Cover
Cover | 3 Months Ended |
Mar. 31, 2024 shares | |
Entity Listings [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2024 |
Entity File Number | 1-10853 |
Entity Registrant Name | TRUIST FINANCIAL CORPORATION |
Entity Tax Identification Number | 56-0939887 |
Entity Address, Address Line One | 214 North Tryon Street |
Entity Address, City or Town | Charlotte, |
Entity Address, State or Province | NC |
Entity Address, Postal Zip Code | 28202 |
City Area Code | (336) |
Local Phone Number | 733-2000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,338,096,145 |
Entity Central Index Key | 0000092230 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Document Transition Report | false |
Entity Incorporation, State or Country Code | NC |
Common Stock, $5 par value | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Common Stock, $5 par value |
Trading Symbol | TFC |
Security Exchange Name | NYSE |
Series I | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock |
Trading Symbol | TFC.PI |
Security Exchange Name | NYSE |
Series J Preferred Stock | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock |
Trading Symbol | TFC.PJ |
Security Exchange Name | NYSE |
Series O | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock |
Trading Symbol | TFC.PO |
Security Exchange Name | NYSE |
Series R Preferred Stock | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred Stock |
Trading Symbol | TFC.PR |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and Due from Banks | $ 5,040 | $ 5,000 |
Interest-bearing deposits with banks | 29,510 | 25,230 |
Securities borrowed or purchased under agreements to resell | 2,091 | 2,378 |
Trading assets at fair value | 5,268 | 4,332 |
AFS securities, Fair Value | 66,050 | 67,366 |
HTM securities (fair value of $43,041 and $44,630, respectively) | 53,369 | 54,107 |
LHFS (including $1,201 and $852 at fair value, respectively) | 1,253 | 1,280 |
Loans and leases (including $14 and $15 at fair value, respectively) | 307,224 | 312,061 |
ALLL | (4,803) | (4,798) |
Loans and leases, net of ALLL | 302,421 | 307,263 |
Premises and equipment | 3,274 | 3,298 |
Goodwill | 17,157 | 17,156 |
CDI and other intangible assets | 1,816 | 1,909 |
Loan servicing rights at fair value | 3,417 | 3,378 |
Other assets (including $1,359 and $1,311 at fair value, respectively) | 36,521 | 34,997 |
Assets of discontinued operations | 7,772 | 7,655 |
Total assets | 534,959 | 535,349 |
Liabilities | ||
Noninterest-bearing deposits | 110,901 | 111,624 |
Interest-bearing deposits (including $23 and $0 at fair value, respectively) | 283,364 | 284,241 |
Short-term borrowings (including $2,034 and $1,625 at fair value, respectively) | 26,329 | 24,828 |
Long-term debt | 39,071 | 38,918 |
Other liabilities (including $2,990 and $2,597 at fair value, respectively) | 13,119 | 12,946 |
Liabilities of discontinued operations | 3,122 | 3,539 |
Total liabilities | 475,906 | 476,096 |
Shareholders’ Equity | ||
Preferred stock | 6,673 | 6,673 |
Common stock, $5 par value | 6,690 | 6,669 |
Additional paid-in capital | 36,197 | 36,177 |
Retained earnings | 22,483 | 22,088 |
AOCI, net of deferred income taxes | (13,222) | (12,506) |
Noncontrolling interests | 232 | 152 |
Total shareholders’ equity | 59,053 | 59,253 |
Total liabilities and shareholders’ equity | $ 534,959 | $ 535,349 |
Common shares outstanding | 1,338,096 | 1,333,743 |
Common shares authorized | 2,000,000 | 2,000,000 |
Preferred shares outstanding | 223 | 223 |
Preferred shares authorized | 5,000 | 5,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
HTM securities, Fair Value | $ 43,041 | $ 44,630 |
Loans Held for Sale, Fair Value | 1,201 | 852 |
Loans Receivable, Fair Value Disclosure | 14 | 15 |
Other Assets, Fair Value Disclosure | 1,359 | 1,311 |
Interest-Bearing Domestic Deposit, Brokered | 23 | 0 |
Short-term borrowings, fair value | 2,034 | 1,625 |
Other Liabilities, Fair Value Disclosure | $ 2,990 | $ 2,597 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest Income | ||
Interest and fees on loans and leases | $ 4,865 | $ 4,656 |
Interest on securities | 805 | 752 |
Interest on other earning assets | 514 | 376 |
Total interest income | 6,184 | 5,784 |
Interest Expense | ||
Interest on deposits | 1,964 | 1,125 |
Interest on long-term debt | 482 | 514 |
Interest on other borrowings | 366 | 278 |
Total interest expense | 2,812 | 1,917 |
Net Interest Income | 3,372 | 3,867 |
Provision for credit losses | 500 | 502 |
Net Interest Income After Provision for Credit Losses | 2,872 | 3,365 |
Noninterest Income | ||
Noninterest income | 1,446 | 1,421 |
Noninterest Expense | ||
Personnel expense | 1,630 | 1,668 |
Professional fees and outside processing | 278 | 287 |
Software expense | 224 | 200 |
Net occupancy expense | 160 | 169 |
Amortization of Intangible Assets | 88 | 100 |
Equipment expense | 88 | 102 |
Marketing and customer development | 56 | 68 |
Operating lease depreciation | 40 | 46 |
Regulatory costs | 152 | 75 |
Restructuring charges | 51 | 56 |
Other expense | 186 | 244 |
Total noninterest expense | 2,953 | 3,015 |
Earnings | ||
Income before income taxes | 1,365 | 1,771 |
Provision for income taxes | 232 | 361 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 1,133 | 1,410 |
Net income from discontinued operations | 67 | 105 |
Net income (loss) | 1,200 | 1,515 |
Net Income (Loss) Attributable to Noncontrolling Interest | 3 | 2 |
Preferred stock dividends and other | 106 | 103 |
Net income available to common shareholders | $ 1,091 | $ 1,410 |
Basic earnings from continuing operations | $ 0.77 | $ 0.98 |
Basic EPS | 0.82 | 1.06 |
Diluted earnings from continuing operations | 0.76 | 0.98 |
Diluted EPS | $ 0.81 | $ 1.05 |
Basic weighted average shares outstanding | 1,335,091 | 1,328,602 |
Diluted weighted average shares outstanding | 1,346,904 | 1,339,480 |
Wealth management income | ||
Noninterest Income | ||
Noninterest income | $ 356 | $ 339 |
Investment banking and trading income | ||
Noninterest Income | ||
Noninterest income | 323 | 261 |
Card and payment related fees | ||
Noninterest Income | ||
Noninterest income | 224 | 230 |
Service charges on deposits | ||
Noninterest Income | ||
Noninterest income | 225 | 250 |
Mortgage banking income | ||
Noninterest Income | ||
Noninterest income | 97 | 142 |
Lending related fees | ||
Noninterest Income | ||
Noninterest income | 96 | 106 |
Operating lease income | ||
Noninterest Income | ||
Noninterest income | 59 | 67 |
Other income | ||
Noninterest Income | ||
Noninterest income | $ 66 | $ 26 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,200 | $ 1,515 |
OCI, net of tax: | ||
Net change in net pension and postretirement costs | 1 | (14) |
Net change in cash flow hedges | (190) | 125 |
Net change in AFS securities | (576) | 853 |
Net change in HTM securities | 51 | 55 |
Other, net | (2) | 1 |
Total OCI, net of tax | (716) | 1,020 |
Total OCI | 484 | 2,535 |
Income Tax Effect of Items Included in OCI: | ||
Net change in net pension and postretirement costs | 0 | (3) |
Net change in cash flow hedges | (58) | 38 |
Net change in AFS securities | (177) | 262 |
Net change in HTM securities | 15 | 15 |
Total income taxes related to OCI | $ (220) | $ 312 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Preferred Stock | Additional Paid-In Capital | Retained Earnings | AOCI | Noncontrolling Interests |
Beginning balance at Dec. 31, 2022 | $ 60,537 | $ 6,634 | $ 6,673 | $ 34,544 | $ 26,264 | $ (13,601) | $ 23 |
Beginning balance (in shares) at Dec. 31, 2022 | 1,326,829 | ||||||
Add (Deduct): | |||||||
Net income | 1,515 | 1,513 | 2 | ||||
OCI | 1,020 | 1,020 | |||||
Stock transactions: | |||||||
Issued in connection with equity awards, net | (20) | $ 26 | (45) | (1) | |||
Issued in connection with equity awards, net (in shares) | 5,089 | ||||||
Cash dividends declared on common stock | (691) | (691) | |||||
Cash dividends declared on preferred stock | (103) | (103) | |||||
Equity-based compensation expense | 83 | 83 | |||||
Other, net | 53 | 56 | (3) | ||||
Ending balance at Mar. 31, 2023 | 62,394 | $ 6,660 | 6,673 | 34,582 | 27,038 | (12,581) | 22 |
Ending balance (in shares) at Mar. 31, 2023 | 1,331,918 | ||||||
Beginning balance at Dec. 31, 2023 | $ 59,253 | $ 6,669 | 6,673 | 36,177 | 22,088 | (12,506) | 152 |
Beginning balance (in shares) at Dec. 31, 2023 | 1,333,743 | 1,333,743 | |||||
Add (Deduct): | |||||||
Net income | $ 1,200 | 1,197 | 3 | ||||
OCI | (716) | (716) | |||||
Stock transactions: | |||||||
Issued in connection with equity awards, net | (24) | $ 21 | (43) | (2) | |||
Issued in connection with equity awards, net (in shares) | 4,353 | ||||||
Cash dividends declared on common stock | (694) | (694) | |||||
Cash dividends declared on preferred stock | (106) | (106) | |||||
Equity-based compensation expense | 63 | 63 | |||||
Other, net | 77 | 0 | 0 | 77 | |||
Ending balance at Mar. 31, 2024 | $ 59,053 | $ 6,690 | $ 6,673 | $ 36,197 | $ 22,483 | $ (13,222) | $ 232 |
Ending balance (in shares) at Mar. 31, 2024 | 1,338,096 | 1,338,096 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows From Operating Activities: | ||
Net income | $ 1,200 | $ 1,515 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for credit losses | 500 | 502 |
Depreciation | 164 | 180 |
Amortization of intangibles | 109 | 136 |
Net change in operating assets and liabilities: | ||
LHFS | (349) | (846) |
Pension asset | (57) | (1,346) |
Derivative assets and liabilities | 255 | (12) |
Trading assets | (936) | 304 |
Other assets and other liabilities | (1,985) | (463) |
Other, net | 109 | 148 |
Net cash from operating activities | (990) | 118 |
Cash Flows From Investing Activities: | ||
Proceeds from sales of AFS securities | 6 | 4 |
Proceeds from maturities, calls and paydowns of AFS securities | 3,923 | 1,279 |
Purchases of AFS securities | (3,807) | (140) |
Proceeds from maturities, calls and paydowns of HTM securities | 808 | 858 |
Originations and purchases of loans and leases, net of sales and principal collected | 4,692 | (1,835) |
Net cash received (paid) for FHLB stock | (1) | (1,147) |
Net cash received (paid) for securities borrowed or purchased under agreements to resell | 287 | (456) |
Other, net | (5) | (613) |
Net cash from investing activities | 5,903 | (2,050) |
Cash Flows From Financing Activities: | ||
Net change in deposits | (1,599) | (8,498) |
Net change in short-term borrowings | 1,493 | 224 |
Proceeds from issuance of long-term debt | 8,130 | 35,029 |
Repayment of long-term debt | (7,750) | (8,444) |
Cash dividends paid on common stock | (694) | (691) |
Cash dividends paid on preferred stock | (106) | (103) |
Net cash received (paid) for hedge unwinds | 0 | (378) |
Other, net | (46) | (32) |
Net cash from financing activities | (572) | 17,107 |
Net Change in Cash and Cash Equivalents | 4,341 | 15,175 |
Cash and Cash Equivalents of Continuing and Discontinued Operations, January 1 | 30,644 | 21,421 |
Cash and Cash Equivalents of Continuing and Discontinued Operations, March 31 | 34,985 | 36,596 |
Supplemental Disclosure of Cash Flow Information: | ||
Net cash paid (received) during the period for interest expense | 2,826 | 1,667 |
Net cash paid (received) during the period for income taxes | $ 30 | $ 23 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation General See the Glossary of Defined Terms at the beginning of this Report for terms used herein. These consolidated financial statements and notes are presented in accordance with the instructions for Form 10-Q, and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations, and cash flow activity required in accordance with GAAP. In the opinion of management, all normal recurring adjustments necessary for a fair statement of the consolidated financial position and consolidated results of operations have been made. The year-end consolidated balance sheet data was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The information contained in the financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2023 should be referred to in connection with these unaudited interim consolidated financial statements. The Company updated its accounting policies in connection with recently adopted accounting standards, as applicable, which are described in this footnote. There were no other significant changes to the Company’s accounting policies from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023 that could have a material effect on the Company’s financial statements. Discontinued Operations The Company classifies assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable to occur within one year, and the disposal group is available for immediate sale in its present condition. The Company also considers whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. An asset or business that meets the criteria for held for sale classification is reported as discontinued operations when the disposal represents a strategic shift that has had or will have a major effect on the Company’s operating results. Assets and liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets for current and prior periods commencing in the period in which the asset or business meets all of the held for sale criteria described above. Net income from discontinued operations, net of tax, are separately reported in the Consolidated Statements of Income for current and prior periods commencing in the period in which the asset or business meets all of the held for sale criteria described above, including any gain or loss recognized on the sale or adjustment of the carrying amount to fair value less cost to sell. Certain activity of TIH impacting the Company's footnote disclosures have been removed or revised. The footnote disclosures included herein are presented on a continuing operations basis, unless otherwise noted. Refer to “Note 2. Discontinued Operations” for additional information. Segment Realignment Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. First, the CB&W segment was renamed CSBB and the C&CB segment was renamed 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. Further, TIH was the principal legal entity of the IH segment. As the operations of TIH are now included in discontinued operations, the Company no longer presents the IH segment as one of its reportable segments. The segment disclosures have been revised to reflect the new structure. Refer to “Note 18. Operating Segments” for additional information. Reclassifications In addition to the reclassifications discussed above in the Consolidated Balance Sheets, Consolidated Statements of Income, and certain footnotes for discontinued operations and the segment realignment, as applicable, certain other amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the current presentation. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL; determination of fair value for securities, MSRs, LHFS, trading loans, and derivative assets and liabilities; goodwill and other intangible assets; income taxes; and pension and postretirement benefit obligations. Changes in Accounting Principles and Effects of New Accounting Pronouncements Standard / Adoption Date Description Effects on the Financial Statements Standards Not Yet Adopted Improvements to Income Tax Disclosures Improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. Truist is evaluating the impact of this standard on its disclosures. This standard relates to footnote disclosures only. Improvements to Reportable Segment Disclosures Improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. Truist is evaluating the impact of this standard on its disclosures. This standard relates to footnote disclosures only. |
Discontinued Operations and Dis
Discontinued Operations and Disposal Groups | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | Discontinued Operations On February 20, 2024, the Company entered into an agreement to sell the remaining stake of the common equity in TIH to an investor group led by Stone Point Capital LLC and Clayton, Dubilier & Rice for a purchase price that implied an enterprise value for TIH of $15.5 billion. The divestiture of TIH represents a strategic shift that has a major effect on our operations and financial results. The Company reclassified all of the assets and liabilities of TIH to discontinued operations in connection with the announcement of the disposition of the business. As such, financial information attributed to TIH has been recast to reflect discontinued operations for the periods presented herein. The following footnotes reflect impacts of discontinued operations: “Note 1. Basis of Presentation,” “Note 2. Discontinued Operations,” “Note 6. Goodwill and Other Intangible Assets,” “Note 8. Other Assets and Liabilities,” “Note 12. Income Taxes,” “Note 13. Benefit Plans,” “Note 17. Computation of EPS,” and “Note 18. Operating Segments.” The following is a summary of the assets and liabilities of discontinued operations: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Assets of discontinued operations: Cash and due from banks $ 83 $ 72 Interest-bearing deposits with banks 352 342 Premises and equipment 66 72 Goodwill 3,745 3,745 CDI and other intangible assets 1,229 1,251 Other assets 2,297 2,173 Total assets of discontinued operations $ 7,772 $ 7,655 Liabilities of discontinued operations: Other liabilities $ 3,122 $ 3,539 Total liabilities of discontinued operations $ 3,122 $ 3,539 The following presents operating results of TIH classified as discontinued operations: (Dollars in millions) Three Months Ended March 31, 2024 2023 Interest Income Interest on other earning assets $ 24 $ 1 Total interest income 24 1 Noninterest income Insurance income $ 892 $ 815 Other income 5 3 Total noninterest income 897 818 Expenses Personnel expense 634 513 Professional fees and outside processing 48 27 Software expense 17 14 Net occupancy expense 15 14 Amortization of intangibles 21 36 Equipment expense 9 8 Marketing and customer development 10 10 Restructuring charges 19 7 Other expense 58 52 Total noninterest expense 831 681 Earnings Income before income taxes from discontinued operations 90 138 Provision for income taxes 23 33 Net income from discontinued operations 67 105 Noncontrolling interests 3 2 Net income from discontinued operations attributable to controlling interest $ 64 $ 103 The components of net cash provided by operating, investing, and financing activities of discontinued operations included in the Consolidated Statements of Cash Flows are as follows: (Dollars in millions) Three Months Ended March 31, 2024 2023 Net cash from operating activities $ (346) $ (134) Net cash from investing activities (4) (7) Net cash from financing activities 373 (45) On May 6, 2024, the Company completed the sale, which resulted in after-tax cash proceeds to Truist of approximately $10.1 billion. The transaction improves Truist’s relative capital position and allows Truist to maintain strategic flexibility. Upon closing, the transaction resulted in a full deconsolidation of the TIH subsidiary from Truist and resulted in an approximate after-tax gain of approximately $4.7 billion. Refer to “Note 19. Subsequent Events” for additional information. In connection with the sale of TIH, the Company has entered into various agreements with entities controlled by the buyers and TIH, including a transition services agreement and several commercial agreements, ranging from one to seven years. The transition services agreement includes the following support services: information technology, finance and accounting, human resources, marketing and communications, procurement, and real estate. The Company will be compensated for such services on a monthly basis. The commercial agreements represent arrangements for both the Company and TIH to continue engaging in certain business activities after the completion of the sale. Such activities include referral services and certain brokerage and administration services. In addition, TIH will retain its depository relationship with Truist Bank after completion of the sale. TIH holds the majority of its cash in depository accounts with Truist Bank. TIH held $1.2 billion and $1.6 billion of deposits at Truist Bank as of March 31, 2024 and December 31, 2023, respectively. Such deposits are not presented in assets of discontinued operations as they are eliminated upon consolidation. |
Securities Financing Activities
Securities Financing Activities | 3 Months Ended |
Mar. 31, 2024 | |
Offsetting [Abstract] | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure | Securities Financing Activities Securities purchased under agreements to resell are primarily collateralized by U.S. government or agency securities and are carried at the amounts at which the securities will be subsequently sold, plus accrued interest. Securities borrowed are primarily collateralized by corporate securities. The Company borrows securities and purchases securities under agreements to resell as part of its securities financing activities. On the acquisition date of these securities, the Company and the related counterparty agree on the amount of collateral required to secure the principal amount loaned under these arrangements. The Company monitors collateral values daily and calls for additional collateral to be provided as warranted under the respective agreements. The following table presents securities borrowed or purchased under agreements to resell: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Securities purchased under agreements to resell $ 883 $ 1,168 Securities borrowed 1,208 1,210 Total securities borrowed or purchased under agreements to resell $ 2,091 $ 2,378 Fair value of collateral permitted to be resold or repledged $ 1,971 $ 2,175 Fair value of securities resold or repledged — 12 For securities sold under agreements to repurchase, the Company would be obligated to provide additional collateral in the event of a significant decline in fair value of the collateral pledged. This risk is managed by monitoring the liquidity and credit quality of the collateral, as well as the maturity profile of the transactions. Refer to “Note 14. Commitments and Contingencies” for additional information related to pledged securities. The following table presents the Company’s related activity, by collateral type and remaining contractual maturity: March 31, 2024 December 31, 2023 (Dollars in millions) Overnight and Continuous Up to 30 days 30-90 days Total Overnight and Continuous Up to 30 days Total U.S. Treasury $ 10 $ — $ — $ 10 $ 12 $ — $ 12 State and Municipal 428 — — 428 415 — 415 Agency MBS – residential — 500 — 500 — 1,500 1,500 Corporate and other debt securities 521 80 50 651 420 80 500 Total securities sold under agreements to repurchase $ 959 $ 580 $ 50 $ 1,589 $ 847 $ 1,580 $ 2,427 There were no securities financing transactions subject to legally enforceable master netting arrangements that were eligible for balance sheet netting for the periods presented. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Investment Securities The following tables summarize the Company’s AFS and HTM securities: March 31, 2024 Amortized Cost Gross Unrealized Net unrealized gains (losses) Fair Value Gains Losses AFS securities: U.S. Treasury $ 9,480 $ — $ (460) $ (460) $ 9,020 GSE 385 2 (37) (35) 350 Agency MBS – residential 61,945 9 (10,804) (10,795) 51,150 Agency MBS – commercial 2,822 — (614) (614) 2,208 States and political subdivisions 420 15 (16) (1) 419 Non-agency MBS 3,648 — (764) (764) 2,884 Other 19 — — — 19 Total AFS securities, excluding portfolio level basis adjustments 78,719 26 (12,695) (12,669) 66,050 Portfolio level basis adjustments (1) (433) 433 — Total AFS securities $ 78,286 $ 26 $ (12,695) $ (12,236) $ 66,050 HTM securities: Agency MBS – residential $ 53,369 $ — $ (10,328) $ (10,328) $ 43,041 December 31, 2023 Amortized Cost Gross Unrealized Net unrealized gains (losses) Fair Value Gains Losses AFS securities: U.S. Treasury $ 10,511 $ 2 $ (472) $ (470) $ 10,041 GSE 393 3 (34) (31) 362 Agency MBS – residential 60,989 — (9,700) (9,700) 51,289 Agency MBS – commercial 2,817 — (569) (569) 2,248 States and political subdivisions 421 17 (13) 4 425 Non-agency MBS 3,698 — (717) (717) 2,981 Other 20 — — — 20 Total AFS securities $ 78,849 $ 22 $ (11,505) $ (11,483) $ 67,366 HTM securities: Agency MBS – residential $ 54,107 $ — $ (9,477) $ (9,477) $ 44,630 (1) Represents fair value hedge basis adjustments related to active portfolio layer method hedges, which are not allocated to individual securities. For additional information, refer to “Note 16. Derivative Financial Instruments.” The amortized cost and estimated fair value of certain MBS securities issued by FNMA and FHLMC that exceeded 10% of shareholders’ equity are shown in the table below: March 31, 2024 (Dollars in millions) Amortized Cost Fair Value FNMA $ 39,345 $ 32,003 FHLMC 39,821 32,183 The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected life of MBS may be shorter than the contractual maturities because borrowers have the right to prepay their obligations with or without penalties. Amortized Cost Fair Value March 31, 2024 Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years Total AFS securities: U.S. Treasury $ 2,871 $ 6,566 $ 14 $ 29 $ 9,480 $ 2,850 $ 6,133 $ 13 $ 24 $ 9,020 GSE — 7 12 366 385 — 7 11 332 350 Agency MBS – residential — 120 447 61,378 61,945 — 113 420 50,617 51,150 Agency MBS – commercial — — 71 2,751 2,822 — — 66 2,142 2,208 States and political subdivisions 49 48 168 155 420 48 47 174 150 419 Non-agency MBS — — 214 3,434 3,648 — — 164 2,720 2,884 Other — 7 12 — 19 — 7 12 — 19 Total AFS securities $ 2,920 $ 6,748 $ 938 $ 68,113 $ 78,719 $ 2,898 $ 6,307 $ 860 $ 55,985 $ 66,050 HTM securities: Agency MBS – residential $ — $ — $ — $ 53,369 $ 53,369 $ — $ — $ — $ 43,041 $ 43,041 The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position: Less than 12 months 12 months or more Total March 31, 2024 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 743 $ (2) $ 7,805 $ (458) $ 8,548 $ (460) GSE 32 (1) 246 (36) 278 (37) Agency MBS – residential 485 (3) 48,895 (10,801) 49,380 (10,804) Agency MBS – commercial 12 — 2,196 (614) 2,208 (614) States and political subdivisions 35 — 239 (16) 274 (16) Non-agency MBS — — 2,884 (764) 2,884 (764) Other — — 7 — 7 — Total $ 1,307 $ (6) $ 62,272 $ (12,689) $ 63,579 $ (12,695) HTM securities: Agency MBS – residential $ — $ — $ 43,041 $ (10,328) $ 43,041 $ (10,328) Less than 12 months 12 months or more Total December 31, 2023 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 356 $ (2) $ 8,806 $ (470) $ 9,162 $ (472) GSE 16 — 255 (34) 271 (34) Agency MBS – residential 258 (4) 51,006 (9,696) 51,264 (9,700) Agency MBS – commercial 61 (2) 2,185 (567) 2,246 (569) States and political subdivisions 35 — 243 (13) 278 (13) Non-agency MBS — — 2,981 (717) 2,981 (717) Other — — 20 — 20 — Total $ 726 $ (8) $ 65,496 $ (11,497) $ 66,222 $ (11,505) HTM securities: Agency MBS – residential $ — $ — $ 44,630 $ (9,477) $ 44,630 $ (9,477) At March 31, 2024 and December 31, 2023, no ACL was established for AFS or HTM securities. Substantially all of the unrealized losses on the securities portfolio, including non-agency MBS, were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. HTM debt securities consist of residential agency MBS. Accordingly, the Company does not expect to incur any credit losses on investment securities. |
Loans and ACL
Loans and ACL | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans and ACL | Loans and ACL The following tables present loans and leases HFI by aging category. Government guaranteed loans are not placed on nonperforming status regardless of delinquency because collection of principal and interest is reasonably assured. Accruing March 31, 2024 Current 30-89 Days Past Due 90 Days Or More Past Due (1) Nonperforming Total Commercial: Commercial and industrial $ 156,987 $ 158 $ 12 $ 512 $ 157,669 CRE 21,860 21 — 261 22,142 Commercial construction 7,449 — — 23 7,472 Consumer: Residential mortgage 53,656 638 441 151 54,886 Home equity 9,626 59 10 130 9,825 Indirect auto 21,348 540 1 256 22,145 Other consumer 27,791 226 18 61 28,096 Credit card 4,859 74 56 — 4,989 Total $ 303,576 $ 1,716 $ 538 $ 1,394 $ 307,224 (1) Includes government guaranteed loans of $408 million in the residential mortgage portfolio. Accruing December 31, 2023 Current 30-89 Days Past Due 90 Days Or More Past Due (1) Nonperforming Total Commercial: Commercial and industrial $ 160,081 $ 230 $ 7 $ 470 $ 160,788 CRE 22,281 5 — 284 22,570 Commercial construction 6,658 — 1 24 6,683 Consumer: Residential mortgage 54,261 639 439 153 55,492 Home equity 9,850 70 11 122 10,053 Indirect auto 21,788 669 2 268 22,727 Other consumer 28,296 271 21 59 28,647 Credit card 4,961 87 53 — 5,101 Total $ 308,176 $ 1,971 $ 534 $ 1,380 $ 312,061 (1) Includes government guaranteed loans of $418 million in the residential mortgage portfolio. The following tables present the amortized cost basis of loans by origination year and credit quality indicator: March 31, 2024 Amortized Cost Basis by Origination Year Revolving Credit Loans Converted to Term Other (1) 2024 2023 2022 2021 2020 Prior Total Commercial: Commercial and industrial: Pass $ 6,056 $ 22,561 $ 27,451 $ 14,650 $ 7,903 $ 16,367 $ 54,742 $ — $ (287) $ 149,443 Special mention 99 776 643 434 161 219 826 — — 3,158 Substandard 69 960 792 443 234 663 1,395 — — 4,556 Nonperforming — 114 76 98 29 69 126 — — 512 Total 6,224 24,411 28,962 15,625 8,327 17,318 57,089 — (287) 157,669 Gross charge-offs 3 5 33 23 — 10 23 — — 97 CRE: Pass 445 3,377 4,593 2,577 1,890 5,227 1,171 — (66) 19,214 Special mention 12 178 431 115 4 266 — — — 1,006 Substandard 99 348 370 233 202 349 60 — — 1,661 Nonperforming — 2 20 22 13 204 — — — 261 Total 556 3,905 5,414 2,947 2,109 6,046 1,231 — (66) 22,142 Gross charge-offs — 8 10 — — 85 — — — 103 Commercial construction: Pass 88 1,259 2,473 1,305 201 169 843 — — 6,338 Special mention 1 15 428 187 44 — 100 — — 775 Substandard 5 25 75 46 98 — 87 — — 336 Nonperforming — — 23 — — — — — — 23 Total 94 1,299 2,999 1,538 343 169 1,030 — — 7,472 Gross charge-offs — — — — — — — — — — Consumer: Residential mortgage: Current 304 2,847 13,316 16,264 5,648 15,277 — — — 53,656 30 - 89 days past due 6 23 62 57 38 452 — — — 638 90 days or more past due — 16 34 29 30 332 — — — 441 Nonperforming — — 9 15 6 121 — — — 151 Total 310 2,886 13,421 16,365 5,722 16,182 — — — 54,886 Gross charge-offs — — — — — 1 — — — 1 Home equity: Current — — — — — — 6,070 3,556 — 9,626 30 - 89 days past due — — — — — — 41 18 — 59 90 days or more past due — — — — — — 6 4 — 10 Nonperforming — — — — — — 47 83 — 130 Total — — — — — — 6,164 3,661 — 9,825 Gross charge-offs — — — — — — 3 — — 3 Indirect auto: Current 1,839 4,236 7,316 4,197 2,155 1,606 — — (1) 21,348 30 - 89 days past due 4 84 169 117 67 99 — — — 540 90 days or more past due — — 1 — — — — — — 1 Nonperforming — 32 79 59 35 51 — — — 256 Total 1,843 4,352 7,565 4,373 2,257 1,756 — — (1) 22,145 Gross charge-offs — 24 62 27 14 27 — — — 154 Other consumer: Current 2,248 8,866 6,960 3,312 1,693 2,017 2,677 15 3 27,791 30 - 89 days past due 10 73 69 30 15 22 6 1 — 226 90 days or more past due — 11 5 — — — 2 — — 18 Nonperforming — 10 16 14 7 13 — 1 — 61 Total 2,258 8,960 7,050 3,356 1,715 2,052 2,685 17 3 28,096 Gross charge-offs 7 54 50 24 12 10 8 — — 165 Credit card: Current — — — — — — 4,836 23 — 4,859 30 - 89 days past due — — — — — — 70 4 — 74 90 days or more past due — — — — — — 54 2 — 56 Total — — — — — — 4,960 29 — 4,989 Gross charge-offs — — — — — — 75 2 — 77 Total $ 11,285 $ 45,813 $ 65,411 $ 44,204 $ 20,473 $ 43,523 $ 73,159 $ 3,707 $ (351) $ 307,224 Gross charge-offs $ 10 $ 91 $ 155 $ 74 $ 26 $ 133 $ 109 $ 2 $ — $ 600 December 31, 2023 Amortized Cost Basis by Origination Year Revolving Credit Loans Converted to Term Other (1) 2023 2022 2021 2020 2019 Prior Total Commercial: Commercial and industrial: Pass $ 26,836 $ 29,877 $ 15,683 $ 8,436 $ 5,918 $ 11,539 $ 55,026 $ — $ (211) $ 153,104 Special mention 688 623 557 152 37 197 1,003 — — 3,257 Substandard 754 628 428 290 289 367 1,201 — — 3,957 Nonperforming 36 116 99 12 42 31 134 — — 470 Total 28,314 31,244 16,767 8,890 6,286 12,134 57,364 — (211) 160,788 Gross charge-offs 20 72 126 21 5 35 111 — — 390 CRE: Pass 3,760 4,931 2,651 1,903 2,813 2,666 1,221 — (70) 19,875 Special mention 185 315 140 79 203 37 — — — 959 Substandard 259 350 190 65 243 289 56 — — 1,452 Nonperforming 2 52 28 15 174 13 — — — 284 Total 4,206 5,648 3,009 2,062 3,433 3,005 1,277 — (70) 22,570 Gross charge-offs — 58 10 20 29 47 2 — — 166 Commercial construction: Pass 1,029 2,196 1,370 287 89 125 840 — — 5,936 Special mention 3 218 208 — — — 1 — — 430 Substandard 24 48 27 174 — — 20 — — 293 Nonperforming — 23 — — 1 — — — — 24 Total 1,056 2,485 1,605 461 90 125 861 — — 6,683 Gross charge-offs — 5 — — — — — — — 5 Consumer: Residential mortgage: Current 2,846 13,481 16,509 5,738 2,822 12,865 — — — 54,261 30 - 89 days past due 10 52 43 38 40 456 — — — 639 90 or more days past due 7 22 25 31 28 326 — — — 439 Nonperforming — 7 13 7 13 113 — — — 153 Total 2,863 13,562 16,590 5,814 2,903 13,760 — — — 55,492 Gross charge-offs — — 2 1 1 6 — — — 10 Home equity: Current — — — — — — 6,175 3,675 — 9,850 30 - 89 days past due — — — — — — 47 23 — 70 90 days or more past due — — — — — — 7 4 — 11 Nonperforming — — — — — — 42 80 — 122 Total — — — — — — 6,271 3,782 — 10,053 Gross charge-offs — — — — — — 10 — — 10 Indirect auto: Current 4,611 8,049 4,689 2,479 1,330 639 — — (9) 21,788 30 - 89 days past due 83 213 150 86 71 66 — — — 669 90 days or more past due — 1 1 — — — — — — 2 Nonperforming 20 85 63 39 33 28 — — — 268 Total 4,714 8,348 4,903 2,604 1,434 733 — — (9) 22,727 Gross charge-offs 25 202 118 58 59 69 — — — 531 Other consumer: Current 9,903 7,676 3,715 1,914 1,049 1,207 2,816 13 3 28,296 30 - 89 days past due 86 85 41 23 16 12 7 1 — 271 90 days or more past due 9 8 1 1 — — 2 — — 21 Nonperforming 6 14 14 8 6 10 — 1 — 59 Total 10,004 7,783 3,771 1,946 1,071 1,229 2,825 15 3 28,647 Gross charge-offs 97 166 93 50 34 14 23 — — 477 Student: (2) Gross charge-offs — — — — — 108 — — — 108 Credit card: Current — — — — — — 4,942 19 — 4,961 30 - 89 days past due — — — — — — 84 3 — 87 90 days or more past due — — — — — — 51 2 — 53 Total — — — — — — 5,077 24 — 5,101 Gross charge-offs — — — — — — 220 3 — 223 Total $ 51,157 $ 69,070 $ 46,645 $ 21,777 $ 15,217 $ 30,986 $ 73,675 $ 3,821 $ (287) $ 312,061 Gross charge-offs $ 142 $ 503 $ 349 $ 150 $ 128 $ 279 $ 366 $ 3 $ — $ 1,920 (1) Includes certain deferred fees and costs and other adjustments. (2) Truist sold its student loan portfolio at the end of the second quarter of 2023. Charge-offs include $98 million related to the sale. ACL The following tables present activity in the ACL: (Dollars in millions) Balance at Jan 1, 2023 Charge-Offs Recoveries Provision (Benefit) Other (1) Balance at Mar 31, 2023 Commercial: Commercial and industrial $ 1,409 $ (75) $ 13 $ 151 $ (1) $ 1,497 CRE 224 (6) 1 32 — 251 Commercial construction 46 — 1 40 — 87 Consumer: Residential mortgage 399 (1) 2 13 (81) 332 Home equity 90 (2) 6 (7) — 87 Indirect auto 981 (127) 26 100 13 993 Other consumer 770 (105) 17 98 (1) 779 Student (2) 98 (5) — 5 — 98 Credit card 360 (51) 9 40 (3) 355 ALLL 4,377 (372) 75 472 (73) 4,479 RUFC 272 — — 10 — 282 ACL $ 4,649 $ (372) $ 75 $ 482 $ (73) $ 4,761 (Dollars in millions) Balance at Jan 1, 2024 Charge-Offs Recoveries Provision (Benefit) Other (1) Balance at Mar 31, 2024 Commercial: Commercial and industrial $ 1,404 $ (97) $ 32 $ 22 $ (1) $ 1,360 CRE 616 (103) 7 143 — 663 Commercial construction 174 — — 24 — 198 Consumer: Residential mortgage 298 (1) 1 (76) — 222 Home equity 89 (3) 5 (1) — 90 Indirect auto 942 (154) 28 107 — 923 Other consumer 890 (165) 28 206 — 959 Credit card 385 (77) 9 71 — 388 ALLL 4,798 (600) 110 496 (1) 4,803 RUFC 295 — — 4 (2) 297 ACL $ 5,093 $ (600) $ 110 $ 500 $ (3) $ 5,100 (1) Includes the amounts for the ALLL for PCD acquisitions, the impact of adopting the Troubled Debt Restructurings and Vintage Disclosures accounting standard, and other activity. (2) Truist sold its student loan portfolio at the end of the second quarter of 2023. The commercial ALLL increased $27 million and the consumer ALLL decreased $25 million for the three months ended March 31, 2024. The increase in the commercial ALLL primarily reflects an increase in reserves related to the CRE and commercial construction portfolios. The decrease in the consumer ALLL primarily reflects a reduction in loan volume and consideration of continued performance and improved outlook in consumer real estate, partially offset by an increase in certain consumer non-real estate portfolios. The quantitative models have been designed to estimate losses using macro-economic forecasts over a reasonable and supportable forecast period of two years, followed by a reversion to long-term historical loss conditions over a one-year period. Forecasts of macroeconomic variables used in loss forecasting include, but are not limited to, unemployment trends, U.S. real GDP, corporate credit spreads, property values, home price indices, and used car prices. The overall economic forecast incorporates a third-party baseline forecast that is adjusted to reflect Truist’s interest rate outlook. Management also considers optimistic and pessimistic third-party macro-economic forecasts in order to capture uncertainty in the economic environment. These forecasts, along with the primary economic forecast, are weighted 40% baseline, 30% optimistic, and 30% pessimistic in the March 31, 2024 ACL, unchanged since December 31, 2023. While the scenario weightings were unchanged, the economic outlook relative to the prior period varied by economic variables, including improvement in certain variables (e.g., House Price Index) and projected softness in others over the reasonable and supportable forecast period. The overall economic forecast shaping the ACL estimate at March 31, 2024 included GDP growth in the low-single digits and an unemployment rate near the mid-single digits. Quantitative models have certain limitations with respect to estimating expected losses, particularly in times of rapidly changing macro-economic conditions and forecasts. As a result, management believes that the qualitative component of the ACL, which incorporates management’s expert judgment related to expected future credit losses, will continue to be an important component of the ACL for the foreseeable future. The March 31, 2024 ACL estimate includes adjustments to consider the impact of current and expected events or risks not captured by the loss forecasting models, the outcomes of which are uncertain and may not be completely considered by quantitative models. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information. NPAs The following table provides a summary of nonperforming loans and leases, excluding LHFS: March 31, 2024 December 31, 2023 Recorded Investment Recorded Investment (Dollars in millions) Without an ALLL With an ALLL Without an ALLL With an ALLL Commercial: Commercial and industrial $ 100 $ 412 $ 123 $ 347 CRE 20 241 154 130 Commercial construction 23 — — 24 Consumer: Residential mortgage 1 150 1 152 Home equity 2 128 1 121 Indirect auto 24 232 20 248 Other consumer — 61 — 59 Total $ 170 $ 1,224 $ 299 $ 1,081 The following table presents a summary of nonperforming assets and residential mortgage loans in the process of foreclosure: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Nonperforming loans and leases HFI $ 1,394 $ 1,380 Nonperforming LHFS 22 51 Foreclosed real estate 4 3 Other foreclosed property 56 54 Total nonperforming assets $ 1,476 $ 1,488 Residential mortgage loans in the process of foreclosure $ 201 $ 214 Loan Modifications The following tables summarize the amortized cost basis and the weighted average financial effect of loans to borrowers experiencing financial difficulty that were modified during the period, disaggregated by class of financing receivable and type of modification granted. Three Months Ended March 31, 2024 Renewals Term Extensions Capitalizations Payment Delays Combination - Combination - Combination - Other Total Modified Loans Percentage of Total Class of Financing Receivable Commercial: Commercial and industrial $ 142 $ — $ — $ 1 $ — $ — $ — $ 15 $ 158 0.10 % CRE 167 — — 10 — — — 13 190 0.86 Commercial construction 45 — — — — — — — 45 0.60 Consumer: Residential mortgage — 19 13 16 — 55 9 1 113 0.21 Home equity — — — — 2 — — — 2 0.02 Indirect auto — 6 — 549 4 — — 3 562 2.54 Other consumer — 9 — — 1 — — — 10 0.04 Credit card — — — — — — — 10 10 0.20 Total $ 354 $ 34 $ 13 $ 576 $ 7 $ 55 $ 9 $ 42 $ 1,090 0.35 % Three Months Ended March 31, 2023 Renewals Term Extensions Capitalizations Payment Delays Combination - Combination - Combination - Other Total Modified Loans Percentage of Total Class of Financing Receivable Commercial: Commercial and industrial $ 390 $ 51 $ — $ — $ — $ — $ — $ — $ 441 0.26 % CRE 103 — — 71 — — — — 174 0.77 Commercial construction 1 — — — — — — — 1 0.02 Consumer: Residential mortgage — 29 32 25 1 92 20 4 203 0.36 Home equity — — — — 2 — — 1 3 0.03 Indirect auto — 5 — 5 5 — — 6 21 0.08 Other consumer — 5 — — 1 — — 1 7 0.03 Credit card — — — — — — — 5 5 0.10 Total $ 494 $ 90 $ 32 $ 101 $ 9 $ 92 $ 20 $ 17 $ 855 0.26 % Three Months Ended March 31, 2024 Loan Type Financial Effect Renewals Commercial and industrial Extended the term by 11 months and increased the interest rate by 0.5% CRE Extended the term by 6 months and increased the interest rate by 0.5% Commercial construction Extended the term by 11 months and increased the interest rate by 0.1% Term Extensions Residential mortgage Extended the term by 105 months. Indirect auto Extended the term by 26 months. Other consumer Extended the term by 26 months. Capitalizations Residential mortgage Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance. Payment Delays Commercial and industrial Provided 90 days of payment deferral. CRE Provided 90 days of payment deferral. Residential mortgage Provided 193 days of payment deferral. Indirect auto Provided 186 days of payment deferral. Combination - Interest Rate Adjustment and Term Extension Home equity Extended the term by 275 months and decreased the interest rate by 3%. Indirect auto Extended the term by 33 months and decreased the interest rate by 3%. Other consumer Extended the term by 61 months and increased the interest rate by 0.025%. Combination - Capitalization and Term Extension Residential mortgage Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 85 months. Combination - Capitalization, Interest Rate and Term Extension Residential mortgage Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 134 months, and decreased the interest rate by 0.5%. Three Months Ended March 31, 2023 Loan Type Financial Effect Renewals Commercial and industrial Extended the term by 4 months and increased the interest rate by 0.4%. CRE Extended the term by 9 months and increased the interest rate by 0.1%. Commercial construction Extended the term by 5 months. Term Extensions Commercial and industrial Extended the term by 3 months. Residential mortgage Extended the term by 158 months. Indirect auto Extended the term by 25 months. Other Consumer Extended the term by 25 months. Capitalizations Residential mortgage Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance. Payment Delays CRE Provided 233 days of payment deferral. Residential mortgage Provided 195 days of payment deferral. Indirect auto Provided 129 days of payment deferral. Combination - Interest Rate Adjustment and Term Extension Residential mortgage Extended the term by 97 months and decreased the interest rate by 0.8%. Home equity Extended the term by 318 months and decreased the interest rate by 2.3%. Indirect auto Extended the term by 11 months and decreased the interest rate by 7%. Other consumer Extended the term by 101 months and decreased the interest rate by 3%. Combination - Capitalization and Term Extension Residential mortgage Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 111 months. Combination - Capitalization, Interest Rate and Term Extension Residential mortgage Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 82 months, and decreased the interest rate by 0.3%. The tables above exclude trial modifications totaling $40 million and $64 million for the three months ended March 31, 2024 and 2023, respectively. Such modifications will be included in the modification activity disclosure if the borrower successfully completes the trial period and the loan modification is finalized. As of March 31, 2024 and December 31, 2023, Truist had $489 million and $702 million, respectively, in unfunded lending commitments to lend additional funds to borrowers experiencing financial difficulty for which Truist has modified the terms of the receivables in the ways described above during the twelve months preceding March 31, 2024 and December 31, 2023, respectively. Upon Truist’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. Truist closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table summarizes the period-end delinquency status and amortized cost of loans that were modified in the last 12 months. The period-end delinquency status of loans that were modified are disclosed at amortized cost and reflect the impact of any paydowns, payoffs, and/or charge-offs that occurred subsequent to modification. Payment Status (Amortized Cost Basis) March 31, 2024 (Dollars in millions) Current 30-89 Days Past Due 90 Days or More Past Due Total Commercial: Commercial and industrial $ 844 $ 8 $ 61 $ 913 CRE 352 19 — 371 Commercial construction 70 — — 70 Consumer: Residential mortgage 379 96 87 562 Home equity 10 1 — 11 Indirect auto 888 154 23 1,065 Other consumer 28 1 — 29 Credit card 15 4 2 21 Total $ 2,586 $ 283 $ 173 $ 3,042 Total nonaccrual loans included above $ 339 $ 46 $ 107 $ 492 Payment Status (Amortized Cost Basis) December 31, 2023 (Dollars in millions) Current 30-89 Days Past Due 90 Days or More Past Due Total Commercial: Commercial and industrial $ 887 $ 48 $ 92 $ 1,027 CRE 233 11 1 245 Commercial construction 22 — — 22 Consumer: Residential mortgage 427 116 90 633 Home equity 11 — — 11 Indirect auto 730 148 20 898 Other consumer 24 1 — 25 Credit card 11 3 2 16 Total $ 2,345 $ 327 $ 205 $ 2,877 Total nonaccrual loans included above $ 155 $ 85 $ 137 $ 377 The following table provides the amortized cost basis of financing receivables that were modified and were in payment default in the last twelve months: March 31, 2024 (Dollars in millions) Renewals Term Extensions Capitalizations Payment Delays Combination - Combination - Other Total Commercial: Commercial and industrial $ 45 $ — $ — $ 1 $ — $ — $ 15 $ 61 Consumer: Residential mortgage — 16 3 34 30 3 1 87 Indirect auto — 1 — 20 — — 2 23 Credit card — — — — — — 2 2 Total $ 45 $ 17 $ 3 $ 55 $ 30 $ 3 $ 20 $ 173 December 31, 2023 (Dollars in millions) Renewals Term Extensions Capitalizations Payment Delays Combination - Combination - Other Total Commercial: Commercial and industrial $ 72 $ — $ — $ 20 $ — $ — $ — $ 92 CRE 1 — — — — — — 1 Consumer: Residential mortgage — 13 6 34 31 5 1 90 Indirect auto — 1 — 17 — — 2 20 Credit card — — — — — — 2 2 Total $ 73 $ 14 $ 6 $ 71 $ 31 $ 5 $ 5 $ 205 Unearned Income, Discounts, and Net Deferred Loan Fees and Costs The following table presents additional information about loans and leases: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Unearned income, discounts, and net deferred loan fees and costs $ 571 $ 553 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. First, the CB&W segment was renamed CSBB and the C&CB segment was renamed 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. Further, TIH was the principal legal entity of the IH segment. As the operations of TIH are now included in discontinued operations, the Company no longer presents the IH segment as one of its reportable segments. Following the realignment of these business activities, the Company’s three reporting units with goodwill balances are CSBB, WB, and Wealth. In conjunction with these realignments, goodwill of $1.7 billion was realigned to WB from CSBB based on the relative fair value of CSBB and Wealth, and goodwill of $220 million was realigned to CSBB from WB based on the relative fair value of WB and the realigned small business banking client segmentation. In addition, the Company completed an assessment of any potential goodwill impairment for all impacted reporting units immediately prior and subsequent to the realignments and determined that no impairment existed. The quantitative valuation of WB performed in conjunction with these goodwill realignments indicated that as of January 1, 2024, the fair value of the WB reporting unit exceeded its carrying value by less than 10%, indicating that the goodwill of the WB reporting unit may be at risk of impairment. The Company monitored events and circumstances during the period from January 1, 2024 to March 31, 2024, including macroeconomic and market factors, industry and banking sector events, Truist specific performance indicators, a comparison of management’s forecast and assumptions to those used in its January 1, 2024 quantitative valuations associated with the realignments of goodwill, and the sensitivity of the January 1, 2024 quantitative results to changes in assumptions as of March 31, 2024. Based on these considerations, Truist concluded that it was not more-likely-than-not that the fair value of one or more of its reporting units is below its respective carrying amount as of March 31, 2024. The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. Activity during 2024 primarily relates to the segment realignment described above. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations and “Note 18. Operating Segments” for additional information on segments. (Dollars in millions) CSBB WB Total Goodwill, December 31, 2023 $ 13,503 $ 3,653 $ 17,156 Segment realignment (1,498) 1,498 — Adjustments and other — 1 1 Goodwill, March 31, 2024 $ 12,005 $ 5,152 $ 17,157 The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets: March 31, 2024 December 31, 2023 (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount CDI $ 2,473 $ (1,703) $ 770 $ 2,473 $ (1,650) $ 823 Other, primarily client relationship intangibles 1,593 (547) 1,046 1,598 (512) 1,086 Total $ 4,066 $ (2,250) $ 1,816 $ 4,071 $ (2,162) $ 1,909 |
Loan Servicing
Loan Servicing | 3 Months Ended |
Mar. 31, 2024 | |
Transfers and Servicing [Abstract] | |
Loan Servicing | Loan Servicing The Company acquires servicing rights, and retains servicing rights related to certain of its sales or securitizations of residential mortgages, commercial mortgages, and other consumer loans. Servicing rights are capitalized by the Company as Loan servicing rights on the Consolidated Balance Sheets. Income earned by the Company on its loan servicing rights is derived primarily from contractually specified servicing fees, late fees, net of curtailment costs, and other ancillary fees. Residential Mortgage Activities The following tables summarize residential mortgage servicing activities: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 UPB of residential mortgage loan servicing portfolio $ 265,890 $ 269,068 UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate 210,635 213,399 Mortgage loans sold with recourse 167 173 Maximum recourse exposure from mortgage loans sold with recourse liability 105 109 Indemnification, recourse and repurchase reserves 49 52 As of / For the Three Months Ended March 31, 2024 2023 UPB of residential mortgage loans sold from LHFS $ 1,763 $ 2,507 Pre-tax gains recognized on mortgage loans sold and held for sale 15 16 Servicing fees recognized from mortgage loans serviced for others 147 163 Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others 0.28 % 0.27 % Weighted average interest rate on mortgage loans serviced for others 3.59 3.52 The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value: (Dollars in millions) 2024 2023 Residential MSRs, carrying value, January 1 $ 3,088 $ 3,428 Additions 30 44 Sales (1) (428) Change in fair value due to changes in valuation inputs or assumptions (1) 77 (1) Realization of expected net servicing cash flows, passage of time, and other (60) (57) Residential MSRs, carrying value, March 31 $ 3,134 $ 2,986 (1) The three months ended March 31, 2023 includes realized gains on the portfolio sale of excess servicing. The sensitivity of the fair value of the Company’s residential MSRs to changes in key assumptions is presented in the following table: March 31, 2024 December 31, 2023 Range Weighted Average Range Weighted Average (Dollars in millions) Min Max Min Max Prepayment speed 6.5 % 17.3 % 7.3 % 6.7 % 18.2 % 7.5 % Effect on fair value of a 10% increase $ (82) $ (82) Effect on fair value of a 20% increase (158) (160) OAS 2.4 % 11.9 % 4.5 % 2.2 % 12.0 % 4.6 % Effect on fair value of a 10% increase $ (60) $ (60) Effect on fair value of a 20% increase (117) (118) Composition of loans serviced for others: Fixed-rate residential mortgage loans 99.6 % 99.6 % Adjustable-rate residential mortgage loans 0.4 0.4 Total 100.0 % 100.0 % Weighted average life 7.6 years 7.5 years The sensitivity calculations above are hypothetical and should not be considered predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in the above table, the effect of an adverse variation in one assumption on the fair value of the MSRs is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another, which may magnify or counteract the effect of the change. See “Note 15. Fair Value Disclosures” for additional information on the valuation techniques used. Commercial Mortgage Activities The following table summarizes commercial mortgage servicing activities: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 UPB of CRE mortgages serviced for others $ 29,075 $ 31,681 CRE mortgages serviced for others covered by recourse provisions 9,656 9,661 Maximum recourse exposure from CRE mortgages sold with recourse liability 2,813 2,813 Recorded reserves related to recourse exposure 14 16 CRE mortgages originated during the year-to-date period 276 2,989 Commercial MSRs at fair value 268 272 |
Other Assets and Liabilites
Other Assets and Liabilites | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets [Abstract] | |
Other Assets and Liabilities Disclosure | Other Assets and Liabilities Lessee Operating and Finance Leases The Company leases certain assets, consisting primarily of real estate, and assesses at contract inception whether a contract is, or contains, a lease. The following tables present additional information on leases, excluding leases related to the lease financing businesses: March 31, 2024 December 31, 2023 (Dollars in millions) Operating Leases Finance Leases Operating Leases Finance Leases ROU assets $ 1,033 $ 9 $ 1,057 $ 10 Total lease liabilities 1,355 11 1,387 12 Weighted average remaining term 6.1 years 6.6 years 6.2 years 6.6 years Weighted average discount rate 3.2 % 5.2 % 3.1 % 5.1 % Three Months Ended March 31, (Dollars in millions) 2024 2023 Operating lease costs $ 77 $ 73 Lessor Operating Leases The Company’s two primary lessor businesses are equipment financing and structured real estate with income recorded in Operating lease income on the Consolidated Statements of Income. The following table presents a summary of assets under operating leases held for investment. This table excludes subleases on assets included in premises and equipment. (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Assets held under operating leases (1)(2) $ 2,138 $ 2,160 Accumulated depreciation (564) (583) Net $ 1,574 $ 1,577 (1) Includes certain land parcels subject to operating leases that have indefinite lives. (2) Excludes operating leases held-for-sale that totaled $40 million and $32 million at March 31, 2024 and December 31, 2023, respectively. Bank-Owned Life Insurance Bank-owned life insurance consists of life insurance policies held on certain teammates for which the Company is the beneficiary. The carrying value of bank-owned life insurance was $7.7 billion at March 31, 2024 and December 31, 2023. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Borrowings The following table presents a summary of short-term borrowings: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 FHLB advances $ 22,500 $ 20,500 Securities sold under agreements to repurchase 1,589 2,427 Securities sold short 2,034 1,625 Other short-term borrowings 206 276 Total short-term borrowings $ 26,329 $ 24,828 The following table presents a summary of long-term debt: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Carrying Amount Carrying Amount Truist Financial Corporation: Fixed rate senior notes (1) $ 23,103 $ 19,808 Floating rate senior notes 999 999 Fixed rate subordinated notes (1)(2) 1,818 1,831 Capital notes (2) 630 629 Truist Bank: Fixed rate senior notes 4,184 4,170 Floating rate senior notes — 1,250 Fixed rate subordinated notes (2) 4,748 4,770 Floating rate FHLB advances 2,200 4,200 Other long-term debt (3) 1,389 1,261 Total long-term debt $ 39,071 $ 38,918 (1) Certain senior and subordinated notes convert from fixed to floating one year prior to maturity, and are callable within the final year of maturity at par. (2) Subordinated and capital notes with a remaining maturity of one year or greater qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations. (3) Includes debt associated with finance leases, tax credit investments, and other. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Common Stock The following table presents total dividends declared per share of common stock: Three Months Ended March 31, 2024 2023 Cash dividends declared per share $ 0.52 $ 0.52 |
AOCI
AOCI | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
AOCI | AOCI AOCI includes the after-tax change in unrecognized net costs related to defined benefit pension and OPEB plans as well as unrealized gains and losses on cash flow hedges, AFS securities, and HTM securities transferred from AFS securities. (Dollars in millions) Pension and OPEB Costs Cash Flow Hedges AFS Securities HTM Securities Other, net Total AOCI balance, January 1, 2023 $ (1,535) $ (78) $ (9,395) $ (2,588) $ (5) $ (13,601) OCI before reclassifications, net of tax (26) 125 903 — 1 1,003 Amounts reclassified from AOCI: Before tax 16 — (65) 70 — 21 Tax effect 4 — (15) 15 — 4 Amounts reclassified, net of tax 12 — (50) 55 — 17 Total OCI, net of tax (14) 125 853 55 1 1,020 AOCI balance, March 31, 2023 $ (1,549) $ 47 $ (8,542) $ (2,533) $ (4) $ (12,581) AOCI balance, January 1, 2024 $ (1,079) $ (300) $ (8,778) $ (2,347) $ (2) $ (12,506) OCI before reclassifications, net of tax 1 (232) (455) — (2) (688) Amounts reclassified from AOCI: Before tax — 55 (158) 66 — (37) Tax effect — 13 (37) 15 — (9) Amounts reclassified, net of tax — 42 (121) 51 — (28) Total OCI, net of tax 1 (190) (576) 51 (2) (716) AOCI balance, March 31, 2024 $ (1,078) $ (490) $ (9,354) $ (2,296) $ (4) $ (13,222) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended March 31, 2024 and 2023, the provision for income taxes from continuing operations was $232 million and $361 million, respectively, representing effective tax rates of 17.0% and 20.4%, respectively. The lower effective tax rate for the three months ended March 31, 2024 was primarily due to a decrease in the full year forecasted pre-tax earnings. The Company calculated the provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income and adjusting for discrete items that occurred during the period. |
Benefit Plans
Benefit Plans | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans The components of net periodic (benefit) cost for defined benefit pension plans are summarized in the following table: Three Months Ended March 31, (Dollars in millions) Income Statement Location 2024 2023 Service cost (1) Personnel expense / Net income from discontinued operations $ 96 $ 93 Interest cost Other expense 108 111 Estimated return on plan assets Other expense (244) (228) Amortization and other Other expense 1 20 Net periodic (benefit) cost $ (39) $ (4) (1) Includes $7 million for the three months ended March 31, 2024 and 2023 of service cost reported in net income from discontinued operations for the qualified defined benefit pension plan for employees of TIH. Following the sale of TIH, Truist will (i) no longer recognize the service costs for TIH employees, (ii) retain the related postretirement benefit obligation for TIH employees, and (iii) remeasure the postretirement benefit obligation of the plan. Truist makes contributions to the qualified pension plans up to the maximum amount deductible for federal income tax purposes. Truist did not make a discretionary contribution to the pension plan during the three months ended March 31, 2024. |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | Commitments and Contingencies Truist utilizes a variety of financial instruments to mitigate exposure to risks and meet the financing needs and provide investment opportunities for clients. These financial instruments include commitments to extend credit, letters of credit and financial guarantees, derivatives, and other investments. Truist also has commitments to fund certain affordable housing investments and contingent liabilities related to certain sold loans. Tax Credit and Certain Equity Investments The following table summarizes certain tax credit and certain equity investments: (Dollars in millions) Balance Sheet Location Mar 31, 2024 Dec 31, 2023 Investments in affordable housing projects and other qualified tax credits: Carrying amount Other assets $ 6,907 $ 6,754 Amount of future funding commitments included in carrying amount Other liabilities 2,515 2,473 Lending exposure Loans and leases for funded amounts 2,044 1,981 Renewable energy investments: Carrying amount Other assets 291 285 Amount of future funding commitments not included in carrying amount NA 744 747 SBIC and certain other equity method investments: Carrying amount Other assets 774 758 Amount of future funding commitments not included in carrying amount NA 560 589 The following table presents a summary of tax credits and amortization expense associated with the Company’s tax credit investment activity. Activity related to the Company’s renewable energy investments, other than qualified tax credits, was immaterial. Three Months Ended March 31, (Dollars in millions) Income Statement Location 2024 2023 Tax credits: Investments in affordable housing projects, other qualified tax credits, and other community development investments Provision for income taxes $ 185 $ 157 Amortization and other changes in carrying amount: Investments in affordable housing projects and other qualified tax credits Provision for income taxes $ 171 $ 148 Other community development investments Other noninterest income 2 2 Letters of Credit and Financial Guarantees In the normal course of business, Truist utilizes certain financial instruments to meet the financing needs of clients and to mitigate exposure to risks. Such financial instruments include commitments to extend credit and certain contractual agreements, including standby letters of credit and financial guarantee arrangements. The following is a summary of selected notional amounts of off-balance sheet financial instruments: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Commitments to extend, originate, or purchase credit and other commitments $ 207,966 $ 207,285 Residential mortgage loans sold with recourse 167 173 CRE mortgages serviced for others covered by recourse provisions 9,656 9,661 Other loans serviced for others covered by recourse and other provisions 1,247 1,032 Letters of credit 6,513 6,239 Total Return Swaps The Company facilitates matched book TRS transactions on behalf of clients, whereby a VIE purchases reference assets identified by a client and the Company enters into a TRS with the VIE, with a mirror-image TRS facing the client. The Company provides senior financing to the VIE in the form of demand notes to fund the purchase of the reference assets. Reference assets are typically fixed income instruments primarily composed of syndicated bank loans. The TRS contracts pass through interest and other cash flows on the reference assets to the third-party clients, along with exposing those clients to decreases in value on the assets and providing them with the rights to appreciation on the assets. The terms of the TRS contracts require the third parties to post initial margin collateral, as well as ongoing margin as the fair values of the underlying reference assets change. The following table provides a summary of the TRS transactions with VIE purchases. VIE assets include trading loans and bonds: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Total return swaps: VIE assets $ 1,698 $ 1,641 Trading loans and bonds 1,645 1,572 VIE liabilities 105 50 The Company concluded that the associated VIEs should be consolidated because the Company has (i) the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) the obligation to absorb losses and the right to receive benefits, which could potentially be significant. The activities of the VIEs are restricted to buying and selling the reference assets, and the risks/benefits of any such assets owned by the VIEs are passed to the third-party clients via the TRS contracts. For additional information on TRS contracts and the related VIEs, see “Note 16. Derivative Financial Instruments.” Pledged Assets Certain assets were pledged to secure municipal deposits, securities sold under agreements to repurchase, certain derivative agreements, and borrowings or borrowing capacity, as well as to fund certain obligations related to nonqualified defined benefit and defined contribution retirement plans and for other purposes as required or permitted by law. Assets pledged to the FHLB and FRB are subject to applicable asset discounts when determining borrowing capacity. The Company has capacity for secured financing from both the FRB and FHLB and letters of credit from the FHLB. The Company’s letters of credit from the FHLB can be used to secure various client deposits, including public fund relationships. Excluding assets related to nonqualified benefit plans, the majority of the agreements governing the pledged assets do not permit the other party to sell or repledge the collateral. The following table provides the total carrying amount of pledged assets by asset type: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Pledged securities $ 40,105 $ 41,270 Pledged loans: FRB 71,692 73,898 FHLB 66,946 67,748 Unused borrowing capacity: FRB 53,548 55,252 FHLB 25,031 24,712 Legal Proceedings and Other Matters Truist and its subsidiaries are routinely named as defendants in or parties to numerous actual or threatened legal proceedings and other matters and are or may be subject to potential liability in connection with them. The legal proceedings and other matters may be formal or informal and include litigation and arbitration with one or more identified claimants, certified or purported class actions with yet-to-be-identified claimants, and regulatory or other governmental information-gathering requests, examinations, investigations, and enforcement proceedings. Claims may be based in law or equity—such as those arising under contracts or in tort and those involving banking, consumer-protection, securities, antitrust, tax, employment, and other laws—and some present novel legal theories, allegations of substantial or indeterminate damages, demands for injunctive or similar relief, and requests for fines, penalties, restitution, or alterations in Truist’s business practices. Our legal proceedings and other matters exist in varying stages of adjudication, arbitration, negotiation, or investigation and span our business lines and operations. The course and outcome of legal proceedings and other matters are inherently unpredictable. This is especially so when a matter is still in its early stages, the damages sought are indeterminate or unsupported, significant facts are unclear or disputed, novel questions of law or other meaningful legal uncertainties exist, a request to certify a proceeding as a class action is outstanding or granted, multiple parties are named, or regulatory or other governmental entities are involved. As a result, we often are unable to determine how or when actual or threatened legal proceedings and other matters will be resolved and what losses may be incrementally and ultimately incurred. It is possible that the ultimate resolution of these matters, including those described below, if unfavorable, may be material to the consolidated financial position, consolidated results of operations, or consolidated cash flows of Truist, or cause significant reputational consequences. Truist establishes accruals for legal proceedings and other matters when potential losses become probable and the amount of loss can be reasonably estimated. Accruals are evaluated each quarter and may be adjusted, upward or downward, based on our best judgment after consultation with counsel and others. No assurance exists that our accruals will not need to be adjusted in the future. Actual losses may be higher or lower than any amounts accrued, possibly to a significant degree. The Company estimates reasonably possible losses, in excess of amounts accrued, of up to approximately $375 million as of March 31, 2024. This estimate does not represent Truist’s maximum loss exposure, and actual losses may vary significantly. Also, the outcome of a particular matter may be one that the Company did not take into account in its estimate because the Company judged the likelihood of that outcome to be remote. In addition, the matters underlying this estimate may change from time to time. Estimated losses, like accruals, are based upon currently available information and involve considerable uncertainties and judgment. For certain matters, Truist may be unable to estimate the loss or range of loss, even if it believes that a loss is probable or reasonably possible, until developments in the matter provide additional information sufficient to support such an estimate. These matters are not accrued for and are not reflected in the estimate of reasonably possible losses. The following is a description of certain legal proceedings and other matters in which Truist is involved: Bickerstaff v. SunTrust Bank This class action case was filed in Fulton County State Court on July 12, 2010, and an amended complaint was filed on August 9, 2010. Plaintiff alleges that all overdraft fees charged to his account which related to debit card and ATM transactions are actually interest charges and therefore subject to the usury laws of Georgia. The amended complaint asserts claims for violations of civil and criminal usury laws, conversion, and money had and received, and seeks damages on a class-wide basis, including refunds of challenged overdraft fees and pre-judgment interest. On October 6, 2017, the trial court granted plaintiff’s motion for class certification and defined the class as “Every Georgia citizen who had or has one or more accounts with SunTrust Bank and who, from July 12, 2006, to October 6, 2017 (i) had at least one overdraft of $500.00 or less resulting from an ATM or debit card transaction (the “Transaction”); (ii) paid any Overdraft Fees as a result of the Transaction; and (iii) did not receive a refund of those Fees,” and the granting of a certified class was affirmed on appeal. The class seeks a return of up to $452 million in paid overdraft fees from the 2006 to 2017 period above, plus prejudgment interest which, based on the amount of claimed fees, was estimated to be approximately $407 million as of March 31, 2024. A court-ordered mediation was held on February 28, 2024, but no resolution was reached. On March 4, 2024, the trial court issued an order granting in part and denying in part Truist’s motions to amend the class definition to narrow the scope of the class, to compel arbitration against certain class members, and for summary judgment. Truist and the class filed separate notices of appeal from the trial court’s order, and Truist has filed a notice of cross-appeal. The trial court suspended the previously scheduled trial date of April 29, 2024, related pre-trial deadlines pending appeal. Recordkeeping Matters The SEC and CFTC have requested information from various subsidiaries of the Company that conduct broker-dealer, investment adviser, and swap dealer activities regarding compliance with applicable recordkeeping requirements for business-related electronic communications. The Company has cooperated with these requests and is in advanced discussions regarding resolutions of these matters with the agencies though there can be no assurance as to the outcome of these discussions. Investigation Regarding Trusts In 2016 and 2018, the Civil Division of the U.S. DOJ issued subpoenas to a corporate predecessor of Truist Bank under the Financial Institutions Reform, Recovery, and Enforcement Act. These subpoenas requested documents and other information related to specified trusts for which Truist Bank serves as trustee. Truist Bank is continuing to cooperate in the investigation. FDIC Special Assessment In November 2023, the FDIC issued a final rule to implement a special assessment to recoup losses to the DIF associated with bank failures in the first half of 2023. The assessment is based on an insured depository institution’s estimated uninsured deposits reported as of December 31, 2022. The special assessment for Truist is $582 million, with $507 million recognized in the fourth quarter of 2023 and an additional $75 million recognized in the first quarter of 2024 due to an increase in the estimated relevant losses to the DIF reported by the FDIC in February 2024. The special assessment will be paid in eight quarterly installments beginning in the second quarter of 2024. The ultimate amount of expenses associated with the special assessment will also be impacted by the finalization of the losses incurred by the FDIC in the resolutions of Silicon Valley Bank and Signature Bank, which could result in additional expense. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Recurring Fair Value Measurements Accounting standards define fair value as the price that would be received on the measurement date to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants, with a three-level measurement hierarchy: • Level 1: Quoted prices for identical instruments in active markets • Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets • Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis: March 31, 2024 Total Level 1 Level 2 Level 3 Netting Adjustments (1) Assets: Trading assets: U.S. Treasury $ 143 $ — $ 143 $ — $ — GSE 42 — 42 — — States and political subdivisions 761 — 761 — — Corporate and other debt securities 1,940 — 1,940 — — Loans 1,692 — 1,692 — — Other 690 619 71 — — Total trading assets 5,268 619 4,649 — — AFS securities: U.S. Treasury 9,020 — 9,020 — — GSE 350 — 350 — — Agency MBS – residential 51,150 — 51,150 — — Agency MBS – commercial 2,208 — 2,208 — — States and political subdivisions 419 — 419 — — Non-agency MBS 2,884 — 2,884 — — Other 19 — 19 — — Total AFS securities 66,050 — 66,050 — — LHFS at fair value 1,201 — 1,201 — — Loans and leases 14 — — 14 — Loan servicing rights at fair value 3,417 — — 3,417 — Other assets: Derivative assets 1,088 1,535 1,858 4 (2,309) Equity securities 271 264 7 — — Total assets $ 77,309 $ 2,418 $ 73,765 $ 3,435 $ (2,309) Liabilities: Interest-bearing deposits: Brokered time deposits $ 23 $ — $ 23 $ — $ — Short-term borrowings: Securities sold short 2,034 110 1,924 — — Other liabilities: Derivative liabilities 2,990 826 4,729 25 (2,590) Total liabilities $ 5,047 $ 936 $ 6,676 $ 25 $ (2,590) December 31, 2023 Total Level 1 Level 2 Level 3 Netting Adjustments (1) Assets: Trading assets: U.S. Treasury $ 144 $ — $ 144 $ — $ — GSE 50 — 50 — — States and political subdivisions 760 — 760 — — Corporate and other debt securities 1,293 — 1,293 — — Loans 1,575 — 1,575 — — Other 510 461 49 — — Total trading assets 4,332 461 3,871 — — AFS securities: U.S. Treasury 10,041 — 10,041 — — GSE 362 — 362 — — Agency MBS – residential 51,289 — 51,289 — — Agency MBS – commercial 2,248 — 2,248 — — States and political subdivisions 425 — 425 — — Non-agency MBS 2,981 — 2,981 — — Other 20 — 20 — — Total AFS securities 67,366 — 67,366 — — LHFS at fair value 852 — 852 — — Loans and leases 15 — — 15 — Loan servicing rights at fair value 3,378 — — 3,378 — Other assets: Derivative assets 951 956 1,867 5 (1,877) Equity securities 360 245 115 — — Total assets $ 77,254 $ 1,662 $ 74,071 $ 3,398 $ (1,877) Liabilities: Short-term borrowings: Securities sold short $ 1,625 $ 185 $ 1,440 $ — $ — Other liabilities: Derivative liabilities 2,597 487 4,171 24 (2,085) Total liabilities $ 4,222 $ 672 $ 5,611 $ 24 $ (2,085) (1) Refer to “Note 16. Derivative Financial Instruments” for additional discussion on netting adjustments. At March 31, 2024 and December 31, 2023, investments totaling $464 million and $459 million, respectively, have been excluded from the table above as they are valued based on net asset value as a practical expedient. These investments primarily consist of certain SBIC funds. The following discussion focuses on the valuation techniques and significant inputs for brokered time deposit liabilities that are measured at fair value on a recurring basis. For additional information on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities that are measured at fair value on a recurring basis, see “Note 18. Fair Value Disclosures” of the Annual Report on Form 10-K for the year ended December 31, 2023. Brokered time deposits : The Company has elected to measure certain CDs that contain embedded derivatives at fair value. This fair value election better aligns the economics of the CDs with the Company’s risk management strategies. The Company elects, on an instrument by instrument basis, whether a new issuance will be measured at fair value. The Company has classified CDs measured at fair value as level 2 instruments due to the Company’s ability to observe all significant inputs to model-derived valuations in active markets. The Company employs a discounted cash flow approach based on observable market interest rates for the term of the CD and an estimate of the Bank’s credit risk. For any embedded derivative features, the Company uses the same valuation methodologies as if the derivative were a standalone derivative, as discussed in the “Derivative assets and liabilities” section in “Note 18. Fair Value Disclosures” of the Annual Report on Form 10-K for the year ended December 31, 2023. Activity for Level 3 assets and liabilities is summarized below: Three Months Ended March 31, 2024 and 2023 Loans and Leases Loan Servicing Rights Net Derivatives Balance at January 1, 2023 $ 18 $ 3,758 $ (36) Total realized and unrealized gains (losses): Included in earnings — (5) (2) Issuances — 48 (2) Sales — (428) — Settlements (1) (70) 22 Balance at March 31, 2023 $ 17 $ 3,303 $ (18) Balance at January 1, 2024 $ 15 $ 3,378 $ (19) Total realized and unrealized gains (losses): Included in earnings — 82 (3) Issuances — 32 (1) Sales — (1) — Settlements (1) (74) 2 Balance at March 31, 2024 $ 14 $ 3,417 $ (21) Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at March 31, 2024 $ — $ 82 $ (9) Primary income statement location of realized gains (losses) included in earnings Other income Mortgage banking income Mortgage banking income Fair Value Option The following table details the fair value and UPB of certain loans and time deposits that were elected to be measured at fair value: March 31, 2024 December 31, 2023 (Dollars in millions) Fair Value UPB Difference Fair Value UPB Difference Trading loans $ 1,692 $ 1,775 $ (83) $ 1,575 $ 1,664 $ (89) Loans and leases 14 15 (1) 15 16 (1) LHFS at fair value 1,201 1,185 16 852 828 24 Brokered time deposits 23 23 — — — — Nonrecurring Fair Value Measurements The following table provides information about certain assets measured at fair value on a nonrecurring basis still held as of period end. The carrying values represent end of period values, which approximate the fair value measurements that occurred on the various measurement dates throughout the period. These assets are considered to be Level 3 assets. (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Carrying value: LHFS $ 8 $ 19 Loans and leases 659 840 Other 244 454 The following table provides information about valuation adjustments for certain assets measured at fair value on a nonrecurring basis. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end. Three Months Ended March 31, (Dollars in millions) 2024 2023 Valuation adjustments: LHFS $ (9) $ — Loans and leases (272) (166) Other (83) (44) LHFS with valuation adjustments in the table above consisted primarily of residential mortgages and commercial loans that were valued using market prices and measured at LOCOM. The table above excludes $44 million and $409 million of LHFS carried at cost at March 31, 2024 and December 31, 2023, respectively, that did not require a valuation adjustment during the period. The remainder of LHFS is carried at fair value. Loans and leases consist of larger commercial loans and leases that are collateral-dependent and other secured loans and leases that have been charged-off to the fair value of the collateral. Valuation adjustments for loans and leases are primarily recorded in the Provision for credit losses in the Consolidated Statement of Income. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional discussion of individually evaluated loans and leases. Other includes foreclosed real estate, other foreclosed property, partnership investments, premises and equipment, OREO, and held for sale operating leases, and consists primarily of residential homes, commercial properties, vacant lots, and automobiles. Partnership investments are measured based on discounted expected future cash flows. The remaining assets are measured at LOCOM, less costs to sell. Financial Instruments Not Recorded at Fair Value For financial instruments not recorded at fair value, estimates of fair value are based on relevant market data and information about the instruments. Values obtained relate to trading without regard to any premium or discount that may result from concentrations of ownership, possible tax ramifications, estimated transaction costs that may result from bulk sales, or the relationship between various instruments. An active market does not exist for certain financial instruments. Fair value estimates for these instruments are based on current economic conditions and interest rate risk characteristics, loss experience, and other factors. Many of these estimates involve uncertainties and matters of significant judgment and cannot be determined with precision. Therefore, the fair value estimates in many instances cannot be substantiated by comparison to independent markets. In addition, changes in assumptions could significantly affect these fair value estimates. Financial assets and liabilities not recorded at fair value are summarized below: March 31, 2024 December 31, 2023 (Dollars in millions) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: HTM securities Level 2 $ 53,369 $ 43,041 $ 54,107 $ 44,630 Loans and leases HFI, net of ALLL Level 3 302,407 294,759 307,248 300,830 Financial liabilities: Time deposits Level 2 41,836 41,641 43,561 43,368 Long-term debt Level 2 39,071 38,759 38,918 38,353 The carrying value of the RUFC, which approximates the fair value of unfunded commitments, was $297 million and $295 million at March 31, 2024 and December 31, 2023, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Impact of Derivatives on the Consolidated Balance Sheets The following table presents the gross notional amounts and estimated fair value of derivative instruments employed by the Company: March 31, 2024 December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value (Dollars in millions) Assets Liabilities Assets Liabilities Cash flow hedges: Interest rate contracts: Swaps hedging commercial loans $ 22,538 $ 1 $ — $ 17,673 $ — $ — Fair value hedges: Interest rate contracts: Swaps hedging long-term debt 17,768 — — 14,268 — — Swaps hedging AFS securities 25,043 — — 24,178 — — Total 42,811 — — 38,446 — — Not designated as hedges: Client-related and other risk management: Interest rate contracts: Swaps 154,598 580 (2,219) 154,692 637 (1,926) Options 31,272 81 (101) 34,593 114 (106) Forward commitments 443 1 (5) 178 — (11) Other 3,969 — — 3,033 — — Equity contracts 42,080 1,828 (2,395) 39,561 1,164 (1,733) Credit contracts: Trading assets 560 — — 100 — — Loans and leases 325 — — 225 — — Risk participation agreements 7,627 — (2) 7,499 — (3) Total return swaps 1,592 38 (11) 1,598 41 (7) Foreign exchange contracts 25,169 211 (197) 24,480 256 (256) Commodity 8,858 548 (537) 8,367 513 (503) Total 276,493 3,287 (5,467) 274,326 2,725 (4,545) Mortgage banking: Interest rate contracts: Swaps 137 — — 105 — — Options 400 1 — 400 3 — Interest rate lock commitments 1,316 4 (10) 746 5 (10) When issued securities, forward rate agreements and forward commitments 2,049 10 (6) 1,438 12 (17) Other 228 1 — 94 — — Total 4,130 16 (16) 2,783 20 (27) MSRs: Interest rate contracts: Swaps 18,492 1 — 15,252 — — Options 15,002 86 (97) 14,854 75 (109) When issued securities, forward rate agreements and forward commitments 1,497 6 — 933 8 — Other 2,125 — — 1,692 — (1) Total 37,116 93 (97) 32,731 83 (110) Total derivatives not designated as hedges 317,739 3,396 (5,580) 309,840 2,828 (4,682) Total derivatives $ 383,088 3,397 (5,580) $ 365,959 2,828 (4,682) Gross amounts in the Consolidated Balance Sheets: Amounts subject to master netting arrangements and exchange traded derivatives (1,704) 1,704 (1,268) 1,268 Cash collateral (received) posted for amounts subject to master netting arrangements (605) 886 (609) 817 Net amount $ 1,088 $ (2,990) $ 951 $ (2,597) The following table presents the offsetting of derivative instruments including financial instrument collateral related to legally enforceable master netting agreements and amounts held or pledged as collateral. U.S. GAAP does not permit netting of non-cash collateral balances in the Consolidated Balance Sheets: March 31, 2024 Gross Amount Amount Offset Net Amount in Consolidated Balance Sheets Held/Pledged Financial Instruments Net Amount Derivative assets: Derivatives subject to master netting arrangement or similar arrangement $ 1,784 $ (1,483) $ 301 $ — $ 301 Derivatives not subject to master netting arrangement or similar arrangement 78 — 78 — 78 Exchange traded derivatives 1,535 (826) 709 — 709 Total derivative assets $ 3,397 $ (2,309) $ 1,088 $ — $ 1,088 Derivative liabilities: Derivatives subject to master netting arrangement or similar arrangement $ (3,954) $ 1,764 $ (2,190) $ 157 $ (2,033) Derivatives not subject to master netting arrangement or similar arrangement (800) — (800) — (800) Exchange traded derivatives (826) 826 — — — Total derivative liabilities $ (5,580) $ 2,590 $ (2,990) $ 157 $ (2,833) December 31, 2023 Gross Amount Amount Offset Net Amount in Consolidated Balance Sheets Held/Pledged Financial Instruments Net Amount Derivative assets: Derivatives subject to master netting arrangement or similar arrangement $ 1,775 $ (1,392) $ 383 $ — $ 383 Derivatives not subject to master netting arrangement or similar arrangement 97 — 97 — 97 Exchange traded derivatives 956 (485) 471 — 471 Total derivative assets $ 2,828 $ (1,877) $ 951 $ — $ 951 Derivative liabilities: Derivatives subject to master netting arrangement or similar arrangement $ (3,627) $ 1,600 $ (2,027) $ 151 $ (1,876) Derivatives not subject to master netting arrangement or similar arrangement (568) — (568) — (568) Exchange traded derivatives (487) 485 (2) — (2) Total derivative liabilities $ (4,682) $ 2,085 $ (2,597) $ 151 $ (2,446) The following table presents the carrying value of hedged items in fair value hedging relationships: March 31, 2024 December 31, 2023 Hedge Basis Adjustment Hedge Basis Adjustment (Dollars in millions) Hedged Asset / Liability Basis Items Currently Designated Discontinued Hedges Hedged Asset / Liability Basis Items Currently Designated Discontinued Hedges AFS securities (1) $ 49,955 $ (433) $ (5) $ 51,782 $ 6 $ (5) Loans and leases 320 — 7 322 — 7 Long-term debt 30,847 (469) (453) 27,572 (237) (475) (1) The amortized cost of AFS securities was $58.7 billion at March 31, 2024 and $62.2 billion at December 31, 2023. Further, as of March 31, 2024, closed portfolios of securities hedged under the portfolio layer method have an amortized cost of $57.6 billion, of which $25.0 billion was designated as hedged. The remaining amount of amortized cost is from securities with terminated hedges where the basis adjustment is being amortized into earnings using the effective interest method over the contractual life of the security. Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income Derivatives Designated as Hedging Instruments under GAAP No portion of the change in fair value of derivatives designated as hedges has been excluded from effectiveness testing. The following table summarizes amounts related to cash flow hedges, which consist of interest rate contracts: Three Months Ended March 31, (Dollars in millions) 2024 2023 Pre-tax gain (loss) recognized in OCI: Commercial loans $ (303) $ 163 Pre-tax gain (loss) reclassified from AOCI into interest expense or interest income: Commercial Loans (55) — The following table summarizes the impact on net interest income related to fair value hedges: Three Months Ended March 31, (Dollars in millions) 2024 2023 Investment securities: Amounts related to interest settlements $ 163 $ 76 Recognized on derivatives 442 (95) Recognized on hedged items (436) 106 Net income (expense) recognized (1) 169 87 Loans and leases: Recognized on hedged items (1) (1) Long-term debt: Amounts related to interest settlements (39) (46) Recognized on derivatives (232) 156 Recognized on hedged items 211 (142) Net income (expense) recognized (60) (32) Net income (expense) recognized, total $ 108 $ 54 (1) Includes $9 million of income recognized for the three months ended March 31, 2024, respectively, and $10 million for the three months ended March 31, 2023, respectively, from securities with terminated hedges that were reclassified to HTM. The income recognized was offset by the amortization of the fair value mark. The following table presents information about the Company’s cash flow and fair value hedges: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Cash flow hedges: Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI $ (310) $ (106) Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2029) (180) (194) Estimated portion of net after-tax gain (loss) on active and terminated hedges to be reclassified from AOCI into earnings during the next 12 months (244) (203) Maximum time period over which Truist is hedging a portion of the variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing instruments 5 years 5 years Fair value hedges: Unrecognized pre-tax net gain (loss) on terminated hedges (1) $ (51) $ (64) Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months (70) (60) (1) Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $404 million at March 31, 2024 and $413 million at December 31, 2023. Derivatives Not Designated as Hedging Instruments under GAAP The Company also enters into derivatives that are not designated as accounting hedges under GAAP to economically hedge certain risks as well as in a trading capacity with its clients. The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges: Three Months Ended March 31, (Dollars in millions) Income Statement Location 2024 2023 Client-related and other risk management: Interest rate contracts Investment banking and trading income and other income $ 39 $ 34 Foreign exchange contracts Investment banking and trading income and other income 65 (3) Equity contracts Investment banking and trading income and other income (17) 2 Credit contracts Investment banking and trading income and other income (24) (33) Commodity contracts Investment banking and trading income 2 10 Mortgage banking: Interest rate contracts – residential Mortgage banking income (1) (1) Interest rate contracts – commercial Mortgage banking income — 1 MSRs: Interest rate contracts – residential Mortgage banking income (91) 1 Interest rate contracts – commercial Mortgage banking income (6) 3 Total $ (33) $ 14 Credit Derivative Instruments As part of the Company’s corporate and investment banking business, the Company enters into contracts that are, in form or substance, written guarantees; specifically, risk participations, TRS, and credit default swaps. The Company accounts for these contracts as derivatives. Truist has entered into risk participation agreements to share the credit exposure with other financial institutions on client-related interest rate derivative contracts. Under these agreements, the Company has guaranteed payment to a dealer counterparty in the event the counterparty experiences a loss on the derivative due to a failure to pay by the counterparty’s client. The Company manages its payment risk on its risk participations by monitoring the creditworthiness of the underlying client through the normal credit review process that the Company would have performed had it entered into a derivative directly with the obligors. At March 31, 2024, the remaining terms on these risk participations ranged from less than one year to 13 years. The potential future exposure represents the Company’s maximum estimated exposure to written risk participations, as measured by projecting a maximum value of the guaranteed derivative instruments based on scenario simulations and assuming 100% default by all obligors on the maximum value. The Company has also entered into TRS contracts on loans and bonds. To mitigate its credit risk, the Company typically receives initial margin from the counterparty upon entering into the TRS and variation margin if the fair value of the underlying reference assets deteriorates. For additional information on the Company’s TRS contracts, see “Note 14. Commitments and Contingencies.” The Company enters into credit default swaps to hedge credit risk associated with certain loans and leases. The Company accounts for these contracts as derivatives, and accordingly, recognizes these contracts at fair value. The following table presents additional information related to interest rate derivative risk participation agreements and total return swaps: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Risk participation agreements: Maximum potential amount of exposure $ 471 $ 520 Total return swaps: Cash and other collateral received 419 437 The following table summarizes collateral positions with counterparties: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Dealer and other counterparties: Cash and other collateral received from counterparties $ 664 $ 609 Derivatives in a net gain position secured by collateral received 685 735 Unsecured positions in a net gain with counterparties after collateral postings 80 126 Cash collateral posted to counterparties 1,045 960 Derivatives in a net loss position secured by collateral 1,155 1,052 Central counterparties clearing: Cash collateral, including initial margin, posted to central clearing parties 8 14 Derivatives in a net loss position — 8 Derivatives in a net gain position 7 2 Securities pledged to central counterparties clearing 1,058 1,249 |
Computation of EPS
Computation of EPS | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Computation of EPS | Computation of EPS Basic and diluted EPS calculations are presented in the following table: Three Months Ended March 31, (Dollars in millions, except per share data, shares in thousands) 2024 2023 Net income available to common shareholders from continuing operations $ 1,027 $ 1,307 Net income available to common shareholders from discontinued operations 64 103 Net income available to common shareholders $ 1,091 $ 1,410 Weighted average number of common shares 1,335,091 1,328,602 Effect of dilutive outstanding equity-based awards 11,813 10,878 Weighted average number of diluted common shares 1,346,904 1,339,480 Basic earnings from continuing operations $ 0.77 $ 0.98 Basic earnings from discontinued operations 0.05 0.08 Basic EPS $ 0.82 $ 1.06 Diluted earnings from continuing operations $ 0.76 $ 0.98 Diluted earnings from discontinued operations 0.05 0.07 Diluted EPS $ 0.81 $ 1.05 Anti-dilutive awards — 621 |
Operating Segments
Operating Segments | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating Segments Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. First, the CB&W segment was renamed CSBB and the C&CB segment was renamed 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. Following the segment realignment, Truist operates and measures business activity across two segments: CSBB and WB, with functional activities included in OT&C. The Company’s business segment structure is based on the manner in which financial information is evaluated by management as well as the products and services provided or the type of client served. On February 20, 2024, the Company entered into an agreement to sell the remaining stake of the common equity in TIH to an investor group, representing substantially all of the Company’s IH segment, which represented a material strategic shift for the Company, and as a result, the Company recast results for all periods presented under the discontinued operations basis of presentation. On May 6, 2024, the Company completed the sale of its remaining equity interests in TIH. TIH was the principal legal entity of the IH segment. As the operations of TIH are now included in discontinued operations, the Company no longer presents the IH segment as one of its reportable segments. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations. Consumer and Small Business Banking CSBB serves consumer and small businesses clients, providing deposits and payment services, credit cards, loans, mortgages, brokerage, and investment advisory services and insurance solutions through an extensive network of branches, ATMs, digital channels, contact centers, and other channels. Lending solutions include personal and unsecured loans originated through the branch network and digital channels; indirect lending services providing a comprehensive set of technology-enabled consumer lending solutions including point-of-sale offerings for autos, recreational vehicles, outdoor power sports, equipment, and home improvement; and real estate lending providing residential mortgages through its retail, direct, and correspondent channels, with the loans either sold in the secondary market, typically with servicing rights retained or held in the Company’s loan portfolio, and home equity loans delivered through the branch network. CSBB also serves as an entry point for clients to access services from other businesses. Wholesale Banking WB delivers a comprehensive suite of solutions to our commercial, corporate, institutional, real estate, and wealth clients bringing together a combination of both local and specialized industry expertise. This segment is focused on providing core banking, specialized lending, investment banking, capital markets, strategic advisory, market-making, asset management, trust, brokerage, and investment related services, as well as cash management and payment processing. Truist’s investment banking and corporate banking teams serve clients across the nation, while offering a unique, high-touch advisory approach through our industry experts. Truist’s wealth professionals provide investment advisory services, institutional investment management, full-service and online/discount brokerage products, family office services, as well as other wealth management disciplines. Other, Treasury & Corporate OT&C includes management of the Company’s investment securities portfolio, long-term debt, derivative instruments used for balance sheet hedging, short-term liquidity and funding activities, balance sheet risk management and most real estate assets, as well as the Company’s functional activities such as finance, enterprise risk, legal, and enterprise technology and management, among others. Additionally, OT&C houses intercompany eliminations, including intersegment net referral fees and residual interest rate risk after segment allocations have taken place. Truist promotes revenue growth through the Company’s Integrated Relationship Management approach, which is designed to deepen client relationships and bring the full breadth and depth of Truist’s products and services to meet clients’ financial needs. The objective is to provide Truist’s entire suite of products to its clients with the end goal of providing clients the best financial experience in the marketplace. Revenues of certain products and services are reflected in the results of the segment providing those products and services and are also allocated to CSBB and WB. These allocated revenues between segments are reflected as net referral fees in noninterest income and eliminated in OT&C. The segment results are presented based on internal management methodologies that were designed to support these strategic objectives. Unlike financial accounting, there is no comprehensive authoritative body of guidance for management accounting equivalent to GAAP. The performance of the segments is not comparable with Truist’s consolidated results or with similar information presented by any other financial institution. Additionally, because of the interrelationships between the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. Because business segment results are presented based on management accounting practices, the transition to the consolidated results prepared under U.S. GAAP creates certain differences, which are reflected as residuals in OT&C. Business segment reporting conventions include, but are not limited to, the items as detailed below. Segment net interest income reflects matched maturity funds transfer pricing, which ascribes credits or charges based on the economic value or cost created by assets and liabilities of each segment. Residual differences between these credits and charges are captured in OT&C. Noninterest income includes inter-segment referral fees, as well as federal and state tax credits that are grossed up on a pre-tax equivalent basis, related primarily to certain community development investments. Recoveries for these allocations are reported in OT&C. Corporate expense allocations, including overhead or functional expenses that are not directly charged to the segments, are allocated to segments based on various drivers (number of FTEs, number of accounts, loan balances, net revenue, etc.). Recoveries for these allocations are reported in OT&C. Provision for credit losses represents net charge-offs by segment combined with an allocation to the segments for the provision attributable to each segment’s quarterly change in the ALLL. Provision for income taxes is calculated using a blended income tax rate for each segment and includes reversals of the noninterest income tax adjustments described above. The difference between the calculated provision for income taxes at the segment level and the consolidated provision for income taxes is reported in OT&C. The application and development of management reporting methodologies is an active process and undergoes periodic enhancements. The implementation of these enhancements to the internal management reporting methodology may materially affect the results disclosed for each segment, with no impact on consolidated results. When significant changes to management reporting methodologies take place, the impact of these changes is quantified and prior period information is revised as practicable. The following table presents results by segment: Three Months Ended March 31, CSBB WB OT&C (1) Total 2024 2023 2024 2023 2024 2023 2024 2023 Net interest income (expense) $ 1,262 $ 1,689 $ 2,240 $ 2,221 $ (130) $ (43) $ 3,372 $ 3,867 Net intersegment interest income (expense) 1,341 1,001 (561) (389) (780) (612) — — Segment net interest income 2,603 2,690 1,679 1,832 (910) (655) 3,372 3,867 Allocated provision for credit losses 303 270 198 235 (1) (3) 500 502 Segment net interest income after provision 2,300 2,420 1,481 1,597 (909) (652) 2,872 3,365 Noninterest income 494 544 985 960 (33) (83) 1,446 1,421 Amortization of intangibles 46 53 42 47 — — 88 100 Other noninterest expense 1,588 1,570 1,343 1,263 (66) 82 2,865 2,915 Income (loss) before income taxes from continuing operations 1,160 1,341 1,081 1,247 (876) (817) 1,365 1,771 Provision (benefit) for income taxes 280 318 205 260 (253) (217) 232 361 Segment net income (loss) from continuing operations $ 880 $ 1,023 $ 876 $ 987 $ (623) $ (600) $ 1,133 $ 1,410 Identifiable assets (period end) of continuing operations $ 143,132 $ 161,530 $ 209,604 $ 218,215 $ 174,451 $ 187,233 $ 527,187 $ 566,978 (1) Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 6, 2024, the Company completed the sale of its remaining equity interests in TIH. The sale resulted in cash proceeds to Truist of approximately $10.1 billion after-tax, reflecting certain closing adjustments for cash, debt and debt-like items, including the settlement of certain previously granted TIH equity awards, working capital, transaction expenses and an investor return amount associated with the originally sold 20% stake. The transaction improves Truist’s relative capital position and allows Truist to maintain strategic flexibility. Upon closing, the transaction resulted in a full deconsolidation of the TIH subsidiary from Truist and resulted in an approximate after-tax gain of approximately $4.7 billion. Additionally, following the sale, Truist will retain the related postretirement benefit obligation for TIH employees, and will remeasure the postretirement benefit obligation of the plan in the second quarter of 2024. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations. Following the completion of the sale of TIH, Truist executed a strategic balance sheet repositioning of a portion of its AFS investment securities portfolio by selling $27.7 billion of lower-yielding investment securities, resulting in an after-tax loss of $5.1 billion in the second quarter of 2024. The investment securities that were sold had a book value of $34.4 billion and a weighted average book yield of 2.80% for the remainder of 2024 including the impact of hedges and based on the Federal Funds futures curve. Including the tax benefit, the repositioning generated $29.3 billion available for reinvestment. Truist invested approximately $18.7 billion of the $39.4 billion available in shorter duration investment securities yielding 5.27%. The remaining $20.7 billion will be held in cash. The blended reinvestment rate on the new investment securities purchased and cash is 5.22% for the remainder of 2024 including the impact of hedges and based on the Federal Funds futures curve. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Discontinued Operations, Policy | Discontinued Operations The Company classifies assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable to occur within one year, and the disposal group is available for immediate sale in its present condition. The Company also considers whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. An asset or business that meets the criteria for held for sale classification is reported as discontinued operations when the disposal represents a strategic shift that has had or will have a major effect on the Company’s operating results. Assets and liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets for current and prior periods commencing in the period in which the asset or business meets all of the held for sale criteria described above. Net income from discontinued operations, net of tax, are separately reported in the Consolidated Statements of Income for current and prior periods commencing in the period in which the asset or business meets all of the held for sale criteria described above, including any gain or loss recognized on the sale or adjustment of the carrying amount to fair value less cost to sell. Certain activity of TIH impacting the Company's footnote disclosures have been removed or revised. The footnote disclosures included herein are presented on a continuing operations basis, unless otherwise noted. Refer to “Note 2. Discontinued Operations” for additional information. |
Segment Realignment | Segment Realignment Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. First, the CB&W segment was renamed CSBB and the C&CB segment was renamed 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. Further, TIH was the principal legal entity of the IH segment. As the operations of TIH are now included in discontinued operations, the Company no longer presents the IH segment as one of its reportable segments. The segment disclosures have been revised to reflect the new structure. Refer to “Note 18. Operating Segments” for additional information. |
Reclassifications | Reclassifications In addition to the reclassifications discussed above in the Consolidated Balance Sheets, Consolidated Statements of Income, and certain footnotes for discontinued operations and the segment realignment, as applicable, certain other amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the current presentation. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL; determination of fair value for securities, MSRs, LHFS, trading loans, and derivative assets and liabilities; goodwill and other intangible assets; income taxes; and pension and postretirement benefit obligations. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Changes in Accounting Principles and Effects of New Accounting Pronouncements | Changes in Accounting Principles and Effects of New Accounting Pronouncements Standard / Adoption Date Description Effects on the Financial Statements Standards Not Yet Adopted Improvements to Income Tax Disclosures Improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. Truist is evaluating the impact of this standard on its disclosures. This standard relates to footnote disclosures only. Improvements to Reportable Segment Disclosures Improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. Truist is evaluating the impact of this standard on its disclosures. This standard relates to footnote disclosures only. |
Discontinued Operations and D_2
Discontinued Operations and Disposal Groups (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups - Summary of assets and liabilities | The following is a summary of the assets and liabilities of discontinued operations: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Assets of discontinued operations: Cash and due from banks $ 83 $ 72 Interest-bearing deposits with banks 352 342 Premises and equipment 66 72 Goodwill 3,745 3,745 CDI and other intangible assets 1,229 1,251 Other assets 2,297 2,173 Total assets of discontinued operations $ 7,772 $ 7,655 Liabilities of discontinued operations: Other liabilities $ 3,122 $ 3,539 Total liabilities of discontinued operations $ 3,122 $ 3,539 |
Discontinued Operations - Summary of Operating Results of the Discontinued Insurance Agency Business | The following presents operating results of TIH classified as discontinued operations: (Dollars in millions) Three Months Ended March 31, 2024 2023 Interest Income Interest on other earning assets $ 24 $ 1 Total interest income 24 1 Noninterest income Insurance income $ 892 $ 815 Other income 5 3 Total noninterest income 897 818 Expenses Personnel expense 634 513 Professional fees and outside processing 48 27 Software expense 17 14 Net occupancy expense 15 14 Amortization of intangibles 21 36 Equipment expense 9 8 Marketing and customer development 10 10 Restructuring charges 19 7 Other expense 58 52 Total noninterest expense 831 681 Earnings Income before income taxes from discontinued operations 90 138 Provision for income taxes 23 33 Net income from discontinued operations 67 105 Noncontrolling interests 3 2 Net income from discontinued operations attributable to controlling interest $ 64 $ 103 |
Statement Of Cash Flows Discontinued Operations | The components of net cash provided by operating, investing, and financing activities of discontinued operations included in the Consolidated Statements of Cash Flows are as follows: (Dollars in millions) Three Months Ended March 31, 2024 2023 Net cash from operating activities $ (346) $ (134) Net cash from investing activities (4) (7) Net cash from financing activities 373 (45) |
Securities Financing Activiti_2
Securities Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Offsetting [Abstract] | |
Schedule of Resell Agreements | The following table presents securities borrowed or purchased under agreements to resell: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Securities purchased under agreements to resell $ 883 $ 1,168 Securities borrowed 1,208 1,210 Total securities borrowed or purchased under agreements to resell $ 2,091 $ 2,378 Fair value of collateral permitted to be resold or repledged $ 1,971 $ 2,175 Fair value of securities resold or repledged — 12 |
Schedule of Repurchase Agreements | The following table presents the Company’s related activity, by collateral type and remaining contractual maturity: March 31, 2024 December 31, 2023 (Dollars in millions) Overnight and Continuous Up to 30 days 30-90 days Total Overnight and Continuous Up to 30 days Total U.S. Treasury $ 10 $ — $ — $ 10 $ 12 $ — $ 12 State and Municipal 428 — — 428 415 — 415 Agency MBS – residential — 500 — 500 — 1,500 1,500 Corporate and other debt securities 521 80 50 651 420 80 500 Total securities sold under agreements to repurchase $ 959 $ 580 $ 50 $ 1,589 $ 847 $ 1,580 $ 2,427 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of AFS and HTM Securities | The following tables summarize the Company’s AFS and HTM securities: March 31, 2024 Amortized Cost Gross Unrealized Net unrealized gains (losses) Fair Value Gains Losses AFS securities: U.S. Treasury $ 9,480 $ — $ (460) $ (460) $ 9,020 GSE 385 2 (37) (35) 350 Agency MBS – residential 61,945 9 (10,804) (10,795) 51,150 Agency MBS – commercial 2,822 — (614) (614) 2,208 States and political subdivisions 420 15 (16) (1) 419 Non-agency MBS 3,648 — (764) (764) 2,884 Other 19 — — — 19 Total AFS securities, excluding portfolio level basis adjustments 78,719 26 (12,695) (12,669) 66,050 Portfolio level basis adjustments (1) (433) 433 — Total AFS securities $ 78,286 $ 26 $ (12,695) $ (12,236) $ 66,050 HTM securities: Agency MBS – residential $ 53,369 $ — $ (10,328) $ (10,328) $ 43,041 December 31, 2023 Amortized Cost Gross Unrealized Net unrealized gains (losses) Fair Value Gains Losses AFS securities: U.S. Treasury $ 10,511 $ 2 $ (472) $ (470) $ 10,041 GSE 393 3 (34) (31) 362 Agency MBS – residential 60,989 — (9,700) (9,700) 51,289 Agency MBS – commercial 2,817 — (569) (569) 2,248 States and political subdivisions 421 17 (13) 4 425 Non-agency MBS 3,698 — (717) (717) 2,981 Other 20 — — — 20 Total AFS securities $ 78,849 $ 22 $ (11,505) $ (11,483) $ 67,366 HTM securities: Agency MBS – residential $ 54,107 $ — $ (9,477) $ (9,477) $ 44,630 |
Schedule of MBS issued by FNMA and FHLMC that exceed 10% of shareholders equity | The amortized cost and estimated fair value of certain MBS securities issued by FNMA and FHLMC that exceeded 10% of shareholders’ equity are shown in the table below: March 31, 2024 (Dollars in millions) Amortized Cost Fair Value FNMA $ 39,345 $ 32,003 FHLMC 39,821 32,183 |
Schedule of Amortized Cost and Estimated Fair Value by Contractual Maturity | The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected life of MBS may be shorter than the contractual maturities because borrowers have the right to prepay their obligations with or without penalties. Amortized Cost Fair Value March 31, 2024 Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years Total AFS securities: U.S. Treasury $ 2,871 $ 6,566 $ 14 $ 29 $ 9,480 $ 2,850 $ 6,133 $ 13 $ 24 $ 9,020 GSE — 7 12 366 385 — 7 11 332 350 Agency MBS – residential — 120 447 61,378 61,945 — 113 420 50,617 51,150 Agency MBS – commercial — — 71 2,751 2,822 — — 66 2,142 2,208 States and political subdivisions 49 48 168 155 420 48 47 174 150 419 Non-agency MBS — — 214 3,434 3,648 — — 164 2,720 2,884 Other — 7 12 — 19 — 7 12 — 19 Total AFS securities $ 2,920 $ 6,748 $ 938 $ 68,113 $ 78,719 $ 2,898 $ 6,307 $ 860 $ 55,985 $ 66,050 HTM securities: Agency MBS – residential $ — $ — $ — $ 53,369 $ 53,369 $ — $ — $ — $ 43,041 $ 43,041 |
Schedule of Fair Values and Gross Unrealized Losses | The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position: Less than 12 months 12 months or more Total March 31, 2024 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 743 $ (2) $ 7,805 $ (458) $ 8,548 $ (460) GSE 32 (1) 246 (36) 278 (37) Agency MBS – residential 485 (3) 48,895 (10,801) 49,380 (10,804) Agency MBS – commercial 12 — 2,196 (614) 2,208 (614) States and political subdivisions 35 — 239 (16) 274 (16) Non-agency MBS — — 2,884 (764) 2,884 (764) Other — — 7 — 7 — Total $ 1,307 $ (6) $ 62,272 $ (12,689) $ 63,579 $ (12,695) HTM securities: Agency MBS – residential $ — $ — $ 43,041 $ (10,328) $ 43,041 $ (10,328) Less than 12 months 12 months or more Total December 31, 2023 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 356 $ (2) $ 8,806 $ (470) $ 9,162 $ (472) GSE 16 — 255 (34) 271 (34) Agency MBS – residential 258 (4) 51,006 (9,696) 51,264 (9,700) Agency MBS – commercial 61 (2) 2,185 (567) 2,246 (569) States and political subdivisions 35 — 243 (13) 278 (13) Non-agency MBS — — 2,981 (717) 2,981 (717) Other — — 20 — 20 — Total $ 726 $ (8) $ 65,496 $ (11,497) $ 66,222 $ (11,505) HTM securities: Agency MBS – residential $ — $ — $ 44,630 $ (9,477) $ 44,630 $ (9,477) |
Loans and ACL (Tables)
Loans and ACL (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Aging Analysis of Past Due Loans and Leases | The following tables present loans and leases HFI by aging category. Government guaranteed loans are not placed on nonperforming status regardless of delinquency because collection of principal and interest is reasonably assured. Accruing March 31, 2024 Current 30-89 Days Past Due 90 Days Or More Past Due (1) Nonperforming Total Commercial: Commercial and industrial $ 156,987 $ 158 $ 12 $ 512 $ 157,669 CRE 21,860 21 — 261 22,142 Commercial construction 7,449 — — 23 7,472 Consumer: Residential mortgage 53,656 638 441 151 54,886 Home equity 9,626 59 10 130 9,825 Indirect auto 21,348 540 1 256 22,145 Other consumer 27,791 226 18 61 28,096 Credit card 4,859 74 56 — 4,989 Total $ 303,576 $ 1,716 $ 538 $ 1,394 $ 307,224 (1) Includes government guaranteed loans of $408 million in the residential mortgage portfolio. Accruing December 31, 2023 Current 30-89 Days Past Due 90 Days Or More Past Due (1) Nonperforming Total Commercial: Commercial and industrial $ 160,081 $ 230 $ 7 $ 470 $ 160,788 CRE 22,281 5 — 284 22,570 Commercial construction 6,658 — 1 24 6,683 Consumer: Residential mortgage 54,261 639 439 153 55,492 Home equity 9,850 70 11 122 10,053 Indirect auto 21,788 669 2 268 22,727 Other consumer 28,296 271 21 59 28,647 Credit card 4,961 87 53 — 5,101 Total $ 308,176 $ 1,971 $ 534 $ 1,380 $ 312,061 (1) Includes government guaranteed loans of $418 million in the residential mortgage portfolio. |
Schedule of Carrying Amounts by Risk Rating | The following tables present the amortized cost basis of loans by origination year and credit quality indicator: March 31, 2024 Amortized Cost Basis by Origination Year Revolving Credit Loans Converted to Term Other (1) 2024 2023 2022 2021 2020 Prior Total Commercial: Commercial and industrial: Pass $ 6,056 $ 22,561 $ 27,451 $ 14,650 $ 7,903 $ 16,367 $ 54,742 $ — $ (287) $ 149,443 Special mention 99 776 643 434 161 219 826 — — 3,158 Substandard 69 960 792 443 234 663 1,395 — — 4,556 Nonperforming — 114 76 98 29 69 126 — — 512 Total 6,224 24,411 28,962 15,625 8,327 17,318 57,089 — (287) 157,669 Gross charge-offs 3 5 33 23 — 10 23 — — 97 CRE: Pass 445 3,377 4,593 2,577 1,890 5,227 1,171 — (66) 19,214 Special mention 12 178 431 115 4 266 — — — 1,006 Substandard 99 348 370 233 202 349 60 — — 1,661 Nonperforming — 2 20 22 13 204 — — — 261 Total 556 3,905 5,414 2,947 2,109 6,046 1,231 — (66) 22,142 Gross charge-offs — 8 10 — — 85 — — — 103 Commercial construction: Pass 88 1,259 2,473 1,305 201 169 843 — — 6,338 Special mention 1 15 428 187 44 — 100 — — 775 Substandard 5 25 75 46 98 — 87 — — 336 Nonperforming — — 23 — — — — — — 23 Total 94 1,299 2,999 1,538 343 169 1,030 — — 7,472 Gross charge-offs — — — — — — — — — — Consumer: Residential mortgage: Current 304 2,847 13,316 16,264 5,648 15,277 — — — 53,656 30 - 89 days past due 6 23 62 57 38 452 — — — 638 90 days or more past due — 16 34 29 30 332 — — — 441 Nonperforming — — 9 15 6 121 — — — 151 Total 310 2,886 13,421 16,365 5,722 16,182 — — — 54,886 Gross charge-offs — — — — — 1 — — — 1 Home equity: Current — — — — — — 6,070 3,556 — 9,626 30 - 89 days past due — — — — — — 41 18 — 59 90 days or more past due — — — — — — 6 4 — 10 Nonperforming — — — — — — 47 83 — 130 Total — — — — — — 6,164 3,661 — 9,825 Gross charge-offs — — — — — — 3 — — 3 Indirect auto: Current 1,839 4,236 7,316 4,197 2,155 1,606 — — (1) 21,348 30 - 89 days past due 4 84 169 117 67 99 — — — 540 90 days or more past due — — 1 — — — — — — 1 Nonperforming — 32 79 59 35 51 — — — 256 Total 1,843 4,352 7,565 4,373 2,257 1,756 — — (1) 22,145 Gross charge-offs — 24 62 27 14 27 — — — 154 Other consumer: Current 2,248 8,866 6,960 3,312 1,693 2,017 2,677 15 3 27,791 30 - 89 days past due 10 73 69 30 15 22 6 1 — 226 90 days or more past due — 11 5 — — — 2 — — 18 Nonperforming — 10 16 14 7 13 — 1 — 61 Total 2,258 8,960 7,050 3,356 1,715 2,052 2,685 17 3 28,096 Gross charge-offs 7 54 50 24 12 10 8 — — 165 Credit card: Current — — — — — — 4,836 23 — 4,859 30 - 89 days past due — — — — — — 70 4 — 74 90 days or more past due — — — — — — 54 2 — 56 Total — — — — — — 4,960 29 — 4,989 Gross charge-offs — — — — — — 75 2 — 77 Total $ 11,285 $ 45,813 $ 65,411 $ 44,204 $ 20,473 $ 43,523 $ 73,159 $ 3,707 $ (351) $ 307,224 Gross charge-offs $ 10 $ 91 $ 155 $ 74 $ 26 $ 133 $ 109 $ 2 $ — $ 600 December 31, 2023 Amortized Cost Basis by Origination Year Revolving Credit Loans Converted to Term Other (1) 2023 2022 2021 2020 2019 Prior Total Commercial: Commercial and industrial: Pass $ 26,836 $ 29,877 $ 15,683 $ 8,436 $ 5,918 $ 11,539 $ 55,026 $ — $ (211) $ 153,104 Special mention 688 623 557 152 37 197 1,003 — — 3,257 Substandard 754 628 428 290 289 367 1,201 — — 3,957 Nonperforming 36 116 99 12 42 31 134 — — 470 Total 28,314 31,244 16,767 8,890 6,286 12,134 57,364 — (211) 160,788 Gross charge-offs 20 72 126 21 5 35 111 — — 390 CRE: Pass 3,760 4,931 2,651 1,903 2,813 2,666 1,221 — (70) 19,875 Special mention 185 315 140 79 203 37 — — — 959 Substandard 259 350 190 65 243 289 56 — — 1,452 Nonperforming 2 52 28 15 174 13 — — — 284 Total 4,206 5,648 3,009 2,062 3,433 3,005 1,277 — (70) 22,570 Gross charge-offs — 58 10 20 29 47 2 — — 166 Commercial construction: Pass 1,029 2,196 1,370 287 89 125 840 — — 5,936 Special mention 3 218 208 — — — 1 — — 430 Substandard 24 48 27 174 — — 20 — — 293 Nonperforming — 23 — — 1 — — — — 24 Total 1,056 2,485 1,605 461 90 125 861 — — 6,683 Gross charge-offs — 5 — — — — — — — 5 Consumer: Residential mortgage: Current 2,846 13,481 16,509 5,738 2,822 12,865 — — — 54,261 30 - 89 days past due 10 52 43 38 40 456 — — — 639 90 or more days past due 7 22 25 31 28 326 — — — 439 Nonperforming — 7 13 7 13 113 — — — 153 Total 2,863 13,562 16,590 5,814 2,903 13,760 — — — 55,492 Gross charge-offs — — 2 1 1 6 — — — 10 Home equity: Current — — — — — — 6,175 3,675 — 9,850 30 - 89 days past due — — — — — — 47 23 — 70 90 days or more past due — — — — — — 7 4 — 11 Nonperforming — — — — — — 42 80 — 122 Total — — — — — — 6,271 3,782 — 10,053 Gross charge-offs — — — — — — 10 — — 10 Indirect auto: Current 4,611 8,049 4,689 2,479 1,330 639 — — (9) 21,788 30 - 89 days past due 83 213 150 86 71 66 — — — 669 90 days or more past due — 1 1 — — — — — — 2 Nonperforming 20 85 63 39 33 28 — — — 268 Total 4,714 8,348 4,903 2,604 1,434 733 — — (9) 22,727 Gross charge-offs 25 202 118 58 59 69 — — — 531 Other consumer: Current 9,903 7,676 3,715 1,914 1,049 1,207 2,816 13 3 28,296 30 - 89 days past due 86 85 41 23 16 12 7 1 — 271 90 days or more past due 9 8 1 1 — — 2 — — 21 Nonperforming 6 14 14 8 6 10 — 1 — 59 Total 10,004 7,783 3,771 1,946 1,071 1,229 2,825 15 3 28,647 Gross charge-offs 97 166 93 50 34 14 23 — — 477 Student: (2) Gross charge-offs — — — — — 108 — — — 108 Credit card: Current — — — — — — 4,942 19 — 4,961 30 - 89 days past due — — — — — — 84 3 — 87 90 days or more past due — — — — — — 51 2 — 53 Total — — — — — — 5,077 24 — 5,101 Gross charge-offs — — — — — — 220 3 — 223 Total $ 51,157 $ 69,070 $ 46,645 $ 21,777 $ 15,217 $ 30,986 $ 73,675 $ 3,821 $ (287) $ 312,061 Gross charge-offs $ 142 $ 503 $ 349 $ 150 $ 128 $ 279 $ 366 $ 3 $ — $ 1,920 (1) Includes certain deferred fees and costs and other adjustments. (2) Truist sold its student loan portfolio at the end of the second quarter of 2023. Charge-offs include $98 million related to the sale. |
Summary of Allowance for Credit Losses | The following tables present activity in the ACL: (Dollars in millions) Balance at Jan 1, 2023 Charge-Offs Recoveries Provision (Benefit) Other (1) Balance at Mar 31, 2023 Commercial: Commercial and industrial $ 1,409 $ (75) $ 13 $ 151 $ (1) $ 1,497 CRE 224 (6) 1 32 — 251 Commercial construction 46 — 1 40 — 87 Consumer: Residential mortgage 399 (1) 2 13 (81) 332 Home equity 90 (2) 6 (7) — 87 Indirect auto 981 (127) 26 100 13 993 Other consumer 770 (105) 17 98 (1) 779 Student (2) 98 (5) — 5 — 98 Credit card 360 (51) 9 40 (3) 355 ALLL 4,377 (372) 75 472 (73) 4,479 RUFC 272 — — 10 — 282 ACL $ 4,649 $ (372) $ 75 $ 482 $ (73) $ 4,761 (Dollars in millions) Balance at Jan 1, 2024 Charge-Offs Recoveries Provision (Benefit) Other (1) Balance at Mar 31, 2024 Commercial: Commercial and industrial $ 1,404 $ (97) $ 32 $ 22 $ (1) $ 1,360 CRE 616 (103) 7 143 — 663 Commercial construction 174 — — 24 — 198 Consumer: Residential mortgage 298 (1) 1 (76) — 222 Home equity 89 (3) 5 (1) — 90 Indirect auto 942 (154) 28 107 — 923 Other consumer 890 (165) 28 206 — 959 Credit card 385 (77) 9 71 — 388 ALLL 4,798 (600) 110 496 (1) 4,803 RUFC 295 — — 4 (2) 297 ACL $ 5,093 $ (600) $ 110 $ 500 $ (3) $ 5,100 (1) Includes the amounts for the ALLL for PCD acquisitions, the impact of adopting the Troubled Debt Restructurings and Vintage Disclosures accounting standard, and other activity. (2) Truist sold its student loan portfolio at the end of the second quarter of 2023. |
Financing Receivable, Nonperforming | NPAs The following table provides a summary of nonperforming loans and leases, excluding LHFS: March 31, 2024 December 31, 2023 Recorded Investment Recorded Investment (Dollars in millions) Without an ALLL With an ALLL Without an ALLL With an ALLL Commercial: Commercial and industrial $ 100 $ 412 $ 123 $ 347 CRE 20 241 154 130 Commercial construction 23 — — 24 Consumer: Residential mortgage 1 150 1 152 Home equity 2 128 1 121 Indirect auto 24 232 20 248 Other consumer — 61 — 59 Total $ 170 $ 1,224 $ 299 $ 1,081 |
Selected Information About Nonperforming Assets | The following table presents a summary of nonperforming assets and residential mortgage loans in the process of foreclosure: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Nonperforming loans and leases HFI $ 1,394 $ 1,380 Nonperforming LHFS 22 51 Foreclosed real estate 4 3 Other foreclosed property 56 54 Total nonperforming assets $ 1,476 $ 1,488 Residential mortgage loans in the process of foreclosure $ 201 $ 214 |
Summary Of Loan Modifications | Loan Modifications The following tables summarize the amortized cost basis and the weighted average financial effect of loans to borrowers experiencing financial difficulty that were modified during the period, disaggregated by class of financing receivable and type of modification granted. Three Months Ended March 31, 2024 Renewals Term Extensions Capitalizations Payment Delays Combination - Combination - Combination - Other Total Modified Loans Percentage of Total Class of Financing Receivable Commercial: Commercial and industrial $ 142 $ — $ — $ 1 $ — $ — $ — $ 15 $ 158 0.10 % CRE 167 — — 10 — — — 13 190 0.86 Commercial construction 45 — — — — — — — 45 0.60 Consumer: Residential mortgage — 19 13 16 — 55 9 1 113 0.21 Home equity — — — — 2 — — — 2 0.02 Indirect auto — 6 — 549 4 — — 3 562 2.54 Other consumer — 9 — — 1 — — — 10 0.04 Credit card — — — — — — — 10 10 0.20 Total $ 354 $ 34 $ 13 $ 576 $ 7 $ 55 $ 9 $ 42 $ 1,090 0.35 % Three Months Ended March 31, 2023 Renewals Term Extensions Capitalizations Payment Delays Combination - Combination - Combination - Other Total Modified Loans Percentage of Total Class of Financing Receivable Commercial: Commercial and industrial $ 390 $ 51 $ — $ — $ — $ — $ — $ — $ 441 0.26 % CRE 103 — — 71 — — — — 174 0.77 Commercial construction 1 — — — — — — — 1 0.02 Consumer: Residential mortgage — 29 32 25 1 92 20 4 203 0.36 Home equity — — — — 2 — — 1 3 0.03 Indirect auto — 5 — 5 5 — — 6 21 0.08 Other consumer — 5 — — 1 — — 1 7 0.03 Credit card — — — — — — — 5 5 0.10 Total $ 494 $ 90 $ 32 $ 101 $ 9 $ 92 $ 20 $ 17 $ 855 0.26 % |
Financing Receivable, Modified, Financial Effect | Three Months Ended March 31, 2024 Loan Type Financial Effect Renewals Commercial and industrial Extended the term by 11 months and increased the interest rate by 0.5% CRE Extended the term by 6 months and increased the interest rate by 0.5% Commercial construction Extended the term by 11 months and increased the interest rate by 0.1% Term Extensions Residential mortgage Extended the term by 105 months. Indirect auto Extended the term by 26 months. Other consumer Extended the term by 26 months. Capitalizations Residential mortgage Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance. Payment Delays Commercial and industrial Provided 90 days of payment deferral. CRE Provided 90 days of payment deferral. Residential mortgage Provided 193 days of payment deferral. Indirect auto Provided 186 days of payment deferral. Combination - Interest Rate Adjustment and Term Extension Home equity Extended the term by 275 months and decreased the interest rate by 3%. Indirect auto Extended the term by 33 months and decreased the interest rate by 3%. Other consumer Extended the term by 61 months and increased the interest rate by 0.025%. Combination - Capitalization and Term Extension Residential mortgage Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 85 months. Combination - Capitalization, Interest Rate and Term Extension Residential mortgage Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 134 months, and decreased the interest rate by 0.5%. Three Months Ended March 31, 2023 Loan Type Financial Effect Renewals Commercial and industrial Extended the term by 4 months and increased the interest rate by 0.4%. CRE Extended the term by 9 months and increased the interest rate by 0.1%. Commercial construction Extended the term by 5 months. Term Extensions Commercial and industrial Extended the term by 3 months. Residential mortgage Extended the term by 158 months. Indirect auto Extended the term by 25 months. Other Consumer Extended the term by 25 months. Capitalizations Residential mortgage Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance. Payment Delays CRE Provided 233 days of payment deferral. Residential mortgage Provided 195 days of payment deferral. Indirect auto Provided 129 days of payment deferral. Combination - Interest Rate Adjustment and Term Extension Residential mortgage Extended the term by 97 months and decreased the interest rate by 0.8%. Home equity Extended the term by 318 months and decreased the interest rate by 2.3%. Indirect auto Extended the term by 11 months and decreased the interest rate by 7%. Other consumer Extended the term by 101 months and decreased the interest rate by 3%. Combination - Capitalization and Term Extension Residential mortgage Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 111 months. Combination - Capitalization, Interest Rate and Term Extension Residential mortgage Capitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 82 months, and decreased the interest rate by 0.3%. The tables above exclude trial modifications totaling $40 million and $64 million for the three months ended March 31, 2024 and 2023, respectively. Such modifications will be included in the modification activity disclosure if the borrower successfully completes the trial period and the loan modification is finalized. As of March 31, 2024 and December 31, 2023, Truist had $489 million and $702 million, respectively, in unfunded lending commitments to lend additional funds to borrowers experiencing financial difficulty for which Truist has modified the terms of the receivables in the ways described above during the twelve months preceding March 31, 2024 and December 31, 2023, respectively. Upon Truist’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. |
Financing Receivable, Modified, Past Due | Truist closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table summarizes the period-end delinquency status and amortized cost of loans that were modified in the last 12 months. The period-end delinquency status of loans that were modified are disclosed at amortized cost and reflect the impact of any paydowns, payoffs, and/or charge-offs that occurred subsequent to modification. Payment Status (Amortized Cost Basis) March 31, 2024 (Dollars in millions) Current 30-89 Days Past Due 90 Days or More Past Due Total Commercial: Commercial and industrial $ 844 $ 8 $ 61 $ 913 CRE 352 19 — 371 Commercial construction 70 — — 70 Consumer: Residential mortgage 379 96 87 562 Home equity 10 1 — 11 Indirect auto 888 154 23 1,065 Other consumer 28 1 — 29 Credit card 15 4 2 21 Total $ 2,586 $ 283 $ 173 $ 3,042 Total nonaccrual loans included above $ 339 $ 46 $ 107 $ 492 Payment Status (Amortized Cost Basis) December 31, 2023 (Dollars in millions) Current 30-89 Days Past Due 90 Days or More Past Due Total Commercial: Commercial and industrial $ 887 $ 48 $ 92 $ 1,027 CRE 233 11 1 245 Commercial construction 22 — — 22 Consumer: Residential mortgage 427 116 90 633 Home equity 11 — — 11 Indirect auto 730 148 20 898 Other consumer 24 1 — 25 Credit card 11 3 2 16 Total $ 2,345 $ 327 $ 205 $ 2,877 Total nonaccrual loans included above $ 155 $ 85 $ 137 $ 377 |
Financing Receivable, Modified, Subsequent Default | The following table provides the amortized cost basis of financing receivables that were modified and were in payment default in the last twelve months: March 31, 2024 (Dollars in millions) Renewals Term Extensions Capitalizations Payment Delays Combination - Combination - Other Total Commercial: Commercial and industrial $ 45 $ — $ — $ 1 $ — $ — $ 15 $ 61 Consumer: Residential mortgage — 16 3 34 30 3 1 87 Indirect auto — 1 — 20 — — 2 23 Credit card — — — — — — 2 2 Total $ 45 $ 17 $ 3 $ 55 $ 30 $ 3 $ 20 $ 173 December 31, 2023 (Dollars in millions) Renewals Term Extensions Capitalizations Payment Delays Combination - Combination - Other Total Commercial: Commercial and industrial $ 72 $ — $ — $ 20 $ — $ — $ — $ 92 CRE 1 — — — — — — 1 Consumer: Residential mortgage — 13 6 34 31 5 1 90 Indirect auto — 1 — 17 — — 2 20 Credit card — — — — — — 2 2 Total $ 73 $ 14 $ 6 $ 71 $ 31 $ 5 $ 5 $ 205 |
Selected Information About Loans And Leases Unearned | Unearned Income, Discounts, and Net Deferred Loan Fees and Costs The following table presents additional information about loans and leases: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Unearned income, discounts, and net deferred loan fees and costs $ 571 $ 553 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amounts of Goodwill Attributable to Operating Segments | Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. First, the CB&W segment was renamed CSBB and the C&CB segment was renamed 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. Further, TIH was the principal legal entity of the IH segment. As the operations of TIH are now included in discontinued operations, the Company no longer presents the IH segment as one of its reportable segments. Following the realignment of these business activities, the Company’s three reporting units with goodwill balances are CSBB, WB, and Wealth. In conjunction with these realignments, goodwill of $1.7 billion was realigned to WB from CSBB based on the relative fair value of CSBB and Wealth, and goodwill of $220 million was realigned to CSBB from WB based on the relative fair value of WB and the realigned small business banking client segmentation. In addition, the Company completed an assessment of any potential goodwill impairment for all impacted reporting units immediately prior and subsequent to the realignments and determined that no impairment existed. The quantitative valuation of WB performed in conjunction with these goodwill realignments indicated that as of January 1, 2024, the fair value of the WB reporting unit exceeded its carrying value by less than 10%, indicating that the goodwill of the WB reporting unit may be at risk of impairment. The Company monitored events and circumstances during the period from January 1, 2024 to March 31, 2024, including macroeconomic and market factors, industry and banking sector events, Truist specific performance indicators, a comparison of management’s forecast and assumptions to those used in its January 1, 2024 quantitative valuations associated with the realignments of goodwill, and the sensitivity of the January 1, 2024 quantitative results to changes in assumptions as of March 31, 2024. Based on these considerations, Truist concluded that it was not more-likely-than-not that the fair value of one or more of its reporting units is below its respective carrying amount as of March 31, 2024. The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. Activity during 2024 primarily relates to the segment realignment described above. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations and “Note 18. Operating Segments” for additional information on segments. (Dollars in millions) CSBB WB Total Goodwill, December 31, 2023 $ 13,503 $ 3,653 $ 17,156 Segment realignment (1,498) 1,498 — Adjustments and other — 1 1 Goodwill, March 31, 2024 $ 12,005 $ 5,152 $ 17,157 |
Identifiable Intangible Assets Subject to Amortization | The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets: March 31, 2024 December 31, 2023 (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount CDI $ 2,473 $ (1,703) $ 770 $ 2,473 $ (1,650) $ 823 Other, primarily client relationship intangibles 1,593 (547) 1,046 1,598 (512) 1,086 Total $ 4,066 $ (2,250) $ 1,816 $ 4,071 $ (2,162) $ 1,909 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Transfers and Servicing [Abstract] | |
Summary of Residential Mortgage Banking Activities | The following tables summarize residential mortgage servicing activities: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 UPB of residential mortgage loan servicing portfolio $ 265,890 $ 269,068 UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate 210,635 213,399 Mortgage loans sold with recourse 167 173 Maximum recourse exposure from mortgage loans sold with recourse liability 105 109 Indemnification, recourse and repurchase reserves 49 52 As of / For the Three Months Ended March 31, 2024 2023 UPB of residential mortgage loans sold from LHFS $ 1,763 $ 2,507 Pre-tax gains recognized on mortgage loans sold and held for sale 15 16 Servicing fees recognized from mortgage loans serviced for others 147 163 Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others 0.28 % 0.27 % Weighted average interest rate on mortgage loans serviced for others 3.59 3.52 |
Analysis of Activity in Residential MSRs | The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value: (Dollars in millions) 2024 2023 Residential MSRs, carrying value, January 1 $ 3,088 $ 3,428 Additions 30 44 Sales (1) (428) Change in fair value due to changes in valuation inputs or assumptions (1) 77 (1) Realization of expected net servicing cash flows, passage of time, and other (60) (57) Residential MSRs, carrying value, March 31 $ 3,134 $ 2,986 (1) The three months ended March 31, 2023 includes realized gains on the portfolio sale of excess servicing. |
Residential MSRs Sensitivity | The sensitivity of the fair value of the Company’s residential MSRs to changes in key assumptions is presented in the following table: March 31, 2024 December 31, 2023 Range Weighted Average Range Weighted Average (Dollars in millions) Min Max Min Max Prepayment speed 6.5 % 17.3 % 7.3 % 6.7 % 18.2 % 7.5 % Effect on fair value of a 10% increase $ (82) $ (82) Effect on fair value of a 20% increase (158) (160) OAS 2.4 % 11.9 % 4.5 % 2.2 % 12.0 % 4.6 % Effect on fair value of a 10% increase $ (60) $ (60) Effect on fair value of a 20% increase (117) (118) Composition of loans serviced for others: Fixed-rate residential mortgage loans 99.6 % 99.6 % Adjustable-rate residential mortgage loans 0.4 0.4 Total 100.0 % 100.0 % Weighted average life 7.6 years 7.5 years |
Summary of Commercial Mortgage Banking Activities | The following table summarizes commercial mortgage servicing activities: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 UPB of CRE mortgages serviced for others $ 29,075 $ 31,681 CRE mortgages serviced for others covered by recourse provisions 9,656 9,661 Maximum recourse exposure from CRE mortgages sold with recourse liability 2,813 2,813 Recorded reserves related to recourse exposure 14 16 CRE mortgages originated during the year-to-date period 276 2,989 Commercial MSRs at fair value 268 272 |
Other Assets and Liabilites (Ta
Other Assets and Liabilites (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The following tables present additional information on leases, excluding leases related to the lease financing businesses: March 31, 2024 December 31, 2023 (Dollars in millions) Operating Leases Finance Leases Operating Leases Finance Leases ROU assets $ 1,033 $ 9 $ 1,057 $ 10 Total lease liabilities 1,355 11 1,387 12 Weighted average remaining term 6.1 years 6.6 years 6.2 years 6.6 years Weighted average discount rate 3.2 % 5.2 % 3.1 % 5.1 % Three Months Ended March 31, (Dollars in millions) 2024 2023 Operating lease costs $ 77 $ 73 |
Schedule of Assets Held Under Operating Leases and Related Activities | The following table presents a summary of assets under operating leases held for investment. This table excludes subleases on assets included in premises and equipment. (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Assets held under operating leases (1)(2) $ 2,138 $ 2,160 Accumulated depreciation (564) (583) Net $ 1,574 $ 1,577 (1) Includes certain land parcels subject to operating leases that have indefinite lives. (2) Excludes operating leases held-for-sale that totaled $40 million and $32 million at March 31, 2024 and December 31, 2023, respectively. |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The following table presents a summary of short-term borrowings: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 FHLB advances $ 22,500 $ 20,500 Securities sold under agreements to repurchase 1,589 2,427 Securities sold short 2,034 1,625 Other short-term borrowings 206 276 Total short-term borrowings $ 26,329 $ 24,828 |
Schedule of Long-Term Debt, Interest Rates and Maturity Dates | The following table presents a summary of long-term debt: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Carrying Amount Carrying Amount Truist Financial Corporation: Fixed rate senior notes (1) $ 23,103 $ 19,808 Floating rate senior notes 999 999 Fixed rate subordinated notes (1)(2) 1,818 1,831 Capital notes (2) 630 629 Truist Bank: Fixed rate senior notes 4,184 4,170 Floating rate senior notes — 1,250 Fixed rate subordinated notes (2) 4,748 4,770 Floating rate FHLB advances 2,200 4,200 Other long-term debt (3) 1,389 1,261 Total long-term debt $ 39,071 $ 38,918 (1) Certain senior and subordinated notes convert from fixed to floating one year prior to maturity, and are callable within the final year of maturity at par. (2) Subordinated and capital notes with a remaining maturity of one year or greater qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations. (3) Includes debt associated with finance leases, tax credit investments, and other. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Summary of Cash Dividends Declared per Share | The following table presents total dividends declared per share of common stock: Three Months Ended March 31, 2024 2023 Cash dividends declared per share $ 0.52 $ 0.52 |
AOCI (Tables)
AOCI (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in AOCI | AOCI includes the after-tax change in unrecognized net costs related to defined benefit pension and OPEB plans as well as unrealized gains and losses on cash flow hedges, AFS securities, and HTM securities transferred from AFS securities. (Dollars in millions) Pension and OPEB Costs Cash Flow Hedges AFS Securities HTM Securities Other, net Total AOCI balance, January 1, 2023 $ (1,535) $ (78) $ (9,395) $ (2,588) $ (5) $ (13,601) OCI before reclassifications, net of tax (26) 125 903 — 1 1,003 Amounts reclassified from AOCI: Before tax 16 — (65) 70 — 21 Tax effect 4 — (15) 15 — 4 Amounts reclassified, net of tax 12 — (50) 55 — 17 Total OCI, net of tax (14) 125 853 55 1 1,020 AOCI balance, March 31, 2023 $ (1,549) $ 47 $ (8,542) $ (2,533) $ (4) $ (12,581) AOCI balance, January 1, 2024 $ (1,079) $ (300) $ (8,778) $ (2,347) $ (2) $ (12,506) OCI before reclassifications, net of tax 1 (232) (455) — (2) (688) Amounts reclassified from AOCI: Before tax — 55 (158) 66 — (37) Tax effect — 13 (37) 15 — (9) Amounts reclassified, net of tax — 42 (121) 51 — (28) Total OCI, net of tax 1 (190) (576) 51 (2) (716) AOCI balance, March 31, 2024 $ (1,078) $ (490) $ (9,354) $ (2,296) $ (4) $ (13,222) |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic (benefit) cost for defined benefit pension plans are summarized in the following table: Three Months Ended March 31, (Dollars in millions) Income Statement Location 2024 2023 Service cost (1) Personnel expense / Net income from discontinued operations $ 96 $ 93 Interest cost Other expense 108 111 Estimated return on plan assets Other expense (244) (228) Amortization and other Other expense 1 20 Net periodic (benefit) cost $ (39) $ (4) (1) Includes $7 million for the three months ended March 31, 2024 and 2023 of service cost reported in net income from discontinued operations for the qualified defined benefit pension plan for employees of TIH. Following the sale of TIH, Truist will (i) no longer recognize the service costs for TIH employees, (ii) retain the related postretirement benefit obligation for TIH employees, and (iii) remeasure the postretirement benefit obligation of the plan. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments and Contingencies | The following table summarizes certain tax credit and certain equity investments: (Dollars in millions) Balance Sheet Location Mar 31, 2024 Dec 31, 2023 Investments in affordable housing projects and other qualified tax credits: Carrying amount Other assets $ 6,907 $ 6,754 Amount of future funding commitments included in carrying amount Other liabilities 2,515 2,473 Lending exposure Loans and leases for funded amounts 2,044 1,981 Renewable energy investments: Carrying amount Other assets 291 285 Amount of future funding commitments not included in carrying amount NA 744 747 SBIC and certain other equity method investments: Carrying amount Other assets 774 758 Amount of future funding commitments not included in carrying amount NA 560 589 |
Summary of Tax Credits and Amortization, Tax Credit Investment Activity | The following table presents a summary of tax credits and amortization expense associated with the Company’s tax credit investment activity. Activity related to the Company’s renewable energy investments, other than qualified tax credits, was immaterial. Three Months Ended March 31, (Dollars in millions) Income Statement Location 2024 2023 Tax credits: Investments in affordable housing projects, other qualified tax credits, and other community development investments Provision for income taxes $ 185 $ 157 Amortization and other changes in carrying amount: Investments in affordable housing projects and other qualified tax credits Provision for income taxes $ 171 $ 148 Other community development investments Other noninterest income 2 2 |
Schedule of Off-Balance Sheet | The following is a summary of selected notional amounts of off-balance sheet financial instruments: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Commitments to extend, originate, or purchase credit and other commitments $ 207,966 $ 207,285 Residential mortgage loans sold with recourse 167 173 CRE mortgages serviced for others covered by recourse provisions 9,656 9,661 Other loans serviced for others covered by recourse and other provisions 1,247 1,032 Letters of credit 6,513 6,239 |
Schedule of Variable Interest Entities | The following table provides a summary of the TRS transactions with VIE purchases. VIE assets include trading loans and bonds: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Total return swaps: VIE assets $ 1,698 $ 1,641 Trading loans and bonds 1,645 1,572 VIE liabilities 105 50 |
Schedule of Pledged Assets | The following table provides the total carrying amount of pledged assets by asset type: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Pledged securities $ 40,105 $ 41,270 Pledged loans: FRB 71,692 73,898 FHLB 66,946 67,748 Unused borrowing capacity: FRB 53,548 55,252 FHLB 25,031 24,712 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis: March 31, 2024 Total Level 1 Level 2 Level 3 Netting Adjustments (1) Assets: Trading assets: U.S. Treasury $ 143 $ — $ 143 $ — $ — GSE 42 — 42 — — States and political subdivisions 761 — 761 — — Corporate and other debt securities 1,940 — 1,940 — — Loans 1,692 — 1,692 — — Other 690 619 71 — — Total trading assets 5,268 619 4,649 — — AFS securities: U.S. Treasury 9,020 — 9,020 — — GSE 350 — 350 — — Agency MBS – residential 51,150 — 51,150 — — Agency MBS – commercial 2,208 — 2,208 — — States and political subdivisions 419 — 419 — — Non-agency MBS 2,884 — 2,884 — — Other 19 — 19 — — Total AFS securities 66,050 — 66,050 — — LHFS at fair value 1,201 — 1,201 — — Loans and leases 14 — — 14 — Loan servicing rights at fair value 3,417 — — 3,417 — Other assets: Derivative assets 1,088 1,535 1,858 4 (2,309) Equity securities 271 264 7 — — Total assets $ 77,309 $ 2,418 $ 73,765 $ 3,435 $ (2,309) Liabilities: Interest-bearing deposits: Brokered time deposits $ 23 $ — $ 23 $ — $ — Short-term borrowings: Securities sold short 2,034 110 1,924 — — Other liabilities: Derivative liabilities 2,990 826 4,729 25 (2,590) Total liabilities $ 5,047 $ 936 $ 6,676 $ 25 $ (2,590) December 31, 2023 Total Level 1 Level 2 Level 3 Netting Adjustments (1) Assets: Trading assets: U.S. Treasury $ 144 $ — $ 144 $ — $ — GSE 50 — 50 — — States and political subdivisions 760 — 760 — — Corporate and other debt securities 1,293 — 1,293 — — Loans 1,575 — 1,575 — — Other 510 461 49 — — Total trading assets 4,332 461 3,871 — — AFS securities: U.S. Treasury 10,041 — 10,041 — — GSE 362 — 362 — — Agency MBS – residential 51,289 — 51,289 — — Agency MBS – commercial 2,248 — 2,248 — — States and political subdivisions 425 — 425 — — Non-agency MBS 2,981 — 2,981 — — Other 20 — 20 — — Total AFS securities 67,366 — 67,366 — — LHFS at fair value 852 — 852 — — Loans and leases 15 — — 15 — Loan servicing rights at fair value 3,378 — — 3,378 — Other assets: Derivative assets 951 956 1,867 5 (1,877) Equity securities 360 245 115 — — Total assets $ 77,254 $ 1,662 $ 74,071 $ 3,398 $ (1,877) Liabilities: Short-term borrowings: Securities sold short $ 1,625 $ 185 $ 1,440 $ — $ — Other liabilities: Derivative liabilities 2,597 487 4,171 24 (2,085) Total liabilities $ 4,222 $ 672 $ 5,611 $ 24 $ (2,085) (1) Refer to “Note 16. Derivative Financial Instruments” for additional discussion on netting adjustments. |
Rollforward of Level 3 Assets and Liabilities | Activity for Level 3 assets and liabilities is summarized below: Three Months Ended March 31, 2024 and 2023 Loans and Leases Loan Servicing Rights Net Derivatives Balance at January 1, 2023 $ 18 $ 3,758 $ (36) Total realized and unrealized gains (losses): Included in earnings — (5) (2) Issuances — 48 (2) Sales — (428) — Settlements (1) (70) 22 Balance at March 31, 2023 $ 17 $ 3,303 $ (18) Balance at January 1, 2024 $ 15 $ 3,378 $ (19) Total realized and unrealized gains (losses): Included in earnings — 82 (3) Issuances — 32 (1) Sales — (1) — Settlements (1) (74) 2 Balance at March 31, 2024 $ 14 $ 3,417 $ (21) Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at March 31, 2024 $ — $ 82 $ (9) Primary income statement location of realized gains (losses) included in earnings Other income Mortgage banking income Mortgage banking income |
Fair Value and UPB of LHFS | The following table details the fair value and UPB of certain loans and time deposits that were elected to be measured at fair value: March 31, 2024 December 31, 2023 (Dollars in millions) Fair Value UPB Difference Fair Value UPB Difference Trading loans $ 1,692 $ 1,775 $ (83) $ 1,575 $ 1,664 $ (89) Loans and leases 14 15 (1) 15 16 (1) LHFS at fair value 1,201 1,185 16 852 828 24 Brokered time deposits 23 23 — — — — |
Assets Measured at Fair Value on a Nonrecurring Basis | The following table provides information about certain assets measured at fair value on a nonrecurring basis still held as of period end. The carrying values represent end of period values, which approximate the fair value measurements that occurred on the various measurement dates throughout the period. These assets are considered to be Level 3 assets. (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Carrying value: LHFS $ 8 $ 19 Loans and leases 659 840 Other 244 454 The following table provides information about valuation adjustments for certain assets measured at fair value on a nonrecurring basis. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end. Three Months Ended March 31, (Dollars in millions) 2024 2023 Valuation adjustments: LHFS $ (9) $ — Loans and leases (272) (166) Other (83) (44) |
Carrying Amounts and Fair Value of Financial Assets and Liabilities Not Recorded at Fair Value | Financial assets and liabilities not recorded at fair value are summarized below: March 31, 2024 December 31, 2023 (Dollars in millions) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: HTM securities Level 2 $ 53,369 $ 43,041 $ 54,107 $ 44,630 Loans and leases HFI, net of ALLL Level 3 302,407 294,759 307,248 300,830 Financial liabilities: Time deposits Level 2 41,836 41,641 43,561 43,368 Long-term debt Level 2 39,071 38,759 38,918 38,353 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table presents the gross notional amounts and estimated fair value of derivative instruments employed by the Company: March 31, 2024 December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value (Dollars in millions) Assets Liabilities Assets Liabilities Cash flow hedges: Interest rate contracts: Swaps hedging commercial loans $ 22,538 $ 1 $ — $ 17,673 $ — $ — Fair value hedges: Interest rate contracts: Swaps hedging long-term debt 17,768 — — 14,268 — — Swaps hedging AFS securities 25,043 — — 24,178 — — Total 42,811 — — 38,446 — — Not designated as hedges: Client-related and other risk management: Interest rate contracts: Swaps 154,598 580 (2,219) 154,692 637 (1,926) Options 31,272 81 (101) 34,593 114 (106) Forward commitments 443 1 (5) 178 — (11) Other 3,969 — — 3,033 — — Equity contracts 42,080 1,828 (2,395) 39,561 1,164 (1,733) Credit contracts: Trading assets 560 — — 100 — — Loans and leases 325 — — 225 — — Risk participation agreements 7,627 — (2) 7,499 — (3) Total return swaps 1,592 38 (11) 1,598 41 (7) Foreign exchange contracts 25,169 211 (197) 24,480 256 (256) Commodity 8,858 548 (537) 8,367 513 (503) Total 276,493 3,287 (5,467) 274,326 2,725 (4,545) Mortgage banking: Interest rate contracts: Swaps 137 — — 105 — — Options 400 1 — 400 3 — Interest rate lock commitments 1,316 4 (10) 746 5 (10) When issued securities, forward rate agreements and forward commitments 2,049 10 (6) 1,438 12 (17) Other 228 1 — 94 — — Total 4,130 16 (16) 2,783 20 (27) MSRs: Interest rate contracts: Swaps 18,492 1 — 15,252 — — Options 15,002 86 (97) 14,854 75 (109) When issued securities, forward rate agreements and forward commitments 1,497 6 — 933 8 — Other 2,125 — — 1,692 — (1) Total 37,116 93 (97) 32,731 83 (110) Total derivatives not designated as hedges 317,739 3,396 (5,580) 309,840 2,828 (4,682) Total derivatives $ 383,088 3,397 (5,580) $ 365,959 2,828 (4,682) Gross amounts in the Consolidated Balance Sheets: Amounts subject to master netting arrangements and exchange traded derivatives (1,704) 1,704 (1,268) 1,268 Cash collateral (received) posted for amounts subject to master netting arrangements (605) 886 (609) 817 Net amount $ 1,088 $ (2,990) $ 951 $ (2,597) |
Netting of Financial Instruments - Derivatives | The following table presents the offsetting of derivative instruments including financial instrument collateral related to legally enforceable master netting agreements and amounts held or pledged as collateral. U.S. GAAP does not permit netting of non-cash collateral balances in the Consolidated Balance Sheets: March 31, 2024 Gross Amount Amount Offset Net Amount in Consolidated Balance Sheets Held/Pledged Financial Instruments Net Amount Derivative assets: Derivatives subject to master netting arrangement or similar arrangement $ 1,784 $ (1,483) $ 301 $ — $ 301 Derivatives not subject to master netting arrangement or similar arrangement 78 — 78 — 78 Exchange traded derivatives 1,535 (826) 709 — 709 Total derivative assets $ 3,397 $ (2,309) $ 1,088 $ — $ 1,088 Derivative liabilities: Derivatives subject to master netting arrangement or similar arrangement $ (3,954) $ 1,764 $ (2,190) $ 157 $ (2,033) Derivatives not subject to master netting arrangement or similar arrangement (800) — (800) — (800) Exchange traded derivatives (826) 826 — — — Total derivative liabilities $ (5,580) $ 2,590 $ (2,990) $ 157 $ (2,833) December 31, 2023 Gross Amount Amount Offset Net Amount in Consolidated Balance Sheets Held/Pledged Financial Instruments Net Amount Derivative assets: Derivatives subject to master netting arrangement or similar arrangement $ 1,775 $ (1,392) $ 383 $ — $ 383 Derivatives not subject to master netting arrangement or similar arrangement 97 — 97 — 97 Exchange traded derivatives 956 (485) 471 — 471 Total derivative assets $ 2,828 $ (1,877) $ 951 $ — $ 951 Derivative liabilities: Derivatives subject to master netting arrangement or similar arrangement $ (3,627) $ 1,600 $ (2,027) $ 151 $ (1,876) Derivatives not subject to master netting arrangement or similar arrangement (568) — (568) — (568) Exchange traded derivatives (487) 485 (2) — (2) Total derivative liabilities $ (4,682) $ 2,085 $ (2,597) $ 151 $ (2,446) |
Schedule of Fair Value Hedging Basis Adjustments | The following table presents the carrying value of hedged items in fair value hedging relationships: March 31, 2024 December 31, 2023 Hedge Basis Adjustment Hedge Basis Adjustment (Dollars in millions) Hedged Asset / Liability Basis Items Currently Designated Discontinued Hedges Hedged Asset / Liability Basis Items Currently Designated Discontinued Hedges AFS securities (1) $ 49,955 $ (433) $ (5) $ 51,782 $ 6 $ (5) Loans and leases 320 — 7 322 — 7 Long-term debt 30,847 (469) (453) 27,572 (237) (475) (1) The amortized cost of AFS securities was $58.7 billion at March 31, 2024 and $62.2 billion at December 31, 2023. Further, as of March 31, 2024, closed portfolios of securities hedged under the portfolio layer method have an amortized cost of $57.6 billion, of which $25.0 billion was designated as hedged. The remaining amount of amortized cost is from securities with terminated hedges where the basis adjustment is being amortized into earnings using the effective interest method over the contractual life of the security. |
Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income | The following table summarizes amounts related to cash flow hedges, which consist of interest rate contracts: Three Months Ended March 31, (Dollars in millions) 2024 2023 Pre-tax gain (loss) recognized in OCI: Commercial loans $ (303) $ 163 Pre-tax gain (loss) reclassified from AOCI into interest expense or interest income: Commercial Loans (55) — The following table summarizes the impact on net interest income related to fair value hedges: Three Months Ended March 31, (Dollars in millions) 2024 2023 Investment securities: Amounts related to interest settlements $ 163 $ 76 Recognized on derivatives 442 (95) Recognized on hedged items (436) 106 Net income (expense) recognized (1) 169 87 Loans and leases: Recognized on hedged items (1) (1) Long-term debt: Amounts related to interest settlements (39) (46) Recognized on derivatives (232) 156 Recognized on hedged items 211 (142) Net income (expense) recognized (60) (32) Net income (expense) recognized, total $ 108 $ 54 (1) Includes $9 million of income recognized for the three months ended March 31, 2024, respectively, and $10 million for the three months ended March 31, 2023, respectively, from securities with terminated hedges that were reclassified to HTM. The income recognized was offset by the amortization of the fair value mark. The following table presents information about the Company’s cash flow and fair value hedges: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Cash flow hedges: Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI $ (310) $ (106) Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2029) (180) (194) Estimated portion of net after-tax gain (loss) on active and terminated hedges to be reclassified from AOCI into earnings during the next 12 months (244) (203) Maximum time period over which Truist is hedging a portion of the variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing instruments 5 years 5 years Fair value hedges: Unrecognized pre-tax net gain (loss) on terminated hedges (1) $ (51) $ (64) Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months (70) (60) (1) Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $404 million at March 31, 2024 and $413 million at December 31, 2023. The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges: Three Months Ended March 31, (Dollars in millions) Income Statement Location 2024 2023 Client-related and other risk management: Interest rate contracts Investment banking and trading income and other income $ 39 $ 34 Foreign exchange contracts Investment banking and trading income and other income 65 (3) Equity contracts Investment banking and trading income and other income (17) 2 Credit contracts Investment banking and trading income and other income (24) (33) Commodity contracts Investment banking and trading income 2 10 Mortgage banking: Interest rate contracts – residential Mortgage banking income (1) (1) Interest rate contracts – commercial Mortgage banking income — 1 MSRs: Interest rate contracts – residential Mortgage banking income (91) 1 Interest rate contracts – commercial Mortgage banking income (6) 3 Total $ (33) $ 14 |
Derivatives Credit Risk - Risk Participation Agreements and Total Return Swaps | The following table presents additional information related to interest rate derivative risk participation agreements and total return swaps: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Risk participation agreements: Maximum potential amount of exposure $ 471 $ 520 Total return swaps: Cash and other collateral received 419 437 |
Schedule of Derivative Instruments Summary of Collateral Positions with Counterparties | The following table summarizes collateral positions with counterparties: (Dollars in millions) Mar 31, 2024 Dec 31, 2023 Dealer and other counterparties: Cash and other collateral received from counterparties $ 664 $ 609 Derivatives in a net gain position secured by collateral received 685 735 Unsecured positions in a net gain with counterparties after collateral postings 80 126 Cash collateral posted to counterparties 1,045 960 Derivatives in a net loss position secured by collateral 1,155 1,052 Central counterparties clearing: Cash collateral, including initial margin, posted to central clearing parties 8 14 Derivatives in a net loss position — 8 Derivatives in a net gain position 7 2 Securities pledged to central counterparties clearing 1,058 1,249 |
Computation of EPS (Tables)
Computation of EPS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted EPS | Basic and diluted EPS calculations are presented in the following table: Three Months Ended March 31, (Dollars in millions, except per share data, shares in thousands) 2024 2023 Net income available to common shareholders from continuing operations $ 1,027 $ 1,307 Net income available to common shareholders from discontinued operations 64 103 Net income available to common shareholders $ 1,091 $ 1,410 Weighted average number of common shares 1,335,091 1,328,602 Effect of dilutive outstanding equity-based awards 11,813 10,878 Weighted average number of diluted common shares 1,346,904 1,339,480 Basic earnings from continuing operations $ 0.77 $ 0.98 Basic earnings from discontinued operations 0.05 0.08 Basic EPS $ 0.82 $ 1.06 Diluted earnings from continuing operations $ 0.76 $ 0.98 Diluted earnings from discontinued operations 0.05 0.07 Diluted EPS $ 0.81 $ 1.05 Anti-dilutive awards — 621 |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table presents results by segment: Three Months Ended March 31, CSBB WB OT&C (1) Total 2024 2023 2024 2023 2024 2023 2024 2023 Net interest income (expense) $ 1,262 $ 1,689 $ 2,240 $ 2,221 $ (130) $ (43) $ 3,372 $ 3,867 Net intersegment interest income (expense) 1,341 1,001 (561) (389) (780) (612) — — Segment net interest income 2,603 2,690 1,679 1,832 (910) (655) 3,372 3,867 Allocated provision for credit losses 303 270 198 235 (1) (3) 500 502 Segment net interest income after provision 2,300 2,420 1,481 1,597 (909) (652) 2,872 3,365 Noninterest income 494 544 985 960 (33) (83) 1,446 1,421 Amortization of intangibles 46 53 42 47 — — 88 100 Other noninterest expense 1,588 1,570 1,343 1,263 (66) 82 2,865 2,915 Income (loss) before income taxes from continuing operations 1,160 1,341 1,081 1,247 (876) (817) 1,365 1,771 Provision (benefit) for income taxes 280 318 205 260 (253) (217) 232 361 Segment net income (loss) from continuing operations $ 880 $ 1,023 $ 876 $ 987 $ (623) $ (600) $ 1,133 $ 1,410 Identifiable assets (period end) of continuing operations $ 143,132 $ 161,530 $ 209,604 $ 218,215 $ 174,451 $ 187,233 $ 527,187 $ 566,978 (1) Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |
Discontinued Operations and D_3
Discontinued Operations and Disposal Groups Narrative (Details) - IH - USD ($) $ in Millions | May 06, 2024 | Mar. 31, 2024 | Dec. 31, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Deposits at Parent Company | $ 1,200 | $ 1,600 | |
Subsequent Event | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Reorganization Value | $ 15,500 | ||
Proceeds from Divestiture of Businesses | 10,100 | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 4,700 |
Discontinued Operations and D_4
Discontinued Operations and Disposal Groups (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and due from banks | $ 83 | $ 72 |
Interest-bearing deposits with banks | 352 | 342 |
Premises and equipment | 66 | 72 |
Goodwill | 3,745 | 3,745 |
CDI and other intangible assets | 1,229 | 1,251 |
Other assets | 2,297 | 2,173 |
Assets of discontinued operations | 7,772 | 7,655 |
Other liabilities | 3,122 | 3,539 |
Liabilities of discontinued operations | $ 3,122 | $ 3,539 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Operating Results of the Discontinued Insurance Agency Business (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Interest on other earning assets | $ 24 | $ 1 |
Total interest income | 24 | 1 |
Insurance income | 892 | 815 |
Other income | 5 | 3 |
Total noninterest income | 897 | 818 |
Personnel expense | 634 | 513 |
Professional fees and outside processing | 48 | 27 |
Software expense | 17 | 14 |
Net occupancy expense | 15 | 14 |
Amortization of intangibles | 21 | 36 |
Equipment expense | 9 | 8 |
Marketing and customer development | 10 | 10 |
Restructuring charges | 19 | 7 |
Other expense | 58 | 52 |
Total noninterest expense | 831 | 681 |
Income before income taxes from discontinued operations | 90 | 138 |
Provision for income taxes | 23 | 33 |
Net income from discontinued operations | 67 | 105 |
Net Income (Loss) Attributable to Noncontrolling Interest | 3 | 2 |
Net income from discontinued operations attributable to controlling interest | $ 64 | $ 103 |
Statements of Cash Flows Discon
Statements of Cash Flows Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net cash from operating activities | $ (346) | $ (134) |
Net cash from investing activities | (4) | (7) |
Net cash from financing activities | $ 373 | $ (45) |
Securities Purchased under Agre
Securities Purchased under Agreements to Resale & Securities Borrowed (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Offsetting [Abstract] | ||
Securities purchased under agreements to resell | $ 883 | $ 1,168 |
Securities borrowed | 1,208 | 1,210 |
Total securities borrowed or purchased under agreements to resell | 2,091 | 2,378 |
Fair value of collateral permitted to be resold or repledged | 1,971 | 2,175 |
Fair value of securities resold or repledged | $ 0 | $ 12 |
Securities Financing Activiti_3
Securities Financing Activities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Offsetting Liabilities [Line Items] | ||
Short-term Debt | $ 26,329 | $ 24,828 |
Securities Sold under Agreements to Repurchase | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 1,589 | 2,427 |
Securities Sold under Agreements to Repurchase | U.S. Treasury | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 10 | 12 |
Securities Sold under Agreements to Repurchase | State and Municipal | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 428 | 415 |
Securities Sold under Agreements to Repurchase | Agency MBS – residential | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 500 | 1,500 |
Securities Sold under Agreements to Repurchase | Corporate and other debt securities | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 651 | 500 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 959 | 847 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | U.S. Treasury | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 10 | 12 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | State and Municipal | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 428 | 415 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | Agency MBS – residential | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 0 | 0 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | Corporate and other debt securities | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 521 | 420 |
Securities Sold under Agreements to Repurchase | Up to 30 days | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 580 | 1,580 |
Securities Sold under Agreements to Repurchase | Up to 30 days | U.S. Treasury | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 0 | 0 |
Securities Sold under Agreements to Repurchase | Up to 30 days | State and Municipal | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 0 | 0 |
Securities Sold under Agreements to Repurchase | Up to 30 days | Agency MBS – residential | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 500 | 1,500 |
Securities Sold under Agreements to Repurchase | Up to 30 days | Corporate and other debt securities | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 80 | $ 80 |
Securities Sold under Agreements to Repurchase | 30-90 days | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 50 | |
Securities Sold under Agreements to Repurchase | 30-90 days | U.S. Treasury | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 0 | |
Securities Sold under Agreements to Repurchase | 30-90 days | State and Municipal | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 0 | |
Securities Sold under Agreements to Repurchase | 30-90 days | Agency MBS – residential | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 0 | |
Securities Sold under Agreements to Repurchase | 30-90 days | Corporate and other debt securities | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | $ 50 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 | $ 0 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
AFS securities: | ||
Amortized Cost | $ 78,719 | $ 78,849 |
Gross Unrealized Gains | 26 | 22 |
Gross Unrealized Losses | (12,695) | (11,505) |
Net unrealized gains (losses) | (12,669) | |
AFS securities, Fair Value | 66,050 | 67,366 |
Portfolio level basis adjustments(1) | (433) | |
Reversal of Hedged Asset | 433 | |
AFS securities Including Portfolio Level Basis Adjustments | 78,286 | |
AFS Securities, Accumulated Gross Unrealized Gain (Loss) | (12,236) | (11,483) |
HTM securities: | ||
Amortized Cost | 53,369 | 54,107 |
HTM securities, Fair Value | 43,041 | 44,630 |
U.S. Treasury | ||
AFS securities: | ||
Amortized Cost | 9,480 | 10,511 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | (460) | (472) |
Net unrealized gains (losses) | (460) | (470) |
AFS securities, Fair Value | 9,020 | 10,041 |
GSE | ||
AFS securities: | ||
Amortized Cost | 385 | 393 |
Gross Unrealized Gains | 2 | 3 |
Gross Unrealized Losses | (37) | (34) |
Net unrealized gains (losses) | (35) | (31) |
AFS securities, Fair Value | 350 | 362 |
Agency MBS – residential | ||
AFS securities: | ||
Amortized Cost | 61,945 | 60,989 |
Gross Unrealized Gains | 9 | 0 |
Gross Unrealized Losses | (10,804) | (9,700) |
Net unrealized gains (losses) | (10,795) | (9,700) |
AFS securities, Fair Value | 51,150 | 51,289 |
HTM securities: | ||
Amortized Cost | 53,369 | 54,107 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 10,328 | 9,477 |
HTM securities Unrealized Gains (Losses) | (10,328) | (9,477) |
HTM securities, Fair Value | 43,041 | 44,630 |
Agency MBS – commercial | ||
AFS securities: | ||
Amortized Cost | 2,822 | 2,817 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (614) | (569) |
Net unrealized gains (losses) | (614) | (569) |
AFS securities, Fair Value | 2,208 | 2,248 |
States and political subdivisions | ||
AFS securities: | ||
Amortized Cost | 420 | 421 |
Gross Unrealized Gains | 15 | 17 |
Gross Unrealized Losses | (16) | (13) |
Net unrealized gains (losses) | (1) | 4 |
AFS securities, Fair Value | 419 | 425 |
Non-agency MBS | ||
AFS securities: | ||
Amortized Cost | 3,648 | 3,698 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (764) | (717) |
Net unrealized gains (losses) | (764) | (717) |
AFS securities, Fair Value | 2,884 | 2,981 |
Other | ||
AFS securities: | ||
Amortized Cost | 19 | 20 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Net unrealized gains (losses) | 0 | 0 |
AFS securities, Fair Value | $ 19 | $ 20 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost, Fair Value of MBS Issued by FNMA and FHLMC Exceeding 10% of Shareholders' Equity (Details) $ in Millions | Mar. 31, 2024 USD ($) |
FNMA investments | |
Schedule of Debt Securities Exceeding Ten Percent of Stockholders Equity [Line Items] | |
Securities, amortized cost | $ 39,345 |
Securities, fair value | 32,003 |
FHLMC investments | |
Schedule of Debt Securities Exceeding Ten Percent of Stockholders Equity [Line Items] | |
Securities, amortized cost | 39,821 |
Securities, fair value | $ 32,183 |
Investment Securities - Amort_3
Investment Securities - Amortized Cost and Estimated Fair Value by Contractual Maturity (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
AFS, Amortized Cost | ||
Due in one year or less | $ 2,920 | |
Due after one year through five years | 6,748 | |
Due after five years through ten years | 938 | |
Due after ten years | 68,113 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 78,719 | $ 78,849 |
AFS, Fair Value | ||
Due in one year or less | 2,898 | |
Due after one year through five years | 6,307 | |
Due after five years through ten years | 860 | |
Due after ten years | 55,985 | |
Debt Securities, Available-for-sale, Total | 66,050 | 67,366 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date | ||
Debt Securities, Held-to-Maturity, Amortized Cost, Total | 53,369 | 54,107 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value | ||
Debt Securities, Held-to-Maturity, Fair Value | 43,041 | 44,630 |
U.S. Treasury | ||
AFS, Amortized Cost | ||
Due in one year or less | 2,871 | |
Due after one year through five years | 6,566 | |
Due after five years through ten years | 14 | |
Due after ten years | 29 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 9,480 | 10,511 |
AFS, Fair Value | ||
Due in one year or less | 2,850 | |
Due after one year through five years | 6,133 | |
Due after five years through ten years | 13 | |
Due after ten years | 24 | |
Debt Securities, Available-for-sale, Total | 9,020 | 10,041 |
GSE | ||
AFS, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 7 | |
Due after five years through ten years | 12 | |
Due after ten years | 366 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 385 | 393 |
AFS, Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 7 | |
Due after five years through ten years | 11 | |
Due after ten years | 332 | |
Debt Securities, Available-for-sale, Total | 350 | 362 |
Agency MBS – residential | ||
AFS, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 120 | |
Due after five years through ten years | 447 | |
Due after ten years | 61,378 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 61,945 | 60,989 |
AFS, Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 113 | |
Due after five years through ten years | 420 | |
Due after ten years | 50,617 | |
Debt Securities, Available-for-sale, Total | 51,150 | 51,289 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | 53,369 | |
Debt Securities, Held-to-Maturity, Amortized Cost, Total | 53,369 | 54,107 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | 43,041 | |
Debt Securities, Held-to-Maturity, Fair Value | 43,041 | 44,630 |
Agency MBS – commercial | ||
AFS, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 71 | |
Due after ten years | 2,751 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 2,822 | 2,817 |
AFS, Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 66 | |
Due after ten years | 2,142 | |
Debt Securities, Available-for-sale, Total | 2,208 | 2,248 |
States and political subdivisions | ||
AFS, Amortized Cost | ||
Due in one year or less | 49 | |
Due after one year through five years | 48 | |
Due after five years through ten years | 168 | |
Due after ten years | 155 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 420 | 421 |
AFS, Fair Value | ||
Due in one year or less | 48 | |
Due after one year through five years | 47 | |
Due after five years through ten years | 174 | |
Due after ten years | 150 | |
Debt Securities, Available-for-sale, Total | 419 | 425 |
Non-agency MBS | ||
AFS, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 214 | |
Due after ten years | 3,434 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 3,648 | 3,698 |
AFS, Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 164 | |
Due after ten years | 2,720 | |
Debt Securities, Available-for-sale, Total | 2,884 | 2,981 |
Other | ||
AFS, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 7 | |
Due after five years through ten years | 12 | |
Due after ten years | 0 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 19 | 20 |
AFS, Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 7 | |
Due after five years through ten years | 12 | |
Due after ten years | 0 | |
Debt Securities, Available-for-sale, Total | $ 19 | $ 20 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Values of Investments in Continuous Unrealized Loss Positions (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
AFS securities, Fair Value | ||
Less than 12 months | $ 1,307 | $ 726 |
12 months or more | 62,272 | 65,496 |
Total | 63,579 | 66,222 |
AFS securities, Unrealized Losses | ||
Less than 12 months | (6) | (8) |
12 months or more | (12,689) | (11,497) |
Total | (12,695) | (11,505) |
U.S. Treasury | ||
AFS securities, Fair Value | ||
Less than 12 months | 743 | 356 |
12 months or more | 7,805 | 8,806 |
Total | 8,548 | 9,162 |
AFS securities, Unrealized Losses | ||
Less than 12 months | (2) | (2) |
12 months or more | (458) | (470) |
Total | (460) | (472) |
GSE | ||
AFS securities, Fair Value | ||
Less than 12 months | 32 | 16 |
12 months or more | 246 | 255 |
Total | 278 | 271 |
AFS securities, Unrealized Losses | ||
Less than 12 months | (1) | 0 |
12 months or more | (36) | (34) |
Total | (37) | (34) |
Agency MBS – residential | ||
AFS securities, Fair Value | ||
Less than 12 months | 485 | 258 |
12 months or more | 48,895 | 51,006 |
Total | 49,380 | 51,264 |
AFS securities, Unrealized Losses | ||
Less than 12 months | (3) | (4) |
12 months or more | (10,801) | (9,696) |
Total | (10,804) | (9,700) |
Debt Securities, Held-to-Maturity, Fair Value | ||
Less than 12 months | 0 | 0 |
12 months or more | 43,041 | 44,630 |
Total | 43,041 | 44,630 |
Debt Securities, Held-To-Maturity, Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or more | (10,328) | (9,477) |
Total | (10,328) | (9,477) |
Agency MBS – commercial | ||
AFS securities, Fair Value | ||
Less than 12 months | 12 | 61 |
12 months or more | 2,196 | 2,185 |
Total | 2,208 | 2,246 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | (2) |
12 months or more | (614) | (567) |
Total | (614) | (569) |
States and political subdivisions | ||
AFS securities, Fair Value | ||
Less than 12 months | 35 | 35 |
12 months or more | 239 | 243 |
Total | 274 | 278 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or more | (16) | (13) |
Total | (16) | (13) |
Non-agency MBS | ||
AFS securities, Fair Value | ||
Less than 12 months | 0 | 0 |
12 months or more | 2,884 | 2,981 |
Total | 2,884 | 2,981 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or more | (764) | (717) |
Total | (764) | (717) |
Other | ||
AFS securities, Fair Value | ||
Less than 12 months | 0 | 0 |
12 months or more | 7 | 20 |
Total | 7 | 20 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or more | 0 | 0 |
Total | $ 0 | $ 0 |
Loans and ACL - Narrative (Deta
Loans and ACL - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable | |||
Unfunded lending commitments related to the modified obligations | $ 489 | $ 702 | |
Loan Restructuring, Trial Modifications, Amount | 40 | $ 64 | |
Commercial: | |||
Financing Receivable | |||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 27 | ||
Consumer: | |||
Financing Receivable | |||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ (25) | ||
Consumer: | Student | |||
Financing Receivable | |||
Charge-offs related to the sale | $ 98 |
Loans and ACL - Aging Analysis
Loans and ACL - Aging Analysis of Loans and Leases (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | ||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 307,224 | $ 312,061 | ||
Nonperforming | 1,394 | 1,380 | ||
Loans and leases (including $14 and $15 at fair value, respectively) | 307,224 | 312,061 | ||
Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 303,576 | 308,176 | ||
Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 1,716 | 1,971 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 538 | 534 | ||
Commercial: | Commercial and industrial | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 157,669 | 160,788 | ||
Nonperforming | 512 | 470 | ||
Loans and leases (including $14 and $15 at fair value, respectively) | 157,669 | 160,788 | ||
Commercial: | Commercial and industrial | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 156,987 | 160,081 | ||
Commercial: | Commercial and industrial | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 158 | 230 | ||
Commercial: | Commercial and industrial | Financial Asset, Equal to or Greater than 90 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 12 | 7 | ||
Commercial: | CRE | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 22,142 | 22,570 | ||
Nonperforming | 261 | 284 | ||
Loans and leases (including $14 and $15 at fair value, respectively) | 22,142 | 22,570 | ||
Commercial: | CRE | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 21,860 | 22,281 | ||
Commercial: | CRE | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 21 | 5 | ||
Commercial: | CRE | Financial Asset, Equal to or Greater than 90 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Commercial: | Commercial construction | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 7,472 | 6,683 | ||
Nonperforming | 23 | 24 | ||
Loans and leases (including $14 and $15 at fair value, respectively) | 7,472 | 6,683 | ||
Commercial: | Commercial construction | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 7,449 | 6,658 | ||
Commercial: | Commercial construction | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Commercial: | Commercial construction | Financial Asset, Equal to or Greater than 90 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 1 | ||
Consumer: | Residential mortgage | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 54,886 | 55,492 | ||
Nonperforming | 151 | 153 | ||
Loans and leases (including $14 and $15 at fair value, respectively) | 54,886 | 55,492 | ||
Consumer: | Residential mortgage | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 53,656 | 54,261 | ||
Consumer: | Residential mortgage | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 638 | 639 | ||
Consumer: | Residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 441 | [1] | 439 | [2] |
Consumer: | Residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | Loans Insured or Guaranteed by US Government Authorities | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 408 | 418 | ||
Consumer: | Home equity | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 9,825 | 10,053 | ||
Nonperforming | 130 | 122 | ||
Loans and leases (including $14 and $15 at fair value, respectively) | 9,825 | 10,053 | ||
Consumer: | Home equity | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 9,626 | 9,850 | ||
Consumer: | Home equity | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 59 | 70 | ||
Consumer: | Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 10 | 11 | ||
Consumer: | Indirect auto | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 22,145 | 22,727 | ||
Nonperforming | 256 | 268 | ||
Loans and leases (including $14 and $15 at fair value, respectively) | 22,145 | 22,727 | ||
Consumer: | Indirect auto | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 21,348 | 21,788 | ||
Consumer: | Indirect auto | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 540 | 669 | ||
Consumer: | Indirect auto | Financial Asset, Equal to or Greater than 90 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 1 | 2 | ||
Consumer: | Other consumer | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 28,096 | 28,647 | ||
Nonperforming | 61 | 59 | ||
Loans and leases (including $14 and $15 at fair value, respectively) | 28,096 | 28,647 | ||
Consumer: | Other consumer | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 27,791 | 28,296 | ||
Consumer: | Other consumer | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 226 | 271 | ||
Consumer: | Other consumer | Financial Asset, Equal to or Greater than 90 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 18 | 21 | ||
Credit card | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 4,989 | 5,101 | ||
Nonperforming | 0 | 0 | ||
Loans and leases (including $14 and $15 at fair value, respectively) | 4,989 | 5,101 | ||
Credit card | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 4,859 | 4,961 | ||
Credit card | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 74 | 87 | ||
Credit card | Financial Asset, Equal to or Greater than 90 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 56 | $ 53 | ||
[1] (1) Includes government guaranteed loans of $408 million in the residential mortgage portfolio. (1) Includes government guaranteed loans of $418 million in the residential mortgage portfolio. |
Loans and ACL - Credit Quality
Loans and ACL - Credit Quality Indicator (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 | Dec. 31, 2023 | ||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | $ 307,224 | $ 312,061 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 11,285 | 51,157 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 45,813 | 69,070 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 65,411 | 46,645 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 44,204 | 21,777 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 20,473 | 15,217 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 43,523 | 30,986 | |||
Revolving Credit | 73,159 | 73,675 | |||
Loans Converted to Term | 3,707 | 3,821 | |||
Other(1) | (351) | [1] | (287) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 10 | 142 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 91 | 503 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 155 | 349 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 74 | 150 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 26 | 128 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 133 | 279 | |||
Finance Receivable, Revolving, Writeoff | 109 | 366 | |||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 2 | 3 | |||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | 0 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 600 | 1,920 | |||
Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 303,576 | 308,176 | |||
Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 1,716 | 1,971 | |||
Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 538 | 534 | |||
Commercial: | Commercial and industrial | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 157,669 | 160,788 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,224 | 28,314 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 24,411 | 31,244 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 28,962 | 16,767 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 15,625 | 8,890 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 8,327 | 6,286 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 17,318 | 12,134 | |||
Revolving Credit | 57,089 | 57,364 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | (287) | [1] | (211) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 3 | 20 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 5 | 72 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 33 | 126 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 23 | 21 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 5 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 10 | 35 | |||
Finance Receivable, Revolving, Writeoff | 23 | 111 | |||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | 0 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 97 | 390 | |||
Commercial: | Commercial and industrial | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 156,987 | 160,081 | |||
Commercial: | Commercial and industrial | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 158 | 230 | |||
Commercial: | Commercial and industrial | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 12 | 7 | |||
Commercial: | Commercial and industrial | Pass | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 149,443 | 153,104 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,056 | 26,836 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 22,561 | 29,877 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 27,451 | 15,683 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 14,650 | 8,436 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7,903 | 5,918 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 16,367 | 11,539 | |||
Revolving Credit | 54,742 | 55,026 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | (287) | [1] | (211) | ||
Commercial: | Commercial and industrial | Special mention | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 3,158 | 3,257 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 99 | 688 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 776 | 623 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 643 | 557 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 434 | 152 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 161 | 37 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 219 | 197 | |||
Revolving Credit | 826 | 1,003 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Commercial: | Commercial and industrial | Substandard | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 4,556 | 3,957 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 69 | 754 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 960 | 628 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 792 | 428 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 443 | 290 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 234 | 289 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 663 | 367 | |||
Revolving Credit | 1,395 | 1,201 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Commercial: | Commercial and industrial | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 512 | 470 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 36 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 114 | 116 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 76 | 99 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 98 | 12 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 29 | 42 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 69 | 31 | |||
Revolving Credit | 126 | 134 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Commercial: | CRE | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 22,142 | 22,570 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 556 | 4,206 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,905 | 5,648 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 5,414 | 3,009 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,947 | 2,062 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,109 | 3,433 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,046 | 3,005 | |||
Revolving Credit | 1,231 | 1,277 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | (66) | [1] | (70) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 8 | 58 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 10 | 10 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 20 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 29 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 85 | 47 | |||
Finance Receivable, Revolving, Writeoff | 0 | 2 | |||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | 0 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 103 | 166 | |||
Commercial: | CRE | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 21,860 | 22,281 | |||
Commercial: | CRE | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 21 | 5 | |||
Commercial: | CRE | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |||
Commercial: | CRE | Pass | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 19,214 | 19,875 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 445 | 3,760 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,377 | 4,931 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,593 | 2,651 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,577 | 1,903 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,890 | 2,813 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 5,227 | 2,666 | |||
Revolving Credit | 1,171 | 1,221 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | (66) | [1] | (70) | ||
Commercial: | CRE | Special mention | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 1,006 | 959 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 12 | 185 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 178 | 315 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 431 | 140 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 115 | 79 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 4 | 203 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 266 | 37 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Commercial: | CRE | Substandard | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 1,661 | 1,452 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 99 | 259 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 348 | 350 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 370 | 190 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 233 | 65 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 202 | 243 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 349 | 289 | |||
Revolving Credit | 60 | 56 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Commercial: | CRE | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 261 | 284 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 2 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2 | 52 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 20 | 28 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 22 | 15 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 13 | 174 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 204 | 13 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Commercial: | Commercial construction | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 7,472 | 6,683 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 94 | 1,056 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,299 | 2,485 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,999 | 1,605 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,538 | 461 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 343 | 90 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 169 | 125 | |||
Revolving Credit | 1,030 | 861 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 5 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Finance Receivable, Revolving, Writeoff | 0 | 0 | |||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | 0 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 5 | |||
Commercial: | Commercial construction | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 7,449 | 6,658 | |||
Commercial: | Commercial construction | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |||
Commercial: | Commercial construction | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 0 | 1 | |||
Commercial: | Commercial construction | Pass | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 6,338 | 5,936 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 88 | 1,029 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,259 | 2,196 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,473 | 1,370 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,305 | 287 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 201 | 89 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 169 | 125 | |||
Revolving Credit | 843 | 840 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Commercial: | Commercial construction | Special mention | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 775 | 430 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1 | 3 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 15 | 218 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 428 | 208 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 187 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 44 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Revolving Credit | 100 | 1 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Commercial: | Commercial construction | Substandard | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 336 | 293 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 5 | 24 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 25 | 48 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 75 | 27 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 46 | 174 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 98 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Revolving Credit | 87 | 20 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Commercial: | Commercial construction | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 23 | 24 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 23 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 23 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 1 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Consumer: | Residential mortgage | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 54,886 | 55,492 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 310 | 2,863 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,886 | 13,562 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 13,421 | 16,590 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 16,365 | 5,814 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 5,722 | 2,903 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 16,182 | 13,760 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 2 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 1 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 1 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 1 | 6 | |||
Finance Receivable, Revolving, Writeoff | 0 | 0 | |||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | 0 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 1 | 10 | |||
Consumer: | Residential mortgage | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 53,656 | 54,261 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 304 | 2,846 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,847 | 13,481 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 13,316 | 16,509 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 16,264 | 5,738 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 5,648 | 2,822 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 15,277 | 12,865 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Consumer: | Residential mortgage | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 638 | 639 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 6 | 10 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 23 | 52 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 62 | 43 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 57 | 38 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 38 | 40 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 452 | 456 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Consumer: | Residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 441 | [2] | 439 | [3] | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 7 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 16 | 22 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 34 | 25 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 29 | 31 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 30 | 28 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 332 | 326 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Consumer: | Residential mortgage | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 151 | 153 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 7 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 9 | 13 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 15 | 7 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6 | 13 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 121 | 113 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Consumer: | Home equity | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 9,825 | 10,053 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Revolving Credit | 6,164 | 6,271 | |||
Loans Converted to Term | 3,661 | 3,782 | |||
Other(1) | 0 | [1] | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Finance Receivable, Revolving, Writeoff | 3 | 10 | |||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | 0 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 3 | 10 | |||
Consumer: | Home equity | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 9,626 | 9,850 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Revolving Credit | 6,070 | 6,175 | |||
Loans Converted to Term | 3,556 | 3,675 | |||
Other(1) | 0 | [1] | 0 | ||
Consumer: | Home equity | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 59 | 70 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Revolving Credit | 41 | 47 | |||
Loans Converted to Term | 18 | 23 | |||
Other(1) | 0 | [1] | 0 | ||
Consumer: | Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 10 | 11 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Revolving Credit | 6 | 7 | |||
Loans Converted to Term | 4 | 4 | |||
Other(1) | 0 | [1] | 0 | ||
Consumer: | Home equity | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 130 | 122 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Revolving Credit | 47 | 42 | |||
Loans Converted to Term | 83 | 80 | |||
Other(1) | 0 | [1] | 0 | ||
Consumer: | Indirect auto | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 22,145 | 22,727 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,843 | 4,714 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,352 | 8,348 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 7,565 | 4,903 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 4,373 | 2,604 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,257 | 1,434 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,756 | 733 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | (1) | [1] | (9) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 25 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 24 | 202 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 62 | 118 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 27 | 58 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 14 | 59 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 27 | 69 | |||
Finance Receivable, Revolving, Writeoff | 0 | 0 | |||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | 0 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 154 | 531 | |||
Consumer: | Indirect auto | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 21,348 | 21,788 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,839 | 4,611 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,236 | 8,049 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 7,316 | 4,689 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 4,197 | 2,479 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,155 | 1,330 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,606 | 639 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | (1) | [1] | (9) | ||
Consumer: | Indirect auto | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 540 | 669 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4 | 83 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 84 | 213 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 169 | 150 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 117 | 86 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 67 | 71 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 99 | 66 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Consumer: | Indirect auto | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 1 | 2 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 1 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1 | 1 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Consumer: | Indirect auto | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 256 | 268 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 20 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 32 | 85 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 79 | 63 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 59 | 39 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 35 | 33 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 51 | 28 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Consumer: | Other consumer | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 28,096 | 28,647 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,258 | 10,004 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8,960 | 7,783 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 7,050 | 3,771 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3,356 | 1,946 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,715 | 1,071 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,052 | 1,229 | |||
Revolving Credit | 2,685 | 2,825 | |||
Loans Converted to Term | 17 | 15 | |||
Other(1) | 3 | [1] | 3 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 7 | 97 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 54 | 166 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 50 | 93 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 24 | 50 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 12 | 34 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 10 | 14 | |||
Finance Receivable, Revolving, Writeoff | 8 | 23 | |||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | 0 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 165 | 477 | |||
Consumer: | Other consumer | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 27,791 | 28,296 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,248 | 9,903 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8,866 | 7,676 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 6,960 | 3,715 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3,312 | 1,914 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,693 | 1,049 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,017 | 1,207 | |||
Revolving Credit | 2,677 | 2,816 | |||
Loans Converted to Term | 15 | 13 | |||
Other(1) | 3 | [1] | 3 | ||
Consumer: | Other consumer | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 226 | 271 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 10 | 86 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 73 | 85 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 69 | 41 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 30 | 23 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 15 | 16 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 22 | 12 | |||
Revolving Credit | 6 | 7 | |||
Loans Converted to Term | 1 | 1 | |||
Other(1) | 0 | [1] | 0 | ||
Consumer: | Other consumer | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 18 | 21 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 9 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 11 | 8 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 5 | 1 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 1 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Revolving Credit | 2 | 2 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | 0 | [1] | 0 | ||
Consumer: | Other consumer | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 61 | 59 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 6 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 10 | 14 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 16 | 14 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 14 | 8 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7 | 6 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 13 | 10 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 1 | 1 | |||
Other(1) | 0 | [1] | 0 | ||
Consumer: | Student | |||||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | [4] | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | [4] | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | [4] | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | [4] | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | [4] | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | [4] | 108 | |||
Finance Receivable, Revolving, Writeoff | [4] | 0 | |||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | [4] | 0 | |||
Finance Receivable, Adjustments and Suspense, Writeoff | [4] | 0 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | [4] | 108 | |||
Charge-offs related to the sale | 98 | ||||
Credit card | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 4,989 | 5,101 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Revolving Credit | 4,960 | 5,077 | |||
Loans Converted to Term | 29 | 24 | |||
Other(1) | 0 | [1] | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Finance Receivable, Revolving, Writeoff | 75 | 220 | |||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 2 | 3 | |||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | 0 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 77 | 223 | |||
Credit card | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 4,859 | 4,961 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Revolving Credit | 4,836 | 4,942 | |||
Loans Converted to Term | 23 | 19 | |||
Other(1) | 0 | [1] | 0 | ||
Credit card | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 74 | 87 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Revolving Credit | 70 | 84 | |||
Loans Converted to Term | 4 | 3 | |||
Other(1) | 0 | [1] | 0 | ||
Credit card | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 56 | 53 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Revolving Credit | 54 | 51 | |||
Loans Converted to Term | 2 | 2 | |||
Other(1) | $ 0 | [1] | $ 0 | ||
[1] (1) Includes certain deferred fees and costs and other adjustments. (1) Includes government guaranteed loans of $408 million in the residential mortgage portfolio. (1) Includes government guaranteed loans of $418 million in the residential mortgage portfolio. Truist sold its student loan portfolio at the end of the second quarter of 2023. Charge-offs include $98 million related to the sale. |
Loans and ACL - Allowance for C
Loans and ACL - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Provision for credit losses | $ 500 | $ 502 | |
Commercial: | Commercial and industrial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,404 | 1,409 | |
Charge-Offs | (97) | (75) | |
Recoveries | 32 | 13 | |
Provision for credit losses | 22 | 151 | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | (1) | (1) |
Ending balance | 1,360 | 1,497 | |
Commercial: | CRE | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 616 | 224 | |
Charge-Offs | (103) | (6) | |
Recoveries | 7 | 1 | |
Provision for credit losses | 143 | 32 | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | 0 |
Ending balance | 663 | 251 | |
Commercial: | Commercial construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 174 | 46 | |
Charge-Offs | 0 | 0 | |
Recoveries | 0 | 1 | |
Provision for credit losses | 24 | 40 | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | 0 |
Ending balance | 198 | 87 | |
Consumer: | Residential mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 298 | 399 | |
Charge-Offs | (1) | (1) | |
Recoveries | 1 | 2 | |
Provision for credit losses | (76) | 13 | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | (81) |
Ending balance | 222 | 332 | |
Consumer: | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 89 | 90 | |
Charge-Offs | (3) | (2) | |
Recoveries | 5 | 6 | |
Provision for credit losses | (1) | (7) | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | 0 |
Ending balance | 90 | 87 | |
Consumer: | Indirect auto | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 942 | 981 | |
Charge-Offs | (154) | (127) | |
Recoveries | 28 | 26 | |
Provision for credit losses | 107 | 100 | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | 13 |
Ending balance | 923 | 993 | |
Consumer: | Other consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 890 | 770 | |
Charge-Offs | (165) | (105) | |
Recoveries | 28 | 17 | |
Provision for credit losses | 206 | 98 | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | (1) |
Ending balance | 959 | 779 | |
Consumer: | Student | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | [2] | 98 | |
Charge-Offs | [2] | (5) | |
Recoveries | [2] | 0 | |
Provision for credit losses | [2] | 5 | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1],[2] | 0 | |
Ending balance | [2] | 98 | |
Credit card | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 385 | 360 | |
Charge-Offs | (77) | (51) | |
Recoveries | 9 | 9 | |
Provision for credit losses | 71 | 40 | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | (3) |
Ending balance | 388 | 355 | |
ALLL | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 4,798 | 4,377 | |
Charge-Offs | (600) | (372) | |
Recoveries | 110 | 75 | |
Provision for credit losses | 496 | 472 | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | (1) | (73) |
Ending balance | 4,803 | 4,479 | |
RUFC | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 295 | 272 | |
Charge-Offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision for credit losses | 4 | 10 | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | (2) | 0 |
Ending balance | 297 | 282 | |
ACL | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 5,093 | 4,649 | |
Charge-Offs | (600) | (372) | |
Recoveries | 110 | 75 | |
Provision for credit losses | 500 | 482 | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | (3) | (73) |
Ending balance | $ 5,100 | $ 4,761 | |
[1] Includes the amounts for the ALLL for PCD acquisitions, the impact of adopting the Troubled Debt Restructurings and Vintage Disclosures accounting standard, and other activity. Truist sold its student loan portfolio at the end of the second quarter of 2023. |
Loans and ACL - Nonperforming L
Loans and ACL - Nonperforming Loans (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | $ 170 | $ 299 |
Recorded Investment With an ALLL | 1,224 | 1,081 |
Commercial: | Commercial and industrial | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 100 | 123 |
Recorded Investment With an ALLL | 412 | 347 |
Commercial: | CRE | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 20 | 154 |
Recorded Investment With an ALLL | 241 | 130 |
Commercial: | Commercial construction | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 23 | 0 |
Recorded Investment With an ALLL | 0 | 24 |
Consumer: | Residential mortgage | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 1 | 1 |
Recorded Investment With an ALLL | 150 | 152 |
Consumer: | Home equity | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 2 | 1 |
Recorded Investment With an ALLL | 128 | 121 |
Consumer: | Indirect auto | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 24 | 20 |
Recorded Investment With an ALLL | 232 | 248 |
Consumer: | Other consumer | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 0 | 0 |
Recorded Investment With an ALLL | $ 61 | $ 59 |
Loans and ACL - Summary of Nonp
Loans and ACL - Summary of Nonperforming Assets and Residential Mortgage Loans in the Process of Foreclosure (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable | ||
Nonperforming | $ 1,394 | $ 1,380 |
Foreclosed real estate | 4 | 3 |
Other foreclosed property | 56 | 54 |
Total nonperforming assets | 1,476 | 1,488 |
Residential mortgage loans in the process of foreclosure | 201 | 214 |
LHFS | ||
Financing Receivable | ||
Nonperforming | $ 22 | $ 51 |
Loans and ACL - Summary of Loan
Loans and ACL - Summary of Loan Modifications (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.35% | 0.26% | |
Financing Receivable, Modified in Period, Amount | $ 1,090 | $ 855 | |
Financing Receivable, Modified, Accumulated | 3,042 | $ 2,877 | |
Renewals | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 354 | 494 | |
Term Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 34 | 90 | |
Capitalizations | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 13 | 32 | |
Payment Delays | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 576 | 101 | |
Combination - Interest Rate Adjustment and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 7 | 9 | |
Combination - Capitalization and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 55 | 92 | |
Combination - Capitalization, Interest Rate and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 9 | 20 | |
Other | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | $ 42 | $ 17 | |
Commercial: | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.10% | 0.26% | |
Financing Receivable, Modified in Period, Amount | $ 158 | $ 441 | |
Financing Receivable, Modified, Accumulated | 913 | 1,027 | |
Commercial: | Commercial and industrial | Renewals | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 142 | 390 | |
Commercial: | Commercial and industrial | Term Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 51 | |
Commercial: | Commercial and industrial | Capitalizations | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Commercial: | Commercial and industrial | Payment Delays | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 1 | 0 | |
Commercial: | Commercial and industrial | Combination - Interest Rate Adjustment and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Commercial: | Commercial and industrial | Combination - Capitalization and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Commercial: | Commercial and industrial | Combination - Capitalization, Interest Rate and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Commercial: | Commercial and industrial | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | $ 15 | $ 0 | |
Commercial: | CRE | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.86% | 0.77% | |
Financing Receivable, Modified in Period, Amount | $ 190 | $ 174 | |
Financing Receivable, Modified, Accumulated | 371 | 245 | |
Commercial: | CRE | Renewals | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 167 | 103 | |
Commercial: | CRE | Term Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Commercial: | CRE | Capitalizations | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Commercial: | CRE | Payment Delays | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 10 | 71 | |
Commercial: | CRE | Combination - Interest Rate Adjustment and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Commercial: | CRE | Combination - Capitalization and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Commercial: | CRE | Combination - Capitalization, Interest Rate and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Commercial: | CRE | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | $ 13 | $ 0 | |
Commercial: | Commercial construction | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.60% | 0.02% | |
Financing Receivable, Modified in Period, Amount | $ 45 | $ 1 | |
Financing Receivable, Modified, Accumulated | 70 | 22 | |
Commercial: | Commercial construction | Renewals | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 45 | 1 | |
Commercial: | Commercial construction | Term Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Commercial: | Commercial construction | Capitalizations | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Commercial: | Commercial construction | Payment Delays | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Commercial: | Commercial construction | Combination - Interest Rate Adjustment and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Commercial: | Commercial construction | Combination - Capitalization and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Commercial: | Commercial construction | Combination - Capitalization, Interest Rate and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Commercial: | Commercial construction | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | $ 0 | $ 0 | |
Consumer: | Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.21% | 0.36% | |
Financing Receivable, Modified in Period, Amount | $ 113 | $ 203 | |
Financing Receivable, Modified, Accumulated | 562 | 633 | |
Consumer: | Residential mortgage | Renewals | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Consumer: | Residential mortgage | Term Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 19 | 29 | |
Consumer: | Residential mortgage | Capitalizations | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 13 | 32 | |
Consumer: | Residential mortgage | Payment Delays | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 16 | 25 | |
Consumer: | Residential mortgage | Combination - Interest Rate Adjustment and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 1 | |
Consumer: | Residential mortgage | Combination - Capitalization and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 55 | 92 | |
Consumer: | Residential mortgage | Combination - Capitalization, Interest Rate and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 9 | 20 | |
Consumer: | Residential mortgage | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | $ 1 | $ 4 | |
Consumer: | Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.02% | 0.03% | |
Financing Receivable, Modified in Period, Amount | $ 2 | $ 3 | |
Financing Receivable, Modified, Accumulated | 11 | 11 | |
Consumer: | Home equity | Renewals | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Consumer: | Home equity | Term Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Consumer: | Home equity | Capitalizations | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Consumer: | Home equity | Payment Delays | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Consumer: | Home equity | Combination - Interest Rate Adjustment and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 2 | 2 | |
Consumer: | Home equity | Combination - Capitalization and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Consumer: | Home equity | Combination - Capitalization, Interest Rate and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Consumer: | Home equity | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | $ 0 | $ 1 | |
Consumer: | Indirect auto | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 2.54% | 0.08% | |
Financing Receivable, Modified in Period, Amount | $ 562 | $ 21 | |
Financing Receivable, Modified, Accumulated | 1,065 | 898 | |
Consumer: | Indirect auto | Renewals | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Consumer: | Indirect auto | Term Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 6 | 5 | |
Consumer: | Indirect auto | Capitalizations | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Consumer: | Indirect auto | Payment Delays | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 549 | 5 | |
Consumer: | Indirect auto | Combination - Interest Rate Adjustment and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 4 | 5 | |
Consumer: | Indirect auto | Combination - Capitalization and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Consumer: | Indirect auto | Combination - Capitalization, Interest Rate and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Consumer: | Indirect auto | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | $ 3 | $ 6 | |
Consumer: | Other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.04% | 0.03% | |
Financing Receivable, Modified in Period, Amount | $ 10 | $ 7 | |
Financing Receivable, Modified, Accumulated | 29 | 25 | |
Consumer: | Other consumer | Renewals | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Consumer: | Other consumer | Term Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 9 | 5 | |
Consumer: | Other consumer | Capitalizations | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Consumer: | Other consumer | Payment Delays | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Consumer: | Other consumer | Combination - Interest Rate Adjustment and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 1 | 1 | |
Consumer: | Other consumer | Combination - Capitalization and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Consumer: | Other consumer | Combination - Capitalization, Interest Rate and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Consumer: | Other consumer | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | $ 0 | $ 1 | |
Credit card | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.20% | 0.10% | |
Financing Receivable, Modified in Period, Amount | $ 10 | $ 5 | |
Financing Receivable, Modified, Accumulated | 21 | $ 16 | |
Credit card | Renewals | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Credit card | Term Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Credit card | Capitalizations | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Credit card | Payment Delays | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Credit card | Combination - Interest Rate Adjustment and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Credit card | Combination - Capitalization and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Credit card | Combination - Capitalization, Interest Rate and Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Credit card | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | $ 10 | $ 5 |
Loans and ACL - Summary of Modi
Loans and ACL - Summary of Modifications' Financial Effect (Details) | 3 Months Ended | |
Mar. 31, 2024 Rate | Mar. 31, 2023 Rate | |
Commercial: | Commercial and industrial | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 11 months | 4 months |
Financing Receivable, Modified, Weighted Average Interest Rate Increase from Modification | 0.50% | 0.40% |
Commercial: | Commercial and industrial | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 3 months | |
Commercial: | Commercial and industrial | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 90 days | |
Commercial: | CRE | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 6 months | 9 months |
Financing Receivable, Modified, Weighted Average Interest Rate Increase from Modification | 0.50% | 0.10% |
Commercial: | CRE | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 90 days | 233 days |
Commercial: | Commercial construction | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 11 months | 5 months |
Financing Receivable, Modified, Weighted Average Interest Rate Increase from Modification | 0.10% | |
Consumer: | Residential mortgage | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 105 months | 158 months |
Consumer: | Residential mortgage | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 193 days | 195 days |
Consumer: | Residential mortgage | Combination - Interest Rate Adjustment and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 97 months | |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 0.80% | |
Consumer: | Residential mortgage | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 85 months | 111 months |
Consumer: | Residential mortgage | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 134 months | 82 months |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 0.50% | 0.30% |
Consumer: | Home equity | Combination - Interest Rate Adjustment and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 275 months | 318 months |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 3% | 2.30% |
Consumer: | Indirect auto | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 26 months | 25 months |
Consumer: | Indirect auto | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 186 days | 129 days |
Consumer: | Indirect auto | Combination - Interest Rate Adjustment and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 33 months | 11 months |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 3% | 7% |
Consumer: | Other consumer | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 26 months | 25 months |
Consumer: | Other consumer | Combination - Interest Rate Adjustment and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 61 months | 101 months |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 0.025% | 3% |
Loans and ACL - Delinquency Sta
Loans and ACL - Delinquency Status of Loans that Were Modified During the Period (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | $ 3,042 | $ 2,877 |
Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 2,586 | 2,345 |
Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 283 | 327 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 173 | 205 |
Nonperforming | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 492 | 377 |
Nonperforming | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 339 | 155 |
Nonperforming | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 46 | 85 |
Nonperforming | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 107 | 137 |
Commercial: | Commercial and industrial | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 913 | 1,027 |
Commercial: | Commercial and industrial | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 844 | 887 |
Commercial: | Commercial and industrial | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 8 | 48 |
Commercial: | Commercial and industrial | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 61 | 92 |
Commercial: | CRE | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 371 | 245 |
Commercial: | CRE | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 352 | 233 |
Commercial: | CRE | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 19 | 11 |
Commercial: | CRE | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 0 | 1 |
Commercial: | Commercial construction | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 70 | 22 |
Commercial: | Commercial construction | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 70 | 22 |
Commercial: | Commercial construction | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 0 | 0 |
Commercial: | Commercial construction | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 0 | 0 |
Consumer: | Residential mortgage | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 562 | 633 |
Consumer: | Residential mortgage | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 379 | 427 |
Consumer: | Residential mortgage | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 96 | 116 |
Consumer: | Residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 87 | 90 |
Consumer: | Home equity | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 11 | 11 |
Consumer: | Home equity | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 10 | 11 |
Consumer: | Home equity | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 1 | 0 |
Consumer: | Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 0 | 0 |
Consumer: | Indirect auto | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 1,065 | 898 |
Consumer: | Indirect auto | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 888 | 730 |
Consumer: | Indirect auto | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 154 | 148 |
Consumer: | Indirect auto | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 23 | 20 |
Consumer: | Other consumer | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 29 | 25 |
Consumer: | Other consumer | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 28 | 24 |
Consumer: | Other consumer | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 1 | 1 |
Consumer: | Other consumer | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 0 | 0 |
Credit card | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 21 | 16 |
Credit card | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 15 | 11 |
Credit card | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 4 | 3 |
Credit card | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | $ 2 | $ 2 |
Loans and ACL - Loans Modified
Loans and ACL - Loans Modified During Period That Were in Payment Default (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | $ 173 | $ 205 |
Renewals | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 45 | 73 |
Term Extensions | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 17 | 14 |
Capitalizations | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 3 | 6 |
Payment Delays | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 55 | 71 |
Combination - Capitalization and Term Extension | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 30 | 31 |
Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 3 | 5 |
Other | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 20 | 5 |
Commercial: | Commercial and industrial | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 61 | 92 |
Commercial: | Commercial and industrial | Renewals | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 45 | 72 |
Commercial: | Commercial and industrial | Term Extensions | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | 0 |
Commercial: | Commercial and industrial | Capitalizations | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | 0 |
Commercial: | Commercial and industrial | Payment Delays | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 1 | 20 |
Commercial: | Commercial and industrial | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | 0 |
Commercial: | Commercial and industrial | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | 0 |
Commercial: | Commercial and industrial | Other | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 15 | 0 |
Commercial: | CRE | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 1 | |
Commercial: | CRE | Renewals | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 1 | |
Commercial: | CRE | Term Extensions | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | |
Commercial: | CRE | Capitalizations | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | |
Commercial: | CRE | Payment Delays | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | |
Commercial: | CRE | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | |
Commercial: | CRE | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | |
Commercial: | CRE | Other | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | |
Consumer: | Residential mortgage | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 87 | 90 |
Consumer: | Residential mortgage | Renewals | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | 0 |
Consumer: | Residential mortgage | Term Extensions | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 16 | 13 |
Consumer: | Residential mortgage | Capitalizations | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 3 | 6 |
Consumer: | Residential mortgage | Payment Delays | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 34 | 34 |
Consumer: | Residential mortgage | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 30 | 31 |
Consumer: | Residential mortgage | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 3 | 5 |
Consumer: | Residential mortgage | Other | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 1 | 1 |
Consumer: | Indirect auto | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 23 | 20 |
Consumer: | Indirect auto | Renewals | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | 0 |
Consumer: | Indirect auto | Term Extensions | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 1 | 1 |
Consumer: | Indirect auto | Capitalizations | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | 0 |
Consumer: | Indirect auto | Payment Delays | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 20 | 17 |
Consumer: | Indirect auto | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | 0 |
Consumer: | Indirect auto | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | 0 |
Consumer: | Indirect auto | Other | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 2 | 2 |
Credit card | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 2 | 2 |
Credit card | Renewals | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | 0 |
Credit card | Term Extensions | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | 0 |
Credit card | Capitalizations | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | 0 |
Credit card | Payment Delays | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | 0 |
Credit card | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | 0 |
Credit card | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | 0 | 0 |
Credit card | Other | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Modifications Made in the Current Period That Were in Payment Default | $ 2 | $ 2 |
Loans and ACL - Selected Inform
Loans and ACL - Selected Information About Loans and Leases (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable [Line Items] | ||
Unearned income, discounts, and net deferred loan fees and costs | $ 571 | $ 553 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
CSBB | |
Goodwill Adjustments [Line Items] | |
Goodwill Segment Realignment | $ (1,498) |
CSBB | Small Business Banking [Member] | |
Goodwill Adjustments [Line Items] | |
Goodwill Segment Realignment | 1,700 |
WB | |
Goodwill Adjustments [Line Items] | |
Goodwill Segment Realignment | 1,498 |
WB | Wealth | |
Goodwill Adjustments [Line Items] | |
Goodwill Segment Realignment | $ 220 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Rollforward of Goodwill by Operating Segment (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | $ 17,156 |
Adjustments and other | 1 |
Goodwill, Ending Balance | 17,157 |
CSBB | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 13,503 |
Adjustments and other | 0 |
Goodwill, Ending Balance | 12,005 |
Goodwill Segment Realignment | (1,498) |
WB | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 3,653 |
Adjustments and other | 1 |
Goodwill, Ending Balance | 5,152 |
Goodwill Segment Realignment | 1,498 |
WB | Wealth | |
Goodwill [Line Items] | |
Goodwill Segment Realignment | $ 220 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,066 | $ 4,071 |
Accumulated Amortization | (2,250) | (2,162) |
Net Carrying Amount | 1,816 | 1,909 |
CDI | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,473 | 2,473 |
Accumulated Amortization | (1,703) | (1,650) |
Net Carrying Amount | 770 | 823 |
Other, primarily client relationship intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,593 | 1,598 |
Accumulated Amortization | (547) | (512) |
Net Carrying Amount | $ 1,046 | $ 1,086 |
Loan Servicing - Narrative (Det
Loan Servicing - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Servicing Assets at Fair Value [Line Items] | ||
Loan servicing rights at fair value | $ 3,417 | $ 3,378 |
Loan Servicing - Residential Mo
Loan Servicing - Residential Mortgage Banking Activities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
Servicing fees recognized from mortgage loans serviced for others | $ 1,446 | $ 1,421 | |
Residential mortgage | |||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
UPB of residential mortgage loan servicing portfolio | 265,890 | $ 269,068 | |
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate | 210,635 | 213,399 | |
Mortgage loans sold with recourse | 167 | 173 | |
Maximum recourse exposure from mortgage loans sold with recourse liability | 105 | 109 | |
Indemnification, recourse and repurchase reserves | 49 | $ 52 | |
UPB of residential mortgage loans sold from LHFS | 1,763 | 2,507 | |
Pre-tax gains recognized on mortgage loans sold and held for sale | $ 15 | $ 16 | |
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others | 0.28% | 0.27% | |
Weighted average interest rate on mortgage loans serviced for others | 3.59% | 3.52% | |
Bank Servicing | Residential mortgage | |||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
Servicing fees recognized from mortgage loans serviced for others | $ 147 | $ 163 |
Loan Servicing - Analysis of Ac
Loan Servicing - Analysis of Activity in Residential MSRs (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
MSRs, carrying value, beginning balance | $ 3,378 | ||
MSRs, carrying value, ending balance | 3,417 | ||
Residential MSRs | |||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
MSRs, carrying value, beginning balance | 3,088 | $ 3,428 | |
Additions | 30 | 44 | |
Sales | (1) | (428) | |
Change in fair value due to changes in valuation inputs or assumptions(1) | 77 | [1] | (1) |
Realization of expected net servicing cash flows, passage of time, and other | (60) | (57) | |
MSRs, carrying value, ending balance | $ 3,134 | $ 2,986 | |
[1] The three months ended March 31, 2023 includes realized gains on the portfolio sale of excess servicing. |
Loan Servicing - Residential MS
Loan Servicing - Residential MSR Sensitivity (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Residential MSRs | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of loans serviced for others | 100% | 100% |
Residential MSRs | Min | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 6.50% | 6.70% |
OAS | 2.40% | 2.20% |
Residential MSRs | Max | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 17.30% | 18.20% |
OAS | 11.90% | 12% |
Residential MSRs | Weighted Average | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 7.30% | 7.50% |
Effect on fair value of a 10% increase | $ (82) | $ (82) |
Effect on fair value of a 20% increase | $ (158) | $ (160) |
OAS | 4.50% | 4.60% |
Effect on fair value of a 10% increase | $ (60) | $ (60) |
Effect on fair value of a 20% increase | $ (117) | $ (118) |
Weighted average life | 7 years 7 months 6 days | 7 years 6 months |
Fixed-rate residential mortgage loans | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of loans serviced for others | 99.60% | 99.60% |
Adjustable-rate residential mortgage loans | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of loans serviced for others | 0.40% | 0.40% |
Loan Servicing - Commercial Mor
Loan Servicing - Commercial Mortgage Banking Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Servicing Assets at Fair Value [Line Items] | ||
MSRs at fair value | $ 3,417 | $ 3,378 |
CRE | ||
Servicing Assets at Fair Value [Line Items] | ||
UPB of CRE mortgages serviced for others | 29,075 | 31,681 |
Mortgage loans sold with recourse | 9,656 | 9,661 |
Maximum recourse exposure from CRE mortgages sold with recourse liability | 2,813 | 2,813 |
Recorded reserves related to recourse exposure | 14 | 16 |
CRE mortgages originated during the year-to-date period | 276 | 2,989 |
MSRs at fair value | $ 268 | $ 272 |
Other Assets and Liabilites - N
Other Assets and Liabilites - Narrative (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Narrative [Abstract] | |
Bank-Owned Life Insurance | $ 7,700 |
Other Assets and Liabilites - S
Other Assets and Liabilites - Schedule of Right of Use Assets and Future Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Right of Use Assets | |||
Right-of-Use Asset, Operating Leases | $ 1,033 | $ 1,057 | |
Right-of-Use Asset, Finance Leases | $ 9 | $ 10 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets (including $1,359 and $1,311 at fair value, respectively) | Other assets (including $1,359 and $1,311 at fair value, respectively) | |
Operating Lease Liabilities, Payments Due | |||
Total lease liabilities | $ 1,355 | $ 1,387 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
Weighted Average Remaining Lease Term, Operating Leases | 6 years 1 month 6 days | 6 years 2 months 12 days | |
Weighted Average Discount Rate, Percent, Operating Leases | 3.20% | 3.10% | |
Operating Lease, Cost | $ 77 | $ 73 | |
Finance Lease Liabilities, Payments, Due | |||
Total lease liabilities | $ 11 | $ 12 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
Weighted Average Remaining Lease Term, Finance Leases | 6 years 7 months 6 days | 6 years 7 months 6 days | |
Weighted Average Discount Rate, Percent, Finance Leases | 5.20% | 5.10% |
Other Assets and Liabilites -_2
Other Assets and Liabilites - Schedule of Assets Held Under Operating Leases and Related Activities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Other Assets and Liabilities | |||
Assets held under operating leases(1)(2) | [1] | $ 2,138 | $ 2,160 |
Accumulated depreciation | (564) | (583) | |
Net | 1,574 | 1,577 | |
Operating lease held-for-sale | $ 40 | $ 32 | |
[1] Includes certain land parcels subject to operating leases that have indefinite lives. (2) Excludes operating leases held-for-sale that totaled $40 million and $32 million at March 31, 2024 and December 31, 2023, respectively. |
Borrowings - Short-term Borrowi
Borrowings - Short-term Borrowings (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Short-term Debt [Line Items] | ||
Short-term Debt | $ 26,329 | $ 24,828 |
Securities Sold under Agreements to Repurchase | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 1,589 | 2,427 |
FHLB Advances | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 22,500 | 20,500 |
Securities sold short | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 2,034 | 1,625 |
Other Short-term Borrowings | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $ 206 | $ 276 |
Borrowings - Schedule of Long T
Borrowings - Schedule of Long Term Debt, Interest Rates and Maturity Dates (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | $ 39,071 | $ 38,918 | |
Truist Financial Corporation | Senior notes | Fixed rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | [1] | 23,103 | 19,808 |
Truist Financial Corporation | Senior notes | Floating rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 999 | 999 | |
Truist Financial Corporation | Subordinated notes | Fixed rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | [1],[2] | 1,818 | 1,831 |
Truist Financial Corporation | Capital Notes | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | [2] | 630 | 629 |
Truist Bank | Senior notes | Fixed rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 4,184 | 4,170 | |
Truist Bank | Senior notes | Floating rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 0 | 1,250 | |
Truist Bank | Subordinated notes | Fixed rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | [2] | 4,748 | 4,770 |
Truist Bank | FHLB advances | Floating rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 2,200 | 4,200 | |
Truist Bank | Other long-term debt | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | [3] | $ 1,389 | $ 1,261 |
[1] Certain senior and subordinated notes convert from fixed to floating one year prior to maturity, and are callable within the final year of maturity at par. Subordinated and capital notes with a remaining maturity of one year or greater qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations. Includes debt associated with finance leases, tax credit investments, and other. |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Cash Dividends Declared per Share (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity [Abstract] | ||
Cash dividends declared per share | $ 0.52 | $ 0.52 |
AOCI (Details)
AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI, Net of Tax [Roll Forward] | ||
OCI | $ (716) | $ 1,020 |
Pension and OPEB Costs | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (1,079) | (1,535) |
OCI before reclassifications, net of tax | 1 | (26) |
OCI | 1 | (14) |
AOCI, ending balance | (1,078) | (1,549) |
Pension and OPEB Costs | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | 0 | 16 |
Tax effect | 0 | 4 |
Amounts reclassified, net of tax | 0 | 12 |
Cash Flow Hedges | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (300) | (78) |
OCI before reclassifications, net of tax | (232) | 125 |
OCI | (190) | 125 |
AOCI, ending balance | (490) | 47 |
Cash Flow Hedges | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | 55 | 0 |
Tax effect | 13 | 0 |
Amounts reclassified, net of tax | 42 | 0 |
AFS Securities | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (8,778) | (9,395) |
OCI before reclassifications, net of tax | (455) | 903 |
OCI | (576) | 853 |
AOCI, ending balance | (9,354) | (8,542) |
AFS Securities | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | (158) | (65) |
Tax effect | (37) | (15) |
Amounts reclassified, net of tax | (121) | (50) |
HTM Securities | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (2,347) | (2,588) |
OCI before reclassifications, net of tax | 0 | 0 |
OCI | 51 | 55 |
AOCI, ending balance | (2,296) | (2,533) |
HTM Securities | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | 66 | 70 |
Tax effect | 15 | 15 |
Amounts reclassified, net of tax | 51 | 55 |
Other, net | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (2) | (5) |
OCI before reclassifications, net of tax | (2) | 1 |
OCI | (2) | 1 |
AOCI, ending balance | (4) | (4) |
Other, net | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | 0 | 0 |
Tax effect | 0 | 0 |
Amounts reclassified, net of tax | 0 | 0 |
Total | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (12,506) | (13,601) |
OCI before reclassifications, net of tax | (688) | 1,003 |
OCI | (716) | 1,020 |
AOCI, ending balance | (13,222) | (12,581) |
Total | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | (37) | 21 |
Tax effect | (9) | 4 |
Amounts reclassified, net of tax | $ (28) | $ 17 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Contingency [Line Items] | ||
Provision for income taxes | $ 232 | $ 361 |
Effective Income Tax Rate, Percent | 17% | 20.40% |
Benefit Plans - Summary of the
Benefit Plans - Summary of the Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Net periodic pension cost: | |||
Service cost(1) | [1] | $ 96 | $ 93 |
Interest cost | 108 | 111 | |
Estimated return on plan assets | (244) | (228) | |
Net amortization and other | 1 | 20 | |
Net periodic benefit cost (income) | (39) | (4) | |
IH | |||
Net periodic pension cost: | |||
Service cost(1) | $ 7 | $ 7 | |
[1] Includes $7 million for the three months ended March 31, 2024 and 2023 of service cost reported in net income from discontinued operations for the qualified defined benefit pension plan for employees of TIH. Following the sale of TIH, Truist will (i) no longer recognize the service costs for TIH employees, (ii) retain the related postretirement benefit obligation for TIH employees, and (iii) remeasure the postretirement benefit obligation of the plan. |
Commitments and Contingencies -
Commitments and Contingencies - Narrative - (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2024 | |
Other Commitments [Line Items] | |||
FederalDepositInsuranceCorporationPremiumExpenseSpecialAssessment | $ 75 | $ 507 | $ 582 |
Interest on damages sought, value | 407 | ||
Loss Contingency, Damages Sought, Value | 452 | ||
Max | |||
Other Commitments [Line Items] | |||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 375 | $ 375 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Investments in affordable housing projects | ||
Tax Credit and Certain Equity Investments | ||
Carrying amount | $ 6,907 | $ 6,754 |
Amount of future funding commitments included in carrying amount | 2,515 | 2,473 |
Lending exposure | 2,044 | 1,981 |
Renewable Energy Investments | ||
Tax Credit and Certain Equity Investments | ||
Carrying amount | 291 | 285 |
Amount of future funding commitments not included in carrying amount | 744 | 747 |
SBIC and certain other equity method investments: | ||
Tax Credit and Certain Equity Investments | ||
Carrying amount | 774 | 758 |
Amount of future funding commitments not included in carrying amount | $ 560 | $ 589 |
Commitments and Contingencies_3
Commitments and Contingencies - Tax Credits and Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments in affordable housing projects | ||
Income Tax Contingency [Line Items] | ||
Investments in affordable housing projects, other qualified tax credits, and other community development investments | $ 185 | $ 157 |
Amortization and other changes in carrying amount | 171 | 148 |
Other Community Development Investment | ||
Income Tax Contingency [Line Items] | ||
Amortization and other changes in carrying amount | $ 2 | $ 2 |
Commitments and Contingencies_4
Commitments and Contingencies - Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
CRE | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | $ 9,656 | $ 9,661 |
Other consumer | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 1,247 | 1,032 |
Residential mortgage | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 167 | 173 |
Commitments to extend, originate, or purchase credit and other commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 207,966 | 207,285 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | $ 6,513 | $ 6,239 |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of VIE assets (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Tax Credit and Certain Equity Investments | ||
Trading assets at fair value | $ 5,268 | $ 4,332 |
Other Liabilities | 13,119 | 12,946 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Tax Credit and Certain Equity Investments | ||
VIE Assets | 1,698 | 1,641 |
Trading assets at fair value | 1,645 | 1,572 |
Other Liabilities | $ 105 | $ 50 |
Commitments and Contingencies_6
Commitments and Contingencies - Pledged Assets (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans and leases (including $14 and $15 at fair value, respectively) | $ 307,224 | $ 312,061 |
Asset Pledged as Collateral | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Securities, fair value | 40,105 | 41,270 |
Federal Reserve Bank Advances [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 53,548 | 55,252 |
Federal Reserve Bank Advances [Member] | Asset Pledged as Collateral | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans and leases (including $14 and $15 at fair value, respectively) | 71,692 | 73,898 |
FHLB Advances | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 25,031 | 24,712 |
FHLB Advances | Asset Pledged as Collateral | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans and leases (including $14 and $15 at fair value, respectively) | $ 66,946 | $ 67,748 |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2024 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments excluded from Fair Value Hierarchy, net asset value practical expedient | $ 459 | $ 464 |
Loans Held-for-sale | 852 | 1,201 |
Carrying value of unfunded commitments | 295 | 297 |
Consumer: | Student | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Charge-offs related to the sale | 98 | |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Loans Held-for-sale | $ 409 | $ 44 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Assets | |||
Trading assets | $ 5,268 | $ 4,332 | |
AFS securities at fair value | 66,050 | 67,366 | |
Loans Held for Sale, Fair Value | 1,201 | 852 | |
Loans and leases | 14 | 15 | |
Loan servicing rights at fair value | $ 3,417 | 3,378 | |
Net amount | Other assets (including $1,359 and $1,311 at fair value, respectively) | ||
Derivative Asset, Net | $ 1,088 | 951 | |
Derivative Asset, Gross | 3,397 | 2,828 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (2,309) | (1,877) | |
Equity securities | 271 | 360 | |
Total assets | 77,309 | 77,254 | |
Liabilities | |||
Interest-Bearing Domestic Deposit, Brokered | 23 | 0 | |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 2,034 | 1,625 | |
Derivative liabilities | 2,990 | 2,597 | |
Derivative Liability, Gross | 5,580 | 4,682 | |
Amount Offset | 2,590 | 2,085 | |
Total liabilities | $ 5,047 | 4,222 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | ||
Liabilities of discontinued operations | $ 3,122 | 3,539 | |
Level 1 | |||
Assets | |||
Trading assets | 619 | 461 | |
AFS securities at fair value | 0 | 0 | |
Loans Held for Sale, Fair Value | 0 | 0 | |
Loans and leases | 0 | 0 | |
Loan servicing rights at fair value | 0 | 0 | |
Derivative Asset, Gross | 1,535 | 956 | |
Equity securities | 264 | 245 | |
Total assets | 2,418 | 1,662 | |
Liabilities | |||
Financial Instruments Sold, Not yet Purchased, at Fair Value | 110 | 185 | |
Derivative Liability, Gross | 826 | 487 | |
Total liabilities | 936 | 672 | |
Level 2 | |||
Assets | |||
Trading assets | 4,649 | 3,871 | |
AFS securities at fair value | 66,050 | 67,366 | |
Loans Held for Sale, Fair Value | 1,201 | 852 | |
Loans and leases | 0 | 0 | |
Loan servicing rights at fair value | 0 | 0 | |
Derivative Asset, Gross | 1,858 | 1,867 | |
Equity securities | 7 | 115 | |
Total assets | 73,765 | 74,071 | |
Liabilities | |||
Interest-Bearing Domestic Deposit, Brokered | 23 | ||
Financial Instruments Sold, Not yet Purchased, at Fair Value | 1,924 | 1,440 | |
Derivative Liability, Gross | 4,729 | 4,171 | |
Total liabilities | 6,676 | 5,611 | |
Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
Loans Held for Sale, Fair Value | 0 | 0 | |
Loans and leases | 14 | 15 | |
Loan servicing rights at fair value | 3,417 | 3,378 | |
Derivative Asset, Gross | 4 | 5 | |
Equity securities | 0 | 0 | |
Total assets | 3,435 | 3,398 | |
Liabilities | |||
Interest-Bearing Domestic Deposit, Brokered | 0 | ||
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 | |
Derivative Liability, Gross | 25 | 24 | |
Total liabilities | 25 | 24 | |
U.S. Treasury | |||
Assets | |||
Trading assets | 143 | 144 | |
AFS securities at fair value | 9,020 | 10,041 | |
U.S. Treasury | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
U.S. Treasury | Level 2 | |||
Assets | |||
Trading assets | 143 | 144 | |
AFS securities at fair value | 9,020 | 10,041 | |
U.S. Treasury | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
GSE | |||
Assets | |||
Trading assets | 42 | 50 | |
AFS securities at fair value | 350 | 362 | |
GSE | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
GSE | Level 2 | |||
Assets | |||
Trading assets | 42 | 50 | |
AFS securities at fair value | 350 | 362 | |
GSE | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
Agency MBS – residential | |||
Assets | |||
AFS securities at fair value | 51,150 | 51,289 | |
Agency MBS – residential | Level 1 | |||
Assets | |||
AFS securities at fair value | 0 | 0 | |
Agency MBS – residential | Level 2 | |||
Assets | |||
AFS securities at fair value | 51,150 | 51,289 | |
Agency MBS – residential | Level 3 | |||
Assets | |||
AFS securities at fair value | 0 | 0 | |
Agency MBS – commercial | |||
Assets | |||
AFS securities at fair value | 2,208 | 2,248 | |
Agency MBS – commercial | Level 1 | |||
Assets | |||
AFS securities at fair value | 0 | 0 | |
Agency MBS – commercial | Level 2 | |||
Assets | |||
AFS securities at fair value | 2,208 | 2,248 | |
Agency MBS – commercial | Level 3 | |||
Assets | |||
AFS securities at fair value | 0 | 0 | |
States and political subdivisions | |||
Assets | |||
Trading assets | 761 | 760 | |
AFS securities at fair value | 419 | 425 | |
States and political subdivisions | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
States and political subdivisions | Level 2 | |||
Assets | |||
Trading assets | 761 | 760 | |
AFS securities at fair value | 419 | 425 | |
States and political subdivisions | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
Corporate and other debt securities | |||
Assets | |||
Trading assets | 1,940 | 1,293 | |
Corporate and other debt securities | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
Corporate and other debt securities | Level 2 | |||
Assets | |||
Trading assets | 1,940 | 1,293 | |
Corporate and other debt securities | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
Loans | |||
Assets | |||
Trading assets | 1,692 | 1,575 | |
Loans | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
Loans | Level 2 | |||
Assets | |||
Trading assets | 1,692 | 1,575 | |
Loans | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
Non-agency MBS | |||
Assets | |||
AFS securities at fair value | 2,884 | 2,981 | |
Non-agency MBS | Level 1 | |||
Assets | |||
AFS securities at fair value | 0 | 0 | |
Non-agency MBS | Level 2 | |||
Assets | |||
AFS securities at fair value | 2,884 | 2,981 | |
Other | |||
Assets | |||
Trading assets | 690 | 510 | |
AFS securities at fair value | 19 | 20 | |
Other | Level 1 | |||
Assets | |||
Trading assets | 619 | 461 | |
AFS securities at fair value | 0 | 0 | |
Other | Level 2 | |||
Assets | |||
Trading assets | 71 | 49 | |
AFS securities at fair value | 19 | 20 | |
Other | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
Fair Value, Concentration of Credit Risk, Master Netting Arrangements | |||
Assets | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (2,309) | (1,877) |
Liabilities | |||
Amount Offset | [1] | $ (2,590) | $ (2,085) |
[1] Refer to “Note 16. Derivative Financial Instruments” for additional discussion on netting adjustments. |
Fair Value Disclosures - Rollfo
Fair Value Disclosures - Rollforward of Level 3 Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Primary income statement location loan servicing rights | Mortgage banking income | |
Primary income statement location loan servicing rights | Mortgage banking income | |
Loans and Leases | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 15 | $ 18 |
Included in earnings | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (1) | (1) |
Ending balance | 14 | 17 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 0 | |
Loan Servicing Rights | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 3,378 | 3,758 |
Included in earnings | 82 | (5) |
Issuances | 32 | 48 |
Sales | (1) | (428) |
Settlements | (74) | (70) |
Ending balance | 3,417 | 3,303 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 82 | |
Net Derivatives | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (19) | (36) |
Included in earnings | (3) | (2) |
Issuances | (1) | (2) |
Sales | 0 | 0 |
Settlements | 2 | 22 |
Ending balance | (21) | $ (18) |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | $ (9) |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value Option (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Disclosures | ||
Loans Receivable, Fair Value Disclosure | $ 14 | $ 15 |
Loans Held for Sale, Fair Value | 1,201 | 852 |
UPB | 1,185 | 828 |
Difference | 16 | 24 |
Interest-Bearing Domestic Deposit, Brokered | 23 | 0 |
Deposits, Principal Outstanding | 23 | 0 |
Fair Value Option, Aggregate Difference, Deposits | 0 | 0 |
Trading loans | ||
Fair Value Disclosures | ||
Trading Loans, Fair Value | 1,692 | 1,575 |
UPB | 1,775 | 1,664 |
Difference | (83) | (89) |
Loans and leases | ||
Fair Value Disclosures | ||
UPB | 15 | 16 |
Difference | $ (1) | $ (1) |
Fair Value Disclosures - Measur
Fair Value Disclosures - Measured on a Nonrecurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | $ 14 | $ 15 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | 14 | 15 | |
LHFS | Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value: | 8 | 19 | |
Valuation adjustments: | (9) | $ 0 | |
Loans and Leases | Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | 659 | 840 | |
Valuation adjustments: | (272) | (166) | |
Other | Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value: | 244 | $ 454 | |
Valuation adjustments: | $ (83) | $ (44) |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets: | ||
HTM securities | $ 43,041 | $ 44,630 |
Loans and leases HFI, net of ALLL | 302,421 | 307,263 |
Financial liabilities: | ||
Long-term debt | 39,071 | 38,918 |
Carrying Amount | Level 2 | ||
Financial assets: | ||
HTM securities | 53,369 | 54,107 |
Financial liabilities: | ||
Time deposits | 41,836 | 43,561 |
Long-term debt | 39,071 | 38,918 |
Carrying Amount | Level 3 | ||
Financial assets: | ||
Loans and leases HFI, net of ALLL | 302,407 | 307,248 |
Fair Value | Level 2 | ||
Financial assets: | ||
HTM securities | 43,041 | 44,630 |
Financial liabilities: | ||
Time deposits | 41,641 | 43,368 |
Long-term debt | 38,759 | 38,353 |
Fair Value | Level 3 | ||
Financial assets: | ||
Loans and leases HFI, net of ALLL | $ 294,759 | $ 300,830 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Amortized Cost | $ 78,719 | $ 78,849 |
Fair value hedges | Available-for-sale Securities | ||
Derivative [Line Items] | ||
Amortized Cost | $ 58,700 | $ 62,200 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Classifications and Hedging Relationships (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | $ 383,088 | $ 365,959 |
Derivative Asset, Fair Value, Gross | 3,397 | 2,828 |
Derivative Liability, Fair Value, Gross | (5,580) | (4,682) |
Derivative Asset [Abstract] | ||
Amounts subject to master netting arrangements and exchange traded derivatives | (1,704) | (1,268) |
Cash collateral (received) posted for amounts subject to master netting arrangements | (605) | (609) |
Net Amount in Consolidated Balance Sheets | 1,088 | 951 |
Derivative Liability [Abstract] | ||
Amounts subject to master netting arrangements and exchange traded derivatives | 1,704 | 1,268 |
Cash collateral (received) posted for amounts subject to master netting arrangements | $ 886 | 817 |
Net amount | Other assets (including $1,359 and $1,311 at fair value, respectively) | |
Net amount | $ (2,990) | (2,597) |
Cash flow hedges | Interest rate contracts | Swap | Commercial loans | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 22,538 | 17,673 |
Derivative Asset, Fair Value, Gross | 1 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Fair value hedges | Interest rate contracts | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 42,811 | 38,446 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Fair value hedges | Interest rate contracts | Swap | Long-term debt | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 17,768 | 14,268 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Fair value hedges | Interest rate contracts | Swap | AFS securities | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 25,043 | 24,178 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 317,739 | 309,840 |
Derivative Asset, Fair Value, Gross | 3,396 | 2,828 |
Derivative Liability, Fair Value, Gross | (5,580) | (4,682) |
Not designated as hedges | Client-related and other risk management | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 276,493 | 274,326 |
Derivative Asset, Fair Value, Gross | 3,287 | 2,725 |
Derivative Liability, Fair Value, Gross | (5,467) | (4,545) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Swap | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 154,598 | 154,692 |
Derivative Asset, Fair Value, Gross | 580 | 637 |
Derivative Liability, Fair Value, Gross | (2,219) | (1,926) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Options | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 31,272 | 34,593 |
Derivative Asset, Fair Value, Gross | 81 | 114 |
Derivative Liability, Fair Value, Gross | (101) | (106) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Forward commitments | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 443 | 178 |
Derivative Asset, Fair Value, Gross | 1 | 0 |
Derivative Liability, Fair Value, Gross | (5) | (11) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Other | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 3,969 | 3,033 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | Client-related and other risk management | Equity contracts | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 42,080 | 39,561 |
Derivative Asset, Fair Value, Gross | 1,828 | 1,164 |
Derivative Liability, Fair Value, Gross | (2,395) | (1,733) |
Not designated as hedges | Client-related and other risk management | Credit Contract | Trading assets | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 560 | 100 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | Client-related and other risk management | Credit Contract | Loans and leases | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 325 | 225 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | Client-related and other risk management | Credit Contract | Risk participation agreements | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 7,627 | 7,499 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | (2) | (3) |
Not designated as hedges | Client-related and other risk management | Credit Contract | Total Return Swap | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 1,592 | 1,598 |
Derivative Asset, Fair Value, Gross | 38 | 41 |
Derivative Liability, Fair Value, Gross | (11) | (7) |
Not designated as hedges | Client-related and other risk management | Foreign exchange contracts | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 25,169 | 24,480 |
Derivative Asset, Fair Value, Gross | 211 | 256 |
Derivative Liability, Fair Value, Gross | (197) | (256) |
Not designated as hedges | Client-related and other risk management | Commodity Contract | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 8,858 | 8,367 |
Derivative Asset, Fair Value, Gross | 548 | 513 |
Derivative Liability, Fair Value, Gross | (537) | (503) |
Not designated as hedges | Mortgage banking | Interest rate contracts | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 4,130 | 2,783 |
Derivative Asset, Fair Value, Gross | 16 | 20 |
Derivative Liability, Fair Value, Gross | (16) | (27) |
Not designated as hedges | Mortgage banking | Interest rate contracts | Swap | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 137 | 105 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | Mortgage banking | Interest rate contracts | Options | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 400 | 400 |
Derivative Asset, Fair Value, Gross | 1 | 3 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | Mortgage banking | Interest rate contracts | Other | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 228 | 94 |
Derivative Asset, Fair Value, Gross | 1 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | Mortgage banking | Interest rate contracts | Interest rate lock commitments | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 1,316 | 746 |
Derivative Asset, Fair Value, Gross | 4 | 5 |
Derivative Liability, Fair Value, Gross | (10) | (10) |
Not designated as hedges | Mortgage banking | Interest rate contracts | When issued securities, forward rate agreements and forward commitments | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 2,049 | 1,438 |
Derivative Asset, Fair Value, Gross | 10 | 12 |
Derivative Liability, Fair Value, Gross | (6) | (17) |
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 37,116 | 32,731 |
Derivative Asset, Fair Value, Gross | 93 | 83 |
Derivative Liability, Fair Value, Gross | (97) | (110) |
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | Swap | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 18,492 | 15,252 |
Derivative Asset, Fair Value, Gross | 1 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | Options | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 15,002 | 14,854 |
Derivative Asset, Fair Value, Gross | 86 | 75 |
Derivative Liability, Fair Value, Gross | (97) | (109) |
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | Other | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 2,125 | 1,692 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | 0 | (1) |
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | When issued securities, forward rate agreements and forward commitments | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 1,497 | 933 |
Derivative Asset, Fair Value, Gross | 6 | 8 |
Derivative Liability, Fair Value, Gross | $ 0 | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Master Netting (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross | $ 3,397 | $ 2,828 |
Amount Offset | (2,309) | (1,877) |
Net Amount in Consolidated Balance Sheets | 1,088 | 951 |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | 1,088 | 951 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross | (5,580) | (4,682) |
Amount Offset | 2,590 | 2,085 |
Net amount | (2,990) | (2,597) |
Held/Pledged Financial Instruments | 157 | 151 |
Net Amount | (2,833) | (2,446) |
Derivatives Subject to Master Netting Arrangements | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross | 1,784 | 1,775 |
Amount Offset | (1,483) | (1,392) |
Net Amount in Consolidated Balance Sheets | 301 | 383 |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | 301 | 383 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross | (3,954) | (3,627) |
Amount Offset | 1,764 | 1,600 |
Net amount | (2,190) | (2,027) |
Held/Pledged Financial Instruments | 157 | 151 |
Net Amount | (2,033) | (1,876) |
Derivatives Not Subject to Master Netting Arrangement | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross | 78 | 97 |
Amount Offset | 0 | 0 |
Net Amount in Consolidated Balance Sheets | 78 | 97 |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | 78 | 97 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross | (800) | (568) |
Amount Offset | 0 | 0 |
Net amount | (800) | (568) |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | (800) | (568) |
Exchange Traded | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross | 1,535 | 956 |
Amount Offset | (826) | (485) |
Net Amount in Consolidated Balance Sheets | 709 | 471 |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | 709 | 471 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross | (826) | (487) |
Amount Offset | 826 | 485 |
Net amount | 0 | (2) |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | $ 0 | $ (2) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Fair Value Hedges Basis Adjusments (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
Amortized Cost | $ 78,719 | $ 78,849 | |
Financial Asset, Closed Portfolio, Portfolio Layer Method, Amortized Cost | 57,600 | ||
Items Currently Designated | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Financial Asset, Closed Portfolio, Portfolio Layer Method, Amortized Cost | 25,000 | ||
Fair Value Hedges | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Liability, Long Term Debt, Fair Value Hedge | 30,847 | 27,572 | |
Fair Value Hedges | Items Currently Designated | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | (469) | (237) | |
Fair Value Hedges | Discontinued Hedges | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | (453) | (475) | |
Fair Value Hedges | Available-for-sale Securities | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Asset / Liability Basis | [1] | 49,955 | 51,782 |
Amortized Cost | 58,700 | 62,200 | |
Fair Value Hedges | Available-for-sale Securities | Items Currently Designated | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | (433) | 6 | |
Fair Value Hedges | Available-for-sale Securities | Discontinued Hedges | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | (5) | (5) | |
Fair Value Hedges | Loans and leases | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Asset / Liability Basis | 320 | 322 | |
Fair Value Hedges | Loans and leases | Items Currently Designated | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | 0 | 0 | |
Fair Value Hedges | Loans and leases | Discontinued Hedges | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | $ 7 | $ 7 | |
[1] The amortized cost of AFS securities was $58.7 billion at March 31, 2024 and $62.2 billion at December 31, 2023. Further, as of March 31, 2024, closed portfolios of securities hedged under the portfolio layer method have an amortized cost of $57.6 billion, of which $25.0 billion was designated as hedged. The remaining amount of amortized cost is from securities with terminated hedges where the basis adjustment is being amortized into earnings using the effective interest method over the contractual life of the security. |
Derivative Financial Instrume_7
Derivative Financial Instruments - Amounts Related to Cash Flow Hedges (Details) - Cash Flow Hedges - Interest Rate Contracts - Commercial loans - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax gain (loss) recognized in OCI | $ (303) | $ 163 |
Pre-tax gain (loss) reclassified from AOCI into expense | $ (55) |
Derivative Financial Instrume_8
Derivative Financial Instruments - Amounts Related to Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Income recognized from securities with terminated hedges | $ 9 | $ 10 | |
Fair Value Hedges | Interest Rate Contracts | Net interest income | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Net income (expense) recognized | 108 | 54 | |
Fair Value Hedges | Interest Rate Contracts | Investment securities | Net interest income | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Amounts related to interest settlements | 163 | 76 | |
Recognized on derivatives | 442 | (95) | |
Recognized on hedged items | (436) | 106 | |
Net income (expense) recognized | [1] | 169 | 87 |
Fair Value Hedges | Interest Rate Contracts | Loans and leases | Net interest income | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Recognized on hedged items | (1) | (1) | |
Fair Value Hedges | Interest Rate Contracts | Long-term debt | Net interest income | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Amounts related to interest settlements | (39) | (46) | |
Recognized on derivatives | (232) | 156 | |
Recognized on hedged items | 211 | (142) | |
Net income (expense) recognized | $ (60) | $ (32) | |
[1] Includes $9 million of income recognized for the three months ended March 31, 2024, respectively, and $10 million for the three months ended March 31, 2023, respectively, from securities with terminated hedges that were reclassified to HTM. The income recognized was offset by the amortization of the fair value mark. |
Derivative Financial Instrume_9
Derivative Financial Instruments - Terminated Cash Flow and Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Derivative [Line Items] | ||||
Max time period which Truist is hedging a portion of the var. in future cash flows for forecasted transactions excluding those transactions relating to the payment of var. int. on existing instruments | 5 years | 5 years | ||
Debt Securities, Held-to-maturity, Derivative, Cumulative Gain (Loss) | $ 404 | $ 413 | ||
Cash flow hedges | ||||
Derivative [Line Items] | ||||
Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI | (310) | (106) | ||
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2029) | (180) | (194) | ||
Estimated portion of net after-tax gain (loss) on active and terminated hedges to be reclassified from AOCI into earnings during the next 12 months | (244) | $ (203) | ||
Fair Value Hedges | ||||
Derivative [Line Items] | ||||
Unrecognized pre-tax net gain (loss) on terminated hedges(1) | [1] | (51) | (64) | |
Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months | $ (70) | $ (60) | ||
[1] Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $404 million at March 31, 2024 and $413 million at December 31, 2023. |
Derivative Financial Instrum_10
Derivative Financial Instruments - Amounts Related to Derivative Instruments Not Designated as Hedges (Details) - Not designated as hedges - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | $ (33) | $ 14 |
Client-related and other risk management | Interest rate contracts | Investment banking and trading income and other income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | 39 | 34 |
Client-related and other risk management | Foreign exchange contracts | Investment banking and trading income and other income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | 65 | (3) |
Client-related and other risk management | Equity contracts | Investment banking and trading income and other income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | (17) | 2 |
Client-related and other risk management | Credit Contract | Investment banking and trading income and other income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | (24) | (33) |
Client-related and other risk management | Commodity Contract | Investment banking and trading income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | 2 | 10 |
Residential Mortgages | Interest rate contracts | Mortgage banking income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | (1) | (1) |
Commercial Mortgage Banking Income | Interest rate contracts | Mortgage banking income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | 0 | 1 |
Residential Servicing Contracts | Interest rate contracts | Mortgage banking income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | (91) | 1 |
Loan servicing rights commercial mortgages | Interest rate contracts | Mortgage banking income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | $ (6) | $ 3 |
Derivative Financial Instrum_11
Derivative Financial Instruments - Risk Participation Agreements and Total Return Swaps (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Risk Participation Agreements Sold | ||
Credit Derivatives [Line Items] | ||
Maximum potential amount of exposure | $ 471 | $ 520 |
Total Return Swap | ||
Credit Derivatives [Line Items] | ||
Cash and other collateral received | $ 419 | $ 437 |
Derivative Financial Instrum_12
Derivative Financial Instruments - Dealer Counterparties and Central Clearing Parties (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Credit Derivatives [Line Items] | ||
Unsecured positions in a net gain with counterparties after collateral postings | $ 1,088 | $ 951 |
Asset Pledged as Collateral | ||
Credit Derivatives [Line Items] | ||
Securities, fair value | 40,105 | 41,270 |
Dealer and other counterparties: | ||
Credit Derivatives [Line Items] | ||
Cash and other collateral received from counterparties | 664 | 609 |
Derivatives in a net gain position | 685 | 735 |
Unsecured positions in a net gain with counterparties after collateral postings | 80 | 126 |
Cash collateral posted | 1,045 | 960 |
Derivatives in a net loss position | 1,155 | 1,052 |
Central counterparties clearing: | ||
Credit Derivatives [Line Items] | ||
Derivatives in a net gain position | 7 | 2 |
Cash collateral posted | 8 | 14 |
Derivatives in a net loss position | 0 | 8 |
Central counterparties clearing: | Asset Pledged as Collateral | ||
Credit Derivatives [Line Items] | ||
Securities, fair value | $ 1,058 | $ 1,249 |
Computation of EPS (Details)
Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income available to common shareholders from continuing operations | $ 1,027 | $ 1,307 |
Net income available to common shareholders from discontinued operations | 64 | 103 |
Net income available to common shareholders | $ 1,091 | $ 1,410 |
Weighted average number of common shares | 1,335,091 | 1,328,602 |
Effect of dilutive outstanding equity-based awards | 11,813 | 10,878 |
Weighted average number of diluted common shares | 1,346,904 | 1,339,480 |
Basic earnings from continuing operations | $ 0.77 | $ 0.98 |
Basic earnings from discontinued operations | 0.05 | 0.08 |
Basic EPS | 0.82 | 1.06 |
Diluted earnings from continuing operations | 0.76 | 0.98 |
Diluted earnings from discontinued operations | 0.05 | 0.07 |
Diluted EPS | $ 0.81 | $ 1.05 |
Anti-dilutive awards | 0 | 621 |
Operating Segments - Narrative
Operating Segments - Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 numberOfSegments | |
Segment Reporting Information [Line Items] | |
Number of Major Reportable Business Segments | 2 |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Interest Income | $ 3,372 | $ 3,867 | |||
Allocated provision for credit losses | 500 | 502 | |||
Segment net interest income after provision | 2,872 | 3,365 | |||
Noninterest income | 1,446 | 1,421 | |||
Amortization of Intangible Assets | 88 | 100 | |||
Income before income taxes | 1,365 | 1,771 | |||
Provision for income taxes | 232 | 361 | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 1,133 | 1,410 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | 1,200 | 1,515 | |||
Identifiable assets (period end) of continuing operations | 534,959 | $ 535,349 | |||
CSBB | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Interest Income | 1,262 | 1,689 | |||
WB | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Interest Income | 2,240 | 2,221 | |||
OT&C | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Interest Income | [1] | (130) | (43) | ||
Operating Segments | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Interest Income | 3,372 | 3,867 | |||
Allocated provision for credit losses | 500 | 502 | |||
Segment net interest income after provision | 2,872 | 3,365 | |||
Noninterest income | 1,446 | 1,421 | |||
Amortization of Intangible Assets | 88 | 100 | |||
Other Noninterest Expense | 2,865 | 2,915 | |||
Income before income taxes | 1,365 | 1,771 | |||
Provision for income taxes | 232 | 361 | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 1,133 | 1,410 | |||
Identifiable assets (period end) of continuing operations | 527,187 | 566,978 | |||
Operating Segments | CSBB | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Interest Income | 2,603 | 2,690 | |||
Allocated provision for credit losses | 303 | 270 | |||
Segment net interest income after provision | 2,300 | 2,420 | |||
Noninterest income | 494 | 544 | |||
Amortization of Intangible Assets | 46 | 53 | |||
Other Noninterest Expense | 1,588 | 1,570 | |||
Income before income taxes | 1,160 | 1,341 | |||
Provision for income taxes | 280 | 318 | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 880 | 1,023 | |||
Identifiable assets (period end) of continuing operations | 143,132 | 161,530 | |||
Operating Segments | WB | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Interest Income | 1,679 | 1,832 | |||
Allocated provision for credit losses | 198 | 235 | |||
Segment net interest income after provision | 1,481 | 1,597 | |||
Noninterest income | 985 | 960 | |||
Amortization of Intangible Assets | 42 | 47 | |||
Other Noninterest Expense | 1,343 | 1,263 | |||
Income before income taxes | 1,081 | 1,247 | |||
Provision for income taxes | 205 | 260 | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 876 | 987 | |||
Identifiable assets (period end) of continuing operations | 209,604 | 218,215 | |||
Operating Segments | OT&C | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Interest Income | [1] | (910) | (655) | ||
Allocated provision for credit losses | [1] | (1) | (3) | ||
Segment net interest income after provision | [1] | (909) | (652) | ||
Noninterest income | (33) | [1] | (83) | ||
Amortization of Intangible Assets | [1] | 0 | 0 | ||
Other Noninterest Expense | [1] | (66) | 82 | ||
Income before income taxes | [1] | (876) | (817) | ||
Provision for income taxes | [1] | (253) | (217) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | [1] | (623) | (600) | ||
Identifiable assets (period end) of continuing operations | [1] | 174,451 | 187,233 | ||
Intersegment Eliminations | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Interest Income | 0 | 0 | |||
Intersegment Eliminations | CSBB | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Interest Income | 1,341 | 1,001 | |||
Intersegment Eliminations | WB | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Interest Income | (561) | (389) | |||
Intersegment Eliminations | OT&C | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Interest Income | [1] | $ (780) | $ (612) | ||
[1] Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 3 Months Ended | |||
May 06, 2024 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Subsequent Event [Line Items] | ||||
Proceeds from sales of AFS securities | $ 6 | $ 4 | ||
Amortized Cost | 78,719 | $ 78,849 | ||
Payments to Acquire Debt Securities, Available-for-sale | $ 3,807 | $ 140 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Proceeds from sales of AFS securities | $ 27,700 | |||
Debt Securities, Gain (Loss) | (5,100) | |||
Amortized Cost | $ 34,400 | |||
Debt Securities, Available-for-Sale, Weighted Average Yield | 2.80% | |||
Available for Reinvestment | $ 29,300 | |||
Subsequent Event | Reinvestment from Proceeds | ||||
Subsequent Event [Line Items] | ||||
Debt Securities, Available-for-Sale, Weighted Average Yield | 5.27% | |||
Available for Reinvestment | $ 39,400 | |||
Payments to Acquire Debt Securities, Available-for-sale | 18,700 | |||
Cash | $ 20,700 | |||
Interest-Earning Assets, Average Yield | 5.22% | |||
IH | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Proceeds from Divestiture of Businesses | $ 10,100 | |||
Noncontrolling interest minority stake sale | 0.20 |