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Truist Financial Corporation
TFC
#361
Rank
$66.39 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$51.90
Share price
0.68%
Change (1 day)
11.83%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Truist Financial Corporation
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2023 Q1

Truist Financial Corporation - 10-Q quarterly report FY2023 Q1


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________
FORM 10-Q
_________________________________________________________________

☒ Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended: March 31, 2023
Commission File Number: 1-10853

TRUIST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
_________________________________________________________________
North Carolina56-0939887
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
214 North Tryon Street
Charlotte,North Carolina28202
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code:(336)733-2000
_________________________________________________________________
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

At March 31, 2023, 1,331,917,887 shares of the registrant’s common stock, $5 par value, were outstanding.

TABLE OF CONTENTS
TRUIST FINANCIAL CORPORATION
FORM 10-Q
March 31, 2023
Page No.
PART I - Financial Information
Glossary of Defined Terms
1
Forward-Looking Statements
3
Item 1.Financial Statements
Consolidated Balance Sheets (Unaudited)
4
Consolidated Statements of Income (Unaudited)
5
Consolidated Statements of Comprehensive Income (Unaudited)
6
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
7
Consolidated Statements of Cash Flows (Unaudited)
8
Notes to Consolidated Financial Statements (Unaudited)
Note 1. Basis of Presentation
9
Note 2. Business Combinations, Divestitures, and Noncontrolling Interests
11
Note 3. Securities Financing Activities
11
Note 4. Investment Securities
12
Note 5. Loans and ACL
14
Note 6. Goodwill and Other Intangible Assets
21
Note 7. Loan Servicing
22
Note 8. Other Assets and Liabilities
23
Note 9. Borrowings
24
Note 10. Shareholders’ Equity
25
Note 11. AOCI
25
Note 12. Income Taxes
26
Note 13. Benefit Plans
26
Note 14. Commitments and Contingencies
27
Note 15. Fair Value Disclosures
30
Note 16. Derivative Financial Instruments
34
Note 17. Computation of EPS
38
Note 18. Operating Segments
38
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Regulatory Considerations
40
Executive Overview
40
Analysis of Results of Operations
42
Analysis of Financial Condition
48
Risk Management
55
Liquidity
60
Capital
62
Share Repurchase activity
63
Critical Accounting Policies
64
Item 3.Quantitative and Qualitative Disclosures About Market Risk (see Market Risk in MD&A)
55
Item 4.Controls and Procedures
64
PART II - Other Information
Item 1.Legal Proceedings
64
Item 1A.Risk Factors
64
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
64
Item 3.Defaults Upon Senior Securities - (none)
Item 4.Mine Safety Disclosures - (not applicable)
Item 5.Other Information - (none to be reported)
Item 6.Exhibits
65



Glossary of Defined Terms
The following terms may be used throughout this report, including the consolidated financial statements and related notes.
TermDefinition
ACL
Allowance for credit losses
AFS
Available-for-sale
Agency MBS
Mortgage-backed securities issued by a U.S. government agency or GSE
ALLL
Allowance for loan and lease losses
AOCI
Accumulated other comprehensive income (loss)
BB&T
BB&T Corporation and subsidiaries (changed to “Truist Financial Corporation” effective with the Merger)
BoardTruist’s Board of Directors
C&CB
Corporate and Commercial Banking, an operating segment
CARES ActThe Coronavirus Aid, Relief, and Economic Security Act
CB&W
Consumer Banking and Wealth, an operating segment
CCAR
Comprehensive Capital Analysis and Review
CDI
Core deposit intangible
CECLCurrent expected credit loss model
CEO
Chief Executive Officer
CFO
Chief Financial Officer
CET1
Common equity tier 1
CFPB
Consumer Financial Protection Bureau
Company
Truist Financial Corporation and its subsidiaries (interchangeable with “Truist” below)
COVID-19Coronavirus disease 2019
CRE
Commercial real estate
DEI
Diversity, Equity & Inclusion
DTADeferred tax asset
EPS
Earnings per common share
ESGEnvironmental, Social, and Governance
Exchange Act
Securities Exchange Act of 1934, as amended
FDIC
Federal Deposit Insurance Corporation
FHLB
Federal Home Loan Bank
FHLMC
Federal Home Loan Mortgage Corporation
FNMA
Federal National Mortgage Association
FRB
Board of Governors of the Federal Reserve System
GAAP
Accounting principles generally accepted in the United States of America
GDPGross Domestic Product
Grandbridge
Grandbridge Real Estate Capital, LLC
GSE
U.S. government-sponsored enterprise
HFI
Held for investment
HQLA
High-quality liquid assets
HTM
Held-to-maturity
IH
Insurance Holdings, an operating segment
IPV
Independent price verification
ISDA
International Swaps and Derivatives Association, Inc.
LCR
Liquidity Coverage Ratio
LHFS
Loans held for sale
LIBOR
London Interbank Offered Rate
LIBOR ActAdjustable Interest Rate (LIBOR) Act
LOCOMLower of cost or market
Market Risk RuleMarket risk capital requirements issued jointly by the OCC, U.S. Treasury, FRB, and FDIC
MBS
Mortgage-backed securities
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
MergerMerger of BB&T and SunTrust effective December 6, 2019
MRO
Model Risk Oversight
MSR
Mortgage servicing right
NA
Not applicable
NIM
Net interest margin, computed on a TE basis
NM
Not meaningful
NPA
Nonperforming asset
NPL
Nonperforming loan
NSFR
Net stable funding ratio
NYSE
New York Stock Exchange
OAS
Option adjusted spread
OCCOffice of the Comptroller of the Currency
OCI
Other comprehensive income (loss)
OPEB
Other post-employment benefit
OREO
Other real estate owned
OT&C
Other, Treasury and Corporate
Parent Company
Truist Financial Corporation, the parent company of Truist Bank and other subsidiaries
PCD
Purchased credit deteriorated loans
PPPPaycheck Protection Program, established by the CARES Act
Truist Financial Corporation 1

TermDefinition
ROU assets
Right-of-use assets
RUFC
Reserve for unfunded lending commitments
S&P
Standard & Poor’s
SBIC
Small Business Investment Company
SCBStress Capital Buffer
SEC
Securities and Exchange Commission
SOFR
Secured Overnight Financing Rate
SunTrust
SunTrust Banks, Inc.
TBVPS
Tangible book value per common share
TCFDTask Force on Climate-Related Financial Disclosures
TDR
Troubled debt restructuring
TE
Taxable-equivalent
TRSTotal Return Swap
Truist
Truist Financial Corporation and its subsidiaries (interchangeable with the “Company” above)
Truist BankTruist Bank, formerly Branch Banking and Trust Company
U.S.
United States of America
U.S. Treasury
United States Department of the Treasury
UPB
Unpaid principal balance
USAAUnited Services Automobile Association
VaR
Value-at-risk
VIE
Variable interest entity
2 Truist Financial Corporation

Forward-Looking Statements

This Quarterly Report on Form 10-Q 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 in Part I, Item 1A-Risk Factors in Truist’s Form 10-K for the year ended December 31, 2022:

•changes in the interest rate environment, including the replacement of LIBOR as an interest rate benchmark, could adversely affect Truist’s revenue and expenses, the value of assets and obligations, including our portfolio of investment securities, and the availability and cost of capital, cash flows, and liquidity;
•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;
•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;
•general economic or business conditions, either globally, nationally or regionally, may be less favorable than expected, including as a result of supply chain disruptions, inflationary pressures and labor shortages, and instability in global geopolitical matters, including due to an outbreak or escalation of hostilities, or volatility in financial markets 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;
•unexpected outflows of uninsured deposits may require us to sell investment securities at a loss;
•a loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals;
•the effects of COVID-19 adversely impacted the Company’s operations and financial performance and similar adverse impacts resulting from pandemics could occur in future periods;
•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 successfully complete or integrate mergers and acquisitions;
•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 it fails to anticipate client expectations or because its 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;
•regulatory 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;
•Truist faces substantial legal and operational risks in safeguarding personal information;
•evolving legislative, accounting and regulatory standards, including with respect to climate, capital, and liquidity requirements, which may become more stringent in light of recent market events, 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;
•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;
•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 appropriate-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.
Truist Financial Corporation 3

ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions, except per share data, shares in thousands)		Mar 31, 2023Dec 31, 2022
Assets
Cash and due from banks$4,629 $5,379 
Interest-bearing deposits with banks32,967 16,042 
Securities borrowed or purchased under agreements to resell3,637 3,181 
Trading assets at fair value4,601 4,905 
AFS securities at fair value71,858 71,801 
HTM securities (fair value of $48,097 and $47,791, respectively)56,932 57,713 
LHFS (including $1,911 and $1,065 at fair value, respectively)2,160 1,444 
Loans and leases (including $17 and $18 at fair value, respectively)327,673 325,991 
ALLL(4,479)(4,377)
Loans and leases, net of ALLL323,194 321,614 
Premises and equipment3,519 3,605 
Goodwill27,014 27,013 
CDI and other intangible assets3,535 3,672 
Loan servicing rights at fair value3,303 3,758 
Other assets (including $1,549 and $1,582 at fair value, respectively)37,005 35,128 
Total assets$574,354 $555,255 
Liabilities
Noninterest-bearing deposits$128,719 $135,742 
Interest-bearing deposits276,278 277,753 
Short-term borrowings (including $1,789 and $1,551 at fair value, respectively)23,678 23,422 
Long-term debt69,895 43,203 
Other liabilities (including $2,589 and $2,971 at fair value, respectively)13,390 14,598 
Total liabilities511,960 494,718 
Shareholders’ Equity
Preferred stock6,673 6,673 
Common stock, $5 par value6,660 6,634 
Additional paid-in capital34,582 34,544 
Retained earnings27,038 26,264 
AOCI, net of deferred income taxes(12,581)(13,601)
Noncontrolling interests22 23 
Total shareholders’ equity62,394 60,537 
Total liabilities and shareholders’ equity$574,354 $555,255 
Common shares outstanding1,331,918 1,326,829 
Common shares authorized2,000,000 2,000,000 
Preferred shares outstanding223 223 
Preferred shares authorized5,000 5,000 

The accompanying notes are an integral part of these consolidated financial statements.
4 Truist Financial Corporation

CONSOLIDATED STATEMENTS OF INCOME
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions, except per share data, shares in thousands)		Three Months Ended March 31,
20232022
Interest Income  
Interest and fees on loans and leases$4,656 $2,644 
Interest on securities752 640 
Interest on other earning assets377 73 
Total interest income5,785 3,357 
Interest Expense  
Interest on deposits1,125 32 
Interest on long-term debt514 132 
Interest on other borrowings278 10 
Total interest expense1,917 174 
Net Interest Income3,868 3,183 
Provision for credit losses502 (95)
Net Interest Income After Provision for Credit Losses3,366 3,278 
Noninterest Income  
Insurance income813 727 
Wealth management income339 343 
Investment banking and trading income261 261 
Service charges on deposits249 252 
Card and payment related fees230 212 
Mortgage banking income142 121 
Lending related fees106 85 
Operating lease income67 58 
Securities gains (losses)— (69)
Other income27 152 
Total noninterest income2,234 2,142 
Noninterest Expense  
Personnel expense2,181 2,051 
Professional fees and outside processing314 363 
Software expense214 232 
Net occupancy expense183 208 
Amortization of intangibles136 137 
Equipment expense110 118 
Marketing and customer development78 84 
Operating lease depreciation46 48 
Regulatory costs75 35 
Merger-related and restructuring charges63 216 
Other expense291 182 
Total noninterest expense3,691 3,674 
Earnings  
Income before income taxes1,909 1,746 
Provision for income taxes394 330 
Net income1,515 1,416 
Noncontrolling interests2 1 
Preferred stock dividends and other103 88 
Net income available to common shareholders$1,410 $1,327 
Basic EPS$1.06 $1.00 
Diluted EPS1.05 0.99 
Basic weighted average shares outstanding1,328,602 1,329,037 
Diluted weighted average shares outstanding1,339,480 1,341,563 

The accompanying notes are an integral part of these consolidated financial statements.
Truist Financial Corporation 5

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions)		Three Months Ended March 31,
20232022
Net income$1,515 $1,416 
OCI, net of tax:  
Net change in net pension and postretirement costs(14)8 
Net change in cash flow hedges125 5 
Net change in AFS securities853 (4,989)
Net change in HTM securities55 44 
Other, net1 1 
Total OCI, net of tax1,020 (4,931)
Total OCI$2,535 $(3,515)
Income Tax Effect of Items Included in OCI:
Net change in net pension and postretirement costs$(3)$2 
Net change in cash flow hedges38 1 
Net change in AFS securities262 (1,513)
Net change in HTM securities15 13 
Total income taxes related to OCI$312 $(1,497)

The accompanying notes are an integral part of these consolidated financial statements.
6 Truist Financial Corporation

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions, shares in thousands)		Shares of Common StockPreferred StockCommon StockAdditional Paid-In CapitalRetained EarningsAOCINoncontrolling InterestsTotal Shareholders’ Equity
Balance, January 1, 20221,327,818 $6,673 $6,639 $34,565 $22,998 $(1,604)$— $69,271 
Net income— — — — 1,415 — 1 1,416 
OCI— — — — — (4,931)— (4,931)
Issued in connection with equity awards, net3,596 — 18 (106)(1)— — (89)
Cash dividends declared on common stock— — — — (637)— — (637)
Cash dividends declared on preferred stock— — — — (88)— — (88)
Equity-based compensation expense— — — 80 — — — 80 
Other, net— — — — — — 22 22 
Balance, March 31, 20221,331,414 $6,673 $6,657 $34,539 $23,687 $(6,535)$23 $65,044 
Balance, January 1, 20231,326,829 $6,673 $6,634 $34,544 $26,264 $(13,601)$23 $60,537 
Net income— — — — 1,513 — 2 1,515 
OCI— — — — — 1,020 — 1,020 
Issued in connection with equity awards, net5,089 — 26 (45)(1)— — (20)
Cash dividends declared on common stock— — — — (691)— — (691)
Cash dividends declared on preferred stock— — — — (103)— — (103)
Equity-based compensation expense— — — 83 — — — 83 
Other, net— — — — 56 — (3)53 
Balance, March 31, 20231,331,918 $6,673 $6,660 $34,582 $27,038 $(12,581)$22 $62,394 

The accompanying notes are an integral part of these consolidated financial statements.
Truist Financial Corporation 7

CONSOLIDATED STATEMENTS OF CASH FLOWS
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions)		Three Months Ended March 31,
20232022
Cash Flows From Operating Activities:  
Net income$1,515 $1,416 
Adjustments to reconcile net income to net cash from operating activities:  
Provision for credit losses502 (95)
Depreciation180 195 
Amortization of intangibles136 137 
Securities (gains) losses— 69 
Net change in operating assets and liabilities:  
LHFS(846)180 
Loan servicing rights27 (380)
Pension asset(1,346)(410)
Derivative assets and liabilities(12)986 
Trading assets304 (1,497)
Other assets and other liabilities(490)(558)
Other, net148 (231)
Net cash from operating activities118 (188)
Cash Flows From Investing Activities:  
Proceeds from sales of AFS securities4 3,127 
Proceeds from maturities, calls and paydowns of AFS securities1,279 5,259 
Purchases of AFS securities(140)(7,219)
Proceeds from maturities, calls and paydowns of HTM securities858 857 
Purchases of HTM securities— (3,020)
Originations and purchases of loans and leases, net of sales and principal collected(1,835)(134)
Net cash received (paid) for FHLB stock(1,147)(1)
Net cash received (paid) for securities borrowed or purchased under agreements to resell(456)1,706 
Net cash received (paid) for asset acquisitions, business combinations, and divestitures— (488)
Other, net(613)(121)
Net cash from investing activities(2,050)(34)
Cash Flows From Financing Activities:
Net change in deposits(8,498)11,842 
Net change in short-term borrowings224 (145)
Proceeds from issuance of long-term debt35,029 66 
Repayment of long-term debt(8,444)(1,699)
Cash dividends paid on common stock(691)(637)
Cash dividends paid on preferred stock(103)(88)
Net cash received (paid) for hedge unwinds(378)(198)
Other, net(32)(92)
Net cash from financing activities17,107 9,049 
Net Change in Cash and Cash Equivalents15,175 8,827 
Cash and Cash Equivalents, January 121,421 20,295 
Cash and Cash Equivalents, March 31$36,596 $29,122 
Supplemental Disclosure of Cash Flow Information:
Net cash paid (received) during the period for:
Interest expense$1,667 $156 
Income taxes23 40 
Noncash investing activities:
Transfer of AFS securities to HTM— 59,436 

The accompanying notes are an integral part of these consolidated financial statements.
8 Truist Financial Corporation

NOTE 1. Basis of Presentation

General

See the Glossary of Defined Terms at the beginning of this Report for terms used herein. These consolidated financial statements and notes are presented in accordance with the instructions for Form 10-Q, and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations, and cash flow activity required in accordance with GAAP. In the opinion of management, all normal recurring adjustments necessary for a fair statement of the consolidated financial position and consolidated results of operations have been made. The year-end consolidated balance sheet data was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The information contained in the financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2022 should be referred to in connection with these unaudited interim consolidated financial statements. The Company updated its accounting policies in connection with recently adopted accounting standards. There were no other significant changes to the Company’s accounting policies from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2022 that could have a material effect on the Company’s financial statements.

Reclassifications

In the first quarter of 2023, the Company reclassified certain portfolios within the consumer portfolio segment to delineate home equity from other consumer portfolios. Additionally, during the first quarter of 2023, Truist reorganized Prime Rate Premium Finance Corporation, which includes AFCO Credit Corporation and CAFO Holding Company, into the C&CB segment from the IH segment. Prior periods were revised to conform to the current presentation. Certain other amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the current presentation.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL; determination of fair value for securities, MSRs, LHFS, trading loans, and derivative assets and liabilities; goodwill and other intangible assets; income taxes; and pension and postretirement benefit obligations.

Loan Modifications

In certain circumstances, the Company enters into agreements to modify the terms of loans to borrowers that are experiencing financial difficulty. The scope of these loan modifications varies from portfolio to portfolio but generally falls into one of the following categories:

•Renewals: represent the renewal of a loan where the Company has concluded that the borrower is experiencing financial difficulty. Commercial renewals result in an extension of the maturity date of the loan (or in some cases a contraction of the loan term), and other significant terms of the loan (e.g., interest rate, collateral, guarantor support, etc.) are re-evaluated in connection with the renewal event.
•Term extensions: represent an adjustment to the maturity date of the loan that typically results in a reduction to the borrower’s scheduled payment over the remainder of the loan.
•Capitalizations: represents the capitalization of forborne loan payments and/or other amounts advanced on behalf of the borrower into the principal balance of a residential mortgage loan.
•Payment delays: provide the borrower with a temporary postponement of loan payments that is considered other-than-insignificant, which has been defined as a payment delay that exceeds 90 days, or three payment cycles, over a rolling 12-month period. These postponed loan payments may result in an extension of the ultimate maturity date of the loan or may be capitalized into the principal balance of the loan in certain circumstances.
•Combinations: in certain circumstances more than one type of a modification is provided to a borrower (e.g., interest rate reduction and term extension).
•Other: represents other types of loan modifications that are not considered significant for disclosure purposes.

The Company has identified borrowers that are included in the Loan Modifications disclosures in “Note 5. Loans and ACL” as follows:

•Commercial: the Company evaluates all modifications of loans to commercial borrowers that are rated substandard or worse and includes the modifications in its disclosure to the extent that the modification is considered other-than-insignificant.
•Consumer and credit card: loan modifications to consumer and credit borrowers are generally limited to borrowers that are experiencing financial difficulty. As a result, the Company evaluates all modifications of consumer and credit card loans and includes them in the disclosure to the extent that they are considered other-than insignificant.
Truist Financial Corporation 9


Refer to the Annual Report on Form 10-K for the year ended December 31, 2022 for accounting policies related to prior period, including the Company’s TDR policies.

ALLL

The ALLL represents management’s best estimate of expected future credit losses related to its loan and lease portfolio at the balance sheet date. The Company’s ALLL estimation process gives consideration to relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. The quantitative models used to forecast expected credit losses use portfolio balances, macroeconomic forecast data, portfolio composition and loan attributes as the primary inputs. Loss estimates are informed by historical loss experience that includes losses incurred on loans that were previously modified by the Company. As a result, the Company has concluded that aside from the limited circumstances where principal forgiveness is granted to a borrower, the financial effect of loan modifications is already inherently included in the ALLL.

Income Taxes

The Company’s provision for income taxes is based on income and expense reported for financial statement purposes after adjustments for permanent differences such as interest income from lending to tax-exempt entities, tax credits, and amortization expense related to qualified tax credit investments. In computing the provision for income taxes, the Company evaluates the technical merits of its income tax positions based on current legislative, judicial, and regulatory guidance. The proportional amortization method of accounting is used on affordable housing and other qualified tax credit investments, such that the initial cost of the investment giving rise to tax credits is amortized in proportion to the allocation of tax credits in each period as a component of the provision for income taxes. Truist includes the initial investment cash flows and subsequent credits within operating activities in the Consolidated Statement of Cash Flows.

Changes in Accounting Principles and Effects of New Accounting Pronouncements

Standard / Adoption DateDescriptionEffects on the Financial Statements
Standards Adopted During the Current Year
Troubled Debt Restructurings and Vintage Disclosures
January 1, 2023		Eliminates TDRs, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Additionally, requires disclosure of current-period gross write-offs by year of origination for financing receivables and net investment in leases.
Truist adopted this standard on a modified-retrospective basis. Upon adoption, the Company eliminated the separate ACL estimation process for loans classified as TDRs. The adoption of this standard did not have a material impact on the financial statements. The Company’s revised disclosures in accordance with the new standard are included in “Note 5. Loans and ACL.”
Fair Value Hedging – Portfolio Layer Method
January 1, 2023
Introduces the portfolio layer method, which expands the current single-layer method to allow multiple hedged layers of a single closed portfolio. Additionally, expands the scope of the portfolio layer method to include non-prepayable assets, specifies eligible hedging instruments in a single-layer hedge, provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio.
The adoption of this standard did not have a material impact on the Company’s active last-of-layer hedges.
Investments in Tax Credit Structures
January 1, 2023		Allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Previously, reporting entities were only permitted to apply the proportional amortization method only to qualifying tax equity investments in low-income housing tax credit structures.
Truist early adopted this standard on a modified-retrospective basis. The adoption of this standard did not have a material impact on the financial statements. Refer to “Note 14. Commitments and Contingencies” for additional information regarding tax credit investments.

10 Truist Financial Corporation

NOTE 2. Business Combinations, Divestitures, and Noncontrolling Interests

Noncontrolling Interest

On April 3, 2023, the Company completed its sale of a 20% stake of the common equity in Truist Insurance Holdings, LLC to an investor group led by Stone Point Capital, LLC for $1.95 billion, with the proceeds, net of tax, recognized as an increase to shareholders’ equity. In connection with the transaction, the noncontrolling interest holder received profit interests representing 3.75% coverage on Truist Insurance Holdings’ fully diluted equity value at transaction close, and certain consent and exit rights commensurate with a noncontrolling investor. The transaction allows Truist to maintain strategic flexibility and future upside in Truist Insurance Holdings, which will continue to benefit from Truist’s operations, access to capital, and client relationships, while creating additional opportunities for growth of Truist Insurance Holdings through the support of a strong blue-chip investor in Stone Point Capital.

NOTE 3. Securities Financing Activities

Securities purchased under agreements to resell are primarily collateralized by U.S. government or agency securities and are carried at the amounts at which the securities will be subsequently sold, plus accrued interest. Securities borrowed are primarily collateralized by corporate securities. The Company borrows securities and purchases securities under agreements to resell as part of its securities financing activities. On the acquisition date of these securities, the Company and the related counterparty agree on the amount of collateral required to secure the principal amount loaned under these arrangements. The Company monitors collateral values daily and calls for additional collateral to be provided as warranted under the respective agreements. The following table presents securities borrowed or purchased under agreements to resell:
(Dollars in millions)Mar 31, 2023Dec 31, 2022
Securities purchased under agreements to resell$2,685 $2,415 
Securities borrowed952 766 
Total securities borrowed or purchased under agreements to resell$3,637 $3,181 
Fair value of collateral permitted to be resold or repledged$3,520 $3,058 
Fair value of securities resold or repledged657 864 

For securities sold under agreements to repurchase, the Company would be obligated to provide additional collateral in the event of a significant decline in fair value of the collateral pledged. This risk is managed by monitoring the liquidity and credit quality of the collateral, as well as the maturity profile of the transactions. Refer to “Note 14. Commitments and Contingencies” for additional information related to pledged securities. The following table presents the Company’s related activity, by collateral type and remaining contractual maturity:
March 31, 2023December 31, 2022
(Dollars in millions)Overnight and ContinuousUp to 30 daysTotalOvernight and ContinuousUp to 30 daysTotal
U.S. Treasury$631 $10 $641 $318 $— $318 
State and Municipal
297 — 297 272 — 272 
GSE23 — 23 74 — 74 
Agency MBS - residential666 6 672 1,019 26 1,045 
Corporate and other debt securities185 304 489 369 50 419 
Total securities sold under agreements to repurchase$1,802 $320 $2,122 $2,052 $76 $2,128 

There were no securities financing transactions subject to legally enforceable master netting arrangements that were eligible for balance sheet netting for the periods presented.

Truist Financial Corporation 11

NOTE 4. Investment Securities

The following tables summarize the Company’s AFS and HTM securities:
March 31, 2023
(Dollars in millions)		Amortized CostGross UnrealizedFair Value
GainsLosses
AFS securities:    
U.S. Treasury$11,083 $2 $644 $10,441 
GSE332 — 31 301 
Agency MBS - residential64,382 1 9,208 55,175 
Agency MBS - commercial2,872 — 474 2,398 
States and political subdivisions425 17 17 425 
Non-agency MBS3,884 — 786 3,098 
Other20 — — 20 
Total AFS securities$82,998 $20 $11,160 $71,858 
HTM securities:    
Agency MBS - residential$56,932 $— $8,835 $48,097 
December 31, 2022
(Dollars in millions)		Amortized CostGross UnrealizedFair Value
GainsLosses
AFS securities:    
U.S. Treasury$11,080 $— $785 $10,295 
GSE339 — 36 303 
Agency MBS - residential65,377 — 10,152 55,225 
Agency MBS - commercial2,887 — 463 2,424 
States and political subdivisions425 15 24 416 
Non-agency MBS3,927 — 810 3,117 
Other21 — — 21 
Total AFS securities$84,056 $15 $12,270 $71,801 
HTM securities:    
Agency MBS - residential$57,713 $— $9,922 $47,791 

The amortized cost and estimated fair value of certain MBS securities issued by FNMA and FHLMC that exceeded 10% of shareholders’ equity are shown in the table below:
March 31, 2023
(Dollars in millions)Amortized CostFair Value
FNMA$41,783 $35,517 
FHLMC42,308 35,747 

The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected life of MBS may be shorter than the contractual maturities because borrowers have the right to prepay their obligations with or without penalties.
Amortized CostFair Value
March 31, 2023
(Dollars in millions)		Due in one year or lessDue after one year through five yearsDue after five years through ten yearsDue after ten yearsTotalDue in one year or lessDue after one year through five yearsDue after five years through ten yearsDue after ten yearsTotal
AFS securities:
U.S. Treasury$2,587 $8,448 $19 $29 $11,083 $2,528 $7,869 $18 $26 $10,441 
GSE— 7 11 314 332 — 7 10 284 301 
Agency MBS - residential— 65 580 63,737 64,382 — 62 547 54,566 55,175 
Agency MBS - commercial1 7 71 2,793 2,872 1 7 68 2,322 2,398 
States and political subdivisions3 94 139 189 425 3 93 148 181 425 
Non-agency MBS— — — 3,884 3,884 — — — 3,098 3,098 
Other6 — 14 — 20 6 — 14 — 20 
Total AFS securities$2,597 $8,621 $834 $70,946 $82,998 $2,538 $8,038 $805 $60,477 $71,858 
HTM securities:
Agency MBS - residential$— $— $— $56,932 $56,932 $— $— $— $48,097 $48,097 

12 Truist Financial Corporation

The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position:
Less than 12 months12 months or moreTotal
March 31, 2023
(Dollars in millions)		Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
AFS securities:      
U.S. Treasury$1,267 $27 $8,977 $617 $10,244 $644 
GSE112 5 175 26 287 31 
Agency MBS - residential1,267 65 53,717 9,143 54,984 9,208 
Agency MBS - commercial318 242,066 450 2,384 474 
States and political subdivisions42 1 210 16 252 17 
Non-agency MBS— — 3,098 786 3,098 786 
Other5 — 15 — 20 — 
Total$3,011 $122 $68,258 $11,038 $71,269 $11,160 
HTM securities:      
Agency MBS - residential$— $— $48,097 $8,835 $48,097 $8,835 
Less than 12 months12 months or moreTotal
December 31, 2022
(Dollars in millions)		Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
AFS securities:      
U.S. Treasury$2,069 $49 $8,186 $736 $10,255 $785 
GSE180 14 114 22 294 36 
Agency MBS - residential25,041 3,263 30,050 6,889 55,091 10,152 
Agency MBS - commercial790 92 1,631 371 2,421 463 
States and political subdivisions251 21 20 3 271 24 
Non-agency MBS— — 3,117 810 3,117 810 
Other21 — — — 21 — 
Total$28,352 $3,439 $43,118 $8,831 $71,470 $12,270 
HTM securities:      
Agency MBS - residential$29,369 $5,613 $18,422 $4,309 $47,791 $9,922 

At March 31, 2023 and December 31, 2022, no ACL was established for AFS or HTM securities. Substantially all of the unrealized losses on the securities portfolio, including non-agency MBS, were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. HTM debt securities consist of residential agency MBS. Accordingly, the Company does not expect to incur any credit losses on investment securities.

The following table presents gross securities gains and losses recognized in earnings:
(Dollars in millions)Three Months Ended March 31,
20232022
Gross realized gains$— $13 
Gross realized losses— (82)
Securities gains (losses), net$— $(69)

Truist Financial Corporation 13

NOTE 5. Loans and ACL

In the first quarter of 2023, the Company adopted the Troubled Debt Restructurings and Vintage Disclosures accounting standard. Certain newly required disclosures in this footnote are presented as of and for the period ended March 31, 2023 only as the adoption of this guidance did not impact the prior periods. As such, disclosures were provided related to TDRs as of December 31, 2022 and for the three months ended March 31, 2022 under prior accounting standards. Refer to “Note 1. Basis of Presentation” for additional information.

The following tables present loans and leases HFI by aging category. Government guaranteed loans are not placed on nonperforming status regardless of delinquency because collection of principal and interest is reasonably assured.
Accruing
March 31, 2023
(Dollars in millions)		Current30-89 Days Past Due
90 Days Or More Past Due(1)
NonperformingTotal
Commercial:     
Commercial and industrial$166,663 $125 $35 $394 $167,217 
CRE22,519 34 — 117 22,670 
Commercial construction5,947 3 — 1 5,951 
Consumer:
Residential mortgage55,057 491 674 233 56,455 
Home equity10,370 65 10 132 10,577 
Indirect auto26,498 511 — 270 27,279 
Other consumer27,523 164 10 45 27,742 
Student4,046 356 594 — 4,996 
Credit card4,692 56 38 — 4,786 
Total$323,315 $1,805 $1,361 $1,192 $327,673 
(1)Includes government guaranteed loans of $649 million in the residential mortgage portfolio and $590 million in the student portfolio.
Accruing
December 31, 2022
(Dollars in millions)		Current30-89 Days Past Due
90 Days Or More Past Due(1)
NonperformingTotal
Commercial:     
Commercial and industrial$163,604 $256 $49 $398 $164,307 
CRE22,568 25 1 82 22,676 
Commercial construction5,844 5 — — 5,849 
Consumer:    
Residential mortgage55,005 614 786 240 56,645 
Home equity10,661 68 12 135 10,876 
Indirect auto27,015 646 1 289 27,951 
Other consumer27,289 187 13 44 27,533 
Student4,179 402 706 — 5,287 
Credit card4,766 64 37 — 4,867 
Total$320,931 $2,267 $1,605 $1,188 $325,991 
(1)Includes government guaranteed loans of $759 million in the residential mortgage portfolio and $702 million in the student portfolio.

14 Truist Financial Corporation

The following tables present the amortized cost basis of loans by origination year and credit quality indicator:
March 31, 2023
(Dollars in millions)		Amortized Cost Basis by Origination YearRevolving Credit Loans Converted to Term
Other(1)
20232022202120202019Prior Total
Commercial:    
Commercial and industrial:
Pass$9,673 $41,280 $19,702 $10,213 $7,556 $13,686 $59,715 $— $(217)$161,608 
Special mention56 585 357 113 83 137 643 — — 1,974 
Substandard65 745 375 166 452 440 998 — — 3,241 
Nonperforming1 55 50 41 22 57 168 — — 394 
Total9,795 42,665 20,484 10,533 8,113 14,320 61,524 — (217)167,217 
Gross charge-offs— 9 15 1 3 15 32 — — 75 
CRE:
Pass1,042 5,649 3,269 2,302 3,426 3,902 834 — (74)20,350 
Special mention6 273 113 74 289 208 — — — 963 
Substandard38 223 47 33 526 372 1 — — 1,240 
Nonperforming— 37 3 2 — 75 — — — 117 
Total1,086 6,182 3,432 2,411 4,241 4,557 835 — (74)22,670 
Gross charge-offs— 2 — — — 4 — — — 6 
Commercial construction:
Pass219 1,628 1,618 636 219 157 1,021 — — 5,498 
Special mention37 84 36 176 — — 1 — — 334 
Substandard1 39 6 19 — 53 — — — 118 
Nonperforming— — — — 1 — — — — 1 
Total257 1,751 1,660 831 220 210 1,022 — — 5,951 
Consumer:
Residential mortgage:
Current649 13,827 17,194 6,076 3,037 14,274 — — — 55,057 
30 - 89 days past due2 33 57 25 29 345 — — — 491 
90 days or more past due— 11 29 50 56 528 — — — 674 
Nonperforming— 6 11 9 12 195 — — — 233 
Total651 13,877 17,291 6,160 3,134 15,342 — — — 56,455 
Gross charge-offs— — 1 — — — — — — 1 
Home equity:
Current6,506 3,864 — 10,370 
30 - 89 days past due44 21 — 65 
90 days or more past due6 4 — 10 
Nonperforming46 86 — 132 
Total— — — — — — 6,602 3,975 — 10,577 
Gross charge-offs— — — — — — 2 — — 2 
Indirect auto:
Current2,077 10,757 6,504 3,667 2,147 1,339 — — 7 26,498 
30 - 89 days past due6 147 130 82 70 76 — — — 511 
Nonperforming— 57 71 49 48 45 — — — 270 
Total2,083 10,961 6,705 3,798 2,265 1,460 — — 7 27,279 
Gross charge-offs— 39 34 17 16 21 — — — 127 
Other consumer:
Current2,915 10,324 5,181 2,777 1,563 1,690 3,053 20 — 27,523 
30 - 89 days past due4 71 36 20 16 12 4 1 — 164 
90 days or more past due— 8 1 — — — 1 — — 10 
Nonperforming— 4 15 10 6 9 — 1 — 45 
Total2,919 10,407 5,233 2,807 1,585 1,711 3,058 22 — 27,742 
Gross charge-offs— 45 25 14 10 5 6 — — 105 
Student:
Current— — — 16663,964 — — — 4,046 
30 - 89 days past due— — — — 1355 — — — 356 
90 days or more past due— — — — 1593 — — — 594 
Total— — — 16 68 4,912 — — — 4,996 
Gross charge-offs— — — — — 5 — — — 5 
Credit card:
Current4,675 17 — 4,692 
30 - 89 days past due54 2 — 56 
90 days or more past due36 2 — 38 
Total— — — — — — 4,765 21 — 4,786 
Gross charge-offs— — — — — — 50 1 — 51 
Total$16,791 $85,843 $54,805 $26,556 $19,626 $42,512 $77,806 $4,018 $(284)$327,673 
Gross charge-offs$— $95 $75 $32 $29 $50 $90 $1 $— $372 
Truist Financial Corporation 15

December 31, 2022
(Dollars in millions)		Amortized Cost Basis by Origination YearRevolving CreditLoans Converted to Term
Other(1)
20222021202020192018PriorTotal
Commercial:
Commercial and industrial:
Pass$45,890 $21,642 $11,219 $8,258 $4,977 $9,686 $57,854 $— $(199)$159,327 
Special mention243 302 143 160 61 88 721 — — 1,718 
Substandard518 387 113 413 249 187 997 — — 2,864 
Nonperforming47 53 10 28 46 27 187 — — 398 
Total46,698 22,384 11,485 8,859 5,333 9,988 59,759 — (199)164,307 
CRE:
Pass6,141 3,595 2,220 3,846 2,092 2,265 757 — (70)20,846 
Special mention106 118 74 229 281 5 18 — — 831 
Substandard106 99 35 422 121 134 — — — 917 
Nonperforming— 3 — — 77 2 — — — 82 
Total6,353 3,815 2,329 4,497 2,571 2,406 775 — (70)22,676 
Commercial construction:
Pass1,501 1,500 825 290 212 71 1,056 — — 5,455 
Special mention80 — 93 — — — 35 — — 208 
Substandard114 — 18 1 53 — — — — 186 
Total1,695 1,500 936 291 265 71 1,091 — — 5,849 
Consumer:
Residential mortgage:
Current13,824 17,340 6,167 3,084 1,384 13,206 — — — 55,005 
30 - 89 days past due55 61 32 37 43 386 — — — 614 
90 or more days past due5 31 62 62 91 535 — — — 786 
Nonperforming4 6 10 12 17 191 — — — 240 
Total13,888 17,438 6,271 3,195 1,535 14,318 — — — 56,645 
Home equity:
Current6,843 3,818 — 10,661 
30 - 89 days past due48 20 — 68 
90 days or more past due9 3 — 12 
Nonperforming44 91 — 135 
Total— — — — — — 6,944 3,932 — 10,876 
Indirect auto:
Current11,646 7,141 4,105 2,461 1,096 559 — — 7 27,015 
30 - 89 days past due147 174 111 100 60 54 — — — 646 
90 days or more past due1 — — — — — — — — 1 
Nonperforming41 77 56 56 34 25 — — — 289 
Total11,835 7,392 4,272 2,617 1,190 638 — — 7 27,951 
Other consumer:
Current11,270 5,805 3,167 1,814 865 1,061 3,278 29 — 27,289 
30 - 89 days past due68 44 26 20 10 7 10 2 — 187 
90 days or more past due8 1 1 1 — — 2 — — 13 
Nonperforming4 11 8 9 2 8 2 — — 44 
Total11,350 5,861 3,202 1,844 877 1,076 3,292 31 — 27,533 
Student:
Current— — 17 71 57 4,034 — — — 4,179 
30 - 89 days past due— — — 1 1 400 — — — 402 
90 days or more past due— — — 1 1 704 — — — 706 
Total— — 17 73 59 5,138 — — — 5,287 
Credit card:
Current4,750 16 — 4,766 
30 - 89 days past due63 1 — 64 
90 days or more past due36 1 — 37 
Total— — — — — — 4,849 18 — 4,867 
Total$91,819 $58,390 $28,512 $21,376 $11,830 $33,635 $76,710 $3,981 $(262)$325,991 
(1)Includes certain deferred fees and costs and other adjustments.

16 Truist Financial Corporation

ACL

The following tables present activity in the ACL:
(Dollars in millions)Balance at Jan 1, 2022Charge-OffsRecoveriesProvision (Benefit)
Other(1)
Balance at Mar 31, 2022
Commercial:
Commercial and industrial$1,426 $(31)$17 $(93)$— $1,319 
CRE350 (1)1 (67)— 283 
Commercial construction52 (1)1 1 — 53 
Consumer:
Residential mortgage308 (2)6 (2)— 310 
Home equity96 (1)5 (12)— 88 
Indirect auto1,022 (102)23 14 — 957 
Other consumer714 (76)21 38 — 697 
Student117 (6)— 3 1 115 
Credit card350 (41)9 30 — 348 
ALLL4,435 (261)83 (88)1 4,170 
RUFC260 — — (7)— 253 
ACL$4,695 $(261)$83 $(95)$1 $4,423 
(Dollars in millions)Balance at Jan 1, 2023Charge-OffsRecoveriesProvision (Benefit)
Other(1)
Balance at Mar 31, 2023
Commercial:      
Commercial and industrial$1,409 $(75)$13 $151 $(1)$1,497 
CRE224 (6)1 32 — 251 
Commercial construction46 — 1 40 — 87 
Consumer:     
Residential mortgage399 (1)2 13 (81)332 
Home equity90 (2)6 (7)— 87 
Indirect auto981 (127)26 100 13 993 
Other consumer770 (105)17 98 (1)779 
Student98 (5)— 5 — 98 
Credit card360 (51)9 40 (3)355 
ALLL4,377 (372)75 472 (73)4,479 
RUFC272 — — 10 — 282 
ACL$4,649 $(372)$75 $482 $(73)$4,761 
(1)Includes the amounts for the ALLL for PCD acquisitions, the impact of adopting the Troubled Debt Restructurings and Vintage Disclosures accounting standard, and other activity.

The commercial ALLL increased $156 million and the consumer ALLL decreased $49 million for the three months ended March 31, 2023. The increase in the commercial ALLL primarily reflects loan growth and increased economic uncertainty. The decrease in the consumer ALLL was primarily driven by the impact of the Troubled Debt Restructurings and Vintage Disclosures accounting standard, under which reasonable expectations of TDRs are no longer considered, partially offset by increased economic uncertainty. Considerations for the increased economic uncertainty include the potential impacts related to the risks associated with inflation, rising rates, geopolitical events, and recession.

The quantitative models have been designed to estimate losses using macro-economic forecasts over a reasonable and supportable forecast period of two years, followed by a reversion to long-term historical loss conditions over a one-year period. Forecasts of macroeconomic variables used in loss forecasting include, but are not limited to, unemployment trends, U.S. real GDP, corporate credit spreads, rental rates, property values, home price indices, and used car prices.

The primary economic forecast incorporates a third-party baseline forecast that is adjusted to reflect Truist’s interest rate outlook. Management also considers optimistic and pessimistic third-party macro-economic forecasts in order to capture uncertainty in the economic environment. These forecasts, along with the primary economic forecast, are weighted 40% baseline, 30% optimistic, and 30% pessimistic in the March 31, 2023 ACL, unchanged since December 31, 2022. While the scenario weightings were unchanged, each forecast scenario reflected deterioration in certain economic variables over the reasonable and supportable forecast period when compared to the prior period. The primary economic forecast shaping the ACL estimate at March 31, 2023 included GDP growth in the low-single digits and an unemployment rate near mid-single digits.

Truist Financial Corporation 17

Quantitative models have certain limitations with respect to estimating expected losses, particularly in times of rapidly changing macro-economic conditions and forecasts. As a result, management believes that the qualitative component of the ACL, which incorporates management’s expert judgment related to expected future credit losses, will continue to be an important component of the ACL for the foreseeable future. The March 31, 2023 ACL estimate includes adjustments to consider the impact of current and expected events or risks not captured by the loss forecasting models, the outcomes of which are uncertain and may not be completely considered by quantitative models. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

NPAs

The following table provides a summary of nonperforming loans and leases, excluding LHFS:
March 31, 2023December 31, 2022
Recorded InvestmentRecorded Investment
(Dollars in millions)Without an ALLLWith an ALLLWithout an ALLLWith an ALLL
Commercial: 
Commercial and industrial$68 $326 $120 $278 
CRE11 106 75 7 
Commercial construction— 1 — — 
Consumer:
Residential mortgage— 233 4 236 
Home equity1 131 2 171 
Indirect auto— 270 3 286 
Other consumer— 45 — 6 
Total$80 $1,112 $204 $984 

The following table presents a summary of nonperforming assets and residential mortgage loans in the process of foreclosure:
(Dollars in millions)Mar 31, 2023Dec 31, 2022
Nonperforming loans and leases HFI$1,192 $1,188 
Foreclosed real estate3 4 
Other foreclosed property66 58 
Total nonperforming assets$1,261 $1,250 
Residential mortgage loans in the process of foreclosure$226 $248 

Loan Modifications

The following table summarizes the period-end amortized cost basis of loans to borrowers experiencing financial difficulty that were modified during the period, disaggregated by class of financing receivable and type of modification granted. This table includes modification activity that occurred on or after January 1, 2023. The volume of payment delay modifications is expected to increase throughout 2023 as the cumulative period over which such modifications are evaluated gradually extends to a full 12-month rolling period:
March 31, 2023
(Dollars in millions)		RenewalsTerm ExtensionsCapitalizationsPayment DelaysCombination -
Interest Rate Reduction and Term Extension		Combination -
Capitalization and Term Extension		Combination -
Capitalization, Interest Rate and Term Extension		OtherTotal Modified LoansPercentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial$390 $51 $— $— $— $— $— $— $441 0.26 %
CRE103 — — 71 — — — — 174 0.77 
Commercial construction1 — — — — — — — 1 0.02 
Consumer:
Residential mortgage— 29 32 25 1 92 20 4 203 0.36 
Home equity— — — — 2 — — 1 3 0.03 
Indirect auto— 5 — 5 5 — — 6 21 0.08 
Other consumer— 5 — — 1 — — 1 7 0.03 
Credit card— — — — — — — 5 5 0.10 
Total$494 $90 $32 $101 $9 $92 $20 $17 $855 0.26 

18 Truist Financial Corporation

The table above excludes trial modifications totaling $64 million as of March 31, 2023. Such modifications will be included in the modification activity disclosure if the borrower successfully completes the trial period and the loan modification is finalized.

As of March 31, 2023, Truist had $353 million in unfunded lending commitments related to the modified obligations summarized in the table above.

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:
For the Three Months Ended March 31, 2023
Loan TypeFinancial Effect
Renewals
Commercial and industrialExtended weighted average term by 4 months and increased the weighted average interest rate by 0.4%.
CREExtended weighted average term by 9 months and increased the weighted average interest rate by 0.1%.
Commercial constructionExtended weighted average term by 5 months.
Term Extensions
Commercial and industrialExtended weighted average term by 3 months.
Residential mortgageExtended weighted average term by 158 months.
Indirect autoExtended weighted average term by 25 months.
Other ConsumerExtended weighted average term by 25 months.
Capitalizations
Residential mortgageCapitalized $19 thousand on a weighted average basis into the outstanding balance of the loan.
Payment Delays
CREProvided 233 days of payment deferral on a weighted average basis.
Residential mortgageProvided 195 days of payment deferral on a weighted average basis.
Indirect autoProvided 129 days of payment deferral on a weighted average basis.
Combination - Interest Rate Adjustment and Term Extension
Residential mortgageExtended weighted average term by 97 months and decreased the weighted average interest rate by 0.8%.
Home equityExtended weighted average term by 318 months and decreased the weighted average interest rate by 2.3%.
Indirect autoExtended weighted average term by 11 months and decreased the weighted average interest rate by 7%.
Other consumerExtended weighted average term by 101 months and decreased the weighted average interest rate by 3%.
Combination - Capitalization and Term Extension
Residential mortgageExtended weighted average term by 111 months and capitalized $31 thousand on a weighted average basis into the outstanding loan balance.
Combination - Capitalization, Interest Rate and Term Extension
Residential mortgageExtended weighted average term by 82 months, decreased weighted average interest rate by 0.3% and capitalized $23 thousand on a weighted average basis into the outstanding loan balance.

Upon Truist’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

Truist Financial Corporation 19

Truist closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table summarizes the delinquency status of loans that were modified during the quarter:
Payment Status (Amortized Cost Basis)
March 31, 2023
(Dollars in millions)
Current30-89 Days Past Due90 Days or More Past DueTotal
Commercial:
Commercial and industrial$406 $1 $34 $441 
CRE174 — — 174 
Commercial construction1 — — 1 
Consumer:
Residential mortgage153 33 17 203 
Home equity3 — — 3 
Indirect auto19 1 1 21 
Other consumer7 — — 7 
Credit card3 1 1 5 
Total$766 $36 $53 $855 
Total nonaccrual loans included above$131 $10 $39 $180 

The following table provides the amortized cost basis of financing receivables that were modified during the quarter that were in payment default:
March 31, 2023
(Dollars in millions)
RenewalsTerm ExtensionsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		Combination -
Capitalization, Interest Rate and Term Extension		OtherTotal
Commercial:
Commercial and industrial$34 $— $— $— $— $— $— 34 
Consumer:
Residential mortgage— 2 1 5 6 2 1 17 
Indirect auto— — — — — — 1 1 
Credit card— — — — — — 1 1 
Total$34 $2 $1 $5 $6 $2 $3 $53 

TDRs

The following table presents a summary of TDRs:
(Dollars in millions)Dec 31, 2022
Performing TDRs: 
Commercial: 
Commercial and industrial$136 
CRE5 
Commercial construction1 
Consumer:
Residential mortgage1,252 
Home equity51 
Indirect auto462 
Other consumer31 
Student30 
Credit card18 
Total performing TDRs1,986 
Nonperforming TDRs214 
Total TDRs$2,200 
ALLL attributable to TDRs$152 

The primary type of modification for newly designated TDRs is summarized in the tables below. New TDR balances represent the recorded investment at the end of the quarter in which the modification was made. The prior quarter balance represents recorded investment at the beginning of the quarter in which the modification was made. Rate modifications consist of TDRs made with below market interest rates, including those that also have modifications of loan structures.
20 Truist Financial Corporation

As of / For the Three Months Ended March 31, 2022
Type of ModificationPrior Quarter Loan BalanceRelated ALLL at Period End
(Dollars in millions)RateStructure
Newly designated TDRs:
Commercial$— $8 $10 $— 
Consumer148 191 329 15 
Credit card2 — 2 1 
Re-modification of previously designated TDRs21 11 

Unearned Income, Discounts, and Net Deferred Loan Fees and Costs

The following table presents additional information about loans and leases:
(Dollars in millions)Mar 31, 2023Dec 31, 2022
Unearned income, discounts, and net deferred loan fees and costs$299 $269 

NOTE 6. Goodwill and Other Intangible Assets

The Company performed a qualitative assessment of current events and circumstances, including macroeconomic and market factors, industry and banking sector events, Truist specific performance indicators, and a comparison of management’s forecast and assumptions to those used in its October 1, 2022 qualitative impairment test. Truist concluded that it was not more-likely-than-not that the fair value of one or more of its reporting units is below its respective carrying amount as of March 31, 2023, and therefore no triggering event occurred that required a quantitative goodwill impairment test. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. Activity during 2023 relates to the reorganization of Prime Rate Premium Finance Corporation. Activity during 2022 reflects the acquisition of BankDirect Capital Finance, BenefitMall, and Kensington Vanguard National Land Services. Refer to “Note 2. Business Combinations” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information on the acquisitions and “Note 18. Operating Segments” for additional information on segments.
(Dollars in millions)CB&WC&CBIHTotal
Goodwill, January 1, 2022$16,870 $6,149 $3,079 $26,098 
Mergers and acquisitions— — 912 912 
Adjustments and other(5)5 3 3 
Goodwill, December 31, 202216,865 6,154 3,994 27,013 
Adjustments and other— 216 (215)1 
Goodwill, March 31, 2023$16,865 $6,370 $3,779 $27,014 

The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets:
 March 31, 2023December 31, 2022
(Dollars in millions)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
CDI$2,473 $(1,465)$1,008 $2,473 $(1,403)$1,070 
Other, primarily client relationship intangibles
3,802 (1,275)2,527 3,812 (1,210)2,602 
Total$6,275 $(2,740)$3,535 $6,285 $(2,613)$3,672 

Truist Financial Corporation 21

NOTE 7. Loan Servicing

The Company acquires servicing rights, and retains servicing rights related to certain of its sales or securitizations of residential mortgages, commercial mortgages, and other consumer loans. Servicing rights are capitalized by the Company as Loan servicing rights on the Consolidated Balance Sheets. Income earned by the Company on its loan servicing rights is derived primarily from contractually specified servicing fees, late fees, net of curtailment costs, and other ancillary fees.

Residential Mortgage Activities

The following tables summarize residential mortgage servicing activities:
(Dollars in millions)Mar 31, 2023Dec 31, 2022
UPB of residential mortgage loan servicing portfolio$272,323 $274,028 
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate
214,830 217,046 
Mortgage loans sold with recourse200 200 
Maximum recourse exposure from mortgage loans sold with recourse liability128 127 
Indemnification, recourse and repurchase reserves55 56 
As of / For the Three Months Ended March 31,
(Dollars in millions)		20232022
UPB of residential mortgage loans sold from LHFS$2,507 $8,818 
Pre-tax gains recognized on mortgage loans sold and held for sale16 39 
Servicing fees recognized from mortgage loans serviced for others163 145 
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others
0.27 %0.31 %
Weighted average interest rate on mortgage loans serviced for others3.52 3.41 

The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value:
Three Months Ended March 31,
(Dollars in millions)20232022
Residential MSRs, carrying value, January 1$3,428 $2,305 
Additions44 147 
Sales(428)— 
Change in fair value due to changes in valuation inputs or assumptions(1)
(1)350 
Realization of expected net servicing cash flows, passage of time, and other(57)(110)
Residential MSRs, carrying value, March 31$2,986 $2,692 
(1)The first quarter of 2023 includes realized gains on the portfolio sale of excess servicing.

The sensitivity of the fair value of the Company’s residential MSRs to changes in key assumptions is presented in the following table:
March 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
(Dollars in millions)MinMaxMinMax
Prepayment speed7.7 %14.0 %8.3 %8.6 %12.5 %9.0 %
Effect on fair value of a 10% increase$(87)$(110)
Effect on fair value of a 20% increase(167)(211)
OAS1.7 %12.1 %4.6 %1.2 %11.4 %4.0 %
Effect on fair value of a 10% increase$(57)$(55)
Effect on fair value of a 20% increase(111)(108)
Composition of loans serviced for others:   
Fixed-rate residential mortgage loans99.5 %99.5 %
Adjustable-rate residential mortgage loans
0.5 0.5 
Total  100.0 %  100.0 %
Weighted average life  7.1 years  6.8 years

The sensitivity calculations above are hypothetical and should not be considered predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in the above table, the effect of an adverse variation in one assumption on the fair value of the MSRs is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another, which may magnify or counteract the effect of the change. See “Note 15. Fair Value Disclosures” for additional information on the valuation techniques used.

22 Truist Financial Corporation

Commercial Mortgage Activities

The following table summarizes commercial mortgage servicing activities:
(Dollars in millions)Mar 31, 2023Dec 31, 2022
UPB of CRE mortgages serviced for others$36,245 $36,622 
CRE mortgages serviced for others covered by recourse provisions9,829 9,955 
Maximum recourse exposure from CRE mortgages sold with recourse liability2,820 2,861 
Recorded reserves related to recourse exposure16 17 
CRE mortgages originated during the year-to-date period1,041 7,779 
Commercial MSRs at fair value291 301 

NOTE 8. Other Assets and Liabilities

Lessee Operating and Finance Leases

The Company leases certain assets, consisting primarily of real estate, and assesses at contract inception whether a contract is, or contains, a lease. The following tables present additional information on leases, excluding leases related to the lease financing businesses:
March 31, 2023December 31, 2022
(Dollars in millions)Operating LeasesFinance LeasesOperating LeasesFinance Leases
ROU assets$1,151 $19 $1,193 $20 
Total lease liabilities1,498 22 1,545 23 
Weighted average remaining term6.4 years5.4 years6.6 years5.6 years
Weighted average discount rate2.8 %3.4 %2.7 %3.4 %
Three Months Ended March 31,
(Dollars in millions)20232022
Operating lease costs$82 $85 

Lessor Operating Leases

The Company’s two primary lessor businesses are equipment financing and structured real estate with income recorded in Operating lease income on the Consolidated Statements of Income. The following table presents a summary of assets under operating leases. This table excludes subleases on assets included in premises and equipment.
(Dollars in millions)Mar 31, 2023Dec 31, 2022
Assets held under operating leases(1)
$2,090 $2,090 
Accumulated depreciation (554)(550)
Net$1,536 $1,540 
(1) Includes certain land parcels subject to operating leases that have indefinite lives.

Bank-Owned Life Insurance

Bank-owned life insurance consists of life insurance policies held on certain teammates for which the Company is the beneficiary. The carrying value of bank-owned life insurance was $7.7 billion at March 31, 2023 and $7.6 billion at December 31, 2022.
Truist Financial Corporation 23

NOTE 9. Borrowings

The following table presents a summary of short-term borrowings:
(Dollars in millions)Mar 31, 2023Dec 31, 2022
FHLB advances$18,900 $18,900 
Securities sold under agreements to repurchase2,122 2,128 
Securities sold short1,789 1,551 
Collateral in excess of derivative exposures
455 403 
Master notes310 370 
Other short-term borrowings102 70 
Total short-term borrowings$23,678 $23,422 

The following table presents a summary of long-term debt:
(Dollars in millions)Mar 31, 2023Dec 31, 2022
Truist Financial Corporation:
Fixed rate senior notes$16,059 $14,107 
Floating rate senior notes999 999 
Fixed rate subordinated notes(1)
1,895 1,882 
Capital notes(1)
626 625 
Structured notes(2)
12 12 
Truist Bank:
Fixed rate senior notes5,246 6,982 
Floating rate senior notes1,249 1,749 
Fixed rate subordinated notes(1)
4,795 4,767 
Fixed rate FHLB advances2 2 
Floating rate FHLB advances
37,800 10,800 
Other long-term debt(3)
1,212 1,278 
Total long-term debt$69,895 $43,203 
(1)Subordinated and capital notes with a remaining maturity of one year or greater qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations.
(2)Consist of notes with various terms that include fixed or floating rate interest or returns that are linked to an equity index.
(3)Includes debt associated with finance leases, tax credit investments, and other.

24 Truist Financial Corporation

NOTE 10. Shareholders’ Equity

Common Stock

The following table presents total dividends declared per share of common stock:
Three Months Ended March 31,
20232022
Cash dividends declared per share$0.52 $0.48 

NOTE 11. AOCI

AOCI includes the after-tax change in unrecognized net costs related to defined benefit pension and OPEB plans as well as unrealized gains and losses on cash flow hedges, AFS securities, and HTM securities transferred from AFS securities.
(Dollars in millions)Pension and OPEB CostsCash Flow HedgesAFS SecuritiesHTM SecuritiesOther, netTotal
AOCI balance, January 1, 2022$(86)$(9)$(1,510)$— $1 $(1,604)
OCI before reclassifications, net of tax2 — (5,036)— 1 (5,033)
AFS Securities transferred to HTM, net of tax— — 2,872 (2,872)— — 
Amounts reclassified from AOCI:     
Before tax8 6 61 57 — 132 
Tax effect2 1 14 13 — 30 
Amounts reclassified, net of tax6 5 47 44 — 102 
Total OCI, net of tax8 5 (4,989)44 1 (4,931)
AOCI balance, March 31, 2022$(78)$(4)$(3,627)$(2,828)$2 $(6,535)
AOCI balance, January 1, 2023$(1,535)$(78)$(9,395)$(2,588)$(5)$(13,601)
OCI before reclassifications, net of tax(26)125 903 — 1 1,003 
Amounts reclassified from AOCI:     
Before tax16 — (65)70 — 21 
Tax effect4 — (15)15 — 4 
Amounts reclassified, net of tax12 — (50)55 — 17 
Total OCI, net of tax(14)125 853 55 1 1,020 
AOCI balance, March 31, 2023$(1,549)$47 $(8,542)$(2,533)$(4)$(12,581)
Primary income statement location of amounts reclassified from AOCI
Other expenseNet interest income and Other expenseSecurities gains (losses) and Net interest income Net interest incomeNet interest income

Truist Financial Corporation 25

NOTE 12. Income Taxes


For the three months ended March 31, 2023 and 2022, the provision for income taxes was $394 million and $330 million, respectively, representing effective tax rates of 20.6% and 18.9%, respectively. The higher effective tax rate for the three months ended March 31, 2023 was primarily due to higher income before taxes, discrete tax expense recognized in the current quarter compared to discrete tax benefits recognized in the three months ended March 31, 2022, and the adoption of the Investments in Tax Credit Structures accounting standard related to the proportional amortization of tax credit investments in the current quarter. Refer to “Note 1. Basis of Presentation” for additional information on the adoption of this guidance. The Company calculated the provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income and adjusting for discrete items that occurred during the period.

NOTE 13. Benefit Plans

The components of net periodic (benefit) cost for defined benefit pension plans are summarized in the following table:
Three Months Ended March 31,
(Dollars in millions)Income Statement Location20232022
Service costPersonnel expense$93 $139 
Interest costOther expense111 88 
Estimated return on plan assetsOther expense(228)(269)
Amortization and otherOther expense20 8 
Net periodic (benefit) cost$(4)$(34)

Truist makes contributions to the qualified pension plans up to the maximum amount deductible for federal income tax purposes. Discretionary contributions totaling $1.3 billion were made to the Truist pension plan during the three months ended March 31, 2023.

26 Truist Financial Corporation

NOTE 14. Commitments and Contingencies

Truist utilizes a variety of financial instruments to mitigate exposure to risks and meet the financing needs and provide investment opportunities for clients. These financial instruments include commitments to extend credit, letters of credit and financial guarantees, derivatives, and other investments. Truist also has commitments to fund certain affordable housing investments and contingent liabilities related to certain sold loans.

Tax Credit and Certain Equity Investments

The Company invests as a limited partner in certain projects through the New Market Tax Credit program, which is a Federal financial program aimed to stimulate business and real estate investment in underserved communities via a Federal tax credit. Following the first quarter of 2023 adoption of the Investments in Tax Credit Structures accounting standard, these tax credits, referred to as “Other qualified tax credits” below, qualify for the proportional amortization method. Refer to “Note 1. Basis of Presentation” for additional information.

The following table summarizes certain tax credit and certain equity investments:
(Dollars in millions)Balance Sheet LocationMar 31, 2023Dec 31, 2022
Investments in affordable housing projects and other qualified tax credits:  
Carrying amountOther assets$5,765 $5,869 
Amount of future funding commitments included in carrying amountOther liabilities1,726 1,762 
Lending exposureLoans and leases for funded amounts1,625 1,547 
Renewable energy investments:
Carrying amountOther assets272 264 
Amount of future funding commitments not included in carrying amountNA444 361 
SBIC and certain other equity method investments:
Carrying amountOther assets597 596 
Amount of future funding commitments not included in carrying amountNA597 532 

The following table presents a summary of tax credits and amortization associated with the Company’s tax credit investment activity. Activity related to the Company’s renewable energy investments was immaterial.
Three Months Ended March 31,
(Dollars in millions)Income Statement Location20232022
Tax credits:
Investments in affordable housing projects, other qualified tax credits, and other community development investmentsProvision for income taxes$157 $150 
Amortization and other changes in carrying amount:
Investments in affordable housing projects and other qualified tax credits(1)
Provision for income taxes$148 $124 
Other community development investments(1)
Other noninterest income2 19 
(1)In the first quarter of 2023, the Company adopted the Investments in Tax Credit Structures accounting standard. As a result, amortization related to these tax credits started being recognized in the Provision for income taxes as of the adoption of this standard. This activity was previously recognized in Other income. Refer to “Note 1. Basis of Presentation” for additional information.

Letters of Credit and Financial Guarantees

In the normal course of business, Truist utilizes certain financial instruments to meet the financing needs of clients and to mitigate exposure to risks. Such financial instruments include commitments to extend credit and certain contractual agreements, including standby letters of credit and financial guarantee arrangements.

The following is a summary of selected notional amounts of off-balance sheet financial instruments:
(Dollars in millions)Mar 31, 2023Dec 31, 2022
Commitments to extend, originate, or purchase credit and other commitments$215,998 $216,838 
Residential mortgage loans sold with recourse200 200 
CRE mortgages serviced for others covered by recourse provisions9,829 9,955 
Other loans serviced for others covered by recourse provisions759 723 
Letters of credit6,158 6,030 

Truist Financial Corporation 27

Total Return Swaps

The Company facilitates matched book TRS transactions on behalf of clients, whereby a VIE purchases reference assets identified by a client and the Company enters into a TRS with the VIE, with a mirror-image TRS facing the client. The Company provides senior financing to the VIE in the form of demand notes to fund the purchase of the reference assets. Reference assets are typically fixed income instruments primarily composed of syndicated bank loans. The TRS contracts pass through interest and other cash flows on the reference assets to the third-party clients, along with exposing those clients to decreases in value on the assets and providing them with the rights to appreciation on the assets. The terms of the TRS contracts require the third parties to post initial margin collateral, as well as ongoing margin as the fair values of the underlying reference assets change. The following table provides a summary of the TRS transactions with VIE purchases. VIE assets include trading loans and bonds:
(Dollars in millions)Mar 31, 2023Dec 31, 2022
Total return swaps:
VIE assets$1,880 $1,830 
Trading loans and bonds1,801 1,790 
VIE liabilities118 163 

The Company concluded that the associated VIEs should be consolidated because the Company has (i) the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) the obligation to absorb losses and the right to receive benefits, which could potentially be significant. The activities of the VIEs are restricted to buying and selling the reference assets and the risks/benefits of any such assets owned by the VIEs are passed to the third-party clients via the TRS contracts. For additional information on TRS contracts and the related VIEs, see “Note 16. Derivative Financial Instruments.”

Pledged Assets

Certain assets were pledged to secure municipal deposits, securities sold under agreements to repurchase, certain derivative agreements, and borrowings or borrowing capacity, as well as to fund certain obligations related to nonqualified defined benefit and defined contribution retirement plans and for other purposes as required or permitted by law. Assets pledged to the FHLB and FRB are subject to applicable asset discounts when determining borrowing capacity. The Company has capacity for secured financing from both the FRB and FHLB and letters of credit from the FHLB. The Company’s letters of credit from the FHLB can be used to secure various client deposits, including public fund relationships. Excluding assets related to nonqualified benefit plans, the majority of the agreements governing the pledged assets do not permit the other party to sell or repledge the collateral. The following table provides the total carrying amount of pledged assets by asset type:
(Dollars in millions)Mar 31, 2023Dec 31, 2022
Pledged securities$71,890 $38,012 
Pledged loans:
FRB75,018 71,234 
FHLB70,766 68,988 
Unused borrowing capacity:
FRB53,291 49,250 
FHLB24,678 20,770 

Litigation and Regulatory Matters

Truist and/or its subsidiaries are routinely named as defendants in or parties to numerous actual or threatened legal proceedings, including civil litigation and regulatory investigations or enforcement matters, arising from the ordinary conduct of its regular business activities. The matters range from individual actions involving a single plaintiff to class action lawsuits with many class members and can involve claims for substantial or indeterminate alleged damages or for injunctive or other relief. Investigations may involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations, and could result in fines, penalties, restitution, and/or alterations in Truist’s business practices. These legal proceedings are at varying stages of adjudication, arbitration, or investigation and may consist of a variety of claims, including common law tort and contract claims, as well as statutory antitrust, securities, and consumer protection claims. The ultimate resolution of any proceeding and the timing of such resolution is uncertain and inherently difficult to predict. It is possible that the ultimate resolution of these matters, including those described below, if unfavorable, may be material to the consolidated financial position, consolidated results of operations, or consolidated cash flows of Truist, or cause significant reputational consequences.

Truist establishes accruals for legal matters when potential losses associated with the actions become probable and the amount of loss can be reasonably estimated. There is no assurance that the ultimate resolution of these matters will not significantly exceed the amounts that Truist has accrued. Accruals for legal matters are based on management’s best judgment after consultation with counsel and others.

28 Truist Financial Corporation

The Company estimates reasonably possible losses, in excess of amounts accrued, of up to approximately $200 million as of March 31, 2023. This estimate does not represent Truist’s maximum loss exposure, and actual losses may vary significantly. In addition, the matters underlying this estimate will change from time to time. Estimated losses are based upon currently available information and involve considerable judgment, given that claims often include significant legal uncertainties, damages alleged by plaintiffs are often unspecified or overstated, discovery may not have started or may not be complete, and material facts may be disputed or unsubstantiated, among other factors.

For certain matters, Truist may be unable to estimate the loss or range of loss, even if it believes that a loss is probable or reasonably possible, until developments in the case provide additional information sufficient to support such an estimate. Such matters are not accrued for and are not reflected in the estimate of reasonably possible losses.

The following is a description of certain legal proceedings in which Truist is involved:

Bickerstaff v. SunTrust Bank

This class action case was filed in the Fulton County State Court on July 12, 2010, and an amended complaint was filed on August 9, 2010. Plaintiff asserts that all overdraft fees charged to his account which related to debit card and ATM transactions are actually interest charges and therefore subject to the usury laws of Georgia. Plaintiff has brought claims for violations of civil and criminal usury laws, conversion, and money had and received, and seeks damages on a class-wide basis, including refunds of challenged overdraft fees and pre-judgment interest. On October 6, 2017, the trial court granted plaintiff’s motion for class certification and defined the class as “Every Georgia citizen who had or has one or more accounts with SunTrust Bank and who, from July 12, 2006, to October 6, 2017 (i) had at least one overdraft of $500.00 or less resulting from an ATM or debit card transaction (the “Transaction”); (ii) paid any Overdraft Fees as a result of the Transaction; and (iii) did not receive a refund of those Fees,” and the granting of a certified class was affirmed on appeal. The Company previously filed a motion to amend the class definition in which it sought to narrow the scope of the class and renewed motions to compel arbitration against certain class members, which the court found were premature. On September 22, 2022, the trial court entered a scheduling order holding that the court will consider such motions after discovery, which is ongoing, is completed. Trial is presently set to commence on April 29, 2024. The Company continues to believe that the underlying claims are without merit.

United Services Automobile Association v. Truist Bank

USAA filed a lawsuit on July 29, 2022 against the Company in the United States District Court for the Eastern District of Texas alleging that the Company’s mobile remote deposit capture systems infringe certain patents held by USAA. The complaint seeks damages, including for alleged willful infringement and a corresponding request that the amount of actual damages be trebled, as well as injunctive and other equitable relief. The Company filed its answer and affirmative defenses on October 11, 2022, denying that it infringes any of the patents at issue in the lawsuit and asserting that USAA’s patents are invalid or unenforceable. On December 30, 2022, the Company filed a motion for leave to amend its answer to assert counterclaims seeking damages as well as injunctive relief against USAA for infringing certain patents owned by the Company and practiced by USAA’s mobile remote deposit capture systems, which motion was granted on April 8, 2023. On March 20, 2023, USAA filed a motion for leave to file an amended complaint which would add a claim that the Company’s mobile remote deposit capture systems infringe an additional USAA patent. On April 14, 2023, USAA filed a motion seeking to sever Truist’s counterclaims from the case. USAA’s motions above are both pending. Discovery in the district court proceedings is ongoing, and trial is presently set to commence on March 18, 2024.

At the Patent Trial and Appeal Board, the Company filed separate petitions for inter partes review on October 11, November 7, and November 15, 2022 challenging the validity of each of the three patents asserted by USAA in the lawsuit. In addition, on April 13, 2023, the Company filed a petition for inter partes review challenging the validity of the fourth patent USAA is seeking to add to the lawsuit. If institution of any of the petitions for inter partes review is granted, the Patent Trial and Appeal Board will review the validity of the claims in the applicable patent(s).

Truist Financial Corporation 29

NOTE 15. Fair Value Disclosures

Recurring Fair Value Measurements

Accounting standards define fair value as the price that would be received on the measurement date to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants, with a three-level measurement hierarchy:

•Level 1: Quoted prices for identical instruments in active markets
•Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets
•Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable

The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis:
March 31, 2023
(Dollars in millions)		TotalLevel 1Level 2Level 3
Netting Adjustments(1)
Assets:    
Trading assets:
U.S. Treasury$120 $— $120 $— $— 
GSE112 — 112 — — 
Agency MBS - residential797 — 797 — — 
States and political subdivisions293 — 293 — — 
Corporate and other debt securities1,118 — 1,118 — — 
Loans1,869 — 1,869 — — 
Other292 260 32 — — 
Total trading assets4,601 260 4,341 — — 
AFS securities: 
U.S. Treasury10,441 — 10,441 — — 
GSE301 — 301 — — 
Agency MBS - residential55,175 — 55,175 — — 
Agency MBS - commercial2,398 — 2,398 — — 
States and political subdivisions425 — 425 — — 
Non-agency MBS3,098 — 3,098 — — 
Other20 — 20 — — 
Total AFS securities71,858 — 71,858 — — 
LHFS at fair value1,911 — 1,911 — — 
Loans and leases17 — — 17 — 
Loan servicing rights at fair value3,303 — — 3,303 — 
Other assets:
Derivative assets692 625 1,816 13 (1,762)
Equity securities857 757 100 — — 
Total assets$83,239 $1,642 $80,026 $3,333 $(1,762)
Liabilities:    
Derivative liabilities$2,589 $394 $3,971 $31 $(1,807)
Securities sold short1,789 113 1,676 — — 
Total liabilities$4,378 $507 $5,647 $31 $(1,807)
30 Truist Financial Corporation

December 31, 2022
(Dollars in millions)		TotalLevel 1Level 2Level 3
Netting Adjustments(1)
Assets:    
Trading assets:
U.S. Treasury$137 $— $137 $— $— 
GSE457 — 457 — — 
Agency MBS - residential804 — 804 — — 
Agency MBS - commercial62 — 62 — — 
States and political subdivisions422 — 422 — — 
Corporate and other debt securities761 — 761 — — 
Loans1,960 — 1,960 — — 
Other302 261 41 — — 
Total trading assets4,905 261 4,644 — — 
AFS securities:    
U.S. Treasury10,295 — 10,295 — — 
GSE303 — 303 — — 
Agency MBS - residential55,225 — 55,225 — — 
Agency MBS - commercial2,424 — 2,424 — — 
States and political subdivisions416 — 416 — — 
Non-agency MBS3,117 — 3,117 — — 
Other21 — 21 — — 
Total AFS securities71,801 — 71,801 — — 
LHFS at fair value1,065 — 1,065 — — 
Loans and leases18 — — 18 — 
Loan servicing rights at fair value3,758 — — 3,758 — 
Other assets:    
Derivative assets684 472 1,980 1 (1,769)
Equity securities898 796 102 — — 
Total assets$83,129 $1,529 $79,592 $3,777 $(1,769)
Liabilities:    
Derivative liabilities$2,971 $364 $4,348 $37 $(1,778)
Securities sold short1,551 114 1,437 — — 
Total liabilities$4,522 $478 $5,785 $37 $(1,778)
(1)Refer to “Note 16. Derivative Financial Instruments” for additional discussion on netting adjustments.

At March 31, 2023 and December 31, 2022, investments totaling $367 million and $385 million, respectively, have been excluded from the table above as they are valued based on net asset value as a practical expedient. These investments primarily consist of certain SBIC funds.

For additional information on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities that are measured at fair value on a recurring basis, see “Note 18. Fair Value Disclosures” of the Annual Report on Form 10-K for the year ended December 31, 2022.

Activity for Level 3 assets and liabilities is summarized below:
Three Months Ended March 31, 2023 and 2022
(Dollars in millions)		Loans and LeasesLoan Servicing RightsNet Derivatives
Balance at January 1, 2022$23 $2,633 $(12)
Total realized and unrealized gains (losses):
Included in earnings— 357 (170)
Issuances— 158 17 
Settlements— (135)91 
Transfers out of level 3 and other(2)— — 
Balance at March 31, 2022$21 $3,013 $(74)
Balance at January 1, 2023$18 $3,758 $(36)
Total realized and unrealized gains (losses):
Included in earnings— (5)(2)
Issuances— 48 (2)
Sales— (428)— 
Settlements(1)(70)22 
Balance at March 31, 2023$17 $3,303 $(18)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at March 31, 2023$— $(54)$(5)
Truist Financial Corporation 31


Fair Value Option

The following table details the fair value and UPB of certain loans that were elected to be measured at fair value:
 March 31, 2023December 31, 2022
(Dollars in millions)Fair ValueUPBDifferenceFair ValueUPBDifference
Trading loans$1,869 $1,989 $(120)$1,960 $2,101 $(141)
Loans and leases17 19 (2)18 20 (2)
LHFS at fair value1,911 1,883 28 1,065 1,056 9 

Nonrecurring Fair Value Measurements

The following table provides information about certain assets measured at fair value on a nonrecurring basis still held as of period end. The carrying values represent end of period values, which approximate the fair value measurements that occurred on the various measurement dates throughout the period. These assets are considered to be Level 3 assets.
(Dollars in millions)Mar 31, 2023Dec 31, 2022
Carrying value:
LHFS$127 $271 
Loans and leases434 500 
Other98 120 

The following table provides information about valuation adjustments for certain assets measured at fair value on a nonrecurring basis. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end.
Three Months Ended March 31,
(Dollars in millions)20232022
Valuation adjustments:
LHFS$— $(3)
Loans and leases(166)(97)
Other(1)
(44)(29)
(1)Prior period amounts were revised.

LHFS with valuation adjustments in the table above consisted primarily of residential mortgages and commercial loans that were valued using market prices and measured at LOCOM. The table above excludes $122 million and $108 million of LHFS carried at cost at March 31, 2023 and December 31, 2022, respectively, that did not require a valuation adjustment during the period. The remainder of LHFS is carried at fair value.

Loans and leases consist of larger commercial loans and leases that are collateral-dependent and other secured loans and leases that have been charged-off to the fair value of the collateral. Valuation adjustments for loans and leases are primarily recorded in the Provision for credit losses in the Consolidated Statement of Income. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional discussion of individually evaluated loans and leases.

Other includes foreclosed real estate, other foreclosed property, ROU assets, premises and equipment, and OREO, and consists primarily of residential homes, commercial properties, vacant lots, and automobiles. ROU assets are measured based on the fair value of the assets, which considers the potential for sublease income. The remaining assets are measured at LOCOM, less costs to sell.

32 Truist Financial Corporation

Financial Instruments Not Recorded at Fair Value

For financial instruments not recorded at fair value, estimates of fair value are based on relevant market data and information about the instruments. Values obtained relate to trading without regard to any premium or discount that may result from concentrations of ownership, possible tax ramifications, estimated transaction costs that may result from bulk sales or the relationship between various instruments.

An active market does not exist for certain financial instruments. Fair value estimates for these instruments are based on current economic conditions and interest rate risk characteristics, loss experience and other factors. Many of these estimates involve uncertainties and matters of significant judgment and cannot be determined with precision. Therefore, the fair value estimates in many instances cannot be substantiated by comparison to independent markets. In addition, changes in assumptions could significantly affect these fair value estimates. Financial assets and liabilities not recorded at fair value are summarized below:
March 31, 2023December 31, 2022
(Dollars in millions)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
Financial assets:
HTM securitiesLevel 2$56,932 $48,097 $57,713 $47,791 
Loans and leases HFI, net of ALLLLevel 3323,177 312,107 321,596 308,738 
Financial liabilities:  
Time depositsLevel 232,326 32,140 23,474 23,383 
Long-term debtLevel 269,895 65,114 43,203 40,951 

The carrying value of the RUFC, which approximates the fair value of unfunded commitments, was $282 million and $272 million at March 31, 2023 and December 31, 2022, respectively.
Truist Financial Corporation 33

NOTE 16. Derivative Financial Instruments

Impact of Derivatives on the Consolidated Balance Sheets

The following table presents the gross notional amounts and estimated fair value of derivative instruments employed by the Company:
March 31, 2023December 31, 2022
 Notional AmountFair ValueNotional AmountFair Value
(Dollars in millions)AssetsLiabilitiesAssetsLiabilities
Cash flow hedges:      
Interest rate contracts:      
Swaps hedging commercial loans$19,400 $— $— $16,650 $— $— 
Fair value hedges:   
Interest rate contracts:   
Swaps hedging long-term debt 16,018 — (53)16,393 — (68)
Swaps hedging AFS securities7,097 — — 7,097 — — 
Total23,115 — (53)23,490 — (68)
Not designated as hedges:      
Client-related and other risk management:      
Interest rate contracts:      
Swaps160,381 625 (2,169)155,670 579 (2,665)
Options42,648 171 (166)29,840 172 (192)
Forward commitments791 2 (10)1,495 8 (2)
Other3,092 8 (7)3,823 1 — 
Equity contracts34,979 727 (1,109)33,185 644 (901)
Credit contracts:
Trading assets160 — — 140 — — 
Loans and leases780 — (1)394 — — 
Risk participation agreements7,156 — (3)6,824 — (3)
Total return swaps1,793 71 (6)1,729 81 (2)
Foreign exchange contracts21,527 300 (304)19,022 364 (380)
Commodity7,534 454 (450)4,881 444 (447)
Total280,841 2,358 (4,225)257,003 2,293 (4,592)
Mortgage banking:      
Interest rate contracts:      
Swaps227 — — 115 — — 
Interest rate lock commitments1,837 12 (12)999 1 (17)
When issued securities, forward rate agreements and forward commitments
3,470 15 (17)2,128 25 (6)
Other243 1 — 140 1 — 
Total5,777 28 (29)3,382 27 (23)
MSRs:      
Interest rate contracts:      
Swaps14,329 — — 14,566 — — 
Options15,089 53 (85)13,930 122 (48)
When issued securities, forward rate agreements and forward commitments
2,184 14 (3)2,459 11 (15)
Other2,268 1 (1)1,532 — (3)
Total33,870 68 (89)32,487 133 (66)
Total derivatives not designated as hedges320,488 2,454 (4,343)292,872 2,453 (4,681)
Total derivatives$363,003 2,454 (4,396)$333,012 2,453 (4,749)
Gross amounts in the Consolidated Balance Sheets:    
Amounts subject to master netting arrangements
(1,251)1,251  (1,223)1,223 
Cash collateral (received) posted for amounts subject to master netting arrangements
 (511)556  (546)555 
Net amount $692 $(2,589) $684 $(2,971)

34 Truist Financial Corporation

The following table presents the offsetting of derivative instruments including financial instrument collateral related to legally enforceable master netting agreements and amounts held or pledged as collateral. U.S. GAAP does not permit netting of non-cash collateral balances in the Consolidated Balance Sheets:
March 31, 2023
(Dollars in millions)		Gross AmountAmount OffsetNet Amount in Consolidated Balance SheetsHeld/Pledged Financial InstrumentsNet Amount
Derivative assets:
Derivatives subject to master netting arrangement or similar arrangement$1,722 $(1,370)$352 $— $352 
Derivatives not subject to master netting arrangement or similar arrangement107 — 107 — 107 
Exchange traded derivatives625 (392)233 — 233 
Total derivative assets$2,454 $(1,762)$692 $— $692 
Derivative liabilities:
Derivatives subject to master netting arrangement or similar arrangement$(3,431)$1,415 $(2,016)$95 $(1,921)
Derivatives not subject to master netting arrangement or similar arrangement(572)— (572)— (572)
Exchange traded derivatives(393)392 (1)— (1)
Total derivative liabilities$(4,396)$1,807 $(2,589)$95 $(2,494)
December 31, 2022
(Dollars in millions)		Gross AmountAmount OffsetNet Amount in Consolidated Balance SheetsHeld/Pledged Financial InstrumentsNet Amount
Derivative assets:
Derivatives subject to master netting arrangement or similar arrangement$1,895 $(1,408)$487 $— $487 
Derivatives not subject to master netting arrangement or similar arrangement86 — 86 — 86 
Exchange traded derivatives472 (361)111 — 111 
Total derivative assets$2,453 $(1,769)$684 $— $684 
Derivative liabilities:
Derivatives subject to master netting arrangement or similar arrangement$(3,688)$1,417 $(2,271)$43 $(2,228)
Derivatives not subject to master netting arrangement or similar arrangement(697)— (697)— (697)
Exchange traded derivatives(364)361 (3)— (3)
Total derivative liabilities$(4,749)$1,778 $(2,971)$43 $(2,928)

The following table presents the carrying value of hedged items in fair value hedging relationships:
March 31, 2023December 31, 2022
Hedge Basis AdjustmentHedge Basis Adjustment
(Dollars in millions)Hedged Asset / Liability BasisItems Currently DesignatedDiscontinued HedgesHedged Asset / Liability BasisItems Currently DesignatedDiscontinued Hedges
AFS securities(1)
$38,761 $(534)$(4)$38,773 $(630)$(4)
Loans and leases350 — 9 353 — 10 
Long-term debt27,385 (303)(134)25,378 (780)218 
(1)The amortized cost of AFS securities was $45.5 billion at March 31, 2023 and $46.2 billion at December 31, 2022.

Truist Financial Corporation 35

Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income

Derivatives Designated as Hedging Instruments under GAAP

No portion of the change in fair value of derivatives designated as hedges has been excluded from effectiveness testing.

The following table summarizes amounts related to cash flow hedges, which consist of interest rate contracts:
Three Months Ended March 31,
(Dollars in millions)20232022
Pre-tax gain (loss) recognized in OCI:
Commercial loans$163 $— 
Pre-tax gain (loss) reclassified from AOCI into interest expense:
Long-term debt$— $(6)

The following table summarizes the impact on net interest income related to fair value hedges:
Three Months Ended March 31,
(Dollars in millions)20232022
Investment securities:
Amounts related to interest settlements$76 $(5)
Recognized on derivatives(95)414 
Recognized on hedged items
106 (402)
Net income (expense) recognized(1)
87 7 
Loans and leases:
Recognized on hedged items
(1)(1)
Net income (expense) recognized(1)(1)
Long-term debt:
Amounts related to interest settlements(46)16 
Recognized on derivatives156 (429)
Recognized on hedged items
(142)486 
Net income (expense) recognized(32)73 
Net income (expense) recognized, total
$54 $79 
(1)Includes $10 million and $8 million of income recognized for the three months ended March 31, 2023 and 2022, respectively, from securities with terminated hedges that were reclassified to HTM. The income recognized was offset by the amortization of the fair value mark.

36 Truist Financial Corporation

The following table presents information about the Company’s cash flow and fair value hedges:
(Dollars in millions)Mar 31, 2023Dec 31, 2022
Cash flow hedges:
Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI$6 $(118)
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2029)
41 40 
Estimated portion of net after-tax gain (loss) on active and terminated hedges to be reclassified from AOCI into earnings during the next 12 months
(54)(31)
Maximum time period over which Truist is hedging a portion of the variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing instruments
6 years6 years
Fair value hedges:
Unrecognized pre-tax net gain (loss) on terminated hedges (to be recognized as interest primarily through 2033)(1)
$308 $669 
Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months
52 163 
(1)Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $447 million at March 31, 2023 and $457 million at December 31, 2022.

Derivatives Not Designated as Hedging Instruments under GAAP

The Company also enters into derivatives that are not designated as accounting hedges under GAAP to economically hedge certain risks as well as in a trading capacity with its clients.

The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges:
Three Months Ended March 31,
(Dollars in millions)Income Statement Location20232022
Client-related and other risk management:
Interest rate contractsInvestment banking and trading income and other income$34 $56 
Foreign exchange contractsInvestment banking and trading income and other income(3)32 
Equity contractsInvestment banking and trading income and other income2 5 
Credit contractsInvestment banking and trading income and other income(33)8 
Commodity contractsInvestment banking and trading income10 5 
Mortgage banking:  
Interest rate contracts - residentialMortgage banking income(1)261 
Interest rate contracts - commercialMortgage banking income1 (1)
MSRs:  
Interest rate contracts - residentialMortgage banking income1 (349)
Interest rate contracts - commercialMortgage banking income3 (9)
Total$14 $8 

Credit Derivative Instruments

As part of the Company’s corporate and investment banking business, the Company enters into contracts that are, in form or substance, written guarantees; specifically, risk participations, TRS, and credit default swaps. The Company accounts for these contracts as derivatives.

Truist has entered into risk participation agreements to share the credit exposure with other financial institutions on client-related interest rate derivative contracts. Under these agreements, the Company has guaranteed payment to a dealer counterparty in the event the counterparty experiences a loss on the derivative due to a failure to pay by the counterparty’s client. The Company manages its payment risk on its risk participations by monitoring the creditworthiness of the underlying client through the normal credit review process that the Company would have performed had it entered into a derivative directly with the obligors. At March 31, 2023, the remaining terms on these risk participations ranged from less than one year to 15 years. The potential future exposure represents the Company’s maximum estimated exposure to written risk participations, as measured by projecting a maximum value of the guaranteed derivative instruments based on scenario simulations and assuming 100% default by all obligors on the maximum value.

The Company has also entered into TRS contracts on loans and bonds. To mitigate its credit risk, the Company typically receives initial margin from the counterparty upon entering into the TRS and variation margin if the fair value of the underlying reference assets deteriorates. For additional information on the Company’s TRS contracts, see “Note 14. Commitments and Contingencies.”
Truist Financial Corporation 37


The Company enters into credit default swaps to hedge credit risk associated with certain loans and leases. The Company accounts for these contracts as derivatives, and accordingly, recognizes these contracts at fair value.

The following table presents additional information related to interest rate derivative risk participation agreements and total return swaps:
(Dollars in millions)Mar 31, 2023Dec 31, 2022
Risk participation agreements:
Maximum potential amount of exposure
$618 $575 
Total return swaps:
Cash collateral held473 453 

The following table summarizes collateral positions with counterparties:
(Dollars in millions)Mar 31, 2023Dec 31, 2022
Dealer and other counterparties:
Cash and other collateral received from counterparties$511 $542 
Derivatives in a net gain position secured by collateral received586 618 
Unsecured positions in a net gain with counterparties after collateral postings
75 76 
Cash collateral posted to counterparties636 590 
Derivatives in a net loss position secured by collateral809 692 
Central counterparties clearing:
Cash collateral, including initial margin, received from central clearing parties— 4 
Cash collateral, including initial margin, posted to central clearing parties85 45 
Derivatives in a net loss position19 13 
Derivatives in a net gain position1 12 
Securities pledged to central counterparties clearing933 639 

NOTE 17. Computation of EPS

Basic and diluted EPS calculations are presented in the following table:
 Three Months Ended March 31,
(Dollars in millions, except per share data, shares in thousands)20232022
Net income available to common shareholders$1,410 $1,327 
Weighted average number of common shares1,328,602 1,329,037 
Effect of dilutive outstanding equity-based awards10,878 12,526 
Weighted average number of diluted common shares1,339,480 1,341,563 
Basic EPS$1.06 $1.00 
Diluted EPS$1.05 $0.99 
Anti-dilutive awards621 — 

NOTE 18. Operating Segments

Truist operates and measures business activity across three segments: CB&W, C&CB, and IH, with functional activities included in OT&C. The Company’s business segment structure is based on the manner in which financial information is evaluated by management as well as the products and services provided or the type of client served. For additional information, see “Note 21. Operating Segments” of the Annual Report on Form 10-K for the year ended December 31, 2022.

During the first quarter of 2023, Truist reorganized Prime Rate Premium Finance Corporation, which includes AFCO Credit Corporation and CAFO Holding Company, into the C&CB segment from the IH segment. Prior period results have been revised to conform to the current presentation.

38 Truist Financial Corporation

The following table presents results by segment:
Three Months Ended March 31,
(Dollars in millions)		CB&WC&CBIH
OT&C(1)
Total
2023202220232022202320222023202220232022
Net interest income (expense)$1,601 $1,528 $2,308 $1,118 $1 $1 $(42)$536 $3,868 $3,183 
Net intersegment interest income (expense)1,139 656 (556)171 13 2 (596)(829)— — 
Segment net interest income2,740 2,184 1,752 1,289 14 3 (638)(293)3,868 3,183 
Allocated provision for credit losses274 74 232 (150)— — (4)(19)502 (95)
Segment net interest income after provision2,466 2,110 1,520 1,439 14 3 (634)(274)3,366 3,278 
Noninterest income873 910 630 656 817 733 (86)(157)2,234 2,142 
Amortization of intangibles69 73 31 33 36 30 — 1 136 137 
Other noninterest expense1,900 1,812 812 755 648 516 195 454 3,555 3,537 
Income (loss) before income taxes1,370 1,135 1,307 1,307 147 190 (915)(886)1,909 1,746 
Provision (benefit) for income taxes326 274 273 284 36 47 (241)(275)394 330 
Segment net income (loss)$1,044 $861 $1,034 $1,023 $111 $143 $(674)$(611)$1,515 $1,416 
Identifiable assets (period end)$168,701 $159,939 $213,143 $188,806 $7,263 $6,494 $185,247 $188,740 $574,354 $543,979 
(1)Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure.

Truist Financial Corporation 39

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MD&A is intended to assist readers in their analysis of the accompanying Consolidated Financial Statements and supplemental financial information. It should be read in conjunction with the Consolidated Financial Statements, the accompanying Notes to the Consolidated Financial Statements in this Form 10-Q, other information contained in this document, as well as with Truist’s Annual Report on Form 10-K for the year ended December 31, 2022.

A description of certain factors that may affect our future results and risk factors is set forth in Part I, Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022.

Regulatory Considerations

The regulatory framework applicable to banking organizations is intended primarily for the protection of depositors and the stability of the financial system, rather than for the protection of shareholders and creditors. Truist is subject to banking laws and regulations, and various other laws and regulations, which affect the operations and management of Truist and its ability to make distributions to shareholders. Truist and its subsidiaries are also subject to supervision and examination by multiple regulators. The descriptions below summarize updates since the filing of the Annual Report on Form 10-K for the year ended December 31, 2022 to state and federal laws to which Truist is subject. These descriptions do not summarize all possible or proposed changes in current laws or regulations and are not intended to be a substitute for the related statues or regulatory provisions. Refer to Truist’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional disclosures.

In March 2023, the FRB created the Bank Term Funding Program to support American businesses and households by making additional funding available to eligible depository institutions. This program offers loans up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging any collateral eligible for purchase by the FRB in open market operations, such as U.S. Treasuries, U.S. agency securities, and U.S. agency mortgage-backed securities. These assets will be valued at par.

In the aftermath of the recent bank failures, we expect that the banking agencies will propose certain actions, including reforms that may impose different capital and liquidity requirements, including increased requirements to issue long term debt. In addition, there may be special assessments to repay losses to the FDIC’s Deposit Insurance Fund. It is not yet possible to quantify the impact of these potential actions.

Executive Overview

In a challenging and unique quarter for the banking industry, Truist demonstrated strength and leadership that reflects our diverse business model, granular and relationship-oriented deposit base, and strong capital and liquidity position. Truist has significant access to liquidity and a very robust liquidity management process that includes internal and external stress testing, as well as real-time monitoring of our liquidity position. We also closed on the sale of a 20% minority stake in Truist Insurance Holdings, LLC on April 3, 2023, which provides strategic and financial flexibility for both Truist and Truist Insurance Holdings.

We continued to experience the benefits of our shift from integrating to operating, including improving organic production and integrated relationship management momentum, although these benefits were offset by higher-than-expected funding costs. Asset quality metrics remain strong, and we prudently increased our ALLL ratio by three basis points to reflect increased economic uncertainty.

Our focus on clients was unwavering during the first quarter of 2023. Our teammates continue to care for our clients and stakeholders and live our purpose to inspire and build better lives and communities. Truist continues to be a source of strength and stability for our clients and communities.

Truist made a $1 billion uninsured time deposit in First Republic Bank during the first quarter joining the nation’s largest financial intuitions to show support for the U.S. banking system and the economy. On Monday, May 1, 2023, JPMorgan Chase Bank, National Association assumed all of the deposits and purchased the substantial majority of assets of First Republic Bank from the FDIC. JPMorgan Chase Bank, National Association has indicated that the deposit Truist made at First Republic Bank will be repaid post-closing of the transaction.

Detailed below are actions that we have taken to fulfill our purpose to inspire and build better lives and communities, followed by a discussion of our financial results for the first quarter of 2023.

•Made meaningful improvement in our client experience, with Voice of the Client metrics rising since the second quarter of 2022, and continued positive momentum with branch satisfaction scores in the first quarter of 2023
•Opened T3 Accelerator Lab in the Innovation & Technology Center where we’re redefining the client and teammate experience, putting feedback and ideas to the test in real-world scenarios before rolling out to clients
40 Truist Financial Corporation

•Continued growth for Truist Momentum, Truist’s financial wellness program
•Published 2022 Corporate Responsibility Report, TCFD Report, and ESG Disclosure Summary, highlighting our progress across multiple dimensions including community, financial inclusion, DEI, and climate and energy
◦We made important progress on our sustainability commitments through 2022, including our goal of achieving a 35% reduction in both Scope 1 and Scope 2 emissions by 2030 from our baseline year of 2019. We reduced Scope 1 emissions by 17% and Scope 2 emissions by 26%.
•Successfully migrated certain consumer and small business credit cards to a new processing platform
•Announced a new goal to increase female and ethnically diverse representation in leadership roles by 15% and 20%, respectively, by 2025
•Committed $282 million from Truist Community Capital to support affordable housing and job creation in underserved communities and $22 million through Truist Foundation for a multiyear program to strengthen small businesses and create career pathways for ethnically diverse individuals and entrepreneurs
•We are also in the process of realigning our LightStream platforms with our broader consumer business, with the goal of bringing the innovation, digital capabilities, efficiencies, and certain cloud-based infrastructure of LightStream to the broader Truist client base

Financial Results

Net income available to common shareholders for the first quarter of 2023 of $1.4 billion was up 6.3% compared with the first quarter of 2022. On a diluted per common share basis, earnings for the first quarter of 2023 were $1.05, an increase of $0.06, or 6.1%, compared to the first quarter of 2022. Truist’s results of operations for the first quarter of 2023 produced an annualized return on average assets of 1.10% and an annualized return on average common shareholders’ equity of 10.3% compared to prior year returns of 1.07% and 9.0%, respectively.

•Results for the first quarter of 2023 included merger-related and restructuring charges of $63 million ($48 million after-tax, or $0.04 per share).
•Results for the first quarter of 2022 included $216 million ($166 million after-tax, or $0.12 per share) of merger-related and restructuring charges, $202 million ($155 million after-tax, or $0.12 per share) of incremental operating expenses related to the Merger, a gain on the redemption of noncontrolling equity interest of $74 million ($57 million after-tax, or $0.04 per share) related to the acquisition of certain merchant services relationships, and net losses on the sales of securities of $69 million ($53 million after-tax, or $0.04 per share).

Taxable-equivalent net interest income for the first quarter of 2023 was up $710 million, or 22%, compared to the first quarter of 2022 primarily due to higher short-term interest rates and strong loan growth, alongside well controlled deposit costs. These increases were partially offset by lower purchase accounting accretion and PPP revenue. Net interest margin was 3.17%, up 41 basis points.

•The yield on the total loan portfolio was 5.81%, up 212 basis points, primarily reflecting higher market interest rates, partially offset by lower purchase accounting accretion and PPP revenue. The yield on the average securities portfolio was 2.14%, up 46 basis points primarily due to the higher rate environment. The average cost of total deposits was 1.12%, up 109 basis points.
•The average cost of short-term borrowings was 4.69%, up 409 basis points. The average cost of long-term debt was 4.05%, up 255 basis points. The increase in rates on deposits and other funding sources was largely attributable to the higher rate environment.

Noninterest income was up $92 million, or 4.3%, compared to the first quarter of 2022 due to 12% growth in insurance income, higher mortgage banking income, higher fees from lending-related activities and card and payment related activities. These items were partially offset by lower other income. The first quarter of 2022 included $69 million of securities losses and a $74 million gain on the redemption of noncontrolling equity interest (included in other income).

Noninterest expense was up $17 million, or 0.5%, compared to the first quarter of 2022 due to higher personnel expense, other expense, and regulatory costs. These increases were partially offset by lower merger-related and restructuring charges and professional fees and outside processing expenses. Merger-related and restructuring charges and incremental operating expenses related to the merger decreased $153 million and $202 million, respectively, due to the completion of integration-related activities. Adjusted noninterest expenses, which exclude merger-related costs and the amortization of intangibles increased $373 million, or 12%.

The provision for income taxes was $394 million for the first quarter of 2023, compared to $330 million for the earlier quarter. The effective tax rate for the first quarter of 2023 was 20.6%, compared to 18.9% for the earlier quarter.

Asset quality remains excellent, reflecting Truist’s prudent risk culture and diverse portfolio. Nonperforming loans and leases held for investment were 0.36% of loans and leases held for investment at March 31, 2023, flat compared to December 31, 2022.

Truist Financial Corporation 41

•The allowance for credit losses was $4.8 billion and includes $4.5 billion for the allowance for loan and lease losses and $282 million for the reserve for unfunded commitments. The ALLL ratio was 1.37%, up three basis points compared with December 31, 2022 primarily due to increased economic uncertainty.
•The provision for credit losses was $502 million compared to a benefit of $95 million for the first quarter of 2022. The increase in the current quarter provision expense primarily reflects increased economic uncertainty in the current period, whereas the earlier quarter included a reserve release due to the improving credit environment during that period.
•The net charge-off ratio was 37 basis points, up 12 basis points compared to the first quarter of 2022 driven by higher charge-offs in the indirect auto and other consumer portfolios due to normalizing trends, as well as an increase in the commercial and industrial portfolio.

Capital and liquidity remained strong compared to the regulatory requirements for well capitalized banks.

•Truist CET1 ratio was 9.1% as of March 31, 2023. The increase since December 31, 2022 represents organic capital generation, partially offset by the CECL phase-in.
•Truist closed the sale of the minority stake in TIH on April 3, 2023, which adds 30 basis points to the risk-based regulatory capital ratios.
•Truist declared common dividends of $0.52 per share during the first quarter of 2023. The dividend payout ratio for the first quarter of 2023 was 49%. Truist did not repurchase any shares in the first quarter of 2023.
•Truist’s average consolidated LCR was 113% for the three months ended March 31, 2023, compared to the regulatory minimum of 100%.
•Truist has significant and strong access to liquidity with $166 billion of available liquidity as of March 31, 2023.
•Truist increased its cash position in response to market events.
•AOCI improved by $1.0 billion, or 7.5%, since December 31, 2022.

Analysis of Results of Operations

Net Interest Income and NIM

Taxable-equivalent net interest income for the first quarter of 2023 was up $710 million, or 22%, compared to the first quarter of 2022 primarily due to higher short-term interest rates and strong loan growth, alongside well controlled deposit costs. These increases were partially offset by lower purchase accounting accretion and PPP revenue. Net interest margin was 3.17%, up 41 basis points.

•Average earning assets increased $29.2 billion, or 6.2%, primarily due to growth in average total loans of $35.1 billion, or 12%, and growth in other earning assets of $6.7 billion, or 35%, primarily due to an increase in balances held at the Federal Reserve to support liquidity build, partially offset by a decrease in average securities of $12.1 billion, or 7.9%.
•The yield on the total loan portfolio was 5.81%, up 212 basis points, primarily reflecting higher market interest rates, partially offset by lower purchase accounting accretion and PPP revenue. The yield on the average securities portfolio was 2.14%, up 46 basis points primarily due to the higher rate environment.
•Average deposits decreased $6.8 billion, or 1.6%, average short-term borrowings increased $17.1 billion, and average long-term debt increased $15.7 billion, or 44.5%.
•The average cost of total deposits was 1.12%, up 109 basis points. The average cost of short-term borrowings was 4.69%, up 409 basis points. The average cost of long-term debt was 4.05%, up 255 basis points. The increase in rates on deposits and other funding sources was largely attributable to the higher rate environment.

As of March 31, 2023, the remaining unamortized fair value marks on the loan and lease portfolio and long-term debt were $673 million and $69 million, respectively. As of December 31, 2022, the remaining unamortized fair value marks on the loan and lease portfolio and long-term debt were $741 million and $81 million, respectively.

The remaining unamortized purchase accounting fair value mark on loans and leases consists of $447 million for consumer loans and leases, and $226 million for commercial loans and leases. These amounts will be recognized over the remaining contractual lives of the underlying instruments or as paydowns occur.

The major components of net interest income and the related annualized yields as well as the variances between the periods caused by changes in interest rates versus changes in volumes are summarized below.

42 Truist Financial Corporation

Table 1: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis
Three Months Ended March 31,
(Dollars in millions)
Average Balances(1)
Annualized Yield/Rate(2)
Income/ExpenseIncr.
(Decr.)		Change due to
202320222023202220232022RateVolume
Assets         
AFS and HTM securities at amortized cost:         
U.S. Treasury$11,117 $9,890 1.07 %0.72 %$30 $18 $12 $10 $2 
GSE335 1,120 2.86 2.13 2 6 (4)2 (6)
Agency MBS124,746 137,052 2.23 1.72 694 590 104 160 (56)
States and political subdivisions425 374 4.07 3.72 4 3 1 — 1 
Non-agency MBS3,907 4,224 2.34 2.25 23 24 (1)1 (2)
Other21 27 5.30 2.04 — — — — — 
Total securities140,551 152,687 2.14 1.68 753 641 112 173 (61)
Interest earning trading assets5,462 5,837 6.09 3.04 83 43 40 43 (3)
Other earning assets(3)
25,589 18,932 4.67 0.63 295 30 265 251 14 
Loans and leases, net of unearned income:        
Commercial and industrial165,095 138,872 5.98 2.88 2,436 987 1,449 1,233 216 
CRE22,689 23,555 6.32 2.84 355 168 187 193 (6)
Commercial Construction5,863 5,046 7.14 3.05 101 35 66 59 7 
Residential mortgage56,422 47,976 3.73 3.57 526 428 98 20 78 
Home equity10,735 10,822 6.80 4.33 180 116 64 65 (1)
Indirect auto27,743 26,088 5.82 5.56 398 357 41 17 24 
Other consumer27,559 24,921 6.76 6.24 459 383 76 33 43 
Student5,129 6,648 7.04 3.86 89 63 26 43 (17)
Credit card4,785 4,682 11.43 8.97 136 104 32 30 2 
Total loans and leases HFI326,020 288,610 5.81 3.70 4,680 2,641 2,039 1,693 346 
LHFS1,527 3,874 6.71 2.87 25 28 (3)21 (24)
Total loans and leases327,547 292,484 5.81 3.69 4,705 2,669 2,036 1,714 322 
Total earning assets499,149 469,940 4.72 2.90 5,836 3,383 2,453 2,181 272 
Nonearning assets60,478 66,041       
Total assets$559,627 $535,981       
Liabilities and Shareholders’ Equity        
Interest-bearing deposits:        
Interest-checking$108,886 $112,159 1.60 0.05 430 14 416 416 — 
Money market and savings139,802 141,500 1.38 0.03 476 11 465 465 — 
Time deposits28,671 15,646 3.10 0.18 219 7 212 202 10 
Total interest-bearing deposits277,359 269,305 1.64 0.05 1,125 32 1,093 1,083 10 
Short-term borrowings24,056 6,944 4.69 0.60 278 10 268 197 71 
Long-term debt51,057 35,337 4.05 1.50 514 132 382 303 79 
Total interest-bearing liabilities352,472 311,586 2.20 0.22 1,917 174 1,743 1,583 160 
Noninterest-bearing deposits131,099 145,933        
Other liabilities13,979 11,664        
Shareholders’ equity62,077 66,798        
Total liabilities and shareholders’ equity$559,627 $535,981        
Average interest-rate spread  2.52 %2.68 %     
NIM/net interest income - taxable equivalent  3.17 %2.76 %$3,919 $3,209 $710 $598 $112 
Taxable-equivalent adjustment    $51 $26    
Memo: Total deposits$408,458 $415,238 1.12 %0.03 %$1,125 $32 $1,093 
(1)Represents daily average balances. Excludes basis adjustments for fair value hedges.
(2)Yields are stated on a TE basis utilizing federal tax rate. The change in interest not solely due to changes in rate or volume has been allocated based on the pro-rata absolute dollar amount of each. Interest income includes certain fees, deferred costs, and dividends.
(3)Includes cash equivalents, interest-bearing deposits with banks, FHLB stock and other earning assets.
Truist Financial Corporation 43

Provision for Credit Losses

The provision for credit losses was $502 million compared to a benefit of $95 million for the first quarter of 2022. The net charge-off ratio was 37 basis points, up 12 basis points compared to the first quarter of 2022.

•The increase in the current quarter provision expense primarily reflects increased economic uncertainty in the current period, whereas the earlier quarter included a reserve release due to the improving credit environment during that period.
•The net charge-off ratio was up compared to the first quarter of 2022 driven by higher charge-offs in the indirect auto and other consumer portfolios due to normalizing trends, as well as an increase in the commercial and industrial portfolio.

Noninterest Income

Noninterest income is a significant contributor to Truist’s financial results. Management focuses on diversifying its sources of revenue to reduce Truist’s reliance on traditional spread-based interest income, as certain fee-based activities are a relatively stable revenue source during periods of changing interest rates. The following table provides a breakdown of Truist’s noninterest income:
Table 2: Noninterest Income
Three Months Ended March 31,
(Dollars in millions)20232022% Change
Insurance income$813 $727 11.8 %
Wealth management income339 343 (1.2)
Investment banking and trading income261 261 — 
Service charges on deposits249 252 (1.2)
Card and payment related fees230 212 8.5 
Mortgage banking income142 121 17.4 
Lending related fees106 85 24.7 
Operating lease income67 58 15.5 
Securities gains (losses)— (69)NM
Other income27 152 (82.2)
Total noninterest income$2,234 $2,142 4.3 

Noninterest income was up $92 million, or 4.3%, compared to the first quarter of 2022 due to 12% growth in insurance income, higher mortgage banking income, higher fees from lending-related activities and card and payment related activities. These items were partially offset by lower other income. The first quarter of 2022 included $69 million of securities losses and a $74 million gain on the redemption of noncontrolling equity interest (included in other income).

•Insurance income increased primarily due to acquisitions and 4.7% organic growth.
•Mortgage banking income increased due to a gain on the sale of a servicing portfolio, partially offset by mortgage servicing rights valuation adjustments in the current quarter.
•Lending related fees increased primarily due to higher unused commitment fees.
•Card and payment related fees increased due to higher volumes and the acquisition of a merchant portfolio.
•Other income decreased due to the aforementioned gain in the year ago quarter, lower investment income from the Company’s SBIC and other investments, partially offset by higher income from investments held for certain post-retirement benefits (which is primarily offset by higher personnel expense).

44 Truist Financial Corporation

Noninterest Expense

The following table provides a breakdown of Truist’s noninterest expense:
Table 3: Noninterest Expense
Three Months Ended March 31,
(Dollars in millions)20232022% Change
Personnel expense$2,181 $2,051 6.3 %
Professional fees and outside processing314 363 (13.5)
Software expense214 232 (7.8)
Net occupancy expense183 208 (12.0)
Amortization of intangibles136 137 (0.7)
Equipment expense110 118 (6.8)
Marketing and customer development78 84 (7.1)
Operating lease depreciation46 48 (4.2)
Regulatory costs75 35 114.3 
Merger-related and restructuring charges63 216 (70.8)
Other expense291 182 59.9 
Total noninterest expense$3,691 $3,674 0.5 

Noninterest expense was up $17 million, or 0.5%, compared to the first quarter of 2022 due to higher personnel expense, other expense, and regulatory costs. These increases were partially offset by lower merger-related and restructuring charges and professional fees and outside processing expenses. Merger-related and restructuring charges and incremental operating expenses related to the merger decreased $153 million and $202 million, respectively, due to the completion of integration-related activities. Adjusted noninterest expenses, which exclude merger-related costs and the amortization of intangibles increased $373 million, or 12%.

•Personnel expense increased due to investments in teammates by increasing Truist’s minimum wage, the impact from acquisitions, investments in revenue producing businesses and enterprise technology, and higher other post-retirement benefit expense (which is almost entirely offset by higher other income), partially offset by lower pension expenses.
•Other expense increased primarily due to higher pension expense (driven primarily by lower plan assets) and higher operating losses.
•Regulatory costs increased primarily due to an increase in the FDIC’s deposit insurance assessment rate.
•Professional fees and outside processing expenses decreased due to lower project spend for merger-related activities, partially offset by enterprise technology investments.

Merger-Related and Restructuring Charges

The following table presents a summary of merger-related and restructuring charges and the related accruals. The 2023 merger-related and restructuring costs primarily reflect charges as a result of the restructuring activities, including costs for severance and other benefits, costs related to exiting facilities, and other restructuring initiatives.
Table 4: Merger-Related and Restructuring Accrual Activity
(Dollars in millions)Accrual at Jan 1, 2023ExpenseUtilizedAccrual at Mar 31, 2023
Severance and personnel-related$9 $39 $(31)$17 
Occupancy and equipment— 19 (19)— 
Professional services12 1 (12)1 
Other5 4 (5)4 
Total$26 $63 $(67)$22 

Provision for Income Taxes

The provision for income taxes was $394 million for the first quarter of 2023, compared to $330 million for the earlier quarter. The effective tax rate for the first quarter of 2023 was 20.6%, compared to 18.9% for the earlier quarter.

•The effective tax rate increased compared to the first quarter of 2022 primarily driven by higher income before taxes, discrete tax expense recognized in the current quarter compared to discrete tax benefits recognized in the prior quarter, and the adoption of the Investments in Tax Credit Structures accounting standard related to the proportional amortization of tax credit investments in the current quarter. This guidance resulted in an increase in other income and an increase in tax expense of $17 million for the first quarter of 2023 with no impact to net income. The guidance was adopted prospectively and had no impact on prior periods results. Refer to “Note 1. Basis of Presentation” for additional information on the adoption of this guidance.

Truist Financial Corporation 45

Segment Results

Truist operates and measures business activity across three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings, with functional activities included in Other, Treasury, and Corporate. The Company’s business segment structure is based on the manner in which financial information is evaluated by management as well as the products and services provided or the type of client served. During the first quarter of 2023, Truist reorganized Prime Rate Premium Finance Corporation, which includes AFCO Credit Corporation and CAFO Holding Company, into the C&CB segment from the IH segment. Prior period results have been revised to conform to the current presentation.

See “Note 18. Operating Segments” herein and “Note 21. Operating Segments” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional disclosures related to Truist’s reportable business segments, including additional details related to results of operations. Fluctuations in noninterest income and noninterest expense are more fully discussed in the Noninterest Income and Noninterest Expense sections above.
Table 5: Net Income by Reportable Segment
 Three Months Ended March 31,
(Dollars in millions)20232022% Change
Consumer Banking and Wealth$1,044 $861 21.3 %
Corporate and Commercial Banking1,034 1,023 1.1 
Insurance Holdings111 143 (22.4)
Other, Treasury & Corporate(674)(611)(10.3)
Truist Financial Corporation$1,515 $1,416 7.0 

Consumer Banking and Wealth

CB&W net income was $1.0 billion for the first quarter of 2023, an increase of $183 million compared to the first quarter of 2022.

•Segment net interest income increased $556 million primarily driven by favorable funding credit on deposits attributable to the higher rate environment and higher average loan balances, partially offset by higher funding costs, lower average deposits, and lower purchase accounting accretion.
•The provision for credit losses increased $200 million reflecting increased economic uncertainty in the current quarter as well as higher charge offs in the indirect auto and other consumer portfolios and a reserve release in the earlier quarter.
•Noninterest income decreased $37 million compared to earlier quarter primarily due to a gain on the redemption of noncontrolling equity interest in the earlier quarter, partially offset by higher mortgage banking income in the current quarter.
•Noninterest expense increased $84 million compared to the earlier quarter primarily driven primarily by higher corporate technology, risk, and operations support expenses along with increased salaries expense, partially offset by lower marketing and customer development and incentives expense.

CB&W average loans and leases held for investment increased $11.2 billion, or 8.5%, for the first quarter of 2023 compared to the first quarter of 2022, primarily driven by an increase in residential mortgage balances due to slower run-off and increased correspondent production, along with increased Service Finance and Dealer Finance loans, partially offset by lower Student and Partnership loans.

Average total deposits decreased $14.4 billion, or 5.7%, for the first quarter of 2023 compared to the first quarter of 2022, primarily driven by decreases in interest bearing checking, money market and savings, and noninterest bearing deposits.

Corporate and Commercial Banking

C&CB net income was $1.0 billion for the first quarter of 2023, an increase of $11 million compared to the first quarter of 2022.

•Segment net interest income increased $463 million primarily due to higher funding credit on deposits and higher average loan balances, partially offset by lower purchase accounting accretion and lower PPP revenue.
•The provision for credit losses increased $382 million which reflects an increase in reserves driven by increased economic uncertainty and loan growth in the current quarter as well as an allowance release in the earlier quarter.
•Noninterest income decreased $26 million compared to the earlier quarter primarily due to lower investment income from the Company’s SBIC and other investments, lower structured real estate fees, and commercial mortgage income, partially offset by increases in lending related fees, core trading revenues, and merger and acquisition fees.
•Noninterest expense increased $55 million compared to the earlier quarter primarily due to higher personnel expenses, and merger-related and restructuring charges.

46 Truist Financial Corporation

C&CB average loans held for investment increased $26.7 billion, or 17%, for the first quarter of 2023 compared to the first quarter of 2022, primarily due to increases in commercial and industrial loans, partially offset by decreases in average PPP loans (commercial and industrial) and average commercial real estate.

Average total deposits decreased $11.4 billion, or 7.5%, for the first quarter of 2023 compared to the first quarter of 2022, primarily due to declines in average noninterest bearing deposits, partially offset by increases in money market and savings.

Insurance Holdings

IH net income was $111 million for the first quarter of 2023, a decrease of $32 million compared to the first quarter of 2022.

•Segment net interest income increased $11 million driven primarily by favorable funding credits.
•Noninterest income increased $84 million primarily due to continued organic growth and acquisitions.
•Noninterest expense increased $138 million primarily due to the impact of acquisitions, investments in new hires and teammates, performance-driven incentive expense, and higher operational loss reserves.

Other, Treasury & Corporate

OT&C generated a net loss of $674 million in the first quarter of 2023, compared to a net loss of $611 million in the first quarter of 2022.

•Net interest income decreased $345 million primarily due to higher funding credit on deposits to other segments, partially offset by higher funding charges to other segments from the higher rate environment.
•The provision for credit losses increased $15 million due to increased economic uncertainty in the current quarter.
•Noninterest income increased $71 million primarily due to losses on the sale of securities in the earlier quarter.
•Noninterest expense decreased $260 million compared to the earlier quarter primarily due to a decrease in incremental operating expenses related to the merger, partially offset by an increase in professional fees and outside processing, salaries, and regulatory costs.

Truist Financial Corporation 47

Analysis of Financial Condition

Investment Activities

The securities portfolio totaled $128.8 billion at March 31, 2023, compared to $129.5 billion at December 31, 2022. U.S. Treasury, GSE, and Agency MBS represents 97% of the total securities portfolio as of March 31, 2023 and December 31, 2022. While the overwhelming majority of the portfolio remains in agency MBS securities, the Company also holds AAA rated non-agency MBS as the risk adjusted returns for these securities are more attractive than agency MBS.

•The decrease includes paydowns and maturities of $2.1 billion, partially offset by unrealized gains of $1.1 billion during the quarter.
•As of March 31, 2023, 41% of the investment securities portfolio was classified as held-to-maturity based on amortized cost.
•As of March 31, 2023 and December 31, 2022, approximately 5.6% of the securities portfolio was variable rate, excluding the impact of swaps.
•The effective duration of the securities portfolio was 6.7 years at March 31, 2023 and December 31, 2022.

Lending Activities

The following table presents the composition of average loans and leases:
Table 6: Average Loans and Leases
For the Three Months Ended
(Dollars in millions)
Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022
Commercial:
Commercial and industrial$165,095 $159,308 $152,123 $145,558 $138,872 
CRE22,689 22,497 22,245 22,508 23,555 
Commercial construction5,863 5,711 5,284 5,256 5,046 
Consumer:
Residential mortgage56,422 56,292 53,271 49,237 47,976 
Home equity10,735 10,887 10,767 10,677 10,822 
Indirect auto27,743 28,117 28,057 26,496 26,088 
Other consumer27,559 27,479 26,927 25,918 24,921 
Student5,129 5,533 5,958 6,331 6,648 
Credit card4,785 4,842 4,755 4,728 4,682 
Total average loans and leases HFI$326,020 $320,666 $309,387 $296,709 $288,610 

Average loans increased $5.4 billion, or 1.7%, compared to the prior quarter primarily due to momentum from the prior quarter within the commercial portfolio and the impact of the BankDirect acquisition. Loan growth moderated during the quarter as production in lower return portfolios was reduced with end of period loans up 0.5% compared to December 31, 2022.

•Average commercial loans increased 3.3% due to broad-based growth within the commercial and industrial portfolio and the BankDirect acquisition. The BankDirect acquisition contributed approximately $900 million of average loan growth compared to the fourth quarter of 2022.
•Average consumer loans decreased 0.6% due to runoff in student loans and partnership lending, as well as lower indirect auto production.

At March 31, 2023 and December 31, 2022, 53% of loans and leases HFI were variable rate.
48 Truist Financial Corporation

Asset Quality

The following tables summarize asset quality information:
Table 7: Asset Quality
(Dollars in millions)Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022
NPAs:
NPLs:
Commercial and industrial$394 $398 $443 $393 $330 
CRE117 82 5 19 27 
Commercial construction1 — — — — 
Residential mortgage233 240 227 269 315 
Home equity132 135 132 133 122 
Indirect auto270 289 260 244 227 
Other consumer45 44 39 32 23 
Total NPLs HFI1,192 1,188 1,106 1,090 1,044 
Loans held for sale— — 72 33 39 
Total nonaccrual loans and leases1,192 1,188 1,178 1,123 1,083 
Foreclosed real estate3 4 4 3 3 
Other foreclosed property66 58 58 47 49 
Total nonperforming assets$1,261 $1,250 $1,240 $1,173 $1,135 
Loans 90 days or more past due and still accruing:
Commercial and industrial$35 $49 $44 $27 $22 
CRE— 1 1 3 — 
Commercial construction— — — 3 — 
Residential mortgage - government guaranteed649 759 808 884 996 
Residential mortgage - nonguaranteed25 27 26 27 31 
Home equity10 12 9 8 9 
Indirect auto— 1 1 1 1 
Other consumer10 13 9 5 5 
Student - government guaranteed590 702 770 796 818 
Student - nonguaranteed4 4 5 5 4 
Credit card38 37 36 28 28 
Total loans 90 days or more past due and still accruing$1,361 $1,605 $1,709 $1,787 $1,914 
Loans 30-89 days past due and still accruing:
Commercial and industrial$125 $256 $162 $223 $280 
CRE34 25 15 10 13 
Commercial construction3 5 3 4 1 
Residential mortgage - government guaranteed232 268 234 233 216 
Residential mortgage - nonguaranteed259 346 300 302 326 
Home equity65 68 67 68 80 
Indirect auto511 646 591 584 529 
Other consumer164 187 152 166 127 
Student - government guaranteed350 396 375 447 476 
Student - nonguaranteed6 6 6 6 6 
Credit card56 64 52 48 47 
Total loans 30-89 days past due and still accruing$1,805 $2,267 $1,957 $2,091 $2,101 

Nonperforming assets totaled $1.3 billion at March 31, 2023, relatively stable compared to December 31, 2022. Nonperforming loans and leases held for investment were 0.36% of loans and leases held for investment at March 31, 2023, unchanged compared to December 31, 2022.

Loans 90 days or more past due and still accruing totaled $1.4 billion at March 31, 2023, down $244 million, or seven basis points as a percentage of loans and leases, compared with the prior quarter primarily due to declines in government guaranteed student loans and 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 March 31, 2023, flat from December 31, 2022.

Loans 30-89 days past due and still accruing of $1.8 billion at March 31, 2023 were down $462 million, or 15 basis points as a percentage of loans and leases, compared to the prior quarter primarily due to a seasonal decrease in the consumer portfolios coupled with a decline in the commercial and industrial portfolio.

Truist Financial Corporation 49

Problem loans include NPLs and loans that are 90 days or more past due and still accruing as disclosed in Table 7. In addition, for the commercial portfolio segment, loans that are rated special mention or substandard performing are closely monitored by management as potential problem loans. Refer to “Note 5. Loans and ACL” for the amortized cost basis of loans by origination year and credit quality indicator as well as additional disclosures related to NPLs.
Table 8: Asset Quality Ratios
Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022
Loans 30-89 days past due and still accruing as a percentage of loans and leases HFI
0.55 %0.70 %0.62 %0.69 %0.72 %
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI
0.42 0.49 0.54 0.59 0.66 
NPLs as a percentage of loans and leases HFI
0.36 0.36 0.35 0.36 0.36 
NPLs as a percentage of total loans and leases(1)
0.36 0.36 0.37 0.37 0.37 
NPAs as a percentage of:
Total assets(1)
0.22 0.23 0.23 0.22 0.21 
Loans and leases HFI plus foreclosed property
0.38 0.38 0.37 0.38 0.38 
ALLL as a percentage of loans and leases HFI
1.37 1.34 1.34 1.38 1.44 
Ratio of ALLL to NPLs
3.8x3.7x3.8x3.8x4.0x
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI, excluding government guaranteed(2)
0.04 %0.04 %0.04 %0.04 %0.04 %
(1)Includes LHFS.
(2)This asset quality ratio has been adjusted to remove the impact of government guaranteed loans. Management believes the inclusion of such assets in this asset quality ratio results in distortion of this ratio because collection of principal and interest is reasonably assured, or the ratio might not be comparable to other periods presented or to other portfolios that do not have government guarantees.

Table 9: Asset Quality Ratios (Continued)
Quarter Ended
Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022
Net charge-offs as a percentage of average loans and leases HFI:
Commercial:
Commercial and industrial0.15 %0.08 %0.02 %0.01 %0.04 %
CRE0.09 0.19 (0.01)(0.10)0.01 
Commercial construction(0.04)(0.06)(0.10)(0.08)(0.02)
Consumer:
Residential mortgage— (0.02)0.01 (0.02)(0.03)
Home equity(0.15)(0.01)(0.13)(0.17)(0.12)
Indirect auto1.47 1.52 1.15 0.77 1.23 
Other consumer1.29 1.11 1.31 1.27 0.87 
Student0.42 0.34 0.40 0.30 0.33 
Credit card3.54 3.68 2.80 2.63 2.77 
Total0.37 0.34 0.27 0.22 0.25 
Ratio of ALLL to net charge-offs3.7x4.1x5.0x6.5x5.8x
Ratios are annualized, as applicable.

The following table presents activity related to NPAs:
Table 10: Rollforward of NPAs
(Dollars in millions)20232022
Balance, January 1$1,250 $1,163 
New NPAs621 395 
Advances and principal increases214 108 
Disposals of foreclosed assets(1)
(147)(112)
Disposals of NPLs(2)
(3)(37)
Charge-offs and losses(204)(115)
Payments(306)(180)
Transfers to performing status(160)(101)
Other, net(4)14 
Ending balance, March 31$1,261 $1,135 
(1)Includes charge-offs and losses recorded upon sale of $42 million and $29 million for the three months ended March 31, 2023 and 2022, respectively.
(2)Includes gains, net of charge-offs recorded upon sale of $5 million and charge-offs and losses recorded upon sale of $3 million for the three months ended March 31, 2023 and 2022, respectively.

50 Truist Financial Corporation

CRE and Commercial Construction

Truist has noted that the CRE and commercial construction portfolios have the potential for heightened risk in the current environment. Truist maintains a high-quality portfolio through disciplined risk management and prudent client selection. In addition, the Company’s exposure to large CRE tends to have more institutional sponsorship and the Company has reduced exposure to smaller CRE. Truist’s CRE and commercial construction portfolios was $28.6 billion as of March 31, 2023.

Our office portfolio, which makes up approximately 18% of total CRE and commercial construction loans, is weighted towards Class A properties as of March 31, 2023. Nonperforming loans and criticized loans in this portfolio have trended higher in recent months.
Table 11: CRE and Commercial Construction by Type
March 31, 2023December 31, 2022
(Dollars in millions)LHFINPLLHFINPL
CRE and commercial construction:
Multifamily$8,085 $2 $7,762 $— 
Office5,151 109 5,258 75 
Retail4,582 3 4,668 2 
Industrial4,550 — 4,329 — 
Hotel2,827 — 2,965 — 
Other
3,426 4 3,543 5 
Total$28,621 $118 $28,525 $82 

See additional information on the CRE and commercial construction portfolios in “Note 5. Loans and ACL,” including loans by origination year and credit quality indicator.
Truist Financial Corporation 51

ACL

Activity related to the ACL is presented in the following tables:
Table 12: Activity in ACL
For the Three Months Ended
(Dollars in millions)Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022
Balance, beginning of period(1)
$4,649 $4,455 $4,434 $4,423 $4,695 
Provision for credit losses482 467 234 171 (95)
Charge-offs:     
Commercial and industrial(75)(44)(51)(17)(31)
CRE(6)(11)— (1)(1)
Commercial construction— — — — (1)
Residential mortgage(1)(1)(4)(2)(2)
Home equity(2)(6)(3)(3)(1)
Indirect auto(127)(129)(103)(77)(102)
Other consumer(105)(96)(109)(100)(76)
Student(5)(5)(7)(4)(6)
Credit card(51)(53)(42)(40)(41)
Total charge-offs(372)(345)(319)(244)(261)
Recoveries:     
Commercial and industrial13 14 43 13 17 
CRE1 1 — 6 1 
Commercial construction1 1 2 1 1 
Residential mortgage2 3 3 4 6 
Home equity6 6 8 6 5 
Indirect auto26 21 21 26 23 
Other consumer17 17 21 20 21 
Student— 1 — — — 
Credit card9 8 8 9 9 
Total recoveries75 72 106 85 83 
Net charge-offs(297)(273)(213)(159)(178)
Other(2)
(73)— — (1)1 
Balance, end of period$4,761 $4,649 $4,455 $4,434 $4,423 
ACL:(1)
ALLL$4,479 $4,377 $4,205 $4,187 $4,170 
RUFC282 272 250 247 253 
Total ACL$4,761 $4,649 $4,455 $4,434 $4,423 
(1)Excludes provision for credit losses and allowances related to other financial assets at amortized cost.
(2)The first quarter of 2023 includes the impact from the adoption of the Troubled Debt Restructurings and Vintage Disclosures accounting standard.

The allowance for credit losses was $4.8 billion and includes $4.5 billion for the allowance for loan and lease losses and $282 million for the reserve for unfunded commitments. The ALLL ratio was 1.37%, up three basis points compared with December 31, 2022 primarily due to increased economic uncertainty. The ALLL covered nonperforming loans and leases held for investment 3.8X compared to 3.7X at December 31, 2022. At March 31, 2023, the ALLL was 3.7X annualized net charge-offs, compared to 4.1X at December 31, 2022.

52 Truist Financial Corporation

The following table presents an allocation of the ALLL. The entire amount of the allowance is available to absorb losses occurring in any category of loans and leases.
Table 13: Allocation of ALLL by Category
March 31, 2023December 31, 2022
(Dollars in millions)Amount% ALLL in Each Category% Loans in Each CategoryAmount% ALLL in Each Category% Loans in Each Category
Commercial and industrial$1,497 33.5 %51.1 %$1,409 32.3 %50.3 %
CRE251 5.6 6.9 224 5.1 7.0 
Commercial construction87 1.9 1.8 46 1.1 1.8 
Residential mortgage332 7.4 17.2 399 9.1 17.4 
Home equity87 1.9 3.2 90 2.0 3.3 
Indirect auto993 22.2 8.3 981 22.4 8.6 
Other consumer779 17.4 8.5 770 17.6 8.5 
Student98 2.2 1.5 98 2.2 1.6 
Credit card355 7.9 1.5 360 8.2 1.5 
Total ALLL4,479 100.0 %100.0 %4,377 100.0 %100.0 %
RUFC282  272  
Total ACL$4,761  $4,649  

Truist monitors the performance of its home equity loans and lines secured by second liens similarly to other consumer loans and utilizes assumptions specific to these loans in determining the necessary ALLL. Truist also receives notification when the first lien holder, whether Truist or another financial institution, has initiated foreclosure proceedings against the borrower. When notified that the first lien is in the process of foreclosure, Truist obtains valuations to determine if any additional charge-offs or reserves are warranted. These valuations are updated at least annually thereafter.

Truist has limited ability to monitor the delinquency status of the first lien, unless the first lien is held or serviced by Truist. Truist estimates credit losses on second lien loans where the first lien is delinquent based on historical experience; the increased risk of loss on these credits is reflected in the ALLL. As of March 31, 2023, Truist held or serviced the first lien on 32% of its second lien positions.

Other Assets

The components of other assets are presented in the following table:
Table 14: Other Assets as of Period End
(Dollars in millions)Mar 31, 2023Dec 31, 2022
Bank-owned life insurance$7,651 $7,618 
Tax credit and other private equity investments6,730 6,825 
Prepaid pension assets5,885 4,539 
DTAs2,393 3,027 
Accounts receivable2,763 2,682 
Accrued income2,429 2,265 
Leased assets and related assets2,059 2,082 
FHLB stock2,426 1,279 
ROU assets1,151 1,193 
Prepaid expenses1,177 1,162 
Equity securities at fair value857 898 
Derivative assets692 684 
Other792 874 
Total other assets$37,005 $35,128 

Truist Financial Corporation 53

Funding Activities

Deposits

The following table presents average deposits:
Table 15: Average Deposits
Three Months Ended
(Dollars in millions)
Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022
Noninterest-bearing deposits$131,099 $141,032 $146,041 $148,610 $145,933 
Interest checking108,886 110,001 111,645 112,375 112,159 
Money market and savings139,802 144,730 147,659 148,632 141,500 
Time deposits28,671 17,513 14,751 14,133 15,646 
Total average deposits$408,458 $413,276 $420,096 $423,750 $415,238 

Average deposits for the first quarter of 2023 were $408.5 billion, a decrease of $4.8 billion, or 1.2%, compared to the prior quarter. The decrease in deposits was primarily driven by the impacts of monetary tightening and higher-rate alternatives.

Average noninterest-bearing deposits decreased 7.0% compared to the prior quarter and represented 32.1% of total deposits for the first quarter of 2023 compared to 34.1% for the fourth quarter of 2022 and 35.1% compared to the year ago quarter. Noninterest-bearing deposits declined primarily due to clients seeking high-rate alternatives. Average money market and savings and interest checking declined 3.4% and 1.0%, respectively, compared to the prior quarter. Average time deposits increased 64% due to an increase in wholesale funding and retail-client time deposits.

Truist has a very granular and relationship-based deposit franchise. Approximately 63% of deposits are insured or collateralized. Truist deposit accounts are typically based on long-term relationships and include multiple products and services. Truist has strong market share in many of the fastest-growing markets in the United States. Truist currently ranks 1st, 2nd, or 3rd in deposit share in 17 of our top 20 markets, including Atlanta, Charlotte, DC, Miami, Tampa, Orlando, and Raleigh-Durham, among others. Truist’s commercial deposits are diversified across 21 industry groups, with no one sector representing more than 10% of Corporate and Commercial Banking deposits.

The estimated amount of deposits that are uninsured was $175.9 billion and $189.6 billion as of March 31, 2023 and December 31, 2022, respectively, calculated using the same methodology as the Call Report for Truist Bank. The decrease in uninsured deposits was largely due to commercial clients that chose to diversify into money market mutual funds or across multiple banks. These outflows were primarily higher-cost, non-operational deposits.

Borrowings

At March 31, 2023, short-term borrowings totaled $23.7 billion, an increase of $256 million compared to December 31, 2022. Average short-term borrowings were $24.1 billion, or 5.0% of total funding, for the three months ended March 31, 2023, as compared to $6.9 billion, or 1.5%, for the same period in the prior year.

Long-term debt provides funding and, to a lesser extent, regulatory capital, and primarily consists of senior and subordinated notes issued by Truist and Truist Bank. Long-term debt totaled $69.9 billion at March 31, 2023, an increase of $26.7 billion compared to December 31, 2022. This funding increase was largely to increase our cash position in response to market events. During the three months ended March 31, 2023, the Company had:

•Maturities and redemptions of $3.5 billion of senior notes.
•Issued $1.5 billion fixed-to-floating rate senior notes with an interest rate of 4.87% due January 26, 2029 and $1.5 billion fixed-to-floating rate senior notes with an interest rate of 5.12% due January 26, 2034.
•Issued $27.0 billion notional, net, of prepayable FHLB floating rate advances with interest rates of 5.05% to 5.07% due April 10, 2024 to March 13, 2025.

The average cost of long-term debt was 4.05% for the three months ended March 31, 2023, up 255 basis points compared to the same period in 2022.

54 Truist Financial Corporation

Shareholders’ Equity

Truist’s book value per common share and TBVPS are presented in the following table:
Table 16: Book Value per Common Share
(Dollars in millions, except per share data, shares in thousands)Mar 31, 2023Dec 31, 2022
Common equity per common share$41.82 $40.58 
Non-GAAP capital measure:(1)
  
Tangible common equity per common share$19.45 $18.04 
Calculation of tangible common equity:(1)
  
Total shareholders’ equity$62,394 $60,537 
Less:  
Preferred stock6,673 6,673 
Noncontrolling interests22 23 
Goodwill and intangible assets, net of deferred taxes29,788 29,908 
Tangible common equity$25,911 $23,933 
Common shares outstanding at end of period1,331,918 1,326,829 
(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 profitability, returns relative to balance sheet risk, and shareholder value.

Total shareholders’ equity was $62.4 billion at March 31, 2023, an increase of $1.9 billion from December 31, 2022. This increase includes $1.5 billion in net income and a $1.0 billion increase in AOCI, partially offset by $794 million in common and preferred dividends. Truist’s book value per common share at March 31, 2023 was $41.82, compared to $40.58 at December 31, 2022. Truist TBVPS of $19.45 at March 31, 2023, increased 7.8% compared to December 31, 2022 due to increases in AOCI, primarily related to AFS securities, and retained earnings.

Risk Management

Truist maintains a comprehensive risk management framework supported by people, processes, and systems to identify, measure, monitor, manage, and report significant risks arising from its exposures and business activities. Effective risk management involves optimizing risk and return while operating in a safe and sound manner, and promoting compliance with applicable laws and regulations. The Company’s risk management framework promotes the execution of business strategies and objectives in alignment with its risk appetite.

Truist has developed and employs a risk framework that further guides business functions in identifying, measuring, responding to, monitoring, and reporting on possible exposures to the organization. The risk taxonomy drives internal risk measurement and monitoring and enables Truist to clearly and transparently communicate to stakeholders the level of potential risk the Company faces and the Company’s position on managing risk to acceptable levels.

Truist is committed to fostering a culture that supports identification and escalation of risks across the organization. All teammates are responsible for upholding the Company’s purpose, mission, and values, and are encouraged to speak up if there is any activity or behavior that is inconsistent with the Company’s culture. The Truist code of ethics guides the Company’s decision making and informs teammates on how to act in the absence of specific guidance.

Truist seeks an appropriate return for the risk taken in its business operations. Risk-taking activities are evaluated and prioritized to identify those that present attractive risk-adjusted returns, while preserving asset value and capital.

Truist’s compensation plans are designed to consider teammate’s adherence to and successful implementation of Truist’s risk values and associated policies and procedures. The Company’s compensation structure supports its core values and sound risk management practices in an effort to promote judicious risk-taking behavior.

Refer to Truist’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional disclosures under the section titled “Risk Management.”

Market Risk

Market risk is the risk to current or anticipated earnings, capital, or economic value arising from changes in the market value of portfolios, securities, or other financial instruments. Market risk results from changes in the level, volatility, or correlations among financial market risk factors or prices, including interest rates, credit spreads, foreign exchange rates, equity, and commodity prices.

Truist Financial Corporation 55

Effective management of market risk is essential to achieving Truist’s strategic financial objectives. Truist’s most significant market risk exposure is to interest rate risk in its balance sheet; however, market risk also results from underlying product liquidity risk, price risk, and volatility risk in Truist’s business units. Interest rate risk results from differences between the timing of rate changes and the timing of cash flows associated with assets and liabilities (re-pricing risk); from changing rate relationships among different yield curves affecting bank activities (basis risk); from changing rate relationships across the spectrum of maturities (yield curve risk); and from interest-related options inherently embedded in bank products (options risk).

The primary objectives of effective market risk management are to minimize adverse effects from changes in market risk factors on net interest income, net income, and capital, and to offset the risk of price changes for certain assets and liabilities recorded at fair value. At Truist, market risk management also includes the enterprise-wide IPV function.

Interest Rate Market Risk

As a financial institution, Truist is exposed to interest rate risk from assets, liabilities, and off-balance sheet positions. To keep net interest margin as stable as possible, Truist actively manages its interest rate risk exposure through the strategic repricing of its assets and liabilities, taking into account the volumes, maturities, and mix. Truist primarily uses three methods to measure and monitor its interest rate risk: (i) simulations of possible changes to net interest income over the next two years based on gradual changes in interest rates; (ii) analysis of interest rate shock scenarios; and (iii) analysis of economic value of equity based on changes in interest rates.

The Company’s simulation model takes into account assumptions related to prepayment trends, using a combination of market data and internal historical experiences for deposits and loans, as well as scheduled maturities and payments, and the expected outlook for the economy and interest rates. These assumptions are reviewed and adjusted monthly to reflect changes in current interest rates compared to the rates applicable to Truist’s assets and liabilities. The model also considers Truist’s current and prospective liquidity position, current balance sheet volumes, projected growth and/or contractions, accessibility of funds for short-term needs and capital maintenance.

Deposit betas (the sensitivity of deposit rate changes relative to market rate changes) are an important assumption in the interest rate risk modeling process. Truist applies deposit beta assumptions to non-maturity interest-bearing deposit accounts when determining its interest rate sensitivity. Non-maturity, interest-bearing deposit accounts include interest checking accounts, savings accounts, and money market accounts that do not have a contractual maturity. Truist applies an average deposit beta of approximately 50% to its non-maturity interest-bearing accounts when determining its interest rate sensitivity. Truist also regularly conducts sensitivity analyses on other key variables, including noninterest-bearing deposits, to determine the impact these variables could have on the Company’s interest rate risk position. The predictive value of the simulation model depends upon the accuracy of the assumptions, but management believes that it provides helpful information for the management of interest rate risk.

The following table shows the effect that the indicated changes in interest rates would have on net interest income as projected for the next 12 months assuming a gradual change in interest rates as described below.
Table 17: Interest Sensitivity Simulation Analysis
Interest Rate ScenarioAnnualized Hypothetical Percentage Change in Net Interest Income
Gradual Change in Prime Rate (bps)Prime Rate
Mar 31, 2023Mar 31, 2022Mar 31, 2023Mar 31, 2022
Up 1009.00 %4.50 %(0.29)%4.27 %
Up 508.50 4.00 (0.11)3.29 
No Change8.00 3.50 — — 
Down 50(1)
7.50 3.00 (0.58)(3.46)
Down 100(1)
7.00 2.50 (0.70)(3.64)
(1)The Down 50 and 100 rate scenarios incorporate a floor of one basis point.

Rate sensitivity decreased compared to prior periods, primarily driven by higher starting rates, higher deposit betas as rates increase and move into the highest beta tiers, and the addition of forward starting swaps.

Management considers how the interest rate risk position could be impacted by changes in balance sheet mix. Liquidity in the banking industry was very strong post-COVID-19, which resulted in growth in noninterest-bearing demand deposits. However, with the significant increase in rates in 2022 and the first quarter of 2023, noninterest-bearing deposits have begun to shift to interest-bearing accounts. Additional movement above what is currently projected would reduce the asset sensitivity of Truist’s balance sheet because the Company may increase interest-bearing funds to offset the loss of these advantageous noninterest-bearing deposits. Alternatively, the Company may reduce the size of its investment portfolio to offset the loss of noninterest-bearing demand deposits to limit the impact on the balance sheet’s asset sensitivity. The behavior of these noninterest-bearing deposits is one of the most important assumptions used in determining the interest rate risk position of Truist.

56 Truist Financial Corporation

The following table shows the results of Truist’s interest-rate sensitivity position assuming the loss of additional demand deposits and an associated increase in managed rate deposits versus current projections under various interest rate scenarios. For purposes of this analysis, Truist modeled the incremental beta of managed rate deposits for the replacement of the demand deposits at 100%.
Table 18: Deposit Mix Sensitivity Analysis
Gradual Change in Rates (bps)
Base Scenario at March 31, 2023(1)
Results Assuming a Decrease in Noninterest-Bearing Demand Deposits
$20 Billion$40 Billion
Up 100(0.29)%(1.01)%(1.72)%
Up 50(0.11)(0.63)(1.15)
(1)The base scenario is equal to the annualized hypothetical percentage change in net interest income at March 31, 2023 as presented in the preceding table.

Truist uses financial instruments including derivatives to manage interest rate risk related to securities, commercial loans, MSRs, and mortgage banking operations, long-term debt, and other funding sources. Truist has utilized derivatives to facilitate transactions on behalf of its clients and as part of associated hedging activities. As of March 31, 2023, Truist had derivative financial instruments outstanding with notional amounts totaling $363.0 billion. See “Note 16. Derivative Financial Instruments” for additional disclosures.

LIBOR Transition

For most tenors of U.S. dollar LIBOR, the administrator of LIBOR extended publication until June 30, 2023. To prepare for the transition to an alternative reference rate, management formed a cross-functional project team to address the LIBOR transition. The project team performed an assessment to identify the potential risks related to the transition from LIBOR to a new index or multiple indices and provides updates to Executive Leadership and the Board. As of March 31, 2023, Truist had outstanding LIBOR-based instruments that mature after June 30, 2023, including loan and lease exposures totaling approximately $98 billion, notional derivative exposure totaling approximately $131 billion, long-term debt of $1.1 billion, and preferred stock of $1.5 billion. These amounts are inclusive of remediated contracts, which contain adequate fallback language for the transition.

Contract fallback language for existing loans and leases has been reviewed and certain contracts require amendments to support the transition away from LIBOR. Impacted lines of business have started remediating these contracts to include standardized fallback language or amending contracts to new reference rates at maturities or based on client request. Current fallback language used to remediate contracts that mature after June 30, 2023 is generally consistent with ARRC recommendations and includes use of “hardwired fallback” language, which will transition loans to a SOFR based rate after June 30, 2023.

The progress and approach to remediation varies based on the type of contract and existing language used in the agreement. For commercial lending, a significant number of remaining LIBOR contracts required client outreach and remediation. Through mid-2022, the Company’s primary focus was supporting new loan production using SOFR and other alternative reference rates as well as transitioning any renewing LIBOR based contracts to alternative reference rates. Efforts have shifted to amend and remediate contracts, excluding mortgage and student loans, that mature post June 30, 2023 ($90 billion), which will continue to be the focus during 2023. Of the contracts remaining on LIBOR that have not yet been remediated or modified to a new reference rate, Truist’s intends to add updated fallback language or move these contracts to new reference rates prior to cessation. A significant portion of these contracts contain existing fallback language that will transition the contract to a Prime based rate if not remediated, while a smaller population contains no historical fallback language. Should the institution be unable to remediate all contracts, those based on Prime will be prioritized to provide a more consistent client experience with the “hardwired fallback” transition to SOFR. If there are remaining contracts without fallback language, Truist may leverage the LIBOR Act and corresponding safe harbor provision to transition these loans to SOFR.

Truist’s adjustable-rate mortgage products ($3.4 billion) have consistent and adequate fallback language to transition away from LIBOR in line with industry expectations; therefore, these contracts do not require remediation. Remediation of student loans ($4.4 billion) will follow recent guidance from the Department of Education on the replacement rate for payment allowances on certain student loans and recent guidance from the CFPB to allow transition to “comparable rates,” in the private student loan portfolio, where LIBOR is used directly. Based on the recent guidance, these portfolios will transition to rates based on SOFR.

Upon the discontinuation of LIBOR, derivatives that reference LIBOR will transition to a SOFR-based replacement rate as set forth in the ISDA protocol addressing LIBOR fallbacks through bilateral amendments, or as established under the LIBOR Act and rules promulgated thereunder by the FRB. Certain derivatives without a clearly defined or practicable replacement benchmark rate will use the LIBOR Act to replace LIBOR with a SOFR-based rate established by FRB rulemaking and follow the ISDA protocol for transition. This legislation will also provide additional administrative benefit for a small portion of the commercial and consumer lending portfolios where contracts do not contain fallback language and have not yet been remediated, providing a remediation path to a SOFR based rate.

Truist Financial Corporation 57

In addition, the transition from LIBOR to an alternative reference rate, such as SOFR, for the Company’s preferred stock and the Company’s and Truist Bank’s floating rate notes is dependent on a number of factors, including the fallback language for the applicable series of preferred stock or notes, the application of the LIBOR Act and the rules promulgated thereunder by the FRB, determinations to be made by third-party calculation or paying agents rather than the Company or Truist Bank as to the replacement rates, and the impact of any publication of a synthetic U.S. dollar LIBOR as currently proposed by the Financial Conduct Authority. With the most recent information available on these factors, Truist expects preferred stock issuances to utilize LIBOR to transition to SOFR. See “Note 12. Shareholders’ Equity” for information about preferred stock using LIBOR.

Training has been provided for impacted teammates and will continue during 2023. Truist will continue to provide timely notices and information to impacted clients about the transition during the first half of 2023. Truist continues to manage the impact of these contracts and other financial instruments, systems implications, hedging strategies, and related operational and market risks on established project plans for business and operational readiness to support the transition.

As of December 31, 2021, Truist ceased entering into new contracts with a LIBOR reference rate for all product offerings, except on a limited basis, as permissible. The Company is actively using SOFR as a reference rate and has originated approximately $124 billion of loans, issued $12.4 billion of senior and subordinated notes, including fixed rate notes that convert to SOFR in the future, and has $108 billion in notional derivative exposure using this alternative reference rate as of March 31, 2023. Alternatives, such as SOFR, may react differently from LIBOR in times of economic stress. Truist expects SOFR to be the primary pricing benchmark used across the industry and will continue to offer additional SOFR based products. Market risks associated with the transition to alternative reference rates are dependent on market conditions as loans are transitioned to alternative reference rates during 2022 and early 2023. Additional alternative reference rates, such as Bloomberg Short Term Bank Yield, will be supported based on market demand. For a further discussion of the various risks associated with the potential cessation of LIBOR and the transition to alternative reference rates, refer to the section titled “Item1A. Risk Factors” in the Form 10-K for the year ended December 31, 2022.

Market Risk from Trading Activities

As a financial intermediary, Truist provides its clients access to derivatives, foreign exchange and securities markets, which generate market risks. Trading market risk is managed using a comprehensive risk management approach, which includes measuring risk using VaR, stress testing, and sensitivity analysis. Risk metrics are monitored against a suite of limits on a daily basis at both the trading desk level and at the aggregate portfolio level, which is intended to ensure that exposures are in line with Truist’s risk appetite.

Truist is also subject to risk-based capital guidelines for market risk under the Market Risk Rule.

Covered Trading Positions

Covered positions subject to the Market Risk Rule include trading assets and liabilities, specifically those held for the purpose of short-term resale or with the intent of benefiting from actual or expected short-term price movements or to lock in arbitrage profits. Truist’s trading portfolio of covered positions results primarily from market making and underwriting services for the Company’s clients, as well as associated risk mitigating hedging activity. The trading portfolio, measured in terms of VaR, consists primarily of four sub-portfolios of covered positions: (i) credit trading, (ii) fixed income securities, (iii) interest rate derivatives, and (iv) equity derivatives. As a market maker across different asset classes, Truist’s trading portfolio also contains other sub-portfolios, including foreign exchange, loan trading, and commodity derivatives; however, these portfolios do not generate material trading risk exposures.

Valuation policies and methodologies exist for all trading positions. Additionally, these positions are subject to independent price verification. See “Note 16. Derivative Financial Instruments,” “Note 15. Fair Value Disclosures,” and “Critical Accounting Policies” herein for discussion of valuation policies and methodologies.

Securitizations

As of March 31, 2023, the aggregate market value of on-balance sheet securitization positions subject to the Market Risk Rule was $18 million, all of which were non-agency asset backed securities positions. Consistent with the Market Risk Rule requirements, the Company performs pre-purchase due diligence on each securitization position to identify the characteristics including, but not limited to, deal structure and the asset quality of the underlying assets, that materially affect valuation and performance. Securitization positions are subject to Truist’s comprehensive risk management framework, which includes daily monitoring against a suite of limits. There were no off-balance sheet securitization positions during the reporting period.

Correlation Trading Positions

The trading portfolio of covered positions did not contain any correlation trading positions as of March 31, 2023.
58 Truist Financial Corporation


VaR-Based Measures

VaR measures the potential loss of a given position or portfolio of positions at a specified confidence level and time horizon. Truist utilizes a historical VaR methodology to measure and aggregate risks across its covered trading positions. For risk management purposes, the VaR calculation is based on a historical simulation approach and measures the potential trading losses using a one-day holding period at a one-tail, 99% confidence level. For Market Risk Rule purposes, the Company calculates VaR using a 10-day holding period and a 99% confidence level. Due to inherent limitations of the VaR methodology, such as the assumption that past market behavior is indicative of future market performance, VaR is only one of several tools used to measure and manage market risk. Other tools used to actively manage market risk include stress testing, scenario analysis, and stop loss limits.

The trading portfolio’s VaR profile is influenced by a variety of factors, including the size and composition of the portfolio, market volatility, and the correlation between different positions. A portfolio of trading positions is typically less risky than the sum of the risk from each of the individual sub-portfolios, because, under normal market conditions, risk within each category partially offsets the exposure to other risk categories. The following table summarizes certain VaR-based measures for the three months ended March 31, 2023 and 2022. Average one and ten-day VaR measures for the year ended March 31, 2023 decreased from the same period of last year, primarily driven by lower market making inventory.
Table 19: VaR-based Measures
Three Months Ended March 31,
20232022
(Dollars in millions)10-Day Holding Period1-Day Holding Period10-Day Holding Period1-Day Holding Period
VaR-based Measures:
Maximum$22 $9 $38 $14 
Average15 6 18 6 
Minimum10 4 9 3 
Period-end22 9 15 4 
VaR by Risk Class:
Interest Rate Risk8 4 
Credit Spread Risk7 4 
Equity Price Risk1 4 
Portfolio Diversification(9)(8)
Period-end8 4 

Stressed VaR-based measures

Stressed VaR, another component of market risk capital, is calculated using the same internal models as used for the VaR-based measure. Stressed VaR is calculated over a ten-day holding period at a one-tail, 99% confidence level and employs a historical simulation approach based on a continuous twelve-month historical window selected to reflect a period of significant financial stress for the Company’s trading portfolio. The following table summarizes Stressed VaR-based measures:
Table 20: Stressed VaR-based Measures - 10 Day Holding Period
Three Months Ended March 31,
(Dollars in millions)20232022
Maximum$77 $109 
Average44 76 
Minimum25 59 
Period-end31 72 

Compared to the prior year, Stressed VaR measures decreased primarily due to lower market making inventory levels in 2023.

Specific Risk Measures

Specific risk is a measure of idiosyncratic risk that could result from risk factors other than broad market movements (e.g., default or event risks). The Market Risk Rule provides fixed risk weights under a standardized measurement method while also allowing a model-based approach, subject to regulatory approval. Truist utilizes the standardized measurement method to calculate the specific risk component of market risk regulatory capital. As such, incremental risk capital requirements do not apply.

Truist Financial Corporation 59

VaR Model Backtesting

In accordance with the Market Risk Rule, the Company evaluates the accuracy of its VaR model through daily backtesting by comparing aggregate daily trading gains and losses (excluding fees, commissions, reserves, net interest income, and intraday trading) from covered positions with the corresponding daily VaR-based measures generated by the model. As illustrated in the following graph, there were no Company-wide VaR backtesting exceptions during the twelve months ended March 31, 2023. The total number of Company-wide VaR backtesting exceptions over the preceding twelve months is used to determine the multiplication factor for the VaR-based capital requirement under the Market Risk Rule. The capital multiplication factor increases from a minimum of three to a maximum of four, depending on the number of exceptions. All Company-wide VaR backtesting exceptions are thoroughly reviewed in the context of VaR model use and performance. There was no change in the capital multiplication factor over the preceding twelve months.
15708
Model Risk Oversight

MRO is responsible for the independent model validation of all decision tools and models including trading market risk models. The validation activities are conducted in accordance with MRO policy, which incorporates regulatory guidance related to the evaluation of model conceptual soundness, ongoing monitoring, and outcomes analysis. As part of ongoing monitoring efforts, the performance of all trading risk models are reviewed regularly to preemptively address emerging developments in financial markets, assess evolving modeling approaches, and identify potential model enhancement.

Stress Testing

The Company uses a comprehensive range of stress testing techniques to help monitor risks across trading desks and to augment standard daily VaR and other risk limits reporting. The stress testing framework is designed to quantify the impact of extreme, but plausible, stress scenarios that could lead to large, unexpected losses. Stress tests include simulations for historical repeats and hypothetical risk factor shocks. All trading positions within each applicable market risk category (interest rate risk, equity risk, foreign exchange rate risk, credit spread risk, and commodity price risk) are included in the Company’s comprehensive stress testing framework. Management reviews stress testing scenarios on an ongoing basis and makes updates, as necessary, which is intended to ensure that both current and emerging risks are captured appropriately. Management also utilizes stress analyses to support the Company’s capital adequacy assessment standards. See the “Capital” section of MD&A for additional discussion of capital adequacy.

Liquidity

Liquidity represents the continuing ability to meet funding needs, including deposit withdrawals, repayment of borrowings and other liabilities, and funding of loan commitments. In addition to the level of liquid assets, such as cash, cash equivalents, and AFS securities, other factors affect the ability to meet liquidity needs, including access to a variety of funding sources, maintaining borrowing capacity, growing core deposits, loan repayment, and the ability to securitize or package loans for sale.

60 Truist Financial Corporation

Truist monitors the ability to meet client demand for funds under both normal and stressed market conditions. In considering its liquidity position, management evaluates Truist’s funding mix based on client core funding, client rate-sensitive funding, and national markets funding. In addition, management evaluates exposure to rate-sensitive funding sources that mature in one year or less. Management also measures liquidity needs against 30 days of stressed cash outflows for Truist and Truist Bank. To ensure a strong liquidity position and compliance with regulatory requirements, management maintains a liquid asset buffer of cash on hand and highly liquid unencumbered securities.

Internal Liquidity Stress Testing

Liquidity stress testing is designed to ensure that Truist and Truist Bank have sufficient liquidity for a variety of institution-specific and market-wide adverse scenarios. Each liquidity stress test scenario applies defined assumptions to execute sources and uses of liquidity over varying planning horizons. The types of expected liquidity uses during a stressed event may include deposit attrition, contractual maturities, reductions in unsecured and secured funding, and increased draws on unfunded commitments. To mitigate liquidity outflows, Truist has identified sources of liquidity; however, access to these sources of liquidity could be affected within a stressed environment.

Truist maintains a liquidity buffer of cash on hand and highly liquid unencumbered securities that is sufficient to meet the projected net stressed cash-flow needs and maintain compliance with regulatory requirements. The liquidity buffer consists of unencumbered highly liquid assets and Truist’s liquidity buffer is substantially the same in composition to what qualifies as HQLA under the LCR Rule.

Contingency Funding Plan

Truist has a contingency funding plan designed to ensure that liquidity sources are sufficient to meet ongoing obligations and commitments, particularly in the event of a liquidity contraction. This plan is designed to examine and quantify the organization’s liquidity under the various internal liquidity stress scenarios and is periodically tested to assess the plan’s reliability. Additionally, the plan provides a framework for management and other teammates to follow in the event of a liquidity contraction or in anticipation of such an event. The plan addresses authority for activation and decision making, liquidity options, and the responsibilities of key departments in the event of a liquidity contraction.

LCR and HQLA

The LCR rule requires that Truist and Truist Bank maintain an amount of eligible HQLA that is sufficient to meet its estimated total net cash outflows over a prospective 30 calendar-day period of stress. Eligible HQLA, for purposes of calculating the LCR, is the amount of unencumbered HQLA that satisfy operational requirements of the LCR rule. Truist and Truist Bank are subject to the Category III reduced LCR requirements. Truist held average weighted eligible HQLA of $87.4 billion and Truist’s average LCR was 113% for the three months ended March 31, 2023.

Effective July 2021, Truist became subject to final rules implementing the NSFR, which are designed to ensure that banking organizations maintain a stable, long-term funding profile in relation to their asset composition and off-balance sheet activities. At March 31, 2023, the Company was compliant with this requirement.

Sources of Funds

Management believes current sources of liquidity are sufficient to meet Truist’s on- and off-balance sheet obligations. Truist funds its balance sheet through diverse sources of funding including client deposits, secured and unsecured capital markets funding, and shareholders’ equity. Truist Bank’s primary source of funding is client deposits. Continued access to client deposits is highly dependent on public confidence in the stability of Truist Bank and its ability to return funds to clients when requested.

Truist Bank maintains a number of diverse funding sources to meet its liquidity requirements. These sources include unsecured borrowings from the capital markets through the issuance of senior or subordinated bank notes, institutional CDs, overnight and term Federal funds markets, and retail brokered CDs. Truist Bank also maintains access to secured borrowing sources including FHLB advances, repurchase agreements, and the FRB discount window. Available investment securities could be pledged to create additional secured borrowing capacity. The following table presents a summary of Truist Bank’s available secured borrowing capacity and eligible cash at the FRB:
Table 21: Selected Liquidity Sources
(Dollars in millions)Mar 31, 2023Dec 31, 2022
Unused borrowing capacity:
FRB$53,291 $49,250 
FHLB24,678 20,770 
Available investment securities (after haircuts)
56,626 85,401 
Available secured borrowing capacity134,595 155,421 
Eligible cash at the FRB31,544 15,556 
Total$166,139 $170,977 
Truist Financial Corporation 61


At March 31, 2023, Truist Bank’s available secured borrowing capacity represented approximately 3.6 times the amount of wholesale funding maturities in one-year or less. Truist additionally has the ability to increase sources of funding by pledging available investment securities without a haircut on fair value under the FRB Bank Term Funding Program.

Parent Company

The Parent Company serves as the primary source of capital for the operating subsidiaries. The Parent Company’s assets consist primarily of cash on deposit with Truist Bank, equity investments in subsidiaries, advances to subsidiaries, and notes receivable from subsidiaries. The principal obligations of the Parent Company are payments on long-term debt. The main sources of funds for the Parent Company are dividends and management fees from subsidiaries, repayments of advances to subsidiaries, and proceeds from the issuance of equity and long-term debt. The primary uses of funds by the Parent Company are investments in subsidiaries, advances to subsidiaries, dividend payments to common and preferred shareholders, repurchases of common stock, and payments on long-term debt. See “Note 22. Parent Company Financial Information” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information regarding dividends from subsidiaries and debt transactions.

Access to funding at the Parent Company is more sensitive to market disruptions. Therefore, Truist prudently manages cash levels at the Parent Company to cover a minimum of one year of projected cash outflows which includes unfunded external commitments, debt service, common and preferred dividends and scheduled debt maturities, without the benefit of any new cash inflows. Truist maintains a significant buffer above the projected one year of cash outflows. In determining the buffer, Truist considers cash requirements for common and preferred dividends, unfunded commitments to affiliates, serving as a source of strength to Truist Bank, and being able to withstand sustained market disruptions that could limit access to the capital markets. At March 31, 2023 and December 31, 2022, the Parent Company had 45 months and 37 months, respectively, of cash on hand to satisfy projected cash outflows, and 26 months and 22 months, respectively, when including the payment of common stock dividends.

Credit Ratings

Credit ratings are forward-looking opinions of rating agencies as to the Company’s ability to meet its financial commitments and repay its securities and obligations in accordance with their terms of issuance. Credit ratings influence both borrowing costs and access to the capital markets. The Company’s credit ratings are continuously monitored by the rating agencies and are subject to change at any time. As Truist seeks to maintain high-quality credit ratings, management meets with the major rating agencies on a regular basis to provide financial and business updates and to discuss current outlooks and trends. See Item 1A, “Risk Factors” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information regarding factors that influence credit ratings and potential risks that could materialize in the event of downgrade in the Company’s credit ratings: Recent changes in the Company’s credit ratings and outlooks include:

On March 31,2023, S&P Global Ratings affirmed the ratings of Truist and Truist Bank and revised the outlook on those ratings to “stable” from “positive,” citing heightened market volatility in the wake of recent bank failures and, with inflation still elevated, higher uncertainty, and greater downside risk in the economic outlook. The change in outlook was part of a broader action by S&P Global Ratings whereby the “positive” outlook on three other large U.S. banks was revised to “stable.”

Capital

The maintenance of appropriate levels of capital is a management priority and is monitored on a regular basis. Truist’s principal goals related to the maintenance of capital are to provide adequate capital to support Truist’s risk profile consistent with the Board-approved risk appetite, provide financial flexibility to support future growth and client needs, comply with relevant laws, regulations, and supervisory guidance, achieve optimal credit ratings for Truist and its subsidiaries, remain a source of strength for its subsidiaries, and provide a competitive return to shareholders. Risk-based capital ratios, which include CET1 capital, Tier 1 capital, and Total capital are calculated based on regulatory guidance related to the measurement of capital and risk-weighted assets.

62 Truist Financial Corporation

Truist regularly performs stress testing on its capital levels and is required to periodically submit the Company’s capital plans and stress testing results to the banking regulators. Management regularly monitors the capital position of Truist on both a consolidated and bank-level basis. In this regard, management’s objective is to maintain capital at levels that are in excess of internal capital limits, which are above the regulatory “well capitalized” minimums. Management has implemented internal stress capital ratio minimums to evaluate whether capital ratios calculated after the effect of alternative capital actions are likely to remain above internal minimums. Breaches of internal stressed minimums prompt a review of the planned capital actions included in Truist’s capital plan.
Table 22: Capital Requirements
 Minimum CapitalWell Capitalized
Minimum Capital Plus Stress Capital Buffer(1)
 TruistTruist Bank
CET1
4.5 %NA6.5 %7.0 %
Tier 1 capital6.0 6.0 %8.0 8.5 
Total capital8.0 10.0 10.0 10.5 
Leverage ratio4.0 NA5.0 NA
Supplementary leverage ratio3.0 NANANA
(1)Reflects a SCB requirement of 2.5% applicable to Truist as of March 31, 2023. Truist’s SCB requirement, received in the 2022 CCAR process, is effective from October 1, 2022 to September 30, 2023. Truist will receive a new preliminary SCB requirement, to become effective October 1, 2023, following the release of CCAR 2023 results in late June 2023.

Truist’s capital ratios are presented in the following table:
Table 23: Capital Ratios - Truist Financial Corporation
(Dollars in millions)Mar 31, 2023Dec 31, 2022
Risk-based:(preliminary) 
CET19.1 %9.0 %
Tier 1 capital10.6 10.5 
Total capital12.6 12.4 
Leverage ratio8.5 8.5 
Supplementary leverage ratio7.3 7.3 
Risk-weighted assets$436,549 $434,413 

Capital ratios remained strong compared to the regulatory requirements for well capitalized banks. Truist declared common dividends of $0.52 per share during the first quarter of 2023. The dividend payout ratio for the first quarter of 2023 was 49%. Truist did not repurchase any shares in the first quarter of 2023 outside of standard activity related to equity compensation plans.

Truist CET1 ratio was 9.1% as of March 31, 2023. The increase since December 31, 2022 represents organic capital generation, partially offset by the CECL phase-in. Truist closed the sale of the minority stake in Truist Insurance Holdings on April 3, 2023, which adds 30 basis points and 24 basis points to the risk-based regulatory capital ratios and leverage ratios, respectively.

Share Repurchase Activity

Table 24: Share Repurchase Activity
(Dollars in millions, except per share data, shares in thousands)
Total Number of Shares Purchased(1)
Average Price Paid Per Share(2)
Total Number of Shares Purchased as part of Publicly Announced Plans(3)
Approximate Dollar Value of Shares that may yet be Purchased Under the Plans(3)
January 1, 2023 to January 31, 2023— $— — $4,100 
February 1, 2023 to February 28, 20232 48.84 — 4,100 
March 1, 2023 to March 31, 202331 32.10 — 4,100 
Total33 $33.09 — 
(1)Includes shares exchanged or surrendered in connection with the exercise of equity-based awards under equity-based compensation plans.
(2)Excludes commissions.
(3)In July 2022, the Board of Directors approved, effective October 1, 2022, new repurchase authority to effectuate repurchases up to an aggregate of $4.1 billion in shares of the Company’s common stock through September 30, 2023.

Truist Financial Corporation 63

Critical Accounting Policies

The accounting and reporting policies of Truist are in accordance with GAAP and conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Truist’s financial position and results of operations are affected by management’s application of accounting policies, including estimates, assumptions, and judgments made to arrive at the carrying value of assets and liabilities, and amounts reported for revenues and expenses. Different assumptions in the application of these policies could result in material changes in the consolidated financial position and/or consolidated results of operations, and related disclosures. Material estimates that are particularly susceptible to significant change include the determination of the ACL; determination of fair value for securities, MSRs, LHFS, trading loans, and derivative assets and liabilities; goodwill and other intangible assets; income taxes; and pension and postretirement benefit obligations. Understanding Truist’s accounting policies is fundamental to understanding the consolidated financial position and consolidated results of operations. The critical accounting policies are discussed in MD&A in Truist’s Annual Report on Form 10-K for the year ended December 31, 2022. Significant accounting policies and changes in accounting principles and effects of new accounting pronouncements are discussed in “Note 1. Basis of Presentation” in Form 10-K for the year ended December 31, 2022. Disclosures regarding the effects of new accounting pronouncements are included in “Note 1. Basis of Presentation” in this report. There have been no changes to the significant accounting policies during 2023.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, the management of the Company, under the supervision and with the participation of the Company’s CEO and CFO, carried out an evaluation of the effectiveness of the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Based on that evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by the report.

Changes in Internal Control over Financial Reporting

Management of Truist is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) of the Exchange Act. The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.

There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarter ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Refer to the Litigation and Regulatory Matters section in “Note 14. Commitments and Contingencies,” which is incorporated by reference into this item.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors disclosed in Truist’s Annual Report on Form 10-K for the year ended December 31, 2022. Additional risks and uncertainties not currently known to Truist or that management has deemed to be immaterial also may materially adversely affect Truist’s business, financial condition, or operating results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Refer to the Share Repurchase Activity section in the MD&A, which is incorporated by reference into this item.

64 Truist Financial Corporation

ITEM 6. EXHIBITS
Exhibit No.DescriptionLocation
10.1*
Form of Restricted Stock Unit Agreement (Senior Executive – 60/5 Retirement) for the Truist Financial Corporation 2022 Incentive Plan.
10.2*Form of Performance Unit Award Agreement (Senior Executive – 60/5 Retirement) for the Truist Financial Corporation 2022 Incentive Plan.
10.3*Form of Performance Unit Award Agreement (Senior Executive – 60/10 Retirement) for the Truist Financial Corporation 2022 Incentive Plan.
10.4*Form of LTIP Award Agreement (Senior Executive – 60/5 Retirement) for the Truist Financial Corporation 2022 Incentive Plan.
10.5*Form of LTIP Award Agreement (Senior Executive – 60/10 Retirement) for the Truist Financial Corporation 2022 Incentive Plan.
10.6*
2023 Employment Agreement by and between Truist Insurance Holdings, Inc. and John Howard.
11Statement re computation of earnings per share.
31.1Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INSXBRL Instance Document – the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.Filed herewith.
101.SCHXBRL Taxonomy Extension Schema.Filed herewith.
101.CALXBRL Taxonomy Extension Calculation Linkbase.Filed herewith.
101.LABXBRL Taxonomy Extension Label Linkbase.Filed herewith.
101.PREXBRL Taxonomy Extension Presentation Linkbase.Filed herewith.
101.DEFXBRL Taxonomy Definition Linkbase.Filed herewith.
104Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits101).Filed herewith.
*    Management compensatory plan or arrangement.
Truist Financial Corporation 65

SIGNATURES

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 thereunto duly authorized.
 
TRUIST FINANCIAL CORPORATION
(Registrant)
Date:May 1, 2023By:/s/ Michael B. Maguire
  Michael B. Maguire
Senior Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date:May 1, 2023By:/s/ Cynthia B. Powell
  Cynthia B. Powell
Executive Vice President and Corporate Controller
(Principal Accounting Officer)

66 Truist Financial Corporation

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