Truist reported first-quarter 2026 net income available to common shareholders of $1.38 billion, up from $1.29 billion in the fourth quarter of 2025 and $1.16 billion in the first quarter of 2025. Diluted earnings per share rose to $1.09 from $1.00 in the prior quarter and $0.87 a year earlier.
Total revenue was $5.15 billion, down from $5.25 billion in the fourth quarter but up from $4.90 billion in the first quarter of 2025. Net interest income fell to $3.60 billion from $3.70 billion in the prior quarter, but increased from $3.51 billion a year earlier. Noninterest income was $1.55 billion, essentially flat with the prior quarter and up from $1.39 billion in the year-ago period.
Noninterest expense declined to $2.98 billion from $3.17 billion in the fourth quarter, while rising from $2.91 billion a year earlier. The efficiency ratio improved to 57.9% from 60.4% in the prior quarter and 59.3% in the first quarter of 2025.
Net interest margin was 3.02%, down from 3.07% in the fourth quarter and up from 3.01% a year earlier.
Average loans and leases held for investment were $327.0 billion, up $2.3 billion from the fourth quarter and $19.0 billion from the first quarter of 2025. Commercial loans rose to $198.6 billion from $195.2 billion in the prior quarter, while consumer loans slipped to $123.5 billion from $124.6 billion. End-of-period loans and leases held for investment were $329.2 billion, up $643 million from year-end 2025.
Average deposits increased to $398.9 billion from $396.0 billion in the fourth quarter and $392.2 billion a year earlier. End-of-period deposits were $404.1 billion, up $3.7 billion from December 31, 2025.
Wealth management income increased to $370 million from $365 million in the fourth quarter and $344 million a year earlier. Investment banking and trading income rose to $372 million from $335 million and $273 million. Mortgage banking income climbed to $133 million from $119 million and $108 million. Lending-related fees increased to $118 million from $98 million and $95 million.
Personnel expense declined to $1.73 billion from $1.82 billion in the fourth quarter, though it was up from $1.60 billion a year earlier. Professional fees and outside processing fell to $313 million from $337 million and $364 million. Other expense dropped sharply to $238 million from $367 million in the prior quarter.
The provision for income taxes was $209 million, little changed from $210 million in the fourth quarter, but down from $274 million a year earlier. The effective tax rate fell to 12.4% from 13.4% and 17.9%.
Capital remained stable, with common equity tier 1 at 10.8%, unchanged from the fourth quarter and down from 11.3% a year earlier. Truist repurchased $1.1 billion of common stock in the quarter and paid $0.52 per share in dividends. The company ended the quarter with a dividend payout ratio of 47% and a total payout ratio of 129%.
Asset quality weakened modestly. Nonperforming assets rose to $1.79 billion from $1.63 billion in the fourth quarter and $1.62 billion a year earlier. Nonperforming loans and leases increased to 0.50% of loans and leases held for investment from 0.48% in both the prior quarter and the year-ago quarter. Loans 90 days or more past due and still accruing climbed to $760 million from $684 million in the fourth quarter and $616 million a year earlier. The allowance for loan and lease losses stayed at 1.53% of loans and leases held for investment, down from 1.58% a year earlier. Following these announcements, the company's shares moved -0.93%, and are now trading at a price of $44.97. Check out the company's full 8-K submission here.
