2022 Annual Report
Inspiring and building
better lives and communities
Truist Financial Corporation
is a purpose-driven financial
services company.
Why Truist exists
How we live our purpose
Purpose
To inspire and build better lives and communities
Deliver authentic care
Every day, we have countless opportunities
to touch people’s lives and make our
communities better.
What we do
What we believe
Mission
Clients: Provide distinctive, secure, and successful
client experiences through touch and technology.
Teammates: Create an inclusive and energizing
environment that empowers teammates to learn,
grow, and have meaningful careers.
Stakeholders: Optimize long-term value
for stakeholders through safe, sound, and
ethical practices.
Values
Trustworthy: We serve with integrity.
Caring: Everyone and every moment matters.
One Team: Together, we can accomplish anything.
Success: When our clients win, we all win.
Happiness: Positive energy changes lives.
1 | 2022 Annual Report
What’s inside
3
15
17
19
A letter from our
Chairman & CEO
Purpose drives
performance
Care: It’s the
business we’re in
Living our purpose
by putting clients first
21
One team,
guided by care
23
25
Amplifying impact
in our communities
Reimagining the
future of banking
27
Our leadership
A letter from
our Chairman & CEO
To our stakeholders:
This past year was a pivotal one for Truist as we
year-over-year for August through December 2022.
Our teammates have connected with this product due to
completed the largest bank merger in more than 15
its simple, purpose-driven approach and differentiated
years. Our vision for a purpose-first merger of equals
features, which help drive both demand and production.
was ambitious and exceptional in design—strategically,
financially, and culturally—and the opportunities in front
of us are even more compelling than we envisioned
in 2019 when we brought these two iconic
companies together.
We expressed care for our teammates with a new
minimum wage of $22 per hour, which is among the
highest in the industry and is part of our Total Rewards
compensation, wellness, and benefits program that
solidifies Truist as an employer of choice. The higher
We have now shifted fully from integrating to operating.
wage benefits thousands of teammates. We also offer
Our focus is squarely on executional excellence and
our teammates robust financial education, career
purposeful growth, which means capitalizing on our
mobility, and training to support them in building
vibrant markets, our diverse business mix and capabilities,
meaningful careers. I believe Truist is, and will be,
and our One Team approach.
a truly great place to work.
Our purpose is to inspire and build better lives and
I’m also pleased that we delivered positive GAAP
communities. It’s the foundation for all our decisions,
and adjusted operating leverage during 2022 as we
and it guides us every day. I believe purpose and
executed against this key goal that we set last year.
performance are inextricably linked, and we had many
And since the merger integration activities and costs
examples in 2022 of actualizing our purpose. Two are
are behind us, we can do even better.
especially notable:
The introduction of Truist One Banking is a great
example of how we are prioritizing the needs of clients
by eliminating overdraft fees and creating buffers
so people can have better financial outcomes and
progress. Truist One and the Truist Confidence Account
advance financial inclusion by bringing more people
into mainstream banking. Truist One Banking, alongside
decisions we made to eliminate overdraft-related fees
on existing accounts, will save our clients $300 million
annually, and we’re confident that the benefits of
long-term client acquisition, retention, and experience
more than offset that investment. It’s the right thing to
do for our clients—and they, and our teammates, have
responded very favorably. Driven by the launch of Truist
I ended 2022 with incredible confidence about Truist’s
strong foundation and prospects as we fully shift our
energy and investments toward executional excellence
and purposeful growth. We have a sense of urgency to
execute so we can further realize our potential.
Innovation and transformation
We’re now One Truist—working together with a single
brand, identity, purpose, and digital presence; we are
united in purple. The integration was an enormous
undertaking that involved transitioning nearly 9 million
clients to the Truist ecosystem and unveiling roughly
6,000 Truist signs across our footprint to further
establish our new brand. Truist now has significant
brand consideration and recognition in our markets,
One, branch personal deposit production increased 10%
and our momentum continues to build.
3 | 2022 Annual Report
2022 Annual Report | 4
From our Chairman & CEO
This was the largest bank technology integration in
we knew how important it was to fully own the digital
over a decade and a half. Of course, it’s impossible to
experience for consumer clients. We built it in the cloud
execute an integration of this magnitude perfectly,
to help us co-create with clients and iterate rapidly to
and we acknowledge there were some opportunities
client feedback. These decisions allowed us to deliver
to improve along the way. Our teams did a remarkable
more innovation in 2022, including the introduction of
job responding to and resolving client challenges with
a multichannel chatbot experience called Truist Assist,
urgency and with a view toward long-term client and
which combines artificial intelligence technology and
teammate experience improvements.
human touch for self-guided solutions. We expanded
Truist now has a solid technology foundation—with an
architecture that is modern, modular, and simple—that
we can leverage and build upon. We created our Truist
digital experience (mobile and online banking) from
scratch, which we introduced throughout 2021, as
digital investment options with Truist Invest Pro, which
combines automated investing with access to a team
of financial advisors. We also launched Truist Trade, a
self-directed online trading platform for stocks, ETFs,
and mutual funds.
5 | 2022 Annual Report
These are great examples of what we call T3,
which means Touch + Technology = Trust. When
we seamlessly integrate personalized touch with
innovative technology, we create trust with our clients.
This best-of-both, T3-inspired technology foundation
significantly accelerates our ability to drive innovation
and transformation across the enterprise. We delivered
three times as many production releases across
business, retail, and wealth last year as in all of 2021.
As a result, our mobile app had an average rating of 4.7
on Apple and Android at year-end, which is among the
best in our peer group and a rapid improvement from a
year ago. More importantly, new functionality in online
banking, our mobile app, and digital payment services
make doing business with Truist easier than ever.
Inside our headquarters in Charlotte, North Carolina,
teammates in the Truist Innovation & Technology Center
are reimagining the client experience for the more than
6 million interactions that take place daily at Truist. This
collaboration space is designed to accelerate innovation
through direct client input and cutting-edge technology.
We’re also investing in solutions that create more secure
and seamless experiences, such as integrated wholesale
payments and point-of-sale lending through Service
Finance and Sheffield. We brought new sophistication to
underwriting models with artificial intelligence and our
virtually paperless loan process through LightStream.
We’re also piloting a new LightStream account called
Brighter Savings that helps people save for things that
are important to them, such as vacations or vehicles.
Equally importantly, we are building the product on
a next-generation, cloud-based, real-time core
deposit system.
Another way we’re advancing our digital transformation
is through investments by Truist Ventures in fintech,
digital finance, and other promising startups. We’re
making strategic acquisitions such as the prize-linked
savings app Long Game, which led to the creation of
our in-house innovation team called Truist Foundry, and
Zaloni’s Arena machine-learning platform, which brings
efficiency to complex data environments.
Community support and sustainability
Building communities is one of our core tenets. In
2022, Truist exceeded its three-year Community
low-to-moderate income and minority communities by
supporting affordable housing, nonprofits, and small
businesses. With unwavering focus, we’ll continue to
raise the bar in engaging with and providing care for our
communities, clients, and teammates by driving inno-
vative investments, active volunteerism, and corporate
citizenship efforts. This is our bedrock commitment to
the stakeholders we serve and support.
To strengthen small businesses and expand access to
capital, Truist, Truist Foundation, and Truist Charitable
Fund made a $120 million commitment to support
Black-, Latine-, and women-owned businesses through
debt, equity, philanthropic grants, technical assistance,
Benefits Plan to lend and invest $60 billion to elevate
and volunteerism.
2022 Annual Report | 6
From our Chairman & CEO
In addition, Truist Foundation created the Inspire
also recycling, upcycling, buying products with recycled
Awards, a pitch competition for nonprofits that support
material, and purchasing remanufactured furniture—all
ethnically diverse and women-owned businesses. Our
of which divert material from landfills.
Truist Momentum financial confidence program has
grown well beyond Truist as we offer it, at no cost, to
hundreds of companies and organizations so people
can make better-informed financial choices that lead to
better opportunities and better lives.
We set an ambitious goal last year to achieve net-zero
greenhouse gas emissions by 2050. Truist is committed
to reducing Scope 1 and Scope 2 emissions from its
operations, and disclosing more categories of Scope
3 emissions in the coming years. We continue to build
capacity, refine processes, and improve data analysis as
we work toward disclosing financed emissions from our
loans and investments in the future.
Operationally, Truist is making ongoing investments in
energy management systems, more efficient heating
and cooling systems, LED lighting, and water-saving
irrigation systems. We decommissioned three data
centers and transitioned those workloads to more
energy efficient data centers, and eliminated over 1,800
redundant applications to conserve resources. We’re
7 | 2022 Annual Report
In addition to pursuing our own sustainability goals,
Truist takes an inclusive, client-first approach in the
transition to a lower-carbon economy.
We offer ESG and sustainability advisory services
in Corporate and Investment Banking, Commercial
Community Banking, and Wealth so we can meet clients
where they are on their sustainability journeys—and
help them get where they want to go. Through these
teams, we offer sustainable-linked finance products
and educational outreach to support clients on their
carbon-reduction goals and to share our learnings and
insights along the way.
As always, our teammates give their time generously
to support nonprofits and causes they care about. In
2022, teammates volunteered about 72,000 hours
to strengthen their communities. That’s the power of
purple, and an expression of our care.
Integrated Relationship Management
A powerful growth driver is our commitment to
Integrated Relationship Management, or IRM, which is
$5.53 in 2021. The primary driver of the decline was
a scalable and repeatable concept that unlocks value for
large reserve releases in 2021 due to the rapid improve-
our clients and the enterprise.
IRM is a process and discipline that helps us leverage
relationships, services, and products across lines
of business to seamlessly deliver the full breadth of
Truist’s capabilities to our clients so they can succeed
and gain financial confidence. Our teammates are
incredibly excited about an expanded IRM strategy and
toolkit, and they’re focused on deepening and growing
client relationships.
One significant opportunity that our Commercial
Community Bank regional presidents are driving is
a more cohesive and intentional business life-cycle
advisory approach for entrepreneurs and business
owners. There are 480,000 privately held businesses
in our footprint, and many of them will eventually go
ment in the U.S. economy, which wasn’t repeated in
2022 when we had more normal provision levels.
More importantly, we delivered on our commitment
to achieve positive operating leverage for the full year
of 2022 on both a GAAP and adjusted basis. While the
pace of operating leverage was lower than we originally
anticipated at the beginning of 2022, it’s the first year
Truist has delivered positive operating leverage in its
short history and builds a foundation for accelerating
trends in the future.
Our full-year adjusted operating leverage of 60
basis points reflected a 4.4% increase in adjusted
pre-provision net revenue, while GAAP operating
leverage was much stronger at 680 basis points
given a 39% decline in merger-related costs.1
through some kind of transition, whether to an heir, a
Adjusted revenue rose 3.6% in 2022, driven primarily
strategic alternative such as targeted investment for
by a combination of strong loan growth and significant
growth, or an IPO. Our clients can benefit from all the
expansion of our net interest margin. Loan growth was
expertise and capabilities they need from Truist along
driven by strength in our commercial and industrial and
the way. We are extremely well-positioned to build and
consumer finance businesses.
execute against this opportunity.
Solid financial performance
Truist delivered solid financial results in 2022. Earnings
Adjusted expenses grew 3.0%, reflecting the benefits
of merger-related cost savings, partially offset by
purposeful investments we made in talent, technology,
per share were $4.43, compared with $4.47 for 2021.
and acquisitions—which we’re confident will create
Adjusted earnings per share were $4.96, compared to
value in the future.
1 Includes merger-related and restructuring charges and incremental operating
expenses related to the merger.
2022 Annual Report | 8
Notably, Truist’s adjusted tangible efficiency ratio was
56%, the fourth lowest in our peer group, and we ended
the year with a 54% efficiency ratio in the fourth quarter.
We also achieved an adjusted return on tangible com-
mon shareholders’ equity (ROTCE) of 25%, first among
our peers. Excluding the impacts of OCI, adjusted ROTCE
was still a strong 19%.
We deployed substantial capital on behalf of our share-
holders, both via strong 12% organic loan growth (EOP)
and via targeted acquisitions—Kensington Vanguard
National Land Services, BenefitMall, and BankDirect
Capital Finance—that enhance capabilities and offerings
in our insurance business.
Capital ratios remain strong, with a CET1 ratio of 9.0%,
particularly in the context of Truist’s diverse business
mix, strong profitability profile, and conservative
credit culture. These strengths were highlighted in
our performance in the Federal Reserve Board’s 2022
Comprehensive Capital Analysis and Review (CCAR)
process, which has been consistent and strong for years.
In addition, we recently announced a forward-focused
decision to sell a 20% minority stake in Truist Insurance
Holdings (TIH) to Stone Point Capital and co-investors.
Strategically, the transaction creates more opportuni-
ties for TIH to grow and remain a leader in the highly
attractive and rapidly consolidating insurance
brokerage industry. The investment also highlights
the significant value of TIH to our shareholders, is
accretive to capital and tangible book value, and will
enable earnings per share growth over time as capital
is deployed to support both Truist and TIH.
“Taken together, Truist
offers teammates
compelling opportunities
to build, shape, and define
their careers and the future
of our company, and
rewards them for their
efforts. I firmly believe
there’s no better place
to work in America.“
“why” and discovering how it aligns with our company’s
purpose is both the glue and the propellant for success.
We embrace a culture of diversity, equity, and inclusion
throughout the company so that every person feels
valued and welcomed. Our board of directors is 43%
racially, ethnically, or gender diverse, and 17% of
senior leadership roles were held by ethnically diverse
teammates at the end of 2022. Our Grow, Recruit, and
Accelerate Development (GRAD) immersive experience
creates new cohorts of high-performing diverse
leaders with new skill sets across the company.
A great place to work with
a purpose-driven culture
None of our progress is possible without our most
We’re honored to be named among America’s Best
Employers for Diversity and America’s Best Employers
for New Graduates by Forbes in 2022, and Truist was
valuable asset: our teammates. We work tirelessly to
included in America’s Most Responsible Companies by
fulfill our mission to create an inclusive and energizing
Newsweek. Truist ranked fifth overall in the 2023 Most
environment that empowers every person to learn,
JUST Companies rankings from JUST Capital and CNBC,
grow, and have meaningful careers.
underscoring our stakeholder-focused approach.
One of the best parts of my job is talking with
Truist offers an industry-leading compensation and
teammates about the intersection of their personal
benefits package, including a well-funded defined
and professional purposes, and helping them make
benefit pension plan. Truist also offers comprehensive
those connections as they develop in their careers
health care and wellness coverage, financial education,
and make a difference for our clients and commu-
and significant career development opportunities such
nities. The flywheel effect of finding one’s personal
as an enhanced Career Planning Hub. There, teammates
2022 Annual Report | 10
19 | Annual Report 2022
From our Chairman & CEO
can list skills and aspirations, and the hub suggests
economies, and maintain a deep commitment to the
paths for career discovery.
communities in which we operate.
Taken together, Truist offers teammates compelling
Truist will continue to invest in retaining and acquiring
opportunities to build, shape, and define their careers
top talent, modernizing our tech stack, digitizing and
and the future of our company, and rewards them for
automating our business, and targeting acquisitions and
their efforts. I firmly believe there’s no better place to
partnerships that build capabilities and position us for
work in America.
A new era of purposeful growth
Our strategic and financial foundation is strong, with
the most diverse business mix in the industry, broad
the future. Purposeful growth also means sharpening
our focus—investing in strategies that strengthen our
long-term competitive advantage and making the right
trade-offs regarding activities that don’t.
capabilities, and leading market shares in many of the
As we work to achieve those goals, Truist is committed
nation’s fastest growing cities, such as Atlanta;
to being a different kind of bank: one built on care.
Charlotte; Washington, D.C.; Miami; and Orlando—
making us a dominant bank in the Southeast and
Mid-Atlantic.
We’re in a sweet spot for size. As one of the 10 largest
banks in the United States, Truist is large enough
to offer a full range of capabilities and generate
substantial capital to invest on behalf of our clients and
in technology that drives innovation. At the same time,
we’re small enough to be nimble and work as One Team
to deliver upon Integrated Relationship Management
and leverage our Community Bank approach, which
means we keep decision-making close to the client, tap
into our knowledge of the unique characteristics of local
We’re doing an incredible job of putting our purpose
into action as we inspire and build better lives and
communities. It’s our biggest differentiator.
To our more than 50,000 teammates who bring passion
to work every day: Thank you for the boundless care,
dedication, and commitment you show our clients
and communities.
To our clients: Thank you for putting your trust in us and
allowing us to provide distinctive experiences to help
you achieve your financial goals so we can truly build
better lives together.
Recognitions
JUST 100 list (2022, and ranked in the top
Fortune World’s Most Admired Companies (2022)
10 in 2023)
Newsweek’s list of America’s Most Responsible
Companies (2023)
Forbes Best Employers for New Graduates (2022)
Celent Model Bank Award (2022)
Top 50 Employers by CAREERS & the disABLED
magazine (2022, 2021, 2020)
The Forefront 50 award by the National Minority
Forbes Best Employers for Diversity (2022)
Supplier Diversity Council (2022)
Top 50 Employers by Equal Opportunity
Forbes America’s Best Employers (2022)
magazine (2022)
11 | 2022 Annual Report
2022 Annual Report | 12
From our Chairman & CEO
Bill Rogers with
teammates at a
town hall
To our community partners: Thank you for serving
and I look forward to realizing our true potential for
alongside us as, together, we advance projects and
purposeful growth and our continued commitment to
programs that strengthen our social fabric.
inspire and build better lives and communities in the
years ahead.
To our shareholders: Thank you for investing in Truist
and for sharing invaluable feedback and insights. It’s a
privilege and an honor to work for you.
I look ahead to 2023 and beyond with great optimism.
Truist is in a position of strength across a broad range
of economic scenarios because of our talented team-
mates, diverse business mix, purpose-driven culture,
strong risk management, and the dynamic markets
in which we operate. We have excellent momentum,
13 | 2022 Annual Report
Bill Rogers
Chairman & CEO
February 24, 2023
Financial highlights
(in millions, except for per share data and ratios)
For the year ended December 31
GAAP / Unadjusted results
Net interest income
Noninterest income
Total revenue
Noninterest expense
Pre-tax, pre-provision net revenue (non-GAAP)
Provision for credit losses
Net income available to common
Return on average assets
Return on average common equity
Return on average tangible common equity
Efficiency ratio
Adjusted results
Total revenue
Noninterest expense
Pre-tax, pre-provision net revenue (non-GAAP)
Net income available to common
Return on average assets
Return on average common equity
Return on average tangible common equity
Efficiency ratio
Per common share
Diluted earnings
Diluted earnings (adjusted)
Cash dividends declared
Book value
Tangible book value (non-GAAP)
Period end balances
Loans and leases held for investment
Investment securities
Total assets
Deposits
Common shareholders’ equity
Other
Common equity Tier 1 capital ratio
Average diluted shares outstanding
Adjusted results are on a taxable-equivalent basis,
where applicable.
See Pages 29 – 30 for non-GAAP reconciliations.
2022
$14,316
8,719
23,177
14,589
8,588
777
5,927
1.15%
10.4%
22.9%
63.3%
$23,174
13,067
10,107
6,643
1.28%
11.6%
25.1%
56.4%
$4.43
4.96
2.00
40.58
18.04
$325,991
129,514
555,255
413,495
53,841
9.0%
1,338
2021
$13,006
9,290
22,404
15,116
7,288
(813)
6,033
1.23%
9.7%
18.4%
67.8%
$22,367
12,687
9,680
7,457
1.50%
11.9%
22.0%
56.7%
$4.47
5.53
1.86
47.14
25.47
$289,513
154,617
541,241
416,488
62,598
9.6%
1,349
Purpose drives
performance
Our purpose-driven culture is the foundation for our success. Our focus is on executional
excellence and purposeful growth. Truist is well-positioned given our advice-oriented model
for clients, diverse business mix and capabilities, One Team approach, and leading presence in
vibrant and growing markets.
Purpose and performance
are inextricably linked
Truist One Banking
These accounts empower clients to take more control of their
money and avoid overdraft fees.
Benefiting from the launch of Truist One in July, branch personal
deposit production was up 10% year-over-year for the combined
months of August through December 2022.
Minimum wage increase
We invested in our teammates by boosting our minimum hourly
wage to $22.
In the three months after this took effect, we experienced improved
teammate recruitment and retention, lower turnover expense,
better execution, and an all-around better client experience.
Our journey toward a more sustainable
and inclusive future is powered by a
comprehensive program for corporate responsibility
and sustainability initiatives that are an expression
of our corporate purpose. To learn more, please see
our most recent Corporate Responsibility Report at
ir.truist.com/corporate-social-responsibility.
15 | 2022 Annual Report
Top 10
U.S. commercial bank
$555B
in assets
~15MM
clients
2,100+
branches
50,000+
teammates
Truist ranks among the top three
banks in 17 of our top 20 MSAs
Source: S&P Global as of 12/31/22. Based on deposit market share.
Truist’s top
20 MSAs:
Atlanta
Baltimore
Charlotte
Columbia
Durham
Fort Myers
Greensboro
Greenville
Knoxville
Miami
Nashville
Orlando
Philadelphia
Raleigh
Richmond
Sarasota
Tampa
Virginia Beach
Washington, D.C.
Winston-Salem
Sixteen of our 20
largest markets are
growing faster than the
overall U.S. population.
Diverse
business
mix 2022
Revenue by line of business
Mortgage
4%
CRE
3%
Consumer
Finance
Solutions
14%
Insurance
12%
Primarily
National
Corporate
and Investment
Banking
12%
Wealth
10%
Retail and Small
Business Banking
ex. Mortgage
28%
Primarily
Regional
Commercial
Community
Banking
17%
2022 Annual Report | 16
Care: It’s the
business we’re in
Money might make the world go round, but care makes the world a better place. Even the smallest
gesture—checking in on a client, encouraging a teammate, or simply listening—creates positive
change. We inspire and build better lives and communities to help others do the same. We celebrate
those who care and support their commitment to making life better for everyone around them. The
results are exponential.
When you start with care,
you get a different kind of bank.
1
2
3
Care builds
meaningful
relationships.
Care puts client
outcomes first.
Care delivers
thoughtful technology
and expertise.
Care at
Truist is …
For clients
Bringing together people, products,
and technology to provide greater value
Eliminating overdraft-related fees on
most existing accounts
For teammates
Increasing our minimum wage to
attract and retain key talent
Empowering flexibility in where
we work and volunteer
For communities
Financing initiatives to develop and
maintain affordable housing
Exceeding our $60 billion Community
Benefits Plan commitment
For the underserved
Supporting small businesses owned by
Black, Indigenous, and People of Color,
and women
Bringing banking to more people—
at a lower cost
For the greater good
Working to achieve net-zero
greenhouse gas emissions by 2050
Inspiring financial confidence
through education and economic
mobility programs
2022 Annual Report | 18
Living our purpose
by putting clients first
Our clients are at the center of all we do. Our innovative approach means we use behavioral science
to learn what makes people tick—and succeed. We listen to gain a deep understanding of what
clients need and want. We use the insights we gain to develop distinctive and secure technology to
simplify banking and transactions. And our Integrated Relationship Management approach brings
the whole bank to our clients, with a broad range of services and industry expertise.
Ultimately, we’re committed to success—giving clients the guidance they need to thrive so we can
truly build better lives and communities.
Daniel O’Dorisio and
Carin Schneller-Carr
19 | 2022 Annual Report
Muddy boots, big ambitions:
How a self-proclaimed “concrete nerd”
increased profits tenfold
Daniel O’Dorisio, owner of O’Dorisio Carpentry and
Concrete in Virginia, started out with a truck and a
wheelbarrow, pouring residential sidewalks using a
process that hadn’t changed much since the days of
the Roman Empire. Today, O’Dorisio has a trusted team
of concrete installers—and the only 3D laser screed
in the region. That combination of human talent and
tech tools means his company can take on commercial
projects requiring meticulous grading, such as
data centers, amusement parks, arenas, and
multimillion-square-foot distribution centers. But
before that could happen, he had to switch banks.
In 2018, O’Dorisio’s business was making a million
dollars a year, and he needed an extra excavator to take
it to the next level. The bank he’d been using turned
down his loan—and he said he felt “looked down upon
a little bit” when he came in with his muddy boots.
When O’Dorisio walked those boots into his local Truist
branch, Truist relationship manager Carin Schneller-
Carr gave him a warm welcome and a line of credit. And
that was just for starters.
She assessed all his needs and introduced him to Truist
tools (for digital banking), Truist partners (including
McGriff Insurance Services), and local contacts (such
as a new accounting firm). These moves helped
O’Dorisio’s business save money, improve cash flow,
and grow to over $10 million in annual revenue in
about four years.
Sweeter still: Schneller-Carr drops by the office with
Bundt cakes when she needs him to sign paperwork, so
he can stay focused on planning his next big move.
Watch our video to learn
more about O’Dorisio’s
exponential growth.
“I don’t give up on my clients”
Savannah Halford’s old car was unreliable, making it
tough to get to her barista job in Virginia. One day, while
making a deposit at her Truist branch, she mentioned
that she was thinking of applying for a car loan at
a dealership.
Aaron Beckwith, senior relationship manager, took
action. He helped Halford apply for a car loan through
Truist. But it was automatically declined because, at
her young age, she didn’t have much credit history. This
didn’t sit well with Beckwith, who had a long banking
relationship with Halford and her mother. “I don’t give
up on my clients,” Beckwith says.
Beckwith called Terri Harris, dealer finance indirect
underwriter at Truist, to ask her to look at the
application. Harris began thinking about how to get
Halford into another vehicle. “It wasn’t just about a
loan,” she says. “It was truly about the customer and
really trying to help.”
Meanwhile, Beckwith spent hours online trying to find
a car dealership that had something in Halford’s price
range. Finally, they found one. And when she drove off
that lot, Halford says, she felt like she “could do just
about anything.”
Savannah
Halford
“It’s not just an application,” says Harris. “It’s a story.
Once you get their story, you can really show how
you care.”
2022 Annual Report | 20
One team,
guided by care
We care for our teammates in so many ways, from industry-leading compensation and benefits
to health care and wellness coverage to financial education. We empower them to discover their
personal purpose, grow, and have meaningful careers within a collaborative and inclusive culture.
In turn, our teammates care for our clients, our communities, and each other in ways big and small.
Inspiring kids to dream big
Storytelling has always been a part of Truist
teammate Sriram Raghavan’s life—from the tales
Sriram
Raghavan
his grandparents told him in India to the ancient epics
that he retells today.
From these stories come subtle messages about values
and purpose. But for Sriram, passing them on to a new
generation carries a clear goal: He wants to inspire kids
to dream—and think critically—about their futures.
“If you don’t know that there are airplanes, you can’t
dream about becoming a pilot,” says Sriram, a senior
vice president in marketing transformation and
measurement at Truist. “If you haven’t had the habit
of dreaming, then how do you critically think about
devising your own path in life?”
That thought led Sriram to start Gurukula, a web
portal and mobile app that brings Hindu culture to
families. Sriram learned Sanskrit so that he could
translate epic stories and make them available digitally
as comics, storybooks, and audiobooks.
21 | 2022 Annual Report
Sriram travels across the U.S. and India, leading
storytelling sessions for children and adults. He’s
gained quite a following: About 100,000 people across
the world are reading and listening, and nearly 200
volunteers are helping. The stories are available in
seven languages, with more planned. His latest
project incorporates donated math workbooks into
the storytelling sessions as a way to spark kids’ critical
thinking. “I can’t help but smile when I imagine the
impact my stories will have on kids, just like the impact
my grandparents had on me,” he says. “To me, that’s
what it’s all about: making lives better by caring.”
Taking care of one another
When one Truist teammate is affected by an unexpected
hardship, the entire team rallies. Consider Alan Greer,
corporate insurance director at Truist.
Ankur Vyas
and Alan Greer
Lindsey
Chambers
Alan has an autoimmune disease that damaged
his liver. It progressed to the point that he needed
a liver transplant.
Thankfully, he found a donor—his wife, Amanda.
In 2022, they traveled from their home in North
Carolina to Pennsylvania for the operations,
which included a lengthy recovery period near
the hospital.
Teammates wanted to help alleviate some of
the costs associated with an extended hotel stay,
special dietary needs, and a long recovery, not
to mention caring for the couple’s children back
home. So colleagues Christina Sherrill and Ankur
Vyas sought donations and meals from their
Truist teammates.
“The response and love for Alan was just
overwhelming,” Ankur says. “When you say that
care is an action word, this is how you do it.” And
the best news of all: The Greers returned home
just in time for Thanksgiving.
Signs of care
Lindsey Chambers saw the struggle.
Many deaf or hard-of-hearing clients would come
into her Truist branch, and each time, they’d have
to write down their requests. Lindsey would write
back. This wasn’t always efficient. “A woman was
having a problem with her debit card,” Lindsey
says, “and it was honestly a little too complicated
to write. It just got lost in translation.”
That’s when she took matters into her own
hands—literally. Lindsey, a commercial client
specialist at Truist, learned American Sign
Language, or ASL, so that she could better
communicate with those clients. She’s been at
it four years now. “Seeing the look on people’s
faces when they don’t have to write, or struggle
to communicate, it’s pretty awesome,” she says.
Lindsey has taught some ASL to teammates. And
not long ago, she learned a new word from a client.
“She’d left her debit card, so I ran outside to give
it to her. I got in my car and drove around till I
found her walking. When she saw me she was like,
‘What’re you doing?’ Then I handed her the debit
card, and she signed something I didn’t recognize,
so she spelled it out. C-a-r-e. ‘You really care.’”
c
a
r
e
Amplifying impact in
our communities
Community lies at the heart of our purpose. By inspiring and building better lives and communities,
we create meaningful change that benefits neighborhoods and residents. But we’re not alone.
Better communities grow from within. By partnering with local, regional, and national efforts,
Truist maximizes the impact of every dollar and stays responsive to local needs.
In 2022, we exceeded our three-year, $60 billion Community Benefits Plan, which elevated low-
and moderate-income and minority borrowers and their communities. Separately, Truist Community
Development Enterprises received $60 million in New Markets Tax Credits. This money will aid
our support of projects that stimulate economic growth and create employment, education, and
wellness opportunities.
Strengthening small businesses and
entrepreneurial endeavors
Small businesses are vital to the health and vibrancy
of our communities. Truist announced a $120 million
commitment in 2022 to strengthen and support small
businesses, focusing on Black, Latine, and female
entrepreneurs.
Lynette Bell,
president of
Truist Foundation,
in Texas for one
of the grant
announcements.
23 | 2022 Annual Report
The commitment by Truist, Truist Foundation, and
Truist Charitable Fund includes:
$30 million in philanthropic grants to support
nonprofits that assist small businesses and
diverse entrepreneurs
$5 million in philanthropic grants to support technical
assistance and volunteerism
$85 million in investments to support debt and equity
This effort will help small business owners access the
right capital and advice to help them plan and grow.
Specific commitments include:
Grameen America—$5.5 million to help
women entrepreneurs
Access to Capital for Entrepreneurs—$3.75 million
to support expansion into South Georgia
PeopleFund—$3.5 million in Texas to provide long term
help for its BIPOC Small Business Accelerator (BIPOC
refers to Black, Indigenous, and People of Color)
Community First Fund—$2.25 million to help launch the
Economic Justice Fund, supporting lending
activities for minority entrepreneurs in eastern
and central Pennsylvania
Black Business Investment Fund Inc.—$2 million to offer
capital for small businesses across central Florida
Nashville Business Incubation Center—$1.25 million
to provide tools, training, mentorships, and curriculum
support to RISE UP Academy, which works directly with
women-owned businesses, and to support expansion in
Alabama, Kentucky, and Tennessee
Organizing—and taking action—in the
wake of Hurricane Ian
Playing their way to early
childhood literacy
Truist responded quickly to care for people who were
affected by Hurricane Ian. In September, the hurricane
swept through central Florida as a deadly Category 4
storm, causing extensive flooding, destroying homes,
and disrupting businesses.
Truist sent four semitrucks loaded with provisions—
including food, bottled water, and cleaning supplies—to
support the most impacted communities. Teammates
joined volunteer events to help distribute essential
items to families in need. Truist Foundation donated
$1 million for hurricane relief efforts in Florida and
$250,000 in South Carolina.
Truist’s business continuity team worked to ensure
bank branches and ATMs in cities such as Port Charlotte,
Naples, and Fort Myers were operational and open as
soon as it was safe. Truist also supported affected
teammates, putting them and their families in hotels
and supplying them with essentials. Thanksgiving
events provided meals for teammates and other
families in need.
Earlier in 2022, Truist Foundation donated $1 million
to the American Red Cross Annual Disaster Giving
Program, which deploys assistance quickly to
communities affected by events such as Hurricane Ian.
Those funds helped shelter and support thousands of
families and individuals. In late 2022, Truist Foundation
expanded its support for the American Red Cross with
a $5 million grant aimed at enlarging the organization’s
capabilities and resources for large-scale
disaster response.
Here’s a startling fact: If students don’t read well by
third grade, they won’t have the necessary skills to
keep learning.
That was the impetus for Truist to help create WORD
Force, a digital collection of games that teach K–2
students the fundamentals of literacy and make reading
engaging and fun. Developed through a partnership
between Truist and online-education company EVERFI,
the games focus on subskills such as letter recognition
and reading comprehension. As children learn each skill,
they level up to a more challenging game. Playing for
just 10 to 15 minutes a day is enough to help get
students’ skills aligned with state and national
standards for literacy.
Truist’s commitment to educational equity allows
WORD Force to be available at no charge to elementary
schools across our footprint, as well as families and
community-based organizations nationwide. Access
will become even easier this year with the launch of
the WORD Force app.
We’re thrilled to see students making notable
improvements in sounding out more complex letter
patterns, understanding word tenses, building longer
words, and spelling the words most commonly used in
print. By 2024, Truist and EVERFI expect to provide at
least 250,000 students with early literacy practice.
Reimagining the future
of banking
Our digital and technology teams are focused on executing our innovation and transformation
agenda. We’re partnering with clients and others to drive change in banking experiences through
listening and by testing ideas so we can learn and react quickly. We believe that Touch + Technology
= Trust. Combining personal touch with innovative technology creates trust with our clients. By
investing in the future, we intend to make every interaction with Truist as simple, secure, reliable,
and intelligent as possible.
Our innovative ecosystem will propel Truist into the future. And we can’t wait to embark on
what’s next.
We want the best new client and teammate experiences
to start there.
Our work to reimagine connectivity using the 5G mobile
network is one example. With the help of Verizon—one
of our Innovators in Residence at the ITC—Truist
teammates and ITC guests are provided 5G access.
We offer more than just connectivity: It’s a method for
teammates to develop specific ways the technology
could be used across Truist business lines to improve
client experiences.
They could begin with an idea involving 5G, explore
that concept by understanding internal needs and
market potential, test and iterate—and then decide
whether to develop the idea further or abandon it. The
5G initiative has already expanded from the ITC to a
pilot where a handful of bank branches are running on
5G. By having 5G in the ITC, our leaders and teams can
make their own judgment on where the technology may
fit—or not fit. Teammates get to work with the art of the
possible. And then it helps us decide what should scale
throughout Truist.
The ITC has also played a critical role in connecting our
culture. It’s a central place for teammates to meet and
plan initiatives. And it will continue to evolve as a place
for community learning.
Accelerating innovation—
and learning fast
We opened the Truist Innovation & Technology Center
(ITC) in 2022 to help put our purpose into action by
fostering creativity and bold thinking. Located in our
Charlotte headquarters, the ITC helps us collaborate
with clients and tech partners to create dynamic ser-
vices and experiences through touch and technology.
Truist is following a pathway where concepts and
emerging technologies are tested out in the ITC.
Touch +
Technology =
Trust
25 | 2022 Annual Report
Truist Foundry: Created to accelerate
transformation and growth
When Truist acquired savings platform Long Game and its
talented team in 2022, we transformed that organization
into a new internal innovation group: Truist Foundry. It
acts as a startup within Truist that creates digital solutions
to drive growth and market leadership in a rapidly
changing world.
The Truist Foundry process is built to design, iterate, and
deliver quickly by employing small and empowered teams,
using data-driven design, and choosing projects with
near-term time horizons for speed to market.
The Truist Foundry team has diverse experience from
across the technology ecosystem including game design,
blockchain, virtual reality, security, and business. Truist
Foundry works on numerous projects across many of our
lines of business, and their innovative thinking has
improved many other workstreams.
The team has also been working on revamping the savings
app, now called Truist Long Game and rebranded with our
signature purple color scheme. The award-winning app
changes the way people save, learn, and engage with their
money. It uses prize-linked savings and fun missions
to motivate smart financial behaviors and incentivize
long-term financial wellness. Built on a modern architecture
that aligns with Truist’s existing technology stack, Truist
Long Game complements Truist Momentum, a workplace
financial wellness program that educates, equips, and
inspires employees to manage their money based on
what matters most to them.
Truist Assist answers common
client questions
In 2022 we introduced Truist Assist, a virtual assistant that
our retail and wealth banking clients can access 24/7 in our
online and mobile app platforms.
Truist Assist creates a client experience that is digital first,
with the option of human touch. It uses artificial intelligence
to address our clients’ most common banking and support
needs, such as locking and unlocking debit and credit cards,
exploring account options, managing payments, ordering
checks, and providing financial tips.
The experience is also embedded within our care centers,
providing clients with a frictionless transition from their
virtual assistant to a Truist teammate when they need a
deeper level of support.
2022 Annual Report | 26
Executive Leadership team
(Front row, left to right)
(Back row, left to right)
Kimberly Moore-Wright
Chief Teammate Officer and Head of Enterprise Diversity
John M. Howard
Chief Insurance Officer
Michael B. Maguire
Chief Financial Officer
Denise M. DeMaio
Chief Audit Officer
Joseph M. Thompson
Chief Wealth Officer
William H. “Bill” Rogers Jr.
Chairman and Chief Executive Officer
Dontá L. Wilson
Chief Retail and Small Business Banking Officer
Hugh S. “Beau” Cummins III
Vice Chair
Scott E. Case
Chief Information Officer
Clarke R. Starnes III
Vice Chair and Chief Risk Officer
David H. Weaver
Chief Commercial Community Banking Officer
Ellen M. Fitzsimmons
Chief Legal Officer and Head of Public Affairs
27 | 2022 Annual Report
Board of directors
William H. “Bill” Rogers Jr.
Chairman and Chief Executive Officer
Linnie M. Haynesworth
Retired; former Sector Vice President
Truist
Jennifer S. Banner
Executive Director
University of Tennessee Haslam
and General Manager
Northrop Grumman Corporation
Kelly S. King
Retired; former Executive Chairman
College of Business
Truist
Frank P. Scruggs Jr.
Principal
Frank Scruggs P.A.
Christine Sears
Retired; former Chief Executive Officer
Pennsylvania National Mutual Casualty
Insurance Company
David Boyer
Chief Executive Officer
Easter A. Maynard
Director of Community Investment
Thomas E. Skains
Retired; former Chairman,
GlobalWatch Technologies Inc.
Investors Management Corporation
President, and Chief Executive Officer
Agnes Bundy Scanlan
Chief Executive Officer
Donna S. Morea
Chairman and Chief Executive Officer
The Cambridge Group LLC
Adesso Group LLC
Anna R. Cablik
President
Charles A. Patton
Managing Member
Anasteel & Supply Company LLC
Patton Holdings LLC and
Dallas S. Clement
President and Chief Financial Officer
Cox Enterprises Inc.
Paul D. Donahue
Chairman and Chief Executive Officer
Genuine Parts Company
Patrick C. Graney
President
PCG Inc.
PATCO Investments LLC
Nido R. Qubein
President
High Point University
David M. Ratcliffe
Retired; former Chairman,
President, and Chief Executive Officer
Southern Company
Piedmont Natural Gas Company Inc.
Bruce L. Tanner
Retired; former Executive Vice
President, Strategic Advisor, and
Chief Financial Officer
Lockheed Martin
Thomas N. Thompson
President
Thompson Homes Inc.
Steven C. Voorhees
Retired; former Chief Executive Officer
WestRock Company
2022 Annual Report | 28
Amplifying impact
in our communities
Shareholder information
Corporate headquarters
Truist Financial Corporation
214 N. Tryon Street
Charlotte, NC 28202
Website
To find the latest information about Truist, go to
Truist.com. Please visit the Newsroom section for news
releases or the Investor Relations section for financial
information, governance and responsibility practices,
or to access this report online.
SEC filings
Truist Financial Corporation files required reports with
the Securities and Exchange Commission each year.
Copies of these reports may be obtained upon written
request to:
Shareholder Services
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 certificates 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 offers prospective and current shareholders
the opportunity to affordably 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
financial information should contact:
Ankur Vyas
Executive Vice President
Head of Investor Relations
Investors@Truist.com
Clients
Clients seeking assistance with Truist products and
services should call 844-4TRUIST or visit Truist.com.
Peer comparisons
The peer data reflected herein 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.
Non-GAAP financial information
This Annual Report contains financial 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 efficiency 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 effects of significant items
in the current period. The Corporation believes a
meaningful analysis of its financial performance
requires an understanding of the factors underlying that
performance. Truist’s management believes investors
may find these non-GAAP financial measures useful.
These disclosures should not be viewed as a substitute
for financial 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:
Adjusted Performance Measures—The adjusted
performance measures, including adjusted diluted
EPS, adjusted return on average assets, adjusted return
on average common shareholders’ equity, adjusted
return on average tangible common shareholders’
equity, adjusted efficiency, adjusted operating leverage,
pre-tax pre-provision net revenue, adjusted revenue,
and adjusted noninterest expense, are non-GAAP in
that they exclude merger-related and restructuring
charges, other selected items, and amortization of
intangible assets, as applicable to tangible measures.
Truist’s management uses these measures in their
analysis of the Corporation’s performance. Truist’s
management believes these measures provide a greater
29 | 2022 Annual Report
understanding of ongoing operations and enhance
comparability of results with prior periods, as well
as demonstrate the effects of significant gains
and charges.
Tangible Common Equity and Related Measures—
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.
A reconciliation of each of these non-GAAP
measures to the most directly comparable
GAAP measure is included here.
Forward-Looking Information
This report contains “forward-looking statements”
within the meaning of the Private Securities
Litigation Reform Act of 1995, regarding the
financial 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
difficult to predict. As such, Truist’s actual results
may differ 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 differ materially from
those contemplated by forward-looking statements
include the following, without limitation, as well as
the risks and uncertainties more fully discussed in
Item 1A-Risk Factors in our Annual Report on Form
10-K for the year ended December 31, 2022, and in
Truist’s subsequent filings with the Securities and
Exchange Commission:
• changes in the interest rate environment,
including the replacement of LIBOR as an interest
rate benchmark, could adversely affect Truist’s
revenue and expenses, the value of assets and
obligations, and the availability and cost of capital,
cash flows, and liquidity;
• Truist is subject to credit risk by lending or
committing to lend money, 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, and may suffer losses if the value of
collateral declines in stressed market conditions;
• inability to access short-term funding or liquidity,
loss of client deposits, or changes in Truist’s credit
ratings could increase the cost of funding or limit
access to capital markets;
• general economic or business conditions, either
globally, nationally, or regionally, may be less
favorable than expected, including as a result of
supply chain disruptions, inflationary pressures
and labor shortages, and instability in global
geopolitical matters, including due to an outbreak
or escalation of hostilities, or volatility in financial
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;
• the monetary and fiscal policies of the federal
government and its agencies, including in response
to rising inflation, could have a material adverse
effect on the economy and Truist’s profitability;
• the effects of COVID-19 adversely impacted the
of key external parties, to maintain appropriate-
staffed workforces, and on the competence,
trustworthiness, health, and safety of teammates;
• Truist faces the risk of 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, which have increased in frequency with
geopolitical tensions, identity theft, ransomware
attacks, and physical security risks, such as
natural disasters, environmental conditions, and
intentional acts of destruction, could result in the
disclosure of confidential information, adversely
affect Truist’s business or reputation or create
significant legal or financial exposure; and
• widespread outages of operational,
communication, or other systems, whether
internal or provided by third parties, natural or
other disasters (including acts of terrorism and
pandemics), and the effects of climate change,
including physical risks, such as more frequent
and intense weather events, and risks related to
the transition to a lower carbon economy, such
as regulatory or technological changes or shifts
in market dynamics or consumer preferences,
could have an adverse effect on Truist’s financial
condition and results of operations, 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.
Company’s operations and financial performance
and similar adverse impacts resulting from
pandemics could occur in future periods;
• risk management oversight functions may
not identify or address risks adequately, and
management may not be able to effectively manage
credit risk;
• there are risks resulting from the extensive use
of models in Truist’s business, which may impact
decisions made by management and regulators;
• deposit attrition, client loss, or revenue loss
following completed mergers or acquisitions may
be greater than anticipated;
• Truist could fail to execute on strategic or
operational plans, including the ability to
successfully complete or integrate mergers and
acquisitions;
• increased competition, including from (i) new
or existing competitors that could have greater
financial resources or be subject to different
regulatory standards or compliance costs, and (ii)
products and services offered by non-bank financial
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 could damage Truist’s
reputation and adversely impact business and
revenues;
• regulatory matters, litigation, or other legal
actions may result in, among other things, costs,
fines, penalties, restrictions on Truist’s business
activities, reputational harm, negative publicity, or
other adverse consequences;
• Truist faces substantial legal and operational risks
in safeguarding personal information;
• evolving legislative, accounting and regulatory
standards, including with respect to climate,
capital, and liquidity requirements, and results
of regulatory examinations may adversely
affect Truist’s financial condition and results of
operations;
• increased scrutiny regarding Truist’s consumer
sales practices, training practices, incentive
compensation design, and governance could
damage its reputation and adversely impact
business and revenues;
• 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;
• Truist faces 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;
• there are 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 teammates, and if these individuals leave
or change roles without effective replacements,
Truist’s operations could be adversely impacted,
which could be exacerbated in the increased work-
from-home environment as job markets may be less
constrained by physical geography;
• Truist’s operations rely on its ability, and the ability
Non-GAAP reconciliations
Diluted EPS ($ in millions, except per share data, shares in thousands)
Year Ended
Net income available to common shareholders - GAAP
Merger-related and restructuring charges
Securities (gains) losses
Loss (gain) on early extinguishment of debt
Incremental operating expenses related to the merger
Charitable contribution
Professional fee accrual
Acceleration for cash flow hedge unwind
Gain on redemption of noncontrolling equity interest
Net income available to common shareholders - adjusted
Weighted average shares outstanding - diluted
Diluted EPS - GAAP
Diluted EPS - adjusted(1)
Dec. 31, 2022
$ 5,927
393
54
(30)
356
—
—
—
(57)
$6,643
1,338,462
$4.43
4.96
Dec. 31, 2021
$ 6,033
631
(—)
(3)
592
153
23
28
—
$7,457
1,349,378
$4.47
5.53
(1) The adjusted diluted earnings per share is non-GAAP in that it excludes merger-related and restructuring charges and other selected items, net of tax. Truist’s management
uses this measure in their analysis of the Corporation’s performance. Truist’s management believes this measure provides a greater understanding of ongoing operations and
enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges.
(1) Revenue is defined as net interest income
plus noninterest income.
(1) Revenue is defined as net interest income
plus noninterest income.
Non-GAAP reconciliations
Efficiency ratio ($ in millions)
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
Professional fee accrual
Acceleration for cash flow hedge unwind
Efficiency ratio numerator - adjusted
Efficiency ratio denominator - revenue(1) - GAAP
Taxable equivalent adjustment
Securities (gains) losses
Gain on redemption of noncontrolling equity interest
Gains on divestiture of certain businesses
Efficiency ratio denominator - adjusted
Efficiency ratio - GAAP
Efficiency ratio - adjusted
Year Ended
Dec. 2022
$ 14,589
(513)
39
(465)
(583)
—
—
—
$13,067
$23,035
142
71
(74)
—
$23,174
63.3%
56.4%
Non-GAAP reconciliations
Pre-provision net revenue ($ in millions)
Year Ended
Net income
Provision for credit losses
Provision for income taxes
Taxable-equivalent adjustment
Pre-provision net revenue(1)
PPNR
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
Professional fee accrual
Acceleration for cash flow hedge unwind
Securities (gains) losses
Gain on redemption of noncontrolling equity interest
Gains on divestiture of certain businesses
Pre-provision net revenue - adjusted(1)
Non-GAAP reconciliations
Return on average assets ($ in millions)
Net income - GAAP
Merger-related and restructuring charges
Securities (gains) losses
Loss (gain) on early extinguishment of debt
Incremental operating expenses related to the merger
Charitable contribution
Professional fee accrual
Acceleration for cash flow hedge unwind
Gain on redemption of noncontrolling equity interest
Numerator - adjusted
Average assets
Return on average assets - GAAP
Return on average assets - adjusted
Non-GAAP reconciliations
Return on average common equity and average
tangible common equity ($ in millions)
Net income available to common shareholders - GAAP
Merger-related and restructuring charges
Securities (gains) losses
Loss (gain) on early extinguishment of debt
Incremental operating expenses related to the merger
Charitable contribution
Professional fee accrual
Acceleration for cash flow hedge unwind
Gain on redemption of noncontrolling equity interest
Net income available to common shareholders - adjusted
Amortization of intangibles, net of tax
Net income available to common shareholders - tangible adjusted
Average common shareholders’ equity
Plus: Estimated impact of adjustments on denominator
Average common shareholders’ equity - adjusted
Less: Average intangible assets
Average tangible common shareholders’ equity - adjusted
Return on average common shareholders equity - GAAP
Return on average common shareholders equity - adjusted
Return on average tangible common shareholders equity - adjusted
Dec. 31, 2022
$ 6,267
777
1,402
142
$8,588
$8,588
513
(39)
465
583
—
—
—
71
(74)
—
$10,107
Year Ended
Dec. 31, 2022
$ 6,267
393
54
(30)
356
—
—
—
(57)
$6,983
$543,830
1.15%
1.28%
Year Ended
Dec. 31, 2022
$ 5,927
393
54
(30)
356
—
—
—
(57)
6, 643
446
$7,089
$57,124
358
57,482
29,253
$28,229
10.4%
11.6%
25.1%
Dec. 2021
$ 15,116
(822)
4
(771)
(574)
(200)
(30)
(36)
$12,687
$22,296
108
—
—
(37)
$22,367
67.8%
56.7%
Dec. 31, 2021
$ 6,437
(813)
1,556
108
$7,288
$ 7,288
822
(4)
771
574
200
30
36
—
—
(37)
$9,680
Dec. 31, 2021
$ 6,437
631
—
(3)
592
153
23
28
—
$7,861
$522,385
1.23%
1.50%
Dec. 31, 2021
$ 6,033
631
—
(3)
592
153
23
28
—
7,457
441
$7,898
$62,112
712
62,824
26,897
$35,927
9.7%
11.9%
22.0%
2022 Annual Report | 30
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