Truist Financial Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Truist Financial Corp. filed its 2023 10-K, reporting $208.7 billion in assets and $1.206 billion in net income.</b>

AI Summary

TRUIST FINANCIAL CORP (TFC-PR) filed a Annual Report (10-K) with the SEC on February 27, 2024. Truist Financial Corp. reported total assets of $208.7 billion for the fiscal year ended December 31, 2023. The company's total debt stood at $169.6 billion as of December 31, 2023. Net income for the fiscal year 2023 was $1.206 billion. Earnings per share (EPS) for 2023 were $1.207. Truist Financial Corp. had total revenue of $170.2 billion for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking TRUIST FINANCIAL CORP, this filing contains several important signals. The filing provides a comprehensive overview of Truist's financial performance and position for the fiscal year 2023, including key metrics like assets, debt, revenue, and net income. This 10-K filing is crucial for investors and stakeholders to assess the company's financial health, operational efficiency, and strategic direction in the current economic climate.

Risk Assessment

Risk Level: medium — TRUIST FINANCIAL CORP shows moderate risk based on this filing. The company's financial performance is subject to the inherent risks and volatility of the banking and financial services industry, including interest rate fluctuations and credit risk, as detailed in the filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Truist's performance and outlook.

Financial Highlights

revenue

170,178

total Assets

208,696

total Debt

169,580

net Income

1,206

eps

1.207

Revenue Breakdown

Key Numbers

• 208,696 — Total Assets (As of December 31, 2023)
• 169,580 — Total Debt (As of December 31, 2023)
• 1,206 — Net Income (For the fiscal year ended December 31, 2023 (in millions))
• 1.207 — EPS (For the fiscal year ended December 31, 2023)
• 170,178 — Total Revenue (For the fiscal year ended December 31, 2023 (in millions))

Key Players & Entities

• TRUIST FINANCIAL CORP (company) — Filer name
• BB&T CORP (company) — Former company name
• SOUTHERN NATIONAL CORP /NC/ (company) — Former company name
• NC (location) — State of incorporation and business address
• 214 NORTH TRYON STREET (location) — Business and mail address
• CHARLOTTE (location) — City for business and mail address
• 3367332000 (phone) — Business phone number
• 20231231 (date) — Conformed period of report

FAQ

Risk Factors

• Interest Rate Risk [medium — financial]: Fluctuations in interest rates can adversely affect the company's net interest income and margin.
• Credit Risk [medium — financial]: The company is exposed to credit risk from its lending activities, which could result in losses.
• Economic Conditions [medium — market]: Deterioration in general economic conditions could negatively impact the company's financial performance.

Key Financial Figures

• $5 — ange on which registered Common Stock, $5 par value TFC New York Stock Exchange

Filing Documents

• tfc-20231231.htm (10-K) — 7135KB
• ex49securities4q23.htm (EX-4.9) — 59KB
• ex1054nqdcpamendment.htm (EX-10.54) — 14KB
• ex1055nqdcpamendment.htm (EX-10.55) — 17KB
• ex1056pensionamendment.htm (EX-10.56) — 22KB
• ex1057pensionamendment.htm (EX-10.57) — 29KB
• ex1058pensionamendment.htm (EX-10.58) — 11KB
• ex1059pensionamendment.htm (EX-10.59) — 17KB
• ex1060401kamendment.htm (EX-10.60) — 14KB
• ex1061401kamendment.htm (EX-10.61) — 29KB
• ex1062mccsn.htm (EX-10.62) — 155KB
• ex21subsidiaries4q23.htm (EX-21) — 17KB
• ex22guaranteed4q23.htm (EX-22) — 3KB
• ex23consent4q23.htm (EX-23) — 11KB
• ex311certification4q23.htm (EX-31.1) — 9KB
• ex312certification4q23.htm (EX-31.2) — 9KB
• ex32certification4q23.htm (EX-32) — 5KB
• ex97ecrp4q23.htm (EX-97) — 58KB
• tfc-20231231_g1.jpg (GRAPHIC) — 107KB
• tfc-20231231_g2.jpg (GRAPHIC) — 62KB
• tfc-20231231_g3.jpg (GRAPHIC) — 92KB
• tfc-20231231_g4.jpg (GRAPHIC) — 133KB
• 0000092230-24-000010.txt (&nbsp;) — 36923KB
• tfc-20231231.xsd (EX-101.SCH) — 111KB
• tfc-20231231_cal.xml (EX-101.CAL) — 165KB
• tfc-20231231_def.xml (EX-101.DEF) — 1077KB
• tfc-20231231_lab.xml (EX-101.LAB) — 1734KB
• tfc-20231231_pre.xml (EX-101.PRE) — 1411KB
• tfc-20231231_htm.xml (XML) — 9282KB

Forward-Looking Statements 3

Forward-Looking Statements 3

Risk Factors 19

Item 1A Risk Factors 19

Unresolved Staff Comments (None to be reported)

Item 1B Unresolved Staff Comments (None to be reported)

Cybersecurity 41

Item 1C Cybersecurity 41

Properties 41

Item 2 Properties 41

Legal Proceedings (see Note 16) 134

Item 3 Legal Proceedings (see Note 16) 134

Mine Safety Disclosures (Not applicable)

Item 4 Mine Safety Disclosures (Not applicable) PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations Executive Overview 45 Analysis of Results of Operations 48 Analysis of Financial Condition 55 Risk Management 68 Liquidity 78 Capital 81

Quantitative and Qualitative Disclosures About Market Risk (see Market Risk) 70

Item 7A Quantitative and Qualitative Disclosures About Market Risk (see Market Risk) 70

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data Report of Independent Registered Public Accounting Firm (PCAOB ID: 238 ) 87 Consolidated Balance Sheets 90 Consolidated Statements of Income 91 Consolidated Statements of Comprehensive Income 92 Consolidated Statements of Changes in Shareholders' Equity 93 Consolidated Statements of Cash Flows 94

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Note 1. Basis of Presentation 95 Note 2. Business Combinations, Divestitures, and Noncontrolling Interests 110 Note 3. Securities Financing Activities 111 Note 4. Investment Securities 112 Note 5. Loans and ACL 114 Note 6. Premises and Equipment 122 Note 7. Goodwill and Other Intangible Assets 123 Note 8. Loan Servicing 124 Note 9. Other Assets and Liabilities 125 Note 10. Deposits 126 Note 11. Borrowings 126 Note 12. Shareholders' Equity 127 Note 13. AOCI 128 Note 14. Income Taxes 129 Note 15. Benefit Plans 131 Note 16. Commitments and Contingencies 134 Note 17. Regulatory Requirements and Other Restrictions 139 Note 18. Fair Value Disclosures 140 Note 19. Derivative Financial Instruments 145 Note 20. Computation of EPS 150 Note 21. Operating Segments 150 Note 22. Parent Company Financial Information 154

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure (None to be reported)

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure (None to be reported)

Controls and Procedures 156

Item 9A Controls and Procedures 156

Other Information 156

Item 9B Other Information 156

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections (Not applicable)

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections (Not applicable) PART III

Directors, Executive Officers and Corporate Governance *

Item 10 Directors, Executive Officers and Corporate Governance *

Executive Compensation *

Item 11 Executive Compensation *

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters *

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters *

Certain Relationships and Related Transactions, and Director Independence *

Item 13 Certain Relationships and Related Transactions, and Director Independence *

Principal Accounting Fees and Services *

Item 14 Principal Accounting Fees and Services * PART IV

Exhibits, Financial Statement Schedules

Item 15 Exhibits, Financial Statement Schedules

Financial Statements (see Listing in Item 8 above)

Financial Statements (see Listing in Item 8 above) Exhibits 157 Financial Statement Schedules (None required)

Form 10-K Summary (None)

Item 16 Form 10-K Summary (None) * For information regarding executive officers, refer to "Executive Officers" in Part I. The other information required by Item 10 is incorporated herein by reference to the information that appears under the headings "Nominees for Election as Directors for a One-Year Term Expiring in 2025," "Section 16(a) Reports," "Nominating and Governance Committee Director Nominations," "Ethics at Truist," "Corporate Governance Guidelines," and "Audit Committee" in the registrant's definitive proxy statement for the 2024 annual meeting of shareholders. The information required by Item 11 is incorporated herein by reference to the information that appears under the headings "Compensation Discussion and Analysis," "Compensation of Executive Officers," "Compensation and Human Capital Committee Report on Executive Compensation," "Compensation and Human Capital Committee Interlocks and Insider Participation," and "Compensation of Directors" in the registrant's definitive proxy statement for the 2024 annual meeting of shareholders. For information regarding the registrant's securities authorized for issuance under equity compensation plans, refer to "Equity Compensation Plan Information" in Part II herein. The other information required by Item 12 is incorporated herein by reference to the information that appears under the heading "Stock Ownership Information" in the registrant's definitive proxy statement for the 2024 annual meeting of shareholders. The information required by Item 13 is incorporated herein by reference to the information that appears under the headings "Director Independence" and "Related Person Transactions" in the registrant's definitive proxy statement for the 2024 annual meeting of shareholders. The information required by Item 14 is incorporated herein by reference to the information that appears under the headings "Fees to Independent Registered Public Accounting Firm" and "Audit Committee Pre-Approval Policy" in th

Forward-Looking Statements

Forward-Looking Statements From time to time we have made, and in the future will make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as "believe," "expect," "anticipate," "intend," "pursue," "seek," "continue," "estimate," "project," "outlook," "forecast," "potential," "target," "objective," "trend," "plan," "goal," "initiative," "priorities," or other words of comparable meaning or future-tense or conditional verbs such as "may," "will," "should," "would," or "could." Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. This report, including any information incorporated by reference in this report, contains forward-looking statements. We also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, and others. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, and results may differ materially from those set forth in any forward-looking statement. While no list of assumptions, risks, and uncertainties could be complete, some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements include: evolving political, business, economic, and market conditions at local, regional, national, and international levels; monetary, fiscal, and trade laws or po

BUSINESS

ITEM 1. BUSINESS Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through its wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank. Truist Bank, Truist's largest subsidiary, was chartered in 1872 and is the oldest bank headquartered in North Carolina. Truist Bank provides a wide range of banking and trust services for clients through 2,001 offices as of December 31, 2023 and its digital platform. Services Truist's subsidiaries offer commercial and consumer clients a full array of products and services to meet their financial needs. The following table reflects examples of services provided by Truist: Table 1: Services Consumer Services: Commercial Services: Asset management Asset based lending Automobile lending Asset management Credit card lending Commercial deposit and treasury services Consumer finance Commercial lending Home equity and other direct retail lending Floor plan lending Home mortgage lending Derivatives Insurance Institutional trust services Investment brokerage services Insurance Mobile/online banking Insurance premium finance Payment solutions International banking Point-of-sale lending Investment banking and capital markets services Retail and small business deposit products Leasing Small business lending Merchant services Wealth management/private banking Mortgage warehouse lending Payment solutions Real estate lending Supply chain financing Market Area The following table reflects Truist's deposit market share and branc

View Full Filing

View this 10-K filing on SEC EDGAR