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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________
FORM 10-Q
_________________________________________________________________
☒ Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended: September 30, 2024
Commission File Number: 1-10853
TRUIST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
_________________________________________________________________
| | | | | | | | | | | |
North Carolina | 56-0939887 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| | | |
214 North Tryon Street | | |
Charlotte, | North Carolina | 28202 |
(Address of principal executive offices) | (Zip Code) |
| | |
Registrant’s telephone number, including area code: | (844) | 487-8478 |
|
_________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | | | | | | | |
Title of each class | | Trading Symbol | | Name of each exchange on which registered |
Common Stock, $5 par value | | TFC | | New York Stock Exchange |
Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock | | TFC.PI | | New York Stock Exchange |
5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock | | TFC.PJ | | New York Stock Exchange |
Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock | | TFC.PO | | New York Stock Exchange |
Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred Stock | | TFC.PR | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | | | | |
Large accelerated filer | ☒ | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
At September 30, 2024, 1,327,520,624 shares of the registrant’s common stock, $5 par value, were outstanding.
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TABLE OF CONTENTS | |
TRUIST FINANCIAL CORPORATION | |
FORM 10-Q | |
September 30, 2024 | |
| | | Page No. | |
PART I - Financial Information | |
| | Glossary of Defined Terms | | |
| | Forward-Looking Statements and Other Terms | | |
Item 1. | | Financial Statements | | |
| | Consolidated Balance Sheets (Unaudited) | | |
| | Consolidated Statements of Income (Unaudited) | | |
| | Consolidated Statements of Comprehensive Income (Unaudited) | | |
| | Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) | | |
| | Consolidated Statements of Cash Flows (Unaudited) | | |
| | Notes to Consolidated Financial Statements (Unaudited) | | |
| | Note 1. Basis of Presentation | | |
| | Note 2. Discontinued Operations | | |
| | | | |
| | Note 3. Securities Financing Activities | | |
| | Note 4. Investment Securities | | |
| | Note 5. Loans and ACL | | |
| | Note 6. Goodwill and Other Intangible Assets | | |
| | Note 7. Loan Servicing | | |
| | Note 8. Other Assets and Liabilities | | |
| | Note 9. Borrowings | | |
| | Note 10. Shareholders’ Equity | | |
| | Note 11. AOCI | | |
| | Note 12. Income Taxes | | |
| | Note 13. Benefit Plans | | |
| | Note 14. Commitments and Contingencies | | |
| | Note 15. Fair Value Disclosures | | |
| | Note 16. Derivative Financial Instruments | | |
| | Note 17. Computation of EPS | | |
| | Note 18. Operating Segments | | |
| | | | |
Item 2. | | Management’s Discussion and Analysis of Financial Condition and Results of Operations | | |
| | Regulatory and Supervisory Considerations | | |
| | Executive Overview | | |
| | Analysis of Results of Operations | | |
| | Analysis of Financial Condition | | |
| | Risk Management | | |
| | Liquidity | | |
| | Capital | | |
| | | | |
| | Critical Accounting Policies | | |
Item 3. | | Quantitative and Qualitative Disclosures About Market Risk (see Market Risk in MD&A) | | |
Item 4. | | Controls and Procedures | | |
PART II - Other Information | |
Item 1. | | Legal Proceedings | | |
Item 1A. | | Risk Factors | | |
Item 2. | | Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | | |
Item 3. | | Defaults Upon Senior Securities - (none) | | |
Item 4. | | Mine Safety Disclosures - (not applicable) | | |
Item 5. | | Other Information | | |
Item 6. | | Exhibits | | |
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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 |
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AOCI | Accumulated other comprehensive income (loss) |
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BHC | Bank holding company |
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Board | Board of Directors of Truist Financial Corporation |
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BRC | Joint Risk Committee of the Boards of Directors of Truist Financial Corporation and Truist Bank |
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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 |
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CD | Certificate of deposit |
CDI | Core deposit intangible |
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CEO | Chief Executive Officer of Truist Financial Corporation |
CET1 | Common equity tier 1 |
CFO | Chief Financial Officer of Truist Financial Corporation |
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CFTC | Commodity Futures Trading Commission |
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CIO | Chief Information Officer of Truist Financial Corporation |
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Company | Truist Financial Corporation and its subsidiaries (interchangeable with “Truist” below) |
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CP | Construction and permanent |
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CRE | Commercial real estate |
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CSBB | Consumer and Small Business Banking, an operating segment after the Company’s realignment as of January 1, 2024 |
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DIF | Deposit Insurance Fund administered by the FDIC |
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EPS | Earnings per common share |
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Exchange Act | Securities Exchange Act of 1934, as amended |
EVE | Economic value of equity |
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FDIC | Federal Deposit Insurance Corporation |
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FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
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FNMA | Federal National Mortgage Association |
FRB | Board of Governors of the Federal Reserve System |
FTE | Full-time equivalent employee |
GAAP | Accounting principles generally accepted in the United States of America |
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GDP | Gross Domestic Product |
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GSE | U.S. government-sponsored enterprise |
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HFI | Held for investment |
HQLA | High-quality liquid assets |
HTM | Held-to-maturity |
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IH | Insurance Holdings, a discontinued operating segment following the announcement of the sale of TIH |
IPV | Independent price verification |
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IRR | Interest rate risk |
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LCR | Liquidity Coverage Ratio |
LHFS | Loans held for sale |
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LOCOM | Lower of cost or market |
Market Risk Rule | Market risk capital requirements issued jointly by the OCC, U.S. Treasury, FRB, and FDIC |
MBS | Mortgage-backed securities |
MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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MRO | Model Risk Oversight |
MSR | Mortgage servicing rights |
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NA | Not applicable |
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NII | Net interest income |
NIM | Net interest margin, computed on a TE basis |
NM | Not meaningful |
NPA | Nonperforming asset |
NPL | Nonperforming loan |
NSFR | Net stable funding ratio |
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OAS | Option adjusted spread |
OCC | Office of the Comptroller of the Currency |
OCI | Other comprehensive income (loss) |
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OPEB | Other post-employment benefit |
OREO | Other real estate owned |
OT&C | Other, Treasury, and Corporate |
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Parent Company | Truist Financial Corporation, the parent company of Truist Bank and other subsidiaries |
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PCD | Purchased credit deteriorated loans |
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ROU assets | Right-of-use assets |
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Truist Financial Corporation 1
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Term | Definition |
RUFC | Reserve for unfunded lending commitments |
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SBIC | Small Business Investment Company |
SCB | Stress Capital Buffer |
SEC | Securities and Exchange Commission |
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TBVPS | Tangible book value per common share |
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TE | Taxable-equivalent |
TIH | Truist Insurance Holdings, LLC, an entity sold on May 6, 2024 |
TRS | Total Return Swap |
Truist | Truist Financial Corporation and its subsidiaries (interchangeable with the “Company” above) |
Truist Bank | Truist Bank, a North Carolina-chartered bank |
U.S. | United States of America |
U.S. DOJ | United States Department of Justice |
U.S. Treasury | United States Department of the Treasury |
UPB | Unpaid principal balance |
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VaR | Value-at-risk |
VIE | Variable interest entity |
WB | Wholesale Banking, an operating segment after the Company’s realignment as of January 1, 2024 |
2 Truist Financial Corporation
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 trade laws or policies, including as a result of actions by governmental agencies, central banks, or supranational authorities;
•the legal, regulatory, and supervisory environment, including changes in financial-services legislation, regulation, policies, or government officials or other personnel;
•our ability to address heightened scrutiny and expectations from supervisory or other governmental authorities and to timely and credibly remediate related concerns or deficiencies;
•judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings that create uncertainty for or are adverse to us or the financial-services industry;
•the outcomes of judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings to which we are or may be subject (either directly or indirectly through our ownership interests in joint ventures or other legal entities) and our ability to absorb and address any damages or other remedies that are sought or awarded and any collateral consequences;
•evolving accounting standards and policies;
•the adequacy of our corporate governance, risk-management framework, compliance programs, and internal controls over financial reporting, including our ability to control lapses or deficiencies in financial reporting, to make appropriate estimates, or to effectively mitigate or manage operational risk;
•any instability or breakdown in the financial system, including as a result of the actual or perceived soundness of another financial institution or another participant in the financial system;
•disruptions and shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations;
•our ability to cost-effectively fund our businesses and operations, including by accessing long- and short-term funding and liquidity and by retaining and growing client deposits;
•changes in any of our credit ratings;
•our ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss;
•negative market perceptions of our investment portfolio or its value;
•adverse publicity or other reputational harm to us, our service providers, or our senior officers;
•business and consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households;
•our ability to execute on strategic and operational plans, including accelerating growth, improving profitability, and returning capital to shareholders;
•changes in our corporate and business strategies, the composition of our assets, or the way in which we fund those assets;
•our ability to successfully make and integrate acquisitions and to effect divestitures, including the ability to perform our obligations under the transition services arrangements supporting TIH in a cost-effective and efficient manner;
•our ability to develop, maintain, and market our products or services or to absorb unanticipated costs or liabilities associated with those products or services;
•our ability to innovate, to anticipate the needs of current or future clients, to successfully compete, to increase or hold market share in changing competitive environments, or to deal with pricing or other competitive pressures;
•our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure, including those that safeguard personal and other sensitive information;
•our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk;
•our ability to satisfactorily and profitably perform loan servicing and similar obligations;
•the credit, liquidity, or other financial condition of our clients, counterparties, service providers, or competitors;
•our ability to effectively deal with economic, business, or market slowdowns or disruptions;
•the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk;
•our ability to keep pace with changes in technology that affect us or our clients, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property;
•our ability to attract, hire, and retain key teammates and to engage in adequate succession planning;
•the performance and availability of third-party service providers on whom we rely in delivering products and services to our clients and otherwise in conducting our business and operations;
•our ability to detect, prevent, mitigate, and otherwise manage the risk of fraud or misconduct by internal or external parties; our ability to manage and mitigate physical-security and cybersecurity risks, including denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction;
•natural or other disasters, calamities, and conflicts, including terrorist events, cyber-warfare, and pandemics;
•widespread outages of operational, communication, and other systems;
•our ability to maintain appropriate corporate responsibility practices, oversight, and disclosures;
•policies and other actions of governments to manage and mitigate climate and related environmental risks, and the effects of climate change or the transition to a lower-carbon economy on our business, operations, and reputation; and
•other assumptions, risks, or uncertainties described in the Risk Factors (Item 1A), Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 7), or the Notes to the Consolidated Financial Statements (Item 8) in our Annual Report on Form 10-K or described in any of the Company’s subsequent quarterly or current reports.
Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, or Current Report on Form 8-K.
Unless the context otherwise requires, “sale of TIH” and similar phrases refer to the sale of our majority stake in TIH on May 6, 2024.
Truist Financial Corporation 3
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES | | | | | | | | | | | | | | | | | |
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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 shares authorized | 2,000,000 | | | 2,000,000 | | | | | | | |
Preferred shares outstanding | 223 | | | 223 | | | | | | | |
Preferred shares authorized | 5,000 | | | 5,000 | | | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
4 Truist Financial Corporation
CONSOLIDATED STATEMENTS OF INCOME
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
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Unaudited (Dollars in millions, except per share data, shares in thousands) | | Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | |