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, 2026						Dec 31, 2025
Assets
Cash and due from banks			$	4,294					$	4,967
Interest-bearing deposits with banks			31,903						31,410
Securities borrowed or purchased under agreements to resell			4,047						3,200
Trading assets at fair value			5,235						5,790
AFS securities at fair value			65,430						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 ALLL			324,212						323,565
Premises and equipment			3,145						3,172
Goodwill			17,125						17,125
CDI and other intangible assets			1,192						1,256
Loan servicing rights at fair value			4,112						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 debt			41,622						41,963
Other liabilities (including $1,891 and $1,797 at fair value, respectively)			11,617						12,149
Total liabilities			484,761						482,349
Shareholders’ Equity
Preferred stock			4,916						4,916
Common stock, $5 par value			6,229						6,312
Additional paid-in capital			32,610						33,663
Retained earnings			26,796						26,067
AOCI, net of deferred income taxes			(6,337)						(5,769)
Total shareholders’ equity			64,214						65,189
Total liabilities and shareholders’ equity			$	548,975					$	547,538
Common shares outstanding			1,245,879						1,262,470
Common shares authorized			2,000,000						2,000,000
Preferred shares outstanding			176						176
Preferred shares authorized			5,000						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,
			2026						2025
Interest Income
Interest and fees on loans and leases						$	4,599					$	4,493
Interest on securities						849						975
Interest on other earning assets						407						520
Total interest income						5,855						5,988
Interest Expense
Interest on deposits						1,525						1,736
Interest on long-term debt						445						409
Interest on other borrowings						286						336
Total interest expense						2,256						2,481
Net Interest Income						3,599						3,507
Provision for credit losses						479						458
Net Interest Income After Provision for Credit Losses						3,120						3,049
Noninterest Income
Wealth management income						370						344
Card and treasury management fees						338						333
Investment banking and trading income						372						273
Other deposit revenue						120						117
Mortgage banking income						133						108
Lending related fees						118						95
Securities gains (losses)						—						(1)
Other income						102						123
Total noninterest income						1,553						1,392
Noninterest Expense
Personnel expense						1,727						1,604
Professional fees and outside processing						313						364
Software expense						230						230
Net occupancy expense						179						168
Equipment expense						85						82
Marketing and customer development						79						75
Amortization of intangibles						64						75
Regulatory costs						68						69
Other expense						238						239
Total noninterest expense						2,983						2,906
Earnings
Income before income taxes						1,690						1,535
Provision for income taxes						209						274
Net income						1,481						1,261
Preferred stock dividends and other						104						104
Net income available to common shareholders						$	1,377					$	1,157
Basic EPS						$	1.10					$	0.88
Diluted EPS						1.09						0.87
Basic weighted average shares outstanding						1,248,628						1,307,457
Diluted weighted average shares outstanding						1,266,572						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,
												2026						2025
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 securities															47						50
Other, net															1						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 securities															14						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 Stock						Preferred Stock						Common Stock						Additional Paid-In Capital						Retained Earnings						AOCI												Total Shareholders’ Equity
Balance, January 1, 2025			1,315,936						$	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, net			4,858						—						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, 2025			1,309,539						$	5,907					$	6,548					$	35,178					$	24,252					$	(7,250)											$	64,635
Balance, January 1, 2026			1,262,470						$	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, net			5,560						—						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, 2026			1,245,879						$	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,
			2026						2025
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 losses						479						458
Depreciation						129						145
Amortization of intangibles						64						75
Net change in operating assets and liabilities:
LHFS						(277)						316
Pension asset						(85)						(72)
Derivative assets and liabilities						45						(613)
Trading assets						555						(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 securities						52						722
Proceeds from maturities, calls and paydowns of AFS securities						4,026						3,906
Purchases of AFS securities						(4,800)						(4,143)
Proceeds from maturities, calls and paydowns of HTM securities						816						833
Originations of loans and leases, net of principal collected						(1,414)						(2,445)
Purchases of loans and leases						—						(500)
Sales of loans and leases						231						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 deposits						3,683						13,212
Net change in short-term borrowings						(406)						(5,462)
Proceeds from issuance of long-term debt						22,811						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 1						36,377						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			Description			Effects 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, 2027			The 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, 2026																														December 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 borrowed															2,483												(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, 2026																		December 31, 2025
(Dollars in millions)			Overnight and Continuous						Up to 30 days												Total						Overnight and Continuous						Up to 30 days												Total
U.S. Treasury			$	—					$	—											$	—					$	78					$	—											$	78
State and Municipal			49						—												49						100						—												100
Agency MBS – residential			—						199												199						—						298												298
Corporate and other debt securities			301						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 Cost						Gross Unrealized												Net unrealized gains (losses)						Fair Value
						Gains						Losses
AFS securities:
U.S. Treasury						$	13,142					$	63					$	(40)					$	23					$	13,165
GSE						470						5						(24)						(19)						451
Agency MBS – residential						52,173						166						(4,165)						(3,999)						48,174
Agency MBS – commercial						3,738						7						(587)						(580)						3,158
States and political subdivisions						347						11						(15)						(4)						343
Collateralized loan obligations						125						—						—						—						125
Other						14						—						—						—						14
Total AFS securities, excluding portfolio level basis adjustments						70,009						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 Cost						Gross Unrealized												Net unrealized gains (losses)						Fair Value
						Gains						Losses
AFS securities:
U.S. Treasury						$	12,727					$	89					$	(24)					$	65					$	12,792
GSE						481						4						(25)						(21)						460
Agency MBS – residential						51,971						272						(4,017)						(3,745)						48,226
Agency MBS – commercial						3,762						12						(574)						(562)						3,200
States and political subdivisions						347						13						(10)						3						350
Other						14						—						—						—						14
Total AFS securities, excluding portfolio level basis adjustments						69,302						390						(4,650)						(4,260)						65,042
Portfolio level basis adjustments(1)						77																		(77)						—
Total AFS securities						$	69,379					$	390					$	(4,650)					$	(4,337)					$	65,042
HTM securities:
Agency MBS – residential						$	47,186					$	—					$	(8,056)					$	(8,056)					$	39,130

(1)Represents fair value hedge basis adjustments related to active portfolio layer method hedges, which are not allocated to individual securities. For additional information, refer to “Note 14. Derivative Financial Instruments.”

The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected lives of MBS may be shorter than the contractual maturities because borrowers have the right to prepay their obligations with or without penalties.

			Amortized Cost																														Fair Value
March 31, 2026 (Dollars in millions)			Due in one year or less						Due after one year through five years						Due after five years through ten years						Due after ten years						Total						Due in one year or less						Due after one year through five years						Due after five years through ten years						Due after ten years						Total
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 subdivisions			2						81						172						92						347						2						83						169						89						343
Collateralized loan obligations			—						—						—						125						125						—						—						—						125						125
Other			7						—						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 months												12 months or more												Total
March 31, 2026 (Dollars in millions)			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
AFS securities:
U.S. Treasury			$	2,737					$	(33)					$	229					$	(7)					$	2,966					$	(40)
GSE			60						—						213						(24)						273						(24)
Agency MBS – residential			11,322						(79)						24,131						(4,086)						35,453						(4,165)
Agency MBS – commercial			432						(4)						2,019						(583)						2,451						(587)
States and political subdivisions			195						(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 months												12 months or more												Total
December 31, 2025 (Dollars in millions)			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
AFS securities:
U.S. Treasury			$	704					$	(16)					$	432					$	(8)					$	1,136					$	(24)
GSE			65						(1)						228						(24)						293						(25)
Agency MBS – residential			2,882						(8)						24,986						(4,009)						27,868						(4,017)
Agency MBS – commercial			227						(2)						2,093						(572)						2,320						(574)
States and political subdivisions			158						(10)						31						—						189						(10)
Other			7						—						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.

						Accruing																		Nonperforming
March 31, 2026 (Dollars in millions)						Current						30-89 Days Past Due						90 Days Or More Past Due**(1)**						Without an ALLL						With an ALLL						Total
Commercial:
Commercial and industrial						$	168,245					$	260					$	4					$	12					$	726					$	169,247
CRE						24,384						42						—						—						21						24,447
Commercial construction						7,587						10						—						—						23						7,620
Consumer:
Residential mortgage						54,862						556						648						4						227						56,297
Home equity						9,468						57						7						1						100						9,633
Indirect auto						24,091						508						—						1						454						25,054
Other consumer						31,758						240						26						—						73						32,097
Credit card						4,698						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.
						Accruing																		Nonperforming
December 31, 2025 (Dollars in millions)						Current						30-89 Days Past Due						90 Days Or More Past Due**(1)**						Without an ALLL						With an ALLL						Total
Commercial:
Commercial and industrial						$	166,839					$	127					$	3					$	5					$	834					$	167,808
CRE						23,648						25						—						—						47						23,720
Commercial construction						7,706						36						—						—						41						7,783
Consumer:
Residential mortgage						55,338						686						570						6						207						56,807
Home equity						9,544						69						7						1						98						9,719
Indirect auto						24,713						679						—						—						267						25,659
Other consumer						31,801						281						28						—						71						32,181
Credit card						4,765						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 Year																																				Revolving Credit						Loans Converted to Term						Other**(1)**
2026						2025						2024						2023						2022						Prior															Total
Commercial:
Commercial and industrial:
Pass			$	10,676					$	36,205					$	11,436					$	7,141					$	12,177					$	21,151					$	65,540					$	—					$	(240)					$	164,086
Special mention			13						369						131						146						181						378						449						—						—						1,667
Substandard			49						481						308						476						342						442						658						—						—						2,756
Nonperforming			—						119						100						64						105						71						279						—						—						738
Total			10,738						37,174						11,975						7,827						12,805						22,042						66,926						—						(240)						169,247
Gross charge-offs			3						17						36						2						2						5						77																		142
CRE:
Pass			2,800						7,777						1,088						1,384						3,175						5,024						1,091						—						(92)						22,247
Special mention			18						50						1						45						57						417						—						—						—						588
Substandard			—						342						158						310						417						296						68						—						—						1,591
Nonperforming			—						1						—						1						3						16						—						—						—						21
Total			2,818						8,170						1,247						1,740						3,652						5,753						1,159						—						(92)						24,447
Gross charge-offs			—						—						—						—						—						7						—						—						—						7
Commercial construction:
Pass			189						1,594						632						958						444						86						1,878						—						—						5,781
Special mention			31						109						—						19						241						2						39						—						—						441
Substandard			110						93						—						353						808						7						4						—						—						1,375
Nonperforming			—						—						—						—						—						—						23						—						—						23
Total			330						1,796						632						1,330						1,493						95						1,944						—						—						7,620
Gross charge-offs			—						—						—						—						—						—						17						—						—						17
Consumer:
Residential mortgage:
Current			943						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
Total			943						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:
Current			2,328						10,692						5,158						1,678						2,581						1,655						—						—						(1)						24,091
30 - 89 days past due			3						125						102						69						99						110						—						—						—						508
Nonperforming			—						43						58						78						124						152						—						—						—						455
Total			2,331						10,860						5,318						1,825						2,804						1,917						—						—						(1)						25,054
Gross charge-offs			—						29						30						30						35						34						—						—						—						158
Other consumer:
Current			3,153						10,884						5,305						3,528						3,079						2,934						2,842						29						4						31,758
30 - 89 days past due			5						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
Total			3,158						10,975						5,372						3,597						3,127						2,982						2,850						32						4						32,097
Gross charge-offs			10						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 Year																																				Revolving Credit						Loans Converted to Term						Other**(1)**
2025						2024						2023						2022						2021						Prior															Total
Commercial:
Commercial and industrial:
Pass			$	42,084					$	12,725					$	8,296					$	13,476					$	7,558					$	14,854					$	63,555					$	—					$	(233)					$	162,315
Special mention			401						153						136						180						309						113						621						—						—						1,913
Substandard			351						391						476						383						254						262						624						—						—						2,741
Nonperforming			77						112						64						144						12						53						377						—						—						839
Total			42,913						13,381						8,972						14,183						8,133						15,282						65,177						—						(233)						167,808
Gross charge-offs			45						96						70						28						1						9						212						—						—						461
CRE:
Pass			8,621						1,300						1,548						3,233						1,797						3,510						1,103						—						(84)						21,028
Special mention			26						11						61						181						211						121						—						—						—						611
Substandard			376						153						311						460						150						449						135						—						—						2,034
Nonperforming			4						1						1						13						6						22						—						—						—						47
Total			9,027						1,465						1,921						3,887						2,164						4,102						1,238						—						(84)						23,720
Gross charge-offs			6						42						14						8						—						77						—						—						—						147
Commercial construction:
Pass			1,398						581						1,070						531						158						20						1,844						—						—						5,602
Special mention			112						—						40						252						32						2						36						—						—						474
Substandard			175						32						348						1,020						91						—						—						—						—						1,666
Nonperforming			—						—						—						—						—						—						41						—						—						41
Total			1,685						613						1,458						1,803						281						22						1,921						—						—						7,783
Consumer:
Residential mortgage:
Current			5,724						3,947						2,420						11,747						14,453						17,047						—						—						—						55,338
30 - 89 days past due			20						14						35						81						68						468						—						—						—						686
90 or more days past due			6						34						90						61						34						345						—						—						—						570
Nonperforming			—						5						6						37						35						130						—						—						—						213
Total			5,750						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:
Current			11,752						5,780						1,933						3,075						1,430						750						—						—						(7)						24,713
30 - 89 days past due			123						139						106						142						80						89						—						—						—						679
Nonperforming			29						53						46						65						38						36						—						—						—						267
Total			11,904						5,972						2,085						3,282						1,548						875						—						—						(7)						25,659
Gross charge-offs			30						101						122						163						72						103						—						—						—						591
Other consumer:
Current			12,416						5,975						3,947						3,415						1,446						1,791						2,780						27						4						31,801
30 - 89 days past due			66						60						66						44						17						19						7						2						—						281
90 days or more past due			4						7						11						4						—						—						2						—						—						28
Nonperforming			13						12						14						12						9						11						—						—						—						71
Total			12,499						6,054						4,038						3,475						1,472						1,821						2,789						29						4						32,181
Gross charge-offs			98						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, 2025						Charge-Offs						Recoveries						Provision (Benefit)						Other						Balance at Mar 31, 2025
Commercial:
Commercial and industrial						$	1,284					$	(102)					$	24					$	100					$	1					$	1,307
CRE						643						(70)						7						24						—						604
Commercial construction						257						—						—						23						—						280
Consumer:
Residential mortgage						204						(1)						2						22						—						227
Home equity						89						(2)						4						2						—						93
Indirect auto						955						(154)						25						129						—						955
Other consumer						994						(154)						30						119						—						989
Credit card						431						(74)						11						47						—						415
ALLL						4,857						(557)						103						466						1						4,870
RUFC						304						—						—						(8)						—						296
ACL						$	5,161					$	(557)					$	103					$	458					$	1					$	5,166
(Dollars in millions)						Balance at Jan 1, 2026						Charge-Offs						Recoveries						Provision (Benefit)						Other						Balance at Mar 31, 2026
Commercial:
Commercial and industrial						$	1,326					$	(142)					$	16					$	184					$	—					$	1,384
CRE						476						(7)						3						(16)						—						456
Commercial construction						246						(17)						1						(31)						—						199
Consumer:
Residential mortgage						198						(1)						2						(1)						—						198
Home equity						84						(3)						3						(2)						—						82
Indirect auto						1,036						(158)						25						133						—						1,036
Other consumer						1,238						(184)						33						171						—						1,258
Credit card						426						(71)						9						49						—						413
ALLL						5,030						(583)						92						487						—						5,026
RUFC						317						—						—						(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, 2026						Dec 31, 2025
Nonperforming loans and leases HFI			$	1,642					$	1,577
Nonperforming LHFS			79						—
Foreclosed real estate			6						3
Other foreclosed property			58						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.

			Renewals												Term Extensions												Interest Rate Adjustments												Capitalizations						Payment Delays																		Combination - Capitalization and Term Extension																								Other
Three Months Ended March 31, 2026 (Dollars in millions)			Amount						Financial Effect						Amount						Financial Effect						Amount						Financial Effect						Amount						Amount						Financial Effect												Amount						Financial Effect																		Amount						Total Modified Loans						Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial			$	257					7 months						$	—											$	—											$	—					$	1					6 months												$	—																							$	19					$	277					0.16		%
CRE			51						20 months						—												—												—						—																		—																								—						51						0.21
Commercial construction			261						16 months						—												—												—						—																		—																								—						261						3.43
Consumer:																											—
Residential mortgage			—												18						87 months						—												19						58						8 months												83						96 months																		26						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

			Renewals												Term Extensions												Interest Rate Adjustments												Capitalizations						Payment Delays																		Combination - Capitalization and Term Extension																								Other
Three Months Ended March 31, 2025 (Dollars in millions)			Amount						Financial Effect						Amount						Financial Effect						Amount						Financial Effect						Amount						Amount						Financial Effect												Amount						Financial Effect																		Amount						Total Modified Loans						Percentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial			$	283					7 months						$	—											$	—											$	—					$	46					6 months												$	—																							$	—					$	329					0.21		%
CRE			223						18 months						—												—												—						—																		—																								—						223						1.14
Commercial construction			38						12 months						—												—												—						—																		—																								—						38						0.43
Consumer:
Residential mortgage			—												19						90 months						—												34						36						7 months												83						99 months																		21						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)			Current						30-89 Days Past Due						90 Days or More Past Due						Total
Commercial:
Commercial and industrial			$	763					$	156					$	22					$	941
CRE			371						37						2						410
Commercial construction			470						3						—						473
Consumer:
Residential mortgage			347						100						205						652
Home equity			5						—						—						5
Indirect auto			1,013						185						60						1,258
Other consumer			33						3						—						36
Credit card			18						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)			Current						30-89 Days Past Due						90 Days or More Past Due						Total
Commercial:
Commercial and industrial			$	950					$	13					$	55					$	1,018
CRE			447						—						—						447
Commercial construction			108						—						—						108
Consumer:
Residential mortgage			343						92						136						571
Home equity			5						—						—						5
Indirect auto			1,090						162						61						1,313
Other consumer			31						2						1						34
Credit card			19						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)			Renewals						Term Extensions						Interest Rate Adjustments						Capitalizations						Payment Delays												Combination - Capitalization and Term Extension																		Other						Total
Commercial:
Commercial and industrial			$	22					$	—					$	—					$	—					$	—											$	—																	$	—					$	22
CRE			2						—						—						—						—												—																		—						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)			Renewals						Term Extensions						Interest Rate Adjustments						Capitalizations						Payment Delays						Combination - Capitalization and Term Extension						Other						Total
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, 2026						Dec 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, 2026																		December 31, 2025
(Dollars in millions)			Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net 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, 2026						Dec 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)						2026						2025
UPB of residential mortgage loans sold from LHFS						$	3,558					$	2,508
Pre-tax gains recognized on mortgage loans sold and held for sale						21						15
Servicing fees recognized from mortgage loans serviced for others						165						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 others						3.77						3.68

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

(Dollars in millions)						2026						2025
Residential MSRs, carrying value, January 1						$	3,724					$	3,431
Acquired						131						—
Additions						85						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, 2026																		December 31, 2025
			Range												Weighted Average						Range												Weighted Average
(Dollars in millions)			Min						Max									Min						Max
Prepayment speed			6.2		%				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)
OAS			0.9		%				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 loans															99.7		%																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, 2026						Dec 31, 2025
UPB of CRE mortgages serviced for others			$	26,146					$	26,152
Commercial MSRs at fair value			225						228
			Three Months Ended March 31,
(Dollars in millions)			2026						2025
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, 2026									Dec 31, 2025
ROU assets			$	1,032											$	1,045
Lease liabilities			1,252												1,276
Weighted average remaining term			6.7 years												6.7 years
Weighted average discount rate			3.9		%										3.8		%

									Three Months Ended March 31,
(Dollars in millions)															2026						2025
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, 2026						Dec 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, 2026						Dec 31, 2025
Truist Financial Corporation:
Fixed rate senior notes																																	$	20,015					$	20,093
Fixed rate subordinated notes																																	1,604						1,818
Capital notes																																	640						639
Truist Bank:
Fixed rate senior notes																																	5,644						4,476
Floating rate senior notes																																	848						499
Fixed rate subordinated notes																																	3,545						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 Share																											Aggregate Dividends
						Three Months Ended March 31,																					Three Months Ended March 31,
												2026						2025																								2026						2025
Common stock															$	0.52					$	0.52																							$	645					$	679
Preferred stock:
Series I															1,141						1,302																								2						2
Series J															1,170						1,331																								1						1
Series N															834						834																								56						56
Series O															328						328																								8						8
Series Q															638						638																								26						26
Series R															297						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 Costs						Cash Flow Hedges						AFS Securities						HTM Securities						Other, net						Total
AOCI balance, January 1, 2025			$	(648)					$	(861)					$	(4,573)					$	(2,125)					$	(6)					$	(8,213)
OCI before reclassifications, net of tax			5						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 tax			5						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 tax			2						37						(18)						61						—						82
Tax effect			—						9						(4)						14						—						19
Amounts reclassified, net of tax			2						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 expense						Net interest income						Securities gains (losses) and Interest on securities						Interest on securities						Other 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 Location			2026						2025
Service cost			Personnel expense			$	75					$	68
Interest cost			Other expense			122						114
Estimated return on plan assets			Other 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 Location			Mar 31, 2026						Dec 31, 2025
Investments in affordable housing projects, other qualified tax credits and other community development investments:
Carrying amount			Other assets			$	8,253					$	8,049
Amount of future funding commitments included in carrying amount			Other liabilities			2,629						2,531
Lending exposure			Loans and leases for funded amounts			2,295						2,341
Renewable energy investments:
Carrying amount			Other assets			789						736
Amount of future funding commitments not included in carrying amount			NA			1,017						719
SBIC and certain other equity method investments:
Carrying amount			Other assets			1,097						1,015
Amount of future funding commitments not included in carrying amount			NA			611						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 Location															2026						2025
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 credits			Provision for income taxes															$	200					$	188
Other community development investments			Other noninterest income															2						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, 2026						Dec 31, 2025
Commitments to extend, originate, or purchase credit and other commitments			$	225,575					$	230,007
Residential mortgage loans sold with recourse			138						138
Maximum recourse exposure from mortgage loans sold with recourse liability			92						91
Indemnification, recourse, and repurchase reserves			18						18
CRE mortgages serviced for others covered by recourse provisions			9,479						9,421
Maximum recourse exposure			2,811						2,786
Recorded reserves related to CRE mortgages recourse exposure			10						10
Other loans serviced for others covered by recourse provisions			2,876						2,803
Maximum recourse exposure			77						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, 2026						Dec 31, 2025
Total return swaps:
VIE assets						$	2,173					$	2,117
Trading loans and bonds						1,956						1,909
VIE liabilities						229						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, 2026						Dec 31, 2025
Pledged securities						$	35,466					$	40,144
Pledged loans:
Federal Reserve						109,166						108,214
FHLB						75,291						74,767
Unused borrowing capacity:
Federal Reserve						85,236						84,160
FHLB						24,416						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)						Total						Level 1						Level 2						Level 3						Netting Adjustments**(1)**
Assets:
Trading assets:
U.S. Treasury						$	109					$	—					$	109					$	—					$	—
GSE						42						—						42						—						—
States and political subdivisions						189						—						189						—						—
Corporate and other debt securities						1,752						—						1,752						—						—
Loans						2,123						—						2,123						—						—
Equity securities						1,020						1,020						—						—						—
Total trading assets						5,235						1,020						4,215						—						—
AFS securities:
U.S. Treasury						13,165						—						13,165						—						—
GSE						451						—						451						—						—
Agency MBS – residential						48,174						—						48,174						—						—
Agency MBS – commercial						3,158						—						3,158						—						—
States and political subdivisions						343						—						343						—						—
Collateralized loan obligations						125						—						125						—						—
Other						14						—						14						—						—
Total AFS securities						65,430						—						65,430						—						—
LHFS						1,899						—						1,899						—						—
Loans and leases						10						—						—						10						—
Loan servicing rights at fair value						4,112						—						—						4,112						—
Other assets:
Derivative assets						1,366						986						2,279						7						(1,906)
Equity securities						351						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 short						2,849						1,513						1,336						—						—
Other trading liabilities						218						—						218						—						—
Other liabilities:
Derivative liabilities						1,891						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)						Total						Level 1						Level 2						Level 3						Netting Adjustments**(1)**
Assets:
Trading assets:
U.S. Treasury						$	244					$	—					$	244					$	—					$	—
GSE						42						—						42						—						—
States and political subdivisions						301						—						301						—						—
Corporate and other debt securities						1,970						—						1,970						—						—
Loans						2,168						—						2,168						—						—
Equity securities						1,065						1,065						—						—						—
Total trading assets						5,790						1,065						4,725						—						—
AFS securities:
U.S. Treasury						12,792						—						12,792						—						—
GSE						460						—						460						—						—
Agency MBS – residential						48,226						—						48,226						—						—
Agency MBS – commercial						3,200						—						3,200						—						—
States and political subdivisions						350						—						350						—						—
Other						14						—						14						—						—
Total AFS securities						65,042						—						65,042						—						—
LHFS						1,622						—						1,622						—						—
Loans and leases						11						—						—						11						—
Loan servicing rights at fair value						3,972						—						—						3,972						—
Other assets:
Derivative assets						1,343						1,157						1,961						4						(1,779)
Equity securities						382						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 short						2,185						652						1,533						—						—
Other trading liabilities						209						—						209						—						—
Other liabilities:
Derivative liabilities						1,797						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 Leases						Loan Servicing Rights						Net 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 income						Mortgage banking income						Mortgage 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, 2026																		December 31, 2025
(Dollars in millions)						Fair Value						UPB						Difference						Fair Value						UPB						Difference
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 leases						10						11						(1)						11						12						(1)
Brokered time deposits						624						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 Hierarchy						Mar 31, 2026												Dec 31, 2025
Carrying value:
LHFS			Level 3						—												4
Loans and leases(1)			Level 3						291												468
Other			Level 3						49												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)						2026						2025
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, 2026												December 31, 2025
(Dollars in millions)			Fair Value Hierarchy						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Financial assets:
HTM securities			Level 2						$	46,436					$	38,207					$	47,186					$	39,130
Loans and leases, net of ALLL			Level 3						324,202						320,718						323,554						320,018
Financial liabilities:
Time deposits			Level 2						39,038						38,916						37,793						37,723
Long-term debt			Level 2						41,622						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, 2026																		December 31, 2025
			Notional or Contractual Amount						Fair Value												Notional or Contractual Amount						Fair Value
(Dollars in millions)						Assets						Liabilities									Assets						Liabilities
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 securities			21,934						2						—						26,751						—						—
Total			50,217						4						—						53,784						—						—
Not designated as hedges:
Client-related and other risk management:
Interest rate contracts:
Swaps			185,479						437						(975)						185,861						516						(944)
Written options			11,071						1						(20)						10,577						2						(18)
Purchased options			6,655						15						—						8,558						15						—
Futures and forwards			2,878						1						(4)						2,636						2						(14)
Foreign exchange contracts:
Swaps			15,698						434						(368)						13,647						450						(382)
Futures and forwards			27,798						368						(341)						27,008						338						(335)
Other			3,190						37						(34)						2,820						35						(33)
Equity contracts:
Written options			27,132						18						(1,933)						26,600						12						(2,278)
Purchased options			13,623						1,146						(145)						12,485						1,358						(121)
Other			2,314						44						(50)						1,386						11						(59)
Commodity contracts			11,429						649						(632)						8,340						322						(302)
Credit contracts:
Credit default swaps			1,934						2						(6)						900						—						—
Total return swaps			1,960						53						—						1,835						31						(7)
Risk participation agreements			9,268						—						(2)						8,863						—						(2)
Total			320,429						3,205						(4,510)						311,516						3,092						(4,495)
MSRs and mortgage banking:
Interest rate contracts:
Swaps			13,626						1						—						11,035						—						—
Written options			1,018						12						—						1,288						14						—
Purchased options			9,067						13						(88)						10,465						10						(118)
Interest rate lock commitments			1,947						7						(29)						960						4						(2)
When issued securities, forward rate agreements, forward commitments, and futures			8,756						26						(5)						7,807						2						—
Total			34,414						59						(122)						31,555						30						(120)
Total derivatives not designated as hedges			354,843						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 Amount						Amount Offset						Net 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 arrangement			157						—						157						—						157
Exchange traded derivatives			986						(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 Amount						Amount Offset						Net 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 arrangement			129						—						129						—						129
Exchange traded derivatives			1,157						(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, 2026																		December 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 Designated						Discontinued Hedges									Items Currently Designated						Discontinued Hedges
AFS securities(2)						$	36,952					$	24					$	(28)					$	38,608					$	104					$	13
Loans and leases						175						—						3						179						—						3
Long-term debt						29,121						(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)															2026						2025
Investment securities:
Amounts related to settlements(1)															$	15					$	79
Recognized on derivatives															121						(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)															2026						2025
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, 2026						Dec 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 years						5 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 Location															2026						2025
Client-related and other risk management:
Interest rate contracts			Investment banking and trading income and other income															$	33					$	11
Foreign exchange contracts			Investment banking and trading income and other income															66						(49)
Equity contracts			Investment banking and trading income, other income, and personnel expense															38						53
Credit contracts			Investment banking and trading income and other income															15						14
Commodity contracts			Investment banking and trading income															4						3
MSRs and mortgage banking:
Interest rate contracts			Mortgage banking income															11						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, 2026						Dec 31, 2025
Risk participation agreements:
Maximum potential amount of exposure			$	454					$	554
Total return swaps:
Cash received for variation margin			53						31
Cash and other collateral received for initial margin			517						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)															2026						2025
Net income available to common shareholders															$	1,377					$	1,157
Weighted average number of common shares															1,248,628						1,307,457
Effect of dilutive outstanding equity-based awards															17,944						16,882
Weighted average number of diluted common shares															1,266,572						1,324,339
Basic EPS															$	1.10					$	0.88
Diluted EPS															1.09						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.

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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)			CSBB												WB																		OT&C**(1)**												Total
2026						2025						2026						2025																		2026						2025						2026						2025
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 losses			374						327						105						132																		—						(1)						479						458
Noninterest income			529						503						1,068						947																		(44)						(58)						1,553						1,392
Personnel expense			433						434						612						557																		682						613						1,727						1,604
Amortization of intangibles			34						39						30						36																		—						—						64						75
Other direct noninterest expense(2)			293						287						187						193																		712						747						1,192						1,227
Total direct noninterest expense			760						760						829						786																		1,394						1,360						2,983						2,906
Expense Allocations			920						903						521						517																		(1,441)						(1,420)						—						—
Total noninterest expense			1,680						1,663						1,350						1,303																		(47)						(60)						2,983						2,906
Income (loss) before income taxes from continuing operations			971						761						1,119						1,014																		(400)						(240)						1,690						1,535
Provision (benefit) for income taxes			238						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.

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