Truist Financial Corporation (NYSE:TFC) Q1 2024 Earnings Conference Call April 22, 2024 8:00 AM ET Company Participants Brad Milsaps - Investor Relations Bill Rogers - Chairman and Chief Executive Officer Mike Maguire - Chief Financial Officer Clarke Starnes - Vice Chair and Chief Risk Officer Conference Call Participants John McDonald - Autonomous Research Betsy Graseck - Morgan Stanley Scott Siefers - Piper Sandler Ken Usdin - Jefferies Mike Mayo - Wells Fargo Securities Ebrahim Poonawala - Bank of Americ ...

– Net interest income decreased 13% as a result of higher funding costs and lower earning assets – NIM declined 28 bps $ in millions – Noninterest income increased 6.1% primarily driven by higher investment banking and trading income, partially offset by a decline in lending related fees due to lower leasing-related gains Noninterest expense Vs. linked quarter – Adjusted noninterest expense increased $20 million, or 0.7% – Noninterest expense decreased $62 million Adjusted noninterest expense excludes restr ...

Quarterly Performance Summary Truist Financial Corporation First Quarter 2024 Ta b l e o f C o n t e n t s Q u a r t e rly P e rfo r m a n c e S u m m a r y T r uis t Fin a n cial C o r p o r a tio n | P | a | g | e | Fin | a | n | cial | Hig | hlig | h | t | s | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Insights - Truist is recognized as a competitive mortgage lender, particularly for first-time home buyers, offering down payment assistance and lender credits, but it has a below-average customer satisfaction score [1][4][23] Mortgage Products - Truist provides a variety of home loan products, including conventional loans, FHA loans, VA loans, USDA loans, and specialized programs for medical professionals [4][5][20] - The Community Homeownership Incentive Program offers low or no down payments and no mortgage insurance for eligible borrowers in qualifying areas [4] - Truist's home equity line of credit (HELOC) is easy to apply for, but availability is limited to less than half of U.S. states [10][25] Customer Experience - The application process for Truist's mortgage products is straightforward, with options for preapproval and online applications [17][18] - Truist's website features educational resources and guides for home buyers, although the overall library of resources is considered average [7][20][23] Rate Transparency and Costs - Truist's mortgage rates are presented with the option to include or exclude discount points, but there is a lack of transparency regarding credit approval qualifications [2][11][23] - The lender scored 3 out of 5 stars for both mortgage rates and total loan costs, indicating near-median performance with a mortgage rate of 6.5% and total loan cost of $5,219.40 in 2024 [15][16][23] Customer Satisfaction - Truist ranks below average in customer satisfaction according to the J.D. Power Mortgage Origination Satisfaction Study, indicating potential areas for improvement in service [1][4][23]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________________ FORM 10-K _________________________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Commission File Number: 1-10853 TRUIST FINANCIAL CORPORATION | (Exact name of registrant as specified in its charter) | | | | --- | --- | --- | | _____________________ ...

Truist Financial Corporation Conference Call Summary Company Overview - **Company**: Truist Financial Corporation (NYSE:TFC) - **Event**: BofA Securities Financial Services Conference - **Date**: February 21, 2024 - **Participants**: Mike Maguire (CFO), Ebrahim Poonawala (Bank of America) Key Points Strategic Rationale for Divestiture - Truist announced a transaction to monetize its minority stake in TIH, driven by the need to strengthen its financial position amid industry turmoil and capital demands [3][4][5] - The divestiture aims to improve capital position, with CET1 ratio expected to increase from 10.1% to approximately 12.5% post-transaction [9] - The transaction is seen as a transformational capital event, allowing for stock buybacks and growth opportunities in a less competitive market [7][10] Financial Impact and Use of Proceeds - The sale is projected to generate over $10 billion, with a focus on maintaining capital advantage and improving liquidity [10][11] - The tangible book value per share is expected to increase by 33% as a result of the transaction [9] - Proceeds will be used to replace lost earnings from TIH, with an estimated impact of $0.45 per share in 2024 [13][14] Market Position and Growth Strategy - Truist is focusing on execution and optimizing its core banking franchise rather than pursuing M&A at this time [22][23] - The company aims to leverage its capital position to enhance client relationships and expand market share in both wholesale and consumer segments [11][28] - There is an emphasis on improving fee revenue through investment banking and wealth management, with a focus on cross-selling opportunities [41][42] Credit Outlook and Risk Management - Truist anticipates higher charge-offs in 2024, particularly in the commercial real estate (CRE) office portfolio, which constitutes about 1.6% of total loans [58] - The company has a loan loss reserve of nearly 9% for the office portfolio, indicating a cautious approach to potential losses [58] - Overall, the C&I portfolio remains strong, with no significant negative developments reported [60] Competitive Landscape and Market Dynamics - Truist operates in competitive markets, particularly in the Southeast, where it aims to maintain a strong market presence [66][69] - The company is focused on enhancing its deposit retention strategies amid increasing competition from other banks [55][56] - Truist's geographic markets are experiencing positive demographic trends, which are expected to drive growth [67] Regulatory Environment and Liquidity Management - The company is preparing for potential changes in liquidity regulations and is focused on maintaining a strong liquidity position [74][76] - Truist is actively evaluating its liquidity stress testing scenarios to ensure compliance with evolving regulatory standards [76] Conclusion - Truist Financial is positioning itself for future growth by focusing on core banking operations, optimizing its capital structure, and enhancing client relationships while navigating a competitive and regulatory landscape [78][79]

Truist Financial Corporation (NYSE:TFC) Q4 2023 Earnings Conference Call January 18, 2024 8:00 AM ET Company Participants Brad Milsaps - Head of Investor Relations Bill Rogers - Chairman and Chief Executive Officer Mike Maguire - Chief Financial Officer Clarke Starnes - Vice Chair and Chief Risk Officer Conference Call Participants John McDonald - Autonomous Research Scott Siefers - Piper Sandler Mike Mayo - Wells Fargo Securities Elyse Greenspan - Wells Fargo Securities Ken Usdin - Jefferies Erika Najarian ...

Truist Financial Corporation Conference Call Summary Company Overview - **Company**: Truist Financial Corporation (NYSE:TFC) - **Event**: Goldman Sachs 2023 US Financial Services Conference - **Date**: December 5, 2023 Key Industry Insights - **Economic Sentiment**: Clients are cautious, particularly in commercial sectors, affecting loan demand [3][4] - **Consumer Behavior**: Higher-end consumers continue to spend, while lower-income consumers are showing signs of stress, including increased credit card utilization and delinquency [5] - **Loan Growth Strategy**: Truist is focusing on selective loan growth rather than defensive strategies, optimizing portfolios to enhance returns [6][7][8] Financial Performance and Projections - **Loan Demand**: Expected decline in loans for Q4 due to cautious market sentiment [6] - **Net Interest Income (NII)**: Anticipated to bottom out in the first half of next year, with potential growth as the economy recovers [18] - **Fee Income Growth**: Insurance and investment banking are key drivers, with expectations for improvement in 2024 [19][21] Regulatory Environment - **Increased Regulations**: Truist has been preparing for a more regulated environment since its merger, focusing on capital optimization and compliance [10][9] - **Capital Management**: Targeting a Common Equity Tier 1 (CT1) ratio of 10%, with a focus on organic growth and maintaining flexibility for future opportunities [48][49] Strategic Initiatives - **Organizational Realignment**: Aimed at streamlining operations and enhancing client focus, moving towards a more integrated service model [24][26][29] - **Cost-Saving Measures**: Aiming for zero expense growth while investing in key areas like AI and digital capabilities [31][39] - **Home-Court Advantage**: Emphasizing local market strengths to drive growth and client relationships [28][34] Credit Quality and Risk Management - **Credit Performance**: Normalization of credit losses expected, with ongoing monitoring of portfolios, particularly in lower-income and commercial real estate sectors [40][42][46] - **Stress Testing**: Continuous assessment of portfolio risks to ensure balance sheet strength [45][47] Conclusion - **Long-Term Outlook**: Truist is positioned for growth with a focus on client acquisition, operational efficiency, and leveraging market opportunities, despite current economic challenges [62][60]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________________ FORM 10-Q _________________________________________________________________ ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: September 30, 2023 Commission File Number: 1-10853 TRUIST FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) _________________________________________ ...

Truist Financial Corporation (NYSE:TFC) Q3 2023 Earnings Conference Call October 18, 2023 8:00 AM ET Company Participants Brad Milsaps - Head of IR Bill Rogers - Chairman and CEO Mike Maguire - CFO Clarke Starnes - Vice Chair and CRO Conference Call Participants Ken Usdin - Jefferies John McDonald - Autonomous Research Ebrahim Poonawala - Bank of America Erika Najarian - UBS John Pancari - Evercore ISI Mike Mayo - Wells Fargo Securities Matt O'Connor - Deutsche Bank Gerard Cassidy - RBC Capital Markets Ryan ...