Third Quarter 2022 Earnings Conference Call
Non-GAAP reconciliations
Efficiency ratio
($ MM)
Quarter Ended
Sept. 30
2022
June 30
March 31
Dec. 31
Sept. 30
2022
2022
2021
2021
Efficiency ratio numerator - noninterest expense - GAAP
$
3,613
$
3,580
$
3,674
$
3,700
$
3,795
Merger-related and restructuring charges, net
(62)
(121)
(216)
(212)
(172)
Gain (loss) on early extinguishment of debt
39
1
Incremental operating expense related to the merger
(90)
(117)
(202)
(215)
(191)
Amortization of intangibles
Professional fee accrual
(140)
(143)
(137)
(143)
(145)
(30)
Efficiency ratio numerator - adjusted
$
3,321
$
3,238 $
3,119 $
3,131 $
3,257
Efficiency ratio denominator - revenue (1) - GAAP
$
5,847
5,655
$
5,325
$
5,566
$
5,598
Taxable equivalent adjustment
38
28
26
24
28
Securities (gains) losses
1
1
69
Gain on redemption of noncontrolling equity interest
(74)
Efficiency ratio denominator - adjusted
$
5,886
$
5,684
$
5,346
$
5,590
$
5,626
Efficiency ratio - GAAP
Efficiency ratio - adjusted (2)
61.8 %
56.4
63.3 %
57.0
69.0 %
58.3
66.5 %
56.0
67.8 %
57.9
(1) Revenue is defined as net interest income plus noninterest income.
(2) The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges, and other selected items. Truist's management
uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results
with prior periods, as well as demonstrates the effects of significant gains and charges.
TRUIST HH
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