Truist Financial Corp Q2 2024 10-Q Filed

TL;DR

**TRUIST FINANCIAL CORP Q2 2024 10-Q FILED - CHECK FINANCIALS NOW**

AI Summary

Truist Financial Corporation filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including key balance sheet and income statement figures. Specific dollar amounts and dates from the report are crucial for understanding the company's financial health and operational results during the second quarter of 2024.

Why It Matters

This filing provides investors and analysts with the official financial results for Truist Financial Corp for the second quarter of 2024, impacting investment decisions and market sentiment.

Risk Assessment

Risk Level: medium — As a financial institution, Truist is subject to various market, credit, and regulatory risks inherent in the banking sector.

Key Numbers

• 1,324 — Other Liabilities (Represents a significant liability category for the company as of June 30, 2024.)
• 1,092 — Other Assets (Represents a significant asset category for the company as of June 30, 2024.)

Key Players & Entities

• TRUIST FINANCIAL CORP (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240808 (date) — Filing date
• BB&T CORP (company) — Former company name
• SOUTHERN NATIONAL CORP /NC/ (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• tfc-20240630.htm (10-Q) — 6556KB
• ex101execpsu2q24.htm (EX-10.1) — 68KB
• ex311certification2q24.htm (EX-31.1) — 9KB
• ex312certification2q24.htm (EX-31.2) — 9KB
• ex32certification2q24.htm (EX-32) — 5KB
• tfc-20240630_g1.jpg (GRAPHIC) — 125KB
• 0000092230-24-000045.txt ( ) — 31756KB
• tfc-20240630.xsd (EX-101.SCH) — 99KB
• tfc-20240630_cal.xml (EX-101.CAL) — 110KB
• tfc-20240630_def.xml (EX-101.DEF) — 906KB
• tfc-20240630_lab.xml (EX-101.LAB) — 1420KB
• tfc-20240630_pre.xml (EX-101.PRE) — 1191KB
• tfc-20240630_htm.xml (XML) — 8705KB

- Financial Information

PART I - Financial Information Glossary of Defined Terms 1

Forward-Looking Statements and Other Terms 3

Forward-Looking Statements and Other Terms 3

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets (Unaudited) 4 Consolidated Statements of Income (Unaudited) 5 Consolidated Statements of Comprehensive Income (Unaudited) 6 Consolidated Statements of Changes in Shareholders' Equity (Unaudited) 7 Consolidated Statements of Cash Flows (Unaudited) 8

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) Note 1. Basis of Presentation 9 Note 2. Discontinued Operations 11 Note 3. Securities Financing Activities 13 Note 4. Investment Securities 14 Note 5. Loans and ACL 16 Note 6. Goodwill and Other Intangible Assets 28 Note 7. Loan Servicing 29 Note 8. Other Assets and Liabilities 30 Note 9. Borrowings 31 Note 10. Shareholders' Equity 31 Note 11. AOCI 32 Note 12. Income Taxes 33 Note 13. Benefit Plans 33 Note 14. Commitments and Contingencies 34 Note 15. Fair Value Disclosures 37 Note 16. Derivative Financial Instruments 41 Note 17. Computation of EPS 46 Note 18. Operating Segments 46

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Regulatory and Supervisory Considerations 49 Executive Overview 50 Analysis of Results of Operations 52 Analysis of Financial Condition 61 Risk Management 70 Liquidity 74 Capital 76 Critical Accounting Policies 78

Quantitative and Qualitative Disclosures About Market Risk (see Market Risk in MD&A) 70

Item 3. Quantitative and Qualitative Disclosures About Market Risk (see Market Risk in MD&A) 70

Controls and Procedures 80

Item 4. Controls and Procedures 80

- Other Information

PART II - Other Information

Legal Proceedings 81

Item 1. Legal Proceedings 81

Risk Factors 81

Item 1A. Risk Factors 81

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 81

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 81

Defaults Upon Senior Securities - (none)

Item 3. Defaults Upon Senior Securities - (none)

Mine Safety Disclosures - (not applicable)

Item 4. Mine Safety Disclosures - (not applicable)

Other Information 81

Item 5. Other Information 81

Exhibits 82

Item 6. Exhibits 82 Glossary of Defined Terms The following terms may be used throughout this report, including the consolidated financial statements and related notes. Term Definition ACL Allowance for credit losses AD and CL Acquisition and development and commercial land AFS Available-for-sale Agency MBS Mortgage-backed securities issued by a U.S. government agency or GSE ALCO Asset and Liability Committee ALLL Allowance for loan and lease losses AOCI Accumulated other comprehensive income (loss) BCBS Basel Committee on Banking Supervision BHC Bank holding company BHCA Bank Holding Company Act of 1956, as amended Board Truist's Board of Directors BRC Board Risk Committee C&CB Corporate and Commercial Banking, an operating segment prior to the Company's realignment as of January 1, 2024 CB&W Consumer Banking and Wealth, an operating segment prior to the Company's realignment as of January 1, 2024 CCAR Comprehensive Capital Analysis and Review CD Certificate of deposit CDI Core deposit intangible CECL Current expected credit loss model CEO Chief Executive Officer CET1 Common equity tier 1 CFO Chief Financial Officer CFTC Commodity Futures Trading Commission CIO Chief Information Officer Company Truist Financial Corporation and its subsidiaries (interchangeable with "Truist" below) CP Construction and permanent CRE Commercial real estate CSBB Consumer and Small Business Banking, an operating segment after the Company's realignment as of January 1, 2024 DIF Deposit Insurance Fund administered by the FDIC EPS Earnings per common share Exchange Act Securities Exchange Act of 1934, as amended EVE Economic value of equity FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation FHLB Federal Home Loan Bank FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association FRB Board of Governors of the Federal Reserve System

Forward-Looking Statements and Other Terms

Forward-Looking Statements and Other Terms 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

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES Unaudited (Dollars in millions, except per share data, shares in thousands) Jun 30, 2024 Dec 31, 2023 Assets Cash and due from banks $ 5,204 $ 5,000 Interest-bearing deposits with banks 35,675 25,230 Securities borrowed or purchased under agreements to resell 2,338 2,378 Trading assets at fair value 5,558 4,332 AFS securities at fair value 55,969 67,366 HTM securities (fair value of $ 42,143 and $ 44,630 , respectively) 52,447 54,107 LHFS (including $ 1,284 and $ 852 at fair value, respectively) 1,457 1,280 Loans and leases (including $ 14 and $ 15 at fair value, respectively) 305,692 312,061 ALLL ( 4,808 ) ( 4,798 ) Loans and leases, net of ALLL 300,884 307,263 Premises and equipment 3,244 3,298 Goodwill 17,157 17,156 CDI and other intangible assets 1,729 1,909 Loan servicing rights at fair value 3,410 3,378 Other assets (including $ 1,371 and $ 1,311 at fair value, respectively) 34,781 34,997 Assets of discontinued operations — 7,655 Total assets $ 519,853 $ 535,349 Liabilities Noninterest-bearing deposits $ 107,310 $ 111,624 Interest-bearing deposits (including $ 43 and $ 0 at fair value, respectively) 278,101 284,241 Short-term borrowings (including $ 2,041 and $ 1,625 at fair value, respectively) 22,816 24,828 Long-term debt 34,616 38,918 Other liabilities (including $ 2,739 and $ 2,597 at fair value, respectively) 13,183 12,946 Liabilities of discontinued operations — 3,539 Total liabilities 456,026 476,096 Shareholders' Equity Preferred stock 6,673 6,673 Common stock, $ 5 par value 6,691 6,669 Additional paid-in capital 36,364 36,177 Retained earnings 22,603 22,088 AOCI, net of deferred income taxes ( 8,504 ) ( 12,506 ) Noncontrolling interests — 152 Total shareholders' equity 63,827 59,253 Total liabilities and shareholders' equity $ 519,853 $ 535,349 Common shares outstanding 1,338,223 1,333,743 Common shar

View Full Filing

View this 10-Q filing on SEC EDGAR