Truist Financial Corporation

Greetings, ladies and gentlemen, and welcome to the Truist Financial Corporation's first quarter call. Currently, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. As a reminder, this event is being recorded. It is now my pleasure to introduce your host, Mr. Ankur Vyas, Head of Investor Relations, Truist Financial Corporation.

Thank you, Ali, and good morning, everyone. Welcome to Truist's first quarter 2023 earnings call. With us today are our chairman and CEO, Bill Rogers, and our CFO, Mike McGuire. During this morning's call, they will discuss Truist's first quarter results, share their perspectives on current business conditions and recent events, and provide an outlook, updated outlook for 2023. Clark Starnes, our vice chair and chief risk officer, Bo Cummins, our vice chair, and John Howard, Truist Insurance Holdings Chairman and CEO are also in attendance and are available to participate in the Q&A portion of our call. The accompanying presentation as well as our earnings release and supplemental financial information are available on the Truist Investor Relations website, ir.truist.com. Our presentation today will include forward-looking statements and certain non-GAAP financial measures. Please review the disclosures on slides two and three of the presentation regarding these statements and measures, as well as the appendix for appropriate reconciliations to GAAP. With that, I'll now turn the call over to Bill.

Thanks, Hacker. Good morning, everybody, and thank you for joining our call. I know you have a busy day ahead of you. The first quarter of 2023 was certainly an unusual and maybe even possibly an historic one for our banking industry. I am really extremely proud of our more than 50,000 teammates who leaned into our purpose and continue to care for our clients and stakeholders, reassuring them of truest position of strength and commitment to serve them. Throughout the quarter, we continue to experience the benefits of our shift from integrating to operating, as evidenced by improved organic production and increasing client satisfaction scores, which in our branches ascended to new highs in the weeks after March 9th. Based with a volatile and uncertain environment, we successfully demonstrated the strength and resiliency of Truist's diverse business mix, scale and market share, granular and relationship-oriented deposit base, and strong capital and liquidity. But as we'll also discuss, some of that positive momentum was offset by some higher funding costs and somewhat elevated expenses. Strategically, we continue to take actions to optimize our franchise and focus our resources on areas where we have an advantage in the marketplace, and at the same time, simplify, consolidate, or exit certain activities to improve profitable growth. Mike will share some of those details later in the call. We'll provide more details on the quarter's results and other topical items throughout the presentation.