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Truist Financial Corporation
TFC
#418
Rank
$58.26 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$46.77
Share price
-0.60%
Change (1 day)
14.35%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Truist Financial Corporation
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-01

Truist Financial Corporation - 10-Q quarterly report FY


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

☒ Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended: March 31, 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 March 31, 2026, 1,245,879,275 shares of the registrant’s common stock, $5 par value, were outstanding.

TABLE OF CONTENTS
TRUIST FINANCIAL CORPORATION
FORM 10-Q
March 31, 2026
Page No.
PART I - Financial Information
Glossary of Defined Terms
1
Forward-Looking Statements and Other Terms
3
Item 1.Financial Statements
Consolidated Balance Sheets (Unaudited)
4
Consolidated Statements of Income (Unaudited)
5
Consolidated Statements of Comprehensive Income (Unaudited)
6
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
7
Consolidated Statements of Cash Flows (Unaudited)
8
Notes to Consolidated Financial Statements (Unaudited)
Note 1. Basis of Presentation
9
Note 2. Securities Financing Activities
11
Note 3. Investment Securities
12
Note 4. Loans and ACL
14
Note 5. Goodwill and Other Intangible Assets
22
Note 6. Loan Servicing
23
Note 7. Other Assets and Liabilities
24
Note 8. Borrowings
25
Note 9. Shareholders’ Equity
26
Note 10. AOCI
27
Note 11. Benefit Plans
28
Note 12. Commitments and Contingencies
29
Note 13. Fair Value Disclosures
33
Note 14. Derivative Financial Instruments
37
Note 15. Computation of EPS
42
Note 16. Operating Segments
43
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Executive Overview
46
Analysis of Results of Operations
48
Analysis of Financial Condition
53
Risk Management
63
Liquidity
68
Capital
70
Share Repurchase Activity
71
Regulatory and Supervisory Update
72
Critical Accounting Estimates
72
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
74
Item 4.Controls and Procedures
74
PART II - Other Information
Item 1.Legal Proceedings
74
Item 1A.Risk Factors
74
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
74
Item 3.
Defaults Upon Senior Securities
74
Item 4.
Mine Safety Disclosures
74
Item 5.Other Information
74
Item 6.Exhibits
75



Glossary of Defined Terms
The following terms may be used throughout this report, including the consolidated financial statements and related notes.
TermDefinition
ACL
Allowance for credit losses
AFS
Available-for-sale
Agency MBS
Mortgage-backed securities issued by a U.S. government agency or GSE
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
DIF
Deposit Insurance Fund administered by the FDIC
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
FHLMC
Federal Home Loan Mortgage Corporation
FNMA
Federal National Mortgage Association
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
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
Truist Financial Corporation 1

TermDefinition
RUFC
Reserve for unfunded lending commitments
S&P
Standard & Poor’s
SBIC
Small Business Investment Company
SCBStress Capital Buffer
SEC
Securities and Exchange Commission
TBVPS
Tangible book value per common share, 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, 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 execute strategic and operational plans, including with respect to accelerating growth, improving profitability, investing in talent, technology, and risk infrastructure, maintaining expense, credit, and risk discipline, and returning capital to shareholders;
•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)		Mar 31, 2026Dec 31, 2025
Assets
Cash and due from banks$4,294 $4,967 
Interest-bearing deposits with banks31,903 31,410 
Securities borrowed or purchased under agreements to resell4,047 3,200 
Trading assets at fair value5,235 5,790 
AFS securities at fair value65,430 65,042 
HTM securities (fair value of $38,207 and $39,130, respectively)
46,436 47,186 
LHFS (including $1,899 and $1,622 at fair value, respectively)
2,174 1,883 
Loans and leases (including $10 and $11 at fair value, respectively)
329,238 328,595 
ALLL(5,026)(5,030)
Loans and leases, net of ALLL324,212 323,565 
Premises and equipment3,145 3,172 
Goodwill17,125 17,125 
CDI and other intangible assets1,192 1,256 
Loan servicing rights at fair value4,112 3,972 
Other assets (including $1,717 and $1,725 at fair value, respectively)
39,670 38,970 
Total assets$548,975 $547,538 
Liabilities
Noninterest-bearing deposits$105,460 $105,092 
Interest-bearing deposits (including $624 and $639 at fair value, respectively)
298,621 295,306 
Short-term borrowings (including $3,067 and $2,394 at fair value, respectively)
27,441 27,839 
Long-term debt41,622 41,963 
Other liabilities (including $1,891 and $1,797 at fair value, respectively)
11,617 12,149 
Total liabilities484,761 482,349 
Shareholders’ Equity
Preferred stock4,916 4,916 
Common stock, $5 par value
6,229 6,312 
Additional paid-in capital32,610 33,663 
Retained earnings26,796 26,067 
AOCI, net of deferred income taxes(6,337)(5,769)
Total shareholders’ equity64,214 65,189 
Total liabilities and shareholders’ equity$548,975 $547,538 
Common shares outstanding1,245,879 1,262,470 
Common shares authorized2,000,000 2,000,000 
Preferred shares outstanding176 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 March 31,
20262025
Interest Income  
Interest and fees on loans and leases$4,599 $4,493 
Interest on securities849 975 
Interest on other earning assets407 520 
Total interest income5,855 5,988 
Interest Expense  
Interest on deposits1,525 1,736 
Interest on long-term debt445 409 
Interest on other borrowings286 336 
Total interest expense2,256 2,481 
Net Interest Income3,599 3,507 
Provision for credit losses479 458 
Net Interest Income After Provision for Credit Losses3,120 3,049 
Noninterest Income  
Wealth management income370 344 
Card and treasury management fees338 333 
Investment banking and trading income372 273 
Other deposit revenue120 117 
Mortgage banking income133 108 
Lending related fees118 95 
Securities gains (losses)— (1)
Other income102 123 
Total noninterest income1,553 1,392 
Noninterest Expense  
Personnel expense1,727 1,604 
Professional fees and outside processing313 364 
Software expense230 230 
Net occupancy expense179 168 
Equipment expense85 82 
Marketing and customer development79 75 
Amortization of intangibles64 75 
Regulatory costs68 69 
Other expense238 239 
Total noninterest expense2,983 2,906 
Earnings  
Income before income taxes
1,690 1,535 
Provision for income taxes
209 274 
Net income1,481 1,261 
Preferred stock dividends and other104 104 
Net income available to common shareholders
$1,377 $1,157 
Basic EPS$1.10 $0.88 
Diluted EPS1.09 0.87 
Basic weighted average shares outstanding1,248,628 1,307,457 
Diluted weighted average shares outstanding1,266,572 1,324,339 

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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions)		Three Months Ended March 31,
20262025
Net income$1,481 $1,261 
OCI, net of tax:
Net change in net pension and postretirement costs(6)5 
Net change in cash flow hedges(399)429 
Net change in AFS securities(211)478 
Net change in HTM securities47 50 
Other, net1 1 
Total OCI, net of tax(568)963 
Total comprehensive income$913 $2,224 
Income Tax Effect of Items Included in OCI:
Net change in net pension and postretirement costs$(2)$1 
Net change in cash flow hedges(124)133 
Net change in AFS securities(65)149 
Net change in HTM securities14 15 
Total income taxes related to OCI$(177)$298 

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, January 1, 20251,315,936 $5,907 $6,580 $35,628 $23,777 $(8,213)$63,679 
Net income— — — — 1,261 — 1,261 
OCI— — — — — 963 963 
Issued in connection with equity awards, net4,858 — 24 (83)(3)— (62)
Repurchase of common stock, including excise tax(11,255)— (56)(447)— — (503)
Cash dividends declared on common stock— — — — (679)— (679)
Cash dividends declared on preferred stock— — — — (104)— (104)
Equity-based compensation expense— — — 80 — — 80 
Balance, March 31, 20251,309,539 $5,907 $6,548 $35,178 $24,252 $(7,250)$64,635 
Balance, January 1, 20261,262,470 $4,916 $6,312 $33,663 $26,067 $(5,769)$65,189 
Net income— — — — 1,481 — 1,481 
OCI— — — — — (568)(568)
Issued in connection with equity awards, net5,560 — 28 (106)(3)— (81)
Repurchase of common stock, including excise tax(22,151)— (111)(1,032)— — (1,143)
Cash dividends declared on common stock— — — — (645)— (645)
Cash dividends declared on preferred stock— — — — (104)— (104)
Equity-based compensation expense— — — 85 — — 85 
Balance, March 31, 20261,245,879 $4,916 $6,229 $32,610 $26,796 $(6,337)$64,214 

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

CONSOLIDATED STATEMENTS OF CASH FLOWS
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
Unaudited
(Dollars in millions)		Three Months Ended March 31,
20262025
Cash Flows From Operating Activities:  
Net income$1,481 $1,261 
Adjustments to reconcile net income to net cash from operating activities:  
Provision for credit losses479 458 
Depreciation129 145 
Amortization of intangibles64 75 
Net change in operating assets and liabilities:  
LHFS(277)316 
Pension asset(85)(72)
Derivative assets and liabilities45 (613)
Trading assets555 (738)
Investments in affordable housing projects and other qualified tax credits(1)
(203)48 
Other assets and other liabilities(1)
(1,121)(324)
Other, net(388)190 
Net cash flows from operating activities
679 746 
Cash Flows From Investing Activities:  
Proceeds from sales of AFS securities52 722 
Proceeds from maturities, calls and paydowns of AFS securities4,026 3,906 
Purchases of AFS securities(4,800)(4,143)
Proceeds from maturities, calls and paydowns of HTM securities816 833 
Originations of loans and leases, net of principal collected(1,414)(2,445)
Purchases of loans and leases— (500)
Sales of loans and leases231 174 
Net cash received (paid) for securities borrowed or purchased under agreements to resell(847)(260)
Other, net(1)82 
Net cash flows from investing activities
(1,937)(1,631)
Cash Flows From Financing Activities:
Net change in deposits3,683 13,212 
Net change in short-term borrowings(406)(5,462)
Proceeds from issuance of long-term debt22,811 552 
Repayment of long-term debt(23,053)(3,669)
Repurchase of common stock(1,134)(500)
Cash dividends paid on common stock(645)(679)
Cash dividends paid on preferred stock(104)(104)
Other, net(74)(62)
Net cash flows from financing activities
1,078 3,288 
Net Change in Cash and Cash Equivalents(180)2,403 
Cash and Cash Equivalents of Continuing and Discontinued Operations, January 136,377 39,768 
Cash and Cash Equivalents of Continuing and Discontinued Operations, March 31$36,197 $42,171 
Supplemental Disclosure of Cash Flow Information:
Net cash paid (received) during the period for:
Interest expense$2,259 $2,378 
Income taxes(25)38 
(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 postretirement benefit obligations.
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 is evaluating the impact of this standard 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 is evaluating the impact of this standard 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.Truist is evaluating the impact of this standard on its financial statements.
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

Securities purchased under agreements to resell are primarily collateralized by U.S. government or agency securities and are carried at the amounts at which the securities will be subsequently sold, plus accrued interest. Securities borrowed are primarily collateralized by corporate securities. The Company borrows securities and purchases securities under agreements to resell as part of its business to finance clients’ purchases of securities. On the acquisition date of these securities, the Company and the related counterparty agree on the amount of collateral required to secure the principal amount loaned under these arrangements. The Company monitors collateral values daily and calls for additional collateral to be provided as warranted under the respective agreements.

For securities sold under agreements to repurchase, the Company would be obligated to provide additional collateral in the event of a significant decline in fair value of the collateral pledged. This risk is managed by monitoring the liquidity and credit quality of the collateral, as well as the maturity profile of the transactions. Refer to “Note 12. Commitments and Contingencies” for additional information related to pledged securities.

The agreements that govern the Company's securities financing transactions provide for a right of setoff in the event of default or bankruptcy with respect to either party to such transactions. The following table presents the Company's securities financing transactions, including those executed under master netting (or similar) arrangements. Refer to “Note 14. Derivative Financial Instruments“ for information about the Company's derivative instruments subject to master netting (or similar) arrangements.

March 31, 2026December 31, 2025
(Dollars in millions)
Amount in Consolidated Balance Sheets(1)
Received/Pledged Financial Instruments(2)
Net Amount
Amount in Consolidated Balance Sheets
Amount Not Offset in Consolidated Balance Sheets
Received/Pledged Financial Instruments(2)
Net Amount
Assets:
Securities purchased under agreements to resell$1,564 $(1,558)$6 $1,313 $(78)$(1,223)$12 
Securities borrowed2,483 (2,364)119 1,887 — (1,835)52 
Total securities borrowed or purchased under agreements to resell$4,047 $(3,922)$125 $3,200 $(78)$(3,058)$64 
Liabilities:
Securities sold under agreements to repurchase$(1,800)$1,800 $— $(3,103)$78 $3,025 $— 
(1)As of March 31, 2026, there were no securities financing transactions subject to legally enforceable master netting arrangements that were eligible for balance sheet netting.
(2)The fair value of received/pledged financial instruments is limited to the carrying amount of the associated asset or liability. The fair value of collateral received that was permitted to be resold or repledged was $3.9 billion as of March 31, 2026 and $3.1 billion as of December 31, 2025. Of the fair value of collateral permitted to be resold or repledged, the fair value of securities repledged or resold was $2.7 billion as of March 31, 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:

March 31, 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
49 — 49 100 — 100 
Agency MBS – residential
— 199 199 — 298 298 
Corporate and other debt securities301 1,251 1,552 300 2,327 2,627 
Total securities sold under agreements to repurchase$350 $1,450 $1,800 $478 $2,625 $3,103 

Truist Financial Corporation 11

NOTE 3. Investment Securities

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

March 31, 2026
(Dollars in millions)		Amortized CostGross UnrealizedNet unrealized gains (losses)Fair Value
GainsLosses
AFS securities:    
U.S. Treasury$13,142 $63 $(40)$23 $13,165 
GSE470 5 (24)(19)451 
Agency MBS – residential52,173 166 (4,165)(3,999)48,174 
Agency MBS – commercial3,738 7 (587)(580)3,158 
States and political subdivisions347 11 (15)(4)343 
Collateralized loan obligations125 — — — 125 
Other14 — — — 14 
Total AFS securities, excluding portfolio level basis adjustments70,009 252 (4,831)(4,579)65,430 
Portfolio level basis adjustments(1)
34 (34)— 
Total AFS securities$70,043 $252 $(4,831)$(4,613)$65,430 
HTM securities:    
Agency MBS – residential$46,436 $— $(8,229)$(8,229)$38,207 
December 31, 2025
(Dollars in millions)		Amortized CostGross UnrealizedNet unrealized gains (losses)Fair Value
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 adjustments69,302 390 (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
March 31, 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$4,712 $7,651 $37 $742 $13,142 $4,736 $7,681 $36 $712 $13,165 
GSE— — 5 465 470 — — 4 447 451 
Agency MBS – residential— — 51 52,122 52,173 — — 51 48,123 48,174 
Agency MBS – commercial— 534 419 2,785 3,738 — 535 418 2,205 3,158 
States and political subdivisions2 81 172 92 347 2 83 169 89 343 
Collateralized loan obligations— — — 125 125 — — — 125 125 
Other7 — 7 — 14 7 — 7 — 14 
Total AFS securities$4,721 $8,266 $691 $56,331 $70,009 $4,745 $8,299 $685 $51,701 $65,430 
HTM securities:
Agency MBS – residential$— $— $— $46,436 $46,436 $— $— $— $38,207 $38,207 

12 Truist Financial Corporation

The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position:

Less than 12 months12 months or moreTotal
March 31, 2026
(Dollars in millions)		Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
AFS securities:      
U.S. Treasury$2,737 $(33)$229 $(7)$2,966 $(40)
GSE60 — 213 (24)273 (24)
Agency MBS – residential11,322 (79)24,131 (4,086)35,453 (4,165)
Agency MBS – commercial432 (4)2,019 (583)2,451 (587)
States and political subdivisions195 (15)9 — 204 (15)
Other— — 13 — 13 — 
Total$14,746 $(131)$26,614 $(4,700)$41,360 $(4,831)
HTM securities:      
Agency MBS – residential$— $— $38,207 $(8,229)$38,207 $(8,229)
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 March 31, 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.

Truist Financial Corporation 13

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
March 31, 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$168,245 $260 $4 $12 $726 $169,247 
CRE24,384 42 — — 21 24,447 
Commercial construction7,587 10 — — 23 7,620 
Consumer:
Residential mortgage54,862 556 648 4 227 56,297 
Home equity9,468 57 7 1 100 9,633 
Indirect auto24,091 508 — 1 454 25,054 
Other consumer31,758 240 26 — 73 32,097 
Credit card4,698 70 75 — — 4,843 
Total$325,093 $1,743 $760 $18 $1,624 $329,238 
(1)Includes government guaranteed loans of $609 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.

14 Truist Financial Corporation

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

As of / for the three months ended March 31, 2026
(Dollars in millions)
Amortized Cost Basis by Origination YearRevolving Credit Loans Converted to Term
Other(1)
20262025202420232022Prior Total
Commercial:    
Commercial and industrial:
Pass$10,676 $36,205 $11,436 $7,141 $12,177 $21,151 $65,540 $— $(240)$164,086 
Special mention13 369 131 146 181 378 449 — — 1,667 
Substandard49 481 308 476 342 442 658 — — 2,756 
Nonperforming— 119 100 64 105 71 279 — — 738 
Total10,738 37,174 11,975 7,827 12,805 22,042 66,926 — (240)169,247 
Gross charge-offs3 17 36 2 2 5 77 142 
CRE:
Pass2,800 7,777 1,088 1,384 3,175 5,024 1,091 — (92)22,247 
Special mention18 50 1 45 57 417 — — — 588 
Substandard— 342 158 310 417 296 68 — — 1,591 
Nonperforming— 1 — 1 3 16 — — — 21 
Total2,818 8,170 1,247 1,740 3,652 5,753 1,159 — (92)24,447 
Gross charge-offs— — — — — 7 — — — 7 
Commercial construction:
Pass189 1,594 632 958 444 86 1,878 — — 5,781 
Special mention31 109 — 19 241 2 39 — — 441 
Substandard110 93 — 353 808 7 4 — — 1,375 
Nonperforming— — — — — — 23 — — 23 
Total330 1,796 632 1,330 1,493 95 1,944 — — 7,620 
Gross charge-offs— — — — — — 17 — — 17 
Consumer:
Residential mortgage:
Current943 5,517 3,673 2,286 11,546 30,897 — — — 54,862 
30 - 89 days past due— 16 11 28 54 447 — — — 556 
90 days or more past due— 10 44 103 79 412 — — — 648 
Nonperforming— 3 5 11 44 168 — — — 231 
Total943 5,546 3,733 2,428 11,723 31,924 — — — 56,297 
Gross charge-offs— — — — — 1 — — — 1 
Home equity:
Current— — — — — — 6,593 2,875 — 9,468 
30 - 89 days past due— — — — — — 42 15 — 57 
90 days or more past due— — — — — — 5 2 — 7 
Nonperforming— — — — — — 34 67 — 101 
Total— — — — — — 6,674 2,959 — 9,633 
Gross charge-offs— — — — — — 3 — — 3 
Indirect auto:
Current2,328 10,692 5,158 1,678 2,581 1,655 — — (1)24,091 
30 - 89 days past due3 125 102 69 99 110 — — — 508 
Nonperforming— 43 58 78 124 152 — — — 455 
Total2,331 10,860 5,318 1,825 2,804 1,917 — — (1)25,054 
Gross charge-offs— 29 30 30 35 34 — — — 158 
Other consumer:
Current3,153 10,884 5,305 3,528 3,079 2,934 2,842 29 4 31,758 
30 - 89 days past due5 65 47 50 34 30 6 3 — 240 
90 days or more past due— 6 6 7 3 2 2 — — 26 
Nonperforming— 20 14 12 11 16 — — — 73 
Total3,158 10,975 5,372 3,597 3,127 2,982 2,850 32 4 32,097 
Gross charge-offs10 54 39 37 21 16 7 — — 184 
Credit card:
Current— — — — — — 4,665 33 — 4,698 
30 - 89 days past due— — — — — — 66 4 — 70 
90 days or more past due— — — — — — 70 5 — 75 
Total— — — — — — 4,801 42 — 4,843 
Gross charge-offs— — — — — — 68 3 — 71 
Total$20,318 $74,521 $28,277 $18,747 $35,604 $64,713 $84,354 $3,033 $(329)$329,238 
Gross charge-offs$13 $100 $105 $69 $58 $63 $172 $3 $— $583 
Truist Financial Corporation 15

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 or more days 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.

16 Truist Financial Corporation

ACL

The following tables present activity in the ACL:

(Dollars in millions)Balance at Jan 1, 2025Charge-OffsRecoveriesProvision (Benefit)OtherBalance at Mar 31, 2025
Commercial:
Commercial and industrial$1,284 $(102)$24 $100 $1 $1,307 
CRE643 (70)7 24 — 604 
Commercial construction257 — — 23 — 280 
Consumer:
Residential mortgage204 (1)2 22 — 227 
Home equity89 (2)4 2 — 93 
Indirect auto955 (154)25 129 — 955 
Other consumer994 (154)30 119 — 989 
Credit card431 (74)11 47 — 415 
ALLL4,857 (557)103 466 1 4,870 
RUFC304 — — (8)— 296 
ACL$5,161 $(557)$103 $458 $1 $5,166 
(Dollars in millions)Balance at Jan 1, 2026Charge-OffsRecoveriesProvision (Benefit)OtherBalance at Mar 31, 2026
Commercial:      
Commercial and industrial$1,326 $(142)$16 $184 $— $1,384 
CRE476 (7)3 (16)— 456 
Commercial construction246 (17)1 (31)— 199 
Consumer:     
Residential mortgage198 (1)2 (1)— 198 
Home equity84 (3)3 (2)— 82 
Indirect auto1,036 (158)25 133 — 1,036 
Other consumer1,238 (184)33 171 — 1,258 
Credit card426 (71)9 49 — 413 
ALLL5,030 (583)92 487 — 5,026 
RUFC317 — — (8)— 309 
ACL$5,347 $(583)$92 $479 $— $5,335 

The commercial ALLL decreased $9 million and the consumer and credit card ALLL increased $5 million, in the three months ended March 31, 2026. The decrease in the commercial ALLL primarily reflects a decrease in the reserve rates related to CRE and commercial construction that was partially offset by a modest increase in reserve rates for the commercial and industrial portfolio and loan growth. The increase in the consumer and credit card ALLL was primarily driven by a modest increase to the reserve rate related to the other consumer portfolio that was partially offset by lower loan balances in certain consumer loan portfolios.

The quantitative models have been designed to estimate losses using macro-economic forecasts over a reasonable and supportable forecast period of two years, followed by a reversion to long-term historical loss conditions over a one-year period. Forecasts of macroeconomic variables used in loss forecasting include unemployment trends, U.S. real GDP, corporate credit spreads, property values, home price indices, and used car prices.

The overall economic forecast considers a third-party baseline macroeconomic forecast, adjusted to reflect Truist’s interest rate outlook. Management also considers third-party optimistic and pessimistic macro-economic scenarios to capture uncertainty in the economic environment. For the March 31, 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, including elevated macroeconomic and geopolitical uncertainty during the period. The economic forecasts informing the quantitative ACL estimate as of March 31, 2026 assumed low single-digit GDP growth 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 rapidly changing macroeconomic conditions and forecasts. The March 31, 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 17


NPAs

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

(Dollars in millions)Mar 31, 2026Dec 31, 2025
Nonperforming loans and leases HFI$1,642 $1,577 
Nonperforming LHFS79 — 
Foreclosed real estate6 3 
Other foreclosed property58 53 
Total NPAs$1,785 $1,633 
Residential mortgage loans in the process of foreclosure$274 $247 

18 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		Other
Three Months Ended March 31, 2026
(Dollars in millions)		AmountFinancial EffectAmountFinancial EffectAmountFinancial Effect AmountAmountFinancial EffectAmountFinancial EffectAmountTotal Modified LoansPercentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial$257 7 months$— $— $— $1 6 months$— $19 $277 0.16 %
CRE51 20 months— — — — — — 51 0.21 
Commercial construction261 16 months— — — — — — 261 3.43 
Consumer:— 
Residential mortgage— 18 87 months— 19 58 8 months83 96 months26 204 0.36 
Indirect auto— 14 28 months— — 553 9 months— 9 576 2.30 
Other consumer— 10 30 months— — — — 1 11 0.03 
Credit card— — 9 (15)%— — — 1 10 0.21 
Total$569 $42 $9 $19 $612 $83 $56 $1,390 0.42 
RenewalsTerm ExtensionsInterest Rate AdjustmentsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		Other
Three Months Ended March 31, 2025
(Dollars in millions)		AmountFinancial Effect AmountFinancial Effect AmountFinancial Effect AmountAmountFinancial Effect AmountFinancial Effect AmountTotal Modified LoansPercentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial$283 7 months$— $— $— $46 6 months$— $— $329 0.21 %
CRE223 18 months— — — — — — 223 1.14 
Commercial construction38 12 months— — — — — — 38 0.43 
Consumer:
Residential mortgage— 19 90 months— 34 36 7 months83 99 months21 193 0.34 
Home equity— — — — — — 1 1 0.01 
Indirect auto— 5 26 months— — 624 8 months— 8 637 2.70 
Other consumer— 9 25 months— — — — 1 10 0.03 
Credit card— — 8 (17)%— — — — 8 0.17 
Total$544 $33 $8 $34 $706 $83 $31 $1,439 0.47 
Truist Financial Corporation 19

The tables above exclude trial modifications totaling $189 million and $55 million as of March 31, 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 March 31, 2026 and 2025, Truist had $437 million and $330 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 March 31, 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 a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the ACL is adjusted by the same amount.

Truist closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table summarizes the period-end delinquency status and amortized cost of loans that were modified in the last 12 months. The period-end delinquency status of loans that were modified are disclosed at amortized cost and reflect the impact of any paydowns, payoffs, or charge-offs that occurred subsequent to modification.

Payment Status
March 31, 2026
(Dollars in millions)
Current30-89 Days Past Due90 Days or More Past DueTotal
Commercial:
Commercial and industrial$763 $156 $22 $941 
CRE371 37 2 410 
Commercial construction470 3 — 473 
Consumer:
Residential mortgage347 100 205 652 
Home equity5 — — 5 
Indirect auto1,013 185 60 1,258 
Other consumer33 3 — 36 
Credit card18 3 4 25 
Total$3,020 $487 $293 $3,800 
Total nonaccrual loans included above$466 $76 $149 $691 
Payment Status
March 31, 2025
(Dollars in millions)		Current30-89 Days Past Due90 Days or More Past DueTotal
Commercial:
Commercial and industrial$950 $13 $55 $1,018 
CRE447 — — 447 
Commercial construction108 — — 108 
Consumer:
Residential mortgage343 92 136 571 
Home equity5 — — 5 
Indirect auto1,090 162 61 1,313 
Other consumer31 2 1 34 
Credit card19 3 3 25 
Total$2,993 $272 $256 $3,521 
Total nonaccrual loans included above$306 $43 $154 $503 

20 Truist Financial Corporation

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

March 31, 2026
(Dollars in millions)
RenewalsTerm ExtensionsInterest Rate AdjustmentsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		OtherTotal
Commercial:
Commercial and industrial$22 $— $— $— $— $— $— $22 
CRE2 — — — — — — 2 
Consumer:
Residential mortgage— 14 — 19 111 57 4 205 
Indirect auto— 1 — — 56 — 3 60 
Credit card— — 3 — — — 1 4 
Total$24 $15 $3 $19 $167 $57 $8 $293 

March 31, 2025
(Dollars in millions)		RenewalsTerm ExtensionsInterest Rate AdjustmentsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		OtherTotal
Commercial:
Commercial and industrial$55 $— $— $— $— $— $— $55 
Consumer:
Residential mortgage— 14 — 5 77 34 6 136 
Indirect auto— 1 — — 58 — 2 61 
Other consumer— 1 — — — — — 1 
Credit card— — 3 — — — — 3 
Total$55 $16 $3 $5 $135 $34 $8 $256 

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

The following table presents additional information about loans and leases:

(Dollars in millions)Mar 31, 2026Dec 31, 2025
Unearned income, discounts, and net deferred loan fees and costs$493 $509 

Truist Financial Corporation 21

NOTE 5. Goodwill and Other Intangible Assets

The Company monitored events and circumstances during the period from January 1, 2026 to March 31, 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 March 31, 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 March 31, 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:

 March 31, 2026December 31, 2025
(Dollars in millions)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
CDI$2,175 $(1,764)$411 $2,242 $(1,796)$446 
Other, primarily client relationship intangibles
1,437 (656)781 1,437 (627)810 
Total$3,612 $(2,420)$1,192 $3,679 $(2,423)$1,256 

22 Truist Financial Corporation

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)Mar 31, 2026Dec 31, 2025
UPB of residential mortgage loan servicing portfolio$291,256 $285,966 
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate
233,870 228,383 
As of / For the Three Months Ended March 31,
(Dollars in millions)
20262025
UPB of residential mortgage loans sold from LHFS$3,558 $2,508 
Pre-tax gains recognized on mortgage loans sold and held for sale21 15 
Servicing fees recognized from mortgage loans serviced for others165 154 
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 others3.77 3.68 

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

(Dollars in millions)20262025
Residential MSRs, carrying value, January 1$3,724 $3,431 
Acquired131 — 
Additions85 53 
Change in fair value due to changes in valuation inputs or assumptions
13 (49)
Realization of expected net servicing cash flows, passage of time, and other(85)(69)
Residential MSRs, carrying value, March 31$3,868 $3,366 

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.

March 31, 2026December 31, 2025
RangeWeighted AverageRangeWeighted Average
(Dollars in millions)MinMaxMinMax
Prepayment speed6.2 %11.4 %7.3 %6.1 %13.9 %7.2 %
Effect on fair value of a 10% increase$(111)$(107)
Effect on fair value of a 20% increase(215)(208)
OAS0.9 %12.1 %4.1 %1.4 %12.2 %4.4 %
Effect on fair value of a 10% increase$(72)$(75)
Effect on fair value of a 20% increase(142)(146)
Composition of loans serviced for others:   
Fixed-rate residential mortgage loans99.7 %99.7 %
Adjustable-rate residential mortgage loans
0.3 0.3 
Total  100.0 %  100.0 %
Weighted average life  7.5 years  7.6 years

Truist Financial Corporation 23

Commercial Mortgage Activities

The following tables summarize commercial mortgage servicing activities:

(Dollars in millions)Mar 31, 2026Dec 31, 2025
UPB of CRE mortgages serviced for others$26,146 $26,152 
Commercial MSRs at fair value225 228 
Three Months Ended March 31,
(Dollars in millions)
20262025
CRE mortgages originated
$417 $90 

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)Mar 31, 2026Dec 31, 2025
ROU assets$1,032 $1,045 
Lease liabilities1,252 1,276 
Weighted average remaining term6.7 years6.7 years
Weighted average discount rate3.9 %3.8 %

Three Months Ended March 31,
(Dollars in millions)20262025
Operating lease costs$70 $68 

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)Mar 31, 2026Dec 31, 2025
Assets held under operating leases(1)(2)
$1,751 $1,838 
Accumulated depreciation (531)(527)
Net$1,220 $1,311 
(1)Includes certain land parcels subject to operating leases that have indefinite lives.
(2)Excludes operating leases held-for-sale that totaled $22 million and $4 million at March 31, 2026 and December 31, 2025, respectively.

24 Truist Financial Corporation

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 $22.1 billion at March 31, 2026 and 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)Mar 31, 2026Dec 31, 2025
Truist Financial Corporation:
Fixed rate senior notes$20,015 $20,093 
Fixed rate subordinated notes1,604 1,818 
Capital notes640 639 
Truist Bank:
Fixed rate senior notes5,644 4,476 
Floating rate senior notes848 499 
Fixed rate subordinated notes3,545 3,553 
Floating rate FHLB advances
7,900 9,450 
Other long-term debt(1)
1,426 1,435 
Total long-term debt$41,622 $41,963 
(1)Includes debt associated with finance leases and tax credit investments.

Truist Financial Corporation 25

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 March 31,Three Months Ended March 31,
2026202520262025
Common stock$0.52 $0.52 $645 $679 
Preferred stock:
Series I1,141 1,302 2 2 
Series J1,170 1,331 1 1 
Series N834 834 56 56 
Series O328 328 8 8 
Series Q638 638 26 26 
Series R297 297 11 11 
Total preferred stock$104 $104 

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 three months ended March 31, 2026, the Company repurchased $1.1 billion of common stock, including excise tax, which represented 22.2 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 March 31, 2026, Truist had remaining authorization to repurchase up to $8.9 billion of common stock under the December 2025 repurchase plan.

26 Truist Financial Corporation

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, January 1, 2025$(648)$(861)$(4,573)$(2,125)$(6)$(8,213)
OCI before reclassifications, net of tax5 358 543 — 1 907 
Amounts reclassified from AOCI:     
Before tax— 93 (85)65 — 73 
Tax effect— 22 (20)15 — 17 
Amounts reclassified, net of tax— 71 (65)50 — 56 
Total OCI, net of tax5 429 478 50 1 963 
AOCI balance, March 31, 2025$(643)$(432)$(4,095)$(2,075)$(5)$(7,250)
AOCI balance, January 1, 2026$(381)$(173)$(3,306)$(1,909)$— $(5,769)
OCI before reclassifications, net of tax(8)(427)(197)— 1 (631)
Amounts reclassified from AOCI:     
Before tax2 37 (18)61 — 82 
Tax effect— 9 (4)14 — 19 
Amounts reclassified, net of tax2 28 (14)47 — 63 
Total OCI, net of tax(6)(399)(211)47 1 (568)
AOCI balance, March 31, 2026$(387)$(572)$(3,517)$(1,862)$1 $(6,337)
Primary income statement location of amounts reclassified from AOCI
Other expenseNet interest incomeSecurities gains (losses) and Interest on securitiesInterest on securitiesOther income

Truist Financial Corporation 27

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 March 31,
(Dollars in millions)Income Statement Location20262025
Service cost
Personnel expense
$75 $68 
Interest costOther expense122 114 
Estimated return on plan assetsOther expense(267)(243)
Net periodic (benefit) cost$(70)$(61)

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.

28 Truist Financial Corporation

NOTE 12. Commitments and Contingencies

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

The following table summarizes certain tax credit and equity investments:

(Dollars in millions)Balance Sheet LocationMar 31, 2026Dec 31, 2025
Investments in affordable housing projects, other qualified tax credits and other community development investments:
  
Carrying amountOther assets$8,253 $8,049 
Amount of future funding commitments included in carrying amountOther liabilities2,629 2,531 
Lending exposureLoans and leases for funded amounts2,295 2,341 
Renewable energy investments:
Carrying amountOther assets789 736 
Amount of future funding commitments not included in carrying amountNA1,017 719 
SBIC and certain other equity method investments:
Carrying amountOther assets1,097 1,015 
Amount of future funding commitments not included in carrying amountNA611 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 March 31,
(Dollars in millions)Income Statement Location20262025
Tax credits:
Investments in affordable housing projects, other qualified tax credits, and other community development investments(1)
Provision for income taxes$225 $211 
Amortization and other changes in carrying amount:
Investments in affordable housing projects and other qualified tax creditsProvision for income taxes$200 $188 
Other community development investmentsOther noninterest income2 2 
(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 certain financial instruments to meet the financing needs of clients and to mitigate exposure to risks. Such financial instruments include commitments to extend credit and certain contractual agreements, including letters of credit and financial guarantee arrangements.

Truist Financial Corporation 29

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

(Dollars in millions)Mar 31, 2026Dec 31, 2025
Commitments to extend, originate, or purchase credit and other commitments$225,575 $230,007 
Residential mortgage loans sold with recourse138 138 
Maximum recourse exposure from mortgage loans sold with recourse liability92 91 
Indemnification, recourse, and repurchase reserves18 18 
CRE mortgages serviced for others covered by recourse provisions9,479 9,421 
Maximum recourse exposure2,811 2,786 
Recorded reserves related to CRE mortgages recourse exposure10 10 
Other loans serviced for others covered by recourse provisions
2,876 2,803 
Maximum recourse exposure77 80 
Letters of credit and financial guarantees
10,035 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)Mar 31, 2026Dec 31, 2025
Total return swaps:
VIE assets$2,173 $2,117 
Trading loans and bonds1,956 1,909 
VIE liabilities229 285 

Pledged Assets

Certain assets were pledged to secure municipal deposits, securities sold under agreements to repurchase, certain derivative agreements, and borrowings or borrowing capacity, as well as to fund certain obligations related to nonqualified defined benefit and defined contribution retirement plans and for other purposes as required or permitted by law. Assets pledged to the FHLB and 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)Mar 31, 2026Dec 31, 2025
Pledged securities$35,466 $40,144 
Pledged loans:
Federal Reserve109,166 108,214 
FHLB75,291 74,767 
Unused borrowing capacity:
Federal Reserve
85,236 84,160 
FHLB24,416 23,464 

30 Truist Financial Corporation

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, including the matter described below, if unfavorable, may be material to the consolidated financial position, consolidated results of operations, or consolidated cash flows of Truist, or cause significant reputational consequences.

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. The Company estimates reasonably possible losses, in excess of amounts accrued, of up to approximately $150 million in the aggregate as of March 31, 2026. This estimate does not represent Truist’s maximum loss exposure, and actual losses may vary significantly. Also, the outcome of a particular matter may be one that the Company did not take into account in its estimate because the Company judged the likelihood of that outcome to be remote. In addition, the matters underlying this estimate may change from time to time. Estimated losses, like accruals, are based upon currently available information and involve considerable uncertainties and judgment.

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

Truist Financial Corporation 31

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

Bickerstaff v. SunTrust Bank

This class action case was filed in Fulton County State Court on July 12, 2010, and an amended complaint was filed on August 9, 2010. Plaintiff alleges that all overdraft fees charged to his account which related to debit card and ATM transactions are actually interest charges and therefore subject to the usury laws of Georgia. The amended complaint asserts claims for violations of civil and criminal usury laws, conversion, and money had and received, and seeks damages on a class-wide basis, including refunds of challenged overdraft fees and pre-judgment interest. On October 6, 2017, the trial court granted plaintiff’s motion for class certification and defined the class as “Every Georgia citizen who had or has one or more accounts with SunTrust Bank and who, from July 12, 2006, to October 6, 2017 (i) had at least one overdraft of $500.00 or less resulting from an ATM or debit card transaction (the “Transaction”); (ii) paid any Overdraft Fees as a result of the Transaction; and (iii) did not receive a refund of those Fees,” and the granting of a certified class was affirmed on appeal. The class sought a return of up to $452 million in paid overdraft fees plus prejudgment interest, which based on this amount of claimed fees would have been estimated at approximately $470 million as of March 31, 2026.

On March 4, 2024, the trial court issued an order granting in part and denying in part Truist’s motions to amend the class definition to narrow the scope of the class, to compel arbitration against certain class members, and for summary judgment. Truist and the class separately appealed to the Georgia Court of Appeals, which affirmed the order in part and reversed it in part on February 20, 2025. Truist’s petitions seeking further review by the Georgia Supreme Court and the U.S. Supreme Court were denied. As a result of all of these rulings, the amount of paid overdraft fees and prejudgment interest at issue in the case was reduced.

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, which is subject to court approval, Truist will contribute up to $240 million to a settlement fund that will be used 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 preliminary approval of the settlement on January 23, 2026, and scheduled a hearing on final approval for May 26, 2026.

32 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
•Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable

The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis:

March 31, 2026
(Dollars in millions)		TotalLevel 1Level 2Level 3
Netting Adjustments(1)
Assets:    
Trading assets:
U.S. Treasury$109 $— $109 $— $— 
GSE42 — 42 — — 
States and political subdivisions189 — 189 — — 
Corporate and other debt securities1,752 — 1,752 — — 
Loans2,123 — 2,123 — — 
Equity securities1,020 1,020 — — — 
Total trading assets5,235 1,020 4,215 — — 
AFS securities: 
U.S. Treasury13,165 — 13,165 — — 
GSE451 — 451 — — 
Agency MBS – residential48,174 — 48,174 — — 
Agency MBS – commercial3,158 — 3,158 — — 
States and political subdivisions343 — 343 — — 
Collateralized loan obligations125 — 125 — — 
Other14 — 14 — — 
Total AFS securities65,430 — 65,430 — — 
LHFS1,899 — 1,899 — — 
Loans and leases10 — — 10 — 
Loan servicing rights at fair value4,112 — — 4,112 — 
Other assets:
Derivative assets1,366 986 2,279 7 (1,906)
Equity securities351 275 76 — — 
Total assets$78,403 $2,281 $73,899 $4,129 $(1,906)
Liabilities:    
Interest-bearing deposits:
Brokered time deposits$624 $— $624 $— $— 
Short-term borrowings:
Securities sold short2,849 1,513 1,336 — — 
Other trading liabilities218 — 218 — — 
Other liabilities:
Derivative liabilities1,891 582 4,008 42 (2,741)
Total liabilities$5,582 $2,095 $6,186 $42 $(2,741)
Truist Financial Corporation 33

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 March 31, 2026 and December 31, 2025, investments totaling $646 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.

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

34 Truist Financial Corporation

Activity for Level 3 assets and liabilities is summarized below:

Three Months Ended March 31, 2026 and 2025
(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— (56)6 
Issuances— 57 4 
Settlements(1)(81)(2)
Balance at March 31, 2025$12 $3,628 $(33)
Balance at January 1, 2026$11 $3,972 $(29)
Total realized and unrealized gains (losses):
Included in earnings— 16 1 
Purchases— 131 — 
Issuances— 93 (17)
Settlements(1)(100)10 
Balance at March 31, 2026$10 $4,112 $(35)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at March 31, 2026$— $16 $(17)
Primary income statement location of realized gains (losses) included in earnings
Other incomeMortgage banking incomeMortgage banking income and other income

Fair Value Option

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

 March 31, 2026December 31, 2025
(Dollars in millions)Fair ValueUPBDifferenceFair ValueUPBDifference
Trading loans$2,123 $2,212 $(89)$2,168 $2,230 $(62)
LHFS
1,899 1,894 5 1,622 1,592 30 
Loans and leases10 11 (1)11 12 (1)
Brokered time deposits624 630 (6)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 carrying values represent end of period values, which approximate the fair value.

(Dollars in millions)Fair Value HierarchyMar 31, 2026Dec 31, 2025
Carrying value:
LHFSLevel 3— 4 
Loans and leases(1)
Level 3291 468 
OtherLevel 349 65 
(1)Total loans and leases measured at fair value on a nonrecurring basis still held as of period end were $535 million and $599 million at March 31, 2026 and December 31, 2025, respectively.

The following table provides information about valuation adjustments for certain assets measured at fair value on a nonrecurring basis. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end.

Three Months Ended March 31,
(Dollars in millions)20262025
Valuation adjustments:
LHFS$(41)$(40)
Loans and leases(251)(220)
Other(61)(87)

Truist Financial Corporation 35

LHFS with valuation adjustments in the table above consist primarily of residential mortgages and commercial loans that are valued using market prices and measured at LOCOM.

Loans and leases consist of larger commercial loans and leases that are collateral-dependent and other secured loans and leases that have been charged-off to the fair value of the collateral. Valuation adjustments for loans and leases are primarily recorded in the Provision for credit losses in the Consolidated 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.

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:

March 31, 2026December 31, 2025
(Dollars in millions)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
Financial assets:
HTM securitiesLevel 2$46,436 $38,207 $47,186 $39,130 
Loans and leases, net of ALLLLevel 3324,202 320,718 323,554 320,018 
Financial liabilities:  
Time depositsLevel 239,038 38,916 37,793 37,723 
Long-term debtLevel 241,622 41,869 41,963 42,451 

The carrying value of the RUFC, which approximates the fair value, was $309 million and $317 million at March 31, 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.

36 Truist Financial Corporation

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:

March 31, 2026December 31, 2025
 Notional or Contractual AmountFair ValueNotional or Contractual AmountFair Value
(Dollars in millions)AssetsLiabilitiesAssetsLiabilities
Cash flow hedges:      
Interest rate contracts:      
Swaps hedging commercial loans$89,782 $4 $— $97,135 $— $— 
Fair value hedges:   
Interest rate contracts:   
Swaps hedging long-term debt 28,283 2 — 27,033 — — 
Swaps hedging AFS securities21,934 2 — 26,751 — — 
Total50,217 4 — 53,784 — — 
Not designated as hedges:      
Client-related and other risk management:      
Interest rate contracts:      
Swaps185,479 437 (975)185,861 516 (944)
Written options11,071 1 (20)10,577 2 (18)
Purchased options6,655 15 — 8,558 15 — 
Futures and forwards2,878 1 (4)2,636 2 (14)
Foreign exchange contracts:
Swaps15,698 434 (368)13,647 450 (382)
Futures and forwards27,798 368 (341)27,008 338 (335)
Other3,190 37 (34)2,820 35 (33)
Equity contracts:
Written options27,132 18 (1,933)26,600 12 (2,278)
Purchased options13,623 1,146 (145)12,485 1,358 (121)
Other2,314 44 (50)1,386 11 (59)
Commodity contracts11,429 649 (632)8,340 322 (302)
Credit contracts:
Credit default swaps1,934 2 (6)900 — — 
Total return swaps1,960 53 — 1,835 31 (7)
Risk participation agreements9,268 — (2)8,863 — (2)
Total320,429 3,205 (4,510)311,516 3,092 (4,495)
MSRs and mortgage banking:      
Interest rate contracts:      
Swaps13,626 1 — 11,035 — — 
Written options1,018 12 — 1,288 14 — 
Purchased options9,067 13 (88)10,465 10 (118)
Interest rate lock commitments1,947 7 (29)960 4 (2)
When issued securities, forward rate agreements, forward commitments, and futures
8,756 26 (5)7,807 2 — 
Total34,414 59 (122)31,555 30 (120)
Total derivatives not designated as hedges354,843 3,264 (4,632)343,071 3,122 (4,615)
Total derivatives$494,842 3,272 (4,632)$493,990 3,122 (4,615)
Amounts subject to master netting arrangements and exchange traded derivatives
(1,732)1,732  (1,585)1,585 
Cash collateral (received) posted for amounts subject to master netting arrangements
 (174)1,009  (194)1,233 
Net amount in the Consolidated Balance Sheets
 $1,366 $(1,891) $1,343 $(1,797)

Truist Financial Corporation 37

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.

March 31, 2026
(Dollars in millions)		Gross AmountAmount OffsetNet Amount in Consolidated Balance Sheets
Held/Pledged Financial Instruments(1)
Net Amount
Derivative assets:
Derivatives subject to master netting arrangement or similar arrangement$2,129 $(1,330)$799 $— $799 
Derivatives not subject to master netting arrangement or similar arrangement157 — 157 — 157 
Exchange traded derivatives986 (576)410 — 410 
Total derivative assets$3,272 $(1,906)$1,366 $— $1,366 
Derivative liabilities:
Derivatives subject to master netting arrangement or similar arrangement$(3,183)$2,163 $(1,020)$44 $(976)
Derivatives not subject to master netting arrangement or similar arrangement(867)— (867)— (867)
Exchange traded derivatives(582)578 (4)— (4)
Total derivative liabilities$(4,632)$2,741 $(1,891)$44 $(1,847)
December 31, 2025
(Dollars in millions)		Gross AmountAmount OffsetNet Amount in Consolidated Balance Sheets
Held/Pledged Financial Instruments(1)
Net Amount
Derivative assets:
Derivatives subject to master netting arrangement or similar arrangement$1,836 $(1,157)$679 $— $679 
Derivatives not subject to master netting arrangement or similar arrangement129 — 129 — 129 
Exchange traded derivatives1,157 (622)535 — 535 
Total derivative assets$3,122 $(1,779)$1,343 $— $1,343 
Derivative liabilities:
Derivatives subject to master netting arrangement or similar arrangement$(3,171)$2,196 $(975)$77 $(898)
Derivatives not subject to master netting arrangement or similar arrangement(821)— (821)— (821)
Exchange traded derivatives(623)622 (1)— (1)
Total derivative liabilities$(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:

March 31, 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)
$36,952 $24 $(28)$38,608 $104 $13 
Loans and leases175 — 3 179 — 3 
Long-term debt29,121 (91)(333)28,194 70 (375)
(1)Carrying value shown represents amortized cost.
(2)As of March 31, 2026, closed portfolios of securities hedged under the portfolio layer method had an amortized cost of $18.0 billion, of which $12.6 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.

38 Truist Financial Corporation

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

Derivatives Designated as Hedging Instruments under GAAP

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

The following table summarizes the impact on NII related to fair value hedges:

Three Months Ended March 31,
(Dollars in millions)20262025
Investment securities:
Amounts related to settlements(1)
$15 $79 
Recognized on derivatives121 (392)
Recognized on hedged items
(121)393 
Interest income gain (loss) recognized(2)
15 80 
Loans and leases:
Amounts related to settlements(1)
— (1)
Long-term debt:
Amounts related to settlements(1)
(27)(64)
Recognized on derivatives(173)152 
Recognized on hedged items
172 (153)
Interest expense gain (loss) recognized(28)(65)
Net interest income gain (loss) recognized, total
$(13)$14 
(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 $8 million and $9 million for the three months ended March 31, 2026, and 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, which consist of interest rate contracts:

Three Months Ended March 31,
(Dollars in millions)20262025
Pre-tax gain (loss) recognized in OCI:
Commercial loans$(560)469 
Pre-tax gain (loss) reclassified from AOCI into interest income:
Commercial loans(37)(93)
Truist Financial Corporation 39

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

(Dollars in millions)Mar 31, 2026Dec 31, 2025
Cash flow hedges:
Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI$(440)$(42)
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2030)
(132)(131)
Maximum time period over which Truist is hedging a portion of the variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing instruments
4 years5 years
Fair value hedges:
Unrecognized pre-tax net gain (loss) on terminated hedges(1)
$19 $(56)
(1)Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $327 million at March 31, 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 March 31, 2026, losses of $233 million after-tax are expected to be reclassified into earnings in the next 12 months.

Derivatives Not Designated as Hedging Instruments under GAAP

The Company also enters into derivatives that are not designated as accounting hedges under GAAP to economically hedge certain risks 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 March 31,
(Dollars in millions)Income Statement Location20262025
Client-related and other risk management:
Interest rate contractsInvestment banking and trading income and other income$33 $11 
Foreign exchange contractsInvestment banking and trading income and other income66 (49)
Equity contractsInvestment banking and trading income, other income, and personnel expense38 53 
Credit contractsInvestment banking and trading income and other income15 14 
Commodity contractsInvestment banking and trading income4 3 
MSRs and mortgage banking:  
Interest rate contractsMortgage banking income11 37 
Total$167 $69 

40 Truist Financial Corporation

Credit Derivative Instruments

As part of the Company’s investment banking and capital markets business, the Company enters into contracts that are, in form or substance, written guarantees; specifically, risk participation agreements 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 March 31, 2026, the remaining terms on these risk participations ranged from less than one year to nine years. The potential future exposure represents the Company’s maximum estimated exposure to written risk participations, as measured by projecting a maximum value of the guaranteed derivative instruments based on scenario simulations and assuming 100% default by all obligors on the maximum value.

The Company has also entered into TRS contracts on loans and bonds. To mitigate its credit risk, the Company typically receives initial margin from the counterparty upon entering into the TRS and variation margin if the fair value of the underlying reference assets deteriorates. 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)Mar 31, 2026Dec 31, 2025
Risk participation agreements:
Maximum potential amount of exposure
$454 $554 
Total return swaps:
Cash received for variation margin53 31 
Cash and other collateral received for initial margin517 471 

Truist Financial Corporation 41

NOTE 15. Computation of EPS

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

 Three Months Ended March 31,
(Dollars in millions, except per share data, shares in thousands)20262025
Net income available to common shareholders
$1,377 $1,157 
Weighted average number of common shares1,248,628 1,307,457 
Effect of dilutive outstanding equity-based awards
17,944 16,882 
Weighted average number of diluted common shares1,266,572 1,324,339 
Basic EPS$1.10 $0.88 
Diluted EPS1.09 0.87 
Anti-dilutive awards— — 

42 Truist Financial Corporation

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 Chairman and CEO is the Truist CODM. The CODM regularly reviews segment net income and its significant components in comparison to expected results as part of evaluating segment performance and optimizing resource allocation. In this regular review, segment net income typically excludes amortization of intangibles 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, recreational vehicles, outdoor power sports, outdoor power equipment, and home improvement; and real estate lending providing residential mortgages through retail, direct, and correspondent channels, and home equity loans delivered through the branch network.

Wholesale Banking

WB provides a comprehensive set of products, solutions, and advisory services to commercial, corporate, institutional, and wealth clients. Banking expertise and product capabilities are delivered through a combination of regional coverage across the Truist footprint and national industry coverage for real estate, investment banking, and capital markets clients. WB works with clients to meet their core banking needs, including traditional and specialized credit solutions and commercial payments to manage deposits, liquidity, payables, and receivables. Through investment banking capabilities, clients have full access to strategic advisory services, debt and equity capital markets, leveraged finance, and securitizations, with distribution channels and market making across both fixed income and equity markets. WB also invests in certain affordable housing, New Market Tax Credit, and renewable energy tax credit investments. 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 & 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.

Truist Financial Corporation 43

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 $29 million for the three months ended March 31, 2025, with an offsetting increase in OT&C net interest income. For the same reason, WB net interest income decreased $97 million for the three months ended March 31, 2025, with an offsetting increase in OT&C net interest income.

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

44 Truist Financial Corporation

The following table presents results by segment:

Three Months Ended March 31,
(Dollars in millions)		CSBBWB
OT&C(1)
Total
20262025202620252026202520262025
Net interest income (expense)$1,605 $1,435 $1,922 $1,883 $72 $189 $3,599 $3,507 
Net intersegment interest income (expense)891 813 (416)(381)(475)(432)— — 
Segment net interest income (expense)2,496 2,248 1,506 1,502 (403)(243)3,599 3,507 
Allocated provision for credit losses374 327 105 132 — (1)479 458 
Noninterest income529 503 1,068 947 (44)(58)1,553 1,392 
Personnel expense433 434 612 557 682 613 1,727 1,604 
Amortization of intangibles34 39 30 36 — — 64 75 
Other direct noninterest expense(2)
293 287 187 193 712 747 1,192 1,227 
Total direct noninterest expense760 760 829 786 1,394 1,360 2,983 2,906 
Expense Allocations920 903 521 517 (1,441)(1,420)— — 
Total noninterest expense1,680 1,663 1,350 1,303 (47)(60)2,983 2,906 
Income (loss) before income taxes from continuing operations971 761 1,119 1,014 (400)(240)1,690 1,535 
Provision (benefit) for income taxes238 185 231 201 (260)(112)209 274 
Segment net income (loss) from continuing operations$733 $576 $888 $813 $(140)$(128)$1,481 $1,261 
Identifiable assets (period end) of continuing operations(3)
$152,954 $147,673 $226,805 $209,019 $169,216 $179,207 $548,975 $535,899 
(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 within the table above 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.

Truist Financial Corporation 45

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.

Executive Overview

We delivered strong earnings in the first quarter of 2026, with diluted EPS increasing 25% from the first quarter of 2025, driven by disciplined execution against our strategic priorities and continued momentum across the franchise.

We continued to build new client relationships, grow in attractive markets, and generate high‑quality loan and deposit growth that is translating into improved profitability.

We also maintained strong asset quality metrics, returned capital to shareholders at an accelerated pace, and continued to invest in scalable technology to better serve our clients and operate more efficiently.

During the first quarter of 2026, we returned $1.8 billion of capital to our common shareholders through $645 million of common stock dividends and $1.1 billion in common share repurchases. As of March 31, 2026, we had $8.9 billion remaining under our $10.0 billion common share repurchase authorization.

Table 1: Earnings Highlights
(Dollars in millions)Three Months Ended March 31,
Change
202620252026 vs. 2025
Net interest income$3,599 $3,507 $92 
TE adjustment(1)
45 48 (3)
Net interest income - TE(1)
3,644 3,555 89 
Noninterest income1,553 1,392 161 
Total revenue5,152 4,899 253 
Total revenue - TE(1)
5,197 4,947 250 
Noninterest expense2,983 2,906 77 
Income before income taxes
1,690 1,535 155 
Provision for income taxes
209 274 (65)
Net income1,481 1,261 220 
Net income available to common shareholders
1,377 1,157 220 
​
Diluted earnings per common share$1.09 $0.87 $0.22 
Common shareholders’ equity per common share47.60 44.85 2.75 
TBVPS(1)
33.19 30.95 2.24 
Return on average common shareholders’ equity9.3 %8.1 %120 bps
ROTCE(1)
13.8 12.3 150 bps
NIM - TE(1)
3.02 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 $1.4 billion for the first quarter of 2026, an increase of 19% compared to the first quarter of 2025.

Total TE revenue was up 5.1% compared to the first quarter of 2025.

•Taxable-equivalent net interest income increased $89 million, or 2.5%, compared to the first quarter of 2025, driven by fixed-rate asset repricing and loan growth, partially offset by fixed-rate liability repricing. NIM - TE was 3.02%, up one basis point compared to the first quarter of 2025.
•Noninterest income increased $161 million, or 12%, compared to the first quarter of 2025, driven by increases in investment banking and trading income, wealth management income, and mortgage banking income.
46 Truist Financial Corporation


Noninterest expense was up $77 million, or 2.6%, compared to the first quarter of 2025 primarily due to higher personnel expense, partially offset by lower professional fees and outside processing expense.

The effective tax rate was 12.4% for the three months ended March 31, 2026, compared to 17.9% for the three months ended March 31, 2025. The lower effective tax rate was driven by discrete tax benefits and tax credit activity.

Asset quality:

•Nonperforming loans and leases HFI were 0.50% of loans and leases HFI at March 31, 2026, up two basis points compared to December 31, 2025.
•Loans 90 days or more past due and still accruing totaled $760 million at March 31, 2026, up two basis points as a percentage of loans and leases HFI compared to December 31, 2025. Excluding government guaranteed loans, the ratio of loans 90 days or more past due and still accruing was 0.05% as a percentage of loans and leases HFI at March 31, 2026, flat compared to December 31, 2025.
•The ACL was $5.3 billion and included $5.0 billion for the ALLL and $309 million for the reserve for unfunded commitments. The ALLL as a percentage of loans and leases HFI was 1.53%, flat compared to December 31, 2025.
•The provision for credit losses was $479 million compared to $458 million for the first quarter of 2025.
•NCOs as a percentage of loans and leases were 61 basis points, up one basis point compared to the first quarter of 2025.

Capital and liquidity:

•Truist’s preliminary CET1 ratio was 10.8% as of March 31, 2026, flat compared to December 31, 2025 as capital returned to shareholders was largely offset by current quarter earnings.
•Truist declared common dividends of $0.52 per share during the first quarter of 2026 and repurchased $1.1 billion of common stock. For the first quarter of 2026, the dividend payout ratio was 47%, and the total payout ratio was 129%.
•Truist’s average consolidated LCR was 110% for the three months ended March 31, 2026, relative to the regulatory minimum of 100%.

Truist Financial Corporation 47

Analysis of Results of Operations

Net Interest Income and NIM - TE

Taxable-equivalent net interest income increased $89 million, or 2.5%, compared to the first quarter of 2025, driven by fixed-rate asset repricing and loan growth, partially offset by fixed-rate liability repricing. NIM - TE was 3.02%, up one basis point compared to the first quarter of 2025. Amounts presented on a TE basis represent a non-GAAP measure. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included within the “Executive Overview” section of this report. NIM – TE is calculated using net interest income on a TE basis to determine the total yield on interest-earning assets.

•Average earning assets increased $10.1 billion, or 2.1%, primarily due to an increase in average total loans of $21.4 billion, or 7.0%, partially offset by a decline in average securities of $7.9 billion, or 6.4%, and average other earning assets (primarily cash at the Federal Reserve) of $3.5 billion, or 9.1%.
•The yield on the average total loan portfolio was 5.71%, down 26 basis points. The yield on the average securities portfolio was 2.93%, down 23 basis points.
•Average deposits increased $6.7 billion, or 1.7%, average short-term borrowings increased $337 million, or 1.1%, and average long-term debt increased $4.7 billion, or 15%.
•The average cost of total deposits was 1.55%, down 24 basis points. The average cost of short-term borrowings was 3.78%, down 71 basis points. The average cost of long-term debt was 4.80%, down 25 basis points.

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

Table 2: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis
Three Months Ended March 31,
(Dollars in millions)
Average Balances(1)
Annualized Yield/Rate(2)
Income/Expense(2)
Incr.
(Decr.)		Change due to
202620252026202520262025RateVolume
Assets         
AFS and HTM securities at amortized cost:         
U.S. Treasury$13,138 $14,867 4.48 %5.19 %$145 $191 $(46)$(25)$(21)
GSE474 462 3.98 3.75 5 4 1 1 — 
Agency MBS102,089 108,345 2.73 2.87 696 777 (81)(37)(44)
States and political subdivisions347 370 4.30 4.20 3 4 (1)— (1)
Other70 17 1.65 4.72 — — — — — 
Total securities116,118 124,061 2.93 3.16 849 976 (127)(61)(66)
Interest earning trading assets5,807 5,628 5.09 5.72 74 80 (6)(8)2 
Other earning assets(3)
35,457 38,997 3.77 4.53 333 441 (108)(70)(38)
Loans and leases, net of unearned income:        
Commercial and industrial166,636 155,214 5.30 5.70 2,179 2,184 (5)(160)155 
CRE24,165 19,832 5.64 6.12 339 302 37 (25)62 
Commercial Construction7,845 8,734 6.21 6.84 117 145 (28)(13)(15)
Residential mortgage56,458 55,658 4.13 4.04 582 562 20 12 8 
Home equity9,666 9,569 6.99 7.48 167 177 (10)(12)2 
Indirect auto25,342 23,248 7.08 7.19 443 412 31 (6)37 
Other consumer32,053 29,291 8.38 8.33 662 602 60 4 56 
Credit card4,857 4,849 10.79 11.60 129 138 (9)(9)— 
Total loans and leases HFI327,022 306,395 5.71 5.97 4,618 4,522 96 (209)305 
LHFS1,950 1,133 5.24 5.93 26 17 9 (2)11 
Total loans and leases328,972 307,528 5.71 5.97 4,644 4,539 105 (211)316 
Total earning assets486,354 476,214 4.90 5.12 5,900 6,036 (136)(350)214 
Nonearning assets57,767 55,416       
Total assets$544,121 $531,630       
Liabilities and Shareholders’ Equity        
Interest-bearing deposits:        
Interest-checking$120,110 $109,208 2.09 2.37 619 640 (21)(80)59 
Money market and savings136,106 136,897 1.81 2.20 609 743 (134)(130)(4)
Time deposits39,337 40,204 3.06 3.56 297 353 (56)(49)(7)
Total interest-bearing deposits295,553 286,309 2.09 2.46 1,525 1,736 (211)(259)48 
Short-term borrowings30,669 30,332 3.78 4.49 286 336 (50)(54)4 
Long-term debt37,141 32,418 4.80 5.05 445 409 36 (21)57 
Total interest-bearing liabilities363,363 349,059 2.51 2.88 2,256 2,481 (225)(334)109 
Noninterest-bearing deposits103,371 105,895        
Other liabilities12,593 12,643        
Shareholders’ equity64,794 64,033        
Total liabilities and shareholders’ equity$544,121 $531,630        
Average interest-rate spread  2.39 %2.24 %     
NIM/net interest income - TE(2)
  3.02 %3.01 %$3,644 $3,555 $89 $(16)$105 
Less: TE adjustment
    45 48    
Net interest income$3,599 $3,507 
Memo: Total deposits$398,924 $392,204 1.55 %1.79 %$1,525 $1,736 $(211)
(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 49

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 March 31,
Change
(Dollars in millions)202620252026 vs. 2025
Wealth management income$370 $344 7.6 %
Card and treasury management fees
338 333 1.5 
Investment banking and trading income372 273 36.3 
Other deposit revenue
120 117 2.6 
Mortgage banking income133 108 23.1 
Lending related fees118 95 24.2 
Securities gains (losses)— (1)NM
Other income
102 123 (17.1)
Total noninterest income$1,553 $1,392 11.6

Noninterest income was up $161 million, or 12%, compared to the first quarter of 2025.

•Investment banking and trading income increased primarily due to higher trading income and capital markets activity.
•Wealth management income increased primarily due to higher assets under management.
•Mortgage banking income increased primarily due to higher commercial and residential production revenues.

Noninterest Expense

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

Table 4: Noninterest Expense
Three Months Ended March 31,
Change
(Dollars in millions)202620252026 vs. 2025
Personnel expense
$1,727 $1,604 7.7 %
Professional fees and outside processing
313 364 (14.0)
Software expense230 230 — 
Net occupancy expense
179 168 6.5 
Equipment expense85 82 3.7 
Marketing and customer development79 75 5.3 
Amortization of intangibles64 75 (14.7)
Regulatory costs68 69 (1.4)
Other expense
238 239 (0.4)
Total noninterest expense$2,983 $2,906 2.6 

Noninterest expense was up $77 million, or 2.6%, compared to the first quarter of 2025.

•Personnel expense increased primarily due to increased salaries, incentives, and employee benefits related to hiring.
•Professional fees and outside processing expense decreased primarily due to the completion of various projects.

50 Truist Financial Corporation

Income Taxes

The following table provides information about the effective tax rate for the first quarter of 2026 and 2025:

Table 5: Effective Tax Rate
Three Months Ended March 31,Change
(Dollars in millions)202620252026 vs. 2025
Income before income taxes$1,690 $1,535 10.1 %
Provision for income taxes209 274 (23.7)
Effective tax rate12.4 %17.9 %(550) bps

During 2026, the IRS concluded its examination of the Company’s federal income tax returns for the 2022 tax year, with no material adjustments or impact on the Company’s financial position or results of operations. The effective tax rate was 12.4% for the three months ended March 31, 2026 compared to 17.9% for the three months ended March 31, 2025. The lower effective tax rate was driven by discrete tax benefits and tax credit activity.

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 on the Company’s reportable segments.

Table 6: Net Income from Continuing Operations by Reportable Segment
 Three Months Ended March 31,
Change
(Dollars in millions)202620252026 vs. 2025
Consumer and Small Business Banking$733 $576 27.3 %
Wholesale Banking888 813 9.2 
Other, Treasury & Corporate(140)(128)9.4 
Truist Financial Corporation$1,481 $1,261 17.4 

Consumer and Small Business Banking

CSBB net income was $733 million for the first quarter of 2026, an increase of $157 million compared to the first quarter of 2025.

•Segment net interest income increased $248 million primarily driven by higher spreads on deposits.
•The allocated provision for credit losses increased $47 million reflecting increased charge-offs and an allowance build in the current quarter.
•Noninterest income increased $26 million primarily due to increases in residential mortgage income.
•Noninterest expense increased $17 million driven by higher enterprise technology, corporate risk management, and regulatory costs, partially offset by lower enterprise operations charges.

CSBB average loans and leases HFI increased $5.3 billion, or 4.1%, for the first quarter of 2026 compared to the first quarter of 2025, primarily due to higher indirect lending in the prime auto and Service Finance portfolios and increased real estate lending driven by residential mortgage and mortgage warehouse lending.

CSBB average total deposits increased $2.8 billion, or 1.3%, for the first quarter of 2026 compared to the first quarter of 2025, primarily driven by increases in money market and savings and noninterest-bearing deposits, partially offset by decreases in interest checking and time deposits.

Truist Financial Corporation 51

Wholesale Banking

WB net income was $888 million for the first quarter of 2026, an increase of $75 million compared to the first quarter of 2025.

•Segment net interest income was flat primarily due to higher deposit spreads and higher loan and deposit balances, partially offset by lower loan yields.
•The allocated provision for credit losses decreased $27 million, which reflects a higher net reserve release.
•Noninterest income increased $121 million driven by higher income from investment banking and trading activity, wealth management, and lending related fees, partially offset by decreased income from certain equity and other investments.
•Noninterest expense increased $47 million primarily due to higher revenue-related incentives.

WB average loans HFI increased $15.4 billion, or 8.6%, for the first quarter of 2026 compared to the first quarter of 2025, primarily due to increases in average commercial and industrial loan balances.

WB average total deposits increased $2.3 billion, or 1.6%, for the first quarter of 2026 compared to the first quarter of 2025, primarily due to increases in interest checking balances, partially offset by declines in average money market and savings and noninterest-bearing deposits.

Other, Treasury & Corporate

OT&C generated a net loss of $140 million in the first quarter of 2026, compared to a net loss of $128 million in the first quarter of 2025.

•OT&C net interest income decreased $160 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 inter-segment funding costs for deposits driven by higher segment deposit balances, partially offset by funding charges primarily on loan balances to other segments.
•Noninterest income increased $14 million primarily due to an increase in tax equivalent offset activity related to tax credit investments in the WB segment.
•Noninterest expense increased $13 million primarily due to increased salaries driven by higher investments in talent in the technology and risk management functions and a loss on the early extinguishment of long-term debt, partially offset by lower professional fees and outside processing expenses.

52 Truist Financial Corporation

Analysis of Financial Condition

Investment Activities

The securities portfolio totaled $111.9 billion at March 31, 2026, compared to $112.2 billion at December 31, 2025. U.S. Treasury, GSE, and agency MBS represented 99.6% and 99.7% of the total securities portfolio at March 31, 2026 and December 31, 2025, respectively. The majority of the portfolio is agency MBS.

•The decrease in 2026 was driven by paydowns, maturities, and sales of $4.9 billion, partially offset by purchases of $4.8 billion.
•As of March 31, 2026, 40% 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 March 31, 2026, approximately 4.3% 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 both March 31, 2026 and December 31, 2025, excluding the impact of swaps, or 3.2 years at March 31, 2026 and 2.9 years at December 31, 2025, including the impact of swaps. The effective duration of the HTM securities portfolio was 7.4 years at March 31, 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)Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
Commercial:
Commercial and industrial$166,636 $163,990 $162,207 $158,491 $155,214 
CRE24,165 23,205 21,171 19,687 19,832 
Commercial construction7,845 8,015 8,258 8,613 8,734 
Consumer:
Residential mortgage56,458 57,100 57,676 56,789 55,658 
Home equity9,666 9,679 9,588 9,586 9,569 
Indirect auto25,342 25,639 24,964 24,158 23,248 
Other consumer32,053 32,181 31,714 30,387 29,291 
Credit card4,857 4,956 4,915 4,890 4,849 
Total average loans and leases HFI$327,022 $324,765 $320,493 $312,601 $306,395 

Average loans and leases HFI were $327.0 billion, an increase of $2.3 billion, or 0.7%, compared to the fourth quarter of 2025.

•Average commercial loans increased 1.8% primarily due to an increase in the commercial and industrial and CRE portfolios.
•Average consumer loans decreased 0.9% primarily due to a decline in the residential mortgage portfolio.

End of period loans and leases HFI were $329.2 billion, up $643 million, or 0.2% compared to December 31, 2025, primarily due to increases in the commercial and industrial and CRE portfolios, partially offset by declines in the indirect auto and residential mortgage portfolios.

At March 31, 2026 and December 31, 2025, 56% of loans and leases HFI were variable rate.

Truist Financial Corporation 53

Asset Quality

The following tables summarize asset quality information:

Table 8: Asset Quality
(Dollars in millions)Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
NPAs:
NPLs:
Commercial and industrial$738 $839 $800 $520 $586 
CRE21 47 98 128 294 
Commercial construction23 41 42 1 2 
Residential mortgage231 213 196 191 179 
Home equity101 99 103 107 114 
Indirect auto455 267 247 240 248 
Other consumer73 71 66 64 65 
Total NPLs HFI1,642 1,577 1,552 1,251 1,488 
Loans held for sale79 — 19 12 77 
Total nonperforming loans and leases1,721 1,577 1,571 1,263 1,565 
Foreclosed real estate6 3 4 4 4 
Other foreclosed property58 53 54 49 49 
Total nonperforming assets$1,785 $1,633 $1,629 $1,316 $1,618 
Loans 90 days or more past due and still accruing:
Commercial and industrial$4 $3 $3 $2 $5 
Residential mortgage – government guaranteed609 532 438 424 468 
Residential mortgage – nonguaranteed39 38 41 41 62 
Home equity7 7 6 6 6 
Other consumer26 28 27 24 23 
Credit card75 76 69 49 52 
Total loans 90 days or more past due and still accruing$760 $684 $584 $546 $616 
Loans 30-89 days past due and still accruing:
Commercial and industrial$260 $127 $73 $122 $118 
CRE42 25 6 34 12 
Commercial construction10 36 5 15 — 
Residential mortgage – government guaranteed263 329 327 330 284 
Residential mortgage – nonguaranteed293 357 344 365 347 
Home equity57 69 54 54 57 
Indirect auto508 679 620 582 484 
Other consumer240 281 241 239 246 
Credit card70 77 73 70 71 
Total loans 30-89 days past due and still accruing$1,743 $1,980 $1,743 $1,811 $1,619 

Nonperforming assets totaled $1.8 billion at March 31, 2026, up $152 million compared to December 31, 2025, primarily due to increases in the indirect auto and LHFS portfolios and partially offset by decreases in the commercial and industrial and CRE portfolios. The increase in indirect auto was driven by an enhancement to nonaccrual criteria for certain loans in that portfolio effective January 1, 2026 to prospectively include accounts in which cumulative payment extensions are at or above 12 months. Nonperforming loans and leases were 0.50% as a percentage of loans and leases, up two basis points compared to December 31, 2025.

Loans 90 days or more past due and still accruing totaled $760 million at March 31, 2026, up two basis points as a percentage of loans and leases compared to December 31, 2025. Excluding government guaranteed loans, the ratio of loans 90 days or more past due and still accruing was 0.05% as a percentage of loans and leases at March 31, 2026, flat compared to December 31, 2025.

Loans 30-89 days past due and still accruing totaled $1.7 billion at March 31, 2026, down $237 million, or seven basis points as a percentage of loans and leases, compared to December 31, 2025.
54 Truist Financial Corporation

The following tables present asset quality metrics. In addition, for the commercial portfolio segment, loans that are rated special mention or substandard performing are closely monitored by management as potential problem loans. Refer to “Note 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 9: Asset Quality Ratios
Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
NPLs as a percentage of loans and leases HFI
0.50 0.48 0.48 0.39 0.48 
NPLs as a percentage of total loans and leases(1)
0.52 0.48 0.48 0.39 0.51 
NPAs(1) as a percentage of total assets
0.33 0.30 0.30 0.24 0.30 
Nonperforming assets as a percentage of loans and leases plus foreclosed property0.52 0.50 0.50 0.41 0.50 
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI
0.23 0.21 0.18 0.17 0.20 
Loans 90 days or more past due and still accruing as a percentage of loans and leases, excluding government guaranteed loans(2)
0.05 0.05 0.05 0.04 0.05 
Loans 30-89 days past due and still accruing as a percentage of loans and leases HFI
0.53 0.60 0.54 0.57 0.52 
ALLL as a percentage of loans and leases
1.53 1.53 1.54 1.54 1.58 
Ratio of ALLL to nonperforming loans and leases
3.1x3.2x3.2x3.9x3.3x
(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 Ended
Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
Net charge-offs (recoveries) as a percentage of average loans and leases:
Commercial:
Commercial and industrial0.31 %0.29 %0.19 %0.22 %0.20 %
CRE0.06 0.14 0.44 0.71 1.29 
Commercial construction0.84 (0.04)(0.03)(0.02)(0.02)
Consumer:
Residential mortgage(0.01)0.01 — — — 
Home equity(0.02)(0.04)(0.11)(0.04)(0.07)
Indirect auto2.14 2.10 1.99 1.63 2.26 
Other consumer1.91 1.84 1.55 1.54 1.71 
Credit card5.15 4.64 3.13 4.84 5.21 
Total0.61 0.57 0.48 0.51 0.60 
Ratio of ALLL to net charge-offs2.5x2.7x3.3x3.1x2.6x
Ratios are annualized.

Truist Financial Corporation 55

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 NPAs944 890 
Advances and principal increases106 90 
Disposals of foreclosed assets(1)
(150)(156)
Disposals of NPLs(2)
(48)(95)
Charge-offs and losses(357)(323)
Payments(283)(206)
Transfers to performing status(60)(58)
Other, net— (1)
Ending balance, March 31$1,785 $1,618 
(1)Includes charge-offs and losses recorded upon sale of $76 million and $69 million for the three months ended March 31, 2026 and 2025, respectively.
(2)Includes gains, net of charge-offs and losses recorded upon sale, of $1 million and $3 million for the three months ended March 31, 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.

56 Truist Financial Corporation

Table 12: Commercial and Industrial Portfolio Industry and Geography
March 31, 2026December 31, 2025
(Dollars in millions)LHFI% of TotalNPLLHFI% of TotalNPL
Industry:
Finance and insurance$31,478 18.6 %$6 $30,464 18.2 %$2 
Manufacturing14,043 8.3 146 13,418 8.0 91 
Real estate and rental and leasing13,119 7.8 7 11,993 7.1 1 
Retail trade11,845 7.0 18 11,940 7.1 24 
Health care and social assistance11,456 6.8 3 11,779 7.0 67 
Public administration8,678 5.1 — 8,658 5.2 2 
Wholesale trade8,052 4.8 213 7,655 4.6 212 
Information7,020 4.1 32 7,523 4.5 158 
Utilities6,592 3.9 — 6,582 3.9 — 
Professional, scientific, and technical services5,454 3.2 5 5,043 3.0 5 
Educational services4,687 2.8 — 4,868 2.9 — 
Transportation and warehousing4,474 2.6 34 4,497 2.7 22 
Arts, entertainment, and recreation4,274 2.5 1 4,182 2.5 1 
Construction3,444 2.0 16 3,350 2.0 4 
Administrative and support and waste management and remediation services3,177 1.9 43 3,108 1.9 36 
Accommodation and food services2,918 1.7 23 2,990 1.8 24 
Other(1)
11,380 6.8 64 11,903 7.0 115 
Subtotal152,091 89.9 611 149,953 89.4 764 
Business owner occupied
17,156 10.1 127 17,855 10.6 75 
Total commercial and industrial$169,247 100.0 %$738 $167,808 100.0 %$839 
Geography:
Florida$18,718 11.1 %$34 $18,532 11.0 %$30 
Texas18,014 10.6 90 17,001 10.1 157 
New York12,489 7.4 62 12,719 7.6 70 
North Carolina11,940 7.1 15 12,154 7.2 11 
Georgia11,859 7.0 161 11,452 6.8 149 
California11,585 6.8 33 12,460 7.4 34 
Virginia9,659 5.7 3 9,061 5.4 3 
Maryland7,303 4.3 7 7,057 4.2 4 
Pennsylvania6,789 4.0 13 6,890 4.1 131 
Tennessee6,032 3.6 52 5,873 3.5 42 
New Jersey4,759 2.8 11 4,743 2.8 5 
Illinois4,172 2.5 12 3,970 2.4 12 
South Carolina4,155 2.5 2 4,213 2.5 4 
Ohio3,514 2.1 62 3,624 2.2 — 
Other(2)
38,259 22.5 181 38,059 22.8 187 
Total commercial and industrial
$169,247 100.0 %$738 $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 57% and 59% of Truist’s funded loans within that industry category at March 31, 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 over collateralization 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.

Truist Financial Corporation 57

Table 13: CRE Portfolio Property Type and Geography
March 31, 2026December 31, 2025
(Dollars in millions)LHFI% of TotalNPLLHFI% of TotalNPL
Industry:
Multifamily$8,584 35.1 %$5 $8,055 34.0 %$4 
Industrial5,481 22.4 — 5,521 23.3 — 
Retail4,292 17.6 6 4,244 17.9 5 
Office2,428 9.9 8 2,435 10.3 36 
Hotel1,559 6.4 — 1,558 6.6 — 
Other(1)
2,103 8.6 2 1,907 7.9 2 
Total CRE$24,447 100.0 %$21 $23,720 100.0 %$47 
Geography:
Florida$2,771 11.3 %$2 $2,668 11.2 %$2 
Georgia2,693 11.0 1 2,586 10.9 1 
Texas2,596 10.6 1 2,411 10.2 1 
New York2,286 9.4 5 2,323 9.8 6 
North Carolina2,244 9.2 2 2,324 9.8 1 
Pennsylvania1,713 7.0 1 1,566 6.6 — 
California1,629 6.7 2 1,628 6.9 — 
New Jersey1,208 4.9 3 1,118 4.7 3 
Illinois1,162 4.8 — 1,178 5.0 13 
Virginia1,013 4.1 — 1,034 4.4 — 
Maryland1,003 4.1 1 883 3.7 2 
Other(2)
4,129 16.9 3 4,001 16.8 18 
Total CRE$24,447 100.0 %$21 $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
March 31, 2026December 31, 2025
(Dollars in millions)LHFI% of TotalNPLLHFI% of TotalNPL
Industry:
Multifamily$3,587 47.1 %$— $3,871 49.7 %$— 
Industrial1,966 25.8 — 1,884 24.2 — 
Single Family - construction to permanent
1,141 15.0 — 1,070 13.7 — 
Office349 4.6 22 392 5.0 40 
Single Family - acquisition and development
and commercial land
204 2.7 1 208 2.7 — 
Other(1)
373 4.8 — 358 4.7 1 
Total commercial construction$7,620 100.0 %$23 $7,783 100.0 %$41 
Geography:
Florida$1,442 18.9 $— $1,453 18.7 $— 
Georgia1,103 14.5 — 1,188 15.3 — 
Texas997 13.1 — 1,088 14.0 — 
North Carolina699 9.2 — 748 9.6 — 
California479 6.3 — 431 5.5 — 
Other(2)
2,900 38.0 23 2,875 36.9 41 
Total commercial construction$7,620 100.0 %$23 $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.

58 Truist Financial Corporation

ACL

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

Table 15: Activity in ACL
Three Months Ended
(Dollars in millions)Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
Balance, beginning of period$5,347 $5,305 $5,253 $5,166 $5,161 
Provision for credit losses479 512 436 488 458 
Charge-offs:     
Commercial and industrial(142)(141)(98)(120)(102)
CRE(7)(14)(25)(38)(70)
Commercial construction(17)— — — — 
Residential mortgage(1)(3)(1)(1)(1)
Home equity(3)(2)(2)(4)(2)
Indirect auto(158)(160)(150)(127)(154)
Other consumer(184)(178)(155)(146)(154)
Credit card(71)(67)(49)(70)(74)
Total charge-offs(583)(565)(480)(506)(557)
Recoveries:     
Commercial and industrial16 23 20 31 24 
CRE3 6 2 3 7 
Commercial construction1 1 — 1 — 
Residential mortgage2 1 2 — 2 
Home equity3 3 5 4 4 
Indirect auto25 24 25 28 25 
Other consumer33 28 31 31 30 
Credit card9 9 10 12 11 
Total recoveries92 95 95 110 103 
Net charge-offs(491)(470)(385)(396)(454)
Other
— — 1 (5)1 
Balance, end of period$5,335 $5,347 $5,305 $5,253 $5,166 
ACL:
ALLL$5,026 $5,030 $4,988 $4,899 $4,870 
RUFC309 317 317 354 296 
Total ACL$5,335 $5,347 $5,305 $5,253 $5,166 

The ACL was $5.3 billion at March 31, 2026, and included $5.0 billion for the ALLL and $309 million for the RUFC. The ALLL as a percentage of loans and leases HFI at March 31, 2026 was 1.53%, flat compared to December 31, 2025. The ALLL covered nonperforming loans and leases HFI 3.1x at March 31, 2026, compared to 3.2x at December 31, 2025. For the three months ended March 31, 2026, the ALLL was 2.5x annualized net charge-offs, compared to 2.7x for the three months ended December 31, 2025.

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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
March 31, 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$1,384 27.6 %51.5 %$1,326 26.3 %51.0 %
CRE456 9.1 7.4 476 9.5 7.2 
Commercial construction199 4.0 2.3 246 4.9 2.4 
Residential mortgage198 3.9 17.1 198 3.9 17.3 
Home equity82 1.6 2.9 84 1.7 3.0 
Indirect auto1,036 20.6 7.6 1,036 20.6 7.8 
Other consumer1,258 25.0 9.7 1,238 24.6 9.8 
Credit card413 8.2 1.5 426 8.5 1.5 
Total ALLL5,026 100.0 %100.0 %5,030 100.0 %100.0 %
RUFC309  317  
Total ACL$5,335  $5,347  

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

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

Other Assets

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

Table 17: Other Assets as of Period End
(Dollars in millions)Mar 31, 2026Dec 31, 2025
Tax credit and other private equity investments$10,219 $9,882 
Bank-owned life insurance8,568 8,515 
Pension assets, net8,005 7,920 
Accounts receivable2,122 1,624 
Accrued income1,968 2,028 
FHLB stock1,447 1,521 
DTA1,419 1,507 
Derivative assets1,366 1,343 
Leased assets and related assets1,287 1,359 
Prepaid expenses1,080 1,075 
ROU assets1,032 1,045 
Other1,157 1,151 
Total other assets$39,670 $38,970 

60 Truist Financial Corporation

Funding Activities

Deposits

The following table presents average deposits:

Table 18: Average Deposits
Three Months Ended
(Dollars in millions)Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
Noninterest-bearing deposits$103,371 $105,552 $105,751 $106,686 $105,895 
Interest checking120,110 112,313 109,244 116,193 109,208 
Money market and savings136,106 138,114 136,515 135,607 136,897 
Time deposits39,337 40,031 45,090 41,997 40,204 
Total average deposits$398,924 $396,010 $396,600 $400,483 $392,204 

Average deposits for the first quarter of 2026 were $398.9 billion, up $2.9 billion, or 0.7%, compared to the fourth quarter of 2025.

Average noninterest-bearing deposits decreased 2.1% compared to the fourth quarter of 2025 and represented 25.9% of total deposits for the first quarter of 2026 and 26.7% for the fourth quarter of 2025. Average interest checking deposits increased 6.9%. Average money market and savings accounts decreased 1.5%. Average time deposits decreased 1.7%.

End of period deposits were $404.1 billion, up $3.7 billion, or 0.9%, compared to December 31, 2025 primarily due to increases in interest checking deposits and time deposits, partially offset by a decline in money market and savings.

Truist Financial Corporation 61

Borrowings

At March 31, 2026, short-term borrowings totaled $27.4 billion, a decrease of $398 million compared to December 31, 2025.

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 $41.6 billion at March 31, 2026, a decrease of $341 million compared to December 31, 2025. During the three months ended March 31, 2026, the Company had:

•Issuances of $2.5 billion of primarily fixed-to-floating rate senior notes with a weighted average interest rate of 4.37% due between January 27, 2029 and January 27, 2032 and $350 million of floating rate senior notes due March 2, 2027.
•Net redemptions of $1.6 billion of floating rate FHLB advances.
•Maturities and redemptions of $1.3 billion of senior notes.

In April 2026, the Parent Company issued $1.0 billion principal amount of fixed-to-floating rate senior notes with an interest rate of 4.68% due April 23, 2032, and $1.0 billion principal amount of fixed-to-floating rate senior notes with an interest rate of 5.28% due April 23, 2037.

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

Shareholders’ Equity

Total shareholders’ equity was $64.2 billion at March 31, 2026, a decrease of $1.0 billion from December 31, 2025. This decrease reflected $1.1 billion in common share repurchases, $749 million in common and preferred dividends, and a $568 million decrease in AOCI, partially offset by $1.5 billion in net income. Truist’s book value per common share at March 31, 2026, was $47.60, compared to $47.74 at December 31, 2025. Truist’s TBVPS was $33.19 at March 31, 2026, compared to $33.48 at December 31, 2025. TBVPS is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section in MD&A for a reconciliation of this non-GAAP measure to the most directly comparable GAAP measure.

In April 2026, the Company repurchased $1.2 billion of common stock through open market repurchases.

62 Truist Financial Corporation

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. Our analysis incorporates dynamic client deposit balance levels, the mix across product types, and deposit rate paid across alternate rate scenarios based on modeled changes in client and bank behavior. The use of dynamic deposit balance models results in rotation to higher cost funding products (e.g., CDs) when market rates increase and to lower cost funding products (e.g., non-maturity deposits) when market rates decrease. The use of dynamic rate paid models results in varying deposit betas based on the timing and conditions within market rate cycles.

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
Mar 31, 2026Dec 31, 2025
Up 200bps gradual change in interest rates(0.8)%(0.9)%
Up 50bps instantaneous change in interest rates(0.2)(0.1)
Down 50bps instantaneous change in interest rates
(0.1)(0.2)
Down 200bps gradual change in interest rates
(0.4)(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
•Non-interest-bearing demand deposit balance runoff, replaced by market funding

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

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

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

The identification and testing of key assumptions are influenced by market conditions and management’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.

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.

64 Truist Financial Corporation

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 March 31, 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 $160 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 March 31, 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.

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The trading portfolio’s VaR profile is influenced by a variety of factors, including the size and composition of the portfolio, market volatility, and the correlation between different positions. A portfolio of trading positions is typically less risky than the sum of the risk from each of the individual sub-portfolios, because, under normal market conditions, risk within each category partially offsets the exposure to other risk categories. The following table summarizes certain VaR-based measures for the three months ended March 31, 2026 and 2025. Average VaR measures in the three months ended March 31, 2026 were lower compared to the three months ended March 31, 2025, due to lower risk positions.

Table 20: VaR-based Measures
Three Months Ended March 31,
20262025
(Dollars in millions)10-Day Holding Period1-Day Holding Period10-Day Holding Period1-Day Holding Period
VaR-based Measures:
Maximum$25 $7 $40 $15 
Average13 5 20 8 
Minimum7 3 9 4 
Period-end13 4 26 9 
VaR by Risk Class:
Interest Rate Risk2 6 
Credit Spread Risk2 7 
Equity Price Risk5 7 
Foreign Exchange Risk1 1 
Portfolio Diversification(5)(13)
Period-end4 9 

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 March 31,
(Dollars in millions)20262025
Maximum$85 $287 
Average39 181 
Minimum13 71 
Period-end33 229 

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.

66 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. As illustrated in the following graph, there was one Company-wide VaR backtesting exception during the twelve months ended March 31, 2026. The backtesting exception was driven by tariff-related market volatility. The total number of Company-wide VaR backtesting exceptions over the preceding twelve months is used to determine the multiplication factor for the VaR-based capital requirement under the Market Risk Rule. The capital multiplication factor increases from a minimum of three to a maximum of four, depending on the number of exceptions. All Company-wide VaR backtesting exceptions are reviewed in the context of VaR model use and performance. There was no change in the capital multiplication factor over the preceding twelve months.
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.

Truist Financial Corporation 67

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 March 31, 2026, Truist held average weighted eligible HQLA of $89.3 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 March 31, 2026, Truist was compliant with this requirement.

68 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)Mar 31, 2026Dec 31, 2025
Unused borrowing capacity:
Federal Reserve
$85,236 $84,160 
FHLB24,416 23,464 
Available investment securities (at fair value)73,326 70,150 
Available secured borrowing capacity182,978 177,774 
Eligible cash at the Federal Reserve
29,902 29,973 
Total$212,880 $207,747 

At March 31, 2026, Truist Bank’s available secured borrowing capacity represented approximately 4.8 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 March 31, 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 69

The following table presents the credit ratings and outlooks of the Parent Company and Truist Bank as of March 31, 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-1A+ / F1AA
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 minimums that serve as limits which are measured under internally-developed stress testing scenarios to evaluate whether capital ratios calculated under hypothetical stress, and after the effect of alternative capital actions, are likely to remain above internal stressed minimums. Breaches of internal capital limits, or projected breaches of internal stress capital ratio minimums under hypothetical stress, result in the activation of Truist’s capital contingency plan.

Table 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 March 31, 2026. Truist’s SCB requirement, received in the 2025 CCAR process, is effective from October 1, 2025 to September 30, 2027.

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

Table 25: Capital Ratios - Truist Financial Corporation
(Dollars in millions)Mar 31, 2026Dec 31, 2025
Risk-based:(preliminary) 
CET110.8 %10.8 %
Tier 1 capital11.9 11.9 
Total capital13.7 13.8 
Leverage ratio9.9 10.0 
Supplementary leverage ratio8.3 8.3 
Risk-weighted assets$441,485 $443,257 
70 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 which either increase capital, decrease risk-weighted assets, or both. The plan provides a framework designed to monitor for the occurrence of these events by establishing mechanisms to detect capital contraction, including market and economic stress that could adversely impact the Company’s capital position. The plan also establishes governance protocols for activation or deactivation and decision making, lists capital contingency options and associated key information, and addresses the responsibilities of key departments.

Capital ratios remained strong compared to the regulatory requirements for well-capitalized banks. Truist’s CET1 ratio was 10.8% as of March 31, 2026, flat compared to December 31, 2025 as capital returned to shareholders was largely offset by current quarter earnings.

Truist declared common dividends of $0.52 per share during the first quarter of 2026 and repurchased $1.1 billion of common stock. For the first quarter of 2026, the dividend payout ratio was 47%, and the total payout ratio was 129%.

Share Repurchase Activity

Table 26: Share Repurchase Activity
(Dollars in millions, except per share data, shares in thousands)
Total Number of Shares Purchased(1)
Average Price Paid Per Share(2)(3)
Total Number of Shares Purchased as part of Publicly Announced Plans
Approximate Dollar Value of Shares that may yet be Purchased Under the Plans(3)(4)
January 1, 2026 to January 31, 202613,936 $50.27 13,936 $9,299 
February 1, 2026 to February 28, 20268,215 52.77 8,215 8,866 
March 1, 2026 to March 31, 2026— — — 8,866 
Total22,151 $51.19 22,151 
(1)Includes shares exchanged or surrendered in connection with the exercise of equity-based awards under equity-based compensation plans.
(2)Excludes commissions.
(3)Excludes excise taxes on share repurchases.
(4)In 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 will be 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 71

Regulatory and Supervisory Update

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

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 postretirement 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.

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 March 31, 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 March 31, 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 March 31, 2026.

72 Truist Financial Corporation

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 their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value. 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 non-GAAP financial measure to the most directly comparable GAAP financial measure.

Table 27: Reconciliation of ROTCE
Three Months Ended March 31,
(Dollars in millions)20262025
Calculation of tangible net income available to common shareholders:
Net income available to common shareholders(a)$1,377 $1,157 
Amortization of intangibles64 75 
Applicable income taxes related to amortization of intangibles(1)
(15)(18)
Tangible net income available to common shareholders(b)$1,426 $1,214 
Calculation of average tangible common shareholders’ equity:
Average common shareholders’ equity(c)$59,879 $58,125 
Average intangible assets(18,386)(18,669)
Applicable deferred taxes related to intangible assets(1)
404 422 
Average tangible common shareholders’ equity(d)$41,897 $39,878 
Return on average common shareholders’ equity(a)/(c)9.3 %8.1 %
ROTCE(b)/(d)13.8 12.3 
(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)
March 31, 2026December 31, 2025
Calculation of period end tangible common equity: 
Total shareholders’ equity$64,214 $65,189 
Preferred stock(4,916)(4,916)
Common shareholders’ equity(a)59,298 60,273 
Intangible assets(18,350)(18,416)
Applicable deferred taxes related to intangible assets(1)
403 407 
Tangible common equity(b)$41,351 $42,264 
Common shares outstanding at end of period(c)1,245,879 1,262,470 
Common shareholders’ equity per common share(a)/(c)$47.60 47.74 
TBVPS(b)/(c)33.19 33.48 
(1)Calculated using the applicable marginal tax rate.

Truist Financial Corporation 73

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 March 31, 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 March 31, 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.

74 Truist Financial Corporation

ITEM 6. EXHIBITS
Exhibit No.DescriptionLocation
10.1
Form of 2026 Restricted Stock Unit Agreement (Senior Executive – 60/10 Retirement) for the Truist Financial Corporation 2022 Incentive Plan, as amended
10.2
Form of 2026 Performance Unit Award Agreement (Senior Executive – 60/10 Retirement) for the Truist Financial Corporation 2022 Incentive Plan, as amended
10.3
Form of 2026 LTIP Award Agreement (Senor Executive – 60/10 Retirement) for the Truist Financial Corporation 2022 Incentive Plan, as amended
10.4
Form of 2026 Restricted Stock Unit Agreement (Senior Executive – 60/5 Retirement) for the Truist Financial Corporation 2022 Incentive Plan, as amended
10.5
Form of 2026 Performance Unit Award Agreement (Senior Executive – 60/5 Retirement) for the Truist Financial Corporation 2022 Incentive Plan, as amended
10.6
Form of 2026 LTIP Award Agreement (Senor Executive – 60/5 Retirement) for the Truist Financial Corporation 2022 Incentive Plan, as amended
10.7
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.
Truist Financial Corporation 75

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
TRUIST FINANCIAL CORPORATION
(Registrant)
Date:May 1, 2026By:/s/ Michael B. Maguire
  Michael B. Maguire
Senior Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date:May 1, 2026By:/s/ Cynthia B. Powell
  Cynthia B. Powell
Executive Vice President and Corporate Controller
(Principal Accounting Officer)

76 Truist Financial Corporation

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