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[10-Q] Truist Financial Corporation Quarterly Earnings Report

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(Neutral)
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(Neutral)
Form Type
10-Q
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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: June 30, 2025
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:(844)487-8478
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
_________________________________________________________________

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 June 30, 2025, 1,289,435,167 shares of the registrant’s common stock, $5 par value, were outstanding.

TABLE OF CONTENTS
TRUIST FINANCIAL CORPORATION
FORM 10-Q
June 30, 2025
Page No.
PART I - Financial Information
Glossary of Defined Terms
1
Forward-Looking Statements and Other Terms
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. Discontinued Operations
10
Note 3. Securities Financing Activities
11
Note 4. Investment Securities
12
Note 5. Loans and ACL
14
Note 6. Goodwill and Other Intangible Assets
25
Note 7. Loan Servicing
26
Note 8. Other Assets and Liabilities
27
Note 9. Borrowings
28
Note 10. Shareholders’ Equity
28
Note 11. AOCI
29
Note 12. Income Taxes
30
Note 13. Benefit Plans
30
Note 14. Commitments and Contingencies
31
Note 15. Fair Value Disclosures
34
Note 16. Derivative Financial Instruments
39
Note 17. Computation of EPS
44
Note 18. Operating Segments
45
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Executive Overview
48
Analysis of Results of Operations
50
Analysis of Financial Condition
57
Risk Management
67
Liquidity
71
Capital
74
Share Repurchase Activity
75
Regulatory and Supervisory Update
75
Critical Accounting Policies
76
Item 3.Quantitative and Qualitative Disclosures About Market Risk (see Market Risk in MD&A)
67
Item 4.Controls and Procedures
77
PART II - Other Information
Item 1.Legal Proceedings
77
Item 1A.Risk Factors
77
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
77
Item 3.Defaults Upon Senior Securities - (none)
Item 4.Mine Safety Disclosures - (not applicable)
Item 5.Other Information
77
Item 6.Exhibits
78



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
AD and CLAcquisition and development and commercial land
AFS
Available-for-sale
Agency MBS
Mortgage-backed securities issued by a U.S. government agency or GSE
ALCOAsset and Liability Committee
ALLL
Allowance for loan and lease losses
AOCI
Accumulated other comprehensive income (loss)
BoardBoard of Directors of Truist Financial Corporation
BRCJoint Risk Committee of the Boards of Directors of Truist Financial Corporation and Truist Bank
CCAR
Comprehensive Capital Analysis and Review
CD
Certificate of deposit
CDI
Core deposit intangible
CECLCurrent expected credit loss model
CEO
Chief Executive Officer of Truist Financial Corporation
CET1
Common equity tier 1
CFO
Chief Financial Officer of Truist Financial Corporation
CFPB
Consumer Financial Protection Bureau
CODMChief Operating Decision Maker
Company
Truist Financial Corporation and its subsidiaries (interchangeable with “Truist” below)
CPConstruction to permanent
CRE
Commercial real estate
CSBBConsumer and Small Business Banking, an operating segment
DIF
Deposit Insurance Fund administered by the FDIC
EPS
Earnings per common share
Exchange Act
Securities Exchange Act of 1934, as amended
EVEEconomic value of equity
FASB
Financial Accounting Standards Board
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
GSE
U.S. government-sponsored enterprise
HFI
Held for investment
HQLA
High-quality liquid assets
HTM
Held-to-maturity
IDI
Insured depository institution
IPV
Independent price verification
IRRInterest rate risk
LCR
Liquidity Coverage Ratio
LHFS
Loans held for sale
LOCOMLower of cost or market
Market Risk RuleMarket risk capital requirements issued jointly by the OCC, FRB, and FDIC
MBS
Mortgage-backed securities
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
MRO
Model Risk Oversight
MSR
Mortgage servicing rights
NA
Not applicable
NII
Net interest income
NIM
Net interest margin, computed on a TE basis
NM
Not meaningful
NPA
Nonperforming asset
NPL
Nonperforming loan
NSFR
Net stable funding ratio
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
ROU assets
Right-of-use assets
RUFC
Reserve for unfunded lending commitments
Truist Financial Corporation 1

TermDefinition
S&P
Standard & Poor’s
SBIC
Small Business Investment Company
SCBStress Capital Buffer
SEC
Securities and Exchange Commission
TBVPS
Tangible book value per common share
TE
Taxable-equivalent
TIHTruist Insurance Holdings, LLC, an entity sold on May 6, 2024
TRSTotal Return Swap
Truist
Truist Financial Corporation and its subsidiaries (interchangeable with the “Company” above)
Truist BankTruist Bank, a North Carolina-chartered bank
U.S.
United States of America
U.S. Treasury
United States Department of the Treasury
UPB
Unpaid principal balance
VaR
Value-at-risk
VIE
Variable interest entity
WBWholesale Banking, an operating segment
2 Truist Financial Corporation

Forward-Looking Statements and Other Terms

From time to time we have made, and in the future will make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results.

This report, including any information incorporated by reference in this report, contains forward-looking statements. We also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, and others. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, and results may differ materially from those set forth in any forward-looking statement. While no list of assumptions, risks, and uncertainties could be complete, some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements include:

•evolving political, geopolitical, business, social, economic, and market conditions at local, regional, national, and international levels;
•monetary, fiscal, and trade laws or policies, including tariffs or responses to rates of inflation above target levels;
•the legal, regulatory, and supervisory environment, including changes in financial-services legislation, regulation, policies, or government officials or other personnel;
•our ability to address heightened scrutiny and expectations from supervisory or other governmental authorities and to timely and credibly remediate related concerns or deficiencies;
•judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings that create uncertainty for or are adverse to us or the financial-services industry;
•the outcomes of judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings to which we are or may be subject (either directly or indirectly through our ownership interests in other entities) and our ability to absorb and address any damages or other remedies that are sought or awarded and any collateral consequences;
•evolving accounting standards and policies;
•the adequacy of our corporate governance, risk-management framework, compliance programs, and internal controls over financial reporting, including our ability to control lapses or deficiencies in financial reporting, to make appropriate estimates, or to effectively mitigate or manage operational risk;
•any instability or breakdown in the financial system, including as a result of the actual or perceived soundness of another financial institution or another participant in the financial system;
•disruptions and shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations;
•our ability to cost-effectively fund our businesses and operations, including by accessing long- and short-term funding and liquidity and by retaining and growing client deposits;
•changes in any of our credit ratings;
•our ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss;
•negative market perceptions of our investment portfolio or its value;
•adverse publicity or other reputational harm to us, our service providers, or our senior officers;
•business and consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households;
•our ability to execute on strategic and operational plans, including accelerating growth, improving profitability, investing in talent, technology, and risk infrastructure, maintaining expense, credit, and risk discipline, and returning capital to shareholders;
•changes in our corporate and business strategies, the composition of our assets, or the way in which we fund those assets;
•our ability to successfully make and integrate acquisitions and to effect divestitures;
•our ability to develop, maintain, and market our products or services or to absorb unanticipated costs or liabilities associated with those products or services;
•our ability to innovate, to anticipate the needs of current or future clients, to successfully compete, to increase or hold market share in changing competitive environments, or to deal with pricing or other competitive pressures;
•our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure, including those that safeguard personal and other sensitive information;
•our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk;
•our ability to satisfactorily and profitably perform loan servicing and similar obligations;
•the credit, liquidity, or other financial condition of our clients, counterparties, service providers, or competitors;
•our ability to effectively deal with economic, business, or market slowdowns or disruptions;
•the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk;
•our ability to keep pace with changes in technology that affect us or our clients, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property;
•our ability to attract, hire, and retain key teammates and to engage in adequate succession planning;
•the performance and availability of third-party service providers on whom we rely in delivering products and services to our clients and otherwise in conducting our business and operations;
•our ability to detect, prevent, mitigate, and otherwise manage the risk of fraud or misconduct by internal or external parties;
•our ability to manage and mitigate physical-security and cybersecurity risks, including denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction;
•natural or other disasters, calamities, and conflicts, including terrorist events, cyber-warfare, and pandemics;
•widespread outages of operational, communication, and other systems;
•our ability to maintain appropriate corporate responsibility practices, oversight, and disclosures;
•policies and other actions of governments to manage and mitigate climate and related environmental risks, and the effects of climate change or the transition to a lower-carbon economy on our business, operations, and reputation; and
•other assumptions, risks, or uncertainties described in the Risk Factors (Item 1A), Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 7), or the Notes to the Consolidated Financial Statements (Item 8) in our Annual Report on Form 10-K or described in any of the Company’s subsequent quarterly or current reports.

Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, or Current Report on Form 8-K.

Unless the context otherwise requires, “sale of TIH” and similar phrases refer to the sale of our majority stake in TIH on May 6, 2024.
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)		Jun 30, 2025Dec 31, 2024
Assets
Cash and due from banks$5,157 $5,793 
Interest-bearing deposits with banks36,294 33,975 
Securities borrowed or purchased under agreements to resell2,656 2,550 
Trading assets at fair value5,963 5,100 
AFS securities at fair value66,390 67,464 
HTM securities (fair value of $39,611 and $40,286, respectively)
48,973 50,640 
LHFS (including $1,105 and $1,233 at fair value, respectively)
1,203 1,388 
Loans and leases (including $12 and $13 at fair value, respectively)
318,796 306,383 
ALLL(4,899)(4,857)
Loans and leases, net of ALLL313,897 301,526 
Premises and equipment3,197 3,225 
Goodwill17,125 17,125 
CDI and other intangible assets1,399 1,550 
Loan servicing rights at fair value3,612 3,708 
Other assets (including $1,977 and $1,271 at fair value, respectively)
37,967 37,132 
Total assets$543,833 $531,176 
Liabilities
Noninterest-bearing deposits$106,442 $107,451 
Interest-bearing deposits (including $396 and $192 at fair value, respectively)
299,680 283,073 
Short-term borrowings (including $2,199 and $1,896 at fair value, respectively)
16,631 29,205 
Long-term debt44,427 34,956 
Other liabilities (including $1,812 and $2,286 at fair value, respectively)
11,813 12,812 
Total liabilities478,993 467,497 
Shareholders’ Equity
Preferred stock5,907 5,907 
Common stock, $5 par value
6,447 6,580 
Additional paid-in capital34,620 35,628 
Retained earnings24,759 23,777 
AOCI, net of deferred income taxes(6,893)(8,213)
Total shareholders’ equity64,840 63,679 
Total liabilities and shareholders’ equity$543,833 $531,176 
Common shares outstanding1,289,435 1,315,936 
Common shares authorized2,000,000 2,000,000 
Preferred shares outstanding216 216 
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 June 30,Six Months Ended June 30,
2025202420252024
Interest Income    
Interest and fees on loans and leases$4,657 $4,879 $9,150 $9,744 
Interest on securities961 838 1,936 1,643 
Interest on other earning assets536 634 1,056 1,148 
Total interest income6,154 6,351 12,142 12,535 
Interest Expense    
Interest on deposits1,844 2,016 3,580 3,980 
Interest on long-term debt431 446 840 928 
Interest on other borrowings292 362 628 728 
Total interest expense2,567 2,824 5,048 5,636 
Net Interest Income3,587 3,527 7,094 6,899 
Provision for credit losses488 451 946 951 
Net Interest Income After Provision for Credit Losses3,099 3,076 6,148 5,948 
Noninterest Income    
Wealth management income348 361 692 717 
Investment banking and trading income205 286 478 609 
Card and payment related fees232 230 452 454 
Service charges on deposits227 232 457 457 
Mortgage banking income107 112 215 209 
Lending related fees99 89 194 185 
Operating lease income47 50 100 109 
Securities gains (losses)(18)(6,650)(19)(6,650)
Other income153 78 223 144 
Total noninterest income1,400 (5,212)2,792 (3,766)
Noninterest Expense    
Personnel expense1,653 1,661 3,240 3,291 
Professional fees and outside processing373 308 737 586 
Software expense231 218 461 442 
Net occupancy expense179 160 342 320 
Equipment expense89 89 171 177 
Amortization of intangibles73 89 148 177 
Marketing and customer development82 63 157 119 
Operating lease depreciation33 34 68 74 
Regulatory costs55 85 124 237 
Restructuring charges
28 33 66 84 
Other expense190 354 378 540 
Total noninterest expense2,986 3,094 5,892 6,047 
Earnings    
Income (loss) before income taxes1,513 (5,230)3,048 (3,865)
Provision (benefit) for income taxes273 (1,324)547 (1,092)
Net income (loss) from continuing operations1,240 (3,906)2,501 (2,773)
Net income from discontinued operations— 4,828 — 4,895 
Net income1,240 922 2,501 2,122 
Noncontrolling interests from discontinued operations— 19 — 22 
Preferred stock dividends and other60 77 164 183 
Net income available to common shareholders$1,180 $826 $2,337 $1,917 
Basic EPS from continuing operations$0.91 $(2.98)$1.80 $(2.21)
Basic EPS0.91 0.62 1.80 1.43 
Diluted EPS from continuing operations0.90 (2.98)1.78 (2.21)
Diluted EPS0.90 0.62 1.78 1.43 
Basic weighted average shares outstanding1,292,292 1,338,149 1,299,833 1,336,620 
Diluted weighted average shares outstanding1,305,005 1,338,149 1,314,779 1,336,620 

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 June 30,Six Months Ended June 30,
2025202420252024
Net income$1,240 $922 $2,501 $2,122 
OCI, net of tax:
Net change in net pension and postretirement costs2 34 7 35 
Net change in cash flow hedges275 (38)704 (228)
Net change in AFS securities16 4,664 494 4,088 
Net change in HTM securities59 57 109 108 
Other, net5 1 6 (1)
Total OCI, net of tax357 4,718 1,320 4,002 
Total comprehensive income$1,597 $5,640 $3,821 $6,124 
Income Tax Effect of Items Included in OCI:
Net change in net pension and postretirement costs$(1)$11 $— $11 
Net change in cash flow hedges84 (12)217 (70)
Net change in AFS securities(10)1,439 139 1,262 
Net change in HTM securities12 18 27 33 
Total income taxes related to OCI$85 $1,456 $383 $1,236 

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, April 1, 20241,338,096 $6,673 $6,690 $36,197 $22,483 $(13,222)$232 $59,053 
Net income— — — — 903 — 19 922 
OCI— — — — — 4,718 — 4,718 
Issued in connection with equity awards, net127 — 1 (12)(3)— — (14)
Cash dividends declared on common stock— — — — (696)— — (696)
Cash dividends declared on preferred stock— — — — (77)— — (77)
Equity-based compensation expense— — — 103 — — — 103 
Sale of remaining stake in TIH— — — — — — (197)(197)
Other, net— — — 76 (7)— (54)15 
Balance, June 30, 20241,338,223 $6,673 $6,691 $36,364 $22,603 $(8,504)$— $63,827 
Balance, April 1, 20251,309,539 $5,907 $6,548 $35,178 $24,252 $(7,250)$— $64,635 
Net income— — — — 1,240 — — 1,240 
OCI— — — — — 357 — 357 
Issued in connection with equity awards, net105 — — — (3)— — (3)
Repurchase of common stock, including excise tax(20,209)— (101)(656)— — — (757)
Cash dividends declared on common stock— — — — (670)— — (670)
Cash dividends declared on preferred stock— — — — (60)— — (60)
Equity-based compensation expense— — — 98 — — — 98 
Balance, June 30, 20251,289,435 $5,907 $6,447 $34,620 $24,759 $(6,893)$— $64,840 
Balance, January 1, 20241,333,743 $6,673 $6,669 $36,177 $22,088 $(12,506)$152 $59,253 
Net income— — — — 2,100 — 22 2,122 
OCI— — — — — 4,002 — 4,002 
Issued in connection with equity awards, net4,480 — 22 (55)(5)— — (38)
Cash dividends declared on common stock— — — — (1,390)— — (1,390)
Cash dividends declared on preferred stock— — — — (183)— — (183)
Equity-based compensation expense— — — 166 — — — 166 
Sale of remaining stake in TIH— — — — — — (197)(197)
Other, net— — — 76 (7)— 23 92 
Balance, June 30, 20241,338,223 $6,673 $6,691 $36,364 $22,603 $(8,504)$— $63,827 
Balance, January 1, 20251,315,936 $5,907 $6,580 $35,628 $23,777 $(8,213)$— $63,679 
Net income— — — — 2,501 — — 2,501 
OCI— — — — — 1,320 — 1,320 
Issued in connection with equity awards, net4,963 — 24 (83)(6)— — (65)
Repurchase of common stock, including excise tax(31,464)— (157)(1,103)— — — (1,260)
Cash dividends declared on common stock— — — — (1,349)— — (1,349)
Cash dividends declared on preferred stock— — — — (164)— — (164)
Equity-based compensation expense— — — 178 — — — 178 
Balance, June 30, 20251,289,435 $5,907 $6,447 $34,620 $24,759 $(6,893)$— $64,840 

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

CONSOLIDATED STATEMENTS OF CASH FLOWS(1)
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions)		Six Months Ended June 30,
20252024
Cash Flows From Operating Activities:  
Net income$2,501 $2,122 
Adjustments to reconcile net income to net cash from operating activities:  
Provision for credit losses946 951 
Depreciation284 315 
Amortization of intangibles148 198 
Securities (gains) losses19 6,650 
Gain on sale of TIH, net of tax— (4,814)
Net change in operating assets and liabilities:  
LHFS128 (432)
Pension asset(145)(95)
Derivative assets and liabilities(1,106)(470)
Trading assets(863)(1,226)
Other assets and other liabilities(561)(3,595)
Other, net309 251 
Net cash from operating activities1,660 (145)
Cash Flows From Investing Activities:  
Proceeds from sales of AFS securities1,109 27,607 
Proceeds from maturities, calls and paydowns of AFS securities8,079 7,911 
Purchases of AFS securities(6,879)(26,048)
Proceeds from maturities, calls and paydowns of HTM securities1,812 1,810 
Originations of loans and leases, net of principal collected(12,860)5,347 
Purchases of loans and leases(668)(39)
Sales of loans and leases358 411 
Net cash received (paid) for securities borrowed or purchased under agreements to resell(106)40 
Net cash received (paid) for asset acquisitions, business combinations, and divestitures— 12,060 
Other, net(181)953 
Net cash from investing activities(9,336)30,052 
Cash Flows From Financing Activities:
Net change in deposits15,598 (11,996)
Net change in short-term borrowings(12,556)(2,015)
Proceeds from issuance of long-term debt28,642 8,204 
Repayment of long-term debt(19,486)(12,242)
Repurchase of common stock(1,250)— 
Cash dividends paid on common stock(1,349)(1,390)
Cash dividends paid on preferred stock(164)(183)
Other, net(76)(50)
Net cash from financing activities9,359 (19,672)
Net Change in Cash and Cash Equivalents1,683 10,235 
Cash and Cash Equivalents of Continuing and Discontinued Operations, January 139,768 30,644 
Cash and Cash Equivalents of Continuing and Discontinued Operations, June 30$41,451 $40,879 
Supplemental Disclosure of Cash Flow Information:
Net cash paid (received) during the period for:
Interest expense$4,967 $5,791 
Income taxes170 379 
(1)Cash flows of discontinued operations are reflected within operating, investing, and financing activities in the Consolidated Statements of Cash Flows. The cash balances of these operations were reported as assets of discontinued operations on the Consolidated Balance Sheets prior to the sale of TIH. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations.

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, 2024 should be referred to in connection with these unaudited interim consolidated financial statements. There were no 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, 2024 that could have a material effect on the Company’s financial statements.

Reclassifications

Certain 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, trading assets and liabilities, and derivative assets and liabilities; goodwill and other intangible assets; income taxes; and pension and postretirement benefit obligations.

Changes in Accounting Principles and Effects of New Accounting Standards

The following table provides a summary of significant accounting standards not yet adopted:
Standard / Adoption DateDescriptionEffects on the Financial Statements
Standards Not Yet Adopted
Improvements to Income Tax Disclosures /
December 31, 2025		Improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. Permits either a prospective or retrospective transition approach.Truist is evaluating the impact of this standard on its disclosures, which includes aggregating newly required information in the format required. While its evaluation is ongoing, Truist does not expect that the implementation of this disclosure-only standard will have a material impact on its financial statements.
Expense Disaggregation Disclosures /
December 31, 2027		Introduces new requirements to disclose additional information about certain types of expenses, including employee compensation, depreciation, intangible asset amortization, and selling expenses. Banks that present a caption for salaries and benefits under SEC rules would be permitted to retain their current definition. Permits either a prospective or retrospective transition approach.Truist is evaluating the impact of this standard on its disclosures. This standard relates to footnote disclosures only.

Truist Financial Corporation 9

NOTE 2. Discontinued Operations

On February 20, 2024, the Company entered into an agreement to sell the remaining stake of the common equity in TIH to an investor group led by Stone Point Capital LLC and Clayton, Dubilier & Rice for a purchase price that implied an enterprise value for TIH of $15.5 billion. The divestiture of TIH represented a strategic shift that had a major effect on our operations and financial results. The Company reclassified all of the assets and liabilities of TIH to discontinued operations in connection with the announcement of the disposition of the business. As such, financial information attributed to TIH has been recast to reflect discontinued operations for the periods presented herein. On May 6, 2024, the Company completed the sale.

The following footnotes exclude discontinued operations for TIH, unless otherwise noted: “Note 6. Goodwill and Other Intangible Assets,” “Note 8. Other Assets and Liabilities,” “Note 12. Income Taxes,” “Note 13. Benefit Plans,” “Note 17. Computation of EPS,” and “Note 18. Operating Segments.”

The following presents operating results of TIH classified as discontinued operations:

(Dollars in millions)Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Interest Income
Interest on other earning assets$7 $31 
Total interest income7 31 
Noninterest income
Insurance income427 1,319 
Other income4 9 
Total noninterest income431 1,328 
Noninterest expense
Personnel expense251 885 
Professional fees and outside processing37 85 
Software expense8 25 
Net occupancy expense5 20 
Equipment expense2 11 
Amortization of intangibles— 21 
Marketing and customer development5 15 
Restructuring charges63 82 
Other expense26 84 
Total noninterest expense397 1,228 
Earnings
Gain on sale of TIH6,903 6,903 
Income before income taxes from discontinued operations6,944 7,034 
Provision for income taxes2,116 2,139 
Net income from discontinued operations4,828 4,895 
Noncontrolling interests19 22 
Net income from discontinued operations attributable to controlling interest$4,809 $4,873 

The components of net cash provided by operating, investing, and financing activities of discontinued operations included in the Consolidated Statements of Cash Flows are as follows:

(Dollars in millions)Six Months Ended June 30, 2024
Net cash from operating activities$71 
Net cash from investing activities12,056 
Net cash from financing activities(41)

10 Truist Financial Corporation

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.

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 agreements that govern the Company's securities financing transactions provide for a right of setoff in the event of default or bankruptcy with respect to either party to such transactions. The following table presents the Company's securities financing transactions, including those executed under master netting (or similar) arrangements. Refer to "Note 16. Derivative Financial Instruments" for information about the Company's derivative instruments subject to master netting (or similar) arrangements.

June 30, 2025December 31, 2024
(Dollars in millions)
Amount in Consolidated Balance Sheets(1)
Received/Pledged Financial Instruments(2)
Net Amount
Amount in Consolidated Balance Sheets(1)
Received/Pledged Financial Instruments(2)
Net Amount
Assets:
Securities purchased under agreements to resell$1,171 $(1,166)$5 $1,322 $(1,313)$9 
Securities borrowed1,485 (1,452)33 1,228 (1,192)36 
Total securities borrowed or purchased under agreements to resell$2,656 $(2,618)$38 $2,550 $(2,505)$45 
Liabilities:
Securities sold under agreements to repurchase$(3,657)$3,657 $— $(9,675)$9,675 $— 
(1)There were no securities financing transactions subject to legally enforceable master netting arrangements that were eligible for balance sheet netting for the periods presented.
(2)The fair value of received/pledged financial instruments is limited to the carrying amount of the associated asset or liability. The fair value of collateral received that was permitted to be resold or repledged was $2.6 billion as of June 30, 2025 and $2.5 billion as of December 31, 2024. Of the fair value of collateral permitted to be resold or repledged, the fair value of securities repledged or resold was $2.2 billion as of June 30, 2025 and $1.6 billion as of December 31, 2024.

The following table presents additional information related to the Company’s securities sold under agreements to repurchase, by collateral type and remaining contractual maturity:

June 30, 2025December 31, 2024
(Dollars in millions)Overnight and ContinuousUp to 30 daysTotalOvernight and ContinuousUp to 30 days30-90 daysTotal
U.S. Treasury$232 $— $232 $— $2,445 $300 $2,745 
State and Municipal
291 6 297 350 100 — 450 
Agency MBS – residential
— 2,500 2,500 — 5,750 — 5,750 
Corporate and other debt securities409 219 628 450 280 — 730 
Total securities sold under agreements to repurchase$932 $2,725 $3,657 $800 $8,575 $300 $9,675 

Truist Financial Corporation 11

NOTE 4. Investment Securities

The following tables summarize the Company’s AFS and HTM securities:

June 30, 2025
(Dollars in millions)		Amortized CostGross UnrealizedNet unrealized gains (losses)Fair Value
GainsLosses
AFS securities:    
U.S. Treasury$13,389 $114 $(32)$82 $13,471 
GSE459 3 (27)(24)435 
Agency MBS – residential54,173 116 (4,834)(4,718)49,455 
Agency MBS – commercial3,247 6 (600)(594)2,653 
States and political subdivisions369 11 (19)(8)361 
Other15 — — — 15 
Total AFS securities, excluding portfolio level basis adjustments71,652 250 (5,512)(5,262)66,390 
Portfolio level basis adjustments(1)
89(89)—
Total AFS securities$71,741 $250 $(5,512)$(5,351)$66,390 
HTM securities:    
Agency MBS – residential$48,973 $— $(9,362)$(9,362)$39,611 
December 31, 2024
(Dollars in millions)		Amortized CostGross UnrealizedNet unrealized gains (losses)Fair Value
GainsLosses
AFS securities:    
U.S. Treasury$14,279 $156 $(24)$132 $14,411 
GSE441 1 (39)(38)403 
Agency MBS – residential55,769 6 (5,816)(5,810)49,959 
Agency MBS – commercial2,938 — (645)(645)2,293 
States and political subdivisions390 11 (19)(8)382 
Other16 — — — 16 
Total AFS securities, excluding portfolio level basis adjustments73,833 174 (6,543)(6,369)67,464 
Portfolio level basis adjustments(1)
(385)385—
Total AFS securities$73,448 $174 $(6,543)$(5,984)$67,464 
HTM securities:    
Agency MBS – residential$50,640 $— $(10,354)$(10,354)$40,286 
(1)Represents fair value hedge basis adjustments related to active portfolio layer method hedges, which are not allocated to individual securities. For additional information, refer to “Note 16. Derivative Financial Instruments.”

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:

June 30, 2025
(Dollars in millions)Amortized CostFair Value
FNMA$29,017 $24,713 
FHLMC29,349 24,842 

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.

12 Truist Financial Corporation

Amortized CostFair Value
June 30, 2025
(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$4,362 $7,859 $430 $738 $13,389 $4,383 $7,944 $428 $716 $13,471 
GSE— — 1 458 459 — — 1 434 435 
Agency MBS – residential— 1 40 54,132 54,173 — 1 40 49,414 49,455 
Agency MBS – commercial— 169 255 2,823 3,247 — 171 254 2,228 2,653 
States and political subdivisions21 66 147 135 369 21 68 146 126 361 
Other— 7 8 — 15 — 7 8 — 15 
Total AFS securities$4,383 $8,102 $881 $58,286 $71,652 $4,404 $8,191 $877 $52,918 $66,390 
HTM securities:
Agency MBS – residential$— $— $— $48,973 $48,973 $— $— $— $39,611 $39,611 

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
June 30, 2025
(Dollars in millions)		Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
AFS securities:      
U.S. Treasury$2,731 $(21)$242 $(11)$2,973 $(32)
GSE105 (2)208 (25)313 (27)
Agency MBS – residential10,300 (122)25,721 (4,712)36,021 (4,834)
Agency MBS – commercial35 — 2,118 (600)2,153 (600)
States and political subdivisions178 (16)37 (3)215 (19)
Other8 — 7 — 15 — 
Total$13,357 $(161)$28,333 $(5,351)$41,690 $(5,512)
HTM securities:      
Agency MBS – residential$— $— $39,611 $(9,362)$39,611 $(9,362)
Less than 12 months12 months or moreTotal
December 31, 2024
(Dollars in millions)		Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
AFS securities:      
U.S. Treasury$1,579 $(6)$352 $(18)$1,931 $(24)
GSE146 (4)230 (35)376 (39)
Agency MBS – residential20,546 (322)26,788 (5,494)47,334 (5,816)
Agency MBS – commercial105 (1)2,111 (644)2,216 (645)
States and political subdivisions20 (1)202 (18)222 (19)
Other— — 7 — 7 — 
Total$22,396 $(334)$29,690 $(6,209)$52,086 $(6,543)
HTM securities:      
Agency MBS – residential$— $— $40,286 $(10,354)$40,286 $(10,354)

At June 30, 2025 and December 31, 2024, no ACL was established for AFS or HTM securities. Substantially all of the unrealized losses on the securities portfolio 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. 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 June 30,Six Months Ended June 30,
2025202420252024
Gross realized gains$— $— $2 $— 
Gross realized losses(1)
(18)(6,650)(21)(6,650)
Securities gains (losses), net$(18)$(6,650)$(19)$(6,650)
(1)Includes $485 million pre-tax gain on terminated hedges for the three and six months ended June 30, 2024.
Truist Financial Corporation 13

NOTE 5. Loans and ACL

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
June 30, 2025
(Dollars in millions)		Current30-89 Days Past Due
90 Days Or More Past Due(1)
NonperformingTotal
Commercial:     
Commercial and industrial$161,629 $122 $2 $520 $162,273 
CRE20,108 34 — 128 20,270 
Commercial construction8,261 15 — 1 8,277 
Consumer:
Residential mortgage56,477 695 465 191 57,828 
Home equity9,424 54 6 107 9,591 
Indirect auto23,736 582 — 240 24,558 
Other consumer30,795 239 24 64 31,122 
Credit card4,758 70 49 — 4,877 
Total$315,188 $1,811 $546 $1,251 $318,796 
(1)Includes government guaranteed loans of $424 million in the residential mortgage portfolio.
Accruing
December 31, 2024
(Dollars in millions)		Current30-89 Days Past Due
90 Days Or More Past Due(1)
NonperformingTotal
Commercial:     
Commercial and industrial$154,140 $168 $19 $521 $154,848 
CRE20,004 60 1 298 20,363 
Commercial construction8,514 3 — 3 8,520 
Consumer:    
Residential mortgage54,233 719 481 166 55,599 
Home equity9,457 60 9 116 9,642 
Indirect auto22,208 622 — 259 23,089 
Other consumer29,070 236 23 66 29,395 
Credit card4,792 81 54 — 4,927 
Total$302,418 $1,949 $587 $1,429 $306,383 
(1)Includes government guaranteed loans of $430 million in the residential mortgage portfolio.

14 Truist Financial Corporation

The following tables present the amortized cost basis of loans by origination year and credit quality indicator:

June 30, 2025
(Dollars in millions)		Amortized Cost Basis by Origination YearRevolving Credit Loans Converted to Term
Other(1)
20252024202320222021Prior Total
Commercial:    
Commercial and industrial:
Pass$21,413 $17,868 $11,417 $17,086 $9,577 $16,905 $61,709 $— $(213)$155,762 
Special mention227 240 179 166 294 183 849 — — 2,138 
Substandard251 477 506 555 218 591 1,255 — — 3,853 
Nonperforming6 99 60 58 19 30 248 — — 520 
Total21,897 18,684 12,162 17,865 10,108 17,709 64,061 — (213)162,273 
Gross charge-offs6 22 42 27 11 5 109 — — 222 
CRE:
Pass2,868 1,442 1,892 3,552 1,874 4,335 1,309 — (63)17,209 
Special mention1 145 48 135 242 172 15 — — 758 
Substandard188 252 316 673 207 420 119 — — 2,175 
Nonperforming1 1 14 27 8 77 — — — 128 
Total3,058 1,840 2,270 4,387 2,331 5,004 1,443 — (63)20,270 
Gross charge-offs— 27 28 1 — 52 — — — 108 
Commercial construction:
Pass427 715 1,307 1,152 304 29 1,802 — — 5,736 
Special mention13 90 79 459 232 — 87 — — 960 
Substandard— 171 287 1,014 67 — 41 — — 1,580 
Nonperforming— 1 — — — — — — — 1 
Total440 977 1,673 2,625 603 29 1,930 — — 8,277 
Consumer:
Residential mortgage:
Current3,998 4,404 2,643 12,294 15,018 18,120 — — — 56,477 
30 - 89 days past due15 20 40 58 62 500 — — — 695 
90 days or more past due— 19 65 50 31 300 — — — 465 
Nonperforming— 1 6 32 27 125 — — — 191 
Total4,013 4,444 2,754 12,434 15,138 19,045 — — — 57,828 
Gross charge-offs— — 1 — — 1 — — — 2 
Home equity:
Current— — — — — — 6,278 3,146 — 9,424 
30 - 89 days past due— — — — — — 39 15 — 54 
90 days or more past due— — — — — — 4 2 — 6 
Nonperforming— — — — — — 37 70 — 107 
Total— — — — — — 6,358 3,233 — 9,591 
Gross charge-offs— — — — — — 6 — — 6 
Indirect auto:
Current6,523 7,306 2,486 4,076 2,053 1,299 — — (7)23,736 
30 - 89 days past due27 105 101 149 87 113 — — — 582 
Nonperforming3 37 44 67 44 45 — — — 240 
Total6,553 7,448 2,631 4,292 2,184 1,457 — — (7)24,558 
Gross charge-offs2 42 62 84 37 54 — — — 281 
Other consumer:
Current7,213 7,714 4,984 4,197 1,836 2,178 2,644 25 4 30,795 
30 - 89 days past due23 51 66 47 19 24 7 2 — 239 
90 days or more past due2 5 10 4 — — 2 1 — 24 
Nonperforming2 11 15 12 11 13 — — — 64 
Total7,240 7,781 5,075 4,260 1,866 2,215 2,653 28 4 31,122 
Gross charge-offs19 67 83 60 27 31 13 — — 300 
Credit card:
Current— — — — — — 4,726 32 — 4,758 
30 - 89 days past due— — — — — — 65 5 — 70 
90 days or more past due— — — — — — 46 3 — 49 
Total— — — — — — 4,837 40 — 4,877 
Gross charge-offs— — — — — — 138 6 — 144 
Total$43,201 $41,174 $26,565 $45,863 $32,230 $45,459 $81,282 $3,301 $(279)$318,796 
Gross charge-offs$27 $158 $216 $172 $75 $143 $266 $6 $— $1,063 
Truist Financial Corporation 15

December 31, 2024
(Dollars in millions)		Amortized Cost Basis by Origination YearRevolving CreditLoans Converted to Term
Other(1)
20242023202220212020PriorTotal
Commercial:
Commercial and industrial:
Pass$22,675 $14,595 $20,976 $11,449 $6,607 $13,087 $58,790 $— $(199)$147,980 
Special mention460 302 377 407 80 254 830 — — 2,710 
Substandard481 608 618 234 180 484 1,032 — — 3,637 
Nonperforming28 98 64 31 11 60 229 — — 521 
Total23,644 15,603 22,035 12,121 6,878 13,885 60,881 — (199)154,848 
Gross charge-offs33 126 66 14 6 42 108 — — 395 
CRE:
Pass1,704 2,696 3,788 1,955 1,557 3,649 1,794 — (64)17,079 
Special mention262 65 331 197 52 29 91 — — 1,027 
Substandard252 207 374 356 157 499 114 — — 1,959 
Nonperforming7 134 52 7 34 64 — — — 298 
Total2,225 3,102 4,545 2,515 1,800 4,241 1,999 — (64)20,363 
Gross charge-offs14 48 111 1 32 110 — — — 316 
Commercial construction:
Pass721 1,603 1,521 516 37 71 1,461 — — 5,930 
Special mention100 106 701 158 70 95 79 — — 1,309 
Substandard54 95 752 308 — — 69 — — 1,278 
Nonperforming2 — 1 — — — — — — 3 
Total877 1,804 2,975 982 107 166 1,609 — — 8,520 
Consumer:
Residential mortgage:
Current4,174 2,754 12,743 15,471 5,298 13,793 — — — 54,233 
30 - 89 days past due21 30 69 70 49 480 — — — 719 
90 or more days past due7 53 44 31 34 312 — — — 481 
Nonperforming— 4 22 26 7 107 — — — 166 
Total4,202 2,841 12,878 15,598 5,388 14,692 — — — 55,599 
Gross charge-offs— — — — — 3 — — — 3 
Home equity:
Current— — — — — — 6,135 3,322 — 9,457 
30 - 89 days past due— — — — — — 42 18 — 60 
90 days or more past due— — — — — — 6 3 — 9 
Nonperforming— — — — — — 39 77 — 116 
Total— — — — — — 6,222 3,420 — 9,642 
Gross charge-offs— — — — — — 9 — — 9 
Indirect auto:
Current8,904 3,130 5,279 2,814 1,299 791 — — (9)22,208 
30 - 89 days past due80 113 177 110 58 84 — — — 622 
Nonperforming17 49 78 53 28 34 — — — 259 
Total9,001 3,292 5,534 2,977 1,385 909 — — (9)23,089 
Gross charge-offs23 120 216 98 47 87 — — — 591 
Other consumer:
Current9,945 6,285 5,172 2,340 1,198 1,498 2,608 21 3 29,070 
30 - 89 days past due44 71 63 25 12 14 6 1 — 236 
90 days or more past due5 10 5 1 — — 2 — — 23 
Nonperforming5 18 16 12 5 10 — — — 66 
Total9,999 6,384 5,256 2,378 1,215 1,522 2,616 22 3 29,395 
Gross charge-offs90 193 159 70 35 31 28 — — 606 
Credit card:
Current— — — — — — 4,778 14 — 4,792 
30 - 89 days past due— — — — — — 80 1 — 81 
90 days or more past due— — — — — — 53 1 — 54 
Total— — — — — — 4,911 16 — 4,927 
Gross charge-offs— — — — — — 287 9 — 296 
Total$49,948 $33,026 $53,223 $36,571 $16,773 $35,415 $78,238 $3,458 $(269)$306,383 
Gross charge-offs$160 $487 $552 $183 $120 $273 $432 $9 $— $2,216 
(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 Apr 1, 2024Charge-OffsRecoveriesProvision (Benefit)
Other(1)
Balance at Jun 30, 2024
Commercial:
Commercial and industrial$1,360 $(83)$14 $46 $1 $1,338 
CRE663 (97)5 90 — 661 
Commercial construction198 — 1 7 — 206 
Consumer:
Residential mortgage222 (1)2 (18)— 205 
Home equity90 (3)4 (3)— 88 
Indirect auto923 (136)30 128 — 945 
Other Consumer959 (141)28 112 — 958 
Credit card388 (74)9 84 — 407 
ALLL4,803 (535)93 446 1 4,808 
RUFC297 — — 5 — 302 
ACL$5,100 $(535)$93 $451 $1 $5,110 
(Dollars in millions)Balance at Apr 1, 2025 Charge-OffsRecoveriesProvision (Benefit)
Other(1)
Balance at Jun 30, 2025
Commercial: 
Commercial and industrial$1,307 $(120)$31 $96 $(5)$1,309 
CRE604 (38)3 (6)— 563 
Commercial construction280 — 1 (22)— 259 
Consumer:
Residential mortgage227 (1)— (6)— 220 
Home equity93 (4)4 (1)— 92 
Indirect auto955 (127)28 134 — 990 
Other consumer989 (146)31 177 — 1,051 
Credit card415 (70)12 58 — 415 
ALLL4,870 (506)110 430 (5)4,899 
RUFC296 — — 58 — 354 
ACL$5,166 $(506)$110 $488 $(5)$5,253 
(Dollars in millions)Balance at Jan 1, 2024Charge-OffsRecoveriesProvision (Benefit)
Other(1)
Balance at Jun 30, 2024
Commercial:
Commercial and industrial$1,404 $(180)$46 $68 $— $1,338 
CRE616 (200)12 233 — 661 
Commercial construction174 — 1 31 — 206 
Consumer:
Residential mortgage298 (2)3 (94)— 205 
Home equity89 (6)9 (4)— 88 
Indirect auto942 (290)58 235 — 945 
Other consumer890 (306)56 318 — 958 
Credit card385 (151)18 155 — 407 
ALLL4,798 (1,135)203 942 — 4,808 
RUFC295 — — 9 (2)302 
ACL$5,093 $(1,135)$203 $951 $(2)$5,110 
Truist Financial Corporation 17

(Dollars in millions)Balance at Jan 1, 2025Charge-OffsRecoveriesProvision (Benefit)
Other(1)
Balance at Jun 30, 2025
Commercial:      
Commercial and industrial$1,284 $(222)$55 $196 $(4)$1,309 
CRE643 (108)10 18 — 563 
Commercial construction257 — 1 1 — 259 
Consumer:     
Residential mortgage204 (2)2 16 — 220 
Home equity89 (6)8 1 — 92 
Indirect auto955 (281)53 263 — 990 
Other consumer994 (300)61 296 — 1,051 
Credit card431 (144)23 105 — 415 
ALLL4,857 (1,063)213 896 (4)4,899 
RUFC304 — — 50 — 354 
ACL$5,161 $(1,063)$213 $946 $(4)$5,253 
(1)Includes the amounts for the ALLL for PCD acquisitions and other activity.

The commercial ALLL decreased $60 million, and the consumer and credit card ALLL increased $89 million, in the three months ended June 30, 2025. The decrease in the commercial ALLL primarily reflects a decrease in reserves related to the CRE portfolio that was partially offset by loan growth. The increase in the consumer and credit card ALLL was primarily driven by loan growth in the indirect auto and other consumer portfolios that was partially offset by a release of reserves in the residential mortgage and home equity portfolios. The commercial ALLL decreased $53 million, and the consumer and credit card ALLL increased $95 million, in the six months ended June 30, 2025. The driving factors of these year-to-date changes are generally consistent with those described above.

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 unemployment trends, U.S. real GDP, corporate credit spreads, property values, home price indices, and used car prices.

The overall economic forecast incorporates a third-party baseline forecast 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 June 30, 2025 ACL, unchanged since December 31, 2024. While the scenario weightings were unchanged, the macroeconomic forecasts are dynamic and evolve with current and expected economic conditions. Risks, including tariff and inflation-related uncertainty not fully captured by the quantitative models and scenario weightings, are incrementally reflected in the qualitative component. The economic outlook continues to reflect risks related to the potential impacts of tariffs and increases to inflation and showed deterioration in the forecasted unemployment rate compared to the earlier quarter. The economic forecasts shaping the quantitative model outcomes of the ACL estimate as of June 30, 2025 included low single-digit GDP growth and a mid-to-high single-digit unemployment rate.

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 judgment related to expected future credit losses, will continue to be an important component of the ACL for the foreseeable future. The June 30, 2025 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, 2024 for additional information.

18 Truist Financial Corporation

NPAs

The following table provides a summary of nonperforming loans and leases, excluding LHFS:

June 30, 2025December 31, 2024
Recorded InvestmentRecorded Investment
(Dollars in millions)Without an ALLLWith an ALLLWithout an ALLLWith an ALLL
Commercial: 
Commercial and industrial$76 $444 $52 $469 
CRE7 121 32 266 
Commercial construction— 1 — 3 
Consumer:
Residential mortgage4 187 1 165 
Home equity1 106 1 115 
Indirect auto— 240 23 236 
Other consumer— 64 — 66 
Total$88 $1,163 $109 $1,320 

The following table presents a summary of nonperforming assets and residential mortgage loans in the process of foreclosure:

(Dollars in millions)Jun 30, 2025Dec 31, 2024
Nonperforming loans and leases HFI$1,251 $1,429 
Nonperforming LHFS12 — 
Foreclosed real estate4 3 
Other foreclosed property49 45 
Total nonperforming assets$1,316 $1,477 
Residential mortgage loans in the process of foreclosure$187 $169 

Truist Financial Corporation 19

Loan Modifications

The following tables summarize the amortized cost basis and the weighted average financial effect of loans to borrowers experiencing financial difficulty that were modified during the period, disaggregated by class of financing receivable and type of modification granted.

Three Months Ended June 30, 2025
(Dollars in millions)		RenewalsTerm ExtensionsInterest Rate AdjustmentsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		OtherTotal Modified LoansPercentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial$359 $— $— $— $— $— $20 $379 0.23 %
CRE278 — — — — — — 278 1.37 
Commercial construction45 — — — — — — 45 0.54 
Consumer:— 
Residential mortgage— 23 — 26 41 81 17 188 0.33 
Home equity— — — — — — 2 2 0.02 
Indirect auto— 12 — — 567 — 8 587 2.39 
Other consumer— 10 — — — — — 10 0.03 
Credit card— — 8 — — — — 8 0.16 
Total$682 $45 $8 $26 $608 $81 $47 $1,497 0.47 
Six Months Ended June 30, 2025
(Dollars in millions)		RenewalsTerm ExtensionsInterest Rate AdjustmentsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		OtherTotal Modified LoansPercentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial$528 $— $— $— $46 $— $20 $594 0.37 %
CRE476 — — — — — — 476 2.35 
Commercial construction73 — — — — — — 73 0.88 
Consumer:
Residential mortgage— 39 — 61 58 162 38 358 0.62 
Home equity— — — — — — 3 3 0.03 
Indirect auto— 17 1 — 987 — 16 1,021 4.16 
Other consumer— 19 — — — — 1 20 0.06 
Credit card— — 16 — — — — 16 0.33 
Total$1,077 $75 $17 $61 $1,091 $162 $78 $2,561 0.80 
Three Months Ended June 30, 2024
(Dollars in millions)		RenewalsTerm ExtensionsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		OtherTotal Modified LoansPercentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial$198 $— $— $— $— $52 $250 0.16 %
CRE31 — — — — — 31 0.14 
Commercial construction5 — — — — — 5 0.06 
Consumer:
Residential mortgage— 24 14 25 59 15 137 0.25 
Home equity— 1 — — — 2 3 0.03 
Indirect auto— 6 — 642 — 7 655 2.98 
Other consumer— 10 — — — 1 11 0.04 
Credit card— — — — — 10 10 0.20 
Total$234 $41 $14 $667 $59 $87 $1,102 0.36 
Six Months Ended June 30, 2024
(Dollars in millions)		RenewalsTerm ExtensionsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		OtherTotal Modified LoansPercentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial$321 $— $— $2 $— $67 $390 0.25 %
CRE170 — — — — 13 183 0.84 
Commercial construction45 — — — — — 45 0.58 
Consumer:
Residential mortgage— 43 26 33 112 25 239 0.44 
Home equity— 1 — — — 5 6 0.06 
Indirect auto— 12 — 989 — 15 1,016 4.62 
Other consumer— 19 — 1 — 2 22 0.08 
Credit card— — — — — 20 20 0.40 
Total$536 $75 $26 $1,025 $112 $147 $1,921 0.63 
20 Truist Financial Corporation

Three Months Ended June 30, 2025
Loan TypeFinancial Effect
Renewals
Commercial and industrialExtended the term by 14 months and increased the interest rate by 0.4%.
CREExtended the term by 13 months and increased the interest rate by 0.2%.
Commercial constructionExtended the term by 2 months.
Term Extensions
Residential mortgageExtended the term by 90 months.
Indirect autoExtended the term by 28 months.
Other consumerExtended the term by 32 months.
Interest Rate Adjustments
Credit cardDecreased the interest rate by 17%.
Capitalizations
Residential mortgageCapitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Residential mortgageProvided 235 days of payment deferral.
Indirect autoProvided 247 days of payment deferral.
Combination - Capitalization and Term Extension
Residential mortgageCapitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 94 months.
Six Months Ended June 30, 2025
Loan TypeFinancial Effect
Renewals
Commercial and industrialExtended the term by 12 months and increased the interest rate by 0.4%.
CREExtended the term by 15 months and increased the interest rate by 0.1%.
Commercial constructionExtended the term by 6 months.
Term Extensions
Residential mortgageExtended the term by 96 months.
Indirect autoExtended the term by 28 months.
Other consumerExtended the term by 29 months.
Interest Rate Adjustments
Indirect autoDecreased the interest rate by 7%.
Credit cardDecreased the interest rate by 17%.
Capitalizations
Residential mortgageCapitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Commercial and industrialProvided 180 days of payment deferral.
Residential mortgageProvided 230 days of payment deferral.
Indirect autoProvided 246 days of payment deferral.
Combination - Capitalization and Term Extension
Residential mortgageCapitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 96 months.

Truist Financial Corporation 21

Three Months Ended June 30, 2024
Loan TypeFinancial Effect
Renewals
Commercial and industrialExtended the term by 28 months and increased the interest rate by 0.05%.
CREExtended the term by 15 months and increased the interest rate by 0.01%.
Commercial constructionExtended the term by 10 months and increased the interest rate by 0.8%.
Term Extensions
Residential mortgageExtended the term by 103 months.
Home equityExtended the term by 170 months.
Indirect autoExtended the term by 26 months.
Other ConsumerExtended the term by 22 months.
Capitalizations
Residential mortgageCapitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Residential mortgageProvided 198 days of payment deferral.
Indirect autoProvided 193 days of payment deferral.
Combination - Capitalization and Term Extension
Residential mortgageCapitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 82 months.
Six Months Ended June 30, 2024
Loan TypeFinancial Effect
Renewals
Commercial and industrialExtended the term by 22 months and increased the interest rate by 0.2%.
CREExtended the term by 8 months and increased the interest rate by 0.27%.
Commercial constructionExtended the term by 12 months and increased the interest rate by 0.1%.
Term Extensions
Residential mortgageExtended the term by 105 months.
Home equityExtended the term by 161 months.
Indirect autoExtended the term by 26 months.
Other consumerExtended the term by 24 months.
Capitalizations
Residential mortgageCapitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Commercial and industrialProvided 97 days of payment deferral.
Residential mortgageProvided 198 days of payment deferral.
Indirect autoProvided 186 days of payment deferral.
Other consumerProvided 157 days of payment deferral
Combination - Capitalization and Term Extension
Residential mortgageCapitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 83 months.

The tables above exclude trial modifications totaling $42 million and $48 million as of June 30, 2025 and 2024, respectively. 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 June 30, 2025 and December 31, 2024, Truist had $430 million and $336 million, respectively, in unfunded lending commitments to lend additional funds to borrowers experiencing financial difficulty for which Truist has modified the terms of the loans in the ways described above during the twelve months preceding June 30, 2025 and December 31, 2024, respectively.

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 ACL is adjusted by the same amount.

22 Truist Financial Corporation

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 period-end delinquency status and amortized cost of loans that were modified in the last 12 months. The period-end delinquency status of loans that were modified are disclosed at amortized cost and reflect the impact of any paydowns, payoffs, or charge-offs that occurred subsequent to modification.

Payment Status
June 30, 2025
(Dollars in millions)
Current30-89 Days Past Due90 Days or More Past DueTotal
Commercial:
Commercial and industrial$922 $3 $23 $948 
CRE678 — 1 679 
Commercial construction143 — — 143 
Consumer:
Residential mortgage343 111 132 586 
Home equity4 — — 4 
Indirect auto1,021 220 32 1,273 
Other consumer31 2 1 34 
Credit card18 4 3 25 
Total$3,160 $340 $192 $3,692 
Total nonaccrual loans included above$166 $35 $104 $305 
Payment Status
December 31, 2024
(Dollars in millions)
Current30-89 Days Past Due90 Days or More Past DueTotal
Commercial:
Commercial and industrial$974 $44 $18 $1,036 
CRE313 7 3 323 
Commercial construction79 — — 79 
Consumer:
Residential mortgage279 95 102 476 
Home equity9 — — 9 
Indirect auto1,025 213 35 1,273 
Other consumer32 3 1 36 
Credit card20 3 2 25 
Total$2,731 $365 $161 $3,257 
Total nonaccrual loans included above$232 $78 $91 $401 

Truist Financial Corporation 23

The following table provides the amortized cost basis of financing receivables that were modified in the last twelve months and were in payment default at period end:

June 30, 2025
(Dollars in millions)
RenewalsTerm ExtensionsInterest Rate AdjustmentsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		OtherTotal
Commercial:
Commercial and industrial$23 $— $— $— $— $— $— $23 
CRE1 — — — — — — 1 
Consumer:
Residential mortgage— 11 — 5 69 40 7 132 
Indirect auto— 1 — — 29 — 2 32 
Other consumer— 1 — — — — — 1 
Credit card— — 3 — — — — 3 
Total$24 $13 $3 $5 $98 $40 $9 $192 

December 31, 2024
(Dollars in millions)
RenewalsTerm ExtensionsInterest Rate AdjustmentsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		OtherTotal
Commercial:
Commercial and industrial$18 $— $— $— $— $— $— $18 
CRE3 — — — — — — 3 
Consumer:
Residential mortgage— 13 — 6 44 33 6 102 
Indirect auto— 1 — — 32 — 2 35 
Other consumer— 1 — — — — — 1 
Credit card— — 2 — — — — 2 
Total$21 $15 $2 $6 $76 $33 $8 $161 

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

The following table presents additional information about loans and leases:

(Dollars in millions)Jun 30, 2025Dec 31, 2024
Unearned income, discounts, and net deferred loan fees and costs$526 $595 

24 Truist Financial Corporation

NOTE 6. Goodwill and Other Intangible Assets

The Company monitored events and circumstances during the period from January 1, 2025 to June 30, 2025, including macroeconomic and market factors, industry and banking sector events, Truist specific performance indicators, a comparison of management’s forecast and assumptions to those used in its October 1, 2024 quantitative impairment test, and the sensitivity of the October 1, 2024 quantitative results to changes in assumptions as of June 30, 2025. Based on these considerations, 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 June 30, 2025.

The Company most recently performed its annual goodwill impairment test for its CSBB, WB, and Wealth reporting units as of October 1, 2024. Based on the results of the quantitative analyses, the Company concluded that the fair values of the CSBB, WB and Wealth reporting units exceeded their respective carrying values; therefore, there was no goodwill impairment. However, for the WB reporting unit, the fair value of the reporting unit exceeded its carrying value by approximately 10%, indicating that the goodwill of the WB reporting unit may remain at risk of impairment. The fair values of the CSBB, WB, and Wealth reporting units were estimated using the income approach and a market-based approach, each weighted 50%.

The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. Activity during 2024 primarily relates to the segment realignment and the divestiture of Sterling Capital Management, LLC. Refer to “Note 18. Operating Segments” for additional information on segments and “Note 21. Operating Segments” of the Annual Report on Form 10-K for the year ended December 31, 2024 for additional information on the segment realignment.

(Dollars in millions)CSBBWBTotal
Goodwill, January 1, 2024$13,503 $3,653 $17,156 
Segment realignment(1,498)1,498 — 
Divestitures— (32)(32)
Adjustments and other— 1 1 
Goodwill, December 31, 202412,005 5,120 17,125 
Goodwill, June 30, 2025$12,005 $5,120 $17,125 

The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets:

 June 30, 2025December 31, 2024
(Dollars in millions)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
CDI$2,410 $(1,880)$530 $2,453 $(1,837)$616 
Other, primarily client relationship intangibles
1,462 (593)869 1,458 (524)934 
Total$3,872 $(2,473)$1,399 $3,911 $(2,361)$1,550 

Truist Financial Corporation 25

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)Jun 30, 2025Dec 31, 2024
UPB of residential mortgage loan servicing portfolio$270,750 $273,412 
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate
213,002 218,475 
Mortgage loans sold with recourse138 146 
Maximum recourse exposure from mortgage loans sold with recourse liability87 91 
Indemnification, recourse and repurchase reserves27 44 
As of / For the Six Months Ended June 30,
(Dollars in millions)		20252024
UPB of residential mortgage loans sold from LHFS$4,990 $4,651 
Pre-tax gains recognized on mortgage loans sold and held for sale35 34 
Servicing fees recognized from mortgage loans serviced for others309 294 
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others
0.28 %0.28 %
Weighted average interest rate on mortgage loans serviced for others3.70 3.63 

The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value:

(Dollars in millions)20252024
Residential MSRs, carrying value, January 1$3,430 $3,088 
Additions102 78 
Sales— (2)
Change in fair value due to changes in valuation inputs or assumptions(31)88 
Realization of expected net servicing cash flows, passage of time, and other(151)(135)
Residential MSRs, carrying value, June 30$3,350 $3,117 

The sensitivity of the fair value of the Company’s residential MSRs to changes in key assumptions is presented in the following table:

June 30, 2025December 31, 2024
RangeWeighted AverageRangeWeighted Average
(Dollars in millions)MinMaxMinMax
Prepayment speed6.3 %13.5 %7.4 %6.3 %11.2 %7.1 %
Effect on fair value of a 10% increase$(94)$(89)
Effect on fair value of a 20% increase(181)(172)
OAS1.4 %12.2 %4.8 %1.8 %12.5 %4.8 %
Effect on fair value of a 10% increase$(70)$(70)
Effect on fair value of a 20% increase(137)(138)
Composition of loans serviced for others:   
Fixed-rate residential mortgage loans99.7 %99.7 %
Adjustable-rate residential mortgage loans
0.3 0.3 
Total  100.0 %  100.0 %
Weighted average life  7.5 years  7.6 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.
26 Truist Financial Corporation


Commercial Mortgage Activities

The following table summarizes commercial mortgage servicing activities:

(Dollars in millions)Jun 30, 2025Dec 31, 2024
UPB of CRE mortgages serviced for others$27,007 $27,845 
CRE mortgages serviced for others covered by recourse provisions9,731 9,985 
Maximum recourse exposure from CRE mortgages sold with recourse liability2,866 2,940 
Recorded reserves related to recourse exposure11 11 
CRE mortgages originated during the year-to-date period277 1,467 
Commercial MSRs at fair value238 265 


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:

June 30, 2025December 31, 2024
(Dollars in millions)Operating LeasesFinance LeasesOperating LeasesFinance Leases
ROU assets$1,042 $17 $1,015 $17 
Lease liabilities1,303 19 1,301 19 
Weighted average remaining term6.7 years7.7 years6.7 years7.8 years
Weighted average discount rate3.6 %5.1 %3.5 %5.1 %
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions)2025202420252024
Operating lease costs$69 $66 $137 $143 

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 held for investment. This table excludes subleases on assets included in premises and equipment.

(Dollars in millions)Jun 30, 2025Dec 31, 2024
Assets held under operating leases(1)(2)
$1,917 $1,843 
Accumulated depreciation (534)(539)
Net$1,383 $1,304 
(1)Includes certain land parcels subject to operating leases that have indefinite lives.
(2)Excludes operating leases held-for-sale that totaled $22 million and $18 million at June 30, 2025 and December 31, 2024, respectively.

Truist Financial Corporation 27

NOTE 9. Borrowings

The following table presents a summary of long-term debt:

(Dollars in millions)Jun 30, 2025Dec 31, 2024
Truist Financial Corporation:(1)
Fixed rate senior notes$21,821 $22,134 
Fixed rate subordinated notes(2)
1,823 1,828 
Capital notes(2)
636 634 
Truist Bank:(1)
Fixed rate senior notes1,748 1,744 
Fixed rate subordinated notes(2)
4,796 4,771 
Floating rate FHLB advances
12,150 2,400 
Other long-term debt(3)
1,453 1,445 
Total long-term debt$44,427 $34,956 
(1)Certain senior and subordinated notes convert from fixed to floating one year prior to maturity, and are callable within the final year of maturity at par.
(2)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.
(3)Includes debt associated with finance leases, tax credit investments, and other.

In July 2025, Truist redeemed all $1.5 billion principal amount outstanding of its fixed-to-floating rate senior holding company notes due July 28, 2026.

In July 2025, Truist issued $1.5 billion principal amount of fixed-to-floating rate senior bank notes with an interest rate of 4.42% due July 24, 2028 and $500 million floating rate senior bank notes due July 24, 2028.

NOTE 10. Shareholders’ Equity

Dividends on Common and Preferred Stock

The following table presents total dividends declared per share of common and preferred stock:

(Dollars in millions, except per share data)Dividends Per ShareAggregate Dividends
Three Months Ended June 30,Six Months Ended June 30,Three Months Ended June 30,Six Months Ended June 30,
20252024202520242025202420252024
Common stock$0.52 $0.52 $1.04 $1.04 $670 $696 $1,349 $1,390 
Preferred stock:
Series I1,286.86 1,598.23 2,588.71 3,159.45 2 3 4 5 
Series J1,315.93 1,628.26 2,646.85 3,218.54 2 2 3 3 
Series L— 2,269.81 — 4,481.17 — 16 — 33 
Series M2,562.50 2,562.50 2,562.50 2,562.50 13 13 13 13 
Series N— — 833.63 600.00 — — 56 41 
Series O328.13 328.13 656.25 656.25 7 7 15 15 
Series P618.75 618.75 618.75 618.75 25 25 25 25 
Series Q— — 637.50 637.50 — — 26 26 
Series R296.88 296.88 593.75 593.75 11 11 22 22 
Total preferred stock$60 $77 $164 $183 

Share Repurchase Activity

In June 2024, Truist announced that the Board had authorized the repurchase of up to $5.0 billion of common stock beginning in the third quarter of 2024 through 2026 as part of Truist’s overall capital distribution strategy. For the six months ended June 30, 2025, the Company repurchased $1.3 billion of common stock, including excise tax, which represented 31.5 million shares, through open market repurchases. Repurchased shares revert to the status of authorized and unissued shares upon repurchase. At June 30, 2025, Truist had remaining authorization to repurchase up to $2.8 billion of common stock under the Board approved repurchase plan.

28 Truist Financial Corporation

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 previously transferred from AFS securities.

(Dollars in millions)Pension and OPEB CostsCash Flow HedgesAFS SecuritiesHTM SecuritiesOther, netTotal
AOCI balance, April 1, 2024$(1,078)$(490)$(9,354)$(2,296)$(4)$(13,222)
OCI before reclassifications, net of tax34 (99)(325)— 1 (389)
Amounts reclassified from AOCI:     
Before tax— 79 6,529 75 — 6,683 
Tax effect— 18 1,540 18 — 1,576 
Amounts reclassified, net of tax— 61 4,989 57 — 5,107 
Total OCI, net of tax34 (38)4,664 57 1 4,718 
AOCI balance, June 30, 2024$(1,044)$(528)$(4,690)$(2,239)$(3)$(8,504)
AOCI balance, April 1, 2025$(643)$(432)$(4,095)$(2,075)$(5)$(7,250)
OCI before reclassifications, net of tax1 205 69 — 5 280 
Amounts reclassified from AOCI:     
Before tax1 92 (66)71 — 98 
Tax effect— 22 (13)12 — 21 
Amounts reclassified, net of tax1 70 (53)59 — 77 
Total OCI, net of tax2 275 16 59 5 357 
AOCI balance, June 30, 2025$(641)$(157)$(4,079)$(2,016)$— $(6,893)
(Dollars in millions)Pension and OPEB CostsCash Flow HedgesAFS SecuritiesHTM SecuritiesOther, netTotal
AOCI balance, January 1, 2024$(1,079)$(300)$(8,778)$(2,347)$(2)$(12,506)
OCI before reclassifications, net of tax(1)
35 (331)(780)— (1)(1,077)
Amounts reclassified from AOCI:     
Before tax— 134 6,371 141 — 6,646 
Tax effect— 31 1,503 33 — 1,567 
Amounts reclassified, net of tax— 103 4,868 108 — 5,079 
Total OCI, net of tax35 (228)4,088 108 (1)4,002 
AOCI balance, June 30, 2024$(1,044)$(528)$(4,690)$(2,239)$(3)$(8,504)
AOCI balance, January 1, 2025$(648)$(861)$(4,573)$(2,125)$(6)$(8,213)
OCI before reclassifications, net of tax6 563 612 — 6 1,187 
Amounts reclassified from AOCI:     
Before tax1 185 (151)136— 171 
Tax effect— 44 (33)27— 38 
Amounts reclassified, net of tax1 141 (118)109 — 133 
Total OCI, net of tax7 704 494 109 6 1,320 
AOCI balance, June 30, 2025$(641)$(157)$(4,079)$(2,016)$— $(6,893)
Primary income statement location of amounts reclassified from AOCI
Other expenseNet interest incomeSecurities gains (losses) and Interest on securitiesInterest on securitiesOther income
(1)Includes the impact of the remeasurement of the pension plan and the reduction of pension benefit obligations following the sale of TIH. Refer to “Note 13. Benefit Plans” for additional information.
Truist Financial Corporation 29

NOTE 12. Income Taxes

For the three months ended June 30, 2025, the provision for income taxes was $273 million compared to a benefit from income taxes of $1.3 billion for the three months ended June 30, 2024, representing effective tax rates of 18.0% and 25.3%, respectively. For the six months ended June 30, 2025, the provision for income taxes was $547 million compared to a benefit from income taxes of $1.1 billion for the six months ended June 30, 2024, representing effective tax rates of 17.9% and 28.3%, respectively. The benefit from income taxes for the three and six months ended June 30, 2024 was driven by the discrete impact of the balance sheet repositioning of securities. 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 June 30,Six Months Ended June 30,
(Dollars in millions)Income Statement Location2025202420252024
Service cost(1)
Personnel expense / Net income from discontinued operations$69 $84 $137 $180 
Interest costOther expense114 112 228 220 
Estimated return on plan assetsOther expense(242)(238)(485)(482)
Amortization and otherOther expense— — — 1 
Net periodic (benefit) cost$(59)$(42)$(120)$(81)
(1)Includes $2 million and $10 million for the three and six months ended June 30, 2024, respectively, of service cost reported in net income from discontinued operations for the qualified defined benefit pension plan for employees of TIH.

Truist may make contributions to the qualified pension plans up to the maximum amount deductible for federal income tax purposes. Truist did not make a discretionary contribution to the qualified pension plan during the six months ended June 30, 2025.

30 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 following table summarizes certain tax credit and certain equity investments:

(Dollars in millions)Balance Sheet LocationJun 30, 2025Dec 31, 2024
Investments in affordable housing projects and other qualified tax credits:  
Carrying amountOther assets$7,743 $7,782 
Amount of future funding commitments included in carrying amountOther liabilities2,410 2,667 
Lending exposureLoans and leases for funded amounts2,220 2,376 
Renewable energy investments:
Carrying amountOther assets840 551 
Amount of future funding commitments not included in carrying amountNA503 702 
SBIC and certain other equity method investments:
Carrying amountOther assets947 878 
Amount of future funding commitments not included in carrying amountNA598 613 

The following table presents a summary of tax credits and amortization expense associated with the Company’s tax credit investment activity. Activity related to the Company’s renewable energy investments, other than qualified tax credits, was immaterial.

Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions)Income Statement Location2025202420252024
Tax credits:
Investments in affordable housing projects, other qualified tax credits, and other community development investmentsProvision for income taxes$209 $185 $420 $370 
Amortization and other changes in carrying amount:
Investments in affordable housing projects and other qualified tax creditsProvision for income taxes$186 $170 $374 $341 
Other community development investmentsOther noninterest income3 3 5 5 

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)Jun 30, 2025Dec 31, 2024
Commitments to extend, originate, or purchase credit and other commitments$221,244 $210,645 
Residential mortgage loans sold with recourse138 146 
CRE mortgages serviced for others covered by recourse provisions9,731 9,985 
Other loans serviced for others covered by recourse and other provisions2,388 2,022 
Letters of credit8,399 7,532 

Truist Financial Corporation 31

Total Return Swaps

The Company enters into TRS transactions with third-party clients, whereby a VIE purchases reference assets identified by a client. The Company financially supports the VIE’s purchases 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 reference assets and providing them with the rights to appreciation on the reference assets. The terms of the TRS contracts require the third-party clients to post initial margin collateral, as well as ongoing variation margin as the fair values of the underlying reference assets change. The following table provides a summary of the TRS transactions with the associated VIE reference assets, which include trading loans and bonds:

(Dollars in millions)Jun 30, 2025Dec 31, 2024
Total return swaps:
VIE assets$2,396 $1,854 
Trading loans and bonds2,014 1,473 
VIE liabilities379 356 

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.

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)Jun 30, 2025Dec 31, 2024
Pledged securities$36,759 $48,058 
Pledged loans:
FRB103,542 93,497 
FHLB73,185 71,931 
Unused borrowing capacity:
FRB80,374 72,040 
FHLB30,417 31,411 

Legal Proceedings and Other Matters

Truist is routinely named as a defendant in or a party to numerous actual or threatened legal proceedings and other matters and is or may be subject to potential liability in connection with them. The legal proceedings and other matters may be formal or informal and include litigation and arbitration with one or more identified claimants, certified or purported class actions with yet-to-be-identified claimants, and regulatory or other governmental information-gathering requests, examinations, investigations, and enforcement proceedings. Claims may be based in law or equity—such as those arising under contracts or in tort and those involving banking, consumer-protection, securities, antitrust, tax, employment, and other laws—and some present novel legal theories, allegations of substantial or indeterminate damages, demands for injunctive or similar relief, and requests for fines, penalties, restitution, or alterations in Truist’s business practices. Our legal proceedings and other matters exist in varying stages of adjudication, arbitration, negotiation, or investigation and span our business lines and operations.

The course and outcome of legal proceedings and other matters are inherently unpredictable. This is especially so when a matter is still in its early stages, the damages sought are indeterminate or unsupported, significant facts are unclear or disputed, novel questions of law or other meaningful legal uncertainties exist, a request to certify a proceeding as a class action is outstanding or granted, multiple parties are named, or regulatory or other governmental entities are involved. As a result, we often are unable to determine how or when actual or threatened legal proceedings and other matters will be resolved and what losses may be incrementally and ultimately incurred. It is possible that the ultimate resolution of these matters, including the matter 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.

32 Truist Financial Corporation

Truist establishes accruals for legal proceedings and other matters when potential losses become probable and the amount of loss can be reasonably estimated. Accruals are evaluated each quarter and may be adjusted, upward or downward, based on our best judgment after consultation with counsel and others. No assurance exists that our accruals will not need to be adjusted in the future. Actual losses may be higher or lower than any amounts accrued, possibly to a significant degree.

The Company estimates reasonably possible losses, in excess of amounts accrued, of up to approximately $375 million as of June 30, 2025. This estimate does not represent Truist’s maximum loss exposure, and actual losses may vary significantly. Also, the outcome of a particular matter may be one that the Company did not take into account in its estimate because the Company judged the likelihood of that outcome to be remote. In addition, the matters underlying this estimate may change from time to time. Estimated losses, like accruals, are based upon currently available information and involve considerable uncertainties and judgment.

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 matter provide additional information sufficient to support such an estimate. These matters are not accrued for and are not reflected in the estimate of reasonably possible losses.

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

Bickerstaff v. SunTrust Bank

This class action case was filed in Fulton County State Court on July 12, 2010, and an amended complaint was filed on August 9, 2010. Plaintiff alleges 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. The amended complaint asserts 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 class sought a return of up to $452 million in paid overdraft fees plus prejudgment interest, which based on this amount of claimed fees would have been estimated at approximately $447 million as of June 30, 2025. A court-ordered mediation was held on February 28, 2024, but no resolution was reached. On March 4, 2024, the trial court issued an order granting in part and denying in part Truist’s motions to amend the class definition to narrow the scope of the class, to compel arbitration against certain class members, and for summary judgment. Truist and the class separately appealed the trial court’s order to the Georgia Court of Appeals.

On February 20, 2025, the Court of Appeals ruled on the appeals and affirmed in part and reversed in part the trial court’s March 4, 2024 order. Truist and the class filed motions to reconsider with the Court of Appeals, which were denied on March 19, 2025. On April 8, 2025, Truist filed a petition for a writ of certiorari with the Georgia Supreme Court, which remains pending. The class did not seek such a writ, and therefore, the rulings by the Court of Appeals in favor of Truist are final.

Truist Financial Corporation 33

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:

June 30, 2025
(Dollars in millions)		TotalLevel 1Level 2Level 3
Netting Adjustments(1)
Assets:    
Trading assets:
U.S. Treasury$220 $— $220 $— $— 
GSE42 — 42 — — 
States and political subdivisions796 — 796 — — 
Corporate and other debt securities1,720 — 1,720 — — 
Loans2,184 — 2,184 — — 
Equity securities916 916 — — — 
Other85 — 85 — — 
Total trading assets5,963 916 5,047 — — 
AFS securities: 
U.S. Treasury13,471 — 13,471 — — 
GSE435 — 435 — — 
Agency MBS – residential49,455 — 49,455 — — 
Agency MBS – commercial2,653 — 2,653 — — 
States and political subdivisions361 — 361 — — 
Other15 — 15 — — 
Total AFS securities66,390 — 66,390 — — 
LHFS at fair value1,105 — 1,105 — — 
Loans and leases12 — — 12 — 
Loan servicing rights at fair value3,612 — — 3,612 — 
Other assets:
Derivative assets1,647 1,212 2,121 6 (1,692)
Equity securities330 278 52 — — 
Total assets$79,059 $2,406 $74,715 $3,630 $(1,692)
Liabilities:    
Interest-bearing deposits:
Brokered time deposits$396 $— $396 $— $— 
Short-term borrowings:
Securities sold short1,999 497 1,502 — — 
Other trading liabilities200 — 200 — — 
Other liabilities:
Derivative liabilities1,812 546 4,024 26 (2,784)
Total liabilities$4,407 $1,043 $6,122 $26 $(2,784)
34 Truist Financial Corporation

December 31, 2024
(Dollars in millions)		TotalLevel 1Level 2Level 3
Netting Adjustments(1)
Assets:    
Trading assets:
U.S. Treasury$143 $— $143 $— $— 
GSE41 — 41 — — 
States and political subdivisions786 — 786 — — 
Corporate and other debt securities1,679 — 1,679 — — 
Loans1,671 — 1,671 — — 
Equity securities413 413 — — — 
Other367 267 100 — — 
Total trading assets5,100 680 4,420 — — 
AFS securities: 
U.S. Treasury14,411 — 14,411 — — 
GSE403 — 403 — — 
Agency MBS – residential49,959 — 49,959 — — 
Agency MBS – commercial2,293 — 2,293 — — 
States and political subdivisions382 — 382 — — 
Other16 — 16 — — 
Total AFS securities67,464 — 67,464 — — 
LHFS at fair value1,233 — 1,233 — — 
Loans and leases13 — — 13 — 
Loan servicing rights at fair value3,708 — — 3,708 — 
Other assets: 
Derivative assets966 1,147 1,675 2 (1,858)
Equity securities305 298 7 — — 
Total assets$78,789 $2,125 $74,799 $3,723 $(1,858)
Liabilities:    
Interest-bearing deposits:
Brokered time deposits$192 $— $192 $— $— 
Short-term borrowings:
Securities sold short1,694 358 1,336 — — 
Other trading liabilities202 — 202 — — 
Other liabilities:
Derivative liabilities2,286 569 4,088 43 (2,414)
Total liabilities$4,374 $927 $5,818 $43 $(2,414)
(1)Refer to “Note 16. Derivative Financial Instruments” for additional discussion on netting adjustments.

At June 30, 2025 and December 31, 2024, investments totaling $584 million and $535 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, 2024.

Truist Financial Corporation 35

Activity for Level 3 assets and liabilities is summarized below:

Three Months Ended June 30, 2025 and 2024
(Dollars in millions)		Loans and LeasesLoan Servicing RightsNet Derivatives
Balance at April 1, 2024$14 $3,417 $(21)
Total realized and unrealized gains (losses):
Included in earnings— 30 (4)
Issuances— 52 12 
Sales— (1)— 
Settlements— (88)(7)
Balance at June 30, 2024$14 $3,410 $(20)
Balance at April 1, 2025$12 $3,628 $(33)
Total realized and unrealized gains (losses):
Included in earnings— 27 2 
Issuances— 54 13 
Settlements— (97)(2)
Balance at June 30, 2025$12 $3,612 $(20)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2025$— $27 $4 
Six Months Ended June 30, 2025 and 2024
(Dollars in millions)		Loans and LeasesLoan Servicing RightsNet Derivatives
Balance at January 1, 2024$15 $3,378 $(19)
Total realized and unrealized gains (losses): 
Included in earnings— 112 (7)
Issuances— 84 11 
Sales— (2)— 
Settlements(1)(162)(5)
Balance at June 30, 2024$14 $3,410 $(20)
Balance at January 1, 2025$13 $3,708 $(41)
Total realized and unrealized gains (losses):
Included in earnings— (29)8 
Issuances— 111 17 
Settlements(1)(178)(4)
Balance at June 30, 2025$12 $3,612 $(20)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2025$— $(29)$1 
Primary income statement location of realized gains (losses) included in earnings
Other incomeMortgage banking incomeMortgage banking income and other income

Fair Value Option

The following table details the fair value and UPB of certain loans and time deposits that were elected to be measured at fair value:

 June 30, 2025December 31, 2024
(Dollars in millions)Fair ValueUPBDifferenceFair ValueUPBDifference
Trading loans$2,184 $2,240 $(56)$1,671 $1,697 $(26)
Loans and leases12 13 (1)13 14 (1)
LHFS at fair value1,105 1,084 21 1,233 1,232 1 
Brokered time deposits396 399 (3)192 195 (3)
36 Truist Financial Corporation


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 with valuation adjustments recorded during the period. The carrying values represent end of period values, which approximate the fair value.

(Dollars in millions)Fair Value HierarchyJun 30, 2025Dec 31, 2024
Carrying value:
LHFSLevel 2$60 $— 
LHFSLevel 33 4 
Loans and leases(1)
Level 3293 525 
OtherLevel 3103 147 
(1)Total loans and leases measured at fair value on a nonrecurring basis still held as of period end were $485 million and $682 million at June 30, 2025 and December 31, 2024, respectively.

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.

Six Months Ended June 30,
(Dollars in millions)20252024
Valuation adjustments:
LHFS$(68)$(16)
Loans and leases(420)(557)
Other(148)(166)

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.

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, 2024 for additional discussion of individually evaluated loans and leases.

Other includes foreclosed real estate, other foreclosed property, partnership investments, premises and equipment, OREO, and held for sale operating leases, and consists primarily of residential homes, commercial properties, vacant lots, and automobiles. Partnership investments are measured based on discounted expected future cash flows. The remaining assets are measured at LOCOM, less costs to sell.

Truist Financial Corporation 37

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:

June 30, 2025December 31, 2024
(Dollars in millions)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
Financial assets:
HTM securitiesLevel 2$48,973 $39,611 $50,640 $40,286 
Loans and leases HFI, net of ALLLLevel 3313,885 309,836 301,513 294,190 
Financial liabilities:  
Time depositsLevel 247,271 47,147 36,532 36,377 
Long-term debtLevel 244,427 44,610 34,956 34,917 

The carrying value of the RUFC, which approximates the fair value, was $354 million and $304 million at June 30, 2025 and December 31, 2024, respectively. Cash and due from banks, interest-bearing deposits with banks, securities borrowed or purchased under agreements to resell, and short-term borrowings are reflected in the Consolidated balance sheets at cost, which approximates the fair value due to the short-term nature of these instruments and their limited inherent credit risk.

38 Truist Financial Corporation

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:

June 30, 2025December 31, 2024
 Notional AmountFair ValueNotional AmountFair Value
(Dollars in millions)AssetsLiabilitiesAssetsLiabilities
Cash flow hedges:      
Interest rate contracts:      
Swaps hedging commercial loans$66,335 $— $— $66,585 $— $— 
Fair value hedges:   
Interest rate contracts:   
Swaps hedging long-term debt 23,258 — — 17,368 — — 
Swaps hedging AFS securities28,587 — — 30,126 — — 
Total51,845 — — 47,494 — — 
Not designated as hedges:      
Client-related and other risk management:      
Interest rate contracts:      
Swaps165,734 537 (1,104)146,194 488 (1,706)
Written options9,662 17 (31)9,623 16 (49)
Purchased options9,660 25 (1)11,321 29 (1)
Futures and forwards3,685 3 (7)4,782 1 (2)
Foreign exchange contracts:
Swaps10,126 468 (415)7,397 128 (114)
Futures and forwards21,766 339 (368)21,966 311 (270)
Other2,342 43 (38)760 5 (4)
Equity contracts:
Written options30,712 13 (2,025)28,228 12 (2,102)
Purchased options15,761 1,392 (94)11,956 1,366 (23)
Other1,220 38 (28)1,730 6 (41)
Commodity contracts10,357 402 (379)10,988 318 (297)
Credit contracts:
Credit default swaps1,529 — (1)685 — — 
Total return swaps2,013 15 (5)1,485 25 (13)
Risk participation agreements7,666 — (3)7,388 — (2)
Total292,233 3,292 (4,499)264,503 2,705 (4,624)
MSRs and mortgage banking:      
Interest rate contracts:      
Swaps16,312 — — 20,696 — — 
Written options748 10 — 1,932 32 (6)
Purchased options8,084 16 (80)8,910 60 (46)
Interest rate lock commitments922 6 (2)939 2 (13)
When issued securities, forward rate agreements, forward commitments, and futures
4,526 15 (15)5,261 25 (11)
Total30,592 47 (97)37,738 119 (76)
Total derivatives not designated as hedges322,825 3,339 (4,596)302,241 2,824 (4,700)
Total derivatives$441,005 3,339 (4,596)$416,320 2,824 (4,700)
Gross amounts in the Consolidated Balance Sheets:    
Amounts subject to master netting arrangements and exchange traded derivatives
(1,543)1,543  (1,408)1,408 
Cash collateral (received) posted for amounts subject to master netting arrangements
 (149)1,241  (450)1,006 
Net amount $1,647 $(1,812) $966 $(2,286)

Truist Financial Corporation 39

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. GAAP does not permit netting of non-cash collateral balances in the Consolidated Balance Sheets. Refer to "Note 3. Securities Financing Activities" for information about the Company's securities financing transactions subject to master netting (or similar) arrangements.

June 30, 2025
(Dollars in millions)		Gross AmountAmount OffsetNet Amount in Consolidated Balance Sheets
Held/Pledged Financial Instruments(1)
Net Amount
Derivative assets:
Derivatives subject to master netting arrangement or similar arrangement$1,942 $(1,147)$795 $— $795 
Derivatives not subject to master netting arrangement or similar arrangement185 — 185 — 185 
Exchange traded derivatives1,212 (545)667 — 667 
Total derivative assets$3,339 $(1,692)$1,647 $— $1,647 
Derivative liabilities:
Derivatives subject to master netting arrangement or similar arrangement$(3,349)$2,239 $(1,110)$99 $(1,011)
Derivatives not subject to master netting arrangement or similar arrangement(701)— (701)— (701)
Exchange traded derivatives(546)545 (1)— (1)
Total derivative liabilities$(4,596)$2,784 $(1,812)$99 $(1,713)
December 31, 2024
(Dollars in millions)		Gross AmountAmount OffsetNet Amount in Consolidated Balance Sheets
Held/Pledged Financial Instruments(1)
Net Amount
Derivative assets:
Derivatives subject to master netting arrangement or similar arrangement$1,599 $(1,293)$306 $— $306 
Derivatives not subject to master netting arrangement or similar arrangement78 — 78 — 78 
Exchange traded derivatives1,147 (565)582 — 582 
Total derivative assets$2,824 $(1,858)$966 $— $966 
Derivative liabilities:
Derivatives subject to master netting arrangement or similar arrangement$(3,379)$1,849 $(1,530)$94 $(1,436)
Derivatives not subject to master netting arrangement or similar arrangement(752)— (752)— (752)
Exchange traded derivatives(569)565 (4)— (4)
Total derivative liabilities$(4,700)$2,414 $(2,286)$94 $(2,192)
(1)The fair value of held/pledged financial instruments is limited to the carrying amount of the associated derivative asset or liability.

The following table presents the carrying amount of hedged items in fair value hedging relationships:

June 30, 2025December 31, 2024
Carrying Amount of the Hedged Assets and Liabilities(1)
Hedge Basis Adjustment
Carrying Amount of the Hedged Assets and Liabilities(1)
Hedge Basis Adjustment
(Dollars in millions)Items Currently DesignatedDiscontinued HedgesItems Currently DesignatedDiscontinued Hedges
AFS securities(2)
$41,809 $91 $14 $43,621 $(503)$15 
Loans and leases209 — 4 297 — 5 
Long-term debt28,931 122 (452)29,469 (121)(533)
(1)Carrying value shown represents amortized cost.
(2)As of June 30, 2025, closed portfolios of securities hedged under the portfolio layer method have an amortized cost of $29.7 billion, of which $17.4 billion was designated as hedged. As of December 31, 2024, closed portfolios of securities hedged under the portfolio layer method have an amortized cost of $30.5 billion, of which $18.0 billion was designated as hedged. The remaining amount of amortized cost is from securities with terminated hedges where the basis adjustment is being amortized into earnings using the effective interest method over the contractual life of the security and hedges not designated under the portfolio-layer method.

40 Truist Financial Corporation

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 June 30,Six Months Ended June 30,
(Dollars in millions)2025202420252024
Pre-tax gain (loss) recognized in OCI:
Commercial loans$267 $(129)$736 $(432)
Pre-tax gain (loss) reclassified from AOCI into interest expense or interest income:
Commercial loans(92)(79)(185)(134)

The following table summarizes the impact on net interest income related to fair value hedges:

Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions)2025202420252024
Investment securities:
Amounts related to interest settlements$70 $115 $141 $278 
Recognized on derivatives(199)185 (591)627 
Recognized on hedged items
210 (172)611 (608)
Net income (expense) recognized(1)
81 128 161 297 
Loans and leases:
Recognized on hedged items
— — (1)(1)
Long-term debt:
Amounts related to interest settlements(18)(51)(40)(90)
Recognized on derivatives92 (63)244 (295)
Recognized on hedged items
(128)41 (323)252 
Net income (expense) recognized(54)(73)(119)(133)
Net income (expense) recognized, total
$27 $55 $41 $163 
(1)Includes $9 million and $18 million of income recognized for the three and six months ended June 30, 2025, respectively, and $10 million and $20 million for the three and six months ended June 30, 2024, respectively, from securities with terminated hedges that were reclassified to HTM. The income recognized was offset by the amortization of the fair value mark.
Truist Financial Corporation 41

The following table presents information about the Company’s cash flow and fair value hedges:

(Dollars in millions)Jun 30, 2025Dec 31, 2024
Cash flow hedges:
Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI$(13)$(722)
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2029)
(144)(139)
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
4 years5 years
Fair value hedges:
Unrecognized pre-tax net gain (loss) on terminated hedges(1)
$(115)$(180)
(1)Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $355 million at June 30, 2025 and $373 million at December 31, 2024.

Of the after-tax net loss on active and terminated cash flow hedges in OCI as of June 30, 2025, losses of $173 million after-tax are expected to be reclassified into earnings in the next 12 months.

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 June 30,Six Months Ended June 30,
(Dollars in millions)Income Statement Location2025202420252024
Client-related and other risk management:  
Interest rate contractsInvestment banking and trading income and other income$10 $27 $21 $66 
Foreign exchange contractsInvestment banking and trading income and other income(164)36 (213)101 
Equity contractsInvestment banking and trading income, other income, and personnel expense(38)7 15 (10)
Credit contractsInvestment banking and trading income and other income(26)14 (12)(10)
Commodity contractsInvestment banking and trading income3 4 6 6 
MSRs and mortgage banking:  
Interest rate contractsMortgage banking income(18)(24)19 (122)
Total$(233)$64 $(164)$31 

42 Truist Financial Corporation

Credit Derivative Instruments

As part of the Company’s investment banking and capital markets business, the Company enters into contracts that are, in form or substance, written guarantees; specifically, risk participation agreements, 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 clients through the normal credit review process that the Company would have performed had it entered into a derivative directly with the obligors. At June 30, 2025, the remaining terms on these risk participations ranged from less than one year to nine 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.”

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)Jun 30, 2025Dec 31, 2024
Risk participation agreements:
Maximum potential amount of exposure
$429 $381 
Total return swaps:
Cash received for variation margin15 25 
Cash and other collateral received for initial margin506 329 

Truist Financial Corporation 43

NOTE 17. Computation of EPS

Basic and diluted EPS calculations are presented in the following table:

 Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions, except per share data, shares in thousands)2025202420252024
Net income (loss) available to common shareholders from continuing operations$1,180 $(3,983)$2,337 $(2,956)
Net income available to common shareholders from discontinued operations— 4,809 — 4,873 
Net income available to common shareholders$1,180 $826 $2,337 $1,917 
Weighted average number of common shares1,292,292 1,338,149 1,299,833 1,336,620 
Effect of dilutive outstanding equity-based awards12,713 — 14,946 — 
Weighted average number of diluted common shares1,305,005 1,338,149 1,314,779 1,336,620 
Basic EPS from continuing operations$0.91 $(2.98)$1.80 $(2.21)
Basic EPS from discontinued operations— 3.60 — 3.64 
Basic EPS$0.91 $0.62 $1.80 $1.43 
Diluted EPS from continuing operations$0.90 $(2.98)$1.78 $(2.21)
Diluted EPS from discontinued operations— 3.60 — 3.64 
Diluted EPS$0.90 $0.62 $1.78 $1.43 
Anti-dilutive awards174 11,975 5 12,082 

44 Truist Financial Corporation

NOTE 18. Operating Segments

Truist operates and measures business activity across two segments: CSBB and WB, 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. The Chairman and CEO is the Truist CODM. The CODM regularly reviews segment net income and its significant components in comparison to expected results as part of evaluating segment performance and optimizing resource allocation. In this regular review, segment net income typically excludes amortization of intangibles, restructuring charges, and goodwill impairment which are separately presented in the table below.

Consumer and Small Business Banking

CSBB serves retail, premier, and small business clients, providing checking, money market, savings, time and other deposits, payment services, and lending solutions through digital banking, an extensive network of community banking branches, ATMs, virtual service centers, and other channels. Lending solutions include credit cards, personal and unsecured loans originated through the branch network and digital channels; national indirect lending services providing a comprehensive set of technology-enabled consumer lending solutions, including point-of-sale offerings for autos, recreational vehicles, outdoor power sports, outdoor power equipment, and home improvement; and real estate lending providing residential mortgages through retail, direct, and correspondent channels, and home equity loans delivered through the branch network.

Wholesale Banking

WB provides a comprehensive set of products, solutions, and advisory services to commercial, corporate, institutional, and wealth clients. Banking expertise and product capabilities are delivered through a combination of regional coverage across the Truist footprint and national industry coverage for real estate, investment banking, and capital markets clients. WB works with clients to meet their core banking needs, including traditional and specialized credit solutions and commercial payments to manage deposits and liquidity, payables, and receivables. Through investment banking capabilities, clients have full access to strategic advisory services, debt and equity capital markets, leveraged finance, and securitizations, with distribution channels and market making across both fixed income and equity markets. WB also invests in certain affordable housing, New Market Tax Credit, and renewable energy tax credit investments. For additional information on these investments, see “Note 14. Commitments and Contingencies”. The wealth business delivers asset management, trust, brokerage, and investment management, as well as specialized commercial products, while aligning closely with regional and industry banking coverage.

Other, Treasury & Corporate

OT&C includes management of the Company’s investment securities portfolio, long-term debt, derivative instruments used for balance sheet hedging, short-term liquidity and funding activities, balance sheet risk management and most bank-owned real estate assets, as well as the Company’s functional activities such as finance, enterprise risk, legal, and enterprise technology and management, among others. Additionally, OT&C houses intersegment eliminations, including intersegment net referral fees and residual interest rate risk.

Truist promotes revenue growth by bringing the full breadth and depth of Truist’s products and services to meet clients’ financial needs. The objective is to deepen client relationships and deliver the best financial experience in the marketplace. Revenues of certain products and services are reflected in the results of the segment providing those products and services and are also allocated to CSBB and WB. These allocated revenues between segments are reflected as net referral fees in noninterest income and eliminated in OT&C.

The segment results are presented based on internal management methodologies that were designed to support Truist’s strategic objectives. Unlike financial accounting, there is no comprehensive authoritative body of guidance for management accounting equivalent to GAAP. The performance of the segments is not comparable with Truist’s consolidated results or with similar information presented by other financial institutions. Additionally, because of the interrelationships between the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities.

Because business segment results are presented based on management accounting practices, the transition to the consolidated results prepared under GAAP creates certain differences, which are reflected as residuals in OT&C. Business segment reporting conventions include the items as detailed below.

Segment net interest income reflects matched maturity funds transfer pricing, which ascribes credits or charges based on the economic value or cost created by assets and liabilities of each segment. Residual differences between these credits and charges are captured in OT&C.

Truist Financial Corporation 45

In the first quarter of 2025, deposit net intersegment interest income and expense methodology was enhanced to reflect a change to funds transfer pricing. Prior period results were revised to conform to the current allocation methodology. As a result of this methodology change, CSBB net interest income decreased $128 million for three months ended June 30, 2024 and $261 million for the six months ended June 30, 2024, with off-setting increases in OT&C net interest income. For the same reason, WB net interest income decreased $45 million for three months ended June 30, 2024 and $94 million for the six months ended June 30, 2024, with off-setting increases in OT&C net interest income.

Noninterest income includes inter-segment referral fees, as well as federal and state tax credits that are grossed up for the WB segment on a pre-tax equivalent basis, related primarily to certain community development investments. Recoveries for these allocations are reported in OT&C.

Corporate expense allocations, including overhead or functional expenses that are not directly charged to the segments, are allocated to segments based on various drivers (number of FTEs, number of accounts, loan balances, net revenue, etc.). Recoveries for these allocations are reported in OT&C.

Provision for credit losses represents net charge-offs by segment combined with an allocation to the segments for the provision attributable to each segment’s quarterly change in the ALLL. Provision for income taxes is calculated using a blended income tax rate for each segment and includes reversals of the noninterest income tax adjustments described above. The difference between the calculated provision for income taxes at the segment level and the consolidated provision for income taxes is reported in OT&C.

The application and development of management reporting methodologies is an active process and undergoes periodic enhancements. The implementation of these enhancements to the internal management reporting methodology may materially affect the results disclosed for each segment, with no impact on consolidated results. When significant changes to management reporting methodologies take place, the impact of these changes is quantified, and prior period information is revised as practicable.

46 Truist Financial Corporation

The following table presents results by segment:

Three Months Ended June 30,
(Dollars in millions)		CSBBWB
OT&C(1)
Total
20252024202520242025202420252024
Net interest income (expense)$1,488 $1,291 $1,880 $2,182 $219 $54 $3,587 $3,527 
Net intersegment interest income (expense)871 1,216 (219)(559)(652)(657)— — 
Segment net interest income (expense)2,359 2,507 1,661 1,623 (433)(603)3,587 3,527 
Allocated provision for credit losses384 308 104 142 — 1 488 451 
Noninterest income519 504 942 986 (61)(6,702)1,400 (5,212)
Personnel expense409 417 559 586 685 658 1,653 1,661 
Amortization of intangibles39 45 35 41 (1)3 73 89 
Restructuring charges1 1 7 8 20 24 28 33 
Other direct noninterest expense(2)
281 265 200 186 751 860 1,232 1,311 
Total direct noninterest expense730 728 801 821 1,455 1,545 2,986 3,094 
Expense Allocations970 934 526 447 (1,496)(1,381)— — 
Total noninterest expense1,700 1,662 1,327 1,268 (41)164 2,986 3,094 
Income (loss) before income taxes from continuing operations794 1,041 1,172 1,199 (453)(7,470)1,513 (5,230)
Provision (benefit) for income taxes193 250 236 239 (156)(1,813)273 (1,324)
Segment net income (loss) from continuing operations$601 $791 $936 $960 $(297)$(5,657)$1,240 $(3,906)
Identifiable assets (period end) of continuing operations$152,221 $144,217 $214,793 $207,484 $176,819 $168,152 $543,833 $519,853 
Six Months Ended June 30,
(Dollars in millions)		CSBBWB
OT&C(1)
Total
20252024202520242025202420252024
Net interest income (expense)$2,915 $2,558 $3,772 $4,413 $407 $(72)$7,094 $6,899 
Net intersegment interest income (expense)1,729 2,427 (518)(1,175)(1,211)(1,252)— — 
Segment net interest income (expense)4,644 4,985 3,254 3,238 (804)(1,324)7,094 6,899 
Allocated provision for credit losses712 621 235 329 (1)1 946 951 
Noninterest income1,022 1,002 1,891 1,966 (121)(6,734)2,792 (3,766)
Personnel expense817 822 1,107 1,166 1,316 1,303 3,240 3,291 
Amortization of intangibles78 91 71 83 (1)3 148 177 
Restructuring charges1 2 8 15 57 67 66 84 
Other direct noninterest expense(2)
556 509 392 362 1,490 1,624 2,438 2,495 
Total direct noninterest expense1,452 1,424 1,578 1,626 2,862 2,997 5,892 6,047 
Expense Allocations1,911 1,824 1,051 975 (2,962)(2,799)— — 
Total noninterest expense3,363 3,248 2,629 2,601 (100)198 5,892 6,047 
Income (loss) before income taxes from continuing operations1,591 2,118 2,281 2,274 (824)(8,257)3,048 (3,865)
Provision (benefit) for income taxes387 510 459 448 (299)(2,050)547 (1,092)
Segment net income (loss) from continuing operations$1,204 $1,608 $1,822 $1,826 $(525)$(6,207)$2,501 $(2,773)
Identifiable assets (period end) of continuing operations$152,221 $144,217 $214,793 $207,484 $176,819 $168,152 $543,833 $519,853 
(1)As described above, includes the Company’s investment securities portfolio, most long-term debt, derivative instruments used for balance sheet hedging, short-term liquidity and funding activities, balance sheet risk management, most bank-owned real estate assets, as well as functional activities such as finance, enterprise risk, legal, and enterprise technology and management. Additionally, houses intersegment eliminations, including for residual interest rate risk, intersegment net referral fees, and expense allocations. May also include financial data from business units below the quantitative and qualitative thresholds requiring disclosure.
(2)Other direct noninterest expense within the table above includes expenses for occupancy and equipment, professional fees and outside processing, regulatory costs, and other expenses.

Truist Financial Corporation 47

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, 2024.

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, 2024.

Executive Overview

We delivered strong second-quarter results, driven by strategic loan growth and higher net interest income derived from continued strong production from our business. Our performance reflects the value of our client-centric business model and momentum in our strategy, as we see tangible results from investments we have made in talent and technology across our platforms.

Asset quality remained strong, and our capital position continues to support both our growth initiatives and our ability to return capital to shareholders. We returned $1.4 billion of capital to our common shareholders through $670 million of common stock dividends and $750 million of common share repurchases during the second quarter of 2025. As of June 30, 2025, we had $2.8 billion remaining under our $5.0 billion common share repurchase authorization through the end of 2026.

Financial Results

Net income available to common shareholders for the second quarter of 2025 of $1.2 billion was up 43% compared with the second quarter of 2024. On a diluted per common share basis, earnings for the second quarter of 2025 were $0.90, an increase of $0.28, or 45%, compared to the second quarter of 2024. Truist’s results of operations for the second quarter of 2025 produced an annualized return on average assets of 0.93% and an annualized return on average common shareholders’ equity of 8.1% compared to prior year returns of 0.70% and 6.1%, respectively.

Net income from continuing operations was $1.2 billion for the second quarter of 2025, compared to a net loss from continuing operations of $3.9 billion for the second quarter of 2024.

•Results from continuing operations for the second quarter of 2025 included restructuring charges of $28 million ($21 million after-tax, or $0.02 per share) and securities losses of $18 million ($13 million after-tax, or $0.01 per share).
•Results from continuing operations for the second quarter of 2024 included securities losses of $6.7 billion ($5.1 billion after-tax, or $3.80 per share) from the strategic balance sheet repositioning of a portion of the available-for-sale investment securities portfolio, a charitable contribution to the Truist Foundation of $150 million ($115 million after-tax, or $0.09 per share), and restructuring charges of $33 million ($26 million after-tax, or $0.02 per share).

TE net interest income for the second quarter of 2025 was up $55 million, or 1.5%, compared to the second quarter of 2024. Net interest margin was 3.02%, flat compared to the second quarter of 2024.

•The yield on the average total loan portfolio was 6.01%, down 43 basis points due to the impact of variable rate loans repricing. The yield on the average securities portfolio was 3.16%, up 40 basis points, reflecting the balance sheet repositioning in the second quarter of 2024 and reinvesting cash flows into higher yielding securities.
•The average cost of total deposits was 1.85%, down 24 basis points. The average cost of short-term borrowings was 4.47%, down 111 basis points. The average cost of long-term debt was 5.02%, up 15 basis points.

Noninterest income was up $6.6 billion for the second quarter of 2025 compared to the second quarter of 2024 primarily due to securities losses resulting from the balance sheet repositioning in 2024 and higher other income, partially offset by lower investment banking and trading income. Excluding securities losses, noninterest income was down $20 million, or 1.4%, compared to the second quarter of 2024.

Noninterest expense was down $108 million, or 3.5%, for the second quarter of 2025 compared to the second quarter of 2024 due to lower other expense and lower regulatory costs, partially offset by higher professional fees and outside processing expense. The second quarter of 2024 included a charitable contribution of $150 million (other expense) and a FDIC special assessment adjustment of $13 million (regulatory costs). Restructuring charges for both quarters include severance as well as costs associated with facilities optimization initiatives. Adjusted noninterest expense, which excludes the charitable contribution, the FDIC special assessment adjustment, and restructuring charges, increased $60 million, or 2.1%, compared to the earlier quarter.

48 Truist Financial Corporation

The second quarter of 2025 reflects a provision for income taxes while the second quarter of 2024 reflects a benefit for income taxes driven by the discrete impact of the balance sheet repositioning of securities.

Asset quality remained strong during the second quarter of 2025.

•Nonperforming loans and leases held for investment were 0.39% of loans and leases held for investment at June 30, 2025, down nine basis points compared to March 31, 2025.
•Loans 90 days or more past due and still accruing totaled $546 million at June 30, 2025, down three basis points as a percentage of loans and leases compared with March 31, 2025. 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 June 30, 2025, down one basis point compared to March 31, 2025.
•The allowance for credit losses was $5.3 billion and included $4.9 billion for the allowance for loan and lease losses and $354 million for the reserve for unfunded commitments. The ALLL ratio was 1.54%, down four basis points from March 31, 2025.
•The provision for credit losses was $488 million compared to $451 million for the second quarter of 2024, reflecting a higher allowance build.
•The net charge-off ratio was 51 basis points, down seven basis points compared to the second quarter of 2024, primarily driven by lower net charge-offs in the CRE portfolio, partially offset by higher net charge-offs in the commercial and industrial portfolio.

Capital ratios remained strong during the second quarter of 2025.

•Truist’s CET1 ratio was 11.0% as of June 30, 2025, down 30 basis points compared to March 31, 2025 due to capital returned to shareholders and an increase in risk-weighted assets, partially offset by current quarter earnings.
•Truist declared common dividends of $0.52 per share during the second quarter of 2025 and repurchased $750 million of common stock. For the second quarter of 2025, the dividend payout ratio was 57%, and the total payout ratio was 121%.
•Truist’s average consolidated LCR was 110% for the three months ended June 30, 2025, compared to the regulatory minimum of 100%.
•Truist completed the 2025 CCAR process and received a preliminary SCB requirement of 2.5% for the period October 1, 2025 to September 30, 2026, down 30 basis points from the SCB requirement for the period October 1, 2024 to September 30, 2025. The FRB will provide Truist with its final SCB requirement by August 31, 2025.

Truist Financial Corporation 49

Analysis of Results of Operations

Net Interest Income and NIM

TE net interest income for the second quarter of 2025 was up $55 million, or 1.5%, compared to the second quarter of 2024. Net interest margin was 3.02%, flat compared to the second quarter of 2024.

•Average earning assets increased $6.8 billion, or 1.4%, primarily due to an increase in average total loans of $6.3 billion, or 2.0%.
•The yield on the average total loan portfolio was 6.01%, down 43 basis points due to the impact of variable rate loans repricing. The yield on the average securities portfolio was 3.16%, up 40 basis points, reflecting the balance sheet repositioning in the second quarter of 2024 and reinvesting cash flows into higher yielding securities.
•Average deposits increased $12.4 billion, or 3.2%, and average long-term debt decreased $2.5 billion, or 6.8%.
•The average cost of total deposits was 1.85%, down 24 basis points. The average cost of short-term borrowings was 4.47%, down 111 basis points. The average cost of long-term debt was 5.02%, up 15 basis points.

TE net interest income for the six months ended June 30, 2025 was up $185 million, or 2.6%, compared to the six months ended June 30, 2024 primarily due to the balance sheet repositioning in the second quarter of 2024. Net interest margin was 3.02%, up seven basis points compared to the prior period.

•Average earning assets increased $3.3 billion, or 0.7%, compared to the prior period primarily due to an increase in other earning assets of $4.3 billion, or 12%, and an increase in average total loans of $2.2 billion, or 0.7%, partially offset by a decline in average securities of $3.8 billion, or 3.0%. The increase in average other earning assets and decrease in average securities primarily reflects the aforementioned balance sheet repositioning.
•The yield on the average total loan portfolio was 5.99% for 2025, down 42 basis points, compared to the prior period primarily due to the impact of variable rate loans repricing. The yield on the average securities portfolio was 3.16% for 2025, up 56 basis points compared to the prior period, reflecting the balance sheet repositioning and reinvesting cash flows into higher yielding securities.
•Average deposits increased $7.8 billion, or 2.0%, average short-term borrowings increased $2.2 billion, or 8.2%, and average long-term debt decreased $5.4 billion, or 14%.
•The average cost of total deposits was 1.82% for 2025, down 24 basis points compared to the prior period. The average cost of short-term borrowings was 4.48% for 2025, down 112 basis points compared to the prior period. The average cost of long-term debt was 5.04% for 2025, up 24 basis points compared to the prior period.

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.
50 Truist Financial Corporation

Table 1-1: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis
Three Months Ended June 30,
(Dollars in millions)
Average Balances(1)
Annualized Yield/Rate(2)
Income/Expense(2)
Incr.
(Decr.)		Change due to
202520242025202420252024RateVolume
Assets         
AFS and HTM securities at amortized cost:         
U.S. Treasury$14,034 $11,138 5.20 %3.66 %$181 $101 $80 $49 $31 
GSE463 382 3.73 3.27 5 3 2 — 2 
Agency MBS106,947 108,358 2.89 2.66 772 720 52 61 (9)
States and political subdivisions370 420 4.20 4.14 4 5 (1)— (1)
Non-agency MBS— 1,480 — 2.56 — 10 (10)(5)(5)
Other15 18 4.53 5.29 — — — — — 
Total securities121,829 121,796 3.16 2.76 962 839 123 105 18 
Interest earning trading assets5,896 5,515 5.98 6.11 88 84 4 (2)6 
Other earning assets(3)
39,417 39,250 4.51 5.56 448 551 (103)(105)2 
Loans and leases, net of unearned income:        
Commercial and industrial158,491 157,043 5.72 6.53 2,262 2,550 (288)(312)24 
CRE19,687 21,969 6.22 6.93 308 381 (73)(37)(36)
Commercial Construction8,613 7,645 6.85 7.85 144 147 (3)(21)18 
Residential mortgage56,789 54,490 4.08 3.86 579 525 54 31 23 
Home equity9,586 9,805 7.47 8.02 178 195 (17)(13)(4)
Indirect auto24,158 22,016 7.32 6.95 441 381 60 21 39 
Other consumer30,387 28,326 8.37 8.25 634 581 53 9 44 
Credit card4,890 4,905 11.35 12.14 139 148 (9)(9)— 
Total loans and leases HFI312,601 306,199 6.01 6.44 4,685 4,908 (223)(331)108 
LHFS1,240 1,384 6.15 6.56 19 22 (3)(1)(2)
Total loans and leases313,841 307,583 6.01 6.44 4,704 4,930 (226)(332)106 
Total earning assets480,983 474,144 5.16 5.42 6,202 6,404 (202)(334)132 
Nonearning assets56,086 50,109       
Assets of discontinued operations— 2,641 
Total assets$537,069 $526,894       
Liabilities and Shareholders’ Equity        
Interest-bearing deposits:        
Interest-checking$116,193 $103,894 2.51 2.74 726 707 19 (62)81 
Money market and savings135,607 135,264 2.22 2.60 751 873 (122)(124)2 
Time deposits41,997 41,250 3.50 4.24 367 436 (69)(77)8 
Total interest-bearing deposits293,797 280,408 2.52 2.89 1,844 2,016 (172)(263)91 
Short-term borrowings26,241 26,016 4.47 5.58 292 362 (70)(73)3 
Long-term debt34,213 36,721 5.02 4.87 431 446 (15)14 (29)
Total interest-bearing liabilities354,251 343,145 2.91 3.31 2,567 2,824 (257)(322)65 
Noninterest-bearing deposits106,686 107,634        
Other liabilities11,897 13,318        
Liabilities of discontinued operations— 1,120 
Shareholders’ equity64,235 61,677        
Total liabilities and shareholders’ equity$537,069 $526,894        
Average interest-rate spread  2.25 %2.11 %     
NIM/net interest income - TE(2)
  3.02 %3.02 %$3,635 $3,580 $55 $(12)$67 
Less: TE adjustment
    48 53    
Net interest income$3,587 $3,527 
Memo: Total deposits$400,483 $388,042 1.85 %2.09 %$1,844 $2,016 $(172)
(1)Represents daily average balances. Unrealized gains and losses on available-for-sale securities are included in nonearning assets. Active hedge basis adjustments for fair value hedges are included in nonearning assets and other liabilities.
(2)Yields are stated on a TE basis, which represents a non-GAAP measure, utilizing a federal tax rate of 21%. Interest income includes certain fees, deferred costs, and dividends. 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.
(3)Includes cash equivalents, interest-bearing deposits with banks, FHLB stock, and other earning assets.
Truist Financial Corporation 51

Table 1-2: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis
Six Months Ended June 30,
(Dollars in millions)
Average Balances(1)
Annualized Yield/Rate(2)
Income/Expense(2)
Incr.
(Decr.)		Change due to
202520242025202420252024RateVolume
Assets         
AFS and HTM securities at amortized cost:         
U.S. Treasury$14,448 $10,496 5.19 %2.64 %$372 $138 $234 $168 $66 
GSE462 385 3.74 3.34 9 6 3 1 2 
Agency MBS107,643 112,828 2.88 2.58 1,549 1,455 94 163 (69)
States and political subdivisions370 420 4.20 4.14 8 9 (1)— (1)
Non-agency MBS— 2,578 — 2.87 — 37 (37)(18)(19)
Other16 19 4.63 5.32 — — — — — 
Total securities122,939 126,726 3.16 2.60 1,938 1,645 293 314 (21)
Interest earning trading assets5,763 5,180 5.85 6.29 168 163 5 (12)17 
Other earning assets(3)
39,208 34,909 4.52 5.60 889 987 (98)(206)108 
Loans and leases, net of unearned income:   
Commercial and industrial156,861 157,714 5.71 6.53 4,446 5,122 (676)(649)(27)
CRE19,759 22,185 6.17 6.94 610 770 (160)(81)(79)
Commercial Construction8,673 7,389 6.84 7.84 289 284 5 (40)45 
Residential mortgage56,226 54,780 4.06 3.85 1,141 1,053 88 59 29 
Home equity9,578 9,868 7.47 7.97 355 391 (36)(25)(11)
Indirect auto23,705 22,195 7.26 6.82 853 753 100 49 51 
Other consumer29,843 28,306 8.35 8.12 1,236 1,142 94 32 62 
Credit card4,870 4,913 11.47 12.05 277 294 (17)(14)(3)
Total loans and leases HFI309,515 307,350 5.99 6.41 9,207 9,809 (602)(669)67 
LHFS1,187 1,155 6.04 6.49 36 37 (1)(2)1 
Total loans and leases310,702 308,505 5.99 6.41 9,243 9,846 (603)(671)68 
Total earning assets478,612 475,320 5.14 5.33 12,238 12,641 (403)(575)172 
Nonearning assets55,753 48,516        
Assets of discontinued operations— 5,112 
Total assets$534,365 $528,948        
Liabilities and Shareholders’ Equity         
Interest-bearing deposits:         
Interest-checking$112,720 $103,716 2.44 2.70 1,366 1,391 (25)(140)115 
Money market and savings136,249 134,979 2.21 2.54 1,494 1,705 (211)(227)16 
Time deposits41,104 41,594 3.53 4.27 720 884 (164)(154)(10)
Total interest-bearing deposits290,073 280,289 2.49 2.86 3,580 3,980 (400)(521)121 
Short-term borrowings28,275 26,123 4.48 5.60 628 728 (100)(155)55 
Long-term debt33,320 38,721 5.04 4.80 840 928 (88)44 (132)
Total interest-bearing liabilities351,668 345,133 2.89 3.28 5,048 5,636 (588)(632)44 
Noninterest-bearing deposits106,293 108,261        
Other liabilities12,269 13,101        
Liabilities of discontinued operations— 2,109 
Shareholders’ equity64,135 60,344        
Total liabilities and shareholders’ equity$534,365 $528,948        
Average interest-rate spread  2.25 %2.05 %     
NIM/net interest income - TE(2)
  3.02 %2.95 %$7,190 $7,005 $185 $57 $128 
Less: TE adjustment
    96 106    
Net interest income$7,094 $6,899 
Memo: Total deposits$396,366 $388,550 1.82 %2.06 %$3,580 $3,980 $(400)
(1)Represents daily average balances. Unrealized gains and losses on available-for-sale securities are included in nonearning assets. Active hedge basis adjustments for fair value hedges are included in nonearning assets and other liabilities.
(2)Yields are stated on a TE basis, which represents a non-GAAP measure, utilizing a federal tax rate of 21%. Interest income includes certain fees, deferred costs, and dividends. 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.
(3)Includes cash equivalents, interest-bearing deposits with banks, FHLB stock, and other earning assets.
52 Truist Financial Corporation

Provision for Credit Losses

The provision for credit losses was $488 million for the second quarter of 2025 compared to $451 million for the second quarter of 2024. The net charge-off ratio for the current quarter of 0.51% was down seven basis points compared to the prior quarter.

•The increase in the current quarter provision expense primarily reflects a higher allowance build.
•The net charge-off ratio for the current quarter was down compared to the second quarter of 2024 primarily driven by lower net charge-offs in the CRE portfolio, partially offset by higher net charge-offs in the commercial and industrial portfolio.

The provision for credit losses was $946 million for the six months ended June 30, 2025 compared to $951 million for the six months ended June 30, 2024. The net charge-off ratio for the current period of 0.55% was down six basis points compared to the prior period.

•The net charge-off ratio was down compared to the prior period driven by lower net charge-offs in the CRE portfolio, partially offset by higher net charge-offs in the commercial and industrial portfolio.

Refer to “Note 5. Loans and ACL” for additional discussion of the ACL.

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 June 30,% ChangeSix Months Ended June 30,% Change
(Dollars in millions)202520242025 vs. 2024202520242025 vs. 2024
Wealth management income$348 $361 (3.6)%$692 $717 (3.5)%
Investment banking and trading income205 286 (28.3)478 609 (21.5)
Card and payment related fees232 230 0.9 452 454 (0.4)
Service charges on deposits227 232 (2.2)457 457 — 
Mortgage banking income107 112 (4.5)215 209 2.9 
Lending related fees99 89 11.2 194 185 4.9 
Operating lease income47 50 (6.0)100 109 (8.3)
Securities gains (losses)(18)(6,650)(99.7)(19)(6,650)(99.7)
Other income153 78 96.2 223 144 54.9 
Total noninterest income$1,400 $(5,212)NM$2,792 $(3,766)NM

Noninterest income was up $6.6 billion for the second quarter of 2025 compared to the second quarter of 2024 primarily due to securities losses resulting from the balance sheet repositioning in 2024 and higher other income, partially offset by lower investment banking and trading income. Excluding securities losses, noninterest income was down $20 million, or 1.4%, compared to the second quarter of 2024.

•Other income increased due to higher income from certain solar and other investments.
•Investment banking and trading income decreased due to lower trading income and capital markets activity.

Noninterest income was up $6.6 billion for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to securities losses resulting from the balance sheet repositioning in 2024 and higher other income, partially offset by lower investment banking and trading income and wealth management income. Excluding securities losses, noninterest income was down $73 million, or 2.5%, compared to the prior period.

•Other income increased due to higher income from certain solar and other investments.
•Investment banking and trading income decreased due to lower trading income, merger and acquisition fees, and capital markets activity.
•Wealth management income decreased due to the impact of the sale of Sterling Capital Management LLC in 2024.

Truist Financial Corporation 53

Noninterest Expense

The following table provides a breakdown of Truist’s noninterest expense:

Table 3: Noninterest Expense
Three Months Ended June 30,% ChangeSix Months Ended June 30,% Change
(Dollars in millions)202520242025 vs. 2024202520242025 vs. 2024
Personnel expense$1,653 $1,661 (0.5)%$3,240 $3,291 (1.5)%
Professional fees and outside processing373 308 21.1 737 586 25.8 
Software expense231 218 6.0 461 442 4.3 
Net occupancy expense179 160 11.9 342 320 6.9 
Equipment expense89 89 — 171 177 (3.4)
Amortization of intangibles73 89 (18.0)148 177 (16.4)
Marketing and customer development82 63 30.2 157 119 31.9 
Operating lease depreciation33 34 (2.9)68 74 (8.1)
Regulatory costs55 85 (35.3)124 237 (47.7)
Restructuring charges28 33 (15.2)66 84 (21.4)
Other expense190 354 (46.3)378 540 (30.0)
Total noninterest expense$2,986 $3,094 (3.5)$5,892 $6,047 (2.6)

Noninterest expense was down $108 million, or 3.5%, for the second quarter of 2025 compared to the second quarter of 2024 due to lower other expense and lower regulatory costs, partially offset by higher professional fees and outside processing expense. The second quarter of 2024 included a charitable contribution of $150 million (other expense) and a FDIC special assessment adjustment of $13 million (regulatory costs). Restructuring charges for both quarters include severance as well as costs associated with facilities optimization initiatives. Adjusted noninterest expense, which excludes the charitable contribution, the FDIC special assessment adjustment, and restructuring charges, increased $60 million, or 2.1%, compared to the earlier quarter.

•Professional fees and outside processing expense increased due to higher investments in technology and risk infrastructure.

Noninterest expense was down $155 million, or 2.6%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to a $150 million charitable contribution to the Truist Foundation (other expense), the FDIC special assessment and related adjustments ($88 million for the six months ended June 30, 2024), lower personnel expense, and lower amortization of intangibles, partially offset by higher professional fees and outside processing expense. Restructuring charges decreased $18 million; both periods included restructuring charges for severance as well as facilities optimization costs. Adjusted noninterest expense, which excludes the charitable contribution, the FDIC special assessment adjustment, and restructuring charges, increased $101 million, or 1.8%.

•Professional fees and outside processing expense increased due to higher investments in technology and risk infrastructure.
•Personnel expense decreased due to lower employee benefit expense, partially offset by higher salaries.

Segment Results

Truist operates and measures business activity across two segments: CSBB and WB, 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. Refer to “Note 18. Operating Segments” for additional information on the Company’s segments.

Table 4: Net Income from Continuing Operations by Reportable Segment
 Three Months Ended June 30,% ChangeSix Months Ended June 30,% Change
(Dollars in millions)202520242025 vs. 2024202520242025 vs. 2024
Consumer and Small Business Banking$601 $791 (24.0)%$1,204 $1,608 (25.1)%
Wholesale Banking936 960 (2.5)1,822 1,826 (0.2)
Other, Treasury & Corporate(297)(5,657)(94.7)(525)(6,207)(91.5)
Truist Financial Corporation$1,240 $(3,906)NM$2,501 $(2,773)NM

54 Truist Financial Corporation

Consumer and Small Business Banking

CSBB net income was $601 million for the second quarter of 2025, a decrease of $190 million compared to the second quarter of 2024.

•Segment net interest income decreased $148 million primarily driven by lower funding credit on deposits.
•The allocated provision for credit losses increased $76 million reflecting an allowance build in the current period, partially offset by a decrease in charge-offs in the indirect auto portfolio.
•Noninterest income increased $15 million primarily due to an increase in residential mortgage income driven by MSR valuations.
•Noninterest expense increased $38 million compared to the earlier quarter driven by higher enterprise operations and functional support charges, partially offset by lower loan processing expense.

CSBB average loans and leases held for investment increased $6.0 billion, or 4.8%, for the second quarter of 2025 compared to the second quarter of 2024, primarily due to higher loan balances within indirect lending driven by the prime auto and Service Finance portfolios and within real estate lending driven by mortgage, partially offset by lower balances in the small business portfolio.

CSBB average total deposits increased $1.0 billion, or 0.5%, for the second quarter of 2025 compared to the second quarter of 2024, primarily driven by increases in money market and savings and noninterest-bearing deposits, partially offset by decreases in interest checking and time deposits.

Wholesale Banking

WB net income was $936 million for the second quarter of 2025, a decrease of $24 million compared to the second quarter of 2024.

•Segment net interest income increased $38 million primarily due to higher deposit balances, partially offset by lower loan yields.
•The allocated provision for credit losses decreased $38 million which reflects a decrease in both net charge-offs and net reserve build compared to the prior quarter.
•Noninterest income decreased $44 million compared to the earlier quarter driven by lower trading income, capital markets activity, and commercial mortgage income, as well as decreases in wealth management income attributable to the sale of Sterling Capital Management LLC in 2024, partially offset by higher income from certain solar and other investments.
•Noninterest expense increased $59 million compared to the earlier quarter primarily due to higher enterprise operations and functional support charges, partially offset by lower personnel expense from reduced incentives and lower regulatory costs.

WB average loans held for investment increased $391 million, or 0.2%, for the second quarter of 2025 compared to the second quarter of 2024, primarily due to increases in average commercial and industrial and commercial construction loan balances, partially offset by decreases in commercial real estate loan balances.

WB average total deposits increased $10.0 billion, or 7.1%, for the second quarter of 2025 compared to the second quarter of 2024, primarily due to specific client increases in interest checking balances, which were short-term in nature and withdrawn in July 2025, partially offset by declines in average noninterest-bearing deposits and money market and savings.

Other, Treasury & Corporate

OT&C generated a net loss of $297 million in the second quarter of 2025, compared to a net loss of $5.7 billion in the second quarter of 2024.

•Segment net interest income increased $170 million primarily due to lower funding credit on deposits to other segments and increased yield in the securities portfolio due to the balance sheet repositioning in the second quarter of 2024 and reinvesting cash flows into higher yielding securities, partially offset by lower funding charges on commercial loans to other segments.
•Noninterest income increased $6.6 billion primarily due to securities losses resulting from the balance sheet repositioning in 2024.
•Noninterest expense decreased $205 million compared to the earlier quarter primarily due to lower other expense due to a charitable contribution to the Truist Foundation in 2024 and increased credit from other segments for technology project support, partially offset by increases in professional fees and outside processing.

Truist Financial Corporation 55

Consumer and Small Business Banking

CSBB net income was $1.2 billion for the six months ended June 30, 2025, a decrease of $404 million compared to the prior year.

•Segment net interest income decreased $341 million primarily driven by lower funding credit on deposits.
•The allocated provision for credit losses increased $91 million primarily reflecting a net reserve build in the current period compared to a release in the same period last year, partially offset by lower charge-offs in the other consumer and indirect auto portfolios.
•Noninterest income increased $20 million primarily due to increased residential mortgage income.
•Noninterest expense increased $115 million due to higher enterprise operations and functional support charges, partially offset by lower regulatory costs and loan processing expense.

CSBB average loans and leases held for investment increased $4.1 billion, or 3.3%, for the six months ended June 30, 2025 compared to the prior year driven primarily by increases in indirect auto loans, Service Finance, and mortgage loan balances, partially offset by decreases in the small business and unsecured and personal lending portfolios.

CSBB average total deposits decreased $278 million, or 0.1%, for the six months ended June 30, 2025 compared to the prior year primarily due to decreases in average interest-bearing checking and time deposits, partially offset by increases in money market and savings and noninterest-bearing deposits.

Wholesale Banking

WB net income was $1.8 billion for the six months ended June 30, 2025, flat compared to the prior year.

•Segment net interest income increased $16 million primarily due to lower cost of deposits and higher funding credit driven by higher deposit balances, partially offset by lower loan balances and yields.
•The allocated provision for credit losses decreased $94 million, which primarily reflects a decrease in net charge-offs as well as a decrease in the allowance build compared to the earlier period.
•Noninterest income decreased $75 million primarily due to decreases in income from investment banking and trading as well as lower wealth management income driven by the impact of the sale of Sterling Capital Management LLC in 2024, partially offset by increased income from certain solar and other investments.
•Noninterest expense increased $28 million primarily due to increases in enterprise operations and functional support charges, partially offset by lower regulatory costs, lower personnel expense from reduced incentives, and lower enterprise payments costs.

WB average loans and leases held for investment decreased $2.0 billion, or 1.1%, for the six months ended June 30, 2025 compared to the prior year driven by decreases in average commercial real estate balances and commercial and industrial loan balances, partially offset by increases in the commercial construction portfolio.

WB average total deposits increased $6.4 billion, or 4.6%, for the six months ended June 30, 2025 compared to the prior year primarily due to specific client increases in average interest-bearing checking balances, which were short-term in nature and withdrawn in July 2025, partially offset by decreases in noninterest-bearing deposits and money market and savings balances.

Other, Treasury, and Corporate

OT&C generated a net loss of $525 million for the six months ended June 30, 2025, compared to a net loss of $6.2 billion in the prior year.

•Segment net interest income increased $520 million due to lower funding credit on deposits to other segments, the balance sheet repositioning in the prior period, and reinvesting cash flows into higher yielding securities, partially offset by the lower funding charges primarily on loans to other segments.
•Noninterest income increased $6.6 billion primarily due to securities losses resulting from the balance sheet repositioning in 2024.
•Noninterest expense decreased $298 million primarily driven by lower other expense due to a charitable contribution to the Truist Foundation in 2024 and increased credit from other segments for enterprise technology support expense, partially offset by increased professional fees and outside processing expense.

56 Truist Financial Corporation

Analysis of Financial Condition

Investment Activities

The securities portfolio totaled $115.4 billion at June 30, 2025, compared to $118.1 billion at December 31, 2024. U.S. Treasury, GSE, and Agency MBS represented 99.7% of the total securities portfolio as of June 30, 2025 and December 31, 2024. The overwhelming majority of the portfolio is in agency MBS.

•The decrease in 2025 includes paydowns and maturities of $9.9 billion and sales of $1.1 billion, partially offset by purchases of $6.9 billion.
•As of June 30, 2025 and December 31, 2024, 41% of the investment securities portfolio was classified as held-to-maturity based on amortized cost, excluding portfolio level basis adjustments associated with certain AFS securities.
•As of June 30, 2025, approximately 3.3% of the securities portfolio was variable rate, excluding the impact of swaps, compared to 3.0% as of December 31, 2024.
•The effective duration of the AFS securities portfolio was 5.0 years at June 30, 2025 and December 31, 2024, excluding the impact of swaps, or 3.3 years at June 30, 2025 and December 31, 2024, including the impact of swaps. The effective duration of the HTM securities portfolio was 7.1 years at June 30, 2025 and 7.0 years at December 31, 2024.

Lending Activities

The following table presents the composition of average loans and leases:
Table 5: Average Loans and Leases
Three Months Ended
(Dollars in millions)Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024
Commercial:
Commercial and industrial$158,491 $155,214 $153,209 $154,102 $157,043 
CRE19,687 19,832 20,504 21,481 21,969 
Commercial construction8,613 8,734 8,261 7,870 7,645 
Consumer:
Residential mortgage56,789 55,658 54,390 53,999 54,490 
Home equity9,586 9,569 9,675 9,703 9,805 
Indirect auto24,158 23,248 22,790 22,121 22,016 
Other consumer30,387 29,291 29,355 29,015 28,326 
Credit card4,890 4,849 4,926 4,874 4,905 
Total average loans and leases HFI$312,601 $306,395 $303,110 $303,165 $306,199 

Average loans and leases HFI were $312.6 billion for the second quarter of 2025, an increase of $6.2 billion, or 2.0%, compared to the first quarter of 2025.

•Average commercial loans increased 1.6% due to an increase in the commercial and industrial portfolio.
•Average consumer loans increased 2.7% due to growth in the residential mortgage, other consumer, and indirect auto portfolios.

End of period loans and leases HFI were $318.8 billion at June 30, 2025, up $10.2 billion, or 3.3%, compared to March 31, 2025 primarily due to increases in the commercial and industrial, residential mortgage, and other consumer portfolios.

At June 30, 2025 and December 31, 2024, 54% and 53% of loans and leases HFI were variable rate, respectively.

Truist Financial Corporation 57

Asset Quality

The following tables summarize asset quality information:
Table 6: Asset Quality
(Dollars in millions)Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024
NPAs:
NPLs:
Commercial and industrial$520 $586 $521 $575 $459 
CRE128 294 298 302 360 
Commercial construction1 2 3 1 — 
Residential mortgage191 179 166 156 161 
Home equity107 114 116 118 123 
Indirect auto240 248 259 252 244 
Other consumer64 65 66 63 64 
Total NPLs HFI1,251 1,488 1,429 1,467 1,411 
Loans held for sale12 77 — 5 9 
Total nonperforming loans and leases1,263 1,565 1,429 1,472 1,420 
Foreclosed real estate4 4 3 3 5 
Other foreclosed property49 49 45 53 51 
Total nonperforming assets$1,316 $1,618 $1,477 $1,528 $1,476 
Loans 90 days or more past due and still accruing:
Commercial and industrial$2 $5 $19 $5 $8 
CRE— — 1 — — 
Commercial construction— — — — 1 
Residential mortgage – government guaranteed424 468 430 394 375 
Residential mortgage – nonguaranteed41 62 51 39 27 
Home equity6 6 9 7 7 
Indirect auto— — — — 1 
Other consumer24 23 23 22 19 
Credit card49 52 54 51 51 
Total loans 90 days or more past due and still accruing$546 $616 $587 $518 $489 
Loans 30-89 days past due and still accruing:
Commercial and industrial$122 $118 $168 $116 $109 
CRE34 12 60 10 8 
Commercial construction15 — 3 4 — 
Residential mortgage – government guaranteed330 284 318 305 340 
Residential mortgage – nonguaranteed365 347 401 366 392 
Home equity54 57 60 63 58 
Indirect auto582 484 622 596 592 
Other consumer239 246 236 233 214 
Credit card70 71 81 76 78 
Total loans 30-89 days past due and still accruing$1,811 $1,619 $1,949 $1,769 $1,791 

Nonperforming assets totaled $1.3 billion at June 30, 2025, down $302 million compared to March 31, 2025, due to decreases in the CRE, commercial and industrial, and LHFS portfolios. Nonperforming loans and leases were 0.39% of loans and leases held for investment at June 30, 2025, down nine basis points compared to March 31, 2025.

Loans 90 days or more past due and still accruing totaled $546 million at June 30, 2025, down three basis points as a percentage of loans and leases compared with the prior quarter. 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 June 30, 2025, down one basis point compared to March 31, 2025.

Loans 30-89 days past due and still accruing totaled $1.8 billion at June 30, 2025, up $192 million, or five basis points, as a percentage of loans and leases, compared to the prior quarter primarily due to an increase in the indirect auto and residential mortgage portfolios.

58 Truist Financial Corporation

Problem loans include NPLs and loans that are 90 days or more past due and still accruing as disclosed in Table 6. 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 7: Asset Quality Ratios
Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024
Loans 30-89 days past due and still accruing as a percentage of loans and leases
0.57 %0.52 %0.64 %0.58 %0.59 %
Loans 90 days or more past due and still accruing as a percentage of loans and leases
0.17 0.20 0.19 0.17 0.16 
NPLs as a percentage of loans and leases
0.39 0.48 0.47 0.48 0.46 
NPLs as a percentage of total loans and leases(1)
0.39 0.51 0.46 0.48 0.46 
NPAs as a percentage of:
Total assets(1)
0.24 0.30 0.28 0.29 0.28 
Loans and leases plus foreclosed property
0.41 0.50 0.48 0.50 0.48 
Net charge-offs as a percentage of average loans and leases
0.51 0.60 0.59 0.55 0.58 
ALLL as a percentage of loans and leases
1.54 1.58 1.59 1.60 1.57 
Ratio of ALLL to:
Net charge-offs3.1x2.6x2.7x2.9x2.7x
Nonperforming loans and leases
3.9x3.3x3.4x3.3x3.4x
Loans 90 days or more past due and still accruing as a percentage of loans and leases, excluding government guaranteed(2)
0.04 %0.05 %0.05 %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.

Table 8: Asset Quality Ratios
As of/For the Year-to-Date
Three Months EndedPeriod Ended June 30
Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 202420252024
Net charge-offs as a percentage of average loans and leases:
Commercial:
Commercial and industrial0.22 %0.20 %0.27 %0.18 %0.18 %0.21 %0.17 %
CRE0.71 1.29 0.66 1.12 1.67 1.00 1.70 
Commercial construction(0.02)(0.02)(0.02)(0.01)(0.05)(0.02)(0.04)
Consumer:
Residential mortgage— — (0.01)(0.01)(0.01)— — 
Home equity(0.04)(0.07)(0.07)(0.11)(0.03)(0.05)(0.06)
Indirect auto1.63 2.26 2.33 1.89 1.94 1.94 2.10 
Other consumer1.54 1.71 1.63 1.73 1.60 1.62 1.78 
Credit card4.84 5.21 5.10 5.04 5.33 5.02 5.44 
Total0.51 0.60 0.59 0.55 0.58 0.55 0.61 
Ratio of ALLL to net charge-offs3.1x2.6x2.7x2.9x2.7x2.9x2.6x
Ratios are annualized, as applicable.

Truist Financial Corporation 59

The following table presents activity related to NPAs:

Table 9: Rollforward of NPAs
(Dollars in millions)20252024
Balance, January 1$1,477 $1,488 
New NPAs1,594 1,725 
Advances and principal increases240 331 
Disposals of foreclosed assets(1)
(303)(308)
Disposals of NPLs(2)
(243)(118)
Charge-offs and losses(619)(673)
Payments(692)(760)
Transfers to performing status(138)(187)
Other, net— (22)
Ending balance, June 30$1,316 $1,476 
(1)Includes charge-offs and losses recorded upon sale of $130 million and $129 million for the six months ended June 30, 2025 and 2024, respectively.
(2)Includes gains, net of charge-offs and losses recorded upon sale of $6 million and $0 million for the six months ended June 30, 2025 and 2024, respectively.

Commercial Credit Concentrations

Truist has established the following general practices to manage commercial credit risk:

•limiting the amount of credit that Truist may extend to a borrower;
•establishing a process for credit approval accountability;
•initial underwriting and analysis of borrower, transaction, market, and collateral risks;
•evaluating the diversity of the loan portfolio in terms of type, industry, and geographical concentration;
•ongoing servicing and monitoring of individual loans and lending relationships;
•continuous monitoring of the portfolio, market dynamics, and the economy; and
•periodically reevaluating the Company’s strategy and overall exposure as economic, market, and other relevant conditions change.

Truist monitors various segments of its credit portfolios to assess potential concentration risks. Management is involved in the credit approval and review process, and risk acceptance criteria are adjusted as needed to reflect the Company’s risk appetite. Consistent with established risk management objectives, the Company utilizes various risk mitigation techniques, including collecting collateral and security interests, obtaining guarantees, and, to a limited extent, through the purchase of credit loss protection via third-party insurance or use of credit derivatives such as credit default swaps.

In the commercial portfolio, risk concentrations are evaluated regularly on both an aggregate portfolio level and on an individual client basis. The Company manages its commercial exposure through portfolio targets, limits, and transactional risk acceptance criteria as well as other techniques, including loan syndications/participations, loan sales, collateral, structure, covenants, and other risk reduction techniques.

The following tables provide industry distribution by major types of commercial credit exposure and the geographical distribution of commercial exposures. Industry classification for commercial and industrial loans is based on the North American Industry Classification System. CRE loans are classified based on type of property. For the geographic disclosures, amounts are generally assigned to a state based on the physical billing address of the client or physical property address.

60 Truist Financial Corporation

Table 10: Commercial and Industrial Portfolio Industry and Geography
June 30, 2025December 31, 2024
(Dollars in millions)LHFI% of TotalNPLLHFI% of TotalNPL
Industry:
Finance and insurance$26,290 16.2 %$7 $24,271 15.7 %$28 
Manufacturing13,672 8.4 84 12,298 7.9 62 
Retail trade12,448 7.7 22 12,488 8.1 66 
Health care and social assistance12,016 7.4 7 12,154 7.8 129 
Real estate and rental and leasing11,387 7.0 4 11,354 7.3 3 
Public administration8,722 5.4 — 8,860 5.7 — 
Wholesale trade8,033 5.0 48 7,428 4.8 45 
Information7,292 4.5 158 5,235 3.4 66 
Utilities5,761 3.6 — 4,096 2.6 — 
Educational services5,143 3.2 — 4,478 2.9 — 
Transportation and warehousing4,486 2.8 34 4,634 3.0 34 
Professional, scientific, and technical services4,406 2.7 5 4,125 2.7 8 
Arts, entertainment, and recreation3,897 2.4 8 3,599 2.3 6 
Accommodation and food services3,315 2.0 8 2,935 1.9 9 
Construction3,257 2.0 7 2,607 1.7 10 
Administrative and support and waste management and remediation services3,105 1.9 28 3,022 2.0 — 
Other(1)
11,295 6.9 23 12,211 7.9 23 
Subtotal144,525 89.1 443 135,795 87.7 489 
Business owner occupied
17,748 10.9 77 19,053 12.3 32 
Total commercial and industrial$162,273 100.0 %$520 $154,848 100.0 %$521 
Geography:
Florida$18,619 11.5 %$33 $18,258 11.8 %$172 
Texas16,345 10.1 53 14,728 9.5 47 
North Carolina12,156 7.5 14 12,167 7.9 16 
Georgia11,715 7.2 12 11,240 7.3 10 
New York11,555 7.1 10 11,379 7.3 50 
California9,269 5.7 21 8,115 5.2 8 
Virginia9,225 5.7 4 9,343 6.0 7 
Pennsylvania6,999 4.3 139 6,466 4.2 9 
Maryland6,862 4.2 4 6,781 4.4 3 
Tennessee5,914 3.6 46 5,729 3.7 51 
New Jersey4,207 2.6 12 3,947 2.5 5 
South Carolina4,191 2.6 22 4,151 2.7 23 
Illinois4,174 2.6 18 3,639 2.4 20 
Ohio3,776 2.3 — 3,482 2.2 1 
Other(2)
37,266 23.0 132 35,423 22.9 99 
Total commercial and industrial
$162,273 100.0 %$520 $154,848 100.0 %$521 
(1)Represents other remaining industries that are deemed to be individually insignificant.
(2)Includes non-U.S. loans of $4.4 billion and $4.1 billion at June 30, 2025 and December 31, 2024, respectively. The remainder represents other remaining states that are deemed to be individually insignificant.

Truist has noted that the CRE and commercial construction portfolios have the potential for heightened risk in the current environment. Truist seeks to maintain a high-quality portfolio through disciplined risk management and prudent client selection.

Truist’s CRE and commercial construction portfolios totaled $28.5 billion as of June 30, 2025, which includes 37% related to multifamily residential, 22% related to industrial, 13% related to office, 13% related to retail, and the remainder composed of hotel and other commercial real estate.

Our combined CRE and commercial construction office portfolio is primarily composed of multi-tenant, non-gateway properties located within Truist Bank’s footprint. As of June 30, 2025, approximately 94% of these properties are multi-tenant or medical. Additionally, as of June 30, 2025, 14% and 28% of these exposures are scheduled to mature in 2025 and 2026, respectively, with the remainder scheduled to mature in 2027 and beyond.
Truist Financial Corporation 61

Table 11: CRE Portfolio Property Type and Geography
June 30, 2025December 31, 2024
(Dollars in millions)LHFI% of TotalNPLLHFI% of TotalNPL
Industry:
Multifamily$6,042 29.8 %$3 $5,508 27.0 %$27 
Industrial4,681 23.1 — 4,303 21.1 3 
Retail3,570 17.6 28 3,530 17.3 33 
Office2,763 13.6 89 3,459 17.0 228 
Hotel1,718 8.5 — 1,891 9.3 — 
Other(1)
1,496 7.4 8 1,672 8.3 7 
Total CRE$20,270 100.0 %$128 $20,363 100.0 %$298 
Geography:
Florida$2,532 12.5 %$8 $2,594 12.7 %$26 
Georgia2,355 11.6 17 2,010 9.9 80 
North Carolina2,235 11.0 3 2,212 10.9 10 
Texas2,033 10.0 5 1,599 7.9 6 
New York1,618 8.0 2 1,491 7.3 2 
California1,582 7.8 — 1,683 8.3 — 
Pennsylvania1,326 6.5 1 1,218 6.0 1 
Virginia1,041 5.1 — 1,108 5.4 3 
Tennessee713 3.5 — 715 3.5 1 
Massachusetts679 3.3 25 860 4.2 27 
Maryland656 3.2 — 713 3.5 8 
Other(2)
3,500 17.5 67 4,160 20.4 134 
Total CRE$20,270 100.0 %$128 $20,363 100.0 %$298 
(1)Represents other remaining property types that are deemed to be individually insignificant.
(2)Includes non-U.S. loans of $54 million at December 31, 2024. The remainder represents other remaining states that are deemed to be individually insignificant.

Table 12: Commercial Construction Portfolio Property Type and Geography
June 30, 2025December 31, 2024
(Dollars in millions)LHFI% of TotalNPLLHFI% of TotalNPL
Industry:
Multifamily$4,602 55.6 %$— $4,918 57.7 %$— 
Industrial1,763 21.3 — 1,680 19.7 — 
Single Family - CP873 10.5 — 664 7.8 2 
Office412 5.0 — 627 7.4 — 
Hotel196 2.4 — 130 1.5 — 
Other(1)
431 5.2 1 501 5.9 1 
Total commercial construction$8,277 100.0 %$1 $8,520 100.0 %$3 
Geography:
Texas$1,339 16.2 $— $1,345 15.8 $— 
Georgia1,165 14.1 — 1,294 15.2 — 
Florida1,118 13.5 — 1,138 13.4 — 
North Carolina1,014 12.3 — 992 11.6 1 
California547 6.6 — 492 5.8 — 
Other(2)
3,094 37.3 1 3,259 38.2 2 
Total commercial construction$8,277 100.0 %$1 $8,520 100.0 %$3 
(1)Represents other remaining property types that are deemed to be individually insignificant.
(2)Represents other remaining states that are deemed to be individually insignificant.

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

ACL

Activity related to the ACL is presented in the following tables:

Table 13: Activity in ACL
Three Months Ended
Six Months Ended June 30,
(Dollars in millions)Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 202420252024
Balance, beginning of period$5,166 $5,161 $5,140 $5,110 $5,100 $5,161 $5,093 
Provision for credit losses488 458 471 448 451 946 951 
Charge-offs:       
Commercial and industrial(120)(102)(119)(96)(83)(222)(180)
CRE(38)(70)(51)(65)(97)(108)(200)
Residential mortgage(1)(1)(1)— (1)(2)(2)
Home equity(4)(2)(2)(1)(3)(6)(6)
Indirect auto(127)(154)(158)(143)(136)(281)(290)
Other consumer(146)(154)(148)(152)(141)(300)(306)
Credit card(70)(74)(74)(71)(74)(144)(151)
Total charge-offs(506)(557)(553)(528)(535)(1,063)(1,135)
Recoveries:       
Commercial and industrial31 24 15 26 14 55 46 
CRE3 7 17 5 5 10 12 
Commercial construction1 — — 1 1 1 1 
Residential mortgage— 2 2 1 2 2 3 
Home equity4 4 3 4 4 8 9 
Indirect auto28 25 24 38 30 53 58 
Other consumer31 30 28 26 28 61 56 
Credit card12 11 11 9 9 23 18 
Total recoveries110 103 100 110 93 213 203 
Net charge-offs(396)(454)(453)(418)(442)(850)(932)
Other(5)1 3 — 1 (4)(2)
Balance, end of period$5,253 $5,166 $5,161 $5,140 $5,110 $5,253 $5,110 
ACL:
ALLL$4,899 $4,870 $4,857 $4,842 $4,808 
RUFC354 296 304 298 302 
Total ACL$5,253 $5,166 $5,161 $5,140 $5,110 

The allowance for credit losses was $5.3 billion at June 30, 2025 and included $4.9 billion for the allowance for loan and lease losses and $354 million for the reserve for unfunded commitments. The ALLL ratio was 1.54%, down four basis points compared with March 31, 2025. The ALLL covered nonperforming loans and leases held for investment 3.9x, compared to 3.3x at March 31, 2025. At June 30, 2025, the ALLL was 3.1x annualized net charge-offs, compared to 2.6x at March 31, 2025.

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 14: Allocation of ALLL by Category
June 30, 2025December 31, 2024
(Dollars in millions)Amount% ALLL in Each Category% Loans in Each CategoryAmount% ALLL in Each Category% Loans in Each Category
Commercial and industrial$1,309 26.6 %50.9 %$1,284 26.4 %50.7 %
CRE563 11.5 6.4 643 13.2 6.6 
Commercial construction259 5.3 2.6 257 5.3 2.8 
Residential mortgage220 4.5 18.1 204 4.2 18.1 
Home equity92 1.9 3.0 89 1.8 3.1 
Indirect auto990 20.2 7.7 955 19.7 7.5 
Other consumer1,051 21.5 9.8 994 20.5 9.6 
Credit card415 8.5 1.5 431 8.9 1.6 
Total ALLL4,899 100.0 %100.0 %4,857 100.0 %100.0 %
RUFC354  304  
Total ACL$5,253  $5,161  

Truist Financial Corporation 63

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 June 30, 2025, Truist held or serviced the first lien on 33% of its second lien positions.

Other Assets

The components of other assets are presented in the following table:

Table 15: Other Assets as of Period End
(Dollars in millions)Jun 30, 2025Dec 31, 2024
Tax credit and other private equity investments$9,627 $9,303 
Bank-owned life insurance7,846 7,801 
Prepaid pension assets7,383 7,238 
Accounts receivable2,094 1,904 
Accrued income2,017 2,069 
Derivative assets1,647 966 
DTAs, net1,627 1,945 
Leased and related assets1,451 1,352 
FHLB stock1,103 965 
Prepaid expenses1,098 1,061 
ROU assets1,042 1,015 
Other1,032 1,513 
Total other assets$37,967 $37,132 

64 Truist Financial Corporation

Funding Activities

Deposits

The following table presents average deposits:

Table 16: Average Deposits
Three Months Ended
(Dollars in millions)Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024
Noninterest-bearing deposits$106,686 $105,895 $107,968 $106,080 $107,634 
Interest checking116,193 109,208 107,075 103,899 103,894 
Money market and savings135,607 136,897 138,242 136,639 135,264 
Time deposits41,997 40,204 36,757 37,726 41,250 
Total average deposits$400,483 $392,204 $390,042 $384,344 $388,042 

Average deposits for the second quarter of 2025 were $400.5 billion, an increase of $8.3 billion, or 2.1%, compared to the first quarter of 2025.

Average noninterest-bearing deposits increased 0.7% compared to the prior quarter and represented 26.6% of total deposits for the second quarter of 2025 compared to 27.0% for the first quarter of 2025. Average interest checking deposits increased 6.4% primarily due to short-term client deposits. Average money market and savings accounts decreased 0.9%. Average time deposits increased 4.5%.

Borrowings

At June 30, 2025, short-term borrowings totaled $16.6 billion, a decrease of $12.6 billion compared to December 31, 2024. Average short-term borrowings were $28.3 billion and $26.1 billion for the six months ended June 30, 2025 and 2024, respectively.

Long-term debt provides funding and, to a lesser extent, regulatory capital, and primarily consists of senior and subordinated notes issued by the Parent Company and Truist Bank. Long-term debt totaled $44.4 billion at June 30, 2025, an increase of $9.5 billion compared to December 31, 2024. During the six months ended June 30, 2025, the Company had:

•Net issuances of $9.7 billion floating rate FHLB advances.
•Maturities and redemptions of $3.1 billion of senior notes.
•Issuances of $2.5 billion fixed-to-floating rate senior notes with interest rates between 4.67% and 5.07% due between May 20, 2027 and May 20, 2031.

In July 2025, Truist redeemed all $1.5 billion principal amount outstanding of its fixed-to-floating rate senior holding company notes due July 28, 2026.

In July 2025, Truist issued $1.5 billion principal amount of fixed-to-floating rate senior bank notes with an interest rate of 4.42% due July 24, 2028 and $500 million floating rate senior bank notes due July 24, 2028.

Truist Financial Corporation 65

Shareholders’ Equity

Truist’s book value per common share and TBVPS are presented in the following table:

Table 17: Book Value per Common Share
(Dollars in millions, except per share data, shares in thousands)Jun 30, 2025Dec 31, 2024
Common equity per common share$45.70 $43.90 
Non-GAAP capital measure:(1)
  
Tangible common equity per common share$31.63 $30.01 
Calculation of tangible common equity:(1)
  
Total shareholders’ equity$64,840 $63,679 
Less:  
Preferred stock5,907 5,907 
Goodwill and intangible assets, net of deferred taxes18,143 18,274 
Tangible common equity$40,790 $39,498 
Common shares outstanding at end of period1,289,435 1,315,936 
(1)Tangible common equity is a non-GAAP measure that excludes the impact of intangible assets, net of deferred taxes. This measure is useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses this measure to assess balance sheet risk and shareholder value.

Total shareholders’ equity was $64.8 billion at June 30, 2025, an increase of $1.2 billion from December 31, 2024. This increase includes $2.5 billion in net income and $1.3 billion in OCI, partially offset by $1.5 billion in common and preferred dividends and $1.3 billion in common share repurchases, including excise taxes. For the second quarter of 2025, the dividend payout ratio was 57% and the total payout ratio was 121%. Truist’s book value per common share at June 30, 2025 was $45.70, compared to $43.90 at December 31, 2024. Truist’s TBVPS of $31.63 at June 30, 2025, increased 5.4% compared to December 31, 2024.
66 Truist Financial Corporation

Risk Management

Truist seeks to maintain 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. A key objective of the Company’s risk management framework is to promote the execution of strategic goals and objectives in alignment with its risk appetite.

Truist has developed a risk management taxonomy to provide for the identification and classification of risk elements at Truist. The objective of the risk management taxonomy is to define enterprise-wide categorization for elements used in risk management activities, establish consistently applied language, and enable data analysis, aggregation, and reporting.

Truist is committed to fostering a culture that supports the 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 influences 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 must be evaluated and prioritized to identify those that present attractive risk-adjusted returns, while preserving asset value and capital.

Market Risk

Market risk is the risk to current or anticipated earnings, capital, or economic value arising from changes in interest rates, spreads, or prices of financial instruments, and the corresponding impact on the composition of the balance sheet or trading and fair value positions. 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’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 of instruments held 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); changing rate relationships among different yield curves affecting bank activities (basis risk); changing rate relationships across the spectrum of maturities (yield curve risk); and interest-related options inherently embedded in bank products (options risk).

The primary objectives of 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. Truist primarily monitors this risk through two measurement types, (i) NII at risk and (ii) economic value of equity. Truist manages this risk with securities, derivatives, and broader asset liability management activities. Truist uses derivatives to hedge interest income variability of floating rate loans and to hedge valuation changes of long-term debt and investment securities.

IRR measurement is reported monthly through the ALCO. Monthly IRR reporting includes exposure and historical trends relative to risk limit scenarios, impacts to a wide range of rate scenarios, and sensitivity tests of key assumptions. IRR reporting is provided to the BRC quarterly.

IRR measurement is influenced by data, assumptions, and models. Due to their high sensitivity to market rates, mortgage (loan and security) prepayments leverage an industry model that results in varying prepayment speeds across rate scenarios. Prepayments for non-mortgage loans leverage a mix of dynamic models (varying results based on market rates) and static prepayment assumptions based on historical experience. Our analysis incorporates dynamic client deposit balance levels, the mix across product types, and deposit rate paid across alternate rate scenarios based on modeled changes in client and bank behavior. The use of dynamic deposit balance models results in rotation to higher cost funding products (e.g., CDs) when market rates increase and to lower cost funding products (e.g., non-maturity deposits) when market rates decrease. The use of dynamic rate paid models results in varying deposit betas based on the timing and conditions within market rate cycles.

Truist Financial Corporation 67

NII at risk measures the change in NII under alternate interest rate scenarios relative to Truist’s baseline scenario, which incorporates Truist’s current balance sheet and off-balance sheet hedges as well as expectations for new business over the forecast horizon. Truist’s baseline scenario relies on assumptions including expectations of the economy and interest rates – which are influenced by market conditions, new business volume, pricing, and client behavior. In measuring NII at risk, Truist assumes that changes in key factors, such as prepayments and deposit pricing (betas), largely move in line with those it has experienced in prior rate cycles. However, future behavior of key factors may vary from Truist’s assumptions. NII at risk measurement assumes, when applicable, that U.S. interest rates floor at zero and Truist does not take any balance sheet or hedging actions in response to the rate scenarios.

Truist evaluates a wide range of alternate scenarios including instantaneous and gradual as well as parallel and non-parallel changes in interest rates. The table below presents the estimated change to NII over the following 12 months for select parallel alternate scenarios, expressed as a percentage change relative to baseline NII.

Table 18: Interest Sensitivity Simulation Analysis
Jun 30, 2025Dec 31, 2024
Up 200bps gradual change in interest rates2.0 %1.1 %
Up 50bps instantaneous change in interest rates0.8 0.6 
Down 50bps instantaneous change in interest rates
(1.0)(0.8)
Down 200bps gradual change in interest rates
(3.0)(2.1)

Truist performs and monitors sensitivity tests of key assumptions used in NII risk including:

•Asset prepayment speeds
•New loan volume pricing spreads
•Interest-bearing deposit betas
•Non-interest-bearing demand deposit balance runoff, replaced by market funding

EVE measures changes in the economic value of Truist’s current balance sheet and off-balance sheet hedges under alternate rate scenarios relative to starting economic value. Truist uses EVE as a longer-term measure of interest rate risk. Truist performs and monitors sensitivity tests of key assumptions used in EVE including:

•Asset prepayment speeds
•Mortgage spreads (mortgage loan and security valuations)
•Interest-bearing deposit beta
•Deposit runoff / decay

Key assumption tests are generally performed by increasing and decreasing the assumption, whether static or dynamically modeled, relative to their respective starting values and then measuring the resulting impact to NII and EVE under baseline and alternate rate scenarios.

The identification and testing of key assumptions are influenced by market conditions and management views of key risks. The results of key assumption sensitivity tests are reported to ALCO and BRC at least quarterly. Key assumptions and their associated sensitivity tests are reviewed with ALCO and BRC at least annually.

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 multi-faceted risk management approach, which includes measuring risk using VaR, stress testing, and sensitivity analysis. Risk metrics are monitored against a suite of limits at both the trading desk level and at the aggregate portfolio level.

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

68 Truist Financial Corporation

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 June 30, 2025, the aggregate market value of on-balance sheet securitization positions subject to the Market Risk Rule, which were non-agency asset backed securities positions, was $93 million. Consistent with the Market Risk Rule requirements, the Company performs pre-purchase due diligence on each securitization position to identify the characteristics, including deal structure and the asset quality of the underlying assets, that materially affect valuation and performance. Securitization positions are subject to Truist’s 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 June 30, 2025.

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 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 and six months ended June 30, 2025 and 2024. Average VaR measures in the three and six-months ended June 30, 2025 were higher compared to the three and six-months ended June 30, 2024 primarily due to tariff related market volatility in April.

Truist Financial Corporation 69

Table 19: VaR-based Measures
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(Dollars in millions)10-Day Holding Period1-Day Holding Period10-Day Holding Period1-Day Holding Period10-Day Holding Period1-Day Holding Period10-Day Holding Period1-Day Holding Period
VaR-based Measures:
Maximum$63 $13 $25 $7 $63 $15 $27 $12 
Average28 10 20 6 24 9 21 8 
Minimum16 5 14 5 9 4 14 5 
Period-end23 11 23 7 23 11 23 7 
VaR by Risk Class:
Interest Rate Risk6 7 6 7 
Credit Spread Risk6 10 6 10 
Equity Price Risk7 3 7 3 
Foreign Exchange Risk1 — 1 — 
Portfolio Diversification(8)(13)(8)(13)
Period-end11 7 11 7 

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 June 30,Six Months Ended June 30,
(Dollars in millions)2025202420252024
Maximum$248 $209 $287 $209 
Average125 148 153 131 
Minimum70 82 70 69 
Period-end96 154 96 154 

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.

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 was one Company-wide VaR backtesting exception during the twelve months ended June 30, 2025. The backtesting exception was driven by tariff-related market volatility. 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 reviewed in the context of VaR model use and performance. There was no change in the capital multiplication factor over the preceding twelve months.
70 Truist Financial Corporation

12250
Model Risk Oversight

MRO is responsible for the independent model validation of all decision models, including trading market risk models. As part of ongoing monitoring efforts, the performance of all trading risk models is reviewed regularly to evaluate model performance with emerging developments in financial markets, assess evolving modeling approaches, and identify potential model enhancement.

Stress Testing

The Company uses a 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 risk factor sensitivities, historical repeats, and hypothetical scenarios with varying liquidity horizons of key risk factors. All trading positions within each applicable market risk category (i.e., interest rate risk, equity risk, foreign exchange rate risk, credit spread risk, and commodity price risk) are included in the Company’s stress testing framework. Management reviews stress testing scenarios and makes updates on an ongoing basis. 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 is the ability to fund increases in assets and meet obligations as they come due, all without incurring unacceptable costs. In addition to the level of liquid assets, such as cash, cash equivalents, and highly liquid unencumbered 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.

Truist has a liquidity risk management process designed to identify, measure, and monitor key liquidity risks to assess whether Truist is operating within its liquidity risk appetite. The liquidity risk appetite is outlined using a qualitative statement and more granular detailed risk appetite statements aligned to Truist’s risk taxonomy; risk statements form the basis for aligning risk appetite with risk management goals and strategy. Using the risk appetite statements, key risk indicators are developed that represent quantitative metrics which measure current risk exposure relative to Truist’s risk appetite, which help the Board and management monitor liquidity risk taking activity. Truist’s key risk indicators are designed to support the following objectives:

•maintain (i) a diversified, but client deposit centric, funding base, (ii) a level of liquid, readily monetized assets sufficient to satisfy business as usual and stressed cash flow needs across multiple liquidity horizons, and (iii) an appropriate level of contingent funding to meet any unexpected needs;
•limit concentration risk from individual, correlated counterparties, and funding concentrations in tenors that may negatively impact Truist from an unforeseen idiosyncratic or market event; and
•maintain sufficient liquidity in the holding company to serve as a source of strength to its subsidiaries.
Truist Financial Corporation 71


Internal Liquidity Stress Testing

Liquidity stress testing is conducted for Truist and Truist Bank using 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, increased draws on unfunded commitments, and the potential need to post additional collateral for derivatives. 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 designed to meet the projected 30-day net stressed cash-flow needs. Truist’s liquidity buffer is substantially the same in composition to what qualifies as HQLA under the LCR Rule. Truist periodically monetizes a representative sample of the liquidity buffer to assess operational readiness through available monetization channels.

Contingency Funding Plan

Truist has a contingency funding plan designed to address 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. On a quarterly basis, Truist conducts testing of market access for alternative sources of funds (e.g. discount window, standing repo facility, etc.) to test operational readiness. On a periodic basis, Truist conducts a table-top test of the Contingency Funding Plan to assess reliability of the plan during liquidity stress events and to simulate the operational elements of the plan such as communications, coordination, and decision-making.

LCR, NSFR, and HQLA

The LCR rule requires that Truist and Truist Bank maintain an amount of eligible HQLA that is sufficient within the parameters of the rule to meet their 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 $93.0 billion and Truist’s average LCR was 110% for the three months ended June 30, 2025.

The NSFR rule defines a minimum amount of stable, long-term funding that Truist and Truist Bank must maintain in relation to their asset composition and off-balance sheet activities. Truist and Truist Bank are subject to the Category III reduced NSFR requirements. At June 30, 2025, Truist was compliant with this requirement.

Sources of Funds

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)Jun 30, 2025Dec 31, 2024
Unused borrowing capacity:
FRB$80,374 $72,040 
FHLB30,417 31,411 
Available investment securities (at fair value)75,441 68,212 
Available secured borrowing capacity186,232 171,663 
Eligible cash at the FRB35,082 33,717 
Total$221,314 $205,380 
72 Truist Financial Corporation


At June 30, 2025, Truist Bank’s available secured borrowing capacity represented approximately 5.5 times the amount of wholesale funding maturities in one year or less.

Parent Company

The Parent Company serves as the primary source of capital for its 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, payments on and, from time-to-time, potential repurchases or redemptions of long-term debt of the Parent Company (as may be permitted by the terms of each respective series), and the redemption of preferred stock. See “Note 22. Parent Company Financial Information” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2024 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 manages cash levels at the Parent Company to exceed a minimum of 12 months of projected 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 June 30, 2025, the Parent Company held cash on hand to meet these requirements.

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, 2024 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.

The following table presents the credit ratings and outlooks of the Parent Company and Truist Bank as of June 30, 2025:

Table 22: Credit Ratings of Truist Financial Corporation and Truist Bank
 Moody’sS&PFitchDBRS Morningstar
Truist Financial Corporation:
IssuerBaa1A- / A-2A / F1AAL / R-1M
Senior unsecuredBaa1A-A-AAL
SubordinatedBaa1BBB+BBB+AH
Preferred stockBaa3(hyb)BBB-BBB-AL
Truist Bank:
IssuerA3A / A-1A / F1AA / R-1H
Senior unsecuredA3AAAA
DepositsA1 / P-1NAA+ / F1AA
Subordinated(P) A3A-A-AAL
Ratings outlook:
Credit trendStableStableStableStable

Truist Financial Corporation 73

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, for the Parent Company to remain a source of strength for the Parent Company’s 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.

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. Truist also 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 has implemented internal stress capital ratio minimums that serve as limits which are measured under internally-developed stress testing scenarios to evaluate whether capital ratios calculated under hypothetical stress, and after the effect of alternative capital actions, are likely to remain above internal stressed minimums. Breaches of internal capital limits or projected breaches of internal stress capital ratio minimums under hypothetical stress result in the activation of Truist’s capital contingency plan.

Table 23: Capital Requirements
 Minimum CapitalWell-Capitalized
Minimum Capital Plus Stress Capital Buffer(1)
 TruistTruist Bank
CET1
4.5 %NA6.5 %7.3 %
Tier 1 capital6.0 6.0 %8.0 8.8 
Total capital8.0 10.0 10.0 10.8 
Leverage ratio4.0 NA5.0 NA
Supplementary leverage ratio3.0 NANANA
(1)Reflects a SCB requirement of 2.8% applicable to Truist as of June 30, 2025. Truist’s SCB requirement, received in the 2024 CCAR process, is effective from October 1, 2024 to September 30, 2025. Under the 2025 CCAR process, Truist was notified its preliminary SCB requirement would be 2.5% from October 1, 2025 through September 30, 2026.

The Parent Company’s capital ratios are presented in the following table:

Table 24: Capital Ratios - Truist Financial Corporation
(Dollars in millions)Jun 30, 2025Dec 31, 2024
Risk-based:(preliminary) 
CET111.0 %11.5 %
Tier 1 capital12.3 12.9 
Total capital14.3 15.0 
Leverage ratio10.2 10.5 
Supplementary leverage ratio8.5 8.8 
Risk-weighted assets$434,892 $418,337 

Capital Contingency Plan

In the event of a realized or potential capital shortfall, Truist has a capital contingency plan that is designed to facilitate improvement of the Company’s capital position through the execution of specific contingency actions which either increase capital, decrease risk-weighted assets, or both. The plan provides a framework designed to monitor for the occurrence of these events by establishing mechanisms to detect capital contraction, including market and economic stress that could adversely impact the Company’s capital position. The plan also establishes governance protocols for activation or deactivation and decision making, lists capital contingency options and associated key information, and addresses the responsibilities of key departments.

Capital ratios remained strong compared to the regulatory requirements for well capitalized banks. Truist’s CET1 ratio was 11.0% as of June 30, 2025, down 30 basis points compared to March 31, 2025 due to capital returned to shareholders and an increase in risk-weighted assets, partially offset by current quarter earnings.

Truist declared common dividends of $0.52 per share during the second quarter of 2025 and repurchased $750 million of common stock. For the second quarter of 2025, the dividend payout ratio was 57%, and the total payout ratio was 121%.

74 Truist Financial Corporation

Truist completed the 2025 CCAR process and received a preliminary SCB requirement of 2.5% for the period October 1, 2025 to September 30, 2026, down 30 basis points from the SCB requirement for the period October 1, 2024 to September 30, 2025. The FRB will provide Truist with its final SCB requirement by August 31, 2025.

Share Repurchase Activity

Table 25: 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)(3)
Total Number of Shares Purchased as part of Publicly Announced Plans
Approximate Dollar Value of Shares that may yet be Purchased Under the Plans(3)(4)
April 1, 2025 to April 30, 202520,209 $37.11 20,209 $2,750 
May 1, 2025 to May 31, 2025— — — 2,750 
June 1, 2025 to June 30, 2025— — — 2,750 
Total20,209 $37.11 20,209 
(1)Includes shares exchanged or surrendered in connection with the exercise of equity-based awards under equity-based compensation plans.
(2)Excludes commissions.
(3)Excludes excise taxes on share repurchases.
(4)In June 2024, Truist announced that the Board had authorized the repurchase of up to $5.0 billion of common stock beginning in the third quarter of 2024 through 2026 as part of Truist’s overall capital distribution strategy. Repurchased shares revert to the status of authorized and unissued shares upon repurchase. The share-repurchase program enables Truist to acquire shares through open-market purchases or privately negotiated transactions, including through Rule 10b5-1 plans and other programs, at the discretion of management and on terms (including quantity, timing, and price) that management determines to be advisable. Actions in connection with the share-repurchase program will be subject to various factors, including Truist's capital and liquidity positions and related internal frameworks, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB and any changes to capital, liquidity, and other regulatory requirements that may be proposed or adopted by the U.S. banking agencies), Truist's financial and operational performance, alternative uses of capital, the trading price of Truist's common stock, and general market conditions. The share-repurchase program does not obligate Truist to acquire a specific dollar amount or number of shares and may be extended, modified, or discontinued at any time.

Regulatory and Supervisory Update

We are subject to significant regulatory frameworks that affect the products and services that we may offer and the manner in which we may offer them, the risks that we may take, the ways in which we may operate, and the corporate and financial actions that we may take.

The description below summarizes an update to the regulatory and supervisory framework applicable to Truist since the filing of the Annual Report on Form 10-K for the year ended December 31, 2024. This update does not summarize all actual, proposed, or possible changes in statutes, regulations, and other laws applicable to Truist and is not intended to be a substitute for those laws. Refer to “Regulatory and Supervisory Considerations” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional disclosures.

In December 2024, the CFPB issued a final rule to financial institutions with more than $10 billion in assets to either limit the cost of overdraft services to the amount of their costs and losses or adhere to a fee cap of $5. The rule was expected to take effect on October 1, 2025. In May 2025, the President signed a Congressional Review Act resolution to overturn this rule. As a result, the rule will not become effective and banks with more than $10 billion in assets, including Truist Bank, will not be required to change their overdraft fee structures to comply with the rule.

Truist Financial Corporation 75

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 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, trading assets and liabilities, 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, 2024. 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, 2024. Disclosures regarding the effects of new accounting pronouncements are included in “Note 1. Basis of Presentation” in this report. There have been no other changes to the critical accounting policies during 2025.

Goodwill and Other Intangible Assets

The Company’s three reporting units with goodwill balances were CSBB, WB, and Wealth. The Company performs goodwill impairment analysis annually as of October 1 or more often if events or circumstances indicate that it is more-likely-than-not that the fair value of a reporting unit is below its carrying value.

The quantitative valuations of these reporting units use the income approach and a market-based approach, each weighted at 50%. The inputs and assumptions specific to each reporting unit are incorporated in the valuations, including projections of future cash flows, discount rates, and applicable valuation multiples based on the comparable public company information. The income approach utilizes a discounted cash flow analysis of multi-year financial forecasts developed for each reporting unit by considering several inputs and assumptions such as net interest margin, expected credit losses, noninterest income, noninterest expense, and required capital. The market-based approach utilizes comparable public company information, key valuation multiples, and considers a market control premium associated with cost synergies and other cash flow benefits that arise from obtaining control over a reporting unit, and guideline transactions, when applicable.

Truist also assesses the reasonableness of the aggregate estimated fair value of the reporting units by comparison to its market capitalization over a reasonable period of time, including consideration of expected acquirer expense synergies, historic bank control premiums, and the current market.

The projection of net interest margin and noninterest expense are the most significant inputs to the financial projections of the CSBB, WB, and Wealth reporting units. The long-term growth rate used in determining the terminal value of each reporting unit was 3% as of October 1, 2024, based on management’s assessment of the minimum expected terminal growth rate of each reporting unit. Discount rates are estimated based on the Capital Asset Pricing Model, which considers the risk-free interest rate, market risk premium, beta, and unsystematic risk adjustments specific to a particular reporting unit. The discount rates are also calibrated based on risks related to the projected cash flows of each reporting unit. The discount rates utilized for the CSBB, Wealth, and WB reporting units as of October 1, 2024 were 12.5%, 12.0%, and 10.5%, respectively.

Based on the results of the Company’s annual impairment analyses, the Company concluded that the fair values of the CSBB, WB and Wealth reporting units exceeded their respective carrying values; therefore, there was no goodwill impairment. However, for the WB reporting unit, the fair value of the reporting unit exceeded its carrying value by approximately 10%, indicating that the goodwill of the WB reporting unit may remain at risk of impairment. Circumstances that could negatively impact the fair value for the WB reporting unit in the future include a sustained decrease in Truist’s stock price, a decline in industry peer multiples, an increase in the applicable discount rate, and deterioration in the reporting unit’s forecast.

The estimated fair value of a reporting unit is highly sensitive to changes in management’s estimates and assumptions; therefore, in some instances, changes in these assumptions could impact whether the fair value of a reporting unit is greater than its carrying value. The valuation of the WB reporting unit as of October 1, 2024 indicated that if the discount rate were increased more than 100 basis points, with other cash flow assumptions unchanged, the reporting unit’s fair value would be less than its carrying value, indicating a goodwill impairment under the income approach. Ultimately, future potential changes in management’s assumptions may impact the estimated fair value of a reporting unit and cause the fair value of the reporting unit to be below its carrying value. Additionally, a reporting unit’s carrying value could change based on market conditions, change in the underlying makeup of the reporting unit, or the risk profile of those reporting units, which could impact whether the fair value of a reporting unit is less than carrying value.

76 Truist Financial Corporation

The Company monitored events and circumstances during the period from January 1, 2025 to June 30, 2025, including macroeconomic and market factors, industry and banking sector events, Truist specific performance indicators, a comparison of management’s forecast and assumptions to those used in its October 1, 2024 quantitative impairment test, and the sensitivity of the October 1, 2024 quantitative results to changes in assumptions as of June 30, 2025. Based on these considerations, 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 June 30, 2025.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, 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 June 30, 2025 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 Legal Proceedings and Other 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, 2024. 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.

ITEM 5. OTHER INFORMATION

(c) During the three months ended June 30, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Truist Financial Corporation 77

ITEM 6. EXHIBITS
Exhibit No.DescriptionLocation
2.1Equity Interest Purchase Agreement, dated as of February 20, 2024, by and among Trident Butterfly Investor, Inc., Panther Blocker I, Inc., Panther Blocker II, Inc., Truist Bank, Truist TIH Holdings, Inc., Truist TIH Partners, Inc., TIH Management Holdings, LLC, TIH Management Holdings II, LLC and Truist Insurance Holdings, LLC.
Incorporated herein by reference to Exhibit 2.1 of the Current Report on Form 8-K, filed February 20, 2024.
2.2Amendment No. 1 to Equity Interest Purchase Agreement, dated as of May 6, 2024, by and among Trident Butterfly Investor, Inc., Panther Blocker I, Inc., Panther Blocker II, Inc., Truist Bank, Truist TIH Holdings, Inc., Truist TIH Partners, Inc., TIH Management Holdings, LLC, TIH Management Holdings II, LLC and Truist Insurance Holdings, LLC
Incorporated herein by reference to Exhibit 2.1 of the Current Report on Form 8-K, filed May 10, 2024.
10.1*
Truist Financial Corporation Non-Qualified Defined Contribution Plan (January 1, 2025 Restatement)
Filed herewith.
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.
Filed herewith.
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.
Filed herewith.
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.
Filed herewith.
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.LAB
XBRL Taxonomy Extension Label Linkbase.
Filed herewith.
101.PREXBRL Taxonomy Extension Presentation Linkbase.Filed herewith.
101.DEFXBRL Taxonomy Definition Linkbase.Filed herewith.
104
Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).
Filed herewith.
*    Management compensatory plan or arrangement.
78 Truist Financial Corporation

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:July 31, 2025By:/s/ Michael B. Maguire
  Michael B. Maguire
Senior Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date:July 31, 2025By:/s/ Cynthia B. Powell
  Cynthia B. Powell
Executive Vice President and Corporate Controller
(Principal Accounting Officer)

Truist Financial Corporation 79

Source: View Original Filing on SEC EDGAR

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[13F-HR] Truist Financial Corporation SEC Filing

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