 127,103 
Other liabilities11,050 10,993 
Shareholders' equity70,047 70,145 
Total liabilities and shareholders' equity$508,833 $503,181 
Average interest-rate spread2.92 2.98 
Net interest income/ net interest margin $3,313 3.01 %$3,394 3.08 %
Taxable-equivalent adjustment$28 $28 
Applicable ratios are annualized.
(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.
(3) Total deposit costs were 0.05% and 0.07% for the three months ended March 31, 2021 and December 31, 2020, respectively.

Truist Financial Corporation 9

Average Balances and Rates - Quarters
 Quarter Ended
 September 30, 2020June 30, 2020March 31, 2020
 (1)(2) Interest(2)(1)(2) Interest(2)(1)(2) Interest(2)
 AverageIncome/Yields/AverageIncome/Yields/AverageIncome/Yields/
(Dollars in millions)BalancesExpenseRatesBalancesExpenseRatesBalancesExpenseRates
Assets         
Securities available for sale at amortized cost:
U.S. Treasury$2,218 $10 1.78 %$2,237 $10 1.88 %$2,274 $11 1.93 %
U.S. government-sponsored entities (GSE)1,842 10 2.33 1,844 12 2.33 1,856 10 2.33 
Mortgage-backed securities issued by GSE75,232 366 1.95 70,374 413 2.35 70,816 461 2.60 
States and political subdivisions499 7 5.03 505 4 3.57 530 5 3.56 
Non-agency mortgage-backed— — — 162 7 16.71 185 8 16.72 
Other37 1 1.99 37 — 2.27 40 — 3.01 
Total securities79,828 394 1.97 75,159 446 2.37 75,701 495 2.62 
Loans and leases:
Commercial:
Commercial and industrial143,452 1,087 3.02 152,991 1,204 3.16 131,743 1,419 4.33 
CRE27,761 203 2.88 27,804 227 3.26 27,046 287 4.25 
Commercial construction6,861 55 3.26 6,748 61 3.70 6,409 76 4.87 
Lease financing5,626 52 3.71 5,922 70 4.71 6,070 65 4.27 
Consumer:
Residential mortgage51,500 576 4.47 52,380 608 4.65 52,993 594 4.48 
Residential home equity and direct26,726 394 5.86 27,199 391 5.78 27,564 452 6.60 
Indirect auto24,732 405 6.51 24,721 407 6.63 24,975 428 6.89 
Indirect other11,530 204 7.05 11,282 201 7.18 10,950 201 7.37 
Student7,446 80 4.30 7,633 87 4.55 7,787 104 5.38 
Credit card4,810 109 9.03 4,949 114 9.27 5,534 133 9.68 
Total loans and leases held for investment310,444 3,165 4.06 321,629 3,370 4.21 301,071 3,759 5.02 
Loans held for sale5,247 37 2.78 4,806 36 3.04 6,677 53 3.14 
Total loans and leases315,691 3,202 4.04 326,435 3,406 4.19 307,748 3,812 4.98 
Interest earning trading assets4,056 32 3.23 3,700 39 4.19 6,334 64 4.04 
Other earning assets35,819 24 0.26 41,531 28 0.28 23,750 92 1.55 
Total earning assets435,394 3,652 3.34 446,825 3,919 3.52 413,533 4,463 4.33 
Nonearning assets65,432 67,895 64,017 
Total assets$500,826 $514,720 $477,550 
Liabilities and Shareholders' Equity        
Interest-bearing deposits:
Interest checking$96,707 15 0.06 $97,863 55 0.23 $85,008 129 0.61 
Money market and savings123,598 19 0.06 126,071 57 0.18 120,936 178 0.59 
Time deposits27,940 62 0.89 33,009 89 1.09 35,570 114 1.29 
Total interest-bearing deposits (3)248,245 96 0.15 256,943 201 0.32 241,514 421 0.70 
Short-term borrowings6,209 13 0.85 8,998 28 1.24 18,900 83 1.76 
Long-term debt40,919 152 1.48 55,537 211 1.52 46,547 272 2.34 
Total interest-bearing liabilities295,373 261 0.35 321,478 440 0.55 306,961 776 1.02 
Noninterest-bearing deposits (3)123,966 113,875 93,135 
Other liabilities11,853 12,504 12,042 
Shareholders' equity69,634 66,863 65,412 
Total liabilities and shareholders' equity$500,826 $514,720 $477,550 
Average interest-rate spread2.99 2.97 3.31 
Net interest income/ net interest margin $3,391 3.10 %$3,479 3.13 %$3,687 3.58 %
Taxable-equivalent adjustment$29 $31 $37 
Applicable ratios are annualized.
(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.
(3) Total deposit costs were 0.10%, 0.22% and 0.51% for the three months ended September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

10 Truist Financial Corporation

Credit Quality   
 March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20212020202020202020
Nonperforming Assets     
Nonaccrual loans and leases:     
Commercial:     
Commercial and industrial$451 $532 $507 $428 $443 
CRE58 75 52 42 18 
Commercial construction13 14 7 13 2 
Lease financing23 28 32 56 27 
Consumer:
Residential mortgage290 316 205 198 248 
Residential home equity and direct172 205 180 192 170 
Indirect auto158 155 137 155 125 
Indirect other6 5 4 3 1 
Total nonaccrual loans and leases held for investment1,171 1,330 1,124 1,087 1,034 
Loans held for sale72 5 130 102 41 
Total nonaccrual loans and leases1,243 1,335 1,254 1,189 1,075 
Foreclosed real estate18 20 30 43 63 
Other foreclosed property38 32 30 20 39 
Total nonperforming assets$1,299 $1,387 $1,314 $1,252 $1,177 
Troubled Debt Restructurings (TDRs)     
Performing TDRs:
Commercial:     
Commercial and industrial$142 $78 $84 $57 $65 
CRE47 47 36 22 7 
Commercial construction— — 1 36 36 
Lease financing59 60 1 1 1 
Consumer:
Residential mortgage733 648 640 533 513 
Residential home equity and direct109 88 71 71 66 
Indirect auto399 392 336 342 350 
Indirect other7 6 5 4 5 
Student8 5 5 4 1 
Credit card35 37 38 37 35 
Total performing TDRs1,539 1,361 1,217 1,107 1,079 
Nonperforming TDRs207 164 140 111 121 
Total TDRs$1,746 $1,525 $1,357 $1,218 $1,200 
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial$14 $13 $6 $9 $5 
CRE— — 8 3 1 
Lease financing— — — 1 — 
Consumer:
Residential mortgage975 841 573 521 610 
Residential home equity and direct11 10 5 9 10 
Indirect auto2 2 8 10 11 
Indirect other1 2 3 3 2 
Student1,037 1,111 570 478 1,068 
Credit card32 29 24 38 41 
Total loans 90 days past due and still accruing$2,072 $2,008 $1,197 $1,072 $1,748 
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial$117 $83 $155 $282 $262 
CRE9 14 7 6 8 
Commercial construction4 5 — 1 16 
Lease financing35 6 9 10 8 
Consumer:
Residential mortgage577 782 796 703 679 
Residential home equity and direct82 98 103 108 156 
Indirect auto328 495 321 265 521 
Indirect other45 68 52 50 74 
Student556 618 666 442 593 
Credit card35 51 39 34 57 
Total loans 30-89 days past due $1,788 $2,220 $2,148 $1,901 $2,374 

Truist Financial Corporation 11

As of/For the Quarter Ended
 March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20212020202020202020
Allowance for Credit Losses     
Beginning balance$6,199 $6,229 $6,133 $5,611 $1,889 
CECL adoption - impact to retained earnings before tax— — — — 2,762 
CECL adoption - reserves on PCD assets— — — — 378 
Provision for credit losses48 177 421 844 893 
Charge-offs:
Commercial:
Commercial and industrial(73)(84)(112)(123)(39)
CRE(4)(19)(44)(14)(1)
Commercial construction(2)(8)(19)— (3)
Lease financing(6)(4)(44)(4)(2)
Consumer:
Residential mortgage(11)(6)(4)(35)(11)
Residential home equity and direct(55)(46)(52)(65)(68)
Indirect auto(105)(84)(72)(80)(142)
Indirect other(17)(14)(8)(20)(18)
Student(3)(3)(6)(6)(8)
Credit card(40)(35)(44)(50)(53)
Total charge-offs(316)(303)(405)(397)(345)
Recoveries:     
Commercial:     
Commercial and industrial19 34 20 21 17 
CRE1 1 — 4 — 
Commercial construction1 1 2 7 1 
Lease financing— — 4 — — 
Consumer:
Residential mortgage2 3 3 2 2 
Residential home equity and direct18 20 16 15 15 
Indirect auto22 24 22 18 23 
Indirect other6 5 4 7 7 
Student— — — 1 — 
Credit card9 10 8 6 8 
Total recoveries78 98 79 81 73 
Net charge-offs(238)(205)(326)(316)(272)
Other2 (2)1 (6)(39)
Ending balance$6,011 $6,199 $6,229 $6,133 $5,611 
Allowance for Credit Losses:     
Allowance for loan and lease losses (excluding PCD loans)$5,506 $5,668 $5,675 $5,408 $4,880 
Allowance for PCD loans156 167 188 294 331 
Reserve for unfunded lending commitments (RUFC)349 364 366 431 400 
Total$6,011 $6,199 $6,229 $6,133 $5,611 

As of/For the Quarter Ended
 March 31Dec. 31Sept. 30June 30March 31
 20212020202020202020
Asset Quality Ratios     
Loans 30-89 days past due and still accruing as a percentage of loans and leases0.61 %0.74 %0.70 %0.60 %0.74 %
Loans 90 days or more past due and still accruing as a percentage of loans and leases0.71 0.67 0.39 0.34 0.55 
Nonperforming loans and leases as a percentage of loans and leases held for investment0.40 0.44 0.37 0.35 0.32 
Nonperforming loans and leases as a percentage of loans and leases (1)0.42 0.44 0.40 0.37 0.33 
Nonperforming assets as a percentage of:
Total assets (1)0.25 0.27 0.26 0.25 0.23 
Loans and leases plus foreclosed property0.42 0.46 0.39 0.37 0.36 
Net charge-offs as a percentage of average loans and leases (2)0.33 0.27 0.42 0.39 0.36 
Allowance for loan and lease losses as a percentage of loans and leases1.94 1.95 1.91 1.81 1.63 
Ratio of allowance for loan and lease losses to:
Net charge-offs5.87X7.15X4.52X4.49X4.76X
Nonperforming loans and leases4.84X4.39X5.22X5.24X5.04X
Asset Quality Ratios (Excluding PPP and other Government Guaranteed)
Loans 90 days or more past due and still accruing as a percentage of loans and leases0.04 %0.04 %0.03 %0.04 %0.04 %
Applicable ratios are annualized.
(1)Includes loans held for sale.
(2) The third quarter of 2020 includes $97 million of charge-offs on PCD assets directly related to the implementation of CECL.

12 Truist Financial Corporation

 March 31, 2021
  Past Due 30-89Past Due 90+ 
(Dollars in millions)Current StatusDaysDaysTotal
Troubled Debt Restructurings
Performing TDRs: (1)      
Commercial:      
Commercial and industrial$142 100.0 %$— — %$— — %$142 
CRE47 100.0 — — — — 47 
Lease financing59 100.0 — — — — 59 
Consumer:
Residential mortgage480 65.5 91 12.4 162 22.1 733 
Residential home equity and direct104 95.4 5 4.6 — — 109 
Indirect auto357 89.5 42 10.5 — — 399 
Indirect other7 100.0 — — — — 7 
Student8 100.0 — — — — 8 
Credit card32 91.4 2 5.7 1 2.9 35 
Total performing TDRs (1)1,236 80.3 140 9.1 163 10.6 1,539 
Nonperforming TDRs (2)105 50.7 24 11.6 78 37.7 207 
Total TDRs (1)(2)$1,341 76.8 %$164 9.4 %$241 13.8 %$1,746 
(1)Past due performing TDRs are included in past due disclosures.
(2)Nonperforming TDRs are included in nonaccrual loan disclosures.
Quarter Ended
 March 31Dec. 31Sept. 30June 30March 31
 20212020202020202020
Net Charge-offs as a Percentage of Average Loans and Leases:     
Commercial:     
Commercial and industrial0.16 %0.15 %0.25 %0.27 %0.07 %
CRE0.04 0.27 0.63 0.15 0.01 
Commercial construction0.08 0.39 1.02 (0.43)0.13 
Lease financing0.44 0.20 2.92 0.33 0.08 
Consumer:
Residential mortgage0.08 0.03 0.01 0.25 0.07 
Residential home equity and direct0.58 0.39 0.53 0.73 0.78 
Indirect auto1.28 0.92 0.76 1.03 1.89 
Indirect other0.39 0.31 0.21 0.41 0.47 
Student0.16 0.17 0.28 0.31 0.38 
Credit card2.74 2.11 3.00 3.50 3.30 
Total loans and leases0.33 0.27 0.42 0.39 0.36 
Applicable ratios are annualized.  
 
Credit Quality - Allowance with Fair Value Marks
As of/For the Quarter Ended
March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20212020202020202020
ALLL$5,662 $5,835 $5,863 $5,702 $5,211 
Unamortized fair value mark (1)2,067 2,395 2,676 3,077 3,539 
Allowance plus unamortized fair value mark$7,729 $8,230 $8,539 $8,779 $8,750 
Loans and leases held for investment$291,511 $299,734 $306,627 $314,825 $319,229 
Unamortized fair value mark (1)2,067 2,395 2,676 3,077 3,539 
Gross loans and leases$293,578 $302,129 $309,303 $317,902 $322,768 
Allowance for loan and lease losses as a percentage of loans and leases - GAAP1.94 %1.95 %1.91 %1.81 %1.63 %
Allowance for loan and lease losses and unamortized fair value mark as a percentage of gross loans and leases - Adjusted (1) (2)2.63 2.72 2.76 2.76 2.71 
(1)Unamortized fair value mark includes credit, interest rate and liquidity components.
(2)Allowance for loan and lease losses and unamortized fair value mark as a percentage of gross loans and leases is a non-GAAP measurement of credit reserves that is calculated by adjusting the ALLL and loans and leases held for investment by the unamortized fair value mark. Truist's management uses these measures to assess loss absorption capacity.
Truist Financial Corporation 13


Rollforward of Intangible Assets and Selected Fair Value Marks (1)
 As of/For the Quarter Ended
March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20212020202020202020
Loans and Leases (2)
Beginning balance unamortized fair value mark$(2,395)$(2,676)$(3,077)$(3,539)$(4,564)
Accretion316 356 367 440 454 
CECL adoption - reserves on PCD assets— — — — 378 
Purchase accounting adjustments and other activity12 (75)34 22 193 
Ending balance$(2,067)$(2,395)$(2,676)$(3,077)$(3,539)
Core deposit and other intangible assets
Beginning balance$2,984 $2,840 $3,016 $3,168 $3,142 
Additions - acquisitions14 320 — — 31 
Amortization of intangibles(144)(172)(170)(178)(165)
Amortization in net occupancy expense(3)(4)(6)(6)(5)
Purchase accounting adjustments and other activity(26)— — 32 165 
Ending balance$2,825 $2,984 $2,840 $3,016 $3,168 
Deposits (3)
Beginning balance unamortized fair value mark$(19)$(26)$(37)$(54)$(76)
Amortization4 7 11 17 22 
Ending balance$(15)$(19)$(26)$(37)$(54)
Long-Term Debt (3)
Beginning balance unamortized fair value mark$(216)$(238)$(262)$(285)$(312)
Amortization20 22 24 23 27 
Ending balance$(196)$(216)$(238)$(262)$(285)
(1)Includes the merger with SunTrust. This summary includes only selected information and does not represent all purchase accounting adjustments.
(2)Purchase accounting marks on loans and leases includes credit, interest and liquidity components, and are generally recognized using the level-yield or straight-line method over the remaining life of the individual loans or recognized in full in the event of prepayment.
(3)Purchase accounting marks on liabilities represents interest rate marks on time deposits and long-term debt and are recognized using the level-yield method over the term of the liability.
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)20212020202020202020
Selected Capital Information(preliminary)    
Risk-based capital:     
Common equity tier 1$38,267 $37,869 $37,879 $37,107 $36,396 
Tier 145,388 45,915 45,925 44,248 40,993 
Total54,246 55,011 55,030 53,436 49,395 
Risk-weighted assets378,522 379,153 377,420 382,826 390,348 
Average quarterly assets for leverage ratio484,961 478,608 476,868 490,203 454,381 
Average quarterly assets for supplementary leverage ratio546,517 530,716 513,230 518,010 525,703 
Risk-based capital ratios:
Common equity tier 110.1 %10.0 %10.0 %9.7 %9.3 %
Tier 112.0 12.1 12.2 11.6 10.5 
Total14.3 14.5 14.6 14.0 12.7 
Leverage capital ratio9.4 9.6 9.6 9.0 9.0 
Supplementary leverage8.3 8.7 8.9 8.5 7.8 
Equity as a percentage of total assets13.1 13.9 14.0 13.7 13.0 
Common equity per common share$45.17 $46.52 $45.86 $45.74 $45.49 
March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions, except per share data, shares in thousands)20212020202020202020
Calculations of Tangible Common Equity and Related Measures: (1)
Total shareholders' equity$67,876 $70,912 $69,973 $68,883 $66,061 
Less:
Preferred stock7,124 8,048 8,048 7,143 4,599 
Noncontrolling interests— 105 106 106 167 
Intangible assets, net of deferred taxes26,413 26,629 25,923 26,083 26,263 
Tangible common equity$34,339 $36,130 $35,896 $35,551 $35,032 
Outstanding shares at end of period (in thousands)1,344,845 1,348,961 1,348,118 1,347,609 1,347,461 
Tangible Common Equity Per Common Share$25.53 $26.78 $26.63 $26.38 $26.00 
(1)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. 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 the quality of capital and returns relative to balance sheet risk. These measures are not necessarily comparable to similar measures that may be presented by other companies.
14 Truist Financial Corporation

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)20212020202020202020
Residential Mortgage Income
Residential mortgage production revenue$140 $229 $339 $344 $206 
Residential mortgage servicing revenue141 150 152 159 169 
Realization of expected residential MSR cash flows(208)(209)(212)(176)(122)
Residential mortgage income before MSR valuation73 170 279 327 253 
Income statement impact of mortgage servicing rights valuation:     
MSRs fair value increase (decrease) 360 62 (54)(28)(503)
MSRs hedge gains (losses) (333)(39)(4)42 495 
Net MSRs valuation27 23 (58)14 (8)
Total residential mortgage income$100 $193 $221 $341 $245 
Commercial Real Estate Related Income
Commercial mortgage production revenue$40 $117 $49 $42 $36 
Commercial mortgage servicing revenue17 16 16 18 19 
Realization of expected commercial MSR cash flows(15)(11)(10)(8)(11)
Commercial real estate related income before MSR valuation42 122 55 52 44 
Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease) 13 3 1 (6)(20)
MSRs hedge gains (losses) (12)(2)(1)3 20 
Net MSRs valuation1 1 — (3)— 
Commercial real estate related income$43 $123 $55 $49 $44 
Other Mortgage Banking Information
Residential mortgage loan originations$13,075 $13,235 $15,346 $14,631 $11,708 
Residential mortgage servicing portfolio (1):     
Loans serviced for others179,836 188,341 198,881 209,070 219,979 
Bank-owned loans serviced48,800 50,693 54,587 56,365 56,325 
Total servicing portfolio228,636 239,034 253,468 265,435 276,304 
Weighted-average coupon rate on mortgage loans serviced for others3.76 %3.84 %3.92 %3.98 %4.02 %
Weighted-average servicing fee on mortgage loans serviced for others0.314 0.317 0.317 0.315 0.313 
Additional Information
Fair value of derivatives, net2,222 3,282 3,646 3,766 3,276 
Common stock prices:
High61.26 49.72 42.04 46.53 56.68 
Low46.71 37.86 33.47 26.41 24.01 
End of period58.32 47.93 38.05 37.55 30.84 
Banking offices2,556 2,781 2,884 2,916 2,957 
ATMs3,807 4,082 4,237 4,354 4,408 
FTEs (2)53,207 53,693 55,000 55,769 56,504 
(1)Amounts reported are unpaid principal balance.
(2)FTEs represents an average for the quarter.
Truist Financial Corporation 15

Selected Items (1)
 Favorable (Unfavorable)
(Dollars in millions)After-Tax at
DescriptionPre-TaxMarginal Rate
Selected Items
First Quarter 2021
Incremental operating expenses related to the merger ($120 professional fees and outside processing, $42 personnel expense, and $13 other)$(175)$(134)
Acceleration for cash flow hedge unwind(36)(28)
Fourth Quarter 2020
Incremental operating expenses related to the merger ($124 million in professional fees and outside processing, $47 million in personnel expense, and $8 million in other expense)$(179)$(138)
Third Quarter 2020
Incremental operating expenses related to the merger ($99 million in professional fees and outside processing, $48 million in personnel expense, and $5 million in other expense)$(152)$(115)
Charitable contribution(50)(38)
Second Quarter 2020
Incremental operating expenses related to the merger ($64 million in professional fees and outside processing, $49 million in personnel expense, and $16 million in other expense)$(129)$(99)
First Quarter 2020
Incremental operating expenses related to the merger ($44 million in personnel expense, $20 million in professional fees and outside processing, and $10 million in other expense)$(74)$(57)
(1)Includes costs not classified as merger-related and restructuring charges that are excluded from adjusted disclosures.

Non-GAAP Reconciliations   
Quarter Ended
 March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20212020202020202020
Efficiency Ratio (1)
Efficiency Ratio Numerator - Noninterest Expense - GAAP
$3,610 $3,833 $3,755 $3,878 $3,431 
Merger-related and restructuring charges, net(141)(308)(236)(209)(107)
Gain (loss) on early extinguishment of debt3 — — (235)— 
Incremental operating expense related to the merger(175)(179)(152)(129)(74)
Amortization of intangibles(144)(172)(170)(178)(165)
Charitable contribution— — (50)— — 
Acceleration for cash flow hedge unwind(36)— — — — 
Efficiency Ratio Numerator - Adjusted$3,117 $3,174 $3,147 $3,127 $3,085 
Efficiency Ratio Denominator - Revenue (2) - GAAP
$5,482 $5,651 $5,572 $5,871 $5,611 
Taxable equivalent adjustment28 28 29 31 37 
Securities (gains) losses— — (104)(300)2 
Gains on divestiture of certain businesses(37)— — — — 
Efficiency Ratio Denominator - Adjusted$5,473 $5,679 $5,497 $5,602 $5,650 
Efficiency Ratio - GAAP65.8 %67.8 %67.4 %66.1 %61.1 %
Efficiency Ratio - Adjusted56.9 55.9 57.3 55.8 54.6 
(1)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. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure 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. These measures are not necessarily comparable to similar measures that may be presented by other companies.
(2)Revenue is defined as net interest income plus noninterest income.
16 Truist Financial Corporation


 Quarter Ended
 March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions)20212020202020202020
Return on Average Tangible Common Shareholders' Equity (1)
Net income available to common shareholders$1,334 $1,228 $1,068 $902 $986 
Plus: Amortization of intangibles, net of tax111 131 130 137 126 
Tangible net income available to common shareholders$1,445 $1,359 $1,198 $1,039 $1,112 
Average common shareholders' equity$62,252 $61,991 $61,804 $61,484 $60,224 
Less: Average intangible assets, net of deferred taxes26,535 25,930 25,971 26,161 26,429 
Average tangible common shareholders' equity$35,717 $36,061 $35,833 $35,323 $33,795 
Return on average common shareholders' equity8.69 %7.88 %6.87 %5.90 %6.58 %
Return on average tangible common shareholders' equity16.40 14.99 13.31 11.83 13.23 
(1)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. 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 the quality of capital and returns relative to balance sheet risk. These measures are not necessarily comparable to similar measures that may be presented by other companies.


 Quarter Ended
 March 31Dec. 31Sept. 30June 30March 31
(Dollars in millions, except per share data)20212020202020202020
Diluted EPS (1)
Net income available to common shareholders - GAAP
$1,334 $1,228 $1,068 $902 $986 
Merger-related and restructuring charges108 237 181 160 82 
Securities (gains) losses— — (80)(230)2 
Loss (gain) on early extinguishment of debt(2)— — 180 — 
Incremental operating expenses related to the merger134 138 115 99 57 
Charitable contribution— — 38 — — 
Acceleration for cash flow hedge unwind28 — — — — 
Net income available to common shareholders - adjusted$1,602 $1,603 $1,322 $1,111 $1,127 
Weighted average shares outstanding - diluted
1,358,932 1,361,763 1,358,122 1,355,834 1,357,545 
Diluted EPS - GAAP$0.98 $0.90 $0.79 $0.67 $0.73 
Diluted EPS - adjusted1.18 1.18 0.97 0.82 0.83 
(1)The adjusted diluted earnings per share is non-GAAP in that it excludes merger-related and restructuring charges and other selected items, net of tax. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure 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.
Truist Financial Corporation 17

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
Filed on / For Period end:4/15/21
3/31/2110-Q,  13F-HR
12/31/2010-K,  11-K,  13F-HR,  13F-HR/A
9/30/2010-Q,  13F-HR,  13F-HR/A
6/30/2010-Q,  13F-HR,  13F-HR/A,  8-K
3/31/2010-Q,  13F-HR,  13F-HR/A
 List all Filings 
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