North Carolina |
1-10853 |
56-0939887 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
214 North Tryon Street |
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Charlotte, |
North Carolina |
28202 |
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(Address of principal executive offices) |
(Zip Code) |
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 |
Exhibit No. | Description of Exhibit | |||||||
Unaudited Supplemental Historical Financial Information | ||||||||
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
TRUIST FINANCIAL CORPORATION |
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(Registrant) |
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By: | /s/ Cynthia B. Powell | |||||||
Cynthia B. Powell | ||||||||
Executive Vice President and Corporate Controller | ||||||||
(Principal Accounting Officer) |
Historical Unaudited Ending Balance Sheets | |||||||||||||||||||||||
Dec. 31 | Sept. 30 | June 30 | March 31 | ||||||||||||||||||||
(Dollars in millions) | 2023 | 2023 | 2023 | 2023 | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and due from banks | $ | 5,000 | $ | 5,090 | $ | 4,733 | $ | 4,590 | |||||||||||||||
Interest-bearing deposits with banks | 25,230 | 24,305 | 24,934 | 32,768 | |||||||||||||||||||
Securities borrowed or purchased under resale agreements | 2,378 | 2,018 | 2,315 | 3,637 | |||||||||||||||||||
Trading assets at fair value | 4,332 | 4,384 | 4,097 | 4,601 | |||||||||||||||||||
Securities available for sale at fair value | 67,366 | 65,117 | 68,965 | 71,858 | |||||||||||||||||||
Securities held to maturity at amortized cost | 54,107 | 54,942 | 55,958 | 56,932 | |||||||||||||||||||
Loans and leases: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | 160,788 | 162,330 | 167,153 | 167,217 | |||||||||||||||||||
CRE | 22,570 | 22,736 | 22,825 | 22,670 | |||||||||||||||||||
Commercial construction | 6,683 | 6,343 | 5,943 | 5,951 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Residential mortgage | 55,492 | 56,013 | 56,476 | 56,455 | |||||||||||||||||||
Home equity | 10,053 | 10,160 | 10,348 | 10,577 | |||||||||||||||||||
Indirect auto | 22,727 | 24,084 | 25,759 | 27,279 | |||||||||||||||||||
Other consumer | 28,647 | 29,105 | 28,755 | 27,742 | |||||||||||||||||||
Student | — | — | — | 4,996 | |||||||||||||||||||
Credit card | 5,101 | 4,928 | 4,833 | 4,786 | |||||||||||||||||||
Total loans and leases held for investment | 312,061 | 315,699 | 322,092 | 327,673 | |||||||||||||||||||
Loans held for sale | 1,280 | 1,413 | 1,923 | 2,160 | |||||||||||||||||||
Total loans and leases | 313,341 | 317,112 | 324,015 | 329,833 | |||||||||||||||||||
Allowance for loan and lease losses | (4,798) | (4,693) | (4,606) | (4,479) | |||||||||||||||||||
Premises and equipment | 3,298 | 3,319 | 3,379 | 3,441 | |||||||||||||||||||
Goodwill | 17,156 | 23,234 | 23,235 | 23,235 | |||||||||||||||||||
Core deposit and other intangible assets | 1,909 | 2,011 | 2,111 | 2,212 | |||||||||||||||||||
Loan servicing rights at fair value | 3,378 | 3,537 | 3,497 | 3,303 | |||||||||||||||||||
Other assets | 34,997 | 34,858 | 33,864 | 35,070 | |||||||||||||||||||
Assets of discontinued operations(1) |
7,655 | 7,473 | 8,052 | 7,353 | |||||||||||||||||||
Total assets | $ | 535,349 | $ | 542,707 | $ | 554,549 | $ | 574,354 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||
Noninterest-bearing deposits | $ | 111,624 | $ | 116,674 | $ | 121,831 | $ | 128,719 | |||||||||||||||
Interest checking | 104,757 | 103,288 | 106,471 | 107,116 | |||||||||||||||||||
Money market and savings | 135,923 | 137,914 | 135,514 | 136,836 | |||||||||||||||||||
Time deposits | 43,561 | 42,148 | 42,227 | 32,326 | |||||||||||||||||||
Total deposits | 395,865 | 400,024 | 406,043 | 404,997 | |||||||||||||||||||
Short-term borrowings | 24,828 | 23,485 | 24,456 | 23,678 | |||||||||||||||||||
Long-term debt | 38,918 | 41,232 | 44,749 | 69,895 | |||||||||||||||||||
Other liabilities | 12,946 | 12,962 | 11,788 | 10,731 | |||||||||||||||||||
Liabilities of discontinued operations | 3,539 | 2,997 | 3,832 | 2,659 | |||||||||||||||||||
Total liabilities | 476,096 | 480,700 | 490,868 | 511,960 | |||||||||||||||||||
Shareholders’ Equity: | |||||||||||||||||||||||
Preferred stock | 6,673 | 6,673 | 6,673 | 6,673 | |||||||||||||||||||
Common stock | 6,669 | 6,668 | 6,660 | 6,660 | |||||||||||||||||||
Additional paid-in capital | 36,177 | 36,114 | 35,990 | 34,582 | |||||||||||||||||||
Retained earnings | 22,088 | 27,944 | 27,577 | 27,038 | |||||||||||||||||||
Accumulated other comprehensive loss | (12,506) | (15,559) | (13,374) | (12,581) | |||||||||||||||||||
Noncontrolling interests | 152 | 167 | 155 | 22 | |||||||||||||||||||
Total shareholders’ equity | 59,253 | 62,007 | 63,681 | 62,394 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 535,349 | $ | 542,707 | $ | 554,549 | $ | 574,354 |
Historical Unaudited Statements of Income | |||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||
Dec. 31 | Sept. 30 | June 30 | March 31 | ||||||||||||||||||||
(Dollars in millions) | 2023 | 2023 | 2023 | 2023 | |||||||||||||||||||
Interest Income | |||||||||||||||||||||||
Interest and fees on loans and leases | $ | 4,971 | $ | 4,976 | $ | 4,915 | $ | 4,656 | |||||||||||||||
Interest on securities | 802 | 763 | 749 | 752 | |||||||||||||||||||
Interest on other earning assets | 493 | 488 | 511 | 376 | |||||||||||||||||||
Total interest income | 6,266 | 6,227 | 6,175 | 5,784 | |||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
Interest on deposits | 1,917 | 1,858 | 1,527 | 1,125 | |||||||||||||||||||
Interest on long-term debt | 476 | 491 | 734 | 514 | |||||||||||||||||||
Interest on other borrowings | 354 | 343 | 311 | 278 | |||||||||||||||||||
Total interest expense | 2,747 | 2,692 | 2,572 | 1,917 | |||||||||||||||||||
Net Interest Income | 3,519 | 3,535 | 3,603 | 3,867 | |||||||||||||||||||
Provision for credit losses | 572 | 497 | 538 | 502 | |||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 2,947 | 3,038 | 3,065 | 3,365 | |||||||||||||||||||
Noninterest Income | |||||||||||||||||||||||
Wealth management income | 346 | 343 | 330 | 339 | |||||||||||||||||||
Investment banking and trading income | 165 | 185 | 211 | 261 | |||||||||||||||||||
Service charges on deposits | 229 | 154 | 240 | 250 | |||||||||||||||||||
Card and payment related fees | 232 | 238 | 236 | 230 | |||||||||||||||||||
Mortgage banking income | 94 | 102 | 99 | 142 | |||||||||||||||||||
Lending related fees | 153 | 102 | 86 | 106 | |||||||||||||||||||
Operating lease income | 60 | 63 | 64 | 67 | |||||||||||||||||||
Other income | 84 | 147 | 114 | 26 | |||||||||||||||||||
Total noninterest income | 1,363 | 1,334 | 1,380 | 1,421 | |||||||||||||||||||
Noninterest Expense | |||||||||||||||||||||||
Personnel expense | 1,474 | 1,669 | 1,705 | 1,668 | |||||||||||||||||||
Professional fees and outside processing | 305 | 289 | 311 | 287 | |||||||||||||||||||
Software expense | 223 | 222 | 223 | 200 | |||||||||||||||||||
Net occupancy expense | 159 | 164 | 166 | 169 | |||||||||||||||||||
Amortization of intangibles | 98 | 98 | 99 | 100 | |||||||||||||||||||
Equipment expense | 103 | 89 | 87 | 102 | |||||||||||||||||||
Marketing and customer development | 53 | 70 | 69 | 68 | |||||||||||||||||||
Operating lease depreciation | 42 | 43 | 44 | 46 | |||||||||||||||||||
Regulatory costs | 599 | 77 | 73 | 75 | |||||||||||||||||||
Restructuring charges | 155 | 61 | 48 | 56 | |||||||||||||||||||
Goodwill impairment | 6,078 | — | — | — | |||||||||||||||||||
Other expense | 268 | 278 | 221 | 244 | |||||||||||||||||||
Total noninterest expense | 9,557 | 3,060 | 3,046 | 3,015 | |||||||||||||||||||
Earnings | |||||||||||||||||||||||
Income (loss) before income taxes | (5,247) | 1,312 | 1,399 | 1,771 | |||||||||||||||||||
Provision (benefit) for income taxes | (56) | 203 | 230 | 361 | |||||||||||||||||||
Net income (loss) from continuing operations | (5,191) | 1,109 | 1,169 | 1,410 | |||||||||||||||||||
Net income from discontinued operations | 101 | 74 | 176 | 105 | |||||||||||||||||||
Net income (loss) | (5,090) | 1,183 | 1,345 | 1,515 | |||||||||||||||||||
Noncontrolling interests from discontinued operations | — | 6 | 36 | 2 | |||||||||||||||||||
Preferred stock dividends and other | 77 | 106 | 75 | 103 | |||||||||||||||||||
Net income (loss) available to common shareholders | $ | (5,167) | $ | 1,071 | $ | 1,234 | $ | 1,410 |