Truist Financial Corp Files 8-K

TL;DR

Truist Financial filed an 8-K on 5/10/24. Standard corporate update.

AI Summary

Truist Financial Corporation filed an 8-K on May 10, 2024, reporting other events and financial statements. The filing details the company's operations and corporate structure, including its incorporation in North Carolina and its principal executive offices located at 214 North Tryon Street, Charlotte, NC.

Why It Matters

This filing provides an update on Truist Financial's corporate and financial activities, which is important for investors to stay informed about the company's status.

Risk Assessment

Risk Level: low — This is a routine corporate filing with no immediate material financial events disclosed.

Key Numbers

• 1-10853 — Commission File Number (Identifies the company's filing record with the SEC.)
• 56-0939887 — I.R.S. Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• Truist Financial Corporation (company) — Registrant
• BB&T Corp (company) — Former Company Name
• Southern National Corp /NC/ (company) — Former Company Name
• 214 North Tryon Street, Charlotte, North Carolina 28202 (location) — Principal Executive Offices

FAQ

Key Financial Figures

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

Filing Documents

• tfc-20240510_d2.htm (8-K) — 37KB
• ex23consent-0523.htm (EX-23) — 11KB
• tfc-20240510.htm (EX-99.1) — 6441KB
• 0000092230-24-000029.txt ( ) — 35175KB
• tfc-20240510.xsd (EX-101.SCH) — 120KB
• tfc-20240510_cal.xml (EX-101.CAL) — 169KB
• tfc-20240510_def.xml (EX-101.DEF) — 1122KB
• tfc-20240510_lab.xml (EX-101.LAB) — 1662KB
• tfc-20240510_pre.xml (EX-101.PRE) — 1471KB
• tfc-20240510_d2_htm.xml (XML) — 9345KB

01 Other Events

ITEM 8.01 Other Events. Truist Financial Corporation (the "Company") is filing this Current Report on Form 8-K (this "Form 8-K") solely to recast certain financial information and related disclosures included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, originally filed with the Securities and Exchange Commission (the "SEC") on February 27, 2024 (the "2023 Form 10-K"). This Form 8-K is being filed solely to recast financial information and related disclosures contained in the 2023 Form 10-K to reflect the discontinued operations of the previously reported Insurance Holdings ("IH") segment, and the segment realignment, as described below. The Company entered into an Equity Interest Purchase Agreement, dated as of February 20, 2024, a copy of which is included as Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the SEC on February 20, 2024, to sell its remaining equity interests in Truist Insurance Holdings, LLC ("TIH"). On May 6, 2024, the Company completed the sale of these remaining equity interests in TIH. As a result, the historical results of TIH, which was the principal legal entity of the Company's former IH segment, have been reflected as discontinued operations in the Company's recast Consolidated Financial Statements for all periods presented in Exhibit 99.1 to this Form 8-K. Effective January 1, 2024, several business activities were realigned reflecting updates to the Company's operating structure. First, the Consumer Banking and Wealth segment was renamed Consumer and Small Business Banking ("CSBB"), and the Corporate and Commercial Banking segment was renamed Wholesale Banking ("WB"). Second, the Wealth business was realigned into the WB segment from the CSBB segment, representing a separate reporting unit in that segment. Third, the small business banking client segmentation was realigned into the CSBB segment from the WB segment. As the operations of TIH are now included in disconti

, Item 8. Financial Statements and Supplementary Data

Part II, Item 8. Financial Statements and Supplementary Data. Finally, the Company is filing with this Form 8-K the Report of the Independent Registered Public Accounting Firm on the Company's consolidated financial statements for the year ended December 31, 2023, which is unchanged from the 2023 Form 10-K, other than the dual date to reflect the recast of the Company's consolidated financial statements to reflect the discontinued operations of the IH segment and to reflect the segment realignment. This Form 8-K does not revise or update any section or subsection of the 2023 Form 10-K other than as expressly noted above. No attempt has been made in this Form 8-K, and it should not be read, to modify or update disclosures as presented in the 2023 Form 10-K to reflect information, developments, or events that have occurred since the 2023 Form 10-K was filed, except for (i) matters relating specifically to the recasting of the presentation of the Company's consolidated financial statements and other disclosures described above to reflect the discontinued operations of the IH segment, and (ii) the segment realignment discussed above. Therefore, this Form 8-K (including the exhibits) should be read in conjunction with the 2023 Form 10-K and the Company's subsequent filings with the SEC, including the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and the Company's Current Reports on Form 8-K. These subsequent filings contain important information regarding forward-looking statements, events, developments, and updates affecting the Company and its expectations that have occurred since the filing of the 2023 Form 10-K. The information in this Form 8-K is not an amendment to, or a restatement of, the 2023 Form 10-K.

01 Financial Statements and Exhibits

ITEM 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description of Exhibit 23.1 Consent of Independent Registered Public Accounting Firm 99.1 The following sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2023 recast to present operations related to the business of Truist Insurance Holdings, LLC as discontinued operations and revised to reflect the segment realignment: Part III, Item 7 (Management's Discussion and Analysis of Financial Condition and Results of Operation), and Part III, Item 8 (Financial Statements and Supplementary Data) 101 The following materials from Truist Financial Corporation's Current Report on Form 8-K dated May 10, 2024, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) the Notes to the Consolidated Financial Statements 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TRUIST FINANCIAL CORPORATION (Registrant) By: /s/ Cynthia B. Powell Cynthia B. Powell Executive Vice President and Corporate Controller (Principal Accounting Officer) Date: May 10, 2024

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View this 8-K filing on SEC EDGAR