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Truist Financial Corporation
TFC
#411
Rank
A$85.89 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
A$71.67
Share price
2.83%
Change (1 day)
6.05%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Truist Financial Corporation
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q3

Truist Financial Corporation - 10-Q quarterly report FY2026 Q3


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

☒ Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended: September 30, 2026
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 September 30, 2026, 1,198,488,412 shares of the registrant’s common stock, $5 par value, were outstanding.

TABLE OF CONTENTS
TRUIST FINANCIAL CORPORATION
FORM 10-Q
September 30, 2026
Page No.
PART I - Financial Information
Glossary of Defined Terms
1
Forward-Looking Statements
3
Item 1.Financial Statements
Consolidated Balance Sheets (Unaudited)
4
Consolidated Statements of Income (Unaudited)
5
Consolidated Statements of Comprehensive Income (Unaudited)
6
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
7
Consolidated Statements of Cash Flows (Unaudited)
8
Notes to Consolidated Financial Statements (Unaudited)
Note 1. Basis of Presentation
9
Note 2. Securities Financing Activities
11
Note 3. Investment Securities
13
Note 4. Loans and ACL
15
Note 5. Goodwill and Other Intangible Assets
25
Note 6. Loan Servicing
26
Note 7. Other Assets and Liabilities
27
Note 8. Borrowings
28
Note 9. Shareholders’ Equity
29
Note 10. AOCI
30
Note 11. Benefit Plans
31
Note 12. Commitments and Contingencies
32
Note 13. Fair Value Disclosures
35
Note 14. Derivative Financial Instruments
40
Note 15. Computation of EPS
45
Note 16. Operating Segments
46
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Executive Overview
49
Analysis of Results of Operations
51
Analysis of Financial Condition
58
Risk Management
67
Liquidity
72
Capital
74
Share Repurchase Activity
75
Regulatory and Supervisory Updates
76
Critical Accounting Estimates
76
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
79
Item 4.Controls and Procedures
79
PART II - Other Information
Item 1.Legal Proceedings
79
Item 1A.Risk Factors
79
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
79
Item 3.
Defaults Upon Senior Securities
79
Item 4.
Mine Safety Disclosures
79
Item 5.Other Information
79
Item 6.Exhibits
80



Glossary of Defined Terms
The following terms may be used throughout this report, including in the consolidated financial statements and related notes.
TermDefinition
ACL
Allowance for credit losses
AFS
Available-for-sale
Agency MBS
Mortgage-backed securities issued by a U.S. government agency or GSE
AI
Artificial intelligence, including machine learning and other types of artificial intelligence
ALCOAsset and Liability Committee
ALLL
Allowance for loan and lease losses
AOCI
Accumulated other comprehensive income (loss)
ATM
Automated teller machine
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
CDI
Core deposit intangible
CEO
Chief Executive Officer of Truist Financial Corporation
CET1
Common equity tier 1
CFO
Chief Financial Officer of Truist Financial Corporation
CODMChief operating decision maker
Company
Truist Financial Corporation and its subsidiaries (interchangeable with “Truist” below)
CRE
Commercial real estate
CSBBConsumer and Small Business Banking, an operating segment
DTADeferred tax asset
EPS
Earnings per common share
ERCEnterprise Risk Committee
EVEEconomic value of equity
Exchange Act
Securities Exchange Act of 1934, as amended
FDIC
Federal Deposit Insurance Corporation
FHLB
Federal Home Loan Bank
FRB
Board of Governors of the Federal Reserve System
FTE
Full-time equivalent employee
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
IPV
Independent price verification
IRRInterest rate risk
IRS
Internal Revenue Service
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&A
Management’s Discussion and Analysis of Financial Condition and Results of Operations
MRO
Model Risk Oversight
NA
Not applicable
NII
Net interest income
NIM - TE
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
RACRegional Acceptance Corporation
REIT
Real estate investment trust
RMO
Risk Management Organization
ROTCE
Return on average tangible common equity, a non-GAAP measure
ROU assets
Right-of-use assets
RUFC
Reserve for unfunded lending commitments
S&P
Standard & Poor’s
Truist Financial Corporation 1

TermDefinition
SBIC
Small Business Investment Company
SCBStress capital buffer
SEC
Securities and Exchange Commission
TBVPS
Tangible book value per common share, a non-GAAP measure
TE
Taxable-equivalent
TMRO
Treasury & Market Risk Oversight
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

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 current 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:

•changes in monetary, fiscal, and trade laws or policies, including tariffs or interest rates;
•evolving political, geopolitical, business, social, economic, and market conditions at the local, regional, national, and international levels;
•our ability to effectively address economic, business, or market deterioration, slowdowns or disruptions;
•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;
•changes in business and consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households;
•negative market perceptions of our investment portfolio or its value;
•our ability to manage credit risk, including in connection with the loans that we originate or purchase;
•the credit, liquidity, or other financial condition of our clients, counterparties, service providers, or competitors;
•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;
•our ability to manage any unexpected outflows of uninsured deposits and, in such a circumstance, to access substitute funding and avoid selling investment securities or other assets at an unfavorable time or at a loss;
•changes in our credit ratings and the related effects on our funding costs, ability to attract or retain funding, and relationships with clients and counterparties;
•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;
•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 keep pace with changes in technology, including technology-driven products and services relating to AI, that affect us or our clients, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property;
•our ability to manage system failures or disruptions affecting operations, communications, or other systems or processes;
•our ability to identify, assess, monitor, 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, AI-driven cyberattacks, environmental conditions, and intentional acts of destruction;
•the performance, availability, and resilience 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;
•the adequacy and effectiveness of our corporate governance, risk-management framework, compliance programs, and internal controls over financial reporting, including our ability to identify, assess, monitor, and mitigate risks, remediate lapses or deficiencies in financial reporting, and make appropriate estimates;
•our ability to develop, maintain, and market our products or services and to manage risks and unanticipated costs or liabilities associated with those products or services;
•our ability to satisfactorily and profitably perform loan servicing and similar obligations;
•the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government leadership or personnel;
•U.S. and international regulatory capital and liquidity requirements and standards and their effects on our capital and liquidity levels, ratios, buffers, and targets, and our ability to pay or increase dividends, repurchase shares, or take other capital actions;
•our ability to address 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;
•our ability to implement strategic and operational plans, including with respect to allocating capital and resources to our highest-value opportunities, becoming the most important financial partner to our clients, and executing with urgency, discipline, and accountability;
•our ability to innovate, to anticipate the needs of current or future clients, or to make timely and effective technology investments and enhancements to meet client expectations;
•our ability to compete successfully, to increase or maintain market share in changing competitive environments, or to address pricing or other competitive pressures, including competition from banks and nonbanks and the effects of digital assets, cryptocurrencies, stablecoins, tokenization, and other emerging products, services, and technologies relating to deposits, lending, and payments;
•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, which may include regulatory approvals and conditions;
•the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk;
•evolving accounting standards and policies and related changes to interpretations;
•damage to our brand or negative public opinion or adverse publicity affecting us, our leaders, or our service providers, including the impact on our relationships with clients, teammates, and other stakeholders;
•our ability to attract, hire, and retain key teammates and to engage in adequate succession planning;
•our ability to identify, assess, monitor, and mitigate the risk of fraud or misconduct by internal or external parties, including potential losses that may result;
•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;
•natural or other disasters, calamities, and conflicts, including terrorist events, cyber-warfare, and pandemics that impact us or our clients, teammates, or service providers; and
•other assumptions, risks, or uncertainties described in the Company’s Annual Report on Form 10-K or subsequent 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.
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)		Sep 30, 2026Dec 31, 2025
Assets
Cash and due from banks$4,230 $4,967 
Interest-bearing deposits with banks41,242 31,410 
Securities borrowed or purchased under agreements to resell3,903 3,200 
Trading assets at fair value5,218 5,790 
AFS securities at fair value61,523 65,042 
HTM securities (fair value of $38,263 and $39,130, respectively)
48,666 47,186 
LHFS (including $1,270 and $1,622 at fair value, respectively)
1,558 1,883 
Loans and leases (including $9 and $11 at fair value, respectively)
323,930 328,595 
ALLL(4,063)(5,030)
Loans and leases, net of ALLL319,867 323,565 
Premises and equipment3,257 3,172 
Goodwill17,125 17,125 
CDI and other intangible assets1,067 1,256 
Loan servicing rights at fair value5,066 3,972 
Other assets (including $2,351 and $1,725 at fair value, respectively)
41,474 38,970 
Total assets$554,196 $547,538 
Liabilities
Noninterest-bearing deposits$103,325 $105,092 
Interest-bearing deposits (including $776 and $639 at fair value, respectively)
309,908 295,306 
Short-term borrowings (including $2,783 and $2,394 at fair value, respectively)
12,415 27,839 
Long-term debt53,373 41,963 
Other liabilities (including $3,329 and $1,797 at fair value, respectively)
13,703 12,149 
Total liabilities492,724 482,349 
Shareholders’ Equity
Preferred stock5,411 4,916 
Common stock, $5 par value
5,992 6,312 
Additional paid-in capital30,613 33,663 
Retained earnings27,728 26,067 
AOCI, net of deferred income taxes(8,272)(5,769)
Total shareholders’ equity61,472 65,189 
Total liabilities and shareholders’ equity$554,196 $547,538 
Common shares outstanding1,198,488 1,262,470 
Common shares authorized2,000,000 2,000,000 
Preferred shares outstanding196 176 
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 September 30,Nine Months Ended September 30,
2026202520262025
Interest Income
Interest and fees on loans and leases$4,689 $4,816 $13,947 $13,966 
Interest on securities897 941 2,617 2,877 
Interest on other earning assets444 529 1,288 1,585 
Total interest income6,030 6,286 17,852 18,428 
Interest Expense
Interest on deposits1,647 1,835 4,747 5,415 
Interest on long-term debt534 523 1,464 1,363 
Interest on other borrowings186 299 758 927 
Total interest expense2,367 2,657 6,969 7,705 
Net Interest Income3,663 3,629 10,883 10,723 
Provision (benefit) for credit losses(253)436 621 1,382 
Net Interest Income After Provision for Credit Losses3,916 3,193 10,262 9,341 
Noninterest Income
Wealth management income407 374 1,152 1,066 
Card and treasury management fees347 340 1,038 1,024 
Investment banking and trading income324 323 1,048 801 
Other deposit revenue125 125 365 350 
Mortgage banking income113 118 362 333 
Lending related fees120 103 358 297 
Securities gains (losses)(1,447)— (1,447)(19)
Other income95 175 405 498 
Total noninterest income84 1,558 3,281 4,350 
Noninterest Expense
Personnel expense1,853 1,748 5,372 5,030 
Professional fees and outside processing365 346 1,013 1,083 
Software expense254 233 723 694 
Net occupancy expense180 185 530 534 
Equipment expense77 90 241 261 
Marketing and customer development83 79 253 236 
Amortization of intangibles62 72 189 220 
Regulatory costs61 32 190 156 
Other expense170 229 632 692 
Total noninterest expense3,105 3,014 9,143 8,906 
Earnings
Income before income taxes
895 1,737 4,400 4,785 
Provision for income taxes
96 285 567 832 
Net income799 1,452 3,833 3,953 
Preferred stock dividends and other115 104 253 268 
Net income available to common shareholders
$684 $1,348 $3,580 $3,685 
Earnings Per Common Share
Basic EPS$0.57 $1.05 2.92 2.85 
Diluted EPS0.56 1.04 2.88 2.82 
Weighted Average Shares Outstanding
Basic1,210,179 1,280,571 1,227,751 1,293,341 
Diluted1,226,342 1,296,666 1,243,918 1,308,676 

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 September 30,Nine Months Ended September 30,
2026202520262025
Net income$799 $1,452 $3,833 $3,953 
OCI, net of tax:
Net change in net pension and post-retirement costs(19)(46)(24)(39)
Net change in cash flow hedges(857)30 (1,719)734 
Net change in AFS securities(735)480 (915)974 
Net change in HTM securities53 56 150 165 
Other, net2 — 5 6 
Total OCI, net of tax(1,556)520 (2,503)1,840 
Total comprehensive income$(757)$1,972 $1,330 $5,793 
Income Tax Effect of Items Included in OCI:
Net change in net pension and post-retirement costs$(6)$(14)$(8)$(14)
Net change in cash flow hedges(268)9 (538)226 
Net change in AFS securities(231)152 (286)291 
Net change in HTM securities17 17 47 44 
Other, net1 — 2 — 
Total income taxes related to OCI$(487)$164 $(783)$547 

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 EarningsAOCITotal Shareholders’ Equity
Balance, July 1, 20251,289,435 $5,907 $6,447 $34,620 $24,759 $(6,893)$64,840 
Net income— — — — 1,452 — 1,452 
OCI— — — — — 520 520 
Issued in connection with equity awards, net910 — 5 29 (4)— 30 
Repurchase of common stock, including excise tax(11,099)— (56)(449)— — (505)
Cash dividends declared on common stock— — — — (665)— (665)
Cash dividends declared on preferred stock— — — — (104)— (104)
Equity-based compensation expense— — — 78 — — 78 
Balance, September 30, 20251,279,246 $5,907 $6,396 $34,278 $25,438 $(6,373)$65,646 
Balance, July 1, 20261,221,626 $5,411 $6,108 $31,616 $27,676 $(6,716)$64,095 
Net income— — — — 799 — 799 
OCI— — — — — (1,556)(1,556)
Issued in connection with equity awards, net143 — — (2)(3)— (5)
Repurchase of common stock, including excise tax(23,281)— (116)(1,096)— — (1,212)
Cash dividends declared on common stock— — — — (629)— (629)
Cash dividends declared on preferred stock— — — — (115)— (115)
Equity-based compensation expense— — — 95 — — 95 
Balance, September 30, 20261,198,488 $5,411 $5,992 $30,613 $27,728 $(8,272)$61,472 
Balance, January 1, 20251,315,936 $5,907 $6,580 $35,628 $23,777 $(8,213)$63,679 
Net income— — — — 3,953 — 3,953 
OCI— — — — — 1,840 1,840 
Issued in connection with equity awards, net5,873 — 29 (54)(10)— (35)
Repurchase of common stock, including excise tax(42,563)— (213)(1,552)— — (1,765)
Cash dividends declared on common stock— — — — (2,014)— (2,014)
Cash dividends declared on preferred stock— — — — (268)— (268)
Equity-based compensation expense— — — 256 — — 256 
Balance, September 30, 20251,279,246 $5,907 $6,396 $34,278 $25,438 $(6,373)$65,646 
Balance, January 1, 20261,262,470 $4,916 $6,312 $33,663 $26,067 $(5,769)$65,189 
Net income— — — — 3,833 — 3,833 
OCI— — — — — (2,503)(2,503)
Issued in connection with equity awards, net5,876 — 29 (111)(9)— (91)
Repurchase of common stock, including excise tax(69,858)— (349)(3,218)— — (3,567)
Issuance of preferred stock— 495 — — — — 495 
Cash dividends declared on common stock— — — — (1,910)— (1,910)
Cash dividends declared on preferred stock— — — — (253)— (253)
Equity-based compensation expense— — — 279 — — 279 
Balance, September 30, 20261,198,488 $5,411 $5,992 $30,613 $27,728 $(8,272)$61,472 

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

CONSOLIDATED STATEMENTS OF CASH FLOWS
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions)		Nine Months Ended September 30,
20262025
Cash Flows From Operating Activities:
Net income$3,833 $3,953 
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses621 1,382 
Depreciation376 414 
Amortization of intangibles189 220 
Securities (gains) losses1,447 19 
Net change in operating assets and liabilities:
LHFS352 (578)
Pension asset(229)(169)
Derivative assets and liabilities1,078 (1,130)
Trading assets572 (631)
Investments in affordable housing projects and other qualified tax credits(1)
(560)(142)
Other assets and other liabilities(2,144)(610)
Other, net(1)
(2,054)429 
Net cash flows from operating activities
3,481 3,157 
Cash Flows From Investing Activities:
Proceeds from sales of AFS securities7,279 1,113 
Proceeds from maturities, calls and paydowns of AFS securities12,184 12,123 
Purchases of AFS securities(18,968)(9,350)
Proceeds from maturities, calls and paydowns of HTM securities2,800 2,841 
Purchases of HTM securities(4,068)— 
Originations of loans and leases, net of principal collected(2,245)(18,194)
Purchases of loans and leases(750)(818)
Proceeds from sales of loans and leases6,002 439 
Net cash received (paid) for securities borrowed or purchased under agreements to resell(703)(431)
Purchases of loan servicing rights(1)
(755)(182)
Other, net(1)
189 (512)
Net cash flows from investing activities
965 (12,971)
Cash Flows From Financing Activities:
Net change in deposits12,835 4,383 
Net change in short-term borrowings(15,418)199 
Proceeds from issuance of long-term debt75,679 50,907 
Repayment of long-term debt(63,128)(44,501)
Repurchase of common stock(3,534)(1,750)
Net proceeds from preferred stock issued495 — 
Cash dividends paid on common stock(1,910)(2,014)
Cash dividends paid on preferred stock(253)(268)
Other, net(117)(58)
Net cash flows from financing activities
4,649 6,898 
Net Change in Cash and Cash Equivalents9,095 (2,916)
Cash and Cash Equivalents of Continuing and Discontinued Operations, January 136,377 39,768 
Cash and Cash Equivalents of Continuing and Discontinued Operations, September 30$45,472 $36,852 
Supplemental Disclosure of Cash Flow Information:
Net cash paid (received) during the period for:
Interest expense$7,093 $7,568 
Income taxes164 196 
Transfer of loans HFI, net of ALLL, to LHFS5,395 404 
(1)Prior period balances have been conformed to current period presentation.

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, 2025 should be referred to in connection with these unaudited interim consolidated financial statements. There were no changes to the Company’s accounting policies from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025 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 accordance with GAAP requires management to make estimates that are used in arriving at the carrying value of assets and liabilities, and amounts reported for revenues and expenses. Certain of these estimates are considered critical because they require the use of difficult, complex, or subjective judgments, which are sensitive to changes in key assumptions or inputs. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant change include the ACL; fair value measurement; goodwill; income taxes; and pension and post-retirement benefit obligations.

Subsequent Events

On October 14, 2026, Truist signed an agreement to sell $7.7 billion of loans, representing substantially all assets of LightStream, a national unsecured lending platform. Estimated net proceeds for the transaction are $7.2 billion. The resulting impact to net income is not expected to be material. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.

Truist Financial Corporation 9

Changes in Accounting Principles and Effects of New Accounting Standards

The following table provides a summary of significant accounting standards adopted during the current year and standards not yet adopted:

Standard / Effective Date
DescriptionEffects on the Financial Statements
Standards Not Yet Adopted
Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract / January 1, 2027

Refines the scope of derivatives by adding a scope exception from derivative accounting for contracts that (i) are not exchange traded and (ii) have underlyings based on operations or activities specific to one of the parties to the contract. However, contracts based on certain underlyings or features would not qualify for the scope exception. Clarifies that the revenue guidance applies initially to share-based noncash consideration (e.g., shares, share options, or other equity instruments) received from a customer for the transfer of goods or services. Permits a prospective or modified retrospective basis transition approach. Early adoption is permitted.Truist does not expect a material impact on its financial statements.
Hedge Accounting Improvements / January 1, 2027The standard (i) permits designation of variable price elements of forecasted purchases or sales of nonfinancial assets as hedged items, provided they are clearly and closely related to the underlying asset, (ii) allows individual transactions with similar risk exposures to be grouped for hedge accounting, (iii) permits entities to continue hedge accounting when a borrower transitions to a new interest rate index and/or tenor for choose-your-rate debt instruments, as long as the hedging instrument remains highly effective in offsetting the cash flows attributable to the revised hedged risk, (iv) allows entities, for the written option test, to assume that certain terms of the hedging instrument match those of the forecasted transaction, and
(v) requires that any basis adjustments to foreign-currency-denominated debt related to fair value hedges of interest rate risk be excluded from net investment hedge effectiveness assessments. Early adoption is permitted.		Truist does not expect a material impact on its financial statements.
Purchased Loans /
January 1, 2027
Requires loans (excluding credit cards) acquired without credit deterioration and classified as seasoned to be treated as purchased seasoned loans and accounted for using the gross-up method at purchase. Under the gross-up method, estimated credit losses at the purchase date are recorded by an offsetting gross-up adjustment to the purchase price of the purchased loans. All non-PCD loans (excluding credit cards) that are acquired in a business combination are deemed seasoned. Other non-PCD loans (excluding credit cards) are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans. Requires prospective application. Early adoption is permitted.Any impact on Truist's financial statements will depend on the nature and volume of future in-scope transactions. Truist does not expect a material impact on its financial statements upon adoption.
Expense Disaggregation Disclosures /
December 31, 2027		Introduces new requirements to disclose more detailed information about certain types of expenses not already presented in separate expense captions in the Consolidated Statements of Income, 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.
Internal-Use Software /
January 1, 2028
Eliminates references to prescriptive and sequential software development stages and requires eligible cost capitalization when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. In evaluating probable-to-complete, requires consideration of any significant development uncertainty. Permits a prospective, a modified transition for in-process projects, or a retrospective transition approach.Truist is evaluating the impact of this standard on its financial statements.

10 Truist Financial Corporation

NOTE 2. Securities Financing Activities

The Company’s securities financing activities include borrowing securities, purchasing securities under agreements to resell, and selling securities under agreements to repurchase.

Securities Borrowed or Purchased Under Agreements to Resell

The Company primarily borrows corporate debt and equity securities in its market-making, settlement, and other trading activities, including facilitating client transactions and covering short positions. Securities borrowing transactions are recorded as receivables reflecting the Company’s right to reclaim cash collateral pledged to securities lenders in exchange for borrowed securities. The Company monitors the fair value of securities borrowed daily, pledging additional collateral or obtaining refunds of excess collateral as warranted under the applicable agreements.

The Company purchases securities under agreements to resell primarily as a source of short-term financing to counterparties or to cover short positions. Securities purchased under agreements to resell are recorded as collateralized financing receivables carried at the amount of cash advanced. The difference between the contractual resale amount and the amount advanced is accrued ratably as interest income over the life of the arrangement. At the inception of these arrangements, the Company and its counterparties agree on the amount of collateral required to secure the amount advanced. The Company monitors collateral values daily and calls for additional collateral to be provided as warranted under the applicable agreements. Securities purchased under agreements to resell are primarily collateralized by U.S. government debt securities.

The securities the Company borrows or receives as collateral are not recognized on its Consolidated Balance Sheets.

Securities Sold Under Agreements to Repurchase

The Company sells securities under agreements to repurchase as a source of short-term collateralized funding. Securities sold under agreements to repurchase are recorded as collateralized borrowings carried at the amount of cash received and are included within Short-term borrowings. The difference between the contractual repurchase amount and the amount of cash received is accrued ratably as interest expense over the life of the arrangement. Securities sold under agreements to repurchase are primarily collateralized by corporate, residential agency MBS, municipal, or U.S. government debt securities. Securities pledged by the Company are not presented net against the associated liability recorded in Short-term borrowings. The Company may be obligated to pledge additional collateral in the event of a significant decline in the fair value of 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 12. Commitments and Contingencies” for additional information related to pledged securities.

Truist Financial Corporation 11

The agreements that govern the Company's securities financing transactions provide for a right of offset 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 14. Derivative Financial Instruments” for information about the Company's derivative instruments subject to master netting (or similar) arrangements.

September 30, 2026
(Dollars in millions)Amount in Consolidated Balance SheetsAmount Not Offset in Consolidated Balance Sheets
Financial Instruments Received/Pledged(1)
Net Amount
Assets:
Securities purchased under agreements to resell$1,758 $— $(1,747)$11 
Securities borrowed2,145 — (2,107)38 
Total securities borrowed or purchased under agreements to resell$3,903 $— $(3,854)$49 
Liabilities:
Securities sold under agreements to repurchase$(1,545)$— $1,545 $— 
December 31, 2025
Amount in Consolidated Balance SheetsAmount Not Offset in Consolidated Balance Sheets
Financial Instruments Received/Pledged(1)
Net Amount
Assets:
Securities purchased under agreements to resell$1,313 $(78)$(1,223)$12 
Securities borrowed1,887 — (1,835)52 
Total securities borrowed or purchased under agreements to resell$3,200 $(78)$(3,058)$64 
Liabilities:
Securities sold under agreements to repurchase$(3,103)$78 $3,025 $— 
(1)The fair value of received/pledged financial instruments is limited to the carrying amount of the associated asset or liability. The fair value of securities received that was permitted to be resold or repledged was $3.9 billion as of September 30, 2026 and $3.1 billion as of December 31, 2025. Of the fair value of securities permitted to be resold or repledged, the fair value of securities repledged or resold was $2.4 billion as of September 30, 2026 and $2.2 billion as of December 31, 2025.

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

September 30, 2026December 31, 2025
(Dollars in millions)Overnight and ContinuousUp to 30 daysTotalOvernight and ContinuousUp to 30 daysTotal
U.S. Treasury$— $— $— $78 $— $78 
State and Municipal
54 — 54 100 — 100 
Agency MBS – residential
— 695 695 — 298 298 
Corporate and other debt securities296 500 796 300 2,327 2,627 
Total securities sold under agreements to repurchase$350 $1,195 $1,545 $478 $2,625 $3,103 
12 Truist Financial Corporation

NOTE 3. Investment Securities

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

September 30, 2026Amortized CostGross UnrealizedNet unrealized gains (losses)Fair Value
(Dollars in millions)GainsLosses
AFS securities:
U.S. Treasury$15,641 $33 $(157)$(124)$15,517 
GSE448 — (44)(44)404 
Agency MBS – residential45,508 3 (5,196)(5,193)40,315 
Agency MBS – commercial3,809 — (730)(730)3,079 
States and political subdivisions342 5 (27)(22)320 
Collateralized loan obligations1,885 1 — 1 1,886 
Other2 — — — 2 
Total AFS securities, excluding portfolio level basis adjustments$67,635 $42 $(6,154)$(6,112)$61,523 
Portfolio-level basis adjustments(1)
(574)574 — 
Total AFS securities$67,061 $42 $(6,154)$(5,538)$61,523 
HTM securities:
Agency MBS – residential$48,666 $— $(10,403)$(10,403)$38,263 
December 31, 2025Amortized CostGross UnrealizedNet unrealized gains (losses)Fair Value
(Dollars in millions)GainsLosses
AFS securities:
U.S. Treasury$12,727 $89 $(24)$65 $12,792 
GSE481 4 (25)(21)460 
Agency MBS – residential51,971 272 (4,017)(3,745)48,226 
Agency MBS – commercial3,762 12 (574)(562)3,200 
States and political subdivisions347 13 (10)3 350 
Other14 — — — 14 
Total AFS securities, excluding portfolio level basis adjustments$69,302 $390 $(4,650)$(4,260)$65,042 
Portfolio-level basis adjustments(1)
77 (77)— 
Total AFS securities$69,379 $390 $(4,650)$(4,337)$65,042 
HTM securities:
Agency MBS – residential$47,186 $— $(8,056)$(8,056)$39,130 
(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 14. Derivative Financial Instruments.”

The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected lives of MBS may be shorter than the contractual maturities because borrowers have the right to prepay their obligations with or without penalties.
Amortized CostFair Value
September 30, 2026
(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$4,466 $10,395 $37 $743 $15,641 $4,488 $10,351 $35 $643 $15,517 
GSE— — 4 444 448 — — 4 400 404 
Agency MBS – residential— — 48 45,460 45,508 — — 47 40,268 40,315 
Agency MBS – commercial— 534 419 2,856 3,809 — 515 396 2,168 3,079 
States and political subdivisions2 104 161 75 342 2 103 149 66 320 
Collateralized loan obligations— — — 1,885 1,885 — — — 1,886 1,886 
Other2 — — — 2 2 — — — 2 
Total AFS securities$4,470 $11,033 $669 $51,463 $67,635 $4,492 $10,969 $631 $45,431 $61,523 
HTM securities:
Agency MBS – residential$— $— $— $48,666 $48,666 $— $— $— $38,263 $38,263 
Truist Financial Corporation 13

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
September 30, 2026
(Dollars in millions)		Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
AFS securities:
U.S. Treasury$7,905 $(150)$29 $(7)$7,934 $(157)
GSE214 (11)190 (33)404 (44)
Agency MBS – residential25,606 (1,247)14,237 (3,949)39,843 (5,196)
Agency MBS – commercial1,198 (53)1,880 (677)3,078 (730)
States and political subdivisions222 (27)— — 222 (27)
Other— — 2 — 2 — 
Total$35,145 $(1,488)$16,338 $(4,666)$51,483 $(6,154)
HTM securities:
Agency MBS – residential$3,559 $(85)$34,307 $(10,318)$37,866 $(10,403)
Less than 12 months12 months or moreTotal
December 31, 2025
(Dollars in millions)		Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
AFS securities:
U.S. Treasury$704 $(16)$432 $(8)$1,136 $(24)
GSE65 (1)228 (24)293 (25)
Agency MBS – residential2,882 (8)24,986 (4,009)27,868 (4,017)
Agency MBS – commercial227 (2)2,093 (572)2,320 (574)
States and political subdivisions158 (10)31 — 189 (10)
Other7 — 7 — 14 — 
Total$4,043 $(37)$27,777 $(4,613)$31,820 $(4,650)
HTM securities:
Agency MBS – residential$— $— $39,130 $(8,056)$39,130 $(8,056)

At September 30, 2026, and December 31, 2025, 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 September 30,Nine Months Ended September 30,
2026202520262025
Gross realized gains$— $— $— $2 
Gross realized losses(1,447)— (1,447)(21)
Securities gains (losses), net$(1,447)$— $(1,447)$(19)

In the third quarter of 2026, Truist executed a strategic balance sheet repositioning of a portion of its AFS securities portfolio by selling $8.6 billion of longer-duration, lower-yielding agency MBS and purchasing $7.2 billion of shorter-duration, higher-yielding agency MBS and U.S. Treasury securities.

14 Truist Financial Corporation

NOTE 4. 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.

AccruingNonperforming
September 30, 2026
(Dollars in millions)		Current30-89 Days Past Due
90 Days Or More Past Due(1)
Without an ALLLWith an ALLLTotal
Commercial:
Commercial and industrial$166,354 $229 $— $72 $661 $167,316 
CRE25,840 14 — — 43 25,897 
Commercial construction7,426 14 — 18 — 7,458 
Consumer:
Residential mortgage56,695 669 614 — 225 58,203 
Home equity9,531 56 6 — 94 9,687 
Indirect auto16,781 210 — — 101 17,092 
Other consumer33,134 254 19 — 79 33,486 
Credit card4,661 66 64 — — 4,791 
Total$320,422 $1,512 $703 $90 $1,203 $323,930 
(1)Includes government guaranteed loans of $568 million in the residential mortgage portfolio.
AccruingNonperforming
December 31, 2025
(Dollars in millions)		Current30-89 Days Past Due
90 Days Or More Past Due(1)
Without an ALLLWith an ALLLTotal
Commercial:
Commercial and industrial$166,839 $127 $3 $5 $834 $167,808 
CRE23,648 25 — — 47 23,720 
Commercial construction7,706 36 — — 41 7,783 
Consumer:
Residential mortgage55,338 686 570 6 207 56,807 
Home equity9,544 69 7 1 98 9,719 
Indirect auto24,713 679 — — 267 25,659 
Other consumer31,801 281 28 — 71 32,181 
Credit card4,765 77 76 — — 4,918 
Total$324,354 $1,980 $684 $12 $1,565 $328,595 
(1)Includes government guaranteed loans of $532 million in the residential mortgage portfolio.

In the third quarter of 2026, Truist sold $5.5 billion of RAC loans from the indirect auto portfolio for proceeds of $5.2 billion. The RAC loan sale resulted in a $581 million pre-tax loan loss reserve recapture following the recognition of held for sale-related charge-offs.
Truist Financial Corporation 15

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

As of / for the nine months ended September 30, 2026
(Dollars in millions)
Amortized Cost Basis by Origination YearRevolving Credit Loans Converted to Term
Other(1)
20262025202420232022Prior Total
Commercial:
Commercial and industrial:
Pass$30,582 $27,448 $8,542 $5,520 $9,378 $17,525 $64,036 $— $(280)$162,751 
Special mention64 101 125 163 121 180 569 — — 1,323 
Substandard189 500 262 281 127 271 879 — — 2,509 
Nonperforming15 10 64 70 136 69 369 — — 733 
Total30,850 28,059 8,993 6,034 9,762 18,045 65,853 — (280)167,316 
Gross charge-offs15 28 50 10 40 27 234 — — 404 
CRE:
Pass7,425 7,046 930 985 2,949 3,804 1,058 — (99)24,098 
Special mention27 172 — 9 26 166 74 — — 474 
Substandard161 287 24 369 186 255 — — — 1,282 
Nonperforming— 2 — 1 30 10 — — — 43 
Total7,613 7,507 954 1,364 3,191 4,235 1,132 — (99)25,897 
Gross charge-offs— 3 — — 4 1 — — — 8 
Commercial construction:
Pass1,327 1,849 612 429 91 33 2,038 — — 6,379 
Special mention64 6 — 96 46 — 104 — — 316 
Substandard269 50 — 100 282 — 44 — — 745 
Nonperforming— — — — — — 18 — — 18 
Total1,660 1,905 612 625 419 33 2,204 — — 7,458 
Gross charge-offs— — — — — — 20 — — 20 
Consumer:
Residential mortgage:
Current5,673 5,296 3,310 2,106 10,984 29,326 — — — 56,695 
30 - 89 days past due20 27 21 31 79 491 — — — 669 
90 days or more past due2 18 45 99 69 381 — — — 614 
Nonperforming— 7 8 11 39 160 — — — 225 
Total5,695 5,348 3,384 2,247 11,171 30,358 — — — 58,203 
Gross charge-offs— — — — 1 2 — — — 3 
Home equity:
Current— — — — — — 6,815 2,716 — 9,531 
30 - 89 days past due— — — — — — 42 14 — 56 
90 days or more past due— — — — — — 5 1 — 6 
Nonperforming— — — — — — 41 53 — 94 
Total— — — — — — 6,903 2,784 — 9,687 
Gross charge-offs— — — — — — 9 — — 9 
Indirect auto:
Current3,521 6,999 3,246 822 1,493 695 — — 5 16,781 
30 - 89 days past due20 61 37 22 40 30 — — — 210 
Nonperforming4 23 17 12 26 19 — — — 101 
Total3,545 7,083 3,300 856 1,559 744 — — 5 17,092 
Gross charge-offs56 165 117 97 109 107 — — — 651 
Other consumer:
Current9,682 8,391 4,165 2,777 2,492 2,395 3,195 34 3 33,134 
30 - 89 days past due45 62 45 42 27 24 7 2 — 254 
90 days or more past due3 4 3 4 2 1 2 — — 19 
Nonperforming5 24 14 12 10 14 — — — 79 
Total9,735 8,481 4,227 2,835 2,531 2,434 3,204 36 3 33,486 
Gross charge-offs49 166 101 87 53 41 25 — — 522 
Credit card:
Current— — — — — — 4,625 36 — 4,661 
30 - 89 days past due— — — — — — 62 4 — 66 
90 days or more past due— — — — — — 60 4 — 64 
Total— — — — — — 4,747 44 — 4,791 
Gross charge-offs— — — — — — 193 10 — 203 
Total$59,098 $58,383 $21,470 $13,961 $28,633 $55,849 $84,043 $2,864 $(371)$323,930 
Gross charge-offs$120 $362 $268 $194 $207 $178 $481 $10 $— $1,820 
16 Truist Financial Corporation

As of / for the year ended December 31, 2025
(Dollars in millions)
Amortized Cost Basis by Origination YearRevolving CreditLoans Converted to Term
Other(1)
20252024202320222021PriorTotal
Commercial:
Commercial and industrial:
Pass$42,084 $12,725 $8,296 $13,476 $7,558 $14,854 $63,555 $— $(233)$162,315 
Special mention401 153 136 180 309 113 621 — — 1,913 
Substandard351 391 476 383 254 262 624 — — 2,741 
Nonperforming77 112 64 144 12 53 377 — — 839 
Total42,913 13,381 8,972 14,183 8,133 15,282 65,177 — (233)167,808 
Gross charge-offs45 96 70 28 1 9 212 — — 461 
CRE:
Pass8,621 1,300 1,548 3,233 1,797 3,510 1,103 — (84)21,028 
Special mention26 11 61 181 211 121 — — — 611 
Substandard376 153 311 460 150 449 135 — — 2,034 
Nonperforming4 1 1 13 6 22 — — — 47 
Total9,027 1,465 1,921 3,887 2,164 4,102 1,238 — (84)23,720 
Gross charge-offs6 42 14 8 — 77 — — — 147 
Commercial construction:
Pass1,398 581 1,070 531 158 20 1,844 — — 5,602 
Special mention112 — 40 252 32 2 36 — — 474 
Substandard175 32 348 1,020 91 — — — — 1,666 
Nonperforming— — — — — — 41 — — 41 
Total1,685 613 1,458 1,803 281 22 1,921 — — 7,783 
Consumer:
Residential mortgage:
Current5,724 3,947 2,420 11,747 14,453 17,047 — — — 55,338 
30 - 89 days past due20 14 35 81 68 468 — — — 686 
90 days or more past due6 34 90 61 34 345 — — — 570 
Nonperforming— 5 6 37 35 130 — — — 213 
Total5,750 4,000 2,551 11,926 14,590 17,990 — — — 56,807 
Gross charge-offs— 1 1 2 2 — — — — 6 
Home equity:
Current— — — — — — 6,575 2,969 — 9,544 
30 - 89 days past due— — — — — — 52 17 — 69 
90 days or more past due— — — — — — 5 2 — 7 
Nonperforming— — — — — — 33 66 — 99 
Total— — — — — — 6,665 3,054 — 9,719 
Gross charge-offs— — — — — — 9 1 — 10 
Indirect auto:
Current11,752 5,780 1,933 3,075 1,430 750 — — (7)24,713 
30 - 89 days past due123 139 106 142 80 89 — — — 679 
Nonperforming29 53 46 65 38 36 — — — 267 
Total11,904 5,972 2,085 3,282 1,548 875 — — (7)25,659 
Gross charge-offs30 101 122 163 72 103 — — — 591 
Other consumer:
Current12,416 5,975 3,947 3,415 1,446 1,791 2,780 27 4 31,801 
30 - 89 days past due66 60 66 44 17 19 7 2 — 281 
90 days or more past due4 7 11 4 — — 2 — — 28 
Nonperforming13 12 14 12 9 11 — — — 71 
Total12,499 6,054 4,038 3,475 1,472 1,821 2,789 29 4 32,181 
Gross charge-offs98 138 159 110 47 51 30 — — 633 
Credit card:
Current— — — — — — 4,733 32 — 4,765 
30 - 89 days past due— — — — — — 73 4 — 77 
90 days or more past due— — — — — — 72 4 — 76 
Total— — — — — — 4,878 40 — 4,918 
Gross charge-offs— — — — — — 246 14 — 260 
Total$83,778 $31,485 $21,025 $38,556 $28,188 $40,092 $82,668 $3,123 $(320)$328,595 
Gross charge-offs$179 $378 $366 $311 $122 $240 $497 $15 $— $2,108 
(1)Includes certain deferred fees and costs and other adjustments.

Truist Financial Corporation 17

ACL

The following tables present activity in the ACL:

(Dollars in millions)Balance at Jul 1, 2025Charge-OffsRecoveriesProvision (Benefit)OtherBalance at Sep 30, 2025
Commercial:
Commercial and industrial$1,309 $(98)$20 $105 $— $1,336 
CRE563 (25)2 (35)— 505 
Commercial construction259 — — 1 — 260 
Consumer:
Residential mortgage220 (1)2 — — 221 
Home equity92 (2)5 (6)— 89 
Indirect auto990 (150)25 155 — 1,020 
Other consumer1,051 (155)31 204 1 1,132 
Credit card415 (49)10 49 — 425 
ALLL4,899 (480)95 473 1 4,988 
RUFC354 — — (37)— 317 
ACL$5,253 $(480)$95 $436 $1 $5,305 
(Dollars in millions)Balance at Jul 1, 2026 Charge-OffsRecoveriesProvision (Benefit)OtherBalance at Sep 30, 2026
Commercial:
Commercial and industrial$1,440 $(125)$19 $129 $(1)$1,462 
CRE422 — — (86)— 336 
Commercial construction151 (2)— (37)— 112 
Consumer:
Residential mortgage173 (1)1 (11)— 162 
Home equity76 (3)4 (5)— 72 
Indirect auto1,034 (358)22 (509)— 189 
Other consumer1,283 (170)35 198 — 1,346 
Credit card404 (62)11 31 — 384 
ALLL4,983 (721)92 (290)(1)4,063 
RUFC333 — — 37 — 370 
ACL$5,316 $(721)$92 $(253)$(1)$4,433 
(Dollars in millions)Balance at Jan 1, 2025Charge-OffsRecoveriesProvision (Benefit)OtherBalance at Sep 30, 2025
Commercial:
Commercial and industrial$1,284 $(320)$75 $301 $(4)$1,336 
CRE643 (133)12 (17)— 505 
Commercial construction257 — 1 2 — 260 
Consumer:
Residential mortgage204 (3)4 16 — 221 
Home equity89 (8)13 (5)— 89 
Indirect auto955 (431)78 418 — 1,020 
Other consumer994 (455)92 500 1 1,132 
Credit card431 (193)33 154 — 425 
ALLL4,857 (1,543)308 1,369 (3)4,988 
RUFC304 — — 13 — 317 
ACL$5,161 $(1,543)$308 $1,382 $(3)$5,305 
18 Truist Financial Corporation

(Dollars in millions)Balance at Jan 1, 2026Charge-OffsRecoveriesProvision (Benefit)OtherBalance at Sep 30, 2026
Commercial:
Commercial and industrial$1,326 $(404)$57 $484 $(1)$1,462 
CRE476 (8)4 (136)— 336 
Commercial construction246 (20)2 (116)— 112 
Consumer:
Residential mortgage198 (3)4 (37)— 162 
Home equity84 (9)10 (13)— 72 
Indirect auto1,036 (651)76 (272)— 189 
Other consumer1,238 (522)103 527 — 1,346 
Credit card426 (203)30 131 — 384 
ALLL5,030 (1,820)286 568 (1)4,063 
RUFC317 — — 53 — 370 
ACL$5,347 $(1,820)$286 $621 $(1)$4,433 

The commercial ALLL decreased $103 million and the consumer and credit card ALLL decreased $817 million, in the three months ended September 30, 2026. The decrease in the commercial ALLL primarily reflects lower reserve requirements for CRE and commercial construction, that was partially offset by a modest increase in the reserve rate for the commercial and industrial portfolio. The decrease in consumer and credit card reserves primarily reflects the RAC loan sale, that was partially offset by a modest increase in reserve rates in the other consumer portfolio.

The commercial ALLL decreased $138 million and the consumer and credit card ALLL decreased $829 million, in the nine months ended September 30, 2026. The decrease in the commercial ALLL primarily reflects lower reserve requirements for CRE and commercial construction, that was partially offset by loan growth in the commercial and industrial and CRE portfolios. The decrease in consumer and credit card reserves primarily reflects the RAC loan sale and a modest decrease in reserve rates on the residential mortgage and other consumer portfolios, that was partially offset by loan growth in other consumer lending.

The ALLL estimation process estimates expected loan and lease losses using quantitative components, primarily driven by statistical models, and qualitative components that reflect management’s judgment regarding future loss risk. The quantitative models incorporate borrower and portfolio characteristics, historical loss experience, and current and forecasted economic conditions. The quantitative models have been designed to estimate losses using macroeconomic 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, commercial real estate vacancy rates, property values, consumer confidence, home price indices, and used car prices.

The overall economic forecast considers a third-party baseline macroeconomic forecast, adjusted to reflect Truist’s interest rate outlook. Management also considers third-party optimistic and pessimistic macroeconomic scenarios to capture uncertainty in the economic environment. For the September 30, 2026 ACL, the scenario weightings remain unchanged from December 31, 2025, at 40% baseline, 30% optimistic, and 30% pessimistic. While the scenario weightings were unchanged, the underlying macroeconomic forecasts are dynamic and evolve with current and expected economic conditions. Emerging or evolving risks not fully captured by the quantitative models and scenario weightings are reflected through incremental qualitative adjustments. The economic forecasts informing the quantitative ACL estimate as of September 30, 2026 assumed a range of low single-digit to negative GDP growth across forecasts and a mid-to-high single digit unemployment rate over the reasonable and supportable forecast period.

Quantitative models have inherent limitations in estimating expected losses, particularly in periods of evolving macroeconomic conditions and changing forecasts. The September 30, 2026 ACL estimate includes qualitative adjustments reflecting management’s judgment regarding expected future credit losses for current and expected events or risks that are not fully captured by the loss forecasting models. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional information.

Truist Financial Corporation 19

NPAs

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

(Dollars in millions)Sep 30, 2026Dec 31, 2025
Nonperforming loans and leases HFI$1,293 $1,577 
Nonperforming LHFS15 — 
Foreclosed real estate4 3 
Other foreclosed property26 53 
Total NPAs$1,338 $1,633 
Residential mortgage loans in the process of foreclosure$266 $247 
20 Truist Financial Corporation

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.

RenewalsTerm ExtensionsInterest Rate AdjustmentsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		OtherPercentage of Total Class of Financing Receivable
Three Months Ended September 30, 2026
(Dollars in millions)		AmountFinancial EffectAmountFinancial EffectAmountFinancial Effect AmountAmountFinancial EffectAmountFinancial EffectAmountTotal Modified Loans
Commercial:
Commercial and industrial$272 33 months$— $— $— $— $— $39 $311 0.19 %
CRE147 7 months— — — — — 93 240 0.93 
Commercial construction145 16 months— — — — — 16 161 2.16 
Consumer:— 
Residential mortgage— 24 98 months— 12 45 7 months86 103 months21 188 0.32 
Indirect auto— 16 28 months— — 395 9 months— 6 417 2.44 
Other consumer— 9 29 months— — — — — 9 0.03 
Credit card— — 7 (17)%— — — — 7 0.15 
Total$564 $49 $7 $12 $440 $86 $175 $1,333 0.41 
RenewalsTerm ExtensionsInterest Rate AdjustmentsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		OtherPercentage of Total Class of Financing Receivable
Nine Months Ended September 30, 2026
(Dollars in millions)		AmountFinancial EffectAmountFinancial EffectAmountFinancial EffectAmountAmountFinancial EffectAmountFinancial EffectAmountTotal Modified Loans
Commercial:
Commercial and industrial$762 16 months$— $— $— $1 6 months$— $56 $819 0.49 %
CRE516 15 months— — — — — 93 609 2.35 
Commercial construction315 11 months— — — — — 16 331 4.44 
Consumer:
Residential mortgage— 62 96 months— 51 107 8 months265 100 months68 553 0.95 
Indirect auto— 44 29 months— — 1,113 9 months— 25 1,182 6.92 
Other consumer— 29 31 months— — 1 5 months— 1 31 0.09 
Credit card— — 22 (17)%— — — 1 23 0.48 
Total$1,593 $135 $22 $51 $1,222 $265 $260 $3,548 1.10 
Truist Financial Corporation 21

RenewalsTerm ExtensionsInterest Rate AdjustmentsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		OtherPercentage of Total Class of Financing Receivable
Three Months Ended September 30, 2025
(Dollars in millions)		AmountFinancial Effect AmountFinancial Effect AmountFinancial Effect AmountAmountFinancial Effect AmountFinancial Effect AmountTotal Modified Loans
Commercial:
Commercial and industrial$307 8 months$13 35 months$— $— $— $— $15 $335 0.20 %
CRE60 9 months— — — — — — 60 0.27 
Commercial construction237 13 months— — — — — — 237 2.95 
Consumer:
Residential mortgage— 27 99 months— 31 50 7 months89 87 months28 225 0.39 
Home equity— — — — — — 1 1 0.01 
Indirect auto— 15 29 months— — 591 9 months— 8 614 2.41 
Other consumer— 10 36 months— — — — — 10 0.03 
Credit card— — 8 (18)%— — — — 8 0.16 
Total$604 $65 $8 $31 $641 $89 $52 $1,490 0.46 
RenewalsTerm ExtensionsInterest Rate AdjustmentsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		OtherPercentage of Total Class of Financing Receivable
Nine Months Ended September 30, 2025
(Dollars in millions)		AmountFinancial EffectAmountFinancial EffectAmountFinancial EffectAmountAmountFinancial EffectAmountFinancial EffectAmountTotal Modified Loans
Commercial:
Commercial and industrial$822 10 months$13 35 months$— $— $47 6 months$— $34 $916 0.56 %
CRE488 15 months— — — — — — 488 2.18 
Commercial construction266 13 months— — — — — — 266 3.31 
Consumer:
Residential mortgage— 59 104 months— 90 88 7 months233 93 months63 533 0.92 
Home equity— — — — — — 4 4 0.04 
Indirect auto— 31 28 months1 (6)%— 1,215 8 months— 23 1,270 4.98 
Other consumer— 29 31 months— — 1 5 months— 2 32 0.10 
Credit card— — 23 (17)%— — — — 23 0.47 
Total$1,576 $132 $24 $90 $1,351 $233 $126 $3,532 1.09 
22 Truist Financial Corporation

The tables above exclude trial modifications totaling $157 million and $72 million as of September 30, 2026 and 2025, 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 September 30, 2026 and 2025, Truist had $387 million and $584 million, respectively, in unfunded 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 September 30, 2026 and 2025, respectively.

Upon Truist’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or 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.

Truist closely monitors the performance of the loans modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables summarize 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 is disclosed at amortized cost and reflects the impact of any paydowns, payoffs, or charge-offs that occurred subsequent to modification.

Payment Status
September 30, 2026
(Dollars in millions)
Current30-89 Days Past Due90 Days or More Past DueTotal
Commercial:
Commercial and industrial$725 $31 $37 $793 
CRE656 — 1 657 
Commercial construction264 — — 264 
Consumer:
Residential mortgage359 115 181 655 
Home equity3 — — 3 
Indirect auto41 10 2 53 
Other consumer30 2 1 33 
Credit card18 3 3 24 
Total$2,096 $161 $225 $2,482 
Total nonaccrual loans included above$207 $50 $81 $338 
Payment Status
September 30, 2025
(Dollars in millions)		Current30-89 Days Past Due90 Days or More Past DueTotal
Commercial:
Commercial and industrial$930 $2 $46 $978 
CRE562 1 — 563 
Commercial construction294 — — 294 
Consumer:
Residential mortgage366 119 157 642 
Home equity5 — — 5 
Indirect auto994 232 71 1,297 
Other consumer31 2 1 34 
Credit card17 4 3 24 
Total$3,199 $360 $278 $3,837 
Total nonaccrual loans included above$231 $41 $171 $443 

Truist Financial Corporation 23

The following tables provide the amortized cost basis of financing receivables that were modified in the last 12 months and were in payment default at period end:

September 30, 2026
(Dollars in millions)
RenewalsTerm ExtensionsInterest Rate AdjustmentsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		OtherTotal
Commercial:
Commercial and industrial$34 $— $— $— $— $— $3 $37 
CRE1 — — — — — — 1 
Consumer:
Residential mortgage— 7 — 9 106 49 10 181 
Indirect auto— 2 — — — — — 2 
Other consumer— 1 — — — — — 1 
Credit card— — 3 — — — — 3 
Total$35 $10 $3 $9 $106 $49 $13 $225 

September 30, 2025
(Dollars in millions)		RenewalsTerm ExtensionsInterest Rate AdjustmentsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		OtherTotal
Commercial:
Commercial and industrial$46 $— $— $— $— $— $— $46 
CRE— — — — — — — — 
Consumer:
Residential mortgage— 11 — 3 90 44 9 157 
Indirect auto— 1 — — 67 — 3 71 
Other consumer— 1 — — — — — 1 
Credit card— — 3 — — — — 3 
Total$46 $13 $3 $3 $157 $44 $12 $278 

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

The following table presents additional information about loans and leases:

(Dollars in millions)Sep 30, 2026Dec 31, 2025
Unearned income, discounts, and net deferred loan fees and costs$614 $509 

24 Truist Financial Corporation

NOTE 5. Goodwill and Other Intangible Assets

The Company monitored events and circumstances during the period from January 1, 2026 to September 30, 2026, 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, 2025 quantitative impairment test, and the sensitivity of the October 1, 2025 quantitative results to changes in assumptions as of September 30, 2026. 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 September 30, 2026.

Refer to “Note 7. Goodwill and Other Intangible Assets” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional information on goodwill, including the Company's most recent annual quantitative test. Refer to “Note 16. Operating Segments” for additional information on segments.

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

September 30, 2026December 31, 2025
(Dollars in millions)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
CDI$2,164 $(1,823)$341 $2,242 $(1,796)$446 
Other, primarily client relationship intangibles
1,426 (700)726 1,437 (627)810 
Total$3,590 $(2,523)$1,067 $3,679 $(2,423)$1,256 

Truist Financial Corporation 25

NOTE 6. 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)Sep 30, 2026Dec 31, 2025
UPB of residential mortgage loan servicing portfolio$325,810 $285,966 
UPB of residential mortgage loans serviced for others, primarily agency-conforming fixed-rate
267,522 228,383 
As of / For the Nine Months Ended September 30,
(Dollars in millions)
20262025
UPB of residential mortgage loans sold from LHFS$12,613 $7,937 
Pre-tax gains recognized on mortgage loans sold and held for sale56 53 
Servicing fees recognized from mortgage loans serviced for others516 464 
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others
0.29 %0.28 %
Weighted average interest rate on mortgage loans serviced for others3.80 3.75 

The following table presents a rollforward of residential MSRs recorded at fair value:

(Dollars in millions)20262025
Residential MSRs, carrying value, January 1$3,724 $3,431 
Acquired755 182 
Additions306 160 
Change in fair value due to changes in valuation inputs or assumptions
313 (16)
Realization of expected net servicing cash flows, passage of time, and other(290)(233)
Residential MSRs, carrying value, September 30$4,808 $3,524 

The sensitivity of the fair value of the Company’s residential MSRs to changes in key assumptions is presented in the following table. The sensitivity calculations below are hypothetical and should not be considered predictive of future performance. 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, 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.

September 30, 2026December 31, 2025
RangeWeighted AverageRangeWeighted Average
(Dollars in millions)MinMaxMinMax
Prepayment speed5.8 %8.5 %6.4 %6.1 %13.9 %7.2 %
Effect on fair value of a 10% increase$(124)$(107)
Effect on fair value of a 20% increase(240)(208)
OAS1.3 %12.0 %3.8 %1.4 %12.2 %4.4 %
Effect on fair value of a 10% increase$(81)$(75)
Effect on fair value of a 20% increase(159)(146)
Composition of loans serviced for others:
Fixed-rate residential mortgage loans99.5 %99.7 %
Adjustable-rate residential mortgage loans
0.5 0.3 
Total100.0 %100.0 %
Weighted average life7.9 years7.6 years

26 Truist Financial Corporation

Commercial Mortgage Activities

The following tables summarize commercial mortgage servicing activities:

(Dollars in millions)Sep 30, 2026Dec 31, 2025
UPB of CRE mortgages serviced for others$27,348 $26,152 
Commercial MSRs at fair value241 228 
Nine Months Ended September 30,
(Dollars in millions)
20262025
CRE mortgages originated
$1,958 $937 

NOTE 7. Other Assets and Liabilities

Lessee Operating Leases

The Company leases certain assets, consisting primarily of real estate, and assesses at contract inception whether a contract is, or contains, a lease. Finance leases where the Company is a lessee are not material to the Company’s financial statements for all periods presented. The following tables present additional information on operating leases, excluding leases related to the lease financing businesses:

(Dollars in millions)Sep 30, 2026Dec 31, 2025
ROU assets$968 $1,045 
Lease liabilities1,169 1,276 
Weighted average remaining term6.5 years6.7 years
Weighted average discount rate4.0 %3.8 %

Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions)2026202520262025
Operating lease costs$75 $67 $211 $204 

Lessor Operating Leases

The Company’s two primary lessor businesses are equipment financing and structured real estate with income recorded in Other 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)Sep 30, 2026Dec 31, 2025
Assets held under operating leases(1)(2)
$1,241 $1,838 
Accumulated depreciation (419)(527)
Net$822 $1,311 
(1)Includes certain land parcels subject to operating leases that have indefinite lives.
(2)Excludes operating leases held for sale that totaled $7 million and $4 million at September 30, 2026, and December 31, 2025, respectively.

Truist Financial Corporation 27

NOTE 8. Borrowings

Short-Term Borrowings

The types of short-term borrowings that have been, or may be, used by the Company include Federal funds purchased, securities sold under repurchase agreements, master notes, commercial paper, short-term bank notes, and short-term FHLB advances. The carrying value of FHLB advances classified as short-term borrowings was $7.8 billion at September 30, 2026 and $22.1 billion at December 31, 2025. Additionally, securities sold short, which are used for client-related trading activities, are classified as Short-term borrowings in the Consolidated Balance Sheets. Refer to “Note 13. Fair Value Disclosures” for additional information on securities sold short and “Note 2. Securities Financing Activities” for information on securities sold under repurchase agreements.

Long-Term Debt

The types of long-term debt that have been, or may be, used by the Company include fixed- and floating-rate senior and subordinated notes and FHLB advances, which are typically prepayable and may be used for short-term liquidity management. The majority of long-term debt is redeemable at our option at one or more dates prior to contractual maturity. The following table presents a summary of long-term debt:

(Dollars in millions)Sep 30, 2026Dec 31, 2025
Truist Financial Corporation:
Fixed-rate senior notes$20,880 $20,093 
Fixed-rate subordinated notes1,537 1,818 
Capital notes643 639 
Truist Bank:
Fixed-rate senior notes4,834 4,476 
Floating-rate senior notes849 499 
Fixed-rate subordinated notes1,891 3,553 
Floating-rate FHLB advances
21,100 9,450 
Other long-term debt(1)
1,639 1,435 
Total long-term debt$53,373 $41,963 
(1)Includes debt associated with finance leases and tax credit investments.

28 Truist Financial Corporation

NOTE 9. Shareholders’ Equity

Dividend Activity

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 September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
20262025202620252026202520262025
Common stock$0.52 $0.52 $1.56 $1.56 $629 $665 $1,910 $2,014 
Preferred stock:
Series I1,138.75 1,291.71 3,408.80 3,880.42 2 3 6 7 
Series J1,168.13 1,320.78 3,496.33 3,967.63 2 1 4 4 
Series M— — 2,562.50 2,562.50 — — 13 13 
Series N833.63 833.63 1,667.25 1,667.26 57 56 113 112 
Series O328.13 328.13 984.38 984.38 8 8 23 23 
Series P— — — 618.75 — — — 25 
Series Q637.50 637.50 1,275.00 1,275.00 25 25 51 51 
Series R296.88 296.88 890.63 890.63 11 11 33 33 
Series S520.83 — 520.83 — 10 — 10 — 
Total preferred stock$115 $104 $253 $268 

Common Stock

In December 2025, Truist announced that its Board authorized the repurchase of up to $10.0 billion of common stock effective immediately with no expiration date, replacing the previous repurchase authority from June 2024, as part of Truist’s overall capital distribution strategy. For the nine months ended September 30, 2026, the Company repurchased $3.6 billion of common stock, including excise tax, which represented 69.9 million shares, through open market repurchases under the December 2025 repurchase plan. Repurchased shares revert to the status of authorized and unissued shares upon repurchase. At September 30, 2026, Truist had remaining authorization to repurchase up to $6.5 billion of common stock under the December 2025 repurchase plan.

Preferred Stock

On May 15, 2026, Truist issued $500 million of Series S non-cumulative perpetual preferred stock with a stated dividend rate of 6.25% per annum for net proceeds of approximately $495 million. Dividends, if declared by the Board, are payable on the 15th day of March, June, September, and December of each year, which commenced on September 15, 2026. The dividend rate will reset on June 15, 2031, and on each following fifth anniversary of the reset date to the five-year U.S. Treasury rate plus 2.13%. Truist issued depositary shares, each of which represents a fractional ownership interest in a share of the 20,000 shares of the Company’s Series S preferred stock. The preferred stock has no stated maturity and redemption is solely at the option of the Company in whole, but not in part, within 90 days following a regulatory capital treatment event, as defined in the prospectus. In addition, the preferred stock may be redeemed in whole or in part on any dividend payment date on or after June 15, 2031.

Truist Financial Corporation 29

NOTE 10. 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, July 1, 2025$(641)$(157)$(4,079)$(2,016)$— $(6,893)
OCI before reclassifications, net of tax(46)(48)541 — — 447 
Amounts reclassified from AOCI:
Before tax— 101 (81)73 — 93 
Tax effect— 23 (20)17 — 20 
Amounts reclassified, net of tax— 78 (61)56 — 73 
Total OCI, net of tax(46)30 480 56 — 520 
AOCI balance, September 30, 2025$(687)$(127)$(3,599)$(1,960)$— $(6,373)
AOCI balance, July 1, 2026$(386)$(1,035)$(3,486)$(1,812)$3 $(6,716)
OCI before reclassifications, net of tax(21)(923)(1,827)— 2 (2,769)
Amounts reclassified from AOCI:
Before tax2 87 1,434 69 — 1,592 
Tax effect— 21 342 16 — 379 
Amounts reclassified, net of tax2 66 1,092 53 — 1,213 
Total OCI, net of tax(19)(857)(735)53 2 (1,556)
AOCI balance, September 30, 2026$(405)$(1,892)$(4,221)$(1,759)$5 $(8,272)
(Dollars in millions)Pension and OPEB CostsCash Flow HedgesAFS SecuritiesHTM SecuritiesOther, netTotal
AOCI balance, January 1, 2025$(648)$(861)$(4,573)$(2,125)$(6)$(8,213)
OCI before reclassifications, net of tax(40)515 1,153 — 6 1,634 
Amounts reclassified from AOCI:
Before tax1 286 (232)209 — 264 
Tax effect— 67 (53)44 — 58 
Amounts reclassified, net of tax1 219 (179)165 — 206 
Total OCI, net of tax(39)734 974 165 6 1,840 
AOCI balance, September 30, 2025$(687)$(127)$(3,599)$(1,960)$— $(6,373)
AOCI balance, January 1, 2026$(381)$(173)$(3,306)$(1,909)$— $(5,769)
OCI before reclassifications, net of tax(28)(1,855)(1,985)— 5 (3,863)
Amounts reclassified from AOCI:
Before tax5 178 1,405 197 — 1,785 
Tax effect1 42 335 47 — 425 
Amounts reclassified, net of tax4 136 1,070 150 — 1,360 
Total OCI, net of tax(24)(1,719)(915)150 5 (2,503)
AOCI balance, September 30, 2026$(405)$(1,892)$(4,221)$(1,759)$5 $(8,272)
Primary income statement location of amounts reclassified from AOCI
Other expenseNet interest incomeSecurities gains (losses) and Interest on securitiesInterest on securitiesOther income

30 Truist Financial Corporation

NOTE 11. Benefit Plans

The components of net periodic (benefit) cost for defined benefit pension plans are summarized in the following table:

Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions)Income Statement Location2026202520262025
Service cost
Personnel expense
$77 $67 $227 $204 
Interest costOther expense122 114 366 342 
Estimated return on plan assetsOther expense(267)(243)(801)(728)
Net periodic (benefit) cost$(68)$(62)$(208)$(182)

Truist may make contributions to the qualified pension plan up to the maximum amount deductible for federal income tax purposes.

Refer to “Note 15. Benefit Plans” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional discussion of Truist’s benefit plans.

Truist Financial Corporation 31

NOTE 12. Commitments and Contingencies

Truist utilizes a variety of financial instruments to mitigate exposure to risks and meet clients’ financing needs and provide clients with investment opportunities. 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. Refer to “Note 16. Commitments and Contingencies” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional discussion of Truist’s tax credit and certain equity investments, total return swaps, legal proceedings, and other commitments.
Tax Credit and Certain Equity Investments

The following table summarizes certain tax credit and equity investments:

(Dollars in millions)Balance Sheet LocationSep 30, 2026Dec 31, 2025
Investments in affordable housing projects, other qualified tax credits and other community development investments:
Carrying amountOther assets$8,609 $8,049 
Amount of future funding commitments included in carrying amountOther liabilities2,277 2,531 
Lending exposureLoans and leases for funded amounts2,016 2,341 
Renewable energy investments:
Carrying amountOther assets836 736 
Amount of future funding commitments not included in carrying amountNA2,068 719 
SBIC and certain other equity method investments:
Carrying amountOther assets1,174 1,015 
Amount of future funding commitments not included in carrying amountNA639 626 

The following table presents a summary of tax credits and amortization expense associated with the Company’s tax credit investment activity.

Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions)Income Statement Location2026202520262025
Tax credits:
Investments in affordable housing projects, other qualified tax credits, and other community development investments(1)
Provision for income taxes$229 $210 $686 $630 
Amortization and other changes in carrying amount:
Investments in affordable housing projects and other qualified tax creditsProvision for income taxes$200 $182 $602 $556 
Other community development investmentsOther noninterest income2 2 6 7 
(1)Excludes renewable energy investment tax credits. These credits are recorded as a reduction to the carrying value of the underlying investments.

Letters of Credit and Financial Guarantees

In the normal course of business, Truist utilizes financial instruments to meet the financing needs of clients, including commitments to extend credit and certain contractual agreements such as letters of credit and financial guarantee arrangements.

32 Truist Financial Corporation

The following is a summary of selected notional amounts of off-balance sheet financial instruments:

(Dollars in millions)Sep 30, 2026Dec 31, 2025
Commitments to extend, originate, or purchase credit and other commitments$236,186 $230,007 
Residential mortgage loans sold with recourse137 138 
Maximum recourse exposure from mortgage loans sold with recourse liability95 91 
Indemnification, recourse, and repurchase reserves18 18 
CRE mortgages serviced for others covered by recourse provisions9,161 9,421 
Maximum recourse exposure2,767 2,786 
Recorded reserves related to CRE mortgage recourse exposure9 10 
Other loans serviced for others covered by recourse provisions
3,240 2,803 
Maximum recourse exposure77 80 
Letters of credit and financial guarantees
10,044 9,347 

Total Return Swaps

The Company enters into TRS transactions with third-party clients, whereby a VIE purchases reference assets identified by a client.

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)Sep 30, 2026Dec 31, 2025
Total return swaps:
VIE assets$1,732 $2,117 
Trading loans and bonds1,557 1,909 
VIE liabilities229 285 

Pledged Assets

Certain assets are 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 Federal Reserve are subject to applicable asset discounts when determining borrowing capacity. The Company has capacity for secured financing from both the Federal Reserve 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)Sep 30, 2026Dec 31, 2025
Pledged securities$36,457 $40,144 
Pledged loans:
Federal Reserve105,025 108,214 
FHLB75,632 74,767 
Unused borrowing capacity:
Federal Reserve
82,663 84,160 
FHLB24,414 23,464 

Truist Financial Corporation 33

Legal Proceedings and Other Legal 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 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, if unfavorable, may be material to the consolidated financial position, consolidated results of operations, or consolidated cash flows of Truist, or cause significant reputational consequences.

Truist establishes accruals for legal 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.

Truist also provides estimates of reasonably possible losses, including for disclosed matters, when potential losses become reasonably possible and the amount of loss can be reasonably estimated. Estimates of reasonably possible losses do 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 the Company’s estimate may change from time to time. Estimated losses, like accruals, are based upon currently available information and involve considerable uncertainties and judgment. Subject to the foregoing, the Company believes the upper end of the range of aggregate reasonably possible losses, in excess of amounts accrued, is immaterial as of September 30, 2026, to its consolidated financial condition, consolidated results of operations, and consolidated cash flows.

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 alleged that all overdraft fees charged to his account which related to debit card and ATM transactions were actually interest charges and therefore subject to the usury laws of Georgia. The amended complaint asserted claims for violations of civil and criminal usury laws, conversion, and money had and received, and sought 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.

On January 20, 2026, without any admission of liability or wrongdoing, Truist entered into a settlement agreement with the class to resolve the case. Under the settlement, Truist agreed to contribute up to $240 million to a settlement fund to pay fees and expenses of class counsel, costs of settlement administration, an incentive payment for the class representative, and valid claims submitted by class members. The court granted final approval of the settlement on May 26, 2026, and the time period for class members to submit claims ended on September 14, 2026. Truist’s estimated final payments to the settlement fund are included in its existing legal accruals and are expected to be made in the fourth quarter of 2026.
34 Truist Financial Corporation

NOTE 13. 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; and
•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:

September 30, 2026
(Dollars in millions)		TotalLevel 1Level 2Level 3
Netting Adjustments(1)
Assets:
Trading assets:
U.S. Treasury$113 $— $113 $— $— 
GSE35 — 35 — — 
States and political subdivisions144 — 144 — — 
Corporate and other debt securities2,049 — 2,049 — — 
Loans1,692 — 1,692 — — 
Equity securities1,185 1,185 — — — 
Total trading assets5,218 1,185 4,033 — — 
AFS securities:
U.S. Treasury15,517 — 15,517 — — 
GSE404 — 404 — — 
Agency MBS – residential40,315 — 40,315 — — 
Agency MBS – commercial3,079 — 3,079 — — 
States and political subdivisions320 — 320 — — 
Collateralized loan obligations1,886 — 1,886 — — 
Other2 — 2 — — 
Total AFS securities61,523 — 61,523 — — 
LHFS1,270 — 1,270 — — 
Loans and leases9 — — 9 — 
Loan servicing rights at fair value5,066 — — 5,066 — 
Other assets:
Derivative assets1,955 1,699 2,807 5 (2,556)
Equity securities389 298 91 — — 
Other7 — 7 — — 
Total assets$75,437 $3,182 $69,731 $5,080 $(2,556)
Liabilities:
Interest-bearing deposits:
Brokered time deposits$776 $— $776 $— $— 
Short-term borrowings:
Securities sold short2,600 1,144 1,456 — — 
Other trading liabilities183 — 183 — — 
Other liabilities:
Derivative liabilities3,329 797 5,791 234 (3,493)
Total liabilities$6,888 $1,941 $8,206 $234 $(3,493)
Truist Financial Corporation 35

December 31, 2025
(Dollars in millions)		TotalLevel 1Level 2Level 3
Netting Adjustments(1)
Assets:
Trading assets:
U.S. Treasury$244 $— $244 $— $— 
GSE42 — 42 — — 
States and political subdivisions301 — 301 — — 
Corporate and other debt securities1,970 — 1,970 — — 
Loans2,168 — 2,168 — — 
Equity securities1,065 1,065 — — — 
Total trading assets5,790 1,065 4,725 — — 
AFS securities:
U.S. Treasury12,792 — 12,792 — — 
GSE460 — 460 — — 
Agency MBS – residential48,226 — 48,226 — — 
Agency MBS – commercial3,200 — 3,200 — — 
States and political subdivisions350 — 350 — — 
Other14 — 14 — — 
Total AFS securities65,042 — 65,042 — — 
LHFS1,622 — 1,622 — — 
Loans and leases11 — — 11 — 
Loan servicing rights at fair value3,972 — — 3,972 — 
Other assets:
Derivative assets1,343 1,157 1,961 4 (1,779)
Equity securities382 293 89 — — 
Total assets$78,162 $2,515 $73,439 $3,987 $(1,779)
Liabilities:
Interest-bearing deposits:
Brokered time deposits$639 $— $639 $— $— 
Short-term borrowings:
Securities sold short2,185 652 1,533 — — 
Other trading liabilities209 — 209 — — 
Other liabilities:
Derivative liabilities1,797 623 3,959 33 (2,818)
Total liabilities$4,830 $1,275 $6,340 $33 $(2,818)
(1)Refer to “Note 14. Derivative Financial Instruments” for additional discussion on netting adjustments.

At September 30, 2026, and December 31, 2025, investments totaling $721 million and $622 million, respectively, have been excluded from the tables above as they are valued based on net asset value as a practical expedient. These investments primarily consist of certain SBIC funds.

36 Truist Financial Corporation

Activity for Level 3 assets and liabilities is summarized below:

(Dollars in millions)Loans and LeasesLoan Servicing RightsNet Derivatives
Balance at July 1, 2025$12 $3,612 $(20)
Total realized and unrealized gains (losses):
Included in earnings— 14 (7)
Purchases— 182 — 
Issuances— 63 5 
Settlements(1)(95)(16)
Balance at September 30, 2025$11 $3,776 $(38)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2025$— $14 $(15)
Balance at July 1, 2026$10 $4,293 $(18)
Total realized and unrealized gains (losses):
Included in earnings— 290 (34)
Purchases— 480 — 
Issuances— 118 (31)
Settlements(1)(115)31 
Transfers in— — (177)
Balance at September 30, 2026$9 $5,066 $(229)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2026$— $291 $(46)
(Dollars in millions)Loans and LeasesLoan Servicing RightsNet Derivatives
Balance at January 1, 2025$13 $3,708 $(41)
Total realized and unrealized gains (losses):
Included in earnings— (15)1 
Purchases— 182 — 
Issuances— 174 22 
Settlements(2)(273)(20)
Balance at September 30, 2025$11 $3,776 $(38)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2025$— $(15)$(18)
Balance at January 1, 2026$11 $3,972 $(29)
Total realized and unrealized gains (losses):
Included in earnings— 341 (31)
Purchases— 755 — 
Issuances— 327 (48)
Settlements(2)(329)56 
Transfers in— — (177)
Balance at September 30, 2026$9 $5,066 $(229)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2026$— $341 $(46)
Primary income statement location of realized gains (losses) included in earningsOther incomeMortgage banking incomeMortgage banking income and other income

Truist Financial Corporation 37

The following table presents information about the valuation techniques and significant unobservable inputs used to measure the fair value of certain equity derivatives measured at fair value on a recurring basis. Such equity derivatives primarily consist of long-dated options that are not traded on an exchange and may also include exchange-traded options with limited transaction volumes for which certain significant valuation inputs are unobservable. These options are valued using an option pricing model, which is generally used for instruments that provide the holder with a contingent right or obligation based on the future performance of an underlying equity instrument. The significant unobservable input utilized in the valuation is volatility, which represents a market participant’s expectation of the variability in the value of the underlying equity instrument over the contractual term of the derivatives.

Generally, increases in volatility result in a higher fair value for instruments in which Truist is long the underlying exposure, while decreases in volatility result in a lower fair value. The inverse relationship generally applies to instruments in which Truist is short the underlying exposure. Weighted average volatility is calculated based on the notional amounts of the derivative instruments.

September 30, 2026RangeWeighted Average
(Dollars in millions)Fair ValuePrincipal Valuation TechniqueSignificant Unobservable InputMinMax
Equity derivatives$(177)Option ModelVolatility Factor55.5 %80.0 %69.0 %

For additional information on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities measured at fair value on a recurring basis, see “Note 18. Fair Value Disclosures” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025.

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:

September 30, 2026December 31, 2025
(Dollars in millions)Fair ValueUPBDifferenceFair ValueUPBDifference
Trading loans$1,692 $1,763 $(71)$2,168 $2,230 $(62)
LHFS
1,270 1,302 (32)1,622 1,592 30 
Loans and leases9 10 (1)11 12 (1)
Brokered time deposits776 804 (28)639 642 (3)

Nonrecurring Fair Value Measurements

The following table provides information about certain assets measured at fair value on a nonrecurring basis held as of period end with valuation adjustments recorded during the period. The end of period carrying value approximates the fair value.

(Dollars in millions)Fair Value HierarchySep 30, 2026Dec 31, 2025
Carrying value:
Total loans and leases, including loans transferred to LHFSLevel 3$566 $472 
OtherLevel 325 65 

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.

Nine Months Ended September 30,
(Dollars in millions)20262025
Valuation adjustments:
Total loans and leases, including loans transferred to LHFS$(811)$(692)
Other(244)(229)

Loans and leases consist of larger commercial loans and leases that are collateral-dependent, residential mortgages and commercial loans that are valued using market prices and measured at LOCOM, and other secured loans and leases that have been charged-off to the fair value of the collateral. Valuation adjustments on loans and leases in the table above include $251 million related to RAC loans that were transferred to held-for-sale during the third quarter of 2026. Valuation adjustments for loans and leases are primarily recorded in the Provision for credit losses in the Consolidated Statements of Income. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional discussion of individually evaluated loans and leases.
38 Truist Financial Corporation


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, as applicable. Partnership investments are measured by discounting expected future cash flows. The remaining assets are measured at LOCOM, less costs to sell.

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:

September 30, 2026December 31, 2025
(Dollars in millions)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
Financial assets:
HTM securitiesLevel 2$48,666 $38,263 $47,186 $39,130 
Loans and leases, net of ALLLLevel 3319,858 313,670 323,554 320,018 
Financial liabilities:
Time depositsLevel 238,284 38,077 37,793 37,723 
Long-term debtLevel 253,373 53,632 41,963 42,451 

The carrying value of the RUFC, which approximates the fair value, was $370 million and $317 million at September 30, 2026, and December 31, 2025, 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.

Truist Financial Corporation 39

NOTE 14. Derivative Financial Instruments

Impact of Derivatives on the Consolidated Balance Sheets

The following table presents the gross notional or contractual amounts and estimated fair value of derivative instruments employed by the Company:
September 30, 2026December 31, 2025
Notional or Contractual AmountFair ValueNotional or Contractual AmountFair Value
(Dollars in millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedges:
Interest rate contracts:
Swaps hedging commercial loans$80,522 $— $(3)$97,135 $— $— 
Swaps hedging long-term debt 29,650 — (2)27,033 — — 
Swaps hedging AFS securities26,355 — (1)26,751 — — 
Total derivatives designated as hedges136,527 — (6)150,919 — — 
Derivatives not designated as hedges:
Client-related and other risk management:
Interest rate contracts:
Swaps204,676 539 (2,063)185,861 516 (944)
Written options11,576 — (60)10,577 2 (18)
Purchased options6,721 24 — 8,558 15 — 
Futures and forwards3,270 3 (1)2,636 2 (14)
Foreign exchange contracts:
Swaps19,760 453 (404)13,647 450 (382)
Futures and forwards27,825 384 (313)27,008 338 (335)
Other2,631 29 (24)2,820 35 (33)
Equity contracts:
Written options36,613 19 (2,882)26,600 12 (2,278)
Purchased options17,888 2,072 (117)12,485 1,358 (121)
Other2,345 27 (178)1,386 11 (59)
Commodity contracts12,766 726 (677)8,340 322 (302)
Credit contracts:
Credit default swaps1,328 — (4)900 — — 
Total return swaps1,508 27 (4)1,835 31 (7)
Risk participation agreements10,385 — (2)8,863 — (2)
Total359,292 4,303 (6,729)311,516 3,092 (4,495)
MSRs and mortgage banking:
Interest rate contracts:
Swaps15,941 — — 11,035 — — 
Written options418 12 — 1,288 14 — 
Purchased options10,685 157 (41)10,465 10 (118)
Interest rate lock commitments956 — (42)960 4 (2)
When issued securities, forward rate agreements, forward commitments, and futures
6,865 39 (4)7,807 2 — 
Total34,865 208 (87)31,555 30 (120)
Total derivatives not designated as hedges394,157 4,511 (6,816)343,071 3,122 (4,615)
Total derivatives$530,684 $4,511 $(6,822)$493,990 $3,122 $(4,615)
Gross amounts in the Consolidated Balance Sheets:
Amounts subject to master netting arrangements and exchange traded derivatives
(2,290)2,290 (1,585)1,585 
Cash collateral (received) posted for amounts subject to master netting arrangements
(266)1,203 (194)1,233 
Net amount$1,955 $(3,329)$1,343 $(1,797)

40 Truist Financial Corporation

The following table presents the offsetting of derivative instruments, including financial instrument collateral related to legally enforceable master netting agreements and amounts held or pledged as collateral. GAAP does not permit netting of non-cash collateral balances in the Consolidated Balance Sheets. Refer to “Note 2. Securities Financing Activities” for information about the Company's securities financing transactions subject to master netting (or similar) arrangements.
September 30, 2026
(Dollars in millions)		Gross AmountAmount OffsetNet Amount in Consolidated Balance Sheets
Held/Pledged Financial Instruments(1)
Net Amount
Derivative assets:
Subject to master netting arrangement or similar arrangement$2,472 $(1,647)$825 $— $825 
Not subject to master netting arrangement or similar arrangement180 — 180 — 180 
Exchange traded1,859 (909)950 — 950 
Total derivative assets$4,511 $(2,556)$1,955 $— $1,955 
Derivative liabilities:
Subject to master netting arrangement or similar arrangement$(4,628)$2,581 $(2,047)$118 $(1,929)
Not subject to master netting arrangement or similar arrangement(1,271)— (1,271)— (1,271)
Exchange traded(923)912 (11)— (11)
Total derivative liabilities$(6,822)$3,493 $(3,329)$118 $(3,211)
December 31, 2025
(Dollars in millions)		Gross AmountAmount OffsetNet Amount in Consolidated Balance Sheets
Held/Pledged Financial Instruments(1)
Net Amount
Derivative assets:
Subject to master netting arrangement or similar arrangement$1,836 $(1,157)$679 $— $679 
Not subject to master netting arrangement or similar arrangement129 — 129 — 129 
Exchange traded1,157 (622)535 — 535 
Total derivative assets$3,122 $(1,779)$1,343 $— $1,343 
Derivative liabilities:
Subject to master netting arrangement or similar arrangement$(3,171)$2,196 $(975)$77 $(898)
Not subject to master netting arrangement or similar arrangement(821)— (821)— (821)
Exchange traded(623)622 (1)— (1)
Total derivative liabilities$(4,615)$2,818 $(1,797)$77 $(1,720)
(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:

September 30, 2026December 31, 2025
Carrying Amount of the Hedged Assets and Liabilities(1)
Cumulative basis adjustment increasing (decreasing) the carrying amount
Carrying Amount of the Hedged Assets and Liabilities(1)
Cumulative basis adjustment increasing (decreasing) the carrying amount
(Dollars in millions)Items Currently DesignatedDiscontinued HedgesItems Currently DesignatedDiscontinued Hedges
AFS securities(2)
$31,371 $(690)$(1)$38,608 $104 $13 
Loans and leases157 — 2 179 — 3 
Long-term debt28,219 (1,185)(285)28,194 70 (375)
(1)Carrying value shown represents amortized cost.
(2)As of September 30, 2026, closed portfolios of securities hedged under the portfolio-layer method had an amortized cost of $18.5 billion, of which $14.8 billion was designated as the hedged item. As of December 31, 2025, closed portfolios of securities hedged under the portfolio-layer method had an amortized cost of $27.4 billion, of which $16.4 billion was designated as the hedged item. 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.

Truist Financial Corporation 41

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 the impact on NII related to fair value hedges:

Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions)2026202520262025
Investment securities:
Amounts related to settlements(1)
$18 $78 $47 $236 
Recognized on derivatives541 (65)833 (656)
Recognized on hedged items
(543)66 (835)660 
Interest income gain (loss) recognized(2)
16 79 45 240 
Loans and leases:
Amounts related to settlements(1)
— — (1)(1)
Long-term debt:
Amounts related to settlements(1)
(28)(54)(79)(174)
Recognized on derivatives(833)12 (1,268)256 
Recognized on hedged items
832 (12)1,266 (255)
Interest expense gain (loss) recognized(29)(54)(81)(173)
Net interest income gain (loss) recognized, total
$(13)$25 $(37)$66 
(1)Includes amounts related to active and terminated hedges. Prior period balances have been conformed to current period presentation.
(2)Includes income recognized from securities with terminated hedges that were reclassified to HTM of $10 million and $27 million for the three and nine months ended September 30, 2026, respectively, and $10 million and $29 million for the three and nine months ended September 30, 2025, respectively. The income recognized was offset by the amortization of the fair value mark. Refer to “Note 3. Investment Securities” for additional information on the hedge basis adjustment.

The following table summarizes amounts related to cash flow hedges:

Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions)2026202520262025
Pre-tax gain (loss) recognized in OCI:
Commercial loans$(1,212)$(62)$(2,435)$674 
Pre-tax gain (loss) reclassified from AOCI into interest income:
Commercial loans(87)(101)(178)(286)

42 Truist Financial Corporation

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

(Dollars in millions)Sep 30, 2026Dec 31, 2025
Cash flow hedges:
Net unrecognized after-tax gain (loss) on hedges recorded in AOCI$(1,892)$(173)
Maximum length of time over which forecasted cash flows are hedged
4 years5 years
Fair value hedges:
Net unrecognized pre-tax gain (loss) on terminated hedges(1)
$22 $(56)
(1)Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $308 million at September 30, 2026, and $335 million at December 31, 2025.

Of the after-tax net loss on active and terminated cash flow hedges in OCI as of September 30, 2026, after-tax net losses of $683 million 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 and for purposes of facilitating client trades.

The following table presents pre-tax gains (losses) recognized in income for derivative instruments not designated as hedges:

Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions)Income Statement Location2026202520262025
Client-related and other risk management:
Interest rate contractsInvestment banking and trading income and other income$18 $21 $76 $42 
Foreign exchange contractsInvestment banking and trading income and other income46 69 167 (144)
Equity contractsInvestment banking and trading income, other income, and personnel expense(89)24 161 39 
Credit contractsInvestment banking and trading income and other income(19)(1)(30)(13)
Commodity contractsInvestment banking and trading income4 2 10 8 
MSRs and mortgage banking:
Interest rate contractsMortgage banking income(235)(31)(250)(12)
Total$(275)$84 $134 $(80)

Truist Financial Corporation 43

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 and TRS. The Company also seeks to economically transfer certain credit risks by entering into 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 September 30, 2026, the remaining terms on these risk participations ranged from less than one year to 11 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. Refer to “Note 12. Commitments and Contingencies” for additional information on the Company’s TRS contracts.

The Company’s credit default swaps economically hedge credit risk associated with certain loans and leases.

The following table presents additional information related to interest rate derivative risk participation agreements and total return swaps:

(Dollars in millions)Sep 30, 2026Dec 31, 2025
Risk participation agreements:
Maximum potential amount of exposure
$344 $554 
Total return swaps:
Cash received for variation margin27 31 
Cash and other collateral received for initial margin407 471 

44 Truist Financial Corporation

NOTE 15. Computation of EPS

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

Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions, except per share data, shares in thousands)2026202520262025
Net income available to common shareholders
$684 $1,348 $3,580 $3,685 
Weighted average number of common shares1,210,179 1,280,571 1,227,751 1,293,341 
Effect of dilutive outstanding equity-based awards
16,163 16,095 16,167 15,335 
Weighted average number of diluted common shares1,226,342 1,296,666 1,243,918 1,308,676 
Basic EPS$0.57 $1.05 $2.92 $2.85 
Diluted EPS0.56 1.04 2.88 2.82 
Anti-dilutive awards— — — — 

Truist Financial Corporation 45

NOTE 16. 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 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 and goodwill impairment, which are separately presented in the table below, as applicable.

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, 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, 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 Markets Tax Credit, and renewable energy tax credit investments. Refer to “Note 12. Commitments and Contingencies” for additional information on these investments. 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 and 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, data, and operations, 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.

46 Truist Financial Corporation

In the first quarter of 2026, the Company’s 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 $21 million for the three months ended September 30, 2025 and $77 million for the nine months ended September 30, 2025, with offsetting increases in OT&C net interest income. For the same reason, WB net interest income decreased $95 million for the three months ended September 30, 2025 and $291 million for the nine months ended September 30, 2025, with offsetting increases in OT&C net interest income.

Noninterest income includes intersegment 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 with the offset 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.) with the offset 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.

Truist Financial Corporation 47

The following table presents results by segment:

Three Months Ended September 30,
(Dollars in millions)		CSBBWB
OT&C(1)
Total
20262025202620252026202520262025
Net interest income (expense)$1,670 $1,571 $1,878 $2,029 $115 $29 $3,663 $3,629 
Net intersegment interest income (expense)1,047 850 (317)(451)(730)(399)— — 
Segment net interest income (expense)2,717 2,421 1,561 1,578 (615)(370)3,663 3,629 
Allocated provision (benefit) for credit losses(299)400 47 36 (1)— (253)436 
Noninterest income468 530 1,215 1,142 (1,599)(114)84 1,558 
Personnel expense459 449 632 598 762 701 1,853 1,748 
Amortization of intangibles33 38 29 34 — — 62 72 
Other direct noninterest expense(2)
319 281 185 199 686 714 1,190 1,194 
Total direct noninterest expense811 768 846 831 1,448 1,415 3,105 3,014 
Expense allocations988 942 551 487 (1,539)(1,429)— — 
Total noninterest expense1,799 1,710 1,397 1,318 (91)(14)3,105 3,014 
Income (loss) before income taxes from continuing operations1,685 841 1,332 1,366 (2,122)(470)895 1,737 
Provision (benefit) for income taxes409 205 284 283 (597)(203)96 285 
Segment net income (loss) from continuing operations$1,276 $636 $1,048 $1,083 $(1,525)$(267)$799 $1,452 
Identifiable assets (period end) of continuing operations(3)
$147,510 $153,895 $227,929 $219,108 $178,757 $170,848 $554,196 $543,851 
Nine Months Ended September 30,
(Dollars in millions)		CSBBWB
OT&C(1)
Total
20262025202620252026202520262025
Net interest income (expense)$4,901 $4,502 $5,740 $5,784 $242 $437 $10,883 $10,723 
Net intersegment interest income (expense)2,912 2,488 (1,137)(1,139)(1,775)(1,349)— — 
Segment net interest income (expense)7,813 6,990 4,603 4,645 (1,533)(912)10,883 10,723 
Allocated provision (benefit) for credit losses382 1,111 242 272 (3)(1)621 1,382 
Noninterest income1,526 1,552 3,443 3,030 (1,688)(232)3,281 4,350 
Personnel expense1,335 1,317 1,870 1,729 2,167 1,984 5,372 5,030 
Amortization of intangibles100 115 89 105 — — 189 220 
Other direct noninterest expense(2)
924 854 572 594 2,086 2,208 3,582 3,656 
Total direct noninterest expense2,359 2,286 2,531 2,428 4,253 4,192 9,143 8,906 
Expense allocations2,841 2,803 1,600 1,525 (4,441)(4,328)— — 
Total noninterest expense5,200 5,089 4,131 3,953 (188)(136)9,143 8,906 
Income (loss) before income taxes from continuing operations3,757 2,342 3,673 3,450 (3,030)(1,007)4,400 4,785 
Provision (benefit) for income taxes918 571 772 696 (1,123)(435)567 832 
Segment net income (loss) from continuing operations$2,839 $1,771 $2,901 $2,754 $(1,907)$(572)$3,833 $3,953 
Identifiable assets (period end) of continuing operations(3)
$147,510 $153,895 $227,929 $219,108 $178,757 $170,848 $554,196 $543,851 
(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, data, and operations. Additionally, OT&C includes 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 includes expenses for net occupancy, equipment, professional fees and outside processing, regulatory costs, and other expenses.
(3)For the purpose of presenting identifiable assets of continuing operations by segment, the majority of the ALLL resides in OT&C which is consistent with the CODM’s review of segment loan portfolios on a gross basis.

48 Truist Financial Corporation

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

The following is management’s discussion and analysis of the financial condition and operating results of Truist, which should be read in conjunction with the Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements in this Form 10-Q, as well as with Truist’s Annual Report on Form 10-K for the year ended December 31, 2025.

A description of certain factors that may affect our future results and risk factors is set forth in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.

MD&A includes certain non-GAAP measures, including NII-TE, NIM-TE, Revenue-TE, TBVPS, and ROTCE. For reconciliations of TBVPS and ROTCE to the most directly comparable GAAP measures, see the “Non-GAAP Financial Measures” section in MD&A. Reconciliations of TE non-GAAP measures to the most directly comparable GAAP measures are included within Table 1: Earnings Highlights, Table 2-1: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis, and Table 2-2: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis. NIM – TE is calculated using net interest income on a TE basis to determine the total yield on interest-earning assets. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value.

Executive Overview

On August 31, 2026, Mike Lyons became Truist’s President and Chief Executive Officer. We are reallocating resources to focus on our core business and invest in core capabilities (including technology, talent, and products). These efforts are centered on helping us become the most important financial partner to our clients and driving stronger, more sustainable growth and higher returns.

For the third quarter of 2026, we reported net income of $684 million, or $0.56 per diluted share, which reflects the impact of several actions to better position Truist for the future. The actions described below simplify the Company, allow us to focus more on our core businesses, and further strengthen our balance sheet by reducing credit risk, interest rate risk, and wholesale funding.

The actions taken during the third quarter included the completion of the Regional Acceptance Corporation (RAC) loan sale and the subsequent repositioning of a portion of our AFS securities portfolio. The RAC loan sale resulted in a $581 million pre-tax, or $0.36 per share, loan loss reserve recapture and $106 million pre-tax, or $0.06 per share, of impacts included in noninterest income and noninterest expense. The AFS securities repositioning resulted in a $1.4 billion pre-tax, or $0.90 per share, loss.

Underlying results were solid, reflecting client-driven deposit growth, strong asset quality, continued expense discipline, and continued capital return to shareholders.

During the third quarter of 2026, we returned $1.8 billion of capital to shareholders, including $629 million in common stock dividends and $1.2 billion in common share repurchases. As of September 30, 2026, $6.5 billion remained under our $10.0 billion common share-repurchase authorization.

Additionally, on October 14, 2026, Truist signed an agreement to sell $7.7 billion of loans, representing substantially all assets of LightStream, a national unsecured lending platform. Estimated net proceeds for the transaction are $7.2 billion. The resulting impact to net income is not expected to be material. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.
Truist Financial Corporation 49

Table 1: Earnings Highlights
(Dollars in millions)Three Months Ended September 30,
Change
Nine Months Ended September 30,Change
202620252026 vs. 2025202620252026 vs. 2025
Net interest income$3,663 $3,629 $34 $10,883 $10,723 $160 
TE adjustment(1)
44 51 (7)135 147 (12)
Net interest income - TE(1)
3,707 3,680 27 11,018 10,870 148 
Noninterest income84 1,558 (1,474)3,281 4,350 (1,069)
Total revenue3,747 5,187 (1,440)14,164 15,073 (909)
Total revenue - TE(1)
3,791 5,238 (1,447)14,299 15,220 (921)
Noninterest expense3,105 3,014 91 9,143 8,906 237 
Income before income taxes
895 1,737 (842)4,400 4,785 (385)
Provision for income taxes
96 285 (189)567 832 (265)
Net income799 1,452 (653)3,833 3,953 (120)
Net income available to common shareholders
684 1,348 (664)3,580 3,685 (105)
Diluted earnings per common share$0.56 $1.04 $(0.48)$2.88 $2.82 $0.06 
Return on average assets0.6 %1.1 %(50) bps0.9 %1.0 %(10) bps
Return on average common shareholders’ equity4.7 9.0 NM8.1 8.4 (30) bps
ROTCE(1)
7.2 13.6 NM12.2 12.8 (60) bps
NIM - TE(1)
3.00 3.01 (1) bp3.00 3.01 (1) bp
(1)Represents a non-GAAP measure. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the “Non-GAAP Financial Measures” section of this report or within the table above for TE measures. NIM – TE is calculated using net interest income on a TE basis to determine the total yield on interest-earning assets.

Net income available to common shareholders was $684 million for the third quarter of 2026, a decrease of 49% compared to the third quarter of 2025.

Total revenue - TE was down 28% compared to the third quarter of 2025.

•Net interest income - TE increased $27 million, or 0.7%, compared to the third quarter of 2025, driven by fixed-rate asset and liability repricing, higher client deposit balances, and higher loan balances, partially offset by lower loan spreads and unfavorable deposit mix. NIM - TE was 3.00%, stable compared to the third quarter of 2025.
•Noninterest income was impacted by $66 million of losses resulting from the RAC loan sale and $1.4 billion of losses from the AFS securities sale, partially offset by record quarterly income for wealth management.

Noninterest expense increased $91 million compared to the third quarter of 2025, and included $40 million of RAC loan sale costs.

Asset quality improved as a result of the RAC loan sale:

•NCOs as a percentage of loans and leases were 77 basis points, which included 39 basis points related to RAC.
•The third quarter of 2026 included a benefit from credit losses of $253 million, reflecting the benefit from the release of remaining ACL upon the transfer of RAC loans to LHFS.
•The ACL was $4.4 billion and included $4.1 billion for the ALLL and $370 million for the reserve for unfunded commitments. The ALLL as a percentage of loans and leases HFI was 1.25%, down 28 basis points compared to December 31, 2025.
•Nonperforming loans and leases HFI were 0.40% of loans and leases HFI at September 30, 2026, down eight basis points compared to December 31, 2025, primarily due to the RAC loan sale.
•Loans 90 days or more past due and still accruing, excluding government guaranteed loans, were 0.04% as a percentage of loans and leases HFI at September 30, 2026, down one basis point compared to December 31, 2025.

50 Truist Financial Corporation

Capital and liquidity:

•Truist’s preliminary CET1 ratio was 10.7% as of September 30, 2026, down 10 basis points compared to December 31, 2025, primarily due to capital returned to shareholders and the repositioning of the AFS securities portfolio, partially offset by current year earnings and benefits from the RAC loan sale.
•Truist declared common dividends of $0.52 per share during the third quarter of 2026, and repurchased $1.2 billion of common stock.
•Truist’s average consolidated LCR was 110% for the three months ended September 30, 2026, relative to the regulatory minimum of 100%.
•Truist’s book value per common share at September 30, 2026, was $46.78, compared to $47.74 at December 31, 2025. Truist’s TBVPS was $31.90 at September 30, 2026, compared to $33.48 at December 31, 2025.

Analysis of Results of Operations

Net Interest Income

Three Months Ended September 30, 2026 compared to the Three Months Ended September 30, 2025

Net interest income - TE increased $27 million, or 0.7%, compared to the third quarter of 2025, driven primarily by fixed-rate asset and liability repricing, higher client deposit balances, and higher loan balances, partially offset by lower loan spreads and unfavorable deposit mix. NIM - TE was 3.00%, stable compared to the third quarter of 2025.

•Average earning assets increased $5.4 billion, or 1.1%, primarily due to an increase in average total loans of $7.4 billion, or 2.3%.
•The yield on the average total loan portfolio was 5.71%, down 29 basis points. The yield on the average securities portfolio was 3.03%, down 13 basis points.
•Average deposits increased $14.1 billion, or 3.6%, average short-term borrowings decreased $8.2 billion, or 31%, and average long-term debt increased $3.7 billion, or 8.9%.
•The average cost of total deposits was 1.59%, down 25 basis points. The average cost of short-term borrowings was 3.96%, down 46 basis points. The average cost of long-term debt was 4.73%, down 31 basis points.

Nine Months Ended September 30, 2026 compared to the Nine Months Ended September 30, 2025

Net interest income - TE increased $148 million, or 1.4%, for the nine months ended September 30, 2026 compared to 2025, driven by fixed asset repricing and higher earning assets, partially offset by lower loan spreads, fixed-rate debt repricing, and unfavorable deposit mix. NIM - TE of 3.00% was stable compared to the nine months ended September 30, 2025.

•Average earning assets increased $9.0 billion, or 1.9%, primarily due to an increase in average total loans of $15.5 billion, or 4.9%, partially offset by a decline in average securities of $4.1 billion, or 3.4%, and other earning assets (primarily cash at the Federal Reserve) of $2.2 billion, or 5.6%.
•The yield on the average total loan portfolio was 5.70%, down 29 basis points. The yield on the average securities portfolio was 2.97%, down 19 basis points.
•Average deposits increased $8.4 billion, or 2.1%, average short-term borrowings decreased $1.8 billion, or 6.4%, and average long-term debt increased $4.9 billion, or 14%.
•The average cost of total deposits was 1.57%, down 26 basis points. The average cost of short-term borrowings was 3.89%, down 57 basis points. The average cost of long-term debt was 4.77%, down 27 basis points.

The major components of Net interest income - TE, the related annualized yields and the variances caused by changes in interest rates versus changes in volumes are summarized below.
Truist Financial Corporation 51

Table 2-1: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis
Three Months Ended September 30,
(Dollars in millions)
Average Balances(1)
Annualized Yield/Rate(2)
Income/Expense(2)
Incr.
(Decr.)		Change due to
202620252026202520262025RateVolume
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury$13,772 $13,351 4.34 %5.18 %$151 $174 $(23)$(28)$5 
GSE452 458 3.99 3.86 5 4 1 1 — 
Agency MBS102,259 104,998 2.83 2.89 723 760 (37)(16)(21)
States and political subdivisions342 358 4.27 4.19 4 3 1 — 1 
Other1,608 15 3.83 4.50 15 1 14 — 14 
Total securities118,433 119,180 3.03 3.16 898 942 (44)(43)(1)
Interest earning trading assets5,341 5,991 5.27 5.70 69 86 (17)(7)(10)
Other earning assets(3)
38,198 38,765 3.85 4.50 374 445 (71)(65)(6)
Loans and leases, net of unearned income:
Commercial and industrial165,989 162,207 5.21 5.66 2,177 2,312 (135)(188)53 
CRE25,493 21,171 5.63 6.25 366 336 30 (35)65 
Commercial construction7,515 8,258 6.29 6.84 115 139 (24)(11)(13)
Residential mortgage57,286 57,676 4.25 4.15 610 598 12 16 (4)
Home equity9,663 9,588 6.99 7.51 170 182 (12)(13)1 
Indirect auto21,406 24,964 6.81 7.29 368 459 (91)(29)(62)
Other consumer33,360 31,714 8.32 8.36 700 668 32 (3)35 
Credit card4,811 4,915 11.07 11.74 134 146 (12)(9)(3)
Total loans and leases HFI325,523 320,493 5.66 6.00 4,640 4,840 (200)(272)72 
LHFS3,935 1,577 9.41 6.18 93 24 69 18 51 
Total loans and leases329,458 322,070 5.71 6.00 4,733 4,864 (131)(254)123 
Total earning assets491,430 486,006 4.91 5.18 6,074 6,337 (263)(369)106 
Nonearning assets58,336 55,819 
Total assets$549,766 $541,825 
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest-checking$131,507 $109,244 2.25 2.46 747 677 70 (61)131 
Money market and savings137,166 136,515 1.73 2.19 599 755 (156)(160)4 
Time deposits39,072 45,090 3.06 3.54 301 403 (102)(52)(50)
Total interest-bearing deposits307,745 290,849 2.12 2.50 1,647 1,835 (188)(273)85 
Short-term borrowings18,595 26,796 3.96 4.42 186 299 (113)(29)(84)
Long-term debt45,134 41,458 4.73 5.04 534 523 11 (34)45 
Total interest-bearing liabilities371,474 359,103 2.53 2.94 2,367 2,657 (290)(336)46 
Noninterest-bearing deposits102,954 105,751 
Other liabilities12,028 11,922 
Shareholders’ equity63,310 65,049 
Total liabilities and shareholders’ equity$549,766 $541,825 
Average interest-rate spread2.38 %2.24 %
NIM/net interest income - TE(2)
3.00 %3.01 %$3,707 $3,680 $27 $(33)$60 
Less: TE adjustment
44 51 
Net interest income$3,663 $3,629 
Memo: Total deposits$410,699 $396,600 1.59 %1.84 %$1,647 $1,835 $(188)
(1)Represents daily average balances. Unrealized gains and losses on AFS securities are included in nonearning assets. Active hedge basis adjustments for fair value hedges are included in nonearning assets and other liabilities.
(2)Amounts related to interest income and yields are on a TE basis, which represents a non-GAAP measure, utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends. A reconciliation of net interest income - TE to net interest income is included within the table above. NIM – TE is calculated using net interest income on a TE basis to determine the total yield on interest-earning assets. 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

Table 2-2: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis
Nine Months Ended September 30,
(Dollars in millions)
Average Balances(1)
Annualized Yield/Rate(2)
Income/Expense(2)
Incr.
(Decr.)		Change due to
202620252026202520262025RateVolume
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury$13,457 $14,078 4.38 %5.19 %$441 $546 $(105)$(82)$(23)
GSE463 461 3.94 3.78 14 13 1 1 — 
Agency MBS102,572 106,752 2.78 2.88 2,136 2,309 (173)(81)(92)
States and political subdivisions345 366 4.28 4.20 11 11 — — — 
Other735 15 3.34 4.59 18 1 17 — 17 
Total securities117,572 121,672 2.97 3.16 2,620 2,880 (260)(162)(98)
Interest earning trading assets5,587 5,840 5.22 5.80 218 254 (36)(25)(11)
Other earning assets(3)
36,879 39,059 3.84 4.51 1,070 1,334 (264)(192)(72)
Loans and leases, net of unearned income:
Commercial and industrial167,145 158,663 5.25 5.69 6,567 6,758 (191)(540)349 
CRE24,870 20,235 5.61 6.20 1,054 946 108 (94)202 
Commercial construction7,604 8,533 6.23 6.84 344 428 (84)(38)(46)
Residential mortgage56,698 56,715 4.18 4.09 1,777 1,739 38 39 (1)
Home equity9,662 9,581 7.00 7.49 506 537 (31)(36)5 
Indirect auto23,712 24,129 6.99 7.27 1,240 1,312 (72)(50)(22)
Other consumer32,696 30,474 8.35 8.36 2,041 1,904 137 (2)139 
Credit card4,843 4,885 10.93 11.57 396 423 (27)(23)(4)
Total loans and leases HFI327,230 313,215 5.69 5.99 13,925 14,047 (122)(744)622 
LHFS2,832 1,318 7.25 6.09 154 60 94 13 81 
Total loans and leases330,062 314,533 5.70 5.99 14,079 14,107 (28)(731)703 
Total earning assets490,100 481,104 4.90 5.15 17,987 18,575 (588)(1,110)522 
Nonearning assets58,038 55,775 
Total assets$548,138 $536,879 
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest-checking$125,100 $111,548 2.16 2.45 2,018 2,043 (25)(257)232 
Money market and savings136,569 136,339 1.78 2.21 1,816 2,249 (433)(437)4 
Time deposits39,892 42,448 3.06 3.54 913 1,123 (210)(145)(65)
Total interest-bearing deposits301,561 290,335 2.10 2.49 4,747 5,415 (668)(839)171 
Short-term borrowings26,008 27,777 3.89 4.46 758 927 (169)(112)(57)
Long-term debt41,001 36,063 4.77 5.04 1,464 1,363 101 (77)178 
Total interest-bearing liabilities368,570 354,175 2.53 2.91 6,969 7,705 (736)(1,028)292 
Noninterest-bearing deposits103,313 106,110 
Other liabilities12,296 12,151 
Shareholders’ equity63,959 64,443 
Total liabilities and shareholders’ equity$548,138 $536,879 
Average interest-rate spread2.37 %2.24 %
NIM/net interest income - TE(2)
3.00 %3.01 %$11,018 $10,870 $148 $(82)$230 
Less: TE adjustment(2)
135 147 
Net interest income$10,883 $10,723 
Memo: Total deposits$404,874 $396,445 1.57 %1.83 %$4,747 $5,415 $(668)
(1)Represents daily average balances. Unrealized gains and losses on AFS securities are included in nonearning assets. Active hedge basis adjustments for fair value hedges are included in nonearning assets and other liabilities.
(2)Amounts related to interest income and yields are on a TE basis, which represents a non-GAAP measure, utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends. A reconciliation of net interest income - TE to net interest income is included within the table above. NIM – TE is calculated using net interest income on a TE basis to determine the total yield on interest-earning assets. 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 53

Noninterest Income

Noninterest income is a significant driver of Truist’s financial results. The Company has diversified its sources of revenue to reduce its 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 the components of Truist’s noninterest income:

Table 3: Noninterest Income
Three Months Ended September 30,
% Change
Nine Months Ended September 30,
% Change
(Dollars in millions)202620252026 vs. 2025202620252026 vs. 2025
Wealth management income$407 $374 8.8 %$1,152 $1,066 8.1 %
Card and treasury management fees
347 340 2.1 1,038 1,024 1.4 
Investment banking and trading income324 323 0.3 1,048 801 30.8 
Other deposit revenue
125 125 — 365 350 4.3 
Mortgage banking income113 118 (4.2)362 333 8.7 
Lending related fees120 103 16.5 358 297 20.5 
Securities gains (losses)(1,447)— NM(1,447)(19)NM
Other income
95 175 (45.7)405 498 (18.7)
Total noninterest income$84 $1,558 (94.6)$3,281 $4,350 (24.6)

Noninterest income decreased $1.5 billion for the third quarter of 2026 compared to the third quarter of 2025, and $1.1 billion for the nine months ended September 30, 2026 compared to 2025. The third quarter of 2026 included losses from AFS securities sales of $1.4 billion and losses associated with the RAC loan sale of $66 million (other income).

For the three months ended September 30, 2026:

•Wealth management income increased primarily reflecting favorable market performance.
•Other income decreased primarily due to the losses associated with the RAC loan sale and lower returns from investments held for post-retirement benefits (which were offset by lower personnel expense).

For the nine months ended September 30, 2026:

•Wealth management income increased primarily reflecting favorable market performance.
•Investment banking and trading income increased primarily due to higher trading income and capital markets revenue.
•Lending related fees increased primarily due to higher leasing-related gains.
•Other income decreased primarily due to the losses associated with the RAC loan sale and lower income from certain solar and other investments.

Noninterest Expense

The following table provides the components of Truist’s noninterest expense:

Table 4: Noninterest Expense
Three Months Ended September 30,
% Change
Nine Months Ended September 30,
% Change
(Dollars in millions)202620252026 vs. 2025202620252026 vs. 2025
Personnel expense
$1,853 $1,748 6.0 %$5,372 $5,030 6.8 %
Professional fees and outside processing
365 346 5.5 1,013 1,083 (6.5)
Software expense254 233 9.0 723 694 4.2 
Net occupancy expense
180 185 (2.7)530 534 (0.7)
Equipment expense77 90 (14.4)241 261 (7.7)
Marketing and customer development83 79 5.1 253 236 7.2 
Amortization of intangibles62 72 (13.9)189 220 (14.1)
Regulatory costs61 32 90.6 190 156 21.8
Other expense
170 229 (25.8)632 692 (8.7)
Total noninterest expense$3,105 $3,014 3.0 $9,143 $8,906 2.7 

54 Truist Financial Corporation

Noninterest expense increased $91 million for the third quarter of 2026 compared to the third quarter of 2025, and $237 million for the nine months ended September 30, 2026 compared to 2025. For both periods:

•Personnel expense increased primarily due to higher incentives expense related to revenue-generating businesses, employee benefit expenses, including costs associated with the RAC loan sale, and higher salaries and annual incentives expense.
•Other expense decreased primarily driven by adjustments to non-fraud operating loss accruals.

Income Taxes

The following table provides information about the effective tax rate:

Table 5: Effective Tax Rate
Three Months Ended September 30,% ChangeNine Months Ended September 30,
% Change
(Dollars in millions)202620252026 vs. 2025202620252026 vs. 2025
Income before income taxes$895 $1,737 (48.5)%$4,400 $4,785 (8.0)%
Provision for income taxes96 285 (66.3)567 832 (31.9)
Effective tax rate10.7 %16.4 %NM12.9 %17.4 %NM

The lower effective tax rate for the third quarter of 2026 compared to the third quarter of 2025 was primarily driven by lower income before tax resulting from the AFS securities repositioning, which increased the relative benefit of tax credits, renewable energy tax credit investing activity, and other tax-advantaged items on the effective tax rate. The provision for income taxes was also impacted by the RAC loan sale and AFS securities repositioning.

Segment Results

Truist operates and measures business activity across two reportable segments: Consumer and Small Business Banking (CSBB) and Wholesale Banking (WB), with functional activities included in Other, Treasury, and Corporate (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 16. Operating Segments” for additional information about the Company’s reportable segments.

Table 6: Net Income from Continuing Operations by Reportable Segment
Three Months Ended September 30,
% Change
Nine Months Ended September 30,
% Change
(Dollars in millions)202620252026 vs. 2025202620252026 vs. 2025
Consumer and Small Business Banking$1,276 $636 100.6 %$2,839 $1,771 60.3 %
Wholesale Banking1,048 1,083 (3.2)2,901 2,754 5.3 
Other, Treasury and Corporate(1,525)(267)NM(1,907)(572)NM
Truist Financial Corporation$799 $1,452 (45.0)$3,833 $3,953 (3.0)

Three Months Ended September 30, 2026 compared to the Three Months Ended September 30, 2025

Consumer and Small Business Banking

CSBB net income was $1.3 billion for the third quarter of 2026, an increase of $640 million compared to the third quarter of 2025.

•Segment net interest income increased $296 million primarily driven by higher deposit spreads and balances, partially offset by lower loan balances and spreads.
•The allocated provision for credit losses decreased $699 million, reflecting lower loan loss reserves as a result of the RAC loan sale, partially offset by increased charge-offs also related to the sale.
•Noninterest income decreased $62 million primarily due to lower other income from losses related to the RAC loan sale.
•Noninterest expense increased $89 million primarily due to RAC loan sale costs, increased operational charge-offs, and higher enterprise technology charges.

CSBB average loans and leases HFI decreased $3.3 billion, or 2.4%, for the third quarter of 2026 compared to the third quarter of 2025, primarily due to a decline in the indirect auto portfolio driven by the RAC loan sale, partially offset by increases in the Service Finance and mortgage warehouse lending portfolios.

Truist Financial Corporation 55

CSBB average total deposits increased $2.5 billion, or 1.2%, for the third quarter of 2026 compared to the third quarter of 2025, primarily driven by increases in money market deposits, partially offset by decreases in time deposits, interest checking, and savings deposits.

Wholesale Banking

WB net income was $1.0 billion for the third quarter of 2026, a decrease of $35 million compared to the third quarter of 2025.

•Segment net interest income decreased $17 million primarily due to lower loan spreads.
•The allocated provision for credit losses increased $11 million, which reflects an increase in net charge-offs and a decrease in the net reserve release.
•Noninterest income increased $73 million driven by higher income from wealth management and capital markets activity, partially offset by lower operating lease income.
•Noninterest expense increased $79 million primarily due to higher regulatory expenses, enterprise technology charges, and revenue-related incentives.

WB average loans HFI increased $8.3 billion, or 4.5%, for the third quarter of 2026 compared to the third quarter of 2025, primarily due to increases in average commercial and industrial loan balances and growth in the CRE portfolio.

WB average total deposits increased $14 billion, or 9.8%, for the third quarter of 2026 compared to the third quarter of 2025, primarily due to increases in interest checking, partially offset by decreases in money market and savings and noninterest-bearing deposits.

Other, Treasury and Corporate

OT&C generated a net loss of $1.5 billion for the third quarter of 2026, compared to a net loss of $267 million for the third quarter of 2025.

•OT&C net interest income decreased $245 million primarily due to higher intersegment funding credit on deposits and a decline in interest income on cash balances and securities resulting from lower balances and yields in those portfolios, partially offset by lower balances and costs on short-term borrowings.
•Noninterest income decreased $1.5 billion driven by a loss from the sale of securities resulting from the AFS securities repositioning.
•Noninterest expense decreased $77 million primarily due to lower allocations for technology and enterprise operations and adjustments to non-fraud operating loss accruals, partially offset by increases in personnel expenses driven by higher investments in enterprise technology talent.

Nine Months Ended September 30, 2026 compared to the Nine Months Ended September 30, 2025

Consumer and Small Business Banking

CSBB net income was $2.8 billion for the nine months ended September 30, 2026, an increase of $1.1 billion compared to the prior year.

•Segment net interest income increased $823 million primarily driven by higher deposit spreads, partially offset by lower loan spreads.
•The allocated provision for credit losses decreased $729 million primarily due to lower loss reserves from the RAC loan sale, partially offset by increased charge-offs also related to the sale.
•Noninterest income decreased $26 million primarily reflecting lower other income due to losses related to the RAC loan sale, partially offset by higher deposit-related revenue.
•Noninterest expense increased $111 million primarily due to RAC loan sale costs, higher enterprise technology charges, regulatory expenses, and loan processing expense along with increased operational charge-offs.

CSBB average loans HFI increased $1.2 billion, or 0.9%, for the nine months ended September 30, 2026 compared to the prior year, primarily due to higher indirect lending in the Service Finance portfolio and increased real estate lending.

CSBB average total deposits increased $2.8 billion, or 1.3%, for the nine months ended September 30, 2026 compared to the prior year, primarily due to higher average money market deposits, partially offset by lower average time deposits and interest checking.

56 Truist Financial Corporation

Wholesale Banking

WB net income was $2.9 billion for the nine months ended September 30, 2026, an increase of $147 million compared to the prior year.

•Segment net interest income decreased $42 million primarily due to lower loan spreads, partially offset by lower cost of deposits.
•The allocated provision for credit losses decreased $30 million, which reflected an increase in the net reserve release compared to the prior period and a decrease in net charge-offs in the current period.
•Noninterest income increased $413 million primarily due to higher income from capital markets and trading activity, wealth management, and lending related revenue.
•Noninterest expense increased $178 million primarily due to increased personnel expenses driven by revenue-related incentives expense and higher regulatory expense.

WB average loans HFI increased $13 billion, or 7.0%, for the nine months ended September 30, 2026 compared to the prior year, primarily driven by higher balances in the commercial and industrial loan portfolio and growth in the CRE portfolio.

WB average total deposits increased $4.9 billion, or 3.3%, for the nine months ended September 30, 2026 compared to the prior year, primarily due to higher average interest-bearing checking balances, partially offset by declines in money market and savings and noninterest-bearing deposits.

Other, Treasury, and Corporate

OT&C generated a net loss of $1.9 billion for the nine months ended September 30, 2026, compared to a net loss of $572 million for the prior year.

•OT&C net interest income decreased $621 million primarily due to a decline in interest income on cash balances and securities resulting from lower balances and yields in those portfolios as well as higher intersegment funding credit on Consumer deposits, partially offset by lower short-term borrowings balances and costs as well as lower intersegment funding credit on Wholesale deposits.
•Noninterest income decreased $1.5 billion primarily driven by a loss from the sale of securities resulting from the AFS securities repositioning.
•Noninterest expense decreased $52 million primarily due to lower professional fees and outside processing expenses, allocations for technology and enterprise operations, and adjustments to non-fraud operating loss accruals, partially offset by salaries and incentives driven by higher investments in talent in enterprise technology and support functions.

Truist Financial Corporation 57

Analysis of Financial Condition

Investment Activities

The carrying value of the securities portfolio totaled $110.2 billion at September 30, 2026, compared to $112.2 billion at December 31, 2025. U.S. Treasury, GSE, and agency MBS represented 98.0% and 99.7% of the total securities portfolio at September 30, 2026, and December 31, 2025, respectively. The majority of the portfolio is agency MBS.

During the third quarter of 2026, we repositioned a portion of our AFS securities portfolio by selling $8.6 billion of longer-duration, lower-yielding agency MBS and purchasing $7.2 billion of shorter-duration, higher-yielding agency MBS and U.S. Treasury securities. The sale of securities resulted in a $1.4 billion loss.

•For the nine months ended September 30, 2026, we purchased $23.0 billion of securities, partially offset by paydowns, maturities, and sales of $22.3 billion.
•As of September 30, 2026, 42% of the investment securities portfolio at amortized cost was classified as held-to-maturity, excluding portfolio-level basis adjustments associated with certain AFS securities, compared to 41% at December 31, 2025.
•As of September 30, 2026, approximately 5.7% of the securities portfolio was variable rate, excluding the impact of swaps, compared to 3.7% as of December 31, 2025.
•The effective duration of the AFS securities portfolio was 4.4 years at September 30, 2026, and December 31, 2025, excluding the impact of swaps, or 3.1 years at September 30, 2026 and 2.9 years at December 31, 2025, including the impact of swaps. The effective duration of the HTM securities portfolio was 7.0 years at September 30, 2026, and 7.5 years at December 31, 2025.

Lending Activities

The following table presents the composition of average loans and leases:

Table 7: Average Loans and Leases
Three Months Ended
(Dollars in millions)Sep 30, 2026Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025
Commercial:
Commercial and industrial$165,989 $168,817 $166,636 $163,990 $162,207 
CRE25,493 24,938 24,165 23,205 21,171 
Commercial construction7,515 7,455 7,845 8,015 8,258 
Consumer:
Residential mortgage57,286 56,342 56,458 57,100 57,676 
Home equity9,663 9,656 9,666 9,679 9,588 
Indirect auto21,406 24,430 25,342 25,639 24,964 
Other consumer33,360 32,661 32,053 32,181 31,714 
Credit card4,811 4,863 4,857 4,956 4,915 
Total average loans and leases HFI$325,523 $329,162 $327,022 $324,765 $320,493 

Average loans and leases HFI were $325.5 billion, a decrease of $3.6 billion, or 1.1%, compared to the second quarter of 2026.

•Average commercial loans decreased 1.1% primarily due to a decrease in the commercial and industrial portfolio.
•Average consumer loans decreased 1.1% driven primarily by a decline in the indirect auto portfolio, resulting from the RAC loan sale, partially offset by an increase in the residential mortgage portfolio.

End of period loans and leases HFI were $323.9 billion, down $5.9 billion, or 1.8%, compared to June 30, 2026, primarily due to the RAC loan sale in the third quarter of 2026 and a decline in the commercial and industrial portfolio, partially offset by an increase in the residential mortgage portfolio.

58 Truist Financial Corporation

Asset Quality

The following table summarizes asset quality information. 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 4. Loans and ACL” for the amortized cost basis of loans by origination year and credit quality indicator as well as additional disclosures related to NPLs.

Table 8: Asset Quality
(Dollars in millions)Sep 30, 2026Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025
NPAs:
NPLs:
Commercial and industrial$733 $657 $738 $839 $800 
CRE43 43 21 47 98 
Commercial construction18 22 23 41 42 
Residential mortgage225 231 231 213 196 
Home equity94 98 101 99 103 
Indirect auto101 569 455 267 247 
Other consumer79 72 73 71 66 
Total NPLs HFI1,293 1,692 1,642 1,577 1,552 
Loans held for sale15 — 79 — 19 
Total nonperforming loans and leases1,308 1,692 1,721 1,577 1,571 
Foreclosed real estate4 5 6 3 4 
Other foreclosed property26 51 58 53 54 
Total nonperforming assets$1,338 $1,748 $1,785 $1,633 $1,629 
Loans 90 days or more past due and still accruing:
Commercial and industrial$— $2 $4 $3 $3 
CRE— 3 — — — 
Residential mortgage – government guaranteed568 560 609 532 438 
Residential mortgage – nonguaranteed46 33 39 38 41 
Home equity6 8 7 7 6 
Other consumer19 25 26 28 27 
Credit card64 67 75 76 69 
Total loans 90 days or more past due and still accruing$703 $698 $760 $684 $584 
Loans 30-89 days past due and still accruing:
Commercial and industrial$229 $142 $260 $127 $73 
CRE14 95 42 25 6 
Commercial construction14 — 10 36 5 
Residential mortgage – government guaranteed298 311 263 329 327 
Residential mortgage – nonguaranteed371 354 293 357 344 
Home equity56 52 57 69 54 
Indirect auto210 521 508 679 620 
Other consumer254 232 240 281 241 
Credit card66 67 70 77 73 
Total loans 30-89 days past due and still accruing$1,512 $1,774 $1,743 $1,980 $1,743 

Nonperforming assets totaled $1.3 billion at September 30, 2026, down $410 million compared to June 30, 2026, primarily due to the RAC loan sale, partially offset by an increase in the commercial and industrial portfolio. Nonperforming loans and leases were 0.40% of loans and leases HFI at September 30, 2026, down eleven basis points compared to June 30, 2026.

At September 30, 2026, and December 31, 2025, 58% and 56% of loans and leases HFI were variable rate, respectively.
Truist Financial Corporation 59

The following tables present asset quality metrics:

Table 9: Asset Quality Ratios
Sep 30, 2026Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025
NPLs as a percentage of loans and leases HFI
0.40 %0.51 %0.50 %0.48 %0.48 %
NPLs as a percentage of total loans and leases(1)
0.40 0.51 0.52 0.48 0.48 
NPAs(1) as a percentage of total assets
0.24 0.31 0.33 0.30 0.30 
NPAs(1) as a percentage of total loans and leases(1) plus foreclosed property
0.41 0.53 0.52 0.50 0.50 
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI
0.22 0.21 0.23 0.21 0.18 
Loans 90 days or more past due and still accruing as a percentage of loans and leases, excluding government guaranteed loans(2)
0.04 0.04 0.05 0.05 0.05 
Loans 30-89 days past due and still accruing as a percentage of loans and leases HFI
0.47 0.54 0.53 0.60 0.54 
ALLL as a percentage of loans and leases
1.25 1.51 1.53 1.53 1.54 
Ratio of ALLL to nonperforming loans and leases
3.1x2.9x3.1x3.2x3.2x
(1)Nonperforming assets and total loans and leases include loans held for sale.
(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 on government guaranteed loans is reasonably assured.

Table 10: Asset Quality Ratios
Three Months EndedNine Months Ended September 30,
Sep 30, 2026Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 202520262025
Net charge-offs (recoveries) as a percentage of average loans and leases:
Commercial:
Commercial and industrial0.25 %0.27 %0.31 %0.29 %0.19 %0.28 %0.21 %
CRE— — 0.06 0.14 0.44 0.02 0.80 
Commercial construction0.12 (0.01)0.84 (0.04)(0.03)0.33 (0.02)
Consumer:
Residential mortgage— — (0.01)0.01 — — — 
Home equity(0.04)0.02 (0.02)(0.04)(0.11)(0.01)(0.07)
Indirect auto(1)
6.23 1.73 2.14 2.10 1.99 3.24 1.96 
Other consumer1.61 1.63 1.91 1.84 1.55 1.72 1.60 
Credit card4.21 4.97 5.15 4.64 3.13 4.78 4.38 
Total net charge-offs (recoveries) as a percentage of average loans and leases0.77 0.50 0.61 0.57 0.48 0.63 0.53 
Ratio of ALLL to net charge-offs1.6x3.0x2.5x2.7x3.3x2.0x3.0x
Ratios are annualized.
(1)Includes $251 million of net charge-offs upon the transfer of RAC loans to LHFS in the third quarter of 2026.
60 Truist Financial Corporation

The following table presents activity related to NPAs:

Table 11: Rollforward of NPAs
(Dollars in millions)20262025
Balance, January 1$1,633 $1,477 
New NPAs2,711 2,565 
Advances and principal increases169 356 
Disposals of foreclosed assets(1)
(440)(466)
Disposals of NPLs(604)(265)
Charge-offs and losses(927)(894)
Payments(905)(938)
Transfers to performing status(301)(206)
Other, net2 — 
Ending balance, September 30$1,338 $1,629 
(1)Includes charge-offs and losses recorded upon sale of $197 million and $207 million for the nine months ended September 30, 2026 and 2025, 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.

Truist Financial Corporation 61

Table 12: Commercial and Industrial Portfolio Industry and Geography
September 30, 2026December 31, 2025
(Dollars in millions)LHFI% of TotalNPLLHFI% of TotalNPL
Industry:
Finance and insurance$32,210 19.3 %$6 $30,464 18.2 %$2 
Real estate and rental and leasing15,671 9.4 5 11,993 7.1 1 
Manufacturing13,292 7.9 79 13,418 8.0 91 
Retail trade11,075 6.6 33 11,940 7.1 24 
Health care and social assistance10,639 6.4 2 11,779 7.0 67 
Wholesale trade8,052 4.8 50 7,655 4.6 212 
Public administration7,839 4.7 — 8,658 5.2 2 
Information6,028 3.6 255 7,523 4.5 158 
Utilities5,765 3.4 — 6,582 3.9 — 
Professional, scientific, and technical services5,226 3.1 24 5,043 3.0 5 
Educational services4,293 2.6 — 4,868 2.9 — 
Construction4,282 2.6 12 3,350 2.0 4 
Transportation and warehousing3,939 2.4 30 4,497 2.7 22 
Administrative and support and waste management and remediation services3,829 2.3 69 3,108 1.9 36 
Arts, entertainment, and recreation3,732 2.2 1 4,182 2.5 1 
Accommodation and food services2,827 1.7 78 2,990 1.8 24 
Other(1)
11,943 7.0 16 11,903 7.0 115 
Subtotal150,642 90.0 660 149,953 89.4 764 
Business owner occupied
16,674 10.0 73 17,855 10.6 75 
Total commercial and industrial$167,316 100.0 %$733 $167,808 100.0 %$839 
Geography:
Florida$18,805 11.2 %$55 $18,532 11.0 %$30 
Texas16,875 10.1 45 17,001 10.1 157 
New York12,831 7.7 139 12,719 7.6 70 
California12,020 7.2 30 12,460 7.4 34 
North Carolina11,852 7.1 12 12,154 7.2 11 
Georgia11,262 6.7 56 11,452 6.8 149 
Virginia8,843 5.3 3 9,061 5.4 3 
Maryland7,736 4.6 9 7,057 4.2 4 
Pennsylvania7,164 4.3 9 6,890 4.1 131 
Tennessee5,670 3.4 43 5,873 3.5 42 
New Jersey4,762 2.8 7 4,743 2.8 5 
Illinois4,621 2.8 24 3,970 2.4 12 
South Carolina3,895 2.3 1 4,213 2.5 4 
Ohio3,422 2.0 27 3,624 2.2 — 
Other(2)
37,558 22.5 273 38,059 22.8 187 
Total commercial and industrial
$167,316 100.0 %$733 $167,808 100.0 %$839 
(1)Represents other remaining industries that are deemed to be individually insignificant.
(2)Represents other remaining states, U.S. territories, and non-U.S. loans that are deemed to be individually insignificant.

The Finance and insurance industry category includes various types of nonbank financial institutions, including asset securitization, securities-based lending, and certain REITs, which together comprise approximately 60% and 59% of Truist’s funded loans within that industry category at September 30, 2026, and December 31, 2025, respectively. Asset securitization facilities are structured to provide funding to clients based on advance rates that are applied to pools of eligible collateral that generally result in overcollateralization of the funded exposures. Securities-based lending arrangements are collateralized by marketable securities that are maintained in a restricted account and monitored by Truist on a daily basis to help determine whether the value of the underlying securities collateral complies with the terms of the margin agreement established with the origination of the loan.

62 Truist Financial Corporation

Table 13: CRE Portfolio Property Type and Geography
September 30, 2026December 31, 2025
(Dollars in millions)LHFI% of TotalNPLLHFI% of TotalNPL
Industry:
Multifamily$9,125 35.2 %$33 $8,055 34.0 %$4 
Industrial5,807 22.4 — 5,521 23.3 — 
Retail4,886 18.9 4 4,244 17.9 5 
Office2,257 8.7 4 2,435 10.3 36 
Hotel1,623 6.3 — 1,558 6.6 — 
Other(1)
2,199 8.5 2 1,907 7.9 2 
Total CRE$25,897 100.0 %$43 $23,720 100.0 %$47 
Geography:
Florida$3,214 12.4 %$1 $2,668 11.2 %$2 
Georgia2,830 10.9 2 2,586 10.9 1 
Texas2,810 10.9 — 2,411 10.2 1 
New York2,637 10.2 2 2,323 9.8 6 
California2,175 8.4 — 1,628 6.9 — 
North Carolina2,093 8.1 1 2,324 9.8 1 
Pennsylvania1,520 5.9 1 1,566 6.6 — 
New Jersey1,273 4.9 3 1,118 4.7 3 
Virginia1,066 4.1 — 1,034 4.4 — 
Illinois997 3.8 — 1,178 5.0 13 
Maryland916 3.5 1 883 3.7 2 
Other(2)
4,366 16.9 32 4,001 16.8 18 
Total CRE$25,897 100.0 %$43 $23,720 100.0 %$47 
(1)Represents other remaining property types that are deemed to be individually insignificant.
(2)Represents other remaining states, U.S. territories, and non-U.S. loans that are deemed to be individually insignificant.

Table 14: Commercial Construction Portfolio Property Type and Geography
September 30, 2026December 31, 2025
(Dollars in millions)LHFI% of TotalNPLLHFI% of TotalNPL
Industry:
Multifamily$2,810 37.7 %$— $3,871 49.7 %$— 
Industrial2,631 35.3 — 1,884 24.2 — 
Single Family - construction to permanent1,262 16.9 — 1,070 13.7 — 
Single Family - acquisition and development
and commercial land		222 3.0 — 208 2.7 — 
Office157 2.1 18 392 5.0 40 
Other(1)
376 5.0 — 358 4.7 1 
Total commercial construction$7,458 100.0 %$18 $7,783 100.0 %$41 
Geography:
Florida$1,113 14.9 $— $1,453 18.7 $— 
Texas1,047 14.0 — 1,088 14.0 — 
Georgia960 12.9 — 1,188 15.3 — 
California745 10.0 — 431 5.5 — 
North Carolina600 8.0 — 748 9.6 — 
Other(2)
2,993 40.2 18 2,875 36.9 41 
Total commercial construction$7,458 100.0 %$18 $7,783100.0 %$41 
(1)Represents other remaining property types that are deemed to be individually insignificant.
(2)Represents other remaining states, U.S. territories, and non-U.S. loans that are deemed to be individually insignificant.

Refer to “Note 4. Loans and ACL” for additional information on the commercial portfolios, including loans by origination year and credit quality indicator.

Truist Financial Corporation 63

ACL

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

Table 15: Activity in ACL
Three Months Ended
Nine Months Ended September 30,
(Dollars in millions)Sep 30, 2026Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 202520262025
Balance, beginning of period$5,316 $5,335 $5,347 $5,305 $5,253 $5,347 $5,161 
Provision (benefit) for credit losses(1)
(253)395 479 512 436 621 1,382 
Charge-offs:
Commercial and industrial(125)(137)(142)(141)(98)(404)(320)
CRE— (1)(7)(14)(25)(8)(133)
Commercial construction(2)(1)(17)— — (20)— 
Residential mortgage(1)(1)(1)(3)(1)(3)(3)
Home equity(3)(3)(3)(2)(2)(9)(8)
Indirect auto(2)
(358)(135)(158)(160)(150)(651)(431)
Other consumer(170)(168)(184)(178)(155)(522)(455)
Credit card(62)(70)(71)(67)(49)(203)(193)
Total charge-offs(721)(516)(583)(565)(480)(1,820)(1,543)
Recoveries:
Commercial and industrial19 22 16 23 20 57 75 
CRE— 1 3 6 2 4 12 
Commercial construction— 1 1 1 — 2 1 
Residential mortgage1 1 2 1 2 4 4 
Home equity4 3 3 3 5 10 13 
Indirect auto22 29 25 24 25 76 78 
Other consumer35 35 33 28 31 103 92 
Credit card11 10 9 9 10 30 33 
Total recoveries92 102 92 95 95 286 308 
Net charge-offs(629)(414)(491)(470)(385)(1,534)(1,235)
Other
(1)— — — 1 (1)(3)
Balance, end of period$4,433 $5,316 $5,335 $5,347 $5,305 $4,433 $5,305 
ACL:
ALLL$4,063 $4,983 $5,026 $5,030 $4,988 
RUFC370 333 309 317 317 
Total ACL$4,433 $5,316 $5,335 $5,347 $5,305 
(1)Includes a net benefit of $581 million in the third quarter of 2026 from the loan loss reserve recapture following the recognition of held for sale-related charge-offs resulting from the RAC loan sale.
(2)Includes $251 million of net charge-offs upon the transfer of RAC loans to LHFS in the third quarter of 2026.

The ACL was $4.4 billion at September 30, 2026, and included $4.1 billion for the ALLL and $370 million for the reserve for unfunded commitments. The ALLL ratio at September 30, 2026 was 1.25%, down 26 basis points compared with June 30, 2026, following the recognition of held for sale-related charge-offs resulting from the RAC loan sale.

64 Truist Financial Corporation

The following table presents an allocation of the ALLL. The entire amount of the allowance is available to absorb losses occurring in any category of loans and leases.

Table 16: Allocation of ALLL by Category
September 30, 2026December 31, 2025
(Dollars in millions)Amount% ALLL in Each Category% Loans in Each CategoryAmount% ALLL in Each Category% Loans in Each Category
Commercial and industrial$1,462 35.8 %51.6 %$1,326 26.3 %51.0 %
CRE336 8.3 8.0 476 9.5 7.2 
Commercial construction112 2.8 2.3 246 4.9 2.4 
Residential mortgage162 4.0 18.0 198 3.9 17.3 
Home equity72 1.8 3.0 84 1.7 3.0 
Indirect auto189 4.7 5.3 1,036 20.6 7.8 
Other consumer1,346 33.1 10.3 1,238 24.6 9.8 
Credit card384 9.5 1.5 426 8.5 1.5 
Total ALLL4,063 100.0 %100.0 %5,030 100.0 %100.0 %
RUFC370 317 
Total ACL$4,433 $5,347 

Other Assets

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

Table 17: Other Assets as of Period End
(Dollars in millions)Sep 30, 2026Dec 31, 2025
Tax credit and other private equity investments$10,704 $9,882 
Bank-owned life insurance8,713 8,515 
Pension assets, net8,149 7,920 
DTA2,795 1,507 
Derivative assets1,955 1,343 
Accrued income1,939 2,028 
Accounts receivable1,751 1,624 
FHLB stock1,395 1,521 
Prepaid expenses1,191 1,075 
ROU assets968 1,045 
Leased assets and related assets868 1,359 
Other1,046 1,151 
Total other assets$41,474 $38,970 

Truist Financial Corporation 65

Funding Activities

Deposits

The following table presents average deposits:

Table 18: Average Deposits
Three Months Ended
(Dollars in millions)Sep 30, 2026Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025
Noninterest-bearing deposits$102,954 $103,620 $103,371 $105,552 $105,751 
Interest checking131,507 123,556 120,110 112,313 109,244 
Money market and savings137,166 136,423 136,106 138,114 136,515 
Time deposits39,072 41,270 39,337 40,031 45,090 
Total average deposits$410,699 $404,869 $398,924 $396,010 $396,600 

Average deposits for the third quarter of 2026 were $410.7 billion, up $5.8 billion, or 1.4%, compared to the second quarter of 2026, driven by an increase in interest checking. Average noninterest-bearing deposits decreased 0.6% compared to the second quarter of 2026 and represented 25.1% of total deposits for the third quarter of 2026 and 25.6% for the second quarter of 2026.

End of period deposits were $413.2 billion, up $3.9 billion, or 0.9%, compared to June 30, 2026, primarily due to an increase in interest checking deposits, partially offset by a decline in time deposits and noninterest-bearing deposits.

Borrowings

At September 30, 2026, short-term borrowings totaled $12.4 billion, a decrease of $15.4 billion compared to December 31, 2025, primarily due to a decline in FHLB advances.

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 $53.4 billion at September 30, 2026, an increase of $11.4 billion compared to December 31, 2025. During the nine months ended September 30, 2026, the Company had:

•Issuances of $6.4 billion of primarily fixed-to-floating rate senior notes with a weighted average interest rate of 4.78% due between January 27, 2029 and April 23, 2037 and $350 million of floating rate senior notes due January 27, 2029.
•Net issuances of $11.6 billion of floating rate FHLB advances.
•Maturities and redemptions of $4.3 billion of senior notes and $1.8 billion of subordinated notes.

Refer to “Note 8. Borrowings” for additional information on short-term borrowings and long-term debt.

Shareholders’ Equity

Total shareholders’ equity was $61.5 billion at September 30, 2026, a decrease of $3.7 billion from December 31, 2025. This decrease reflected $3.6 billion in common share repurchases, including excise taxes, $2.2 billion in common and preferred dividends, and a $2.5 billion decrease in AOCI, partially offset by $3.8 billion in net income and $495 million for the issuance of Series S non-cumulative perpetual preferred stock with a stated dividend rate of 6.25% per annum. Truist’s book value per common share at September 30, 2026 was $46.78, compared to $47.74 at December 31, 2025. Truist’s TBVPS was $31.90 at September 30, 2026, compared to $33.48 at December 31, 2025.

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Risk Management

Truist seeks to maintain a comprehensive risk management framework supported by people, processes, and systems designed to identify, assess, measure, monitor, control, mitigate, govern, and report on risks arising from exposures and business activities. Truist has developed a risk taxonomy to provide for the identification, measurement, and reporting of primary risk types and classification of risk elements at Truist. Primary risk types are defined across eight categories, including credit, market, liquidity, strategic, operational, technology, compliance, and financial crimes. See Item 1, “Business”, Item 1A, “Risk Factors”, and the “Risk Management” section of MD&A in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding these primary risk types.

Truist has established an enterprise risk management framework to enable the execution of strategic goals and objectives in alignment with its risk appetite.

Truist is committed to fostering a culture that prioritizes and 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 are within the Company’s risk appetite and 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.

Market Risk - Interest Rate

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 interest rate 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.

Corporate Treasury is responsible for the management of Truist’s IRR position as part of an integrated balance sheet management strategy. The TMRO team within the RMO monitors Corporate Treasury’s execution of these responsibilities. The ALCO and the BRC approve the policies governing interest rate management and, along with the ERC, receive periodic updates. 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.

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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. Truist’s analysis incorporates dynamic client deposit balance levels, the mix across product types, and deposit rates 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.

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 Truist 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 19: Interest Sensitivity Simulation Analysis
Sep 30, 2026Dec 31, 2025
Up 200bps gradual change in interest rates(0.1)%(0.9)%
Up 50bps instantaneous change in interest rates(0.2)(0.1)
Down 50bps instantaneous change in interest rates
0.0 (0.2)
Down 200bps gradual change in interest rates
(1.0)(0.3)

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
•Noninterest-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’s views on key risks. The results of key assumption sensitivity tests are reported to the ALCO and the BRC at least quarterly. Key assumptions and their associated sensitivity tests are reviewed with the ALCO and the BRC at least annually.

68 Truist Financial Corporation

Market Risk - 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. The Capital Markets Risk Management team within the RMO selects, calibrates, and monitors compliance with key risk indicators and other risk measures designed to establish risk-taking parameters for the trading desks within WB. The Capital Markets Risk Committee, ERC, and BRC establish policies governing trading activities and receive regular updates to support the oversight of those activities.

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. Refer to the “Critical Accounting Estimates” section in MD&A, “Note 13. Fair Value Disclosures,” and “Note 14. Derivative Financial Instruments” for discussion of valuation policies and methodologies.

Securitizations

As of September 30, 2026, 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 $202 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 September 30, 2026.

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. 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 we use to measure and manage market risk. Other tools used to manage market risk include stress testing, scenario analysis, and stop loss limits.

Truist Financial Corporation 69

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 nine months ended September 30, 2026 and 2025. Average VaR measures in the nine months ended September 30, 2026 were lower compared to the nine months ended September 30, 2025, due to lower risk positions.

Table 20: VaR-based Measures
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(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$13 $5 $35 $12 $25 $7 $63 $15 
Average10 4 22 8 10 4 23 9 
Minimum7 3 14 6 5 3 9 4 
Period-end12 4 28 8 12 4 28 8 
VaR by Risk Class:
Interest Rate Risk2 5 2 5 
Credit Spread Risk1 5 1 5 
Equity Price Risk4 7 4 7 
Foreign Exchange Risk1 1 1 1 
Portfolio Diversification(5)(11)(5)(11)
Period-end4 8 4 8 

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 21: Stressed VaR-based Measures - 10 Day Holding Period
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions)2026202520262025
Maximum$92 $147 $92 $287 
Average43 94 36 133 
Minimum18 56 11 56 
Period-end47 127 47 127 

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.

70 Truist Financial Corporation

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. 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.
12295
Model Risk Oversight

The 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 enhancements.

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. Refer to the “Capital” section in MD&A for additional discussion of capital adequacy.

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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 oversee 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.

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., FRB, discount window, standing repo facility, etc.) to test operational readiness. On a periodic basis, Truist conducts a tabletop 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 satisfies operational requirements of the LCR rule. Truist and Truist Bank are subject to the Category III reduced LCR requirements. For the three months ended September 30, 2026, Truist held average weighted eligible HQLA of $92.2 billion, and Truist’s average LCR was 110%, which exceeded the regulatory minimum of 100%.

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 September 30, 2026, Truist was compliant with this requirement.

72 Truist Financial Corporation

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 Federal Reserve 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 Federal Reserve:

Table 22: Selected Liquidity Sources
(Dollars in millions)Sep 30, 2026Dec 31, 2025
Unused borrowing capacity:
Federal Reserve
$82,663 $84,160 
FHLB24,414 23,464 
Available investment securities (at fair value)69,703 70,150 
Available secured borrowing capacity176,780 177,774 
Eligible cash at the Federal Reserve
38,535 29,973 
Total$215,315 $207,747 

At September 30, 2026, Truist Bank’s available secured borrowing capacity represented approximately 8.6 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, and advances to subsidiaries, including 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 a portion of an outstanding tranche 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. Refer to “Note 22. Parent Company Financial Information” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 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 the Parent Company’s other subsidiaries, and being able to withstand sustained market disruptions that could limit access to the capital markets. At September 30, 2026, 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.

Truist Financial Corporation 73

The following table presents the credit ratings and outlooks of the Parent Company and Truist Bank as of September 30, 2026:

Table 23: Credit Ratings of Truist Financial Corporation and Truist Bank
S&PMoody’sFitchDBRS Morningstar
Truist Financial Corporation:
IssuerA- / A-2Baa1A / F1AAL / R-1M
Senior unsecuredA-Baa1A-AAL
SubordinatedBBB+Baa1BBB+AH
Preferred stockBBB-Baa3(hyb)BBB-AL
Truist Bank:
IssuerA / A-1A3A / F1AA / R-1H
Senior unsecuredAA3AAA
DepositsNAA1 / P-1AA- / F1+AA
SubordinatedA-A3A-AAL
Ratings outlook:
Credit trendStableStableStableStable

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 limits and evaluates whether capital ratios calculated under hypothetical stress scenarios, and after the effect of alternative capital actions, exceed these thresholds. 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 24: Capital Requirements
Minimum CapitalWell-Capitalized
Minimum Capital Plus Stress Capital Buffer(1)
TruistTruist Bank
CET1
4.5 %NA6.5 %7.0 %
Tier 1 capital6.0 6.0 %8.0 8.5 
Total capital8.0 10.0 10.0 10.5 
Leverage ratio4.0 NA5.0 NA
Supplementary leverage ratio3.0 NANANA
(1)Reflects an SCB requirement of 2.5% applicable to Truist as of September 30, 2026. Truist’s SCB requirement, received in the 2025 CCAR process, is effective from October 1, 2025 to December 31, 2027.

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

Table 25: Capital Ratios - Truist Financial Corporation
(Dollars in millions)Sep 30, 2026Dec 31, 2025
Risk-based:(preliminary)
CET110.7 %10.8 %
Tier 1 capital12.0 11.9 
Total capital13.6 13.8 
Leverage ratio9.6 10.0 
Supplementary leverage ratio8.0 8.3 
Risk-weighted assets$431,752 $443,257 

74 Truist Financial Corporation

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 that 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 remain strong relative to the regulatory requirements for well-capitalized banks. Truist’s CET1 ratio was 10.7% as of September 30, 2026, down 10 basis points compared to December 31, 2025, primarily due to capital returned to shareholders and the repositioning of the AFS securities portfolio, partially offset by current year earnings, benefits from the RAC loan sale, and a reduction in risk-weighted assets.

Truist declared common dividends of $0.52 per share during the third quarter of 2026 and repurchased $1.2 billion of common stock.

Share Repurchase Activity

Table 26: Share Repurchase Activity
(Dollars in millions, except per share data, shares in thousands)Total Number of Shares Purchased
Average Price Paid Per Share(1)(2)
Total Number of Shares Purchased as part of Publicly Announced Plans
Approximate Dollar Value of Shares that may yet be Purchased Under the Plans(2)(3)
July 1, 2026 to July 31, 20265,004 $51.85 5,004 $7,406 
August 1, 2026 to August 31, 202613,147 51.81 13,147 6,725 
September 1, 2026 to September 30, 20265,130 50.58 5,130 6,466 
Total23,281 $51.55 23,281 
(1)Excludes commissions.
(2)Excludes excise taxes on share repurchases.
(3)In December 2025, Truist announced that the Board had authorized the repurchase of up to $10.0 billion of common stock effective immediately with no expiration date, replacing the previous repurchase authority from June 2024, 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 are subject to various factors, including Truist's capital and liquidity positions and related internal frameworks, accounting and regulatory considerations (including 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.

Truist Financial Corporation 75

Regulatory and Supervisory Updates

We are subject to an extensive regulatory framework that affects 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, including our ability to make distributions to shareholders.

The descriptions below summarize updates 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, 2025. These updates do not summarize all actual, proposed, or possible changes in statutes, regulations, and other laws applicable to Truist and are 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, 2025 for additional disclosures.

On March 19, 2026, the FDIC, FRB, and OCC issued two joint notices of proposed rulemaking to modernize the regulatory capital framework. The proposals include (i) revisions to the existing standardized approach to calculating risk-weighted assets applicable to Category III and IV institutions and smaller banking organizations, including Truist and Truist Bank; and (ii) a new expanded risk-based approach to calculating risk-weighted assets applicable to the largest and most internationally active banking organizations (Category I and II institutions). As Category III institutions, Truist and Truist Bank would have the option under the proposals to apply the expanded risk-based approach in lieu of the revised standardized approach. The proposals would also (i) update the market risk framework applicable to banking organizations with significant trading activity; and (ii) require Category III and IV banking organizations, including Truist and Truist Bank, to recognize most elements of AOCI in their regulatory capital, subject to a five-year transition period. The timing and content of any final rules, and the potential effects of any final rules on Truist and Truist Bank, remain uncertain.

On September 30, 2026, the FRB published two final rules on stress testing and related capital requirements. The first final rule enhances transparency and public accountability of the stress testing process by improving disclosures of, and providing opportunity for public comment and input on, the supervisory models and scenarios used in the FRB’s stress tests. The rule also makes several adjustments to the annual stress test calendar and adopts as final most of the models that will be used for the 2027 stress test, subject to a proposed change to the FRB’s noninterest income model. The second final rule sets a new SCB effective date of January 1 of the year following a stress test and modifies the calculation of the SCB to reflect the average of the stress test results from the two most recent stress tests. Truist will receive a new SCB effective on January 1, 2028 based on the results of its 2027 stress test. Beginning with the 2028 stress test, Truist’s SCB will be calculated based on the average projected decline of CET1 ratios across the two most recent FRB stress tests, with effect from January 1, 2029.

Critical Accounting Estimates

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. The preparation of financial statements in accordance with GAAP requires management to make estimates that are used in arriving at the carrying value of assets and liabilities, and amounts reported for revenues and expenses. Certain of these estimates are considered critical because they require the use of difficult, complex, or subjective judgments, which are sensitive to changes in key assumptions or inputs. The selection of different assumptions or inputs could result in material changes in Truist’s consolidated financial position or consolidated results of operations, and related disclosures. Estimates that are particularly susceptible to significant change include the ACL; fair value measurement; goodwill; income taxes; and pension and post-retirement benefit obligations. Understanding Truist’s accounting policies is fundamental to understanding its 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, 2025. 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, 2025. Disclosures regarding the effects of new accounting pronouncements are included in “Note 1. Basis of Presentation” in this report, as applicable.

76 Truist Financial Corporation

Goodwill

Goodwill is subject to ongoing periodic impairment testing based on the fair values of the reporting units to which the acquired goodwill relates. Refer to “Note 1. Basis of Presentation” and “Note 7. Goodwill and Other Intangible Assets” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for a description of management’s impairment testing approach and the Company's most recent annual quantitative test.

The estimated fair value of a reporting unit is highly sensitive to changes in management’s estimates and assumptions, including management’s financial projections, discount rate estimates, and other inputs. 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, 2025 indicated that if the discount rate increased 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, adverse performance in relation to management’s projections or potential future 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, changes in the underlying makeup of the reporting unit, or changes in the risk profile of the reporting unit, which could impact whether the fair value of a reporting unit is less than its carrying value.

The Company monitored events and circumstances during the period from January 1, 2026 to September 30, 2026, 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, 2025 quantitative impairment test, and the sensitivity of the October 1, 2025 quantitative results to changes in assumptions as of September 30, 2026. 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 September 30, 2026.

Truist Financial Corporation 77

Non-GAAP Financial Measures

Tangible common equity, average tangible common equity, and related measures, including ROTCE and TBVPS, are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and its related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value. These measures should not be considered in isolation or as a substitute for the related GAAP financial measures presented in this report and are not necessarily comparable to similar non-GAAP financial measures that may be presented by other companies. The following tables reconcile each of these non-GAAP financial measures to the most directly comparable GAAP financial measure.

Table 27: Reconciliation of ROTCE
Three Months Ended September 30,
Nine Months Ended September 30,
(Dollars in millions)2026202520262025
Calculation of tangible net income available to common shareholders:
Net income available to common shareholders(a)$684 $1,348 $3,580 $3,685 
Amortization of intangibles62 72 189 220 
Applicable income taxes related to amortization of intangibles(1)
(15)(18)(45)(53)
Tangible net income available to common shareholders(b)$731 $1,402 $3,724 $3,852 
Calculation of average tangible common shareholders’ equity:
Average common shareholders’ equity(c)$57,899 $59,141 $58,791 $58,535 
Average intangible assets(18,258)(18,528)(18,321)(18,595)
Applicable deferred taxes related to intangible assets(1)
398 415 401 418 
Average tangible common shareholders’ equity(d)$40,039 $41,028 $40,871 $40,358 
Return on average common shareholders’ equity(a)/(c)4.7 %9.0 %8.1 %8.4 %
ROTCE(b)/(d)7.2 13.6 12.2 12.8 
(1)Calculated using the applicable marginal tax rate.

Table 28: Reconciliation of Tangible Common Equity
(Dollars in millions, except per share data, shares in thousands)
September 30, 2026December 31, 2025
Calculation of period end tangible common equity:
Total shareholders’ equity$61,472 $65,189 
Preferred stock(5,411)(4,916)
Common shareholders’ equity(a)56,061 60,273 
Intangible assets(18,223)(18,416)
Applicable deferred taxes related to intangible assets(1)
397 407 
Tangible common equity(b)$38,235 $42,264 
Common shares outstanding at end of period(c)1,198,488 1,262,470 
Common shareholders’ equity per common share(a)/(c)$46.78 $47.74 
TBVPS(b)/(c)31.90 33.48 
(1)Calculated using the applicable marginal tax rate.

78 Truist Financial Corporation

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

Refer to the “Market Risk” section in MD&A, which is incorporated by reference into this item.

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 September 30, 2026 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 Legal Matters” section in “Note 12. 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, 2025. 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 MD&A, which is incorporated by reference into this item.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

(c) During the three months ended September 30, 2026, 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 79

ITEM 6. EXHIBITS
Exhibit No.DescriptionLocation
3.1Bylaws of Truist Financial Corporation, as Amended and Restated, Effective July 28, 2026.
10.1First Amendment to the Truist Financial Corporation Non-Qualified Defined Contribution Plan (January 1, 2025 Restatement)
10.2Form of Participation Agreement under the Truist Financial Corporation Executive Severance Plan for Michael P. Lyons
10.3Form of Restricted Stock Unit Agreement (Senior Executive) for the Truist Financial Corporation 2022 Incentive Plan (amended and restated as of April 28, 2026)
10.4Form of Performance Unit Award Agreement (Senior Executive) for the Truist Financial Corporation 2022 Incentive Plan (amended and restated as of April 28, 2026)
10.5Form of LTIP Award Agreement (Senior Executive) for the Truist Financial Corporation 2022 Incentive Plan (amended and restated as of April 28, 2026)
10.6Form of Restricted Stock Unit Agreement (Non-Employee Directors) for the Truist Financial Corporation 2022 Incentive Plan (amended and restated as of April 28, 2026)
31.1Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INSXBRL Instance Document – the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.Filed herewith.
101.SCHXBRL Taxonomy Extension Schema.Filed herewith.
101.CALXBRL Taxonomy Extension Calculation Linkbase.Filed herewith.
101.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.
80 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:October 28, 2026By:/s/ Michael B. Maguire
Michael B. Maguire
Senior Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date:October 28, 2026By:/s/ Cynthia B. Powell
Cynthia B. Powell
Executive Vice President and Corporate Controller
(Principal Accounting Officer)

Truist Financial Corporation 81

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