Truist

To inspire and build better 
lives and communities

2020 Annual Report

Truist at a glance

Standing for better

Truist Financial Corporation is a purpose-driven financial services company 

committed to inspiring and building better lives and communities. 

6th largest
commercial bank

$509B
in assets

~15.8MM
clients

Regional businesses
• Commercial banking

• Premier banking

•  Retail banking

• Small business

• Treasury solutions

• Wealth

National businesses
• Commercial real estate

• Corporate and investment banking

• Dealer finance
• Mortgage

•  National consumer finance and payments

• Retail and wholesale insurance

1

Regional  
businesses

National  
businesses

Purpose

To inspire and build better lives and communities

Mission

For clients
Provide distinctive, secure, and successful client 
experiences through touch and technology.

For teammates
Create an inclusive and energizing environment 
that empowers teammates to learn, grow, and have 
meaningful careers.

For stakeholders
Optimize long-term value for stakeholders through 
safe, sound, and ethical practices.

Values

Trustworthy

Caring

One Team

We serve  
with  
integrity.

Everyone and 
every moment 
matters.

Together, we 
can accomplish 
anything.

Success

When our 
clients win, 
we all win.

Happiness

Positive 
energy 
changes lives.

2

Facing  
challenges 
together:  

From our chairman and CEO

In a year filled with challenges 
for our clients, communities, and 
teammates, Truist demonstrated 
strong leadership and decisive 
action in 2020, guided by our 
purpose to inspire and build 
better lives and communities.

Within months of our historic combination of BB&T 

and SunTrust, we quickly changed course to meet the 

urgent needs confronting so many of us as a result 

of the COVID-19 pandemic and associated economic 

hardship. And in the spring, as the tragic deaths 

of Black Americans drove a long-overdue national 

conversation focused on racial inequity, we renewed 

and strengthened our commitment to social justice and 

equal opportunity for all.

While meeting these challenges became our top priority 

in 2020, we also made substantial progress toward key 

merger milestones that position us to outperform our 

peers and reward our shareholders. 

To address the pandemic, Truist moved swiftly to  

safely serve our clients and support our teammates  

and communities.

For our clients, we kept branches open, waived fees, 

and made other accommodations for more than 

Kelly S. King  
Chairman and CEO

3

750,000 consumers and businesses. Our digital 

teams produced several new products to meet 

client needs that allowed them to continue their 

banking remotely, such as e-signature and chat 

bots. We were one of the first financial institutions 

to begin accepting digital applications for 

the Small Business Administration’s Paycheck 

Protection Program (PPP), and were able to help 

more than 80,000 companies quickly receive 

nearly $13 billion in PPP loans.

For our teammates, we provided more than $100 

million in pandemic-related support, including 

additional time off, enhanced benefits for child- 

and elder-care, and a $1,200 coronavirus relief 

bonus for most nonexecutive teammates.

For our communities, we launched Truist Cares, 

investing more than $50 million targeting the 

short- and long-term needs of those suddenly 

without jobs, vulnerable small businesses and 

communities, seniors needing food and medical 

supplies, and students without access to 

technology, among others—awarding 355 grants 

to nonprofit organizations.

When the tragic deaths of Ahmaud Arbery, 

Breonna Taylor, George Floyd, and too many 

others caused our nation to again come face-

to-face with its appalling history of racism, we 

began by looking inward. In more than 260 “days 

of understanding” town-hall-style meetings with 

teammates, we took a hard look at ourselves 

in authentic, raw, and often uncomfortable 

dialogues. As a result, we expanded and 

strengthened our unconscious bias training, 

accelerated diversity recruiting, and invested $40 

million to support minority-owned businesses, 

among other initiatives.  

It’s long past time to reject 
hate and discrimination in all 
their ugly forms and take a 
stand for sustainable change.

The challenging environment helped bond 

teammates from both heritage companies even 

A $500,000 Truist Cares grant helped 
Georgia’s nonprofit Phoebe Putney Health 
System replenish its supplies of personal 
protective equipment for front-line health 
care workers and also prompted a wave of 
other donations.

4

From our chairman and CEO

faster than we had anticipated. It united us through a 

2020 adjusted ROTCE*

clearly defined culture—our biggest driver of long-term 

16.0%

success—and aligned us around shared values such as 

trustworthiness, caring, and one team. In our first year 

as a combined company, Truist’s response to 2020’s 

challenges proved that the values and culture of our 

legacy companies were already closely aligned and are 

positioning us to succeed.

Reported ROTCE was 13.4%.

And, as odd as it sounds given the turmoil of 2020, 

we spent a lot of time talking with teammates about 

happiness—our ultimate value. Especially during times of 

engineers, financial technology firms, and many others 

to develop better ways to serve our clients. We also 

created Truist Ventures to accelerate our technology 

fear and anxiety, we believe it’s crucial to be positive and 

development by partnering with and investing in 

even happy. I’ll talk more about why that’s so important 

visionary companies. 

later in this letter.

Our 2020 accomplishments
First, let me outline how we are leveraging the many 

advantages of our merger of equals. Among our 

accomplishments in 2020:

We introduced our new brand and values, launching 

the Truist visual identity, establishing the Truist Center in 

Charlotte as our corporate headquarters, and releasing 

our first Corporate Social Responsibility Report. With 

Truist operating in seven of the nation’s 10 fastest-

growing markets, we are confident in our potential to 

We deepened our client relationships, offering a wider 

array of financial services and products by leveraging 

synergies between our heritage banks. For example, 

we’re now offering BB&T’s extensive insurance options 

to heritage SunTrust clients, and SunTrust’s robust 

investment banking and capital markets capabilities 

and LightStream consumer lending digital platform 

to heritage BB&T clients. Through our collaborative 

Integrated Relationship Management, or IRM, process, 

we’re earning business from existing clients by fulfilling 

more of their financial needs. 

grow our revenue, serving new and existing clients in our 

We outperformed our peers, with top rankings in 

fantastic Southeast, Mid-Atlantic, and Texas footprint.

We started integrating our operations, converting eight 

business units, including Truist Securities, our investment 

banking business that combines SunTrust Robinson 

Humphrey and BB&T Capital Markets to serve growth-

oriented companies and institutional investors. We also 

divested 30 branches and combined 104 locations into 

blended branches serving clients from both heritage 

banks. We expect to finish converting all branches to the 

Truist brand in 2022.

efficiency, return on average assets, return on average 

tangible common equity, and net interest margin—key 

profitability measures. We maintained strong capital and 

liquidity, combined with disciplined, conservative risk 

and financial management and diversification across 

clients, business lines, and geographies. We also earned 

top recognition from J.D. Power as No. 1 in mobile app 

satisfaction and from Greenwich for small business and 

middle market lending.

We increased our investment in digital transformation, 

starting construction on our new Innovation and 

55.9%

Technology Center in Charlotte, where teammates from 

business units throughout Truist will partner directly with 

clients, innovators, digital product managers, designers, 

* Refer to Pages 33-34 for reconciliations, explanation of use of non-GAAP information, and list of peers.

6

From our chairman and CEO

We attracted and retained talented teammates and 

rallied during this difficult year to meet those high 

broadened our leadership, reflecting Truist’s strong 

expectations. In 2021 and beyond, we understand that 

culture and commitment to inclusion. Our reputation 

all of our stakeholders’ expectations of us, and our social 

as a great place for a long-term career attracted new 

responsibility as a corporate citizen, will continue to rise.  

teammates in technology, experience design, marketing, 

corporate banking, insurance, wealth, and other areas. 

We diversified our executive leadership and committed 

to do more over the next three years. The Greater 

Women’s Business Council, U.S. Black Chambers, and 

the Human Rights Campaign Foundation recognized our 

commitment to diversity, equity, and inclusion. And we’re 

proud to be honored by Forbes on its lists of the best 

places to work for women and veterans.

Touch + technology = trust
COVID-19 disrupted virtually every aspect of our work, 

our lives, and our families. We’ve also been disrupting 

our own business model to stay ahead of a massive 

paradigm shift in client expectations. Consumers now 

demand more digital convenience, saying, “We want 

what we want right here, right now, right in the palms of 

our hands.” To thrive in this new world, we’ve adopted a 

new value proposition—touch plus technology equals 

A key part of our leadership is a clear succession plan. 

trust (T3). It seamlessly integrates the personal touch that 

We’re fortunate to have Bill Rogers ready to succeed 

we’ve long been known for with innovative technology, 

me as CEO in September 2021, when I assume the role 

yielding our most valuable asset—the trust of our clients.

of executive chairman. Bill is exceedingly qualified to 

lead, having served successfully as CEO of SunTrust for 

nearly a decade. We share the same deep beliefs in the 

importance of culture and change in our rapidly  

evolving industry.

Maintaining purpose during crisis
In my 48 years in banking, nothing comes close to the 

A key driver of our merger is the capacity to accelerate 

our investment in technology, in part by realizing our 

commitment of $1.6 billion in net cost savings. The Truist 

Innovation and Technology Center, a $31 million flexible 

workspace nearly the size of two football fields, will 

strengthen research, design, development, and testing 

to help us develop and launch new products and create 

challenges we faced in 2020. In March, when COVID-19 

better, simpler, and more secure financial interactions  

prompted business shut-down orders that devastated 

for clients. 

the economy, we knew we had to focus on a forward-

thinking, vigorous response for our clients, teammates, 

and communities, while also moving ahead on our 

integration effort.

Clients have embraced our digital advances. Nearly 40% 

of our accounts are opened digitally. The digital platforms 

developed by our heritage banks both were ranked as 

industry leaders in Javelin’s 2020 mobile and online 

Our executive leadership team met for several hours 

banking scorecard.

every day, rewriting responsibilities and reallocating 

resources. In just a few days, we quickly shifted more than 

60% of our teammates to work from home and began 

funding clients’ PPP loans (we were among the nation’s 

top five lenders and one of the first to create a digital 

application portal).  

However clients interact with us, they’re seeking a 

trusted advisor who can seamlessly deliver the right 

mix of products and services to meet their financial 

needs. Our IRM process is how we implement touch plus 

technology equals trust. We offer the unique combination 

of our community bankers meeting clients’ needs by 

As the nation’s sixth-largest commercial bank, we 

connecting them to specialists such as our investment 

recognize our clients and communities have heightened 

bankers—and vice versa—while at the same time 

expectations of us, and financial hardships due to 

delivering those distinctive services personally or digitally. 

COVID-19 increased that urgency. I’m proud of the way 

our teammates, themselves facing loss and upheaval, 

7

Why leadership matters
Everything we do—for our clients, communities, 

teammates, and stakeholders—requires strong 

leadership to realize our value proposition. We start 

with three characteristics of outstanding leaders:  
First, be honest about where 
we are. Then be clear about 
where we’re going. Finally, 
have the courage to go there. 
Closely related is our leadership model: We believe 

that if we want to change results, we have to 

change behaviors. And to change behaviors, we 

must change beliefs.

The Truist Leadership Institute is our crown jewel 

for leader development, unique in banking. For 

decades, it has helped our own teammates 

become more dynamic, self-aware, effective 

leaders who can boost morale and the bottom 

line. It also has provided benefits to our clients and 

educators in our communities. During 2020, due 

to our larger size and COVID-19, we committed 

to more than double the institute’s size while 

shifting temporarily to remote learning. We created 

podcasts focused on self-care for healthcare 

professionals and Truist teammates and provided 

training on leadership during times of change.

Many of the toughest challenges we face as a 

nation hinge on effective leadership. One of my 

biggest worries is the sad fact that two out of 

three of America’s third graders cannot read at a 

“proficient” level, a key deficiency because reading 

is crucial to learning. Truist is helping address 

the problem through a digital reading game 

called WORD Force with our partner EverFi, now 

being used in 347 schools, as well as offering free 

Leadership Institute programs to principals at K-12 

public schools. But we need our nation’s leaders to 

help. A generation of nonreaders, many of whom 

also can’t do simple math, face a dismal future  

and threaten America’s vitality in a changing  

global economy.

8

William H. Rogers Jr.  
President and Chief Operating Officer

From our chairman and CEO

Ellen Fitzsimmons 
Chief Legal Off icer and
Head of Enterprise Diversity

Kimberly Moore-Wright 
Chief Human Resources Off icer

9

Diversity and opportunity
More broadly, leadership is essential to realizing the promise 

of the Declaration of Independence—a nation founded 

on the inalienable right to life, liberty, and the pursuit 

of happiness. We’ve not yet delivered on that promise. 

Nowhere is that more glaring than in the critical and 

immediate need for social justice and racial equity. 

As a company, we’re moving past words to meaningful 

and measurable actions. We started by listening and 

acknowledging the inequities our Black teammates have 

known all their lives during those uncomfortable “days of 

understanding,” which helped me understand the injustice 

in a more profound way. We committed to increasing 

diversity in leadership roles and ensuring ongoing pay 

equity reviews. Kimberly Moore-Wright, chief human 

resources off icer who we added to our executive leadership 

team, and Ellen Fitzsimmons, chief legal off icer and head of 

enterprise diversity, now report directly to me.

It’s that first step of outstanding leadership—being honest 

about where we are. Now it’s time for clarity about our 

direction and the courage to reach our destination.

As Larry Fink, founder of global investment firm BlackRock 

Inc., wrote in his annual letter to CEOs, “I cannot recall a 

time when it has been more important for companies to 

respond to the needs of their stakeholders.” Companies 

that stay connected to stakeholders by establishing trust 

and acting with purpose are better able to understand and 

respond to changes in the world—including the “historic 

crossroads on the path to racial justice”—and deliver long-

term, durable profits for shareholders.

As a nation, we must reaff irm the promise of the Declaration 

of Independence, and lead toward that vision. After a 

divisive national election—even a heartbreaking assault on 

our nation’s Capitol—seldom has there been a more crucial 

time for calm, reassuring leadership. Our nation must now 

focus on what unites us—not what divides us. 

Many of 2020’s challenges persist in 2021, including our 

discordant politics as well as the continuing risks posed by 

the pandemic and a weakened economy, particularly for 

the small and micro-businesses hit hardest by government 

shut-down orders. But I’m confident our nation will get 

through this. The economy is structurally strong, unlike 

previous downturns caused by economic events, such 

as the residential real estate collapse in 2008. I am also 

optimistic that COVID-19 vaccines will restore confidence  

in the economy, releasing pent-up demand from 

consumers and enabling businesses to expand their 

operations with conviction, freed from fear of additional 

pandemic-induced shutdowns.  

Our priorities in 2021
During 2021, we will continue to deliver on the promise of 

our merger of equals, including:

   •  Combining the systems for more lines of business, such 

as our top-performing wealth and mortgage operations.

   •  Realizing more cost savings and ways to win more 

business through our merger, with a target of achieving 

65% of projected merger net-cost savings by year-end.

   •  Enhancing our franchise, with continued growth in fee 

income, including from our robust insurance business 

(building on five acquisitions in just the fourth quarter  

of 2020).

   •  Investing in the future, with initiatives such as 

client-centric agile product development, digital 

transformation, digital marketing, and expanding 

LightStream’s capabilities.

Personally, I intend to spend most of my time in 2021 

solidifying our culture throughout Truist. The challenging 

environment of 2020 prompted us to change our strategies 

and tactics, but our culture keeps our course true.  
Our purpose, mission, and  
values—the core of our  
culture—is our north star.

As companies get larger and times get difficult, values 

become a vital foundation. Trustworthiness is one of our 

bedrock values. We care deeply and genuinely for each 

other, our clients, and our communities. Initiatives such 

2020 diluted EPS*

$1.18

$0.90

$0.97

$0.79

$0.83

$0.82

$0.73

$0.67

1Q20

2Q20

3Q20

4Q20

Adjusted

Reported

*Refer to Pages 33-34 for reconciliations, explanation of use of non-GAAP information, and list of peers.

10

From our chairman and CEO

as our Lighthouse community service projects and the Truist Momentum 

program to increase confidence in managing money exemplify that care. 

Pulling together as one team was particularly important in 2020, our first full 

year as a combined company. Together, we can accomplish anything.

Happiness and hope
Our final two values—success and happiness—are often confused. Success is 

important: We help our clients be financially successful, but being successful 

doesn’t guarantee happiness. We believe happiness is the positive energy 

that comes from helping others and changing lives. Some would say 2020 

was not a time to be happy, with the pandemic, economic challenges, and 

racial inequity. But it’s a mistake to wait for better times to be happy.

In my conversations with teammates, I share four steps to be happy, even 

in the midst of a crisis. First, simply choose to be happy. We get to decide 

every day how to live with the circumstances around us; we can’t make them 

disappear, but we can choose to approach them positively. Second, know 

our purpose in life, because if we know why we’re here, we can overcome any 

obstacle. Third, have a growth mindset; we can grow and change, rather than 

falsely believing we’re victims of circumstances, limited in what we can do.

Finally, the most important step to be happy is to help others. Many studies 

have shown that if we help others be happy, we’ll be happier ourselves. I end 

my talks with teammates and other stakeholders with a challenge: Every day, 

imagine we’re given a bag of seeds—seeds of hope—with the opportunity to 

plant the seeds throughout the day with acts of kindness—a pat on the back, 

a smile, wishing a passerby a great day.

With so many people hurting, our country desperately needs hope. I’ve never 

been prouder of our company than in 2020, when we planted many seeds 

of hope—large and small—to help our clients, teammates, and communities 

get through a very difficult year. Those seeds are really investments in our 

future—investments that also will deliver exceptional long-term returns to our 

shareholders. In 2021, Truist will be a beacon of light for all of our stakeholders 

as we live our purpose to inspire and build better lives and communities. 

We’re just getting started!

May God continue to bless you and these great United States of America.

Kelly S. King 

Chairman and Chief Executive Officer 

Feb. 23, 2021

11

12

Better performance  

Taxable equivalent revenue was $22.8 

billion during 2020. Net income available to 

common shareholders was $4.2 billion, an 

increase of 38.2%. On a per share basis, net 

income available to common shareholders 

was $3.08. 

Key performance ratios compared favorably 

with our peers. Our fourth quarter results 

produced annualized returns of 1.05% on 

average assets and 14.99% on average 

tangible common shareholders’ equity. When 

excluding merger-related charges, the fourth 

quarter adjusted return on average assets 

was 1.35% and the adjusted return on average 

tangible shareholders’ equity was 19.03%.   

Robust fee income 

Record investment banking and commercial 

real estate income, plus a strong performance 

from our insurance business, propelled fee 

income in the fourth quarter. New business 

growth in insurance was 19.5% in the fourth 

quarter compared with the year-ago quarter, 

reflecting acquisitions and strong wholesale 

demand. Our Integrated Relationship 

Management (IRM) strategy, which focuses 

on meeting all of a client’s financial needs, 

also contributed to fee income, notably in 

investment banking with strong referrals from 

community bankers and our wealth business, 

among others.

Increase in digital sales  

Our enhanced digital platforms drove a 

26% increase in digital sales for the year 

compared to the prior year. Deposit growth 

was broad-based, supported in part by the 

federal government’s COVID-19 stimulus. We 

continued to lower deposit costs. Average 

noninterest-bearing deposits grew 10% on 

an annualized basis in the fourth quarter 

compared to the third quarter. 

Our financial 
performance

In our first full year as Truist, 
we reported strong results 
driven by robust fee income 
growth, stable net interest 
income, disciplined expense 
management, and solid 
asset quality. Importantly, our 
diverse and complementary 
businesses carried 
momentum into 2021. 

13

Stable asset quality 

Our asset quality ratios remained relatively 

stable, reflecting the diversification benefits of 

the merger, effective problem asset resolution, 

and reduced exposure to pandemic-sensitive 

industries such as energy and hospitality. 

At year-end, nonperforming assets (NPAs) 

increased one basis point from the previous 

quarter to 0.27% of total assets, while net 

charge-offs were 0.27% of average loans and 

leases, a decrease of 15 basis points. Truist’s 

allowance for loan and lease losses decreased 

to 4.39 times nonperforming loans in the 

fourth quarter, versus 5.22 times in the  

third quarter.

Improved efficiency  

Noninterest expenses increased in the 

fourth quarter due largely to merger-related 

charges, although the adjusted efficiency ratio 

improved to 55.9% compared with 57.3% in 

the prior quarter. We will continue pursuing 

merger-related cost savings in 2021. We 

expect to close approximately 800 branches 

by 2022 and reduce our nonbranch footprint 

by 4.8 million square feet by mid-2021.

Strong capital and liquidity  

Our capital and liquidity remain very strong. 

Truist’s board of directors authorized actions 

to optimize our capital position, including the 

repurchase of up to $2 billion of common 

stock, beginning in the first quarter of 2021. 

Our dividend and total payout ratios were 

49.4%, comparing favorably with our peers. 

With our diverse businesses and markets, 

leading efficiency and returns, investments in 

innovation, and strong capital and risk profiles, 

Truist is committed to achieving a more stable 

earnings stream with less long-term volatility 

than our peers.

*

$1,603

$1,127

$1,111

$986

$902

$1,322

$1,068

$1,228

1Q20

2Q20

3Q20

4Q20

Adjusted

Reported

Capital ratios

12.7%

10.5%

9.3%

14.0%

11.6%

9.7%

14.6%
$0.97

12.2%

10.0%

14.5%

12.1%

10.0%

1Q20

2Q20

3Q20

4Q20

Common equity tier 1

Tier 1

Total

Nonperforming assets/assets

0.27%

1.10%

2020 adjusted return on assets*  

* Refer to Pages 33-34 for reconciliations, explanation 
of use of non-GAAP information, and list of peers.

Reported ROA was 0.90%.

14

Protecting lives  
and communities

Supporting our clients, communities, and 
teammates in response to the pandemic 
was a priority in 2020. 

Seemingly overnight, the COVID-19 pandemic turned our 

world upside down in March. As the sixth-largest commercial 

bank in the country, we knew we had a responsibility to serve 

where help was needed most. 

Through our Truist Cares initiative, we committed $50 million 

in grants to nonprofits for immediate needs related to  

the pandemic.

We also found ways to help our clients—reducing fees, easing 

payment terms, expanding digital banking capabilities, and 

distributing nearly $13 billion in Paycheck Protection Program 

loans. And, we took immediate action to protect and support 

our teammates and their families.  

15

Helping communities and clients

Recognizing the extraordinary 
circumstances many faced 
in 2020, we provided greater 
payment flexibility while reducing 
costs for a broad swath of clients. 

750,000+  

retail and wholesale clients aided 

through payment relief programs, 

including forbearance, deferrals, 

extensions, and re-aging of loans

$11MM  

in waived ATM fees and refunded 
surcharges to retail and small 
business debit clients

$49.1B  

in commercial and consumer loans 
with accommodations

100,000+  

families helped with monthly 
mortgage relief

$13.4MM  

in statement credits given to 
credit card holders for grocery and 
pharmacy purchases

Lending to preserve 
businesses and jobs

Truist was the fourth-largest PPP lender—
and we made additional loans to help 
businesses through the pandemic. 

The CARES Act was signed into law on March 27, 2020, and 

Truist—just eight days later—began accepting applications 

for Paycheck Protection Program (PPP) loans through an 

online portal our digital team created in the days leading up 

to the program’s start. 

Truist became the nation’s fourth-largest PPP lender, closing 

nearly $13 billion of PPP loans by the time the program ended 

in the summer. Those loans helped over 80,000 companies 

protect more than 3 million jobs. In many of our communities, 

Truist was the No. 1 provider of PPP loans. 

In addition to PPP loans, we provided $100 million in 

COVID-19 emergency relief loans to 2,300 clients. Many 

of our clients also drew down preexisting lines of credit to 

bolster their liquidity—especially during the highly uncertain 

second and third quarters of the year. 

These loans represent more than just a financial effort. 

They also represent an unprecedented mobilization of our 

teammates to build a new online loan process and rapidly 

respond to tens of thousands of applications. 

16

Iyeshia Lattimore found help and 
hope for herself and her children 
at Brighton Center.

Removing barriers, building better lives 

Truist partners with a Kentucky nonprofit to offer job training, child care, and other 
assistance to those in need.

Even before the pandemic, Northern Kentucky resident 
Iyeshia Lattimore was barely getting by—stuck in a low-wage 
job and traveling hours each day between home, child care, 
and work. She missed quality time with her two children. 

Truist Cares provided a $25,000 grant to Brighton Center 
in response to the pandemic. The funding has helped the 
nonprofit handle the nearly 400% increase in the number of 
families accessing emergency assistance services.

“I wasn’t eating well. I couldn’t sleep,” she says through tears. 
“I lost myself. I was just trying to push through.”

Facing eviction, Lattimore found Brighton Center, a nonprofit 
that uses a holistic approach to help clients achieve self-
sufficiency. Through a grant from Truist Cares, Lattimore 
received help—emergency rental assistance, affordable 
housing, five-star child care, and intensive training for high-
demand jobs—all within walking distance. 

Lattimore was a standout trainee, becoming an official 
ambassador for Brighton Center—and a leader among 
her peers. After nailing an interview with the area’s largest 
healthcare employer, she secured an externship that led to a 
full-time job as a medical assistant. 

“I’m not stopping here,” says Lattimore. “I’m going back to 
nursing school to become a registered nurse. I’m going to get 
a house for my kids. They need a backyard—space to run.” 

17

Helping a hospital with a critical supply shortage

Early in the pandemic, a Truist Cares grant came to the aid of a rural health system. 

Will Runyon remembers what it was like when they realized 
they had their first COVID-19 patient in Albany, Georgia, in 
March 2020. 

“It was pretty scary being told, ‘Hey, you’ve probably been 
exposed to this new disease that could possibly kill you,’” says 
Runyon, a hospital chaplain for Phoebe Putney Health System. 

Phoebe, a not-for-profit health system, serves patients 
across southwest Georgia, an area where early U.S. exposure 

“ Gowns, face masks, shoe 
coverings, eye protection,  
face shields—we were short  
on everything.”

—Carolyn Higgins, Phoebe Putney Health System

spiked. But like most health systems, they weren’t stocked for a 
pandemic. Carolyn Higgins, Phoebe’s chief fundraising officer, 
says they went through about six months’ worth of personal 
protective equipment (PPE) in just five days. 

“Gowns, face masks, shoe coverings, eye protection, face 
shields—we were short on everything,” she says. 

Around this time, a $500,000 Truist Cares grant was provided 
to Phoebe. Higgins says this not only immediately helped the 
front-line workforce secure PPE—it also prompted a wave of 
other donations. 

“It really helped bolster the morale of our team,” Higgins says. 

Runyon says Phoebe hasn’t run out of masks during the 
pandemic—and its workforce has never lost hope, thanks 
in part to support like that of Truist Cares. “The fact is, we 
wouldn’t be able to do what we do to this extent without that 
kind of help and support.” 

Supporting front-line pandemic relief 

Our Truist Cares initiative put $50 million into the hands of trusted nonprofit partners 
who are best positioned to address critical community needs.

We awarded grants to 355 nonprofits, including United Way 
agencies, the CDC Foundation, Johns Hopkins Medicine, the Boys 
& Girls Clubs COVID-19 Relief Fund, and many others. 

For example, $2.5 million was given to TechSoup, a nonprofit 
provider of technology solutions, to help grassroots organizations 
make critical technology investments and serve those  
most vulnerable. 

Truist also made a $7 million grant to the United Way COVID-19 
Relief Fund to address pressing needs in more than 300 markets.

355 grants awarded  
to nonprofits

18

Protecting lives and communities

Taking care 
of teammates

A $100 million investment helped 
our teammates stay safe and 
healthy as they faced their own 
pandemic challenges.

Truist teammates devoted themselves to 
serving clients and their communities in 2020, 
despite obstacles COVID-19 created. But 
most of our teammates also faced personal 
challenges, and we knew they needed help.

We committed $100 million to support our 
teammates as they faced increased pressures 
at home and work, providing more flexibility 
and additional assistance through paid time off , 
emergency child- and elder-care benefits, and 
tutoring help for children.

Following the guidance of public health 
off icials, our Together Safely strategy ensured 
the health of our teammates as they continued 
to serve clients as essential workers.

For onsite teammates, we took steps to 
ensure social distancing, frequently disinfected 
high-touch surfaces, and controlled access for 
branches. Through a massive technology eff ort, 
we enabled more than 60% of our teammates 
to work remotely in just a few weeks.

Truist provided free COVID-19 tests and 
treatment, and about 75% of our teammates 
received a $1,200 coronavirus relief bonus.

1919

Corporate  
social 
responsibility

At Truist, we viewed the challenges of 2020 as 

a call to action—to help our communities, our 

teammates, our clients, and all our stakeholders. 

As you can see in the examples to the right and 

throughout this report, we rose to the challenge.

Banking is just the beginning. Our purpose—to 

inspire and build better lives and communities—

motivates us to make positive changes every 

day and contribute to society. Corporate 

social responsibility (CSR) and responsible 

environmental, social, and governance 

(ESG) practices are critical to our company’s 

sustainability and our collective success. We 

also recognize that a strong ESG program 

enhances risk management and contributes to 

long-term value creation. 

The challenges of 2020 showed us that 

corporate social responsibility is more important 

than ever. We are committed to being a catalyst 

for change—and for good—among banks.

We look forward to sharing more 
information on our company’s ESG 
initiatives and programs in our 2020 
Corporate Social Responsibility report, 
which will be published this summer.

2020 highlights
Community giving and impact

$178.6MM 
Total giving  
by Truist1

Truist Charitable Fund 
$80.5MM/ 
466 grants2

Truist Foundation 
$79.77MM/934 grants  
91% of grants to groups serving  
low- to moderate-income families2

Support for affordable housing 
    $58.1MM in investments 

$13.3MM in debt backing  
Construction jobs created: 1,493 
Permanent jobs created: 1,230 
LIC members served: 106,9064

Affordable housing units 
created, sustained, or improved 
17,637 backed by loans 
4,624 backed by debt5

$7.06MM total support to 358 
United Way chapters

Progress on Community  
Benefits Plan 114%7    

$818.3MM/163 community 
development investments3

$7.4B/4,038  
community development loans6

Lighthouse Project volunteerism  
    1,700+ community service  

projects completed 
Nearly 35,000 volunteer  
hours to local nonprofits 

Positive impact on  
1.7 million people

Environment

Milestones 
    Disclosed Scope 1 and  

Scope 2 emissions 

Published Truist  
Environmental Statement 

Completed 
inaugural  
CDP reporting

880+ acres  
of trees  
planted through 
LightStream’s  
plant a tree with every loan 
donation, in partnership 
with American Forests

Renewable energy 
$2.4B of  
clean energy  
and sustainability financing 
includes a $75 million  
commitment to a $550 million 
financing of a custom barge to  
help build offshore wind farms

$534.4 million  
in solar funding, 
reaching 15,703 
households 

Childhood literacy 
and education

WORD Force childhood literacy 
learning game in 347 active 
schools8 

6,990 
students9

Investing in our teammates

Governance

9.5% voluntary annual turnover  
rate among Truist teammates vs.  
13% average for the industry (as 
of November 2020)10

1,000+  
free career 
coaching sessions 
for teammates

Formally kicked off the 
first meeting of our ESG 
Council in 
November 2020

10,000+ teammates participating in  
one or more business resource groups

Awards and recognition

Human Rights Campaign’s Corporate Equality Index 
100% score and named Best Place to Work 

Forbes   
Best Places to Work for Women 2020 
Best Employers for Veterans 2020

2020 United States Black 
Chambers Corporation 
of the Year Award

Truist  
Momentum  

142,602 employees  
participating at  
31 companies  
57 classes taught

1.  Includes Truist Foundation, Truist Charitable 
Fund, Regional/CCB, and CRA. Truist Cares 
numbers are included in the foundation and 
charitable fund totals. Some numbers are 
rounded.

2.  These numbers include  

Truist Cares.

3.  Investments as of Dec. 31, 2020; tax credits 

5.  Investments and loans created, sustained,  

or bonds, not grants.

or improved as of Nov. 30, 2020.

4.  Truist Community Capital NMTC Deals 

closed in 2020; equity includes investments 
into third party allocation; debt is ST CDE 
allocation.

6. Loans as of Dec. 31, 2020
7.  Of year-to-date December  

2020 goal 

8.  School count based on 2020 calendar year, 
so there may be schools that participated in 
both the spring and fall vs. unique schools.

9. 2020 calendar year
10.  This number excludes temporary populations 

like interns. 

Advancing diversity
Suppliers that reflect our communities

Our supplier diversity effort aims to ensure that our suppliers 
reflect who we are as a community and company while 
enhancing our client experience, strengthening our operations, 
and enriching our communities. 

“By partnering with a diverse supplier base across our 
footprint—especially certified diverse-owned businesses—we 
drive innovation to support the needs of our clients, help local 
businesses grow, support the local economies, and contribute 
to the success of the communities we serve,” says Chairman 
and CEO Kelly S. King.

We have expanded our supplier diversity team to achieve  
these goals.

We are making great strides in increasing our total spend with 
diverse suppliers. We have a multi-year plan in place to enhance 
supplier diversity, and we have already exceeded our target for 
the first year in 2020.

Through our newly launched Truist Tier2 Supplier Diversity 
Program, we’ve invited our top strategic suppliers to actively 
support subcontracting with certified diverse suppliers.

Community
400+ 

partnerships with 
national and community 
organizations advancing 
diversity, equity, and 
inclusion

600+ 

diverse and multicultural 
community partners 
through our Multicultural 
Banking offices

$40MM 

to launch CornerSquare 
Community Capital, 
funding diverse small 
businesses, with a focus  
on African Americans  
and women

$5.5MM  

for social justice grants

$12.5MM  

to empower our 
communities

Leadership and 
team diversity
10,000+ 

teammates are members 
of 8 business resource 
groups

14-member  

executive leadership team 
includes two women and 
two African Americans

45%  

of board of directors are 
women and/or members 
of racial/ethnic minority 
groups

260+  

days of understanding 
sessions in 2020

Committed to 
•  Ongoing pay  
equity reviews 

•  Increasing diversity in 
senior leadership roles 
from almost 11.9% to 15% 
in three years

Accomplished
•  Established a new 

Diversity Recruiting team

•  Participated in 18 HBCU 

career fairs

Signed  
PwC’s CEO Action for 
Diversity & Inclusion

Joined 
Business Coalition for the 
Equality Act

Recognitions  
and awards 
Florida State Minority 
Supplier Development 
Council–President’s Award

“Top 50 Employers” by 
CAREERS & the disABLED 
Magazine 

Greater Women’s 
Business Council  2020 
TOP Corporation

National Business 
Inclusion Consortium 
(NBIC) Top 50 Best-of-
the-Best Corporations for 
Inclusion

US Pan Asian American 
Chamber of Commerce– 
National Top 35  
Corporate Star

21

 
Improving education,  
strengthening communities
Strengthening the next generation

Financial literacy program for high school students helps them make smart money decisions, 
teaches them about paying for college.

Truist Financial Foundations, an interactive financial education 
program designed to help high school students understand 
and use basic financial concepts, passed the 1 million student 
threshold in 2020, 10 years after it was launched.

The interactive lessons cover topics such as banking, 
budgeting, managing credit and debt, and financing higher 
education. Before-and-after assessments show that in the 
2018–2019 school year, students who participated in the 
program increased their financial knowledge by 78%.

In 2020, Truist temporarily made the program available for free 
to all U.S. high school students.

Chip Lucas, executive director of the Career and Technical 
Education center at Cumberland County Schools in North 

Carolina, says the program helps students gain the confidence 
to make decisions about applying for financial aid and loans.

“Truist Financial Foundations helped me identify all the different 
steps and measurements I need to take in order to be prepared 
for college,” says Sarah Jane Stout, a Charlotte-Mecklenburg 
high school student. “I learned about the importance of 
savings and earning interest. Saving for college and graduate 
school seemed like a daunting task, but the program broke it 
down into smaller steps.” 

Truist Financial Foundations has reached students in 15 states 
and Washington, D.C. Participants who complete the program 
are entered in a drawing for three scholarships worth $5,000.

Bridging the digital divide 
during COVID-19

Home Page Program provided critical 
technology support for K-12 students 
learning from home during the pandemic.

As part of our commitment to education, Truist partnered 
with Hotwire and Dell to create The Home Page Program, a 
program providing laptops, high-speed internet access, and 
ongoing support for students and families learning virtually 
during the pandemic.

As schools moved to virtual education, children from 
low-income families without high-speed internet access or 
technology were at risk of falling behind.

More than 2,100 students in North Carolina, Florida, and 
Pennsylvania received backpacks that each contained a 
laptop, a notebook, headphones, and other school supplies. 
They also received access to a website with school 
resources and digital activities to encourage learning, such 
as our innovative WORD Force literacy game.

Closing the racial gap 
in education 2020 
efforts included

$250K

amount donated to start a Charlotte chapter 
of Black Girls CODE, a national program 
devoted to getting more girls of color started 
in technology careers

$20MM

for the support of historically black 
colleges and universities over three years

22

One team  
helping clients 
succeed

Across Truist, teammates are working 
together to deliver on the promise 
of our historic merger of equals: a 
main street bank, deeply embedded 
in our communities, offering a 
complete range of financial services to 
individuals and businesses. We’re also 
investing in innovation and technology 
to meet our clients’ expectations 
wherever and whenever they want to 
do business.

23

Putting the promise of touch 
and technology into action

Integrated Relationship Management (IRM) is a 
framework for amplifying what Truist does best 
to provide even greater value to all clients. 

When Truist was formed in late 2019, we said we’d create value 
by combining our distinctive client-focused banking experiences 
with greater investments in technology and a stronger mix of 
financial services offerings. We call this approach “T3”—touch 
integrated with technology equals trust. 

We are confident in this strategy because it builds on Truist 
strengths, including: 

• The No. 1-ranked mobile banking app  

• Industry-leading client service  

•  Differentiated offerings, including Truist Securities, Truist 
Insurance Holdings, and the Truist Leadership Institute 

IRM is a framework for putting T3 into practice across Truist—
through all our lines of business and for all our clients. IRM makes 
explicit how we set ourselves apart in the market, how we earn 
client loyalty, and how we grow revenue. 

IRM makes explicit how we set 
ourselves apart in the market, 
how we earn client loyalty, and 
how we grow revenue. 

It puts client needs at the center of everything we do and drives 
us to provide the high-quality client service, innovative technology, 
and unique experiences. 

For our teammates, it guides how they’ll work together to meet 
client needs—educating clients and providing strategic advice to 
help them achieve business and financial goals. This can be as 
simple as connecting a retail banking client to a mortgage loan 
officer, or as complex as helping a middle market company  
raise capital. 

For clients, IRM makes us different from other financial services 
providers. While many firms offer banking, capital markets 
services, and insurance, for example, few offer all of them. And 
even fewer can deliver them with both cutting-edge technology 
and personalized service. 

IRM grows revenue by focusing teammates on building close 
relationships with clients, understanding their goals and needs, 
and offering access to specialized knowledge, services, and 
products that best meet their needs—even if it’s a need they 
haven’t yet realized. It’s not about selling—it’s about bringing 
together a mix of people, products, and technology that leads 
clients to recognize Truist as the best-positioned financial services 
provider to help them achieve their goals. 

24

Responding with innovation
When the pandemic forced business closures 
and stay-at-home restrictions, we responded 
by accelerating digital innovation for the 
benefit of our clients.

Creating 
a digital portal 
for PPP loan 
applications in 

just a few days

Off ering 
callbacks 
and branch 
appointments 
so clients could 
connect with 
teammates 

Launching 
a payment relief 
chatbot to answer 
questions about 
mortgages, credit 
cards, and 
personal loans 

Automating 
the mortgage 
forbearance 
process with 
an online form 

Expanding 
electronic 
signature use

Increasing 
mobile deposit 
limits 

Reimagining the banking experience
The new Truist Innovation and Technology Center (ITC) will be the nexus 
of innovation as we develop a new generation of client-centered financial 
services and products. 

The ITC in Charlotte is where we will invest in and reinvent the 
client experience. This 106,000-square-foot facility—almost 
as large as two football fields—will be the bustling heart of 
innovation at Truist. 

Teammates with a variety of skills and backgrounds—experience 
designers, data analysts, software engineers, behavioral 
scientists, product managers, researchers, fintech experts, and 
others—will work together leveraging methodologies such as 
design thinking to create new and exciting financial services 
and experiences. 

The space is designed to encourage creativity through 
collaboration. Guided by the principles of technology, touch, 

and trust, the workplace is a collection of spaces that enable 
teammates to connect, thrive, and grow in a captivating and 
distinct environment.

Clients will also play an integral role in the experience design 
process, becoming collaborators in creating the products and 
services they need to manage their financial needs. 

We also envision the ITC as a place where Truist can share 
thought leadership, and partner with university students and 
faculty, fintech entrepreneurs, and technology companies. 

25

Becoming Truist
Key accomplishments reinforce new brand, strengthen culture, and 
position company for success. 

We made significant progress this year on our historic merger of 
equals—unveiling a vibrant brand, strengthening our retail presence, 
and positioning Truist for continued growth. 

These include Truist Park, home of the Atlanta Braves, plus 
sponsorships of minor league ballparks, university facilities, and 
entertainment venues. 

We began 2020 by introducing our purpose, mission, and values. 
Remarkably, 97% of our teammates say our purpose resonates with 
them personally.

Less than two weeks into the year, we launched the Truist brand. 
This included our new visual identity, brand voice, and logo. We also 
completed major brand conversions across the organization. The 
Truist Foundation, Truist Momentum program, Truist Securities, Truist 
Insurance, and Truist Leadership Institute now carry new identities. 

We completed our branch divestiture plan, while also implementing 
a blended branch program to guide clients through the transition 
and move toward branch consolidations—a key element of the cost 
savings plan we announced with the merger.

This year and next, we will continue to convert legacy BB&T and 
SunTrust branches to the new Truist brand. This will include new 
signage and other elements. We anticipate branch conversions will 
be completed in 2022.

We launched 11 sponsorships of key venues in 
communities throughout our service area. 

Our ability to attract and retain top-tier talent is a critical element 
of our business strategy. To facilitate those eff orts, we integrated 
the Workday talent management system and launched our Total 
Rewards program, the Teammate Learning Experience, and Truist 
Job Architecture model. 

We purchased Truist Center, our corporate headquarters building 
in Uptown Charlotte. This building will bring together executive 
leaders as well as teammates from across the company. Though the 
pandemic has changed the way we work, the ability to work closely 
together is still crucial; our new headquarters will safely facilitate 
those collaborations.

Technology and innovation will be at the heart of financial services 
now and in the future, and our new Innovation and Technology 
Center (see Page 25) will be at the heart of that eff ort. 

In 2020 we launched Truist Ventures to invest in and partner with 
innovative fintech companies. Truist Ventures is one of several 

initiatives designed to ensure we’re developing the products, 
services, and experiences that position us to compete in 

a dynamic financial services marketplace.

Nurturing hope and resilience
Truist helps historic museum and gardens provide visitors a respite during 
troubled times.

In March 2020, Cheekwood Estate & Gardens in Nashville, 
Tennessee, was forced to close due to COVID-19. But with help 
from a PPP loan from Truist, Cheekwood was able to prepare to 
re-open with new health and safety protocols.

Since being converted into a museum of art and botanical 
garden in 1960, the turn-of-the-century mansion and estate  
has presented world-class art exhibitions, programming for 
all ages, and spectacular gardens. Each year, Cheekwood 
welcomes over 225,000 visitors, making it one of Nashville’s 
top cultural attractions.

“Cheekwood is an escape,” says Jane MacLeod, president and 
CEO. “We are a place to renew your mind, body, and spirit. 
Whether you’re a lover of arts, gardens, or history, we really 
have it all.”

Truist has been a partner with Cheekwood through good times 
and bad, says MacLeod. 

“We were successfully able to receive funds that enabled us 
to [avoid furloughing] any of our full-time staff,” MacLeod says. 
Cheekwood followed CDC and local government guidelines—
requiring face masks indoors and social distancing—allowing it 
to safely reopen.

The support during the pandemic has enabled the estate to 
provide visitors a needed respite from the uncertainty of 2020.

“In times like this, Cheekwood has never served this community 
better,” she says. “You can come out to Cheekwood and things 
seem a little more normal. And I think people need that.”

“ We will be 
resilient;  
we will be 
creative.”

— Jane MacLeod, president and CEO, 

Cheekwood Estate & Gardens

27

“ It’s refreshing to have 
that level of immediate 
communication and 
feedback from a bank.”  

— Jed Gray,  

general manager

Winery navigates pandemic 
challenges with creativity
When COVID-19 forced a winery to close for nearly two months during its busiest 
time of year, Truist provided a financial lifeline so the business could adapt to new 
restrictions and a slowing economy.

In March 2020, Virginia Gov. Ralph Northam ordered all 
restaurants and hospitality facilities in the state to close as part 
of an effort to slow the spread of COVID-19.

Truist immediately stepped in to help the company weather 
the downtime and slowing economy with a quick-turn $50,000 
loan, deferments, and help securing a large PPP loan.

That meant that Greenhill Winery & Vineyards in Middleburg, 
Virginia, had to close its front-of-house operation for seven 
weeks during a time of year that is traditionally one of  
its busiest. 

“Before COVID hit, we had very robust traffic seven days a 
week,” says General Manager Jed Gray.

The working-farm winery is a popular destination for locals 
and tourists and it relies primarily on in-person events and 
tastings to drive sales, as it doesn’t distribute its wines through 
other sellers. Besides wine, it also sells beef from cattle raised 
on the property and honey from its apiaries. Greenhill also 
employs more than a dozen people and is an important part of 
Middleburg’s business community.

“The loan gave us the ability to hold onto staff, keep moving 
forward with the business, and ultimately grow as the year 
progressed,” Gray says.

Greenhill was able to partially open May 29, and then fully 
reopen July 1. And even then, safety measures have changed 
the way the winery operates.

Greenhill has built new outdoor facilities, adding firepits and 
outdoor heaters, so it can more easily host socially distanced 
events. It has also looked for creative new ways to promote 
itself. Truist has hosted virtual wine tastings for its clients, in 
partnership with Greenhill, bringing income and visibility to  
the winery.

28

 
One team helping clients succeed

Supporting peace 
of mind for essential 
workers and their pets
Truist helps the furry friends of those on the 

front line by providing financial support for a 

vital dog daycare and boarding business.

The COVID-19 pandemic affected everyone, including vital 
workers responsible for health, safety, and security in Northern 
Virginia and the capital region. It also affected their families, 
and their pets.

Charlie Richardson, owner of A Dog’s Day Out, kept his business 
open because he knew important people were counting on the 
daycare and boarding services for their dogs.

“A lot of our customers are EMS personnel, they are nurses, 
they are military,” he says. 

“ Truist has been an essential 
part of our survival.”

— Charlie Richardson, co-owner,  

A Dog’s Day Out

“It’s important that they have peace of mind, that their dogs are 
being cared for,” adds Charlie’s daughter Nicole, who co-owns 
the business.

The business is an important part of the community of 
Northern Virginia, giving dogs love and attention while their 
owners are on the front lines.

“It’s a true joy to be with the dogs,” says Charlie. “They are 
always happy to see you. The tails are always wagging. They 
just fill your heart.”

But the decision to stay open during the pandemic and the 
related economic crisis came with sacrifice. The Richardson 
family turned to Truist for a PPP loan to keep their business, and 
its essential services, going. 

“My father’s blood, sweat, and tears went to save up the money 
to start this business,” says Nicole. “It was really important to us 
that it didn’t fail because of COVID.”

Ensuring that businesses like A Dog’s Day Out continue to 
operate was a strategic priority for Truist in 2020.

 “Truist has been an essential part of our survival,” says Charlie.

“It’s so fun to see my father in there with the dogs,” says  
Nicole, “being covered with kisses and all the love and joy  
that he deserves.”

29

Truist 
Leadership 
Institute

Self-Care for 
Healers 

The goal of this Truist Leadership Institute 
podcast? To give healthcare professionals 
insight, encouragement, and leadership 
coaching in the face of the pandemic. 

Throughout the coronavirus pandemic, we 
have all heard about the valiant efforts made 
by healthcare workers who risked their lives 
as they dealt with a lack of supplies, long 
hours, and gut-wrenching experiences with 
the patients in their care. The consultants at 
Truist Leadership Institute decided they wanted 
to use their knowledge to help these workers. 
Less than 24 hours later, they launched a new 
podcast: “Self-Care for Healers.” 

In five-minute episodes, Leadership Institute 
consultants provide a message to help health-
care professionals “feel better, lead better, treat 
better.” Each episode takes a psychology-based 
approach to leadership development and 
frames it with anecdotes and actionable 
takeaways for healthcare professionals. The 
hope is that material provides insight into 
why certain feelings, emotions, responses, 
or behaviors manifest, as well as effective 
responses individuals can consider.

“This podcast is based on our passion for the 
healthcare industry and the incredible, heroic 
work these folks are doing,” says podcast host 
Anna Slaydon. “We’ve gotten a lot of great 
responses from it. I spoke with a healthcare 
worker who said, ‘I started listening to this 
podcast, and now I listen to it every day 
because it feels like my lifeline.’”

“Self-Care for Healers” is available on Stitcher, 
Apple Podcasts, Spotify, and Google Podcasts.

Developing future leaders in new ways
The pandemic changed life at institutions of higher learning—and Truist Leadership Institute 

quickly adapted to maintain connections to student leaders.

Truist Leadership Institute’s Emerging Leaders Certification 
(ELC) program is built around in-person sessions held with 
students at colleges and universities across the Truist 
footprint. (The program is considered an in-kind gift to each 
institution valued at $500 per student certified.) To date, 
more than 11,000 college students have taken the six-hour 
course, in which they acknowledge their strengths and 
motivators and become equipped with the tools they need to 
lead others effectively.

When the COVID-19 pandemic shuttered college and universi-
ty campuses, the team at the Leadership Institute quickly—in 
a matter of weeks—turned that powerful in-person program 
into a real-time online learning experience. And the results 
speak for themselves.  

Between April and June, we certified nearly 600 students 
using the virtual format. By keeping the sessions live and in 
real-time, students still experience the interactive nature of 
the program and the important discussions that are part of 
the program’s success. Participants and educators say the 
change to online learning was seamless and that the format 
change even helped some more reserved participants  
feel heard. 

The program remained virtual through the 2020–2021 
academic year as pandemic-related challenges continued. 
What the Leadership Institute has learned as a result will 
broaden the opportunities for the program even after the 
pandemic ends.

73

virtual Student  
Leadership Programs  
as part of COVID-19  
response

2,560

total students certified  
in 2020

81

college and 
university 
partners

$1.3MM

gift in-kind for ELC in 2020

30

Executive leadership team

Kelly S. King
Chairman and Chief 

Executive Off icer

William H. Rogers Jr.
President and Chief 

Operating Off icer

Daryl N. Bible
Chief Financial Off icer

Scott Case
Chief Information Off icer

Hugh S. “Beau” 
Cummins III
Head of the Corporate 
and Institutional Group

Ellen M. Fitzsimmons
Chief Legal Off icer and 
Head of Enterprise Diversity

Christopher L. Henson
Head of Banking 
and Insurance

Mike Maguire
Head of National 
Consumer Finance 
and Payments

Kimberly Moore-Wright
Chief Human 
Resources Off icer

Brant J. Standridge
Head of Retail 

Community Banking

Clarke R. Starnes III
Chief Risk Off icer

Joseph M. Thompson
Head of Truist Wealth

David H. Weaver
Head of Commercial 

Community Banking

Dontá L. Wilson
Chief Digital and Client 

Experience Off icer

31

(Picture taken January 2020)

Seated (L to R): Anna R. Cablik, Patrick C. Graney III, Donna S. Morea, Frank P. Scruggs Jr., Nido R. Qubein

Standing (L to R): Dallas S. Clement, Charles A. Patton, Jennifer S. Banner, Thomas E. Skains, Agnes Bundy Scanlan, Easter A. Maynard, Bruce L. Tanner, 

William H. “Bill” Rogers Jr., Kelly S. King, Christine Sears, Paul R. Garcia, Steven C. Voorhees, Linnie M. Haynesworth, David M. Ratcliffe, Paul D. Donahue,  

K. David Boyer Jr., Thomas N. Thompson

Board of directors

Kelly S. King 
Chairman and Chief Executive Officer, 

Paul D. Donahue 
Chairman and Chief Executive Officer, 

Truist

Genuine Parts Company

David M. Ratcliffe 
Retired Chairman, President, and Chief 

Executive Officer, Southern Company

William H. Rogers Jr. 
President and Chief Operating Officer, 

Paul R. Garcia 
Retired Chairman and Chief Executive 

Frank P. Scruggs Jr.
Principal, Frank Scruggs P.A.

Truist

Officer, Global Payments Inc.

Jennifer S. Banner
Executive Director at the University of 

Tennessee Haslam College of Business, 

Forum for Emerging Enterprises and 
Private Business

K. David Boyer Jr. 
Chief Executive Officer,  

GlobalWatch Technologies Inc.

Agnes Bundy Scanlan
President, Cambridge Group LLC

Anna R. Cablik 
President, Anasteel & Supply  

Company LLC

Dallas S. Clement 
Executive Vice President and Chief 

Financial Officer, Cox Enterprises

Patrick C. Graney III 
President, PCG Inc.

Linnie M. Haynesworth
Retired Sector Vice President

and General Manager, 

Northrop Grumman Corporation

Easter A. Maynard 
Director of Community Investment, 

Christine Sears
Retired Chief Executive Officer,

Penn National Insurance

Thomas E. Skains
Retired CEO, 

Piedmont Natural Gas Company Inc.

Bruce L. Tanner 
Retired Executive Vice President  

and Chief Financial Officer,  

Investors Management Corporation

Lockheed Martin Corporation

Donna S. Morea
Chief Executive Officer, 

Adesso Group, LLC

Charles A. Patton 
Manager, Patton Holdings LLC

Nido R. Qubein 
President, High Point University

Thomas N. Thompson 
President, Thompson Homes Inc.

Steven C. Voorhees
President and Chief Executive Officer, 

WestRock

32

Shareholder information

Corporate headquarters 
Truist Financial Corporation 
214 N. Tryon Street 
Charlotte, NC 28202 

Website
To �ind the latest information about Truist, 
go to Truist.com. Please visit the Newsroom 
section for news releases or the Investors 
section for �inancial information, governance 
and responsibility practices, or to access this 
report online. 

SEC filings
Truist Financial Corporation �iles required 
reports with the Securities and Exchange 
Commission each year. Copies of these 
reports may be obtained upon written 
request to: 
Daryl N. Bible 
Senior Executive Vice President and Chief 
Financial O� icer 
Truist Financial Corporation 
214 N. Tryon Street 
Charlotte, NC 28202

Transfer agent
Computershare Trust Company, N.A.
P.O. Box 505005 
Louisville, KY 40233
800-213-4314

Shareholder services 
Shareholders seeking information regarding 
transfer instructions, dividends, lost 
certi�icates or other general information 
should write or call: 
Computershare Trust Company N.A. 
P.O. Box 505005
Louisville, KY 40233
800-213-4314

Address changes, reprinting of tax 
information and account information may be 
directly accessed through the Computershare 
website using Investor Center: 
www.Computershare.com/investor

Stock Exchange and Trading Symbol
The common stock of Truist Financial 
Corporation is traded on the New York Stock 
Exchange under the ticker symbol TFC. 

Direct Stock Purchase and Dividend 
Reinvestment Plan 
The Direct Stock Purchase and Dividend 
Reinvestment Plan off ers prospective and 
current shareholders the opportunity to 
aff ordably obtain Truist common shares. 
Shareholders may reinvest dividends, 
purchase additional shares and sell shares on 
a regular basis. For more information, contact 
Computershare at 800-213-4314. 

Media
News media seeking information should 
contact: 
Media@Truist.com

Analysts
Analysts, investors, and others seeking 
additional �inancial information should 
contact:
Ryan Richards
Executive Vice President
Director of Investor Relations
980-465-5000
Ryan.Richards@Truist.com or Investors@
Truist.com

Clients
Clients seeking assistance with BB&T 
products and services should call 800-BANK 
BBT (800-226-5228) or visit BBT.com. Clients 
seeking assistance with SunTrust products 
and services should call 800 SunTrust (800-
786-8787) or visit SunTrust.com.

Peer comparisons
The peer data re�lected here includes: 
Bank of America Corporation, Citizens 
Financial Group, Inc., Fifth Third Bancorp, 
JPMorgan Chase & Co., KeyCorp, M&T Bank 
Corporation, The PNC Financial Services 
Group, Inc., Regions Financial Corporation, 
U.S. Bancorp, and Wells Fargo & Company.

About Truist
Truist Financial Corporation is a purpose-
driven �inancial services company committed 
to inspire and build better lives and 
communities. With the combined history 
of BB&T and SunTrust, Truist has leading 
market share in many high-growth markets 
in the country. The company off ers a wide 
range of services including retail, small 
business and commercial banking; asset 
management; capital markets; commercial 
real estate; corporate and institutional 
banking; insurance; mortgage; payments; 
specialized lending; and wealth management. 

33

Headquartered in Charlotte, North Carolina, 
Truist is the sixth-largest commercial bank 
in the U.S. with total assets of $509 billion as 
of December 31, 2020. Truist Bank, Member 
FDIC. Learn more at Truist.com.

potentially negative interest rates, which 
could adversely aff ect Truist’s revenue 
and expenses, the value of assets and 
obligations, and the availability and cost of 
capital, cash �lows, and liquidity;

Forward-looking statements 
This report contains “forward-looking 
statements” within the meaning of the 
Private Securities Litigation Reform Act 
of 1995, regarding the �inancial condition, 
results of operations, business plans and the 
future performance of Truist. Words such 
as “anticipates,” “believes,” “estimates,” 
“expects, “forecasts,” “intends,” “plans,” 
“projects,” “may,” “will,” “should,” “would,” 
“could” and other similar expressions are 
intended to identify these forward-looking 
statements.

Forward-looking statements are not based 
on historical facts but instead represent 
management’s expectations and assumptions 
regarding Truist’s business, the economy and 
other future conditions. Such statements 
involve inherent uncertainties, risks and 
changes in circumstances that are di� icult to 
predict. As such, Truist’s actual results may 
diff er materially from those contemplated 
by forward-looking statements. While there 
can be no assurance that any list of risks 
and uncertainties or risk factors is complete, 
important factors that could cause actual 
results to diff er materially from those 
contemplated by forward-looking statements 
include the following, without limitation, 
as well as the risks and uncertainties more 
fully discussed under Item 1A-Risk Factors 
in our Annual Report on Form 10-K for the 
year ended Dec. 31, 2020 and in Truist’s 
subsequent �ilings with the Securities and 
Exchange Commission:

•  risks and uncertainties relating to the Merger 
of BB&T and SunTrust, including the ability 
to successfully integrate the companies 
or to realize the anticipated bene�its of the 
Merger;

•  expenses relating to the Merger and 
integration of heritage BB&T and heritage 
SunTrust;

•  deposit attrition, client loss or revenue loss 
following completed mergers or acquisitions 
may be greater than anticipated;

•  the COVID-19 pandemic has disrupted the 
global economy, adversely impacted Truist’s 
�inancial condition and results of operations, 
including through increased expenses, 
reduced fee income and net interest 
margin and increases in the allowance for 
credit losses, and continuation of current 
conditions could worsen these impacts and 
also adversely aff ect Truist’s capital and 
liquidity position or cost of capital, impair 
the ability of borrowers to repay outstanding 
loans, cause an out�low of deposits, and 
impair goodwill or other assets;

•  Truist is subject to credit risk by lending or 
committing to lend money and may have 
more credit risk and higher credit losses to 
the extent that loans are concentrated by 
loan type, industry segment, borrower type 
or location of the borrower or collateral;

•  changes in the interest rate environment, 
including the replacement of LIBOR 
as an interest rate benchmark and 

•  inability to access short-term funding or 
liquidity, loss of client deposits or changes in 
Truist’s credit ratings, which could increase 
the cost of funding or limit access to capital 
markets;

•  risk management oversight functions may 
not identify or address risks adequately, and 
management may not be able to eff ectively 
manage credit risk;

•  risks resulting from the extensive use of 
models in Truist’s business, which may 
impact decisions made by management and 
regulators;

•  failure to execute on strategic or operational 
plans, including the ability to successfully 
complete or integrate mergers and 
acquisitions;

•  increased competition, including from new 
or existing competitors that could have 
greater �inancial resources or be subject 
to diff erent regulatory standards, and from 
products and services off ered by non-bank 
�inancial technology companies, may 
reduce Truist’s client base, cause Truist to 
lower prices for its products and services in 
order to maintain market share, or otherwise 
adversely impact Truist’s businesses or 
results of operations;

•  failure to maintain or enhance Truist’s 
competitive position with respect to new 
products, services and technology, whether 
it fails to anticipate client expectations or 
because its technological developments 
fail to perform as desired or do not achieve 
market acceptance or regulatory approval 
or for other reasons, may cause Truist to lose 
market share or incur additional expense;

•  negative public opinion, which could 
damage Truist’s reputation;

•  increased scrutiny regarding Truist’s 
consumer sales practices, training practices, 
incentive compensation design and 
governance;

•  regulatory matters, litigation or other legal 
actions, which may result in, among other 
things, costs, �ines, penalties, restrictions 
on Truist’s business activities, reputational 
harm, negative publicity or other adverse 
consequences;

•  evolving legislative, accounting and 
regulatory standards, including with respect 
to capital and liquidity requirements, and 
results of regulatory examinations may 
adversely aff ect Truist’s �inancial condition 
and results of operations;

•  the monetary and �iscal policies of the 
federal government and its agencies 
could have a material adverse eff ect on 
pro�itability;

•  accounting policies and processes require 
management to make estimates about 
matters that are uncertain, including 
the potential write down to goodwill if 
there is an elongated period of decline in 
market value for Truist’s stock and adverse 
economic conditions are sustained over a 
period of time;

•  general economic or business conditions, 
either globally, nationally or regionally, 
may be less favorable than expected, and 
instability in global geopolitical matters or 
volatility in �inancial markets could result in, 
among other things, slower deposit or asset 
growth, a deterioration in credit quality or 
a reduced demand for credit, insurance or 
other services;

•  risks related to originating and selling 
mortgages, including repurchase and 
indemnity demands from purchasers related 
to representations and warranties on loans 
sold, which could result in an increase in the 
amount of losses for loan repurchases;

•  risks relating to Truist’s role as a loan 
servicer, including an increase in the scope 
or costs of the services Truist is required to 
perform without any corresponding increase 
in servicing fees, or a breach of Truist’s 
obligations as servicer;

•  Truist’s success depends on hiring and 
retaining key personnel, and if these 
individuals leave or change roles without 
eff ective replacements, Truist’s operations 
and integration activities could be adversely 
impacted, which could be exacerbated 
as Truist continues to integrate the 
management teams of heritage BB&T and 
heritage SunTrust;

•  fraud or misconduct by internal or external 
parties, which Truist may not be able to 
prevent, detect or mitigate;

•  security risks, including denial of service 
attacks, hacking, social engineering attacks 
targeting Truist’s teammates and clients, 
malware intrusion, data corruption attempts, 
system breaches, cyber-attacks and identity 
theft, could result in the disclosure of 
con�idential information, adversely aff ect 
Truist’s business or reputation or create 
signi�icant legal or �inancial exposure; and

•  widespread outages of operational, 
communication or other systems, whether 
internal or provided by third parties, and 
natural or other disasters (including acts of 
terrorism and pandemics) and the eff ects 
of climate change could have an adverse 
eff ect on Truist’s �inancial condition and 
results of operations, or lead to material 
disruption of Truist’s operations or the ability 
or willingness of clients to access Truist’s 
products and services.

Readers are cautioned not to place undue 
reliance on these forward-looking statements, 
which speak only as of the date they are 
made. Except to the extent required by 
applicable law or regulation, Truist undertakes 
no obligation to revise or update any forward-
looking statements.

About the report 
This annual report contains �inancial 
information and performance measures 
determined by methods other than in 
accordance with accounting principles 
generally accepted in the United States of 
America (GAAP). Truist’s management uses 
these non-GAAP measures in their analysis 
of the Corporation’s performance and the 
e� iciency of its operations. Management 
believes these non-GAAP measures provide a 
greater understanding of ongoing operations, 
enhance comparability of results with prior 

periods and demonstrate the eff ects of 
signi�icant items in the current period. The 
Corporation believes a meaningful analysis 
of its �inancial performance requires an 
understanding of the factors underlying that 
performance. Truist’s management believes 
investors may �ind these non-GAAP �inancial 
measures useful. These disclosures should 
not be viewed as a substitute for �inancial 
measures determined in accordance with 
GAAP, nor are they necessarily comparable to 
non-GAAP performance measures that may 
be presented by other companies. Below is 
a listing of the types of non-GAAP measures 
used in this annual report: 

•  The adjusted e� iciency ratio is non-GAAP 
in that it excludes securities gains (losses), 
amortization of intangible assets, merger-
related and restructuring charges and 
other selected items. Truist’s management 
uses this measure in their analysis of 
the Corporation’s performance. Truist’s 
management believes this measure provides 
a greater understanding of ongoing 
operations and enhances comparability 
of results with prior periods, as well as 
demonstrates the eff ects of signi�icant gains 
and charges.

•  Tangible common equity and related 
measures are non-GAAP measures that 
exclude the impact of intangible assets, 
net of deferred taxes and their related 
amortization. These measures are useful for 
evaluating the performance of a business 
consistently, whether acquired or developed 
internally. Truist’s management uses these 
measures to assess the quality of capital and 
returns relative to balance sheet risk and 
believes investors may �ind them useful in 
their analysis of the Corporation.

•  The adjusted diluted earnings per share is 
non-GAAP in that it excludes merger-
related and restructuring charges and 
other selected items, net of tax. Truist’s 
management uses this measure in their 
analysis of the Corporation’s performance. 
Truist’s management believes this measure 
provides a greater understanding of ongoing 
operations and enhances comparability 
of results with prior periods, as well as 
demonstrates the eff ects of signi�icant gains 
and charges.

•  The adjusted performance ratios, including 
adjusted return on average assets and 
adjusted return on average tangible 
common shareholders’ equity, are non-GAAP 
in that they exclude merger-related and 
restructuring charges, selected items and, 
in the case of return on average tangible 
common shareholders’ equity, amortization 
of intangible assets. Truist’s management 
uses these measures in their analysis of 
the Corporation’s performance. Truist’s 
management believes these measures 
provide a greater understanding of ongoing 
operations and enhance comparability 
of results with prior periods, as well as 
demonstrate the eff ects of signi�icant gains 
and charges. 

Reconciliations of these non-GAAP measures 
to the most directly comparable GAAP 
measures are included below.

Non-GAAP Reconciliations
Diluted EPS
($ MM, except per share data, 
shares in thousands)

Net income available to common shareholders - GAAP

$ 

Merger-related and restructuring charges
Securities (gains) losses
Loss on extinguishment of debt
Incremental operating expenses related to the merger
Charitable contribution
Corporate advance write off
(Gain) loss on loan portfolio sale
Allowance release related to loan portfolio sale

Net income available to common shareholders - adjusted

$ 

Quarter Ended

Dec. 31
2020

Sept. 30
2020

June 30
2020

March 31
2020

1,228  $ 
237 
—
—
138 
—
—
—
—
1,603  $ 

1,068  $ 
181 
(80)
—
115 
38 
—
—
—
1,322  $ 

902  $ 
160 
(230)
180 
99
—
—
—
—
1,111  $ 

986 
82
2
—
57 
—
—
—
—
1,127

Weighted average shares outstanding - diluted

1,361,763 

1,358,122 

1,355,834 

1,357,545 

0.73
Diluted EPS - GAAP
Diluted EPS - adjusted(1)
0.83 
(1) The adjusted diluted earnings per share is non-GAAP in that it excludes merger-related and restructuring charges and other
selected items, net of tax. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's
management believes this measure provides a greater understanding of ongoing operations and enhances comparability of
results with prior periods, as well as demonstrates the effects of significant gains and charges.

0.90  $ 
1.18 

0.79  $ 
0.97 

0.67  $ 
0.82 

$ 

Non-GAAP Reconciliations
Efficiency Ratio 
($ MM)

Efficiency ratio numerator - noninterest expense - GAAP

$ 

Merger-related and restructuring charges, net
Gain (loss) on early extinguishment of debt
Incremental operating expense related to the merger
Amortization of intangibles
Charitable contribution
Corporate advance write off

Efficiency ratio numerator -  adjusted

Efficiency ratio denominator - revenue(1) - GAAP

Taxable equivalent adjustment
Securities (gains) losses
(Gain) loss on loan portfolio sale
Efficiency ratio denominator - adjusted

$ 

$ 

$ 

Dec. 31
2020

Sept. 30
2020

Quarter Ended
June 30
2020

Year-to-date

March 31
2020

Dec. 31
2020

3,833 
(308)
—
(179)
(172)
— 
—
3,174 

5,651 
28 
—
—
5,679 

$ 

$ 

$ 

$ 

3,755 
(236)
—
(152)
(170)
(50) 
—
3,147 

5,572 
29 
(104)
—
5,497 

$ 

$ 

$ 

$ 

3,878 
(209)
(235)
(129)
(178)
—
—
3,127 

5,871 
31 
(300)
—
5,602 

$ 

$ 

$ 

$ 

3,431
(107)
—
(74)
(165)
—
—
3,085 

5,611 
37
2
—
5,650 

$

$

$

$

14,897
(860)
(235)
(534)
(685)
(50)

—
12,533

22,705

125
(402)
—
22,428

65.6%
55.9

Efficiency ratio - GAAP
Efficiency ratio - adjusted(2)
(1) Revenue is defined as net interest income plus noninterest income.
(2) The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and

67.8%
 55.9 

67.4%
 57.3 

66.1%
 55.8 

61.1%
 54.6 

restructuring charges and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's
management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods,
as well as demonstrates the effects of significant gains and charges.

Performance Ratios 
($ MM)

Net income - GAAP
Net income available to common shareholders - GAAP 
Merger-related and restructuring charges 
Securities gains (losses)
Loss on extinguishment of debt
Incremental operating expenses related to the merger 
Amortization
Charitable contribution

Numerator - adjusted(1)

Average assets
Average common shareholders' equity

Plus: Estimated impact of adjustments on denominator 

Less: Average intangible assets, net of deferred taxes

Year-to-Date
Dec. 31 2020

Return on Average 
Assets 

Return on Average 
Common Equity

Return on Average 
Tangible Common 
Shareholders’ Equity

$

4,492

660

(308)

180

409

-

38

5,471

499,085

-

$

$

$ 

$ 

$ 

$ 

$

 4,184
660

(308)

180

409

-

38

 5,163 

$

 61,379  $
396

-
 61,775

$

6.82%

8.36

 4,184
660

(308)

180

409

524
38

5,687

61,379
396

(26,122)

35,653

13.35%

15.95

Denominator - adjusted(1)

$

499,085

Reported ratio

Adjusted ratio

0.90%

1.10

(1) Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes,
and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or
developed internally. Truist's management uses these measures to assess the quality of capital and returns relative to balance sheet risk.
These measures are not necessarily comparable to similar measures that may be presented by other companies.

Non-GAAP Reconciliations
Performance Ratios
($ MM)

Net income - GAAP
Net income available to common shareholders - GAAP
Merger-related and restructuring charges
Incremental operating expenses related to the merger
Amortization
Numerator - adjusted(1)

Average assets
Average common shareholders' equity

Plus: Estimated impact of adjustments on denominator
Less: Average intangible assets, net of deferred taxes

Denominator - adjusted(1)

Reported ratio
Adjusted ratio

Quarter Ended Dec. 31, 2020

Return on Average 
Assets

Return on Average 
Common 
Shareholders’ Equity

Return on Average 
Tangible Common 
Shareholders’ Equity2

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

1,330 

237 
138 
—
1,705 

503,181 
— 
—
—
503,181 

1.05%
 1.35 

$ 

$ 

$ 

$ 

1,228 
237 
138 
—
1,603 

61,991 
187 
—
62,178 

7.88%

 10.25 

1,228 
237 
138 
131 
1,734 

61,991 
187 
25,930
36,248 

14.99%
 19.03 

(1) Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and
their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed
internally. Truist's management uses these measures to assess the quality of capital and returns relative to balance sheet risk. These measures
are not necessarily comparable to similar measures that may be presented by other companies.

34

(2) Tangible common equity is a non-GAAP measure.

 
© 2021 Truist Financial Corporation. BB&T, The Leadership 

Institute, SunTrust, onUp, Momentum onUp, Lightstream, 

Truist, Truist purple and the Truist logo are service marks 

of Truist Financial Corporation.

C0001125064