Truist Financial Corp Q3 2024 10-Q Filing

TL;DR

**TRUIST FINANCIAL CORP 10-Q FILED: Q3 2024 financials out now. Check assets, liabilities, equity.**

AI Summary

Truist Financial Corporation filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including key figures related to its assets, liabilities, and equity. Specific financial data points are presented within the report, reflecting the company's operational and fiscal status.

Why It Matters

This filing provides investors and analysts with a detailed look into Truist's financial health and operational performance for the third quarter of 2024, influencing investment decisions.

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

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-11-01 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• TRUIST FINANCIAL CORP (company) — Filer of the 10-Q report
• BB&T CORP (company) — Former company name
• SOUTHERN NATIONAL CORP /NC/ (company) — Former company name
• 2024-09-30 (date) — End of the reporting period
• 2024-11-01 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• tfc-20240930.htm (10-Q) — 6686KB
• ex101rsuagreement.htm (EX-10.1) — 67KB
• ex102ltipagreement.htm (EX-10.2) — 69KB
• ex311certification3q24.htm (EX-31.1) — 9KB
• ex312certification3q24.htm (EX-31.2) — 9KB
• ex32certification3q24.htm (EX-32) — 5KB
• tfc-20240930_g1.jpg (GRAPHIC) — 124KB
• 0000092230-24-000079.txt ( ) — 32470KB
• tfc-20240930.xsd (EX-101.SCH) — 100KB
• tfc-20240930_cal.xml (EX-101.CAL) — 110KB
• tfc-20240930_def.xml (EX-101.DEF) — 924KB
• tfc-20240930_lab.xml (EX-101.LAB) — 1432KB
• tfc-20240930_pre.xml (EX-101.PRE) — 1205KB
• tfc-20240930_htm.xml (XML) — 8946KB

- 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 30 Note 7. Loan Servicing 31 Note 8. Other Assets and Liabilities 32 Note 9. Borrowings 33 Note 10. Shareholders' Equity 33 Note 11. AOCI 34 Note 12. Income Taxes 35 Note 13. Benefit Plans 35 Note 14. Commitments and Contingencies 36 Note 15. Fair Value Disclosures 39 Note 16. Derivative Financial Instruments 43 Note 17. Computation of EPS 48 Note 18. Operating Segments 48

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 51 Executive Overview 52 Analysis of Results of Operations 54 Analysis of Financial Condition 62 Risk Management 71 Liquidity 75 Capital 77 Critical Accounting Policies 78

Quantitative and Qualitative Disclosures About Market Risk (see Market Risk in MD&A) 71

Item 3. Quantitative and Qualitative Disclosures About Market Risk (see Market Risk in MD&A) 71

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) BHC Bank holding company Board Board of Directors of Truist Financial Corporation BRC Joint Risk Committee of the Boards of Directors of Truist Financial Corporation and Truist Bank 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 CEO Chief Executive Officer of Truist Financial Corporation CET1 Common equity tier 1 CFO Chief Financial Officer of Truist Financial Corporation CFTC Commodity Futures Trading Commission CIO Chief Information Officer of Truist Financial Corporation 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 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

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) Sep 30, 2024 Dec 31, 2023 Assets Cash and due from banks $ 5,229 $ 5,000 Interest-bearing deposits with banks 34,411 25,230 Securities borrowed or purchased under agreements to resell 2,973 2,378 Trading assets at fair value 5,209 4,332 AFS securities at fair value 64,111 67,366 HTM securities (fair value of $ 43,229 and $ 44,630 , respectively) 51,495 54,107 LHFS (including $ 1,028 and $ 852 at fair value, respectively) 1,278 1,280 Loans and leases (including $ 13 and $ 15 at fair value, respectively) 303,084 312,061 ALLL ( 4,842 ) ( 4,798 ) Loans and leases, net of ALLL 298,242 307,263 Premises and equipment 3,251 3,298 Goodwill 17,125 17,156 CDI and other intangible assets 1,635 1,909 Loan servicing rights at fair value 3,499 3,378 Other assets (including $ 1,624 and $ 1,311 at fair value, respectively) 34,976 34,997 Assets of discontinued operations — 7,655 Total assets $ 523,434 $ 535,349 Liabilities Noninterest-bearing deposits $ 105,984 $ 111,624 Interest-bearing deposits (including $ 99 and $ — at fair value, respectively) 281,794 284,241 Short-term borrowings (including $ 2,545 and $ 1,625 at fair value, respectively) 20,859 24,828 Long-term debt 36,770 38,918 Other liabilities (including $ 1,912 and $ 2,597 at fair value, respectively) 12,331 12,946 Liabilities of discontinued operations — 3,539 Total liabilities 457,738 476,096 Shareholders' Equity Preferred stock 6,673 6,673 Common stock, $ 5 par value 6,638 6,669 Additional paid-in capital 36,020 36,177 Retained earnings 23,248 22,088 AOCI, net of deferred income taxes ( 6,883 ) ( 12,506 ) Noncontrolling interests — 152 Total shareholders' equity 65,696 59,253 Total liabilities and shareholders' equity $ 523,434 $ 535,349 Common shares outstanding 1,327,521 1,333,743 Common shar

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