Third Quarter 2022 Earnings Conference Call
Noninterest expense
5-Quarter Trend ($ MM)
$3,795
$30
$3,700
$3,674
$3,580
$3,613
$145
$143
$137
$143
$140
$363
$427
$418
$238
$152
$3,257
$3,238
$3,321
-
$3,131
$3,119
69.0%
67.8%
66.5%
63.3%
61.8%
57.9%
58.3%
57.0%
56.0%
56.4%
3Q21
4Q21
1Q22
($39)
2Q22
3Q22
1
-
-
-
vs. Prior Quarter
Noninterest expense increased $33 million, or 0.9%
-
Merger costs' declined $86 million, or 36%
· Adjusted noninterest expense was $3.3 billion, up $83 million, or 2.6%
Professional fees and outside processing² up $34 million due to ongoing
investments in technology
Other expense² increased $28 million primarily due to higher operational
losses
Personnel expense² increased $23 million primarily as a result of
investments in lines of business and enterprise technology, in addition to
the BenefitMall acquisition
vs. Prior Year
Noninterest expense declined $182 million, or 4.8%
Merger costs declined $211 million
Adjusted noninterest expense up $64 million, or 2.0%, as higher operational
losses and increased investment spend mitigated by merger cost save progress
-
-
-
Other expense² increased $87 million as a result of higher operational
losses and increased teammate travel
Professional fees and outside processing² up $70 million due to enterprise
technology investments and increased call center staffing
Personnel expense² down $32 million as a result of impacts from the
nonqualified plan and lower performance-driven incentives; partially offset
by investments in talent and acquisitions
Software, occupancy, equipment costs all declined primarily due to merger
cost save progress
TRUIST HH
Adjusted noninterest expense
Amortization
GAAP efficiency ratio
Merger costs
Other significant items
Adjusted efficiency ratio
1 Includes merger-related and restructuring charges and incremental operating expenses related to the merger
2 Excludes incremental operating expenses related to the merger; 3Q21 professional fees and outside processing expense also excludes professional fee accrual
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