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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Truist Financial Corporation | NYSE:TFC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.35 | 0.92% | 38.40 | 38.60 | 37.98 | 38.54 | 7,609,252 | 01:00:00 |
CHARLOTTE, N.C., April 20, 2023 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today reported GAAP earnings of $1.4 billion, or $1.05 per share for the first quarter of 2023. PPNR(1) was up 47% and adjusted PPNR(1) was up 19% compared to the first quarter of 2022. Capital, liquidity, and credit quality remain strengths.
1Q23 Key Financial Data | |||
(Dollars in billions, except per share data) | 1Q23 | 4Q22 | 1Q22 |
Summary Income Statement | |||
Net interest income - TE | $ 3.92 | $ 4.03 | $ 3.21 |
Noninterest income | 2.23 | 2.23 | 2.14 |
Total revenue - TE | 6.15 | 6.26 | 5.35 |
Noninterest expense | 3.69 | 3.72 | 3.67 |
Net income available to common shareholders | 1.41 | 1.61 | 1.33 |
PPNR - unadjusted(1) | 2.46 | 2.54 | 1.68 |
PPNR - adjusted(1) | 2.66 | 2.87 | 2.23 |
Per Share Metrics | |||
Diluted earnings per common share | $ 1.05 | $ 1.20 | $ 0.99 |
BVPS | 41.82 | 40.58 | 43.82 |
TBVPS(1) | 19.45 | 18.04 | 21.87 |
Key Ratios | |||
ROCE | 10.3 % | 11.7 % | 9.0 % |
ROTCE(1) | 24.1 | 27.6 | 18.6 |
Efficiency ratio - GAAP | 60.5 | 60.0 | 69.0 |
Efficiency ratio - adjusted(1) | 56.8 | 54.2 | 58.3 |
NIM - TE | 3.17 | 3.25 | 2.76 |
NCO ratio | 0.37 | 0.34 | 0.25 |
ALLL ratio | 1.37 | 1.34 | 1.44 |
CET1(2) | 9.1 | 9.0 | 9.4 |
Average Balances | |||
Assets | $ 560 | $ 553 | $ 536 |
Securities | 141 | 142 | 153 |
Loans and leases | 328 | 323 | 292 |
Deposits | 408 | 413 | 415 |
Amounts may not foot due to rounding. |
1Q23 Performance Highlights(3)
(1) | Represents a non-GAAP measure. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist's First Quarter 2023 Earnings Presentation. |
(2) | Current quarter capital ratios are preliminary. |
(3) | Comparisons noted in this section summarize changes from first quarter of 2023 compared to fourth quarter of 2022, unless otherwise noted. |
CEO Commentary
"In a challenging and unique quarter for the banking industry, Truist demonstrated strength and leadership that reflects our diverse business model, granular and relationship-oriented deposit base, and strong capital and liquidity position. We also closed on the sale of a 20% minority stake in Truist Insurance Holdings in early April, which adds approximately 30 basis points to our risk-based capital ratios and, longer term, provides strategic and financial flexibility for both Truist and TIH.
Truist earned $1.4 billion of net income and had an ROTCE of 24.1% in the first quarter. We continued to experience the benefits of our shift to operating, including improving organic production and integrated relationship management momentum, although these benefits were offset by higher-than-expected funding costs. As a result, adjusted pre-provision net revenue decreased 7.2% sequentially, consistent with our prior guidance. We have started the year with 310 basis points of positive adjusted operating leverage, although work remains. Asset quality metrics remain strong and we prudently increased our ALLL ratio by 3 basis points to reflect increased uncertainty.
Our focus on clients was unwavering, both during the first two months of the quarter and in March. I am proud of how our teammates continue to care for our clients and stakeholders and live our purpose to inspire and build better lives and communities. I remain highly confident in Truist's trajectory and ability to be a source of strength and stability for our clients and communities."
— Bill Rogers, Truist Chairman & CEO
Truist in the Spotlight
Net Interest Income, Net Interest Margin, and Average Balances | |||||||||||||
Quarter Ended | Change | ||||||||||||
(Dollars in millions) | 1Q23 | 4Q22 | 1Q22 | Link | Like | ||||||||
Interest income(1) | $ 5,836 | $ 5,288 | $ 3,383 | $ 548 | 10.4 % | $ 2,453 | 72.5 % | ||||||
Interest expense | 1,917 | 1,257 | 174 | 660 | 52.5 | 1,743 | NM | ||||||
Net interest income(1) | $ 3,919 | $ 4,031 | $ 3,209 | $ (112) | (2.8) | $ 710 | 22.1 | ||||||
Net interest margin(1) | 3.17 % | 3.25 % | 2.76 % | (8) bps | 41 bps | ||||||||
Core net interest margin(2) | 3.10 | 3.17 | 2.57 | (7) bps | 53 bps | ||||||||
Average Balances(3) | |||||||||||||
Total earning assets | $ 499,149 | $ 492,805 | $ 469,940 | $ 6,344 | 1.3 % | $ 29,209 | 6.2 % | ||||||
Total interest-bearing liabilities | 352,472 | 336,584 | 311,586 | 15,888 | 4.7 | 40,886 | 13.1 | ||||||
Yields / Rates(1) | |||||||||||||
Total earning assets | 4.72 % | 4.27 % | 2.90 % | 45 bps | 182 bps | ||||||||
Total interest-bearing liabilities | 2.20 | 1.48 | 0.22 | 72 bps | 198 bps |
(1) | Amounts are on a taxable-equivalent basis utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends. |
(2) | Represents a non-GAAP measure. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist's First Quarter 2023 Earnings Presentation. |
(3) | Excludes basis adjustments for fair value hedges. |
Taxable-equivalent net interest income for the first quarter of 2023 was down $112 million, or 2.8%, compared to the fourth quarter of 2022 driven by higher funding costs and two less days, partially offset by higher rates on earning assets. The net interest margin was 3.17%, down eight basis points.
Taxable-equivalent net interest income for the first quarter of 2023 was up $710 million, or 22%, compared to the first quarter of 2022 primarily due to higher short-term interest rates and strong loan growth, alongside well controlled deposit costs. These increases were partially offset by lower purchase accounting accretion and PPP revenue. Net interest margin was 3.17%, up 41 basis points.
Noninterest Income | |||||||||||||
Quarter Ended | Change | ||||||||||||
(Dollars in millions) | 1Q23 | 4Q22 | 1Q22 | Link | Like | ||||||||
Insurance income | $ 813 | $ 766 | $ 727 | $ 47 | 6.1 % | $ 86 | 11.8 % | ||||||
Wealth management income | 339 | 324 | 343 | 15 | 4.6 | (4) | (1.2) | ||||||
Investment banking and trading income | 261 | 257 | 261 | 4 | 1.6 | — | — | ||||||
Service charges on deposits | 249 | 257 | 252 | (8) | (3.1) | (3) | (1.2) | ||||||
Card and payment related fees | 230 | 245 | 212 | (15) | (6.1) | 18 | 8.5 | ||||||
Mortgage banking income | 142 | 117 | 121 | 25 | 21.4 | 21 | 17.4 | ||||||
Lending related fees | 106 | 110 | 85 | (4) | (3.6) | 21 | 24.7 | ||||||
Operating lease income | 67 | 68 | 58 | (1) | (1.5) | 9 | 15.5 | ||||||
Securities gains (losses) | — | — | (69) | — | — | 69 | (100.0) | ||||||
Other income | 27 | 83 | 152 | (56) | (67.5) | (125) | (82.2) | ||||||
Total noninterest income | $ 2,234 | $ 2,227 | $ 2,142 | $ 7 | 0.3 | $ 92 | 4.3 |
Noninterest income was relatively stable compared to the fourth quarter of 2022 due to seasonally higher insurance income, higher mortgage banking and wealth management income partially offset by lower other income and card and payment related fees.
Noninterest income was up $92 million, or 4.3%, compared to the first quarter of 2022 due to 12% growth in insurance income, higher mortgage banking income, higher fees from lending-related activities and card and payment related activities. The first quarter of 2022 included $69 million of securities losses and a $74 million gain on the redemption of noncontrolling equity interest (included in other income). These items were partially offset by lower other income.
Noninterest Expense | |||||||||||||
Quarter Ended | Change | ||||||||||||
(Dollars in millions) | 1Q23 | 4Q22 | 1Q22 | Link | Like | ||||||||
Personnel expense | $ 2,181 | $ 2,198 | $ 2,051 | $ (17) | (0.8) % | $ 130 | 6.3 % | ||||||
Professional fees and outside processing | 314 | 347 | 363 | (33) | (9.5) | (49) | (13.5) | ||||||
Software expense | 214 | 241 | 232 | (27) | (11.2) | (18) | (7.8) | ||||||
Net occupancy expense | 183 | 179 | 208 | 4 | 2.2 | (25) | (12.0) | ||||||
Amortization of intangibles | 136 | 163 | 137 | (27) | (16.6) | (1) | (0.7) | ||||||
Equipment expense | 110 | 124 | 118 | (14) | (11.3) | (8) | (6.8) | ||||||
Marketing and customer development | 78 | 70 | 84 | 8 | 11.4 | (6) | (7.1) | ||||||
Operating lease depreciation | 46 | 44 | 48 | 2 | 4.5 | (2) | (4.2) | ||||||
Regulatory costs | 75 | 52 | 35 | 23 | 44.2 | 40 | 114.3 | ||||||
Merger-related and restructuring charges | 63 | 114 | 216 | (51) | (44.7) | (153) | (70.8) | ||||||
Other expense | 291 | 190 | 182 | 101 | 53.2 | 109 | 59.9 | ||||||
Total noninterest expense | $ 3,691 | $ 3,722 | $ 3,674 | $ (31) | (0.8) | $ 17 | 0.5 |
Noninterest expense was down $31 million, or 0.8%, compared to the fourth quarter of 2022 due to lower merger-related and restructuring charges, professional fees and outside processing expenses, amortization of intangibles, and software expenses. These decreases were partially offset by higher other expenses and regulatory costs. Merger-related and restructuring charges and incremental operating expenses related to the merger decreased $51 million and $56 million, respectively, due to the completion of integration-related activities. The current quarter merger-related and restructuring charges includes costs for personnel and facilities optimization. Adjusted noninterest expenses, which exclude merger-related costs and the amortization of intangibles, increased $103 million, or 3.0%, compared to the prior quarter.
Noninterest expense was up $17 million, or 0.5%, compared to the first quarter of 2022 due to higher personnel expense, other expense, and regulatory costs. These increases were partially offset by lower merger-related and restructuring charges and professional fees and outside processing expenses. Merger-related and restructuring charges and incremental operating expenses related to the merger decreased $153 million and $202 million, respectively, due to the completion of integration-related activities. Adjusted noninterest expenses, which exclude merger-related costs and the amortization of intangibles increased $373 million, or 12%.
Provision for Income Taxes | |||||||||||||
Quarter Ended | Change | ||||||||||||
(Dollars in millions) | 1Q23 | 4Q22 | 1Q22 | Link | Like | ||||||||
Provision for income taxes | $ 394 | $ 337 | $ 330 | $ 57 | 16.9 % | $ 64 | 19.4 % | ||||||
Effective tax rate | 20.6 % | 16.7 % | 18.9 % | 390 bps | 170 bps |
The effective tax rate increased compared to the fourth quarter of 2022 primarily driven by discrete tax expenses recognized in the current quarter compared to discrete tax benefits recognized in the prior quarter and the adoption of accounting guidance related to the proportional amortization of tax credit investments in the current quarter. This guidance resulted in an increase in other income and an increase in tax expense of $17 million for the first quarter of 2023 with no impact to net income. The guidance was adopted prospectively and had no impact on prior periods results.
The effective tax rate increased compared to the first quarter of 2022 primarily driven by higher income before taxes, discrete tax expense recognized in the current quarter compared to discrete tax benefits recognized in the prior quarter, and the aforementioned adoption of accounting guidance related to the proportional amortization of tax credit investments.
Average Loans and Leases | |||||||
(Dollars in millions) | 1Q23 | 4Q22 | Change | % Change | |||
Commercial: | |||||||
Commercial and industrial | $ 165,095 | $ 159,308 | $ 5,787 | 3.6 % | |||
CRE | 22,689 | 22,497 | 192 | 0.9 | |||
Commercial construction | 5,863 | 5,711 | 152 | 2.7 | |||
Total commercial | 193,647 | 187,516 | 6,131 | 3.3 | |||
Consumer: | |||||||
Residential mortgage | 56,422 | 56,292 | 130 | 0.2 | |||
Home equity(1) | 10,735 | 10,887 | (152) | (1.4) | |||
Indirect auto | 27,743 | 28,117 | (374) | (1.3) | |||
Other consumer(1) | 27,559 | 27,479 | 80 | 0.3 | |||
Student | 5,129 | 5,533 | (404) | (7.3) | |||
Total consumer | 127,588 | 128,308 | (720) | (0.6) | |||
Credit card | 4,785 | 4,842 | (57) | (1.2) | |||
Total loans and leases held for investment | $ 326,020 | $ 320,666 | $ 5,354 | 1.7 |
(1) | In the first quarter of 2023, the Company reclassified certain portfolios within the consumer portfolio segment to delineate home equity from other consumer portfolios. Prior periods were revised to conform to the current presentation. |
Average loans increased $5.4 billion, or 1.7%, compared to the prior quarter primarily due to momentum from the prior quarter within the commercial portfolio and the impact of the BankDirect acquisition. Loan growth moderated during the quarter as production in lower return portfolios was reduced with end of period loans up 0.5% compared to December 31, 2022.
Average Deposits | |||||||
(Dollars in millions) | 1Q23 | 4Q22 | Change | % Change | |||
Noninterest-bearing deposits | $ 131,099 | $ 141,032 | $ (9,933) | (7.0) % | |||
Interest checking | 108,886 | 110,001 | (1,115) | (1.0) | |||
Money market and savings | 139,802 | 144,730 | (4,928) | (3.4) | |||
Time deposits | 28,671 | 17,513 | 11,158 | 63.7 | |||
Total deposits | $ 408,458 | $ 413,276 | $ (4,818) | (1.2) |
Average deposits for the first quarter of 2023 were $408.5 billion, a decrease of $4.8 billion, or 1.2%, compared to the prior quarter. The decrease in deposits was primarily driven by the impacts of monetary tightening and higher-rate alternatives.
Average noninterest-bearing deposits decreased 7.0% compared to the prior quarter and represented 32.1% of total deposits for the first quarter of 2023 compared to 34.1% for the fourth quarter of 2022 and 35.1% compared to the year ago quarter. Average money market and savings and interest checking declined 3.4% and 1.0%, respectively, compared to the prior quarter. Average time deposits increased 64% due to an increase in wholesale funding and retail-client time deposits.
Capital Ratios | |||||||||
1Q23 | 4Q22 | 3Q22 | 2Q22 | 1Q22 | |||||
Risk-based: | (preliminary) | ||||||||
CET1 | 9.1 % | 9.0 % | 9.1 % | 9.2 % | 9.4 % | ||||
Tier 1 | 10.6 | 10.5 | 10.7 | 10.8 | 11.0 | ||||
Total | 12.6 | 12.4 | 12.6 | 12.6 | 13.0 | ||||
Leverage | 8.5 | 8.5 | 8.5 | 8.6 | 8.6 | ||||
Supplementary leverage | 7.3 | 7.3 | 7.3 | 7.3 | 7.3 |
Capital ratios remained strong compared to the regulatory requirements for well capitalized banks. Truist declared common dividends of $0.52 per share during the first quarter of 2023. The dividend payout ratio for the first quarter of 2023 was 49%. Truist did not repurchase any shares in the first quarter of 2023.
Truist CET1 ratio was 9.1% as of March 31, 2023. The increase since December 31, 2022 represents organic capital generation, partially offset by the CECL phase-in. Truist closed the sale of the minority stake in TIH on April 3, 2023, which adds approximately 30 basis points and 25 basis points to the risk-based regulatory capital ratios and leverage ratios, respectively.
Truist's average consolidated LCR was 113% for the three months ended March 31, 2023, compared to the regulatory minimum of 100%. Truist has significant and strong access to liquidity with $166 billion of available liquidity as of March 31, 2023.
Asset Quality | |||||||||
(Dollars in millions) | 1Q23 | 4Q22 | 3Q22 | 2Q22 | 1Q22 | ||||
Total nonperforming assets | $ 1,261 | $ 1,250 | $ 1,240 | $ 1,173 | $ 1,135 | ||||
Total loans 90 days past due and still accruing | 1,361 | 1,605 | 1,709 | 1,787 | 1,914 | ||||
Total loans 30-89 days past due | 1,805 | 2,267 | 1,957 | 2,091 | 2,101 | ||||
Nonperforming loans and leases as a percentage of loans and leases held for investment | 0.36 % | 0.36 % | 0.35 % | 0.36 % | 0.36 % | ||||
Loans 30-89 days past due and still accruing as a percentage of loans and leases | 0.55 | 0.70 | 0.62 | 0.69 | 0.72 | ||||
Loans 90 days or more past due and still accruing as a percentage of loans and leases | 0.42 | 0.49 | 0.54 | 0.59 | 0.66 | ||||
Loans 90 days or more past due and still accruing as a percentage of loans and leases, excluding | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | ||||
Allowance for loan and lease losses as a percentage of loans and leases held for investment | 1.37 | 1.34 | 1.34 | 1.38 | 1.44 | ||||
Net charge-offs as a percentage of average loans and leases, annualized | 0.37 | 0.34 | 0.27 | 0.22 | 0.25 | ||||
Ratio of allowance for loan and lease losses to net charge-offs, annualized | 3.7x | 4.1x | 5.0x | 6.5x | 5.8x | ||||
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment | 3.8x | 3.7x | 3.8x | 3.8x | 4.0x |
Nonperforming assets totaled $1.3 billion at March 31, 2023, relatively stable compared to December 31, 2022. Nonperforming loans and leases held for investment were 0.36% of loans and leases held for investment at March 31, 2023, unchanged compared to December 31, 2022.
Loans 90 days or more past due and still accruing totaled $1.4 billion at March 31, 2023, down $244 million, or seven basis points as a percentage of loans and leases, compared with the prior quarter primarily due to declines in government guaranteed student loans and government guaranteed residential mortgages. Excluding government guaranteed loans, the ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.04% at March 31, 2023, flat from December 31, 2022.
Loans 30-89 days past due and still accruing of $1.8 billion at March 31, 2023 were down $462 million, or 15 basis points as a percentage of loans and leases, compared to the prior quarter primarily due to a seasonal decrease in the consumer portfolios coupled with a decline in the commercial and industrial portfolio.
The allowance for credit losses was $4.8 billion and includes $4.5 billion for the allowance for loan and lease losses and $282 million for the reserve for unfunded commitments. The ALLL ratio was 1.37%, up three basis points compared with December 31, 2022 primarily due to increased economic uncertainty. The ALLL covered nonperforming loans and leases held for investment 3.8X compared to 3.7X at December 31, 2022. At March 31, 2023, the ALLL was 3.7X annualized net charge-offs, compared to 4.1X at December 31, 2022.
Provision for Credit Losses | |||||||||||||
Quarter Ended | Change | ||||||||||||
(Dollars in millions) | 1Q23 | 4Q22 | 1Q22 | Link | Like | ||||||||
Provision for credit losses | $ 502 | $ 467 | $ (95) | $ 35 | 7.5 % | $ 597 | NM | ||||||
Net charge-offs | 297 | 273 | 178 | 24 | 8.8 | 119 | 66.9 | ||||||
Net charge-offs as a percentage of average loans and leases | 0.37 % | 0.34 % | 0.25 % | 3 bps | 12 bps |
The provision for credit losses was $502 million compared to $467 million for the fourth quarter of 2022.
The provision for credit losses was $502 million compared to a benefit of $95 million for the first quarter of 2022.
Earnings Presentation and Quarterly Performance Summary
Investors can access a live audio webcast of the first quarter 2023 earnings conference call at 8 a.m. ET today and view the news release and presentation materials at https://ir.truist.com under "Events & Presentations." The conference call can also be accessed by dialing 855-303-0072 and using passcode 100038. A replay of the call will be available on the website for 30 days.
The presentation, including an appendix reconciling non-GAAP disclosures, and Truist's First Quarter 2023 Quarterly Performance Summary, which contains detailed financial schedules, are available at https://ir.truist.com/earnings.
About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country, and offers a wide range of products and services through our retail and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $574 billion as of March 31, 2023. Truist Bank, Member FDIC. Learn more at Truist.com.
Glossary of Defined Terms | |
Term | Definition |
ACL | Allowance for credit losses |
ALLL | Allowance for loan and lease losses |
BVPS | Book value (common equity) per share |
CEO | Chief Executive Officer |
CET1 | Common equity tier 1 |
EBITDA | Earnings before interest, taxes, depreciation, and amortization |
FDIC | Federal Deposit Insurance Corporation |
GAAP | Accounting principles generally accepted in the United States of America |
LCR | Liquidity Coverage Ratio |
LIBOR | London Interbank Offered Rate |
Like | Compared to First quarter of 2022 |
Link | Compared to Fourth quarter of 2022 |
NCO | Net charge-offs |
NIM | Net interest margin, computed on a TE basis |
NM | Not meaningful |
PPNR | Pre-provision net revenue |
PPP | Paycheck Protection Program, established by the Coronavirus Aid, Relief, and Economic Security Act |
ROCE | Return on average common equity |
ROTCE | Return on average tangible common equity |
SBIC | Small Business Investment Company |
TBVPS | Tangible book value per common share |
TE | Taxable-equivalent |
TIH | Truist Insurance Holdings |
Non-GAAP Financial Information
This news release contains financial information and performance measures determined by methods other than in accordance with 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 news release:
A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist's First Quarter 2023 Earnings Presentation, which is available at https://ir.truist.com/earnings.
Forward Looking Statements
This news release 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 under Part I, 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:
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.
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SOURCE Truist Financial Corporation
Copyright 2023 PR Newswire
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