Cover
Cover | May 10, 2024 |
Entity Listings [Line Items] | |
Entity Central Index Key | 0000092230 |
Document Type | 8-K |
Document Period End Date | May 10, 2024 |
Entity Registrant Name | Truist Financial Corporation |
Entity Incorporation, State or Country Code | NC |
Entity File Number | 1-10853 |
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 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Common Stock, $5 par value | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Common Stock, $5 par value |
Trading Symbol | TFC |
Security Exchange Name | NYSE |
Series I | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock |
Trading Symbol | TFC.PI |
Security Exchange Name | NYSE |
Series J Preferred Stock | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock |
Trading Symbol | TFC.PJ |
Security Exchange Name | NYSE |
Series O | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock |
Trading Symbol | TFC.PO |
Security Exchange Name | NYSE |
Series R Preferred Stock | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred Stock |
Trading Symbol | TFC.PR |
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Charlotte, North Carolina |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and Due from Banks | $ 5,000 | $ 5,290 |
Interest-bearing deposits with banks | 25,230 | 15,708 |
Securities borrowed or purchased under agreements to resell | 2,378 | 3,181 |
Trading assets at fair value | 4,332 | 4,905 |
AFS securities at fair value | 67,366 | 71,801 |
HTM securities (fair value of $44,630 and $47,791, respectively) | 54,107 | 57,713 |
LHFS (including $852 and $1,065 at fair value, respectively) | 1,280 | 1,444 |
Loans and leases (including $15 and $18 at fair value, respectively) | 312,061 | 325,991 |
ALLL | (4,798) | (4,377) |
Loans and leases, net of ALLL | 307,263 | 321,614 |
Premises and equipment | 3,298 | 3,527 |
Goodwill | 17,156 | 23,233 |
CDI and other intangible assets | 1,909 | 2,313 |
Loan servicing rights at fair value | 3,378 | 3,758 |
Other assets (including $1,311 and $1,582 at fair value, respectively) | 34,997 | 33,113 |
Assets of discontinued operations | 7,655 | 7,655 |
Total assets | 535,349 | 555,255 |
Liabilities | ||
Noninterest-bearing deposits | 111,624 | 135,742 |
Interest-bearing deposits | 284,241 | 277,753 |
Short-term borrowings (including $1,625 and $1,551 at fair value, respectively) | 24,828 | 23,422 |
Long-term debt | 38,918 | 43,203 |
Other liabilities (including $2,597 and $2,971 at fair value, respectively) | 12,946 | 11,517 |
Liabilities of discontinued operations | 3,539 | 3,081 |
Total liabilities | 476,096 | 494,718 |
Shareholders’ Equity | ||
Preferred stock | 6,673 | 6,673 |
Common stock, $5 par value | 6,669 | 6,634 |
Additional paid-in capital | 36,177 | 34,544 |
Retained earnings | 22,088 | 26,264 |
AOCI, net of deferred income taxes | (12,506) | (13,601) |
Noncontrolling interests | 152 | 23 |
Total shareholders’ equity | 59,253 | 60,537 |
Total liabilities and shareholders’ equity | $ 535,349 | $ 555,255 |
Common shares outstanding | 1,333,743 | 1,326,829 |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
HTM securities, Fair Value | $ 44,630 | $ 47,791 |
Loans Held for Sale, Fair Value | 852 | 1,065 |
Loans Receivable, Fair Value Disclosure | 15 | 18 |
Other Assets, Fair Value Disclosure | 1,311 | 1,582 |
Short-term borrowings, fair value | 1,625 | 1,551 |
Other Liabilities, Fair Value Disclosure | $ 2,597 | $ 2,971 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Income | |||
Interest and fees on loans and leases | $ 19,518 | $ 13,252 | $ 11,481 |
Interest on securities | 3,066 | 2,763 | 2,090 |
Interest on other earning assets | 1,868 | 619 | 199 |
Total interest income | 24,452 | 16,634 | 13,770 |
Interest Expense | |||
Interest on deposits | 6,427 | 1,145 | 148 |
Interest on long-term debt | 2,215 | 791 | 573 |
Interest on other borrowings | 1,286 | 385 | 47 |
Total interest expense | 9,928 | 2,321 | 768 |
Net Interest Income | 14,524 | 14,313 | 13,002 |
Provision for credit losses | 2,109 | 777 | (813) |
Net Interest Income After Provision for Credit Losses | 12,415 | 13,536 | 13,815 |
Noninterest Income | |||
Noninterest income | 5,498 | 5,660 | 6,668 |
Noninterest Expense | |||
Personnel expense | 6,516 | 6,558 | 6,998 |
Professional fees and outside processing | 1,192 | 1,322 | 1,374 |
Software expense | 868 | 887 | 913 |
Net occupancy expense | 658 | 690 | 713 |
Amortization of intangibles | 395 | 455 | 472 |
Equipment expense | 381 | 449 | 484 |
Marketing and customer development | 260 | 321 | 277 |
Operating lease depreciation | 175 | 184 | 190 |
Regulatory costs | 824 | 183 | 137 |
Merger-related and restructuring charges | 320 | 466 | 793 |
Goodwill, Impairment Loss | 6,078 | 0 | 0 |
Other expense | 1,011 | 652 | 751 |
Total noninterest expense | 18,678 | 12,167 | 13,102 |
Earnings | |||
Income (loss) before income taxes | (765) | 7,029 | 7,381 |
Provision for income taxes | 738 | 1,250 | 1,408 |
Net income (loss) from continuing operations | (1,503) | 5,779 | 5,973 |
Net income (loss) from discontinued operations | 456 | 488 | 464 |
Net income (loss) | (1,047) | 6,267 | 6,437 |
Noncontrolling interests from continuing operations | 0 | 0 | (3) |
Noncontrolling interests from discontinued operations | 44 | 7 | 0 |
Preferred stock dividends and other | 361 | 333 | 407 |
Net income (loss) available to common shareholders | $ (1,452) | $ 5,927 | $ 6,033 |
Basic earnings from continuing operations | $ (1.40) | $ 4.10 | $ 4.16 |
Basic EPS | (1.09) | 4.46 | 4.51 |
Diluted earnings from continuing operations | (1.40) | 4.07 | 4.13 |
Diluted EPS | $ (1.09) | $ 4.43 | $ 4.47 |
Basic weighted average shares outstanding (in shares) | 1,331,963 | 1,328,120 | 1,337,144 |
Diluted weighted average shares outstanding (in shares) | 1,331,963 | 1,338,462 | 1,349,378 |
Wealth management income | |||
Noninterest Income | |||
Noninterest income | $ 1,358 | $ 1,338 | $ 1,392 |
Investment banking and trading income | |||
Noninterest Income | |||
Noninterest income | 822 | 995 | 1,441 |
Card and payment related fees | |||
Noninterest Income | |||
Noninterest income | 936 | 944 | 874 |
Service charges on deposits | |||
Noninterest Income | |||
Noninterest income | 873 | 1,028 | 1,062 |
Mortgage banking income | |||
Noninterest Income | |||
Noninterest income | 437 | 460 | 734 |
Lending related fees | |||
Noninterest Income | |||
Noninterest income | 447 | 375 | 349 |
Operating lease income | |||
Noninterest Income | |||
Noninterest income | 254 | 258 | 262 |
Securities gains (losses) | |||
Noninterest Income | |||
Noninterest income | 0 | (71) | 0 |
Other income | |||
Noninterest Income | |||
Noninterest income | $ 371 | $ 333 | $ 554 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (1,047) | $ 6,267 | $ 6,437 |
OCI, net of tax: | |||
Net change in net pension and postretirement costs | 456 | (1,449) | 789 |
Net change in cash flow hedges | (222) | (69) | 55 |
Net change in AFS securities | 617 | (10,757) | (3,164) |
Net change in HTM securities | 241 | 284 | 0 |
Other, net | 3 | (6) | 0 |
Total OCI, net of tax | 1,095 | (11,997) | (2,320) |
Total OCI | 48 | (5,730) | 4,117 |
Income Tax Effect of Items Included in OCI: | |||
Net change in net pension and postretirement costs | 138 | (445) | 243 |
Net change in cash flow hedges | (69) | (21) | 17 |
Net change in AFS securities | 155 | (3,277) | (971) |
Net change in HTM securities | 65 | 83 | 0 |
Total income taxes related to OCI | $ 289 | $ (3,660) | $ (711) |
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, 2020 | $ 70,912 | $ 6,745 | $ 8,048 | $ 35,843 | $ 19,455 | $ 716 | $ 105 |
Beginning balance (in shares) at Dec. 31, 2020 | 1,348,961 | ||||||
Add (Deduct): | |||||||
Net income (loss) | 6,437 | 6,440 | (3) | ||||
OCI | (2,320) | (2,320) | |||||
Stock transactions: | |||||||
Issued in connection with equity awards, net | (93) | $ 32 | (120) | (5) | |||
Issued in connection with equity awards, net (in shares) | 6,466 | ||||||
Repurchase of common stock (in shares) | (27,609) | ||||||
Repurchase of common stock | (1,616) | $ (138) | (1,478) | ||||
Redemption of preferred stock | (1,415) | (1,375) | (40) | ||||
Cash dividends declared on common stock | (2,485) | (2,485) | |||||
Cash dividends declared on preferred stock | (367) | (367) | |||||
Equity-based compensation expense | 320 | 320 | |||||
Other, net | (102) | 0 | 0 | (102) | |||
Ending balance at Dec. 31, 2021 | 69,271 | $ 6,639 | 6,673 | 34,565 | 22,998 | (1,604) | 0 |
Ending balance (in shares) at Dec. 31, 2021 | 1,327,818 | ||||||
Add (Deduct): | |||||||
Net income (loss) | 6,267 | 6,260 | 7 | ||||
OCI | (11,997) | (11,997) | |||||
Stock transactions: | |||||||
Issued in connection with equity awards, net | (99) | $ 21 | (115) | (5) | |||
Issued in connection with equity awards, net (in shares) | 4,119 | ||||||
Repurchase of common stock (in shares) | (5,108) | ||||||
Repurchase of common stock | (250) | $ (26) | (224) | ||||
Cash dividends declared on common stock | (2,656) | (2,656) | |||||
Cash dividends declared on preferred stock | (333) | (333) | |||||
Equity-based compensation expense | 318 | 318 | |||||
Other, net | 16 | 16 | |||||
Ending balance at Dec. 31, 2022 | $ 60,537 | $ 6,634 | 6,673 | 34,544 | 26,264 | (13,601) | 23 |
Ending balance (in shares) at Dec. 31, 2022 | 1,326,829 | 1,326,829 | |||||
Add (Deduct): | |||||||
Net income (loss) | $ (1,047) | (1,091) | 44 | ||||
OCI | 1,095 | 1,095 | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 1,413 | 1,317 | 96 | ||||
Stock transactions: | |||||||
Issued in connection with equity awards, net | 22 | $ 35 | (4) | (9) | |||
Issued in connection with equity awards, net (in shares) | 6,914 | ||||||
Cash dividends declared on common stock | (2,770) | (2,770) | |||||
Cash dividends declared on preferred stock | (361) | (361) | |||||
Equity-based compensation expense | 320 | 320 | |||||
Other, net | 44 | 0 | 55 | (11) | |||
Ending balance at Dec. 31, 2023 | $ 59,253 | $ 6,669 | $ 6,673 | $ 36,177 | $ 22,088 | $ (12,506) | $ 152 |
Ending balance (in shares) at Dec. 31, 2023 | 1,333,743 | 1,333,743 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows From Operating Activities: | |||
Net income (loss) | $ (1,047) | $ 6,267 | $ 6,437 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Provision for credit losses | 2,109 | 777 | (813) |
Depreciation | 688 | 783 | 810 |
Amortization of intangibles | 527 | 583 | 574 |
Goodwill, Impairment Loss | 6,078 | 0 | 0 |
Securities (gains) losses | 0 | 71 | 0 |
Net change in operating assets and liabilities: | |||
LHFS | 213 | 2,479 | 1,411 |
Loan servicing rights | (28) | (813) | (206) |
Pension asset | (2,024) | 1,399 | (1,580) |
Derivative assets and liabilities | 409 | 3,836 | 1,296 |
Trading assets | 573 | (482) | (551) |
Other assets and other liabilities | 1,128 | (1,434) | 285 |
Other, net | 5 | (2,385) | 229 |
Net cash from operating activities | 8,631 | 11,081 | 7,892 |
Cash Flows From Investing Activities: | |||
Proceeds from sales of AFS securities | 21 | 3,314 | 148 |
Proceeds from maturities, calls and paydowns of AFS securities | 10,009 | 12,299 | 33,968 |
Purchases of AFS securities | (4,230) | (9,357) | (70,775) |
Proceeds from maturities, calls and paydowns of HTM securities | 3,934 | 5,140 | 0 |
Purchases of HTM securities | 0 | (3,020) | 0 |
Originations and purchases of loans and leases, net of sales and principal collected | 12,202 | (32,840) | 9,787 |
Net cash received (paid) for FHLB stock | 81 | (1,231) | 116 |
Net cash received (paid) for securities borrowed or purchased under agreements to resell | 803 | 847 | (2,283) |
Net cash received (paid) for asset acquisitions, business combinations, and divestitures | (17) | (4,673) | (1,638) |
Other, net | 55 | (451) | (1,379) |
Net cash from investing activities | 22,858 | (29,972) | (32,056) |
Cash Flows From Financing Activities: | |||
Net change in deposits | (17,630) | (2,986) | 35,423 |
Net change in short-term borrowings | 1,397 | 18,060 | (800) |
Proceeds from issuance of long-term debt | 50,943 | 15,777 | 4,728 |
Repayment of long-term debt | (55,018) | (7,297) | (7,959) |
Repurchase of common stock | 0 | (250) | (1,616) |
Redemption of preferred stock | 0 | 0 | (1,415) |
Cash dividends paid on common stock | (2,770) | (2,656) | (2,485) |
Cash dividends paid on preferred stock | (361) | (333) | (367) |
Net cash received (paid) for hedge unwinds | (737) | (185) | 0 |
Net cash from TIH minority stake sale | 1,922 | 0 | 0 |
Other, net | (12) | (113) | 82 |
Net cash from financing activities | (22,266) | 20,017 | 25,591 |
Net Change in Cash and Cash Equivalents | 9,223 | 1,126 | 1,427 |
Cash and Cash Equivalents of Continuing and Discontinued Operations, January 1 | 21,421 | 20,295 | 18,868 |
Cash and Cash Equivalents of Continuing and Discontinued Operations, December 31 | 30,644 | 21,421 | 20,295 |
Supplemental Disclosure of Cash Flow Information: | |||
Net cash paid (received) during the period for interest expense | 9,138 | 2,007 | 859 |
Net cash paid (received) during the period for income taxes | 780 | 479 | 792 |
Noncash investing activities: | |||
Transfer of loans HFI to LHFS | 5,219 | 549 | 925 |
Purchases (sales) of securities not yet settled | 0 | 0 | 2,275 |
Transfer of AFS securities to HTM | $ 0 | $ 59,436 | $ 0 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank. In 2023, the Company operated and measured business activity across three business segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. These segments were realigned in the first quarter of 2024 with the Company operating and measuring business activity across two business segments: Consumer and Small Business Banking and Wholesale Banking. 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. For additional information on the Company’s business segments and their realignment, see “Note 22. Operating Segments.” General See the Glossary of Defined Terms at the beginning of this Report for terms used herein. The accounting and reporting policies are in accordance with GAAP and conform to the guidelines prescribed by regulatory authorities. The following is a summary of significant accounting policies. Principles of Consolidation The consolidated financial statements include the accounts of Truist Financial Corporation and those subsidiaries that are wholly or majority owned by Truist or over which Truist has a controlling financial interest. Intercompany accounts and transactions are eliminated in consolidation. The results of operations of companies and net assets acquired are included from the date of acquisition. Results of operations associated with entities or net assets sold are included through the date of disposition. Truist holds investments in certain legal entities that are considered VIEs. VIEs are legal entities in which equity investors do not have sufficient equity at risk for the entity to independently finance its activities, or as a group, the holders of the equity investment at risk lack the power through voting or similar rights to direct the activities of the entity that most significantly impact its economic performance, or do not have the obligation to absorb the expected losses of the entity or the right to receive expected residual returns of the entity. Consolidation of a VIE is required if a reporting entity is the primary beneficiary of the VIE. Investments in VIEs are evaluated to determine if Truist is the primary beneficiary. This evaluation gives appropriate consideration to the design of the entity and the variability that the entity was designed to create and pass along, the relative power of each party, and to Truist’s obligation to absorb losses or receive residual returns of the entity. For changes in facts and circumstances, Truist re-assesses whether or not it is a primary beneficiary of a VIE. Truist has variable interests in certain entities that are not required to be consolidated. Refer to “Note 17. Commitments and Contingencies” for additional disclosures regarding Truist’s VIEs. Investments in entities for which the Company has the ability to exercise significant influence, but not control, over operating and financing decisions are accounted for using the equity method of accounting. These investments are included in Other assets in the Consolidated Balance Sheets at cost, adjusted to reflect the Company’s portion of income, loss, or dividends of the investee. Truist records its portion of income or loss in Other noninterest income in the Consolidated Statements of Income. These investments are periodically evaluated for impairment. The Company reports any noncontrolling interests in its subsidiaries in the equity section of the Consolidated Balance Sheets and separately presents the income or loss attributable to the noncontrolling interest of a consolidated subsidiary in its Consolidated Statements of Income. 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 segment realignment. Refer to “Note 22. 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. Business Combinations Truist accounts for business combinations using the acquisition method. The accounts of an acquired entity are included as of the date of acquisition, and any excess of purchase price over the fair value of the net assets acquired is recorded as goodwill. Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks and interest-bearing deposits with banks that have original maturities of three months or less. Accordingly, the carrying amount of such instruments is considered a reasonable estimate of fair value. Restricted cash was immaterial at December 31, 2023 and 2022. Securities Financing Activities Securities borrowed or purchased under agreements to resell are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were borrowed or purchased. On the acquisition date of these securities, the Company and related counterparty agree on the amount of collateral required to secure the principal amount loaned under these agreements. The Company monitors collateral values daily and calls for additional collateral to be provided as warranted under the respective agreements. Short-term borrowings include securities sold under agreements to repurchase, which are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold. The Company monitors collateral values daily and pledges collateral as warranted under the respective agreements. Trading Activities Various trading assets and liabilities are used to accommodate the investment and risk management activities of the Company’s clients. Product offerings to clients include debt securities, loans traded in the secondary market, equity securities, derivative contracts, and other similar financial instruments. The Company elects to apply fair value accounting to trading loans. Trading loans include: (i) loans held in connection with the Company’s trading business primarily consisting of commercial and corporate leveraged loans; (ii) certain SBA loans guaranteed by the U.S. government; and (iii) loans made or acquired in connection with the Company’s TRS business. Other trading-related activities include acting as a market maker for certain debt and equity security transactions, derivative instrument transactions, and foreign exchange transactions. Trading assets and liabilities are measured at fair value with changes in fair value recognized within Noninterest income in the Company’s Consolidated Statements of Income. Interest income on trading account securities is included in Interest on other earning assets. For additional information on the Company’s trading activities, see “Note 17. Commitments and Contingencies” and “Note 19. Fair Value Disclosures.” Investment Securities The Company invests in various debt securities primarily for liquidity management purposes and as part of the overall ALM process to optimize income and market performance. Investments in debt securities that are not held for trading purposes are classified as HTM or AFS. Interest income on securities is recognized in income on an accrual basis. Premiums and discounts are amortized into interest income using the effective interest method over the contractual life of the security. As prepayments are received, a proportionate amount of the related premium or discount is recognized in income so that the effective interest rate on the remaining portion of the security continues unchanged. Debt securities are classified as HTM when Truist has both the intent and ability to hold the securities to maturity. HTM securities are reported at amortized cost. AFS securities are reported at estimated fair value, with unrealized gains and losses reported in AOCI, net of deferred income taxes, in the Shareholders’ equity section of the Consolidated Balance Sheets. Gains or losses realized from the sale of AFS securities are determined by specific identification and are included in noninterest income. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. AFS debt securities in an unrealized loss position are evaluated at the balance sheet date to determine whether such losses are credit-related. Credit related losses are measured on an individual basis and recognized in an ACL. Changes in expected credit losses are recognized in the Provision for credit losses in the Consolidated Statements of Income. Municipal securities are evaluated for impairment using a municipal bond credit scoring tool that leverages historical municipal market data to estimate probability of default and loss given default at the issuer level. U.S. Treasury securities, government guaranteed securities, and other securities issued by GSEs are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by rating agencies and have a long history of no credit losses. Non-agency MBS in the portfolio reflect recent issuances that are highly rated, include excess collateral and are collateralized by loans to borrowers with high credit scores and low loan to value ratios. Truist utilizes cash flow modeling for the evaluation of potential credit impairment on non-agency securities in an unrealized loss position. Cash flow modeling incorporates a variety of factors that impact the long-term expectation of collateral performance. Impairment is attributable to factors other than credit when there continues to be an expectation of the collection of all contractual principal and interest. Related to any unrealized losses reported in AOCI, Truist considers any intent to sell and whether it was more-likely-than-not that the Company would be required to sell those securities before the anticipated recovery of the amortized cost basis as of the reporting date. Equity Securities Equity securities that are not classified as trading assets or liabilities are recorded in Other assets on the Company’s Consolidated Balance Sheets. Equity securities with readily determinable fair values are considered marketable and measured at fair value, with changes in the fair value recognized as a component of Other noninterest income in the Company’s Consolidated Statements of Income. Marketable equity securities include mutual fund investments and other publicly traded equity securities. Dividends received from marketable equity securities and FHLB stock are recognized within Interest income in the Consolidated Statements of Income. Equity securities that are not accounted for under the equity method and that do not have readily determinable fair values are considered non-marketable and are accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any adjustments to the carrying value of these non-marketable equity securities are recognized in Other noninterest income in the Company’s Consolidated Statements of Income. Non-marketable equity securities include FHLB stock and other equity investments. For additional information on the Company’s equity securities, see “Note 19. Fair Value Disclosures.” LHFS LHFS includes primarily residential mortgage and commercial mortgage loans that management intends to sell in the secondary market and other loans that management has an active plan to sell. LHFS also includes specifically identified loans where management has committed to a formal plan of sale and the loans are available for immediate sale. The Company elects to apply fair value accounting to residential and commercial mortgage loans that are originated with the intent to be sold in the secondary market. Direct loan origination fees associated with these loans are recorded as Mortgage banking income. The majority of direct origination costs are recorded in Personnel expense. The fair value of these loans is derived from observable current market prices when available and includes loan servicing value. When observable market prices are not available, the Company uses judgment and estimates fair value using internal models that reflect assumptions consistent with those that would be used by a market participant in estimating fair value. First lien residential mortgage LHFS are transferred in conjunction with GNMA and GSE securitization transactions, whereby the loans are exchanged for cash or securities that are readily redeemable for cash with servicing rights retained. Net gains/losses on the sale of residential mortgage LHFS are recorded at inception of the associated interest rate lock commitments and reflect the change in value of the loans resulting from changes in interest rates from the time the Company enters into interest rate lock commitments with borrowers until the loans are sold, adjusted for pull through rates and excluding hedge transactions initiated to mitigate this market risk. Commercial mortgage LHFS are sold to FNMA and FHLMC and the Company also issues and sells GNMA commercial MBS backed by FHA insured loans. The loans and securities are exchanged for cash with servicing rights retained. Gains and losses on sales of residential and commercial mortgages are included in Mortgage banking income and gains and losses on sales of other consumer loans are included in Other income. In certain circumstances, the Company may transfer certain loans from HFI to LHFS. At the time of transfer, the loans are recorded at LOCOM and charge-offs are recorded as necessary at the transfer date. Subsequent to the initial transfer to LHFS these assets are revalued at each subsequent reporting date, and any resulting adjustments are reported as changes to a valuation allowance, which is recorded as a component of Noninterest income in the Consolidated Statements of Income. For additional information on the Company’s LHFS, see “Note 19. Fair Value Disclosures.” Specifically identified LHFS, where management has committed to a formal plan of sale and the loans are available for immediate sale, are recorded at LOCOM. Origination fees and costs for such loans are capitalized in the basis of the loan and are included in the calculation of realized gains and losses upon sale. Adjustments to reflect unrealized losses resulting from changes in fair value and realized gains and losses upon ultimate sale of the loans are classified as Noninterest income in the Consolidated Statements of Income. The fair value of these loans is estimated using observable market prices when available, but may also incorporate consideration of other unobservable inputs such as indicative bids, broker price opinions or other information derived from internal or external data sources. Loans and Leases The Company’s accounting methods for loans differ depending on whether the loans are originated or purchased, and if purchased, whether or not the loans reflect credit deterioration since the date of origination such that at the date of acquisition there is more than an insignificant deterioration in credit. Unearned income, discounts, and net deferred loan fees and costs include direct costs associated with loan origination as well as premiums and discounts from origination or purchase, which are deferred and amortized over the respective loan terms. Originated Loans and Leases Loans and leases that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balances net of any unearned income, charge-offs, and unamortized fees and costs. Interest and fees on loans and leases includes certain loan fees and deferred direct costs associated with the lending process recognized over the contractual lives of the loans using the effective interest method for amortizing loans or straight-line method for loans with interest-only repayment terms or revolving privileges. Purchased Loans Purchased loans are recorded at their fair value at the acquisition date. Purchased loans are evaluated upon acquisition and classified as either PCD, which indicates that the loan reflects more-than-insignificant deterioration in credit quality since origination, or non-PCD. Truist considers a variety of factors in connection with the identification of more-than-insignificant deterioration in credit quality, including but not limited to risk grades, delinquency, nonperforming status, previous reportable loan modifications, bankruptcies, and other qualitative factors that indicate deterioration in credit quality since origination. Fair values for purchased loans in a business combination are based on a discounted cash flow methodology that considers credit loss expectations, market interest, rates, and other market factors such as liquidity from the perspective of a market participant. Loans are grouped together according to similar characteristics and treated in the aggregate when applying various valuation techniques. The probability of default, loss given default and prepayment assumptions are the key factors driving credit losses which are embedded into the estimated cash flows. These assumptions are informed by comparable internal data on loan characteristics, historical loss experience, and current and forecasted economic conditions. The interest and liquidity component of the estimate are determined by discounting interest and principal cash flows through the expected life of the underlying loans. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity. The discount rates do not include a factor for credit losses as that has been included as a reduction to the estimated cash flows. For PCD loans, the initial estimate of expected credit losses is determined using the same methodology as other loans held for investment and recognized as an adjustment to the acquisition price of the asset; thus, the sum of the loans’ purchase price and initial ALLL estimate represents the initial amortized cost basis. The difference between the initial amortized cost basis and the par value is the non-credit discount or premium. For non-PCD loans, the difference between the fair value and the par value is considered the fair value mark. The initial ALLL for non-PCD loans is recorded with a corresponding charge to the Provision for credit losses in the Consolidated Statements of Income. Subsequent changes in the ALLL related to PCD and non-PCD loans are recognized in the Provision for credit losses. The non-credit discount or premium related to PCD loans and the fair value mark on non-PCD loans are amortized or accreted to Interest and fees on loans and leases over the contractual life of the loans using the effective interest method for amortizing loans, and using a straight-line approach for loans with interest-only repayment terms or revolving privileges. In the event of prepayment, unamortized discounts or premiums are recognized in Interest and fees on loans and leases. Loan Modifications In certain circumstances, the Company enters into agreements to modify the terms of loans to borrowers that are experiencing financial difficulty. The scope of these loan modifications varies from portfolio to portfolio but generally falls into one of the following categories: • Renewals: represent the renewal of a loan where the Company has concluded that the borrower is experiencing financial difficulty. Commercial renewals result in an extension of the maturity date of the loan (or in some cases a contraction of the loan term), and other significant terms of the loan (e.g., interest rate, collateral, guarantor support, etc.) are re-evaluated in connection with the renewal event. • Term extensions: represent an adjustment to the maturity date of the loan that typically results in a reduction to the borrower’s scheduled payment over the remainder of the loan. • Capitalizations: represents the capitalization of forborne loan payments and/or other amounts advanced on behalf of the borrower into the principal balance of a residential mortgage loan. • Payment delays: provide the borrower with a temporary postponement of loan payments that is considered other-than-insignificant, which has been defined as a payment delay that exceeds 90 days, or three payment cycles, over a rolling 12-month period. These postponed loan payments may result in an extension of the ultimate maturity date of the loan or may be capitalized into the principal balance of the loan in certain circumstances. • Combinations: in certain circumstances more than one type of a modification is provided to a borrower (e.g., interest rate reduction and term extension). • Other: represents other types of loan modifications that are not considered significant for disclosure purposes. The Company has identified borrowers that are included in the Loan Modifications disclosures in “Note 6. Loans and ACL” as follows: • Commercial: the Company evaluates all modifications of loans to commercial borrowers that are rated substandard or worse and includes the modifications in its disclosure to the extent that the modification is considered other-than-insignificant. • Consumer and credit card: loan modifications to consumer and credit card borrowers are generally limited to borrowers that are experiencing financial difficulty. As a result, the Company evaluates all modifications of consumer and credit card loans and includes them in the disclosure to the extent that they are considered other-than insignificant. TDRs Prior to January 1, 2023, modifications to a borrower’s debt agreement were considered TDRs if a concession was granted for economic or legal reasons related to a borrower’s financial difficulties that otherwise would not be considered. TDRs were undertaken to improve the likelihood of recovery on the loan and took the form of modifications that result in the stated interest rate of the loan being lower than the current market rate for new debt with similar risk, other modifications to the structure of the loan that fall outside of normal underwriting policies and procedures, or in certain limited circumstances, forgiveness of principal or interest. A restructuring that results in only a delay in payments that is insignificant was not considered an economic concession. TDRs were classified as performing or nonperforming, depending on the individual facts and circumstances of the borrower and an evaluation as to whether the borrower was able to repay the loan based on the modified terms. In circumstances where the TDR involved charging off a portion of the loan balance, Truist classified these TDRs as nonperforming. The decision to maintain commercial TDRs on performing status was based on a current, well documented credit evaluation of the borrowers’ financial condition and prospects for repayment under the modified terms. This evaluation included consideration of the borrower’s current capacity to pay, which among other things may include a review of the borrower’s current financial statements, an analysis of cash flow available to pay debt obligations, and an evaluation of secondary sources of payment from the borrower and any guarantors. This evaluation also included an evaluation of the borrower’s willingness to pay, which could include a review of past payment history, an evaluation of the borrower’s willingness to provide information on a timely basis, and consideration of offers from the borrower to provide additional collateral or guarantor support. The credit evaluation could also include review of cash flow projections, consideration of the adequacy of collateral to cover all principal and interest and trends indicating improving profitability and collectability of receivables. The evaluation of mortgage and other consumer loans included an evaluation of the client’s debt-to-income ratio, credit report, property value and certain other client-specific factors that impact the clients’ ability to make timely principal and interest payments on the loan. NPAs NPAs include NPLs and foreclosed property. Foreclosed property consists of real estate and other assets acquired as a result of clients’ loan defaults. Truist’s policies for placing loans on nonperforming status conform to guidelines prescribed by bank regulatory authorities. Truist classifies loans and leases as past due when the payment of principal and interest based upon contractual terms is greater than 30 days delinquent or if one payment is past due. The following table summarizes the delinquency thresholds that are a factor used in evaluating nonperforming classification and the timing of charge-off evaluations: (number of days) Placed on Nonperforming (1)(2) Evaluated for Charge-off (2) Commercial: Commercial and industrial 90 (3) 90 (3) CRE 90 (3) 90 (3) Commercial construction 90 (3) 90 (3) Consumer: Residential mortgage (4) 90 to 180 90 to 180 Home equity (4) 90 to 120 90 to 180 Indirect auto (4) 90 120 Other consumer (4) 90 to 120 90 to 120 Student (5)(6) NA 120 to 180 Credit card (7) NA 90 to 180 (1) Loans may be returned to performing status when (i) the borrower has resumed paying the full amount of the scheduled contractual interest and principal payments, (ii) management concludes that all principal and interest amounts contractually due (including arrearages) are reasonably assured of repayment, and (iii) there is a sustained period of repayment performance, generally a minimum of six months. (2) The timing of nonaccrual and charge-off evaluations are accelerated in circumstances where the borrower has filed for bankruptcy. (3) Or when it is probable that principal or interest is not fully collectible, whichever occurs first. (4) Depends on product type, loss mitigation status, status of the government guaranty, if applicable, and certain other product-specific factors. (5) Student loans are not placed in nonperforming status, which reflects consideration of governmental guarantees or accelerated charge-off policies related to certain non-guaranteed portfolios. (6) Government guaranteed loans are considered to be in default once they reach 270 days past due and claims are generally filed once the loans reach 365 days past due. The non-guaranteed balance, which ranges from 2-3%, is charged off once the claim proceeds related to the guaranteed portion have been received, which typically occurs no later than 365 days past due. (7) Credit cards are generally not placed on nonperforming status, but are fully charged off at specified delinquency dates consistent with regulatory guidelines. When commercial loans are placed on nonperforming status, management evaluates whether a charge-off must be recorded. For collateral-dependent loans, this evaluation is based on a comparison of the loan’s carrying value to the value of the related collateral, while for non-collateral dependent loans, this evaluation reflects management’s conclusions with regard to whether any portion of the loan is considered uncollectible. Consumer and credit card loans are subject to charge-off at a specified delinquency date consistent with regulatory guidelines. Certain past due loans may remain on performing status if management determines that it does not have concern over the collectability of principal and interest. Generally, when loans are placed on nonperforming status, accrued interest receivable is reversed against interest income in the current period and amortization of deferred loan fees and expenses for originated loans, and fair value marks for purchased loans, is suspended. For commercial loans and certain consumer loans, payments received for interest and lending fees thereafter are applied as a reduction to the remaining principal balance as long as concern exists as to the ultimate collection of the principal. Interest income on nonperforming loans is recognized after the principal has been reduced to zero. If and when borrowers demonstrate the ability to repay a loan classified as nonperforming in accordance with its contractual terms, the loan may be returned to performing status upon meeting all regulatory, accounting and internal policy requirements. Accrued interest is included in Other assets in the Consolidated Balance Sheets. Accrued interest receivable balances are not considered in connection with the ACL estimation process, as such amounts are generally reversed against interest income when the loan is placed in nonperforming status. Assets acqu |
Discontinued Operations and Dis
Discontinued Operations and Disposal Groups | 12 Months Ended |
Dec. 31, 2023 | |
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 80% 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 the impact of discontinued operations: “Note 1. Basis of Presentation,” “Note 2. Discontinued Operations,” “Note 3. Business Combinations, Divestitures, and Noncontrolling Interests,” “Note 7. Premises and Equipment,” “Note 8. Goodwill and Other Intangible Assets,” “Note 10. Other Assets and Liabilities,” “Note 15. Income Taxes,” “Note 16. Benefit Plans,” “Note 21. Computation of EPS,” and “Note 22. Operating Segments.” The following is a summary of the assets and liabilities of discontinued operations: (Dollars in millions) December 31, 2023 2022 Assets of discontinued operations: Cash and due from banks $ 72 $ 89 Interest-bearing deposits with banks 342 334 Premises and equipment 72 78 Goodwill 3,745 3,780 CDI and other intangible assets 1,251 1,359 Other assets 2,173 2,015 Total assets of discontinued operations $ 7,655 $ 7,655 Liabilities of discontinued operations: Other liabilities $ 3,539 $ 3,081 Total liabilities of discontinued operations $ 3,539 $ 3,081 The following presents operating results of TIH classified as discontinued operations: (Dollars in millions) Year Ended December 31, 2023 2022 2021 Interest Income Interest on other earning assets $ 68 $ 3 $ 3 Total interest income 68 3 3 Noninterest income Insurance income 3,372 3,058 2,641 Other income 20 28 7 Total noninterest income 3,392 3,086 2,648 Noninterest Expense Personnel expense 2,138 1,909 1,634 Professional fees and outside processing 149 89 68 Software expense 61 45 32 Net occupancy expense 57 54 51 Amortization of intangibles 132 128 102 Equipment expense 28 29 29 Marketing and customer development 37 31 17 Merger-related and restructuring charges 55 47 29 Other expense 223 117 77 Total noninterest expense 2,880 2,449 2,039 Earnings Income before income taxes from discontinued operations 580 640 612 Provision for income taxes 124 152 148 Net income from discontinued operations 456 488 464 Noncontrolling interests 44 7 — Net income from discontinued operations attributable to controlling interest $ 412 $ 481 $ 464 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) Year Ended December 31, 2023 2022 2021 Net cash from operating activities $ 985 $ 863 $ 701 Net cash from investing activities (41) (1,134) (794) Net cash from financing activities (954) 344 386 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. 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 $1.6 billion and $2.1 billion of deposits at Truist Bank as of December 31, 2023 and 2022, respectively. Such deposits are not presented in assets of discontinued operations as they are eliminated upon consolidation. |
Business Combinations, Divestit
Business Combinations, Divestitures, and Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combinations, Divestitures, and Noncontrolling Interests | Business Combinations, Divestitures, and Noncontrolling Interests Mergers and Acquisitions In 2022, Truist completed the acquisitions of businesses in the insurance brokerage and specialty lending industries. Truist paid cash consideration to acquire 100% of the voting interests in these entities. The following table provides additional details related to these acquisitions and the fair value of certain tangible and intangible assets as of the acquisition date: Acquiree (Dollars in millions) BankDirect Capital Finance (1) BenefitMall (2) Kensington Vanguard National Land Services (2) Date acquired Nov 1, 2022 Sep 1, 2022 Mar 1, 2022 Segment C&CB / WB IH IH Strategic rationale Increases scale and product offerings for premium finance business Broadens products and services within benefit wholesale insurance business Expands presence in the title insurance market Loans and leases $ 3,067 $ — $ — Intangible assets 111 336 138 Goodwill 189 494 195 (1) Identifiable intangible assets for BankDirect Capital Finance are being amortized over a weighted average term of 15 years based on the estimated duration of economic benefits received. (2) BenefitMall and Kensington Vanguard National Land Services are wholly owned subsidiaries of TIH. The assets and liabilities of BenefitMall and Kensington Vanguard National Land Services were reclassified as discontinued operations. Refer to “Note 2. Discontinued Operations” for additional information. Divestitures and Noncontrolling Interest On April 3, 2023, the Company completed its sale of a 20% stake of the common equity in TIH, which was previously wholly owned by Truist, to an investor group led by Stone Point Capital, LLC for $1.9 billion, with the proceeds, net of tax, recognized as an increase to shareholders’ equity. In connection with the transaction, the noncontrolling interest holder received profits interest representing 3.75% coverage on TIH’s fully diluted equity value at transaction close, and certain consent and exit rights commensurate with a noncontrolling investor. Including these profits interests, the noncontrolling interest holder is allocated approximately 23% of TIH pretax net income. Also in conjunction with the same transaction, TIH granted certain event-vested profits interests and appreciation units, representing 4.50% coverage on TIH’s fully diluted equity value at grant, to various TIH employees and officers in the second quarter of 2023. These awards vested upon the May 6, 2024 completion of the sale. On February 20, 2024, the Company entered into an agreement to sell the remaining 80% stake of the common equity in TIH to an investor group led by Stone Point Capital LLC. On May 6, 2024, the Company completed the sale. The transaction improves Truist’s relative capital position and allows Truist to maintain strategic flexibility. Refer to “Note 2. Discontinued Operations” for additional information related to TIH. |
Securities Financing Activities
Securities Financing Activities | 12 Months Ended |
Dec. 31, 2023 | |
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) Dec 31, 2023 Dec 31, 2022 Securities purchased under agreements to resell $ 1,168 $ 2,415 Securities borrowed 1,210 766 Total securities borrowed or purchased under agreements to resell $ 2,378 $ 3,181 Fair value of collateral permitted to be resold or repledged $ 2,175 $ 3,058 Fair value of securities resold or repledged 12 864 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 17. 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: December 31, 2023 December 31, 2022 (Dollars in millions) Overnight and Continuous Up to 30 days Total Overnight and Continuous Up to 30 days Total U.S. Treasury $ 12 $ — $ 12 $ 318 $ — $ 318 State and Municipal 415 — 415 272 — 272 GSE — — — 74 — 74 Agency MBS – residential — 1,500 1,500 1,019 26 1,045 Corporate and other debt securities 420 80 500 369 50 419 Total securities sold under agreements to repurchase $ 847 $ 1,580 $ 2,427 $ 2,052 $ 76 $ 2,128 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 | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Investment Securities The following tables summarize the Company’s AFS and HTM securities: December 31, 2023 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 10,511 $ 2 $ 472 $ 10,041 GSE 393 3 34 362 Agency MBS – residential 60,989 — 9,700 51,289 Agency MBS – commercial 2,817 — 569 2,248 States and political subdivisions 421 17 13 425 Non-agency MBS 3,698 — 717 2,981 Other 20 — — 20 Total AFS securities $ 78,849 $ 22 $ 11,505 $ 67,366 HTM securities: Agency MBS – residential $ 54,107 $ — $ 9,477 $ 44,630 December 31, 2022 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 11,080 $ — $ 785 $ 10,295 GSE 339 — 36 303 Agency MBS – residential 65,377 — 10,152 55,225 Agency MBS – commercial 2,887 — 463 2,424 States and political subdivisions 425 15 24 416 Non-agency MBS 3,927 — 810 3,117 Other 21 — — 21 Total AFS securities $ 84,056 $ 15 $ 12,270 $ 71,801 HTM securities: Agency MBS – residential $ 57,713 $ — $ 9,922 $ 47,791 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: December 31, 2023 (Dollars in millions) Amortized Cost Fair Value FNMA $ 39,872 $ 33,241 FHLMC 40,448 33,473 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 December 31, 2023 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 $ 3,603 $ 6,865 $ 14 $ 29 $ 10,511 $ 3,567 $ 6,436 $ 13 $ 25 $ 10,041 GSE — 7 11 375 393 — 7 10 345 362 Agency MBS – residential — 129 450 60,410 60,989 — 123 427 50,739 51,289 Agency MBS – commercial — — 71 2,746 2,817 — — 67 2,181 2,248 States and political subdivisions 28 70 168 155 421 28 68 177 152 425 Non-agency MBS — — 218 3,480 3,698 — — 169 2,812 2,981 Other — 8 12 — 20 — 8 12 — 20 Total AFS securities $ 3,631 $ 7,079 $ 944 $ 67,195 $ 78,849 $ 3,595 $ 6,642 $ 875 $ 56,254 $ 67,366 HTM securities: Agency MBS – residential $ — $ — $ — $ 54,107 $ 54,107 $ — $ — $ — $ 44,630 $ 44,630 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 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 Less than 12 months 12 months or more Total December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 2,069 $ 49 $ 8,186 $ 736 $ 10,255 $ 785 GSE 180 14 114 22 294 36 Agency MBS – residential 25,041 3,263 30,050 6,889 55,091 10,152 Agency MBS – commercial 790 92 1,631 371 2,421 463 States and political subdivisions 251 21 20 3 271 24 Non-agency MBS — — 3,117 810 3,117 810 Other 21 — — — 21 — Total $ 28,352 $ 3,439 $ 43,118 $ 8,831 $ 71,470 $ 12,270 HTM securities: Agency MBS – residential $ 29,369 $ 5,613 $ 18,422 $ 4,309 $ 47,791 $ 9,922 At December 31, 2023 and December 31, 2022, 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. The following table presents gross securities gains and losses recognized in earnings: (Dollars in millions) Year Ended December 31, 2023 2022 2021 Gross realized gains $ — $ 13 $ — Gross realized losses — (84) — Securities gains (losses), net $ — $ (71) $ — |
Loans and ACL
Loans and ACL | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans and ACL | Loans and ACL In the first quarter of 2023, the Company adopted the Troubled Debt Restructurings and Vintage Disclosures accounting standard. Certain newly required disclosures in this footnote are presented as of and for the period ended December 31, 2023 only as the adoption of this guidance did not impact the prior periods. As such, disclosures were provided related to TDRs as of December 31, 2022 and for the year ended December 31, 2022 under prior accounting standards. Refer to “Note 1. Basis of Presentation” for additional information. 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. Truist sold its student loan portfolio at the end of the second quarter of 2023, which had a carrying value of $4.7 billion. The year ended December 31, 2023 includes $98 million of charge-offs related to the sale, which was previously provided for in the allowance. 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. Accruing December 31, 2022 Current 30-89 Days Past Due 90 Days Or More Past Due (1) Nonperforming Total Commercial: Commercial and industrial $ 163,604 $ 256 $ 49 $ 398 $ 164,307 CRE 22,568 25 1 82 22,676 Commercial construction 5,844 5 — — 5,849 Consumer: Residential mortgage 55,005 614 786 240 56,645 Home equity 10,661 68 12 135 10,876 Indirect auto 27,015 646 1 289 27,951 Other consumer 27,289 187 13 44 27,533 Student 4,179 402 706 — 5,287 Credit card 4,766 64 37 — 4,867 Total $ 320,931 $ 2,267 $ 1,605 $ 1,188 $ 325,991 (1) Includes government guaranteed loans of $759 million in the residential mortgage portfolio and $702 million in the student loan portfolio. The following tables present the amortized cost basis of loans by origination year and credit quality indicator: 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 days or more 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 December 31, 2022 Amortized Cost Basis by Origination Year Revolving Credit Loans Converted to Term Other (1) 2022 2021 2020 2019 2018 Prior Total Commercial: Commercial and industrial: Pass $ 45,890 $ 21,642 $ 11,219 $ 8,258 $ 4,977 $ 9,686 $ 57,854 $ — $ (199) $ 159,327 Special mention 243 302 143 160 61 88 721 — — 1,718 Substandard 518 387 113 413 249 187 997 — — 2,864 Nonperforming 47 53 10 28 46 27 187 — — 398 Total 46,698 22,384 11,485 8,859 5,333 9,988 59,759 — (199) 164,307 CRE: Pass 6,141 3,595 2,220 3,846 2,092 2,265 757 — (70) 20,846 Special mention 106 118 74 229 281 5 18 — — 831 Substandard 106 99 35 422 121 134 — — — 917 Nonperforming — 3 — — 77 2 — — — 82 Total 6,353 3,815 2,329 4,497 2,571 2,406 775 — (70) 22,676 Commercial construction: Pass 1,501 1,500 825 290 212 71 1,056 — — 5,455 Special mention 80 — 93 — — — 35 — — 208 Substandard 114 — 18 1 53 — — — — 186 Total 1,695 1,500 936 291 265 71 1,091 — — 5,849 Consumer: Residential mortgage: Current 13,824 17,340 6,167 3,084 1,384 13,206 — — — 55,005 30 - 89 days past due 55 61 32 37 43 386 — — — 614 90 or more days past due 5 31 62 62 91 535 — — — 786 Nonperforming 4 6 10 12 17 191 — — — 240 Total 13,888 17,438 6,271 3,195 1,535 14,318 — — — 56,645 Home equity: Current — — — — — — 6,843 3,818 — 10,661 30 - 89 days past due — — — — — — 48 20 — 68 90 days or more past due — — — — — — 9 3 — 12 Nonperforming — — — — — — 44 91 — 135 Total — — — — — — 6,944 3,932 — 10,876 Indirect auto: Current 11,646 7,141 4,105 2,461 1,096 559 — — 7 27,015 30 - 89 days past due 147 174 111 100 60 54 — — — 646 90 days or more past due 1 — — — — — — — — 1 Nonperforming 41 77 56 56 34 25 — — — 289 Total 11,835 7,392 4,272 2,617 1,190 638 — — 7 27,951 Other consumer: Current 11,270 5,805 3,167 1,814 865 1,061 3,278 29 — 27,289 30 - 89 days past due 68 44 26 20 10 7 10 2 — 187 90 days or more past due 8 1 1 1 — — 2 — — 13 Nonperforming 4 11 8 9 2 8 2 — — 44 Total 11,350 5,861 3,202 1,844 877 1,076 3,292 31 — 27,533 Student: Current — — 17 71 57 4,034 — — — 4,179 30 - 89 days past due — — — 1 1 400 — — — 402 90 days or more past due — — — 1 1 704 — — — 706 Total — — 17 73 59 5,138 — — — 5,287 Credit card: Current — — — — — — 4,750 16 — 4,766 30 - 89 days past due — — — — — — 63 1 — 64 90 days or more past due — — — — — — 36 1 — 37 Total — — — — — — 4,849 18 — 4,867 Total $ 91,819 $ 58,390 $ 28,512 $ 21,376 $ 11,830 $ 33,635 $ 76,710 $ 3,981 $ (262) $ 325,991 (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, 2021 Charge-Offs Recoveries Provision (Benefit) Other (1) Balance at Dec 31, 2021 Commercial: Commercial and industrial $ 2,204 $ (243) $ 107 $ (642) $ — $ 1,426 CRE 573 (10) 6 (219) — 350 Commercial construction 81 (2) 4 (31) — 52 Consumer: Residential mortgage 368 (23) 12 (49) — 308 Home equity 139 (16) 29 (56) — 96 Indirect auto 1,198 (336) 92 68 — 1,022 Other consumer 783 (255) 74 112 — 714 Student 130 (24) 1 4 6 117 Credit card 359 (150) 37 104 — 350 ALLL 5,835 (1,059) 362 (709) 6 4,435 RUFC 364 — — (104) — 260 ACL $ 6,199 $ (1,059) $ 362 $ (813) $ 6 $ 4,695 (Dollars in millions) Balance at Jan 1, 2022 Charge-Offs Recoveries Provision (Benefit) Other (1) Balance at Dec 31, 2022 Commercial: Commercial and industrial $ 1,426 $ (143) $ 87 $ 39 $ — $ 1,409 CRE 350 (13) 8 (121) — 224 Commercial construction 52 (1) 5 (10) — 46 Consumer: Residential mortgage 308 (9) 16 84 — 399 Home equity 96 (13) 25 (18) — 90 Indirect auto 1,022 (411) 91 279 — 981 Other consumer 714 (381) 79 358 — 770 Student 117 (22) 1 2 — 98 Credit card 350 (176) 34 152 — 360 ALLL 4,435 (1,169) 346 765 — 4,377 RUFC 260 — — 12 — 272 ACL $ 4,695 $ (1,169) $ 346 $ 777 $ — $ 4,649 (Dollars in millions) Balance at Jan 1, 2023 Charge-Offs Recoveries Provision (Benefit) Other (1) Balance at Dec 31, 2023 Commercial: Commercial and industrial $ 1,409 $ (390) $ 70 $ 315 $ — $ 1,404 CRE 224 (166) 3 555 — 616 Commercial construction 46 (5) 3 130 — 174 Consumer: Residential mortgage 399 (10) 6 (16) (81) 298 Home equity 90 (10) 23 (14) — 89 Indirect auto 981 (531) 107 372 13 942 Other consumer 770 (477) 78 520 (1) 890 Student (2) 98 (108) — 10 — — Credit card 360 (223) 35 216 (3) 385 ALLL 4,377 (1,920) 325 2,088 (72) 4,798 RUFC 272 — — 21 2 295 ACL $ 4,649 $ (1,920) $ 325 $ 2,109 $ (70) $ 5,093 (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. Charge-offs include $98 million related to the sale. The commercial ALLL increased $515 million and the consumer ALLL decreased $119 million for the year ended December 31, 2023. 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 for the year-to-date period primarily reflects the sale of the student loan portfolio in the second quarter, as well as impacts associated with the adoption of the Troubled Debt Restructurings and Vintage Disclosure accounting standard in the first quarter of 2023. These decreases were partially offset by an increase related to the other consumer portfolio that was primarily driven by loan growth. 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 December 31, 2023 ACL, unchanged since December 31, 2022. While the scenario weightings were unchanged, the forecast scenario reflected deterioration in certain economic variables (e.g., GDP) over the reasonable and supportable forecast period when compared to the prior year. The overall economic forecast shaping the ACL estimate at December 31, 2023 included GDP growth in the low-single digits and an unemployment rate near 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 December 31, 2023 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” for additional information. NPAs The following table provides a summary of nonperforming loans and leases, excluding LHFS: December 31, 2023 December 31, 2022 Recorded Investment Recorded Investment (Dollars in millions) Without an ALLL With an ALLL Without an ALLL With an ALLL Commercial: Commercial and industrial $ 123 $ 347 $ 120 $ 278 CRE 154 130 75 7 Commercial construction — 24 — — Consumer: Residential mortgage 1 152 4 236 Home equity 1 121 2 133 Indirect auto 20 248 3 286 Other consumer — 59 — 44 Total $ 299 $ 1,081 $ 204 $ 984 The following table presents a summary of nonperforming assets and residential mortgage loans in the process of foreclosure: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 Nonperforming loans and leases HFI $ 1,380 $ 1,188 Nonperforming LHFS 51 — Foreclosed real estate 3 4 Other foreclosed property 54 58 Total nonperforming assets $ 1,488 $ 1,250 Residential mortgage loans in the process of foreclosure $ 214 $ 248 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 year, disaggregated by class of financing receivable and type of modification granted. These tables include modification activity that occurred on or after January 1, 2023. Year Ended December 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 $ 1,158 $ 51 $ — $ 24 $ 65 $ — $ — $ 27 $ 1,325 0.82 % CRE 347 — — 72 — — — — 419 1.86 Commercial construction 25 — — — — — — — 25 0.37 Consumer: Residential mortgage — 111 104 58 2 310 61 5 651 1.17 Home equity — — — 2 9 — — 2 13 0.13 Indirect auto — 26 — 896 16 — — 7 945 4.16 Other consumer — 21 — 1 5 — — 1 28 0.10 Credit card — — — — — — — 20 20 0.39 Total $ 1,530 $ 209 $ 104 $ 1,053 $ 97 $ 310 $ 61 $ 62 $ 3,426 1.10 Year Ended December 31, 2023 Loan Type Financial Effect Renewals Commercial and industrial Extended the term by 7 months and increased the interest rate by 0.6% CRE Extended the term by 11 months and increased the interest rate by 0.2% Commercial construction Extended the term by 21 months and increased the interest rate by 0.3% Term Extensions Commercial and industrial Extended the term by 3 months. Residential mortgage Extended the term by 131 months. Indirect auto Extended the term by 23 months. Other consumer Extended the term by 24 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 183 days of payment deferral. CRE Provided 232 days of payment deferral. Residential mortgage Provided 209 days of payment deferral. Home equity Provided 167 days of payment deferral. Indirect auto Provided 146 days of payment deferral. Other consumer Provided 154 days of payment deferral. Combination - Interest Rate Adjustment and Term Extension Commercial and industrial Extended the term by 45 months and increased the interest rate by 2%. Residential mortgage Extended the term by 107 months and increased the interest rate by 0.5%. Home equity Extended the term by 262 months and decreased the interest rate by 3%. Indirect auto Extended the term by 11 months and decreased the interest rate by 6%. Other consumer Extended the term by 59 months and decreased the interest rate by 1%. 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 99 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 130 months, and decreased the interest rate by 0.2%. The tables above exclude trial modifications totaling $47 million as of December 31, 2023. 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 December 31, 2023, Truist had $702 million in unfunded lending commitments related to the modified obligations summarized in the tables above. 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 since January 1, 2023. 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) 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: 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 TDRs The following table presents a summary of TDRs: (Dollars in millions) Dec 31, 2022 Performing TDRs: Commercial: Commercial and industrial $ 136 CRE 5 Commercial construction 1 Consumer: Residential mortgage 1,252 Home equity 51 Indirect auto 462 Other consumer 31 Student 30 Credit card 18 Total performing TDRs 1,986 Nonperforming TDRs 214 Total TDRs $ 2,200 ALLL attributable to TDRs $ 152 The primary type of modification for TDRs designated in 2022 and 2021 is summarized in the tables below. TDR balances represent the recorded investment at the end of the quarter in which the modification was made. The prior quarter balance represents recorded investment at the beginning of the quarter in which the modification was made. Rate modifications consist of TDRs made with below market interest rates, including those that also have modifications of loan structures. As of / For the Year Ended December 31, 2022 Type of Modification Prior Quarter Loan Balance Related ALLL at Period End (Dollars in millions) Rate Structure Newly designated TDRs: Commercial $ 66 $ 10 $ 78 $ 9 Consumer 496 627 1,107 56 Credit card 8 — 8 4 Re-modification of previously designated TDRs 113 133 As of / For the Year Ended December 31, 2021 Type of Modification Prior Quarter Loan Balance ALLL at Period End (Dollars in millions) Rate Structure Newly designated TDRs: Commercial $ 35 $ 130 $ 193 $ 17 Consumer 284 312 606 36 Credit card 11 — 12 5 Re-modification of previously designated TDRs 61 38 Unearned Income, Discounts, and Net Deferred Loan Fees and Costs The following table presents additional information about loans and leases: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 Unearned income, discounts, and net deferred loan fees and costs $ 553 $ 269 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment A summary of premises and equipment is presented in the accompanying table: December 31, Estimated Useful Life 2023 2022 Land and land improvements Indefinite $ 743 $ 773 Buildings and building improvements 5 - 40 2,453 2,438 Furniture and equipment 3 - 15 1,577 1,589 Leasehold improvements 898 866 Construction in progress 164 207 Finance leases 29 37 Total 5,864 5,910 Less: Accumulated depreciation (2,566) (2,383) Net premises and equipment $ 3,298 $ 3,527 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets The Company performed quantitative goodwill impairment analyses for its CB&W and C&CB reporting units as of October 1, 2023. Based on the results of the impairment analyses, the Company concluded that the carrying values of the CB&W and C&CB reporting units exceed their respective fair values, resulting in a non-cash, non-tax-deductible goodwill impairment charge of $6.1 billion for the year ended December 31, 2023. The fair value of the CB&W and C&CB reporting units were estimated using the income approach and a market-based approach, weighted 50% and 50%, respectively. The goodwill impairment was primarily due to the continued impact of higher interest rates and discount rates on the CB&W and C&CB reporting units, and a sustained decline in the banking industry share prices, including Truist’s. The goodwill impairment has no impact on Truist’s liquidity, regulatory capital ratios, or Truist’s ability to pay its common dividend and service its clients’ financial needs. The Company monitored events and circumstances during the period from October 1, 2023 through December 31, 2023, 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 October 1, 2023 quantitative impairment test, and the sensitivity of the October 1, 2023 quantitative test results to changes in assumptions through December 31, 2023. Based on these considerations, the Company 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 December 31, 2023. Refer to “Note 1. Basis of Presentation” for additional information. The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. Activity during 2023 includes the aforementioned impairments and the realignment of Prime Rate Premium Finance Corporation into the C&CB segment from the IH segment. Activity during 2022 reflects the acquisition of BankDirect Capital Finance. Refer to “Note 2. Discontinued Operations” for additional information on discontinued operations, “Note 3. Business Combinations, Divestitures, and Noncontrolling Interests” for additional information on the acquisitions, and “Note 22. Operating Segments” for additional information on segments. (Dollars in millions) CB&W (1) C&CB (1) IH (2) Total Goodwill, January 1, 2022 $ 16,870 $ 6,149 $ 26 $ 23,045 Mergers and acquisitions — — 188 188 Adjustments and other (5) 5 — — Goodwill, December 31, 2022 16,865 6,154 214 23,233 Impairments (3,361) (2,717) — (6,078) Adjustments and other (1) 216 (214) 1 Goodwill, December 31, 2023 $ 13,503 $ 3,653 $ — $ 17,156 (1) Reflects activity prior to the segment realignment. Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. Refer to “Note 22. Operating Segments” for additional information on segments. (2) Activity in the IH segment relates to the continuing operations of Prime Rate Premium Finance Corporation, which were transferred to the Company’s C&CB segment in 2023. 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. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations, including the goodwill balance related to TIH. The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets: December 31, 2023 December 31, 2022 (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount CDI $ 2,473 $ (1,650) $ 823 $ 2,473 $ (1,403) $ 1,070 Other, primarily client relationship intangibles 1,598 (512) 1,086 1,606 (363) 1,243 Total $ 4,071 $ (2,162) $ 1,909 $ 4,079 $ (1,766) $ 2,313 The following table presents the estimated amortization expense of identifiable intangibles as of December 31, 2023 for the next five years and thereafter: (Dollars in millions) 2024 2025 2026 2027 2028 Thereafter Estimated amortization expense $ 349 $ 297 $ 255 $ 225 $ 197 $ 586 |
Loan Servicing
Loan Servicing | 12 Months Ended |
Dec. 31, 2023 | |
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) Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 UPB of residential mortgage loan servicing portfolio $ 269,068 $ 274,028 $ 246,727 UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate 213,399 217,046 196,011 Mortgage loans sold with recourse 173 200 244 Maximum recourse exposure from mortgage loans sold with recourse liability 109 127 155 Indemnification, recourse and repurchase reserves 52 56 74 As of / For the Year Ended December 31, 2023 2022 2021 UPB of residential mortgage loans sold from LHFS $ 13,669 $ 26,643 $ 40,949 Pre-tax gains recognized on mortgage loans sold and held for sale 60 69 446 Servicing fees recognized from mortgage loans serviced for others 617 630 592 Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others 0.27 % 0.31 % 0.31 % Weighted average interest rate on mortgage loans serviced for others 3.56 3.48 3.44 The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value: (Dollars in millions) 2023 2022 2021 Residential MSRs, carrying value, January 1 $ 3,428 $ 2,305 $ 1,778 Acquired 123 321 355 Additions 249 428 640 Sales (531) — — Change in fair value due to changes in valuation inputs or assumptions (1) 88 766 225 Realization of expected net servicing cash flows, passage of time, and other (269) (392) (693) Residential MSRs, carrying value, December 31 $ 3,088 $ 3,428 $ 2,305 (1) The year ended December 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: December 31, 2023 December 31, 2022 Range Weighted Average Range Weighted Average (Dollars in millions) Min Max Min Max Prepayment speed 6.7 % 18.2 % 7.5 % 8.6 % 12.5 % 9.0 % Effect on fair value of a 10% increase $ (82) $ (110) Effect on fair value of a 20% increase (160) (211) OAS 2.2 % 12.0 % 4.6 % 1.2 % 11.4 % 4.0 % Effect on fair value of a 10% increase $ (60) $ (55) Effect on fair value of a 20% increase (118) (108) Composition of loans serviced for others: Fixed-rate residential mortgage loans 99.6 % 99.5 % Adjustable-rate residential mortgage loans 0.4 0.5 Total 100.0 % 100.0 % Weighted average life 7.5 years 6.8 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 19. 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) Dec 31, 2023 Dec 31, 2022 UPB of CRE mortgages serviced for others $ 31,681 $ 36,622 CRE mortgages serviced for others covered by recourse provisions 9,661 9,955 Maximum recourse exposure from CRE mortgages sold with recourse liability 2,813 2,861 Recorded reserves related to recourse exposure 16 17 CRE mortgages originated during the year-to-date period 2,989 7,779 Commercial MSRs at fair value 272 301 |
Other Assets and Liabilites
Other Assets and Liabilites | 12 Months Ended |
Dec. 31, 2023 | |
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: December 31, 2023 December 31, 2022 (Dollars in millions) Operating Leases Finance Leases Operating Leases Finance Leases ROU assets $ 1,057 $ 10 $ 1,172 $ 20 Maturities of lease liabilities: 2024 $ 288 $ 3 2025 302 2 2026 253 2 2027 214 2 2028 145 1 Thereafter 345 4 Total lease payments 1,547 14 $ 1,693 $ 25 Less: imputed interest 160 2 172 2 Total lease liabilities $ 1,387 $ 12 $ 1,521 $ 23 Weighted average remaining term 6.2 years 6.6 years 6.6 years 5.6 years Weighted average discount rate 3.1 % 5.1 % 2.7 % 3.4 % Year Ended December 31, (Dollars in millions) 2023 2022 2021 Operating lease costs $ 285 $ 295 $ 289 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) Dec 31, 2023 Dec 31, 2022 Assets held under operating leases (1)(2) $ 2,160 $ 2,090 Accumulated depreciation (583) (550) Net $ 1,577 $ 1,540 (1) Includes certain land parcels subject to operating leases that have indefinite lives. (2) Excludes operating leases held-for-sale that totaled $32 million and $516 million at December 31, 2023 and 2022, 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 December 31, 2023 and $7.6 billion at December 31, 2022. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Deposits | Deposits The composition of deposits is presented in the following table: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 Noninterest-bearing deposits $ 111,624 $ 135,742 Interest-bearing deposits: Interest checking 104,757 110,464 Money market and savings 135,923 143,815 Time deposits 43,561 23,474 Total deposits $ 395,865 $ 413,495 Time deposits greater than $250,000 $ 10,422 $ 8,205 The following table presents time deposit maturities: (Dollars in millions) 2024 2025 2026 2027 2028 Thereafter Future time deposit maturities $ 42,481 $ 546 $ 255 $ 176 $ 97 $ 6 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Borrowings The following table presents a summary of short-term borrowings: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 FHLB advances $ 20,500 $ 18,900 Securities sold under agreements to repurchase 2,427 2,128 Securities sold short 1,625 1,551 Other short-term borrowings 276 843 Total short-term borrowings $ 24,828 $ 23,422 The following table presents a summary of long-term debt: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 Stated Rate Effective Rate (1) Carrying Amount Carrying Amount Maturity Min Max Truist Financial Corporation: Fixed rate senior notes (2) 2024 to 2034 1.13 % 7.16 % 4.16 % $ 19,808 $ 14,107 Floating rate senior notes 2025 2025 5.80 5.80 5.79 999 999 Fixed rate subordinated notes (2)(3) 2026 2033 3.88 6.00 4.34 1,831 1,882 Capital notes (3) 2027 2028 6.30 6.31 7.22 629 625 Structured notes (4) — 12 Truist Bank: Fixed rate senior notes 2024 2025 1.50 4.05 2.01 4,170 6,982 Floating rate senior notes 2024 2024 5.60 5.60 5.59 1,250 1,749 Fixed rate subordinated notes (3) 2025 2030 2.25 3.80 3.01 4,770 4,767 Fixed rate FHLB advances 2024 2034 — 2.50 0.91 1 2 Floating rate FHLB advances 2024 2024 5.63 5.74 5.69 4,200 10,800 Other long-term debt (5) 1,260 1,278 Total long-term debt $ 38,918 $ 43,203 (1) Includes the impact of debt issuance costs and purchase accounting, and excludes hedge accounting impacts. (2) 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. (3) 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. (4) Consist of notes with various terms that include fixed or floating rate interest or returns that are linked to an equity index. (5) Includes debt associated with finance leases, tax credit investments, and other. The following table presents future debt maturities: (Dollars in millions) 2024 2025 2026 2027 2028 Thereafter Future debt maturities (1) $ 9,613 $ 6,740 $ 3,996 $ 3,812 $ 1,053 $ 13,706 (1) Amounts include imputed interest of $2 million related to finance leases. The Company does not consolidate certain wholly-owned trusts which were formed for the sole purpose of issuing trust preferred securities. The proceeds from the trust preferred securities issuances were invested in capital notes of the Parent Company. The Parent Company’s obligations constitute a full and unconditional guarantee of the trust preferred securities. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Common Stock The following table presents total dividends declared per share of common stock: Year Ended December 31, 2023 2022 2021 Cash dividends declared per share $ 2.08 $ 2.00 $ 1.86 Preferred Stock Dividends on the preferred stock are non-cumulative and payable when declared by the Company’s Board or a duly authorized committee of the Board. The Company issued depositary shares, each of which represents a fractional ownership interest in a share of the Company’s preferred stock. The preferred stock has no stated maturity, and redemption is solely at the option of the Company in whole or in part after the earliest redemption date at the liquidation preference plus declared and unpaid dividends. Prior to the redemption date, the Company has the option to redeem in whole, but not in part, upon the occurrence of a regulatory capital treatment event. The following table presents a summary of the non-cumulative perpetual preferred stock as of December 31, 2023: Preferred Stock Issue Issuance Date Earliest Redemption Date Liquidation Amount Carrying Amount Dividend Rate Dividend Payments Series I 12/6/2019 (1) 12/15/2024 $ 173 $ 168 Variable (2) Quarterly Series J 12/6/2019 (1) 12/15/2024 103 92 Variable (3) Quarterly Series L 12/6/2019 (1) 12/15/2024 750 766 Variable (4) Quarterly (9) Series M 12/6/2019 (1) 12/15/2027 500 516 5.125 % (5) Semi-annually (10) Series N 7/29/2019 9/1/2024 1,700 1,683 4.800 (6) Semi-annually Series O 5/27/2020 6/1/2025 575 559 5.250 Quarterly Series P 6/1/2020 12/1/2025 1,000 992 4.950 (7) Semi-annually Series Q 6/19/2020 9/1/2030 1,000 992 5.100 (8) Semi-annually Series R 8/3/2020 9/1/2025 925 905 4.750 Quarterly Total $ 6,726 $ 6,673 (1) Converted security from previously issued SunTrust preferred stock. Each outstanding share of SunTrust perpetual preferred stock was converted into the right to receive one share of an applicable newly issued series of Truist preferred stock having substantially the same terms as such share of SunTrust preferred stock. (2) Dividend rate is the greater of 4.00% or 3-month SOFR plus 0.79161%. Prior to the transition to SOFR, the dividend rate was the greater of 4.00% or 3-month LIBOR plus 0.530%. (3) Dividend rate is the greater of 4.00% or 3-month SOFR plus 0.90661%. Prior to the transition to SOFR, the dividend rate was the greater of 4.00% or 3-month LIBOR plus 0.645%. (4) Dividend rate is the greater of 3-month SOFR plus 3.36361%. From June 15, 2022 to the transition to SOFR, the dividend rate was of 3-month LIBOR plus 3.102%. Prior to June 15, 2022, fixed dividend rate of 5.05%. (5) Fixed dividend rate will reset on December 15, 2027, then dividend rate will be 3-month SOFR plus 3.04761%. (6) Fixed dividend rate will reset on September 1, 2024, and on each following fifth anniversary of the reset date to the five-year U.S. Treasury rate plus 3.003%. (7) Fixed dividend rate will reset on December 1, 2025, and on each following fifth anniversary of the reset date to the five-year U.S. Treasury rate plus 4.605%. (8) Fixed dividend rate will reset on September 1, 2030, and on each following tenth anniversary of the reset date to the ten-year U.S. Treasury rate plus 4.349%. (9) Dividend payments became quarterly on September 15, 2022. (10) Dividend payments become quarterly after dividend rate reset. Redemptions During 2021, the Company redeemed all 18,000 outstanding shares of its perpetual preferred stock series F and the corresponding depositary shares representing fractional interests in such series for $450 million, all 20,000 outstanding shares of its perpetual preferred stock series G and the corresponding depositary shares representing fractional interests in such series for $500 million, and all 18,600 outstanding shares of its perpetual preferred stock series H and the corresponding depositary shares representing fractional interests in such series for $465 million. This preferred stock redemption was in accordance with the terms of the Company’s Articles of Incorporation. Noncontrolling Interest During 2021, an indirect subsidiary of Truist Bank redeemed all 1,000 outstanding shares of its Series B Non-Cumulative Exchangeable Preferred Stock for $100 million. Regular dividends were paid separately. Refer to “Note 2. Discontinued Operations” and “Note 3. Business Combinations, Divestitures, and Noncontrolling Interests” for additional information related to the sale of TIH. |
AOCI
AOCI | 12 Months Ended |
Dec. 31, 2023 | |
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, 2021 $ (875) $ (64) $ 1,654 $ — $ 1 $ 716 OCI before reclassifications, net of tax 767 — (3,459) — — (2,692) Amounts reclassified from AOCI: Before tax 29 72 384 — — 485 Tax effect 7 17 89 — — 113 Amounts reclassified, net of tax 22 55 295 — — 372 Total OCI, net of tax 789 55 (3,164) — — (2,320) AOCI balance, December 31, 2021 (86) (9) (1,510) — 1 (1,604) OCI before reclassifications, net of tax (1,471) (78) (10,792) — (6) (12,347) AFS Securities transferred to HTM, net of tax — — 2,872 (2,872) — — Amounts reclassified from AOCI: Before tax 29 12 45 367 — 453 Tax effect 7 3 10 83 — 103 Amounts reclassified, net of tax 22 9 35 284 — 350 Total OCI, net of tax (1,449) (69) (10,757) 284 (6) (11,997) AOCI balance, December 31, 2022 (1,535) (78) (9,395) (2,588) (5) (13,601) OCI before reclassifications, net of tax 406 (260) 925 — 3 1,074 Amounts reclassified from AOCI: Before tax 65 49 (385) 306 — 35 Tax effect 15 11 (77) 65 — 14 Amounts reclassified, net of tax 50 38 (308) 241 — 21 Total OCI, net of tax 456 (222) 617 241 3 1,095 AOCI balance, December 31, 2023 $ (1,079) $ (300) $ (8,778) $ (2,347) $ (2) $ (12,506) Primary income statement location of amounts reclassified from AOCI Other expense Net interest income and Other expense Securities gains (losses) and Net interest income Net interest income Net interest income |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of the income tax provision are as follows: Year Ended December 31, (Dollars in millions) 2023 2022 2021 Current expense: Federal $ 1,012 $ 784 $ 980 State 135 96 65 Total current expense 1,147 880 1,045 Deferred expense: Federal (390) 316 245 State (19) 54 118 Total deferred expense (409) 370 363 Provision for income taxes $ 738 $ 1,250 $ 1,408 A reconciliation of the provision for income taxes at the statutory federal income tax rate to the Company’s actual provision for income taxes and effective tax rate is presented in the following table: Year Ended December 31, 2023 2022 2021 (Dollars in millions) Amount % of Income Before Taxes Amount % of Income Before Taxes Amount % of Income Before Taxes Federal income taxes at statutory rate $ (161) 21.0 % $ 1,476 21.0 % $ 1,550 21.0 % Increase (decrease) in provision for income taxes as a result of: State income taxes, net of federal tax benefit 91 (11.9) 118 1.7 145 2.0 Non-deductible goodwill 1,276 (166.8) — — — — Internal legal entity restructuring (191) 25.0 — — — — Income tax credits, net of amortization (173) 22.6 (233) (3.3) (195) (2.6) Tax-exempt interest (157) 20.5 (109) (1.6) (86) (1.2) Other, net 53 (6.9) (2) — (6) (0.1) Provision for income taxes $ 738 (96.5) $ 1,250 17.8 $ 1,408 19.1 Deferred income tax assets and liabilities result from differences between the timing of the recognition of assets and liabilities for financial reporting purposes and for income tax purposes. DTAs and DTLs are measured using the enacted federal and state tax rates in the periods in which the DTAs or DTLs are expected to be realized. In the Consolidated Balance Sheets, a net deferred income tax asset is recorded in Other assets and a net deferred income tax liability is recorded in Other liabilities. Significant DTAs and DTLs, net of the federal impact for state taxes, are presented in the following table: December 31, (Dollars in millions) 2023 2022 DTAs: Net unrealized losses in AOCI $ 3,860 $ 4,150 ALLL 1,132 1,022 Employee compensation and benefits 673 765 Operating lease liability 339 372 Accruals and reserves 330 207 Federal and state NOLs and other carryforwards 121 125 Other 314 190 Total gross DTAs 6,769 6,831 Valuation allowance (105) (106) Total DTAs net of valuation allowance 6,664 6,725 DTLs: Pension 1,884 1,532 Goodwill and other intangible assets 431 686 Partnerships 333 112 Equipment and auto leasing 309 422 MSRs 294 345 ROU assets 253 283 Loans 94 279 Other 29 39 Total DTLs 3,627 3,698 Net DTA $ 3,037 $ 3,027 The DTAs include state NOLs and other state carryforwards that will expire, if not utilized, in varying amounts from 2024 to 2043. The Company had a valuation allowance recorded against certain state NOL carryforward DTAs of $105 million and $106 million at December 31, 2023 and 2022, respectively. The following table provides a rollforward of the Company’s gross federal and state UTBs, excluding interest and penalties: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 Balance, January 1 $ 97 $ 104 Increases in UTBs related to prior years 2 2 Decreases in UTBs related to prior years (12) (2) Increases in UTBs related to the current year 10 9 Decreases in UTBs related to settlements (2) (4) Decreases in UTBs related to lapse of the applicable statutes of limitations (15) (12) Balance, December 31 $ 80 $ 97 The amount of UTBs that would favorably affect the Company’s effective tax rate, if recognized, was $66 million and $80 million at December 31, 2023 and 2022, respectively. Interest and penalties related to UTBs are recorded in the Provision for income taxes in the Consolidated Statement of Income. The Company had a gross liability of $13 million and $11 million for interest and penalties related to its UTBs at December 31, 2023 and 2022, respectively. The amount of gross expense related to interest and penalties on UTBs was immaterial. The Company files U.S. federal, state, and local income tax returns. The Company’s federal income tax returns are no longer subject to assessment by the IRS for taxable years prior to 2020. With limited exceptions, the Company is no longer subject to assessment by state and local taxing authorities for taxable years prior to 2018. It is reasonably possible that the liability for unrecognized tax benefits could decrease by as much as $34 million during the next 12 months due to completion of tax authority examinations and the expiration of statutes of limitations. It is uncertain how much, if any, of this potential decrease will impact the Company’s effective tax rate. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Defined Benefit Retirement Plans Truist provides defined benefit retirement plans qualified under the IRC. Benefits are based on years of service, age at retirement and the employee’s compensation during the five The following tables present a summary of the qualified and nonqualified defined benefit pension plans. On the Consolidated Balance Sheets, the qualified pension plan net asset is recorded as a component of Other assets and the nonqualified pension plan net liability is recorded as a component of Other liabilities. The data is calculated using an actuarial measurement date of December 31. Year Ended December 31, (Dollars in millions) Location 2023 2022 2021 Net periodic pension cost: Service cost (1) Personnel expense / Net income from discontinued operations $ 341 $ 548 $ 612 Interest cost Other expense 446 351 319 Estimated return on plan assets Other expense (909) (1,078) (998) Net amortization and other Other expense 78 35 35 Net periodic benefit cost (income) (44) (144) (32) Pre-tax amounts recognized in OCI: Net actuarial loss (gain) (567) 1,949 (1,012) Net amortization (78) (35) (35) Net amount recognized in OCI (645) 1,914 (1,047) Total net periodic pension costs (income) recognized in total comprehensive income, pre-tax $ (689) $ 1,770 $ (1,079) Weighted average assumptions used to determine net periodic pension cost: Discount rate 5.30 % 3.18 % 2.94 % Expected long-term rate of return on plan assets 6.70 6.50 6.70 Cash balance interest crediting rate 4.50 4.00 3.00 Assumed long-term rate of annual compensation increases 4.50 4.50 4.50 (1) Includes $22 million, $40 million and $41 million for the year ended December 31, 2023, 2022, and 2021, respectively, 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. The weighted average expected long-term rate of return on plan assets represents the average rate of return expected to be earned on plan assets over the period the benefits included in the benefit obligation are to be paid. In developing the expected rate of return, Truist considers long-term compound annualized returns of historical market data for each asset category, as well as historical actual returns on the plan assets. Using this reference information, the Company develops forward-looking return expectations for each asset category and a weighted average expected long-term rate of return for the plan based on target asset allocations contained in the Company’s Investment Policy Statement. For 2024, the expected rate of return on plan assets is 6.8%. Activity in the projected benefit obligation is presented in the following table: Year Ended December 31, (Dollars in millions) Qualified Plan Nonqualified Plans 2023 2022 2023 2022 Projected benefit obligation, January 1 $ 7,924 $ 10,461 $ 655 $ 740 Service cost 308 503 33 45 Interest cost 411 327 35 25 Actuarial (gain) loss (1) 93 (3,013) (36) (130) Benefits paid (507) (354) (28) (25) Other (2) (235) — — — Projected benefit obligation, December 31 $ 7,994 $ 7,924 $ 659 $ 655 Accumulated benefit obligation, December 31 $ 7,134 $ 7,070 $ 567 $ 517 Weighted average assumptions used to determine projected benefit obligations: Weighted average assumed discount rate 5.12 % 5.30 % 5.12 % 5.30 % Assumed rate of annual compensation increases 4.50 4.50 4.50 4.50 (1) For the qualified plan, the 2023 loss is primarily due to decreases in the assumed discount rate, net of the impact of actual plan experience. For the nonqualified plans, the 2023 gain is primarily due to impact of plan experience. For the qualified plan, the 2022 gains are primarily due to increases in the assumed discount rate, net of the impact of actual plan experience. For the nonqualified plans, the 2022 gain is primarily due to an increase in the assumed discount rate. (2) In 2023, the Company entered into a transaction to sell a portion of the pension obligations to a third party for certain participants in the qualified defined benefit plan. Activity in plan assets is presented in the following table: Year Ended December 31, (Dollars in millions) Qualified Plan Nonqualified Plans 2023 2022 2023 2022 Fair value of plan assets, January 1 $ 12,462 $ 16,399 $ — $ — Actual return (loss) on plan assets 1,533 (4,014) — — Employer contributions 1,305 431 28 25 Benefits paid (507) (354) (28) (25) Other (235) — — — Fair value of plan assets, December 31 $ 14,558 $ 12,462 $ — $ — Funded status, December 31 $ 6,564 $ 4,538 $ (659) $ (655) The following are the pre-tax amounts recognized in AOCI: (Dollars in millions) Qualified Plan Nonqualified Plans Dec 31, 2023 Dec 31, 2022 Dec 31, 2023 Dec 31, 2022 Prior service credit (cost) $ (21) $ (40) $ 20 $ 39 Net actuarial gain (loss) (1,283) (1,884) (72) (116) Net amount recognized $ (1,304) $ (1,924) $ (52) $ (77) Truist has historically made contributions to the qualified pension plan in amounts between the minimum required for funding and the maximum amount deductible for federal income tax purposes. Truist does not currently expect contributions for 2024. For the nonqualified plans, employer contributions are based on benefit payments. The following table reflects the estimated benefit payments for the periods presented: (Dollars in millions) Qualified Plan Nonqualified Plans 2024 $ 342 $ 31 2025 348 37 2026 364 34 2027 383 35 2028 402 36 2029-2033 2,321 203 The Company’s primary total return objective is to achieve returns that, over the long term, will fund retirement liabilities and provide for the desired plan benefits in a manner that satisfies the fiduciary requirements of ERISA. The plan assets have a long-term time horizon that runs concurrent with the average life expectancy of the participants. As such, the Plan can assume a time horizon that extends well beyond a full market cycle and can assume an above-average level of risk, as measured by the standard deviation of annual return. The investments are broadly diversified among economic sector, industry, quality, and size in order to reduce risk and to produce incremental return. Within approved guidelines and restrictions, investment managers have wide discretion over the timing and selection of individual investments. Truist periodically reviews its asset allocation and investment policy and makes changes to its target asset allocation. Truist has established guidelines within each asset category to ensure the appropriate balance of risk and reward. The following table presents the fair values of the qualified pension plan assets by asset category: (Dollars in millions) Target Allocation December 31, 2023 December 31, 2022 Min Max Total Level 1 Level 2 Total Level 1 Level 2 Cash and cash-equivalents (1) $ 309 $ 309 $ — $ 314 $ 314 $ — U.S. equity securities 19.5 % 29.5 % 3,699 2,674 1,025 3,171 1,602 1,569 International equity securities 5.5 15.5 1,757 253 1,504 1,672 269 1,403 Fixed income securities 50.0 60.0 7,819 — 7,819 6,495 — 6,495 Total $ 13,584 $ 3,236 $ 10,348 $ 11,652 $ 2,185 $ 9,467 (1) Includes funds held in a short-term, government money-market fund. International equity securities include certain pooled investment vehicles, such as a common/commingled fund, which consist of assets from several investors, pooled together, to reduce management and administration costs. At December 31, 2023 and 2022, investments totaling $883 million and $735 million, respectively, have been excluded from the table above as these investments are valued based on net asset value as a practical expedient. Defined Contribution Plans Truist offers a 401(k) Savings Plan and other defined contribution plans that permit teammates to contribute up to 50% of cash compensation. For full-time teammates who are 21 years of age or older with one year or more of service, Truist made matching contributions of up to 6% of the employee’s compensation through December 31, 2023. Beginning on January 1, 2024, Truist will make a match up to 4% of the employee’s compensation and may provide an additional discretionary matching contribution. The Company’s contribution expense for the 401(k) Savings Plan and nonqualified defined contribution plans totaled $206 million, $207 million and $228 million for the years ended December 31, 2023, 2022 and 2021, respectively. Certain teammates of subsidiaries participate in the 401(k) Savings Plan with different matching formulas. Equity-Based Compensation Plans At December 31, 2023, RSAs, RSUs, and PSUs were outstanding from equity-based compensation plans that have been approved by shareholders and plans assumed from acquired entities. Those plans are intended to assist the Company in recruiting and retaining teammates, directors, and independent contractors and to align the interests of eligible participants with those of Truist and its shareholders. The majority of outstanding awards and awards available to be issued relate to plans that allow for accelerated vesting of awards for holders who retire and have met all retirement eligibility requirements or in connection with certain other events. Until vested, certain of these awards are subject to forfeiture under specified circumstances. The fair value of RSUs and PSUs is based on the common stock price on the grant date less the present value of expected dividends that will be foregone during the vesting period. Substantially all awards are granted in February of each year. Grants to non-executive teammates primarily consist of RSUs. The following table provides a summary of the equity-based compensation plans: (Shares in thousands) Dec 31, 2023 Shares available for future grants 34,044 Vesting period, minimum 1.0 year Vesting period, maximum 6.0 years The following table presents a summary of selected data related to equity-based compensation costs: As of / For the Year Ended December 31, (Dollars in millions) 2023 2022 2021 Equity-based compensation expense $ 298 $ 261 $ 259 Income tax benefit from equity-based compensation expense 70 61 61 Intrinsic value of options exercised, and RSUs and PSUs that vested during the year 170 286 413 Grant date fair value of equity-based awards that vested during the year 258 239 350 Unrecognized compensation cost related to equity-based awards 240 249 209 Weighted-average life over which compensation cost is expected to be recognized 2.5 years 2.7 years 2.5 years The following table presents the activity related to awards of RSUs, PSUs, and restricted shares: (Shares in thousands) Units/Shares Wtd. Avg. Grant Date Fair Value Nonvested at January 1, 2023 14,359 $ 52.84 Granted 8,673 41.47 Vested (5,129) 50.31 Forfeited (1,263) 46.14 Nonvested at December 31, 2023 16,640 48.36 Other Benefits There are various other employment contracts, deferred compensation arrangements, and non-compete covenants with selected members of management and certain retirees as well as an employee stock purchase plan. These plans and their obligations are not material to the financial statements. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
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 Company invests in certain affordable housing projects throughout its market area as a means of supporting local communities. Truist receives tax credits related to these investments, for which the Company typically acts as a limited partner and therefore does not exert control over the operating or financial policies of the partnerships. Truist typically provides financing during the construction and development of the properties; however, permanent financing is generally obtained from independent third parties upon completion of a project. Tax credits are subject to recapture by taxing authorities based on compliance features required to be met at the project level. Truist’s maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding balance, future funding commitments and any related loans to the entity, exclusive of any potential tax recapture associated with the investments. Loans to these entities are underwritten in substantially the same manner as the Company’s other loans and are generally secured. The Company invests as a limited partner in certain projects through the New Market Tax Credit program, which is a Federal financial program aimed to stimulate business and real estate investment in underserved communities via a Federal tax credit. Following the first quarter of 2023 adoption of the Investments in Tax Credit Structures accounting standard, these tax credits, referred to as “Other qualified tax credits” below, qualify for the proportional amortization method. The Company also applied the proportional amortization method to investments through the Production Tax Credits program. Refer to “Note 1. Basis of Presentation” for additional information. The Company also invests in entities that promote renewable energy sources as a limited partner. The Company has determined that these renewable energy tax credit partnerships are VIEs. The Company has concluded that it is not the primary beneficiary of these VIEs because it does not have the power to direct the activities that most significantly impact the VIEs’ financial performance and therefore, it is not required to consolidate these VIEs. The Company’s maximum exposure to loss related to these investments is limited to its equity investments in these partnerships and any additional unfunded equity commitments. Truist has investments in and future funding commitments related to private equity and certain other equity method investments. The risk exposure relating to such commitments is generally limited to the amount of investments and future funding commitments made. The following table summarizes certain tax credit and certain equity investments: (Dollars in millions) Balance Sheet Location Dec 31, 2023 Dec 31, 2022 Investments in affordable housing projects and other qualified tax credits: Carrying amount Other assets $ 6,754 $ 5,869 Amount of future funding commitments included in carrying amount Other liabilities 2,473 1,762 Lending exposure Loans and leases for funded amounts 1,981 1,547 Renewable energy investments: Carrying amount Other assets 285 264 Amount of future funding commitments not included in carrying amount NA 747 361 SBIC and certain other equity method investments: Carrying amount Other assets 758 596 Amount of future funding commitments not included in carrying amount NA 589 532 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 was immaterial. Year Ended December 31, (Dollars in millions) Income Statement Location 2023 2022 2021 Tax credits: Investments in affordable housing projects, other qualified tax credits, and other community development investments Provision for income taxes $ 624 $ 583 $ 580 Amortization and other changes in carrying amount: Investments in affordable housing projects and other qualified tax credits (1) Provision for income taxes $ 586 $ 487 $ 472 Other community development investments (1) Other noninterest income 11 81 86 (1) In the first quarter of 2023, the Company adopted the Investments in Tax Credit Structures accounting standard. As a result, amortization related to these tax credits started being recognized in the Provision for income taxes as of the adoption of this standard. This activity was previously recognized in Other income. Refer to “Note 1. Basis of Presentation” for additional information. 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. Commitments to extend, originate, or purchase credit are primarily lines of credit to businesses and consumers and have specified rates and maturity dates. Many of these commitments also have adverse change clauses, which allow Truist to cancel the commitment due to deterioration in the borrowers’ creditworthiness. The fair values of commitments are estimated using the fees charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. The fair values of guarantees and letters of credit are estimated based on the counterparties’ creditworthiness and average default rates for loan products with similar risks. Consumer lending and revolving credit commitments have an immaterial fair value as Truist typically has the unconditional ability to cancel such commitments. Refer to “Note 19. Fair Value Disclosures” for additional disclosures on the RUFC. Truist has sold certain mortgage-related loans that contain recourse provisions. These provisions generally require Truist to reimburse the investor for a share of any loss that is incurred after the disposal of the property. Truist also issues standard representations and warranties related to mortgage loan sales to GSEs. Refer to “Note 9. Loan Servicing” for additional disclosures related to these exposures. Letters of credit and financial guarantees are unconditional commitments issued by Truist to guarantee the performance of a client to a third-party. These guarantees are primarily issued to support borrowing arrangements, including commercial paper issuance, bond financing and similar transactions. The credit risk involved in the issuance of these guarantees is essentially the same as that involved in extending loans to clients and, as such, the instruments are collateralized when necessary. The following is a summary of selected notional amounts of off-balance sheet financial instruments: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 Commitments to extend, originate, or purchase credit and other commitments $ 207,285 $ 216,838 Residential mortgage loans sold with recourse 173 200 CRE mortgages serviced for others covered by recourse provisions 9,661 9,955 Other loans serviced for others covered by recourse and other provisions 1,032 723 Letters of credit 6,239 6,030 Derivatives Truist enters into derivative contracts to manage various financial risks. A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index, or referenced interest rate. Derivative contracts are carried at fair value on the Consolidated Balance Sheets with the fair value representing the net present value of expected future cash receipts or payments based on market interest rates. For additional information on derivative instruments, see “Note 20. Derivative Financial Instruments.” 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) Dec 31, 2023 Dec 31, 2022 Total return swaps: VIE assets $ 1,641 $ 1,830 Trading loans and bonds 1,572 1,790 VIE liabilities 50 163 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 20. Derivative Financial Instruments.” Other Commitments Truist holds public funds in certain states that do not require 100% collateralization on public fund bank deposits. In these states, should the failure of another public fund depository institution result in a loss for the public entity, the resulting uncollateralized deposit shortfall would have to be absorbed on a pro-rata basis (based upon the public deposits held by each bank within the respective state) by the remaining financial institutions holding public funds in that state. Truist monitors deposit levels relative to the total public deposits held by all depository institutions within these states. The likelihood that the Company would have to perform under this guarantee is dependent on whether any financial institutions holding public funds default, as well as the adequacy of collateral coverage. In the ordinary course of business, Truist indemnifies its officers and directors to the fullest extent permitted by law against liabilities arising from pending litigation. Truist also issues standard representations and warranties in underwriting agreements, merger and acquisition agreements, loan sales, brokerage activities and other similar arrangements. Counterparties in many of these indemnification arrangements provide similar indemnifications to Truist. Although these agreements often do not specify limitations, Truist does not believe that any payments related to these guarantees would materially change the financial position or results of operations of Truist. As a member of the FHLB, Truist is required to maintain a minimum investment in capital stock. The board of directors of the FHLB can increase the minimum investment requirements in the event it has concluded that additional capital is required to allow it to meet its own regulatory capital requirements. Any increase in the minimum investment requirements outside of specified ranges requires the approval of the Federal Housing Finance Agency. Because the extent of any obligation to increase Truist’s investment in the FHLB depends entirely upon the occurrence of a future event, potential future investments in the FHLB stock are not determinable. The Company utilizes the Fixed Income Clearing Corporation for trade comparisons, netting, and settlement of fixed income securities. As a Government Securities Division netting member, the Company has a commitment to the Fixed Income Clearing Corporation to meet its financial obligations as a central counterparty clearing house in the event the Fixed Income Clearing Corporation has insufficient liquidity resources through a potential committed liquidity resource repurchase transaction. Any commitment would be based on the Company’s share of its liquidity burden on the Fixed Income Clearing Corporation. Truist does not believe that any payments related to these guarantees would materially change the financial position or results of operations of Truist. 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) Dec 31, 2023 Dec 31, 2022 Pledged securities $ 41,270 $ 38,012 Pledged loans: FRB 73,898 71,234 FHLB 67,748 68,988 Unused borrowing capacity: FRB 55,252 49,250 FHLB 24,712 20,770 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 $350 million as of December 31, 2023. 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 the 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. On behalf of the certified class as currently defined, Plaintiff 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 $400 million as of December 31, 2023. On October 31, 2023, Truist filed motions to amend the class definition to narrow the scope of the class, to compel arbitration against certain class members, and for summary judgment, which were heard by the court on February 14, 2024, and are pending. A court-ordered mediation is scheduled for February 28, 2024, and trial is presently set to commence on April 29, 2024. The Company continues to believe that it has substantial defenses against the underlying claims. 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. The SEC and CFTC have been conducting similar investigations of other financial institutions regarding business-related communications sent over unapproved electronic messaging channels and have entered into a number of resolutions with various institutions to date. 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. U.S. DOJ has recently requested additional information, and 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 $507 million, which was recognized in Q4 2023 and will be paid in eight quarterly installments beginning in 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. |
Regulatory Requirements and Oth
Regulatory Requirements and Other Restrictions | 12 Months Ended |
Dec. 31, 2023 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Requirements and Other Restrictions | Regulatory Requirements and Other Restrictions Truist Bank is subject to laws and regulations that limit the amount of dividends it can pay. In addition, both Truist and Truist Bank are subject to various regulatory restrictions relating to the payment of dividends, including requirements to maintain capital at or above regulatory minimums, and to remain “well-capitalized” under the prompt corrective action regulations. Truist is subject to various regulatory capital requirements administered by the Federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a material effect on the financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items calculated pursuant to regulatory directives. Truist’s capital amounts and classification also are subject to qualitative judgments by the regulators about components, risk weightings and other factors. Truist is in full compliance with these requirements. Banking regulations also identify five capital categories for IDIs: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. At December 31, 2023 and 2022, Truist and Truist Bank were classified as “well-capitalized,” and management believes that no events or changes have occurred subsequent to year end that would change this designation. Quantitative measures are established by regulation to ensure capital adequacy require Truist to maintain minimum capital ratios. Risk-based capital ratios, which include CET1, Tier 1 capital and Total capital, are calculated based on regulatory guidance related to the measurement of capital and risk-weighted assets. The following table provides additional detail on regulatory capital ratios: (Dollars in millions) Minimum Capital (1) Well-Capitalized December 31, 2023 December 31, 2022 Ratio Amount Ratio Amount Truist Financial Corporation: CET1 4.5 % NA 10.1 % $ 42,671 9.0 % $ 39,098 Tier 1 capital 6.0 6.0 11.6 49,341 10.5 45,768 Total capital 8.0 10.0 13.7 58,063 12.4 54,072 Leverage 4.0 NA 9.3 49,341 8.5 45,768 Supplementary leverage 3.0 NA 7.9 49,341 7.3 45,768 Truist Bank: CET1 4.5 6.5 11.7 48,387 10.6 45,237 Tier 1 capital 6.0 8.0 11.7 48,387 10.6 45,237 Total capital 8.0 10.0 13.3 55,227 12.1 51,633 Leverage 4.0 5.0 9.2 48,387 8.5 45,237 Supplementary leverage 3.0 NA 7.9 48,387 7.3 45,237 (1) Truist is subject to an SCB requirement of 2.9% applicable to Truist as of December 31, 2023. Truist’s SCB requirement, received in the 2023 CCAR process, is effective from October 1, 2023 to September 30, 2024. Truist Bank is subject to a CCB requirement of 2.5%. The SCB and CCB are amounts above the minimum levels designed to ensure that banks remain well-capitalized, even in adverse economic scenarios. As an approved seller/servicer, Truist Bank is required to maintain minimum levels of capital, as specified by various agencies, including the U.S. Department of Housing and Urban Development, GNMA, FHLMC, and FNMA. At December 31, 2023 and 2022, Truist Bank’s capital was above all required levels. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
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: December 31, 2023 Total Level 1 Level 2 Level 3 Netting Adjustments (1) Assets: Trading assets: U.S. Treasury $ 144 $ — $ 144 $ — $ — GSE 50 — 50 — — Agency MBS – residential — — — — — 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: Derivative liabilities $ 2,597 $ 487 $ 4,171 $ 24 $ (2,085) Securities sold short 1,625 185 1,440 — — Total liabilities $ 4,222 $ 672 $ 5,611 $ 24 $ (2,085) December 31, 2022 Total Level 1 Level 2 Level 3 Netting Adjustments (1) Assets: Trading assets: U.S. Treasury $ 137 $ — $ 137 $ — $ — GSE 457 — 457 — — Agency MBS – residential 804 — 804 — — Agency MBS – commercial 62 — 62 — — States and political subdivisions 422 — 422 — — Corporate and other debt securities 761 — 761 — — Loans 1,960 — 1,960 — — Other 302 261 41 — — Total trading assets 4,905 261 4,644 — — AFS securities: U.S. Treasury 10,295 — 10,295 — — GSE 303 — 303 — — Agency MBS – residential 55,225 — 55,225 — — Agency MBS – commercial 2,424 — 2,424 — — States and political subdivisions 416 — 416 — — Non-agency MBS 3,117 — 3,117 — — Other 21 — 21 — — Total AFS securities 71,801 — 71,801 — — LHFS at fair value 1,065 — 1,065 — — Loans and leases 18 — — 18 — Loan servicing rights at fair value 3,758 — — 3,758 — Other assets: Derivative assets 684 472 1,980 1 (1,769) Equity securities 898 796 102 — — Total assets $ 83,129 $ 1,529 $ 79,592 $ 3,777 $ (1,769) Liabilities: Derivative liabilities $ 2,971 $ 364 $ 4,348 $ 37 $ (1,778) Securities sold short 1,551 114 1,437 — — Total liabilities $ 4,522 $ 478 $ 5,785 $ 37 $ (1,778) (1) Refer to “Note 20. Derivative Financial Instruments” for additional discussion on netting adjustments. At December 31, 2023 and December 31, 2022, investments totaling $459 million and $385 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 Level 2 and Level 3 assets and liabilities that are measured at fair value on a recurring basis. Available for Sale and Trading Securities: Securities accounted for at fair value include both the available-for-sale and trading portfolios. The Company uses prices obtained from pricing services, dealer quotes, or recent trades to estimate the fair value of securities. The majority of AFS securities were priced by third-party vendors whereas trading securities are priced internally. The AFS securities and trading securities are subject to IPV. Management independently evaluates the fair values of AFS Securities and trading securities through comparisons to external pricing sources, review of additional information provided by the pricing service and other third-party sources for selected securities and back-testing to compare the price realized on any security sales to the pricing information received from the pricing service. Fair value measurements for trading securities are derived from observable market-based information including, but not limited to, overall market conditions, recent trades, comparable securities, broker quotes and FINRA’s Trade Reporting and Compliance Engine data when determining the value of a position. Security prices are also validated through actual cash settlement upon the sale of a security. As described by security type below, additional inputs may be used, or some inputs may not be applicable. Trading loans: The Company has elected to measure trading loans at fair value. Trading loans are valued primarily using quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active by a third-party pricing service. Trading loans include: • loans held in connection with the Company’s trading business primarily consisting of commercial and corporate leveraged loans; • loans made or acquired in connection with the Company’s TRS business; and • SBA loans guaranteed by the U.S. government for December 31, 2022 only. U.S. Treasury securities: Treasury securities are valued using quoted prices in active over-the-counter markets. GSE securities and agency MBS: GSE securities consist of debt obligations issued by U.S. Department of Housing and Urban Development, the FHLB, and other agencies, as well as securities collateralized by loans that are guaranteed by the SBA, and thus, are backed by the full faith and credit of the U.S. government. Agency MBS includes pass-through securities and CMOs issued by GSEs and U.S. government agencies, such as FNMA, FHLMC, and GNMA. Each security contains a guarantee by the issuing GSE or agency. GSE pass-through securities are valued using market-based pricing matrices that reference observable inputs including benchmark TBA security pricing and yield curves that were estimated based on U.S. Treasury yields and certain floating rate indices. The pricing matrices for these securities may also give consideration to pool-specific data supplied directly by the GSE. GSE CMOs are valued using market-based pricing matrices that are based on observable inputs including offers, bids, reported trades, dealer quotes and market research reports, the characteristics of a specific tranche, market convention prepayment speeds and benchmark yield curves as described above. States and political subdivisions: The Company’s investments in U.S. states and political subdivisions include obligations of county and municipal authorities and agency bonds, which are general obligations of the municipality or are supported by a specified revenue source. Holdings are geographically dispersed, with no significant concentrations in any one state or municipality. Additionally, all municipal obligations are highly rated or are otherwise collateralized by securities backed by the full faith and credit of the federal government. These securities are valued using market-based pricing matrices that reference observable inputs including MSRB reported trades, issuer spreads, material event notices and benchmark yield curves. Non-agency MBS: Non-agency MBS included purchased interests in third-party securitizations that have a high investment grade rating, and the pricing matrices for these securities were based on observable inputs including offers, bids, reported trades, dealer quotes and market research reports, the characteristics of a specific tranche, market convention prepayment speeds and benchmark yield curves as described above. Corporate and other debt securities: These securities consist primarily of corporate bonds and commercial paper. Corporate bonds are senior and subordinated debt obligations of domestic corporations. The Company acquires commercial paper that is generally short-term in nature and highly rated. These securities are valued based on a review of quoted market prices for similar assets as well as through the various other inputs discussed previously. LHFS: Certain mortgage loans that are originated to be sold to investors are carried at fair value. The fair value is primarily based on quoted market prices for securities backed by similar types of loans, adjusted for servicing, interest rate risk, and credit risk. The changes in fair value of these assets are largely driven by changes in interest rates subsequent to loan funding and changes in the fair value of servicing associated with the mortgage LHFS. Loans and leases: Fair values for loans are based on a discounted cash flow methodology that considered credit loss expectations, market interest rates, and other market factors such as liquidity from the perspective of a market participant. The probability of default, loss given default, and prepayment assumptions are the key factors driving credit losses which are embedded into the estimated cash flows. These assumptions are informed by inter nal data on loan characteristics, historical loss experience, and current and forecasted economic conditions. The interest and liquidity component of the estimate was determined by discounting interest and principal cash flows through the expected life of each loan. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity. Loan servicing rights: Residential MSRs are valued using an OAS valuation model to project cash flows over multiple interest rate scenarios and then are discounted at risk-adjusted rates. The model considers portfolio characteristics, contractually specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service and other economic factors. Fair value estimates and assumptions are compared to industry surveys, recent market activity, actual portfolio experience and other observable market data. Commercial MSRs and other loan servicing rights are valued using a cash flow valuation model that calculates the present value of estimated future net servicing cash flows. The Company considers actual and expected loan prepayment rates, discount rates, servicing costs, and other economic factors that are determined based on current market conditions. Refer to “Note 9. Loan Servicing” for additional information on valuation techniques and inputs for loan servicing rights. Derivative assets and liabilities: The Company holds derivative instruments for both trading and risk management purposes. These include exchange-traded futures or option contracts, OTC swaps, options, forwards, and interest rate lock commitments. The fair values of derivatives are determined based on quoted market prices and internal pricing models that use market observable assumptions for interest rates, foreign exchange, equity, and credit. The fair values of interest rate lock commitments, which are related to mortgage loan commitments and are categorized as Level 3, are based on quoted market prices adjusted for commitments that are not expected to fund and include the value attributable to the net servicing fees. Funding rates are based on the Company’s historical data. The fair value attributable to servicing is based on discounted cash flows, and is impacted by prepayment assumptions, discount rates, delinquency rates, contractually specified servicing fees, servicing costs, and underlying portfolio characteristics. Equity securities: Equity securities primarily consist of exchange-traded securities and are valued using quoted prices in active markets. Private equity investments: In many cases there are no observable market values for these investments, and therefore, management must estimate the fair value based on a comparison of the operating performance of the investee to multiples in the marketplace for similar entities. This analysis requires significant judgment, and actual values in a sale could differ materially from those estimated. Securities sold short: Securities sold short represent debt securities sold short that are entered into as a hedging strategy for the purposes of supporting institutional and retail client trading activities. The fair value of securities sold short is determined in the same manner as trading securities. Activity for Level 3 assets and liabilities is summarized below: Loans and Leases Loan Servicing Rights Net Derivatives Balance at January 1, 2021 $ — $ 2,023 $ 172 Total realized and unrealized gains (losses): Included in earnings (1) 233 (96) Purchases — 355 — Issuances — 715 305 Sales — (1) — Settlements — (741) (393) Acquisitions 24 49 — Balance at December 31, 2021 23 2,633 (12) Total realized and unrealized gains (losses): Included in earnings — 801 (323) Purchases — 321 — Issuances — 482 2 Sales — (9) — Settlements (5) (470) 297 Balance at December 31, 2022 18 3,758 (36) Total realized and unrealized gains (losses): Included in earnings — 86 (36) Purchases — 123 — Issuances — 270 29 Sales — (531) — Settlements (3) (328) 24 Balance at December 31, 2023 $ 15 $ 3,378 $ (19) Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2023 $ — $ 36 $ (24) 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 that were elected to be measured at fair value: December 31, 2023 December 31, 2022 (Dollars in millions) Fair Value UPB Difference Fair Value UPB Difference Trading loans $ 1,575 $ 1,664 $ (89) $ 1,960 $ 2,101 $ (141) Loans and leases 15 16 (1) 18 20 (2) LHFS at fair value 852 828 24 1,065 1,056 9 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) Dec 31, 2023 Dec 31, 2022 Carrying value: LHFS $ 19 $ 271 Loans and leases 840 500 Other 454 120 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. Year Ended December 31, (Dollars in millions) 2023 2022 2021 Valuation adjustments: LHFS $ (58) $ (9) $ (27) Loans and leases (894) (420) (455) Other (305) (159) (178) 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 $409 million and $108 million of LHFS carried at cost at December 31, 2023 and December 31, 2022, respectively, that did not require a valuation adjustment during the period. Additionally, the table above excludes $98 million of charge-offs related to the student loan portfolio sale that occurred in the second quarter of 2023, which was previously provided for. 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” for additional discussion of individually evaluated loans and leases. Other includes foreclosed real estate, other foreclosed property, ROU assets, premises and equipment, OREO, and held for sale operating leases, and consists primarily of residential homes, commercial properties, vacant lots, and automobiles. ROU assets are measured based on the fair value of the assets, which considers the potential for sublease income. 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: December 31, 2023 December 31, 2022 (Dollars in millions) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: HTM securities Level 2 $ 54,107 $ 44,630 $ 57,713 $ 47,791 Loans and leases HFI, net of ALLL Level 3 307,248 300,830 321,596 308,738 Financial liabilities: Time deposits Level 2 43,561 43,368 23,474 23,383 Long-term debt Level 2 38,918 38,353 43,203 40,951 The carrying value of the RUFC, which approximates the fair value of unfunded commitments, was $295 million and $272 million at December 31, 2023 and December 31, 2022, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
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: December 31, 2023 December 31, 2022 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 $ 17,673 $ — $ — $ 16,650 $ — $ — Fair value hedges: Interest rate contracts: Swaps hedging long-term debt 14,268 — — 16,393 — (68) Swaps hedging AFS securities 24,178 — — 7,097 — — Total 38,446 — — 23,490 — (68) Not designated as hedges: Client-related and other risk management: Interest rate contracts: Swaps 154,692 637 (1,926) 155,670 579 (2,665) Options 34,593 114 (106) 29,840 172 (192) Forward commitments 178 — (11) 1,495 8 (2) Other 3,033 — — 3,823 1 — Equity contracts 39,561 1,164 (1,733) 33,185 644 (901) Credit contracts: Trading assets 100 — — 140 — — Loans and leases 225 — — 394 — — Risk participation agreements 7,499 — (3) 6,824 — (3) Total return swaps 1,598 41 (7) 1,729 81 (2) Foreign exchange contracts 24,480 256 (256) 19,022 364 (380) Commodity 8,367 513 (503) 4,881 444 (447) Total 274,326 2,725 (4,545) 257,003 2,293 (4,592) Mortgage banking: Interest rate contracts: Swaps 105 — — 115 — — Options (1) 400 3 — 400 1 — Interest rate lock commitments 746 5 (10) 999 1 (17) When issued securities, forward rate agreements and forward commitments (1) 1,438 12 (17) 1,728 24 (6) Other 94 — — 140 1 — Total 2,783 20 (27) 3,382 27 (23) MSRs: Interest rate contracts: Swaps 15,252 — — 14,566 — — Options (1) 14,854 75 (109) 15,505 125 (48) When issued securities, forward rate agreements and forward commitments (1) 933 8 — 884 8 (15) Other 1,692 — (1) 1,532 — (3) Total 32,731 83 (110) 32,487 133 (66) Total derivatives not designated as hedges 309,840 2,828 (4,682) 292,872 2,453 (4,681) Total derivatives $ 365,959 2,828 (4,682) $ 333,012 2,453 (4,749) Gross amounts in the Consolidated Balance Sheets: Amounts subject to master netting arrangements and exchange traded derivatives (1,268) 1,268 (1,223) 1,223 Cash collateral (received) posted for amounts subject to master netting arrangements (609) 817 (546) 555 Net amount $ 951 $ (2,597) $ 684 $ (2,971) (1) In 2023, Truist reclassified TBA MBS options into the options line item. Prior periods were reclassified to conform to the current presentation. 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: 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) December 31, 2022 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 $ 1,895 $ (1,408) $ 487 $ — $ 487 Derivatives not subject to master netting arrangement or similar arrangement 86 — 86 — 86 Exchange traded derivatives 472 (361) 111 — 111 Total derivative assets $ 2,453 $ (1,769) $ 684 $ — $ 684 Derivative liabilities: Derivatives subject to master netting arrangement or similar arrangement $ (3,688) $ 1,417 $ (2,271) $ 43 $ (2,228) Derivatives not subject to master netting arrangement or similar arrangement (697) — (697) — (697) Exchange traded derivatives (364) 361 (3) — (3) Total derivative liabilities $ (4,749) $ 1,778 $ (2,971) $ 43 $ (2,928) The following table presents the carrying value of hedged items in fair value hedging relationships: December 31, 2023 December 31, 2022 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) $ 51,782 $ 6 $ (5) $ 38,773 $ (630) $ (4) Loans and leases 322 — 7 353 — 10 Long-term debt 27,572 (237) (475) 25,378 (780) 218 (1) The amortized cost of AFS securities was $62.2 billion at December 31, 2023 and $46.2 billion at December 31, 2022. Further, as of December 31, 2023, closed portfolios of securities hedged under the portfolio layer method have an amortized cost of $58.7 billion, of which $24.2 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: Year Ended December 31, (Dollars in millions) 2023 2022 2021 Pre-tax gain (loss) recognized in OCI: Commercial loans $ (340) $ (102) $ — Pre-tax gain (loss) reclassified from AOCI into interest expense or interest income: Deposits $ — $ — $ (2) Short-term borrowings — — (12) Long-term debt — (12) (22) Commercial Loans (49) — — Total $ (49) $ (12) $ (36) Pre-tax gain (loss) reclassified from AOCI into other expense: (1) Deposits $ — $ — $ (12) Short-term borrowings — — (20) Long-term debt — — (4) Total $ — $ — $ (36) (1) Represents the accelerated amortization of amounts reclassified from AOCI, where management determined that the forecasted transaction is probable of not occurring. The following table summarizes the impact on net interest income related to fair value hedges: Year Ended December 31, (Dollars in millions) 2023 2022 2021 Investment securities: Amounts related to interest settlements $ 427 $ 102 $ (48) Recognized on derivatives (651) 598 571 Recognized on hedged items 694 (541) (568) Net income (expense) recognized (1) 470 159 (45) Loans and leases: Recognized on hedged items (3) (3) (5) Long-term debt: Amounts related to interest settlements (192) (64) 18 Recognized on derivatives (136) (840) (136) Recognized on hedged items 149 1,014 435 Net income (expense) recognized (179) 110 317 Net income (expense) recognized, total $ 288 $ 266 $ 267 (1) Includes $44 million of income recognized for the year ended December 31, 2023, respectively, and $53 million for the year ended December 31, 2022, 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) Dec 31, 2023 Dec 31, 2022 Cash flow hedges: Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI $ (106) $ (118) Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2029) (194) 40 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 (203) (31) 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 6 years Fair value hedges: Unrecognized pre-tax net gain (loss) on terminated hedges (1) $ (64) $ 669 Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months (60) 163 (1) Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $413 million at December 31, 2023 and $457 million at December 31, 2022. 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: Year Ended December 31, (Dollars in millions) Income Statement Location 2023 2022 2021 Client-related and other risk management: Interest rate contracts Investment banking and trading income and other income $ 104 $ 197 $ 193 Foreign exchange contracts Investment banking and trading income and other income 7 236 133 Equity contracts Investment banking and trading income and other income (29) 5 (21) Credit contracts Investment banking and trading income and other income (112) 53 (83) Commodity contracts Investment banking and trading income 21 11 7 Mortgage banking: Interest rate contracts – residential Mortgage banking income 37 596 (21) Interest rate contracts – commercial Mortgage banking income (1) (1) (2) MSRs: Interest rate contracts – residential Mortgage banking income (137) (792) (105) Interest rate contracts – commercial Mortgage banking income (3) (22) (8) Total $ (113) $ 283 $ 93 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 December 31, 2023, the remaining terms on these risk participations ranged from less than one year to 14 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 17. 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) Dec 31, 2023 Dec 31, 2022 Risk participation agreements: Maximum potential amount of exposure $ 520 $ 575 Total return swaps: Cash collateral held 437 453 The following table summarizes collateral positions with counterparties: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 Dealer and other counterparties: Cash and other collateral received from counterparties $ 609 $ 542 Derivatives in a net gain position secured by collateral received 735 618 Unsecured positions in a net gain with counterparties after collateral postings 126 76 Cash collateral posted to counterparties 960 590 Derivatives in a net loss position secured by collateral 1,052 692 Central counterparties clearing: Cash collateral, including initial margin, received from central clearing parties — 4 Cash collateral, including initial margin, posted to central clearing parties 14 45 Derivatives in a net loss position 8 13 Derivatives in a net gain position 2 12 Securities pledged to central counterparties clearing 1,249 639 |
Computation of EPS
Computation of EPS | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of EPS | Computation of EPS Basic and diluted EPS calculations are presented in the following table: Year Ended December 31, (Dollars in millions, except per share data, shares in thousands) 2023 2022 2021 Net income (loss) available to common shareholders - continuing operations $ (1,864) $ 5,446 $ 5,569 Net income available to common shareholders - discontinued operations 412 481 464 Net income (loss) available to common shareholders $ (1,452) $ 5,927 $ 6,033 Weighted average number of common shares 1,331,963 1,328,120 1,337,144 Effect of dilutive outstanding equity-based awards (1) — 10,342 12,234 Weighted average number of diluted common shares 1,331,963 1,338,462 1,349,378 Basic earnings from continuing operations $ (1.40) $ 4.10 $ 4.16 Basic earnings from discontinued operations 0.31 0.36 0.35 Basic EPS $ (1.09) $ 4.46 $ 4.51 Diluted earnings from continuing operations $ (1.40) $ 4.07 $ 4.13 Diluted earnings from discontinued operations 0.31 0.36 0.34 Diluted EPS $ (1.09) $ 4.43 $ 4.47 Anti-dilutive awards 11,143 93 3 (1) For the year ended December 31, 2023, outstanding equity-based awards were deemed anti-dilutive and therefore, excluded from the Company’s diluted EPS calculation. |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2023 | |
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. 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. 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: Year Ended December 31, CSBB WB OT&C (1) Total 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Net interest income (expense) $ 5,940 $ 6,664 $ 6,898 $ 9,184 $ 6,001 $ 4,555 $ (600) $ 1,648 $ 1,549 $ 14,524 $ 14,313 $ 13,002 Net intersegment interest income (expense) 4,594 3,010 1,881 (2,152) 659 1,199 (2,442) (3,669) (3,080) — — — Segment net interest income 10,534 9,674 8,779 7,032 6,660 5,754 (3,042) (2,021) (1,531) 14,524 14,313 13,002 Allocated provision for credit losses 1,116 863 117 1,000 (91) (848) (7) 5 (82) 2,109 777 (813) Segment net interest income after provision 9,418 8,811 8,662 6,032 6,751 6,602 (3,035) (2,026) (1,449) 12,415 13,536 13,815 Noninterest income 1,991 2,086 2,290 3,668 3,994 4,590 (161) (420) (212) 5,498 5,660 6,668 Amortization of intangibles 210 252 254 185 203 215 — — 3 395 455 472 Goodwill impairment 3,361 — — 2,717 — — — — — 6,078 — — Other noninterest expense 6,355 5,771 5,847 5,378 4,722 4,755 472 1,219 2,028 12,205 11,712 12,630 Income (loss) before income taxes from continuing operations 1,483 4,874 4,851 1,420 5,820 6,222 (3,668) (3,665) (3,692) (765) 7,029 7,381 Provision (benefit) for income taxes 1,160 1,154 1,112 811 1,259 1,310 (1,233) (1,163) (1,014) 738 1,250 1,408 Segment net income (loss) from continuing operations $ 323 $ 3,720 $ 3,739 $ 609 $ 4,561 $ 4,912 $ (2,435) $ (2,502) $ (2,678) $ (1,503) $ 5,779 $ 5,973 Identifiable assets (period end) of continuing operations $ 146,310 $ 162,460 $ 156,172 $ 209,767 $ 215,607 $ 190,266 $ 171,617 $ 169,533 $ 188,600 $ 527,694 $ 547,600 $ 535,038 (1) Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |
Parent Company Financial Inform
Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Financial Information | Parent Company Financial Information Parent Company - Condensed Balance Sheets (Dollars in millions) December 31, 2023 2022 Assets: Cash and due from banks $ 22 $ 29 Interest-bearing deposits with banks 11,264 10,861 AFS securities at fair value 218 214 Advances to / receivables from subsidiaries: Banking 8,044 2,305 Nonbank 396 404 Total advances to / receivables from subsidiaries 8,440 2,709 Investment in subsidiaries: Banking 57,994 59,921 Nonbank 4,666 4,553 Total investment in subsidiaries 62,660 64,474 Other assets 258 452 Total assets $ 82,862 $ 78,739 Liabilities and Shareholders’ Equity: Short-term borrowings $ 196 $ 370 Long-term debt 23,267 17,625 Other liabilities 298 230 Total liabilities 23,761 18,225 Total shareholders’ equity 59,101 60,514 Total liabilities and shareholders’ equity $ 82,862 $ 78,739 Parent Company - Condensed Income and Comprehensive Income Statements (Dollars in millions) Year Ended December 31, 2023 2022 2021 Income: Dividends from subsidiaries: Banking $ 4,925 $ 4,800 $ 4,150 Nonbank 72 170 100 Total dividends from subsidiaries 4,997 4,970 4,250 Interest and other income from subsidiaries 359 100 143 Other income 25 27 (26) Total income 5,381 5,097 4,367 Expenses: Interest expense 957 369 258 Other expenses 142 131 125 Total expenses 1,099 500 383 Income before income taxes and equity in undistributed earnings of subsidiaries 4,282 4,597 3,984 Income tax benefit 180 50 26 Income before equity in undistributed earnings of subsidiaries 4,462 4,647 4,010 Equity in undistributed earnings (losses) of subsidiaries in excess of dividends from subsidiaries (5,509) 1,620 2,427 Net income (loss) (1,047) 6,267 6,437 Total OCI 1,095 (11,997) (2,320) Total comprehensive income $ 48 $ (5,730) $ 4,117 Parent Company - Statements of Cash Flows (Dollars in millions) Year Ended December 31, 2023 2022 2021 Cash Flows From Operating Activities: Net income (loss) $ (1,047) $ 6,267 $ 6,437 Adjustments to reconcile net income to net cash from operating activities: Equity in (earnings) losses of subsidiaries in excess of dividends from subsidiaries 5,509 (1,620) (2,427) Other, net 502 (449) (438) Net cash from operating activities 4,964 4,198 3,572 Cash Flows From Investing Activities: Proceeds from maturities, calls, and paydowns of AFS securities 11 31 37 Purchases of AFS securities (8) (9) (216) Investment in subsidiaries (905) (4,142) (120) Advances to subsidiaries (18,037) (4,110) (3,088) Proceeds from repayment of advances to subsidiaries 12,383 6,813 3,922 Other, net 4 14 — Net cash from investing activities (6,552) (1,403) 535 Cash Flows From Financing Activities: Net change in short-term borrowings (174) (439) 188 Net issuance (repayment) of long-term debt 5,888 1,700 (2,149) Repurchase of common stock — (250) (1,616) Redemption of preferred stock — — (1,415) Cash dividends paid on common and preferred stock (3,131) (2,989) (2,852) Other, net (599) (205) (107) Net cash from financing activities 1,984 (2,183) (7,951) Net Change in Cash and Cash Equivalents 396 612 (3,844) Cash and Cash Equivalents, January 1 10,890 10,278 14,122 Cash and Cash Equivalents, December 31 $ 11,286 $ 10,890 $ 10,278 The transfer of funds in the form of dividends, loans, or advances from bank subsidiaries to the Parent Company is restricted. Federal law requires loans to the Parent Company or its affiliates to be secured and at market terms and generally limits loans to the Parent Company or an individual affiliate to 10% of Truist Bank’s unimpaired capital and surplus. In the aggregate, loans to the Parent Company and all affiliates cannot exceed 20% of the bank’s unimpaired capital and surplus. Dividend payments to the Parent Company by Truist Bank are subject to regulatory review and statutory limitations and, in some instances, regulatory approval. In general, dividends are restricted by regulatory minimum capital constraints. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
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) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Truist Financial Corporation and those subsidiaries that are wholly or majority owned by Truist or over which Truist has a controlling financial interest. Intercompany accounts and transactions are eliminated in consolidation. The results of operations of companies and net assets acquired are included from the date of acquisition. Results of operations associated with entities or net assets sold are included through the date of disposition. Truist holds investments in certain legal entities that are considered VIEs. VIEs are legal entities in which equity investors do not have sufficient equity at risk for the entity to independently finance its activities, or as a group, the holders of the equity investment at risk lack the power through voting or similar rights to direct the activities of the entity that most significantly impact its economic performance, or do not have the obligation to absorb the expected losses of the entity or the right to receive expected residual returns of the entity. Consolidation of a VIE is required if a reporting entity is the primary beneficiary of the VIE. Investments in VIEs are evaluated to determine if Truist is the primary beneficiary. This evaluation gives appropriate consideration to the design of the entity and the variability that the entity was designed to create and pass along, the relative power of each party, and to Truist’s obligation to absorb losses or receive residual returns of the entity. For changes in facts and circumstances, Truist re-assesses whether or not it is a primary beneficiary of a VIE. Truist has variable interests in certain entities that are not required to be consolidated. Refer to “Note 17. Commitments and Contingencies” for additional disclosures regarding Truist’s VIEs. Investments in entities for which the Company has the ability to exercise significant influence, but not control, over operating and financing decisions are accounted for using the equity method of accounting. These investments are included in Other assets in the Consolidated Balance Sheets at cost, adjusted to reflect the Company’s portion of income, loss, or dividends of the investee. Truist records its portion of income or loss in Other noninterest income in the Consolidated Statements of Income. These investments are periodically evaluated for impairment. The Company reports any noncontrolling interests in its subsidiaries in the equity section of the Consolidated Balance Sheets and separately presents the income or loss attributable to the noncontrolling interest of a consolidated subsidiary in its Consolidated Statements of Income. |
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 segment realignment. Refer to “Note 22. 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. |
Business Combinations | Business Combinations Truist accounts for business combinations using the acquisition method. The accounts of an acquired entity are included as of the date of acquisition, and any excess of purchase price over the fair value of the net assets acquired is recorded as goodwill. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks and interest-bearing deposits with banks that have original maturities of three months or less. Accordingly, the carrying amount of such instruments is considered a reasonable estimate of fair value. Restricted cash was immaterial at December 31, 2023 and 2022. |
Securities Financing Activities | Securities Financing Activities Securities borrowed or purchased under agreements to resell are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were borrowed or purchased. On the acquisition date of these securities, the Company and related counterparty agree on the amount of collateral required to secure the principal amount loaned under these agreements. The Company monitors collateral values daily and calls for additional collateral to be provided as warranted under the respective agreements. Short-term borrowings include securities sold under agreements to repurchase, which are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold. The Company monitors collateral values daily and pledges collateral as warranted under the respective agreements. |
Trading Activities | Trading Activities Various trading assets and liabilities are used to accommodate the investment and risk management activities of the Company’s clients. Product offerings to clients include debt securities, loans traded in the secondary market, equity securities, derivative contracts, and other similar financial instruments. The Company elects to apply fair value accounting to trading loans. Trading loans include: (i) loans held in connection with the Company’s trading business primarily consisting of commercial and corporate leveraged loans; (ii) certain SBA loans guaranteed by the U.S. government; and (iii) loans made or acquired in connection with the Company’s TRS business. Other trading-related activities include acting as a market maker for certain debt and equity security transactions, derivative instrument transactions, and foreign exchange transactions. Trading assets and liabilities are measured at fair value with changes in fair value recognized within Noninterest income in the Company’s Consolidated Statements of Income. Interest income on trading account securities is included in Interest on other earning assets. For additional information on the Company’s trading activities, see “Note 17. Commitments and Contingencies” and “Note 19. Fair Value Disclosures.” |
Investment Securities | Investment Securities The Company invests in various debt securities primarily for liquidity management purposes and as part of the overall ALM process to optimize income and market performance. Investments in debt securities that are not held for trading purposes are classified as HTM or AFS. Interest income on securities is recognized in income on an accrual basis. Premiums and discounts are amortized into interest income using the effective interest method over the contractual life of the security. As prepayments are received, a proportionate amount of the related premium or discount is recognized in income so that the effective interest rate on the remaining portion of the security continues unchanged. Debt securities are classified as HTM when Truist has both the intent and ability to hold the securities to maturity. HTM securities are reported at amortized cost. AFS securities are reported at estimated fair value, with unrealized gains and losses reported in AOCI, net of deferred income taxes, in the Shareholders’ equity section of the Consolidated Balance Sheets. Gains or losses realized from the sale of AFS securities are determined by specific identification and are included in noninterest income. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. AFS debt securities in an unrealized loss position are evaluated at the balance sheet date to determine whether such losses are credit-related. Credit related losses are measured on an individual basis and recognized in an ACL. Changes in expected credit losses are recognized in the Provision for credit losses in the Consolidated Statements of Income. Municipal securities are evaluated for impairment using a municipal bond credit scoring tool that leverages historical municipal market data to estimate probability of default and loss given default at the issuer level. U.S. Treasury securities, government guaranteed securities, and other securities issued by GSEs are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by rating agencies and have a long history of no credit losses. Non-agency MBS in the portfolio reflect recent issuances that are highly rated, include excess collateral and are collateralized by loans to borrowers with high credit scores and low loan to value ratios. Truist utilizes cash flow modeling for the evaluation of potential credit impairment on non-agency securities in an unrealized loss position. Cash flow modeling incorporates a variety of factors that impact the long-term expectation of collateral performance. Impairment is attributable to factors other than credit when there continues to be an expectation of the collection of all contractual principal and interest. Related to any unrealized losses reported in AOCI, Truist considers any intent to sell and whether it was more-likely-than-not that the Company would be required to sell those securities before the anticipated recovery of the amortized cost basis as of the reporting date. |
Equity Securities | Equity Securities Equity securities that are not classified as trading assets or liabilities are recorded in Other assets on the Company’s Consolidated Balance Sheets. Equity securities with readily determinable fair values are considered marketable and measured at fair value, with changes in the fair value recognized as a component of Other noninterest income in the Company’s Consolidated Statements of Income. Marketable equity securities include mutual fund investments and other publicly traded equity securities. Dividends received from marketable equity securities and FHLB stock are recognized within Interest income in the Consolidated Statements of Income. Equity securities that are not accounted for under the equity method and that do not have readily determinable fair values are considered non-marketable and are accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any adjustments to the carrying value of these non-marketable equity securities are recognized in Other noninterest income in the Company’s Consolidated Statements of Income. Non-marketable equity securities include FHLB stock and other equity investments. For additional information on the Company’s equity securities, see “Note 19. Fair Value Disclosures.” |
LHFS | LHFS LHFS includes primarily residential mortgage and commercial mortgage loans that management intends to sell in the secondary market and other loans that management has an active plan to sell. LHFS also includes specifically identified loans where management has committed to a formal plan of sale and the loans are available for immediate sale. The Company elects to apply fair value accounting to residential and commercial mortgage loans that are originated with the intent to be sold in the secondary market. Direct loan origination fees associated with these loans are recorded as Mortgage banking income. The majority of direct origination costs are recorded in Personnel expense. The fair value of these loans is derived from observable current market prices when available and includes loan servicing value. When observable market prices are not available, the Company uses judgment and estimates fair value using internal models that reflect assumptions consistent with those that would be used by a market participant in estimating fair value. First lien residential mortgage LHFS are transferred in conjunction with GNMA and GSE securitization transactions, whereby the loans are exchanged for cash or securities that are readily redeemable for cash with servicing rights retained. Net gains/losses on the sale of residential mortgage LHFS are recorded at inception of the associated interest rate lock commitments and reflect the change in value of the loans resulting from changes in interest rates from the time the Company enters into interest rate lock commitments with borrowers until the loans are sold, adjusted for pull through rates and excluding hedge transactions initiated to mitigate this market risk. Commercial mortgage LHFS are sold to FNMA and FHLMC and the Company also issues and sells GNMA commercial MBS backed by FHA insured loans. The loans and securities are exchanged for cash with servicing rights retained. Gains and losses on sales of residential and commercial mortgages are included in Mortgage banking income and gains and losses on sales of other consumer loans are included in Other income. In certain circumstances, the Company may transfer certain loans from HFI to LHFS. At the time of transfer, the loans are recorded at LOCOM and charge-offs are recorded as necessary at the transfer date. Subsequent to the initial transfer to LHFS these assets are revalued at each subsequent reporting date, and any resulting adjustments are reported as changes to a valuation allowance, which is recorded as a component of Noninterest income in the Consolidated Statements of Income. For additional information on the Company’s LHFS, see “Note 19. Fair Value Disclosures.” Specifically identified LHFS, where management has committed to a formal plan of sale and the loans are available for immediate sale, are recorded at LOCOM. Origination fees and costs for such loans are capitalized in the basis of the loan and are included in the calculation of realized gains and losses upon sale. Adjustments to reflect unrealized losses resulting from changes in fair value and realized gains and losses upon ultimate sale of the loans are classified as Noninterest income in the Consolidated Statements of Income. The fair value of these loans is estimated using observable market prices when available, but may also incorporate consideration of other unobservable inputs such as indicative bids, broker price opinions or other information derived from internal or external data sources. |
Loans and Leases | Loans and Leases The Company’s accounting methods for loans differ depending on whether the loans are originated or purchased, and if purchased, whether or not the loans reflect credit deterioration since the date of origination such that at the date of acquisition there is more than an insignificant deterioration in credit. Unearned income, discounts, and net deferred loan fees and costs include direct costs associated with loan origination as well as premiums and discounts from origination or purchase, which are deferred and amortized over the respective loan terms. Originated Loans and Leases Loans and leases that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balances net of any unearned income, charge-offs, and unamortized fees and costs. Interest and fees on loans and leases includes certain loan fees and deferred direct costs associated with the lending process recognized over the contractual lives of the loans using the effective interest method for amortizing loans or straight-line method for loans with interest-only repayment terms or revolving privileges. Purchased Loans Purchased loans are recorded at their fair value at the acquisition date. Purchased loans are evaluated upon acquisition and classified as either PCD, which indicates that the loan reflects more-than-insignificant deterioration in credit quality since origination, or non-PCD. Truist considers a variety of factors in connection with the identification of more-than-insignificant deterioration in credit quality, including but not limited to risk grades, delinquency, nonperforming status, previous reportable loan modifications, bankruptcies, and other qualitative factors that indicate deterioration in credit quality since origination. Fair values for purchased loans in a business combination are based on a discounted cash flow methodology that considers credit loss expectations, market interest, rates, and other market factors such as liquidity from the perspective of a market participant. Loans are grouped together according to similar characteristics and treated in the aggregate when applying various valuation techniques. The probability of default, loss given default and prepayment assumptions are the key factors driving credit losses which are embedded into the estimated cash flows. These assumptions are informed by comparable internal data on loan characteristics, historical loss experience, and current and forecasted economic conditions. The interest and liquidity component of the estimate are determined by discounting interest and principal cash flows through the expected life of the underlying loans. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity. The discount rates do not include a factor for credit losses as that has been included as a reduction to the estimated cash flows. For PCD loans, the initial estimate of expected credit losses is determined using the same methodology as other loans held for investment and recognized as an adjustment to the acquisition price of the asset; thus, the sum of the loans’ purchase price and initial ALLL estimate represents the initial amortized cost basis. The difference between the initial amortized cost basis and the par value is the non-credit discount or premium. For non-PCD loans, the difference between the fair value and the par value is considered the fair value mark. The initial ALLL for non-PCD loans is recorded with a corresponding charge to the Provision for credit losses in the Consolidated Statements of Income. Subsequent changes in the ALLL related to PCD and non-PCD loans are recognized in the Provision for credit losses. The non-credit discount or premium related to PCD loans and the fair value mark on non-PCD loans are amortized or accreted to Interest and fees on loans and leases over the contractual life of the loans using the effective interest method for amortizing loans, and using a straight-line approach for loans with interest-only repayment terms or revolving privileges. In the event of prepayment, unamortized discounts or premiums are recognized in Interest and fees on loans and leases. Loan Modifications In certain circumstances, the Company enters into agreements to modify the terms of loans to borrowers that are experiencing financial difficulty. The scope of these loan modifications varies from portfolio to portfolio but generally falls into one of the following categories: • Renewals: represent the renewal of a loan where the Company has concluded that the borrower is experiencing financial difficulty. Commercial renewals result in an extension of the maturity date of the loan (or in some cases a contraction of the loan term), and other significant terms of the loan (e.g., interest rate, collateral, guarantor support, etc.) are re-evaluated in connection with the renewal event. • Term extensions: represent an adjustment to the maturity date of the loan that typically results in a reduction to the borrower’s scheduled payment over the remainder of the loan. • Capitalizations: represents the capitalization of forborne loan payments and/or other amounts advanced on behalf of the borrower into the principal balance of a residential mortgage loan. • Payment delays: provide the borrower with a temporary postponement of loan payments that is considered other-than-insignificant, which has been defined as a payment delay that exceeds 90 days, or three payment cycles, over a rolling 12-month period. These postponed loan payments may result in an extension of the ultimate maturity date of the loan or may be capitalized into the principal balance of the loan in certain circumstances. • Combinations: in certain circumstances more than one type of a modification is provided to a borrower (e.g., interest rate reduction and term extension). • Other: represents other types of loan modifications that are not considered significant for disclosure purposes. The Company has identified borrowers that are included in the Loan Modifications disclosures in “Note 6. Loans and ACL” as follows: • Commercial: the Company evaluates all modifications of loans to commercial borrowers that are rated substandard or worse and includes the modifications in its disclosure to the extent that the modification is considered other-than-insignificant. • Consumer and credit card: loan modifications to consumer and credit card borrowers are generally limited to borrowers that are experiencing financial difficulty. As a result, the Company evaluates all modifications of consumer and credit card loans and includes them in the disclosure to the extent that they are considered other-than insignificant. |
Troubled Debt Restructuring | TDRs Prior to January 1, 2023, modifications to a borrower’s debt agreement were considered TDRs if a concession was granted for economic or legal reasons related to a borrower’s financial difficulties that otherwise would not be considered. TDRs were undertaken to improve the likelihood of recovery on the loan and took the form of modifications that result in the stated interest rate of the loan being lower than the current market rate for new debt with similar risk, other modifications to the structure of the loan that fall outside of normal underwriting policies and procedures, or in certain limited circumstances, forgiveness of principal or interest. A restructuring that results in only a delay in payments that is insignificant was not considered an economic concession. TDRs were classified as performing or nonperforming, depending on the individual facts and circumstances of the borrower and an evaluation as to whether the borrower was able to repay the loan based on the modified terms. In circumstances where the TDR involved charging off a portion of the loan balance, Truist classified these TDRs as nonperforming. The decision to maintain commercial TDRs on performing status was based on a current, well documented credit evaluation of the borrowers’ financial condition and prospects for repayment under the modified terms. This evaluation included consideration of the borrower’s current capacity to pay, which among other things may include a review of the borrower’s current financial statements, an analysis of cash flow available to pay debt obligations, and an evaluation of secondary sources of payment from the borrower and any guarantors. This evaluation also included an evaluation of the borrower’s willingness to pay, which could include a review of past payment history, an evaluation of the borrower’s willingness to provide information on a timely basis, and consideration of offers from the borrower to provide additional collateral or guarantor support. The credit evaluation could also include review of cash flow projections, consideration of the adequacy of collateral to cover all principal and interest and trends indicating improving profitability and collectability of receivables. The evaluation of mortgage and other consumer loans included an evaluation of the client’s debt-to-income ratio, credit report, property value and certain other client-specific factors that impact the clients’ ability to make timely principal and interest payments on the loan. |
NPAs | NPAs NPAs include NPLs and foreclosed property. Foreclosed property consists of real estate and other assets acquired as a result of clients’ loan defaults. Truist’s policies for placing loans on nonperforming status conform to guidelines prescribed by bank regulatory authorities. Truist classifies loans and leases as past due when the payment of principal and interest based upon contractual terms is greater than 30 days delinquent or if one payment is past due. The following table summarizes the delinquency thresholds that are a factor used in evaluating nonperforming classification and the timing of charge-off evaluations: (number of days) Placed on Nonperforming (1)(2) Evaluated for Charge-off (2) Commercial: Commercial and industrial 90 (3) 90 (3) CRE 90 (3) 90 (3) Commercial construction 90 (3) 90 (3) Consumer: Residential mortgage (4) 90 to 180 90 to 180 Home equity (4) 90 to 120 90 to 180 Indirect auto (4) 90 120 Other consumer (4) 90 to 120 90 to 120 Student (5)(6) NA 120 to 180 Credit card (7) NA 90 to 180 (1) Loans may be returned to performing status when (i) the borrower has resumed paying the full amount of the scheduled contractual interest and principal payments, (ii) management concludes that all principal and interest amounts contractually due (including arrearages) are reasonably assured of repayment, and (iii) there is a sustained period of repayment performance, generally a minimum of six months. (2) The timing of nonaccrual and charge-off evaluations are accelerated in circumstances where the borrower has filed for bankruptcy. (3) Or when it is probable that principal or interest is not fully collectible, whichever occurs first. (4) Depends on product type, loss mitigation status, status of the government guaranty, if applicable, and certain other product-specific factors. (5) Student loans are not placed in nonperforming status, which reflects consideration of governmental guarantees or accelerated charge-off policies related to certain non-guaranteed portfolios. (6) Government guaranteed loans are considered to be in default once they reach 270 days past due and claims are generally filed once the loans reach 365 days past due. The non-guaranteed balance, which ranges from 2-3%, is charged off once the claim proceeds related to the guaranteed portion have been received, which typically occurs no later than 365 days past due. (7) Credit cards are generally not placed on nonperforming status, but are fully charged off at specified delinquency dates consistent with regulatory guidelines. When commercial loans are placed on nonperforming status, management evaluates whether a charge-off must be recorded. For collateral-dependent loans, this evaluation is based on a comparison of the loan’s carrying value to the value of the related collateral, while for non-collateral dependent loans, this evaluation reflects management’s conclusions with regard to whether any portion of the loan is considered uncollectible. Consumer and credit card loans are subject to charge-off at a specified delinquency date consistent with regulatory guidelines. Certain past due loans may remain on performing status if management determines that it does not have concern over the collectability of principal and interest. Generally, when loans are placed on nonperforming status, accrued interest receivable is reversed against interest income in the current period and amortization of deferred loan fees and expenses for originated loans, and fair value marks for purchased loans, is suspended. For commercial loans and certain consumer loans, payments received for interest and lending fees thereafter are applied as a reduction to the remaining principal balance as long as concern exists as to the ultimate collection of the principal. Interest income on nonperforming loans is recognized after the principal has been reduced to zero. If and when borrowers demonstrate the ability to repay a loan classified as nonperforming in accordance with its contractual terms, the loan may be returned to performing status upon meeting all regulatory, accounting and internal policy requirements. Accrued interest is included in Other assets in the Consolidated Balance Sheets. Accrued interest receivable balances are not considered in connection with the ACL estimation process, as such amounts are generally reversed against interest income when the loan is placed in nonperforming status. Assets acquired as a result of foreclosure are initially recorded at fair value, less estimated cost to sell, and subsequently carried at LOCOM. Net realizable value equals fair value less estimated selling costs. Any excess of cost over net realizable value at the time of foreclosure is charged to the ALLL. NPAs are subject to periodic revaluations of the collateral underlying impaired loans and foreclosed real estate. The periodic revaluations are generally based on the appraised value of the property and may include additional liquidity adjustments based upon the expected retention period. Truist’s policies require that valuations be updated at least annually and that upon foreclosure, the valuation must not be more than 12 months old, otherwise an update is required. Any subsequent changes in value as well as gains or losses from the disposition of these assets are recognized in Other noninterest expense in the Consolidated Statements of Income. For additional information on the Company’s loan and lease activities, see “Note 6. Loans and ACL.” |
ACL | ACL The ACL includes the ALLL and RUFC. The ACL represents management’s best estimate of expected future credit losses related to loan and lease portfolios and off-balance sheet lending commitments at the balance sheet date. The ALLL represents management’s best estimate of expected future credit losses related to its loan and lease portfolio at the balance sheet date. The Company’s ALLL estimation process gives consideration to relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. This estimation process includes both quantitatively calculated components as well as qualitative components. Loss estimates are informed by historical loss experience that includes losses incurred on loans that were previously modified by the Company. As a result, the Company has concluded that aside from the limited circumstances where principal forgiveness is granted to a borrower, the financial effect of loan modifications is already inherently included in the ALLL. Expected recoveries of amounts previously charged off are incorporated into the ALLL estimate, with such amounts capped at the aggregate of amounts previously charged off. Changes to the ACL are made by charges to the Provision for credit losses, which is reflected in the Consolidated Statements of Income. The RUFC is recorded in Other liabilities on the Consolidated Balance Sheets. Portfolio segments represent the level at which Truist develops and documents a systematic methodology to determine its ACL. Truist’s loan and lease portfolio consists of three portfolio segments: commercial, consumer, and credit card. The expected credit loss models are generally developed one level below the portfolio segment level. In certain instances, loans and leases are further disaggregated by similar risk characteristics, such as business sector, client type, funding type, and type of collateral. Larger loans and leases that do not share similar risk characteristics or that are considered collateral-dependent are individually evaluated. For these loans, the ALLL is determined through review of data specific to the borrower and related collateral, if any. Such estimates may be based on current loss forecasts, an evaluation of the fair value of the underlying collateral or in certain circumstances the present value of expected cash flows discounted at the loan’s effective interest rate as described further below. Truist maintains a collectively calculated ALLL for loans with similar risk characteristics. The collectively calculated ALLL is estimated using relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. Truist maintains quantitative models to forecast expected credit losses. The credit loss forecasting models use portfolio balances, macroeconomic forecast data, portfolio composition and loan attributes as the primary inputs. Loss estimates are informed by historical loss experience adjusted for macroeconomic forecast data and current and expected portfolio risk characteristics. Expected losses are estimated through the contractual maturity of the loan unless the borrower has a right to renew that is not cancellable. In circumstances where an obligation is in a default state, the best estimate of the expected loss at the balance sheet date may be based on modeled losses that occur after the contractual maturity date of the obligation. Prior to January 1, 2023, the loss forecasting models captured losses after the maturity date of the loan for loans that were reasonably expected to be modified as a TDR. The Scenario Committee provides guidance, selection, and approval for Company-sanctioned macroeconomic forecast data, including the macroeconomic forecast data for use in the ACL process. Forecasted economic conditions are developed using third-party macroeconomic forecast data across scenarios adjusted based on management’s expectations over a reasonable and supportable forecast period of two years. Assumptions revert to long term historic averages gradually over a one-year period. Macroeconomic forecast data used in estimating the expected losses vary by loan portfolio and include employment factors, estimated collateral values, and market indicators as described by portfolio segment below. The qualitative components of the ALLL estimation process incorporate management judgement in determining qualitative adjustments for circumstances where the model output is inconsistent with management’s expectations with respect to expected credit losses. The qualitative components are used to adjust for limitations in modeled results related to the current economic conditions, and considerations with respect to the impact of current and expected events or risks, the outcomes of which are uncertain and may not be completely considered by quantitative models. The methodology for determining the RUFC is inherently similar to that used to determine the funded component of the ALLL and is measured over the period there is a contractual obligation to extend credit that is not unconditionally cancellable. The RUFC is adjusted for factors specific to binding commitments, including the probability of funding and exposure at default. The ACL is monitored by the ACL Committee. The ACL Committee approves the ACL estimate and may recommend adjustments where necessary based on portfolio performance and other items that may impact credit risk. The following provides a description of accounting policies, methodologies, and credit quality indicators related to each of the portfolio segments: Commercial The majority of loans in the commercial lending portfolio are assigned risk ratings based on an assessment of conditions that affect the borrower’s ability to meet contractual obligations under the loan agreement. This process includes reviewing borrowers’ financial information, historical payment experience, credit documentation, public information, and other information specific to each borrower. Risk ratings are reviewed on an annual basis, or more frequently for many relationships based on the policy requirements regarding various risk characteristics. While this review is largely focused on the borrower’s ability to repay the loan, Truist also considers the capacity and willingness of a loan’s guarantors to support the loan as a secondary source of repayment. When a guarantor exhibits the documented capacity and willingness to support the loan, Truist may consider extending the loan maturity and/or temporarily deferring principal payments if the ultimate collection of both principal and interest is reasonably assured. In these cases, Truist may determine the loan is not impaired due to the documented capacity and willingness of the guarantor to repay the loan. Loans are considered impaired when the borrower (or guarantor in certain circumstances) does not have the cash flow capacity or willingness to service the debt according to contractual terms, or it does not appear reasonable to assume that the borrower will continue to pay according to the contractual agreement. The following table summarizes risk ratings that Truist uses to monitor credit quality in its commercial portfolio: Risk Rating Description Pass Loans not considered to be problem credits Special Mention Loans that have a potential weakness deserving management’s close attention Substandard Loans for which a well-defined weakness has been identified that may put full collection of contractual cash flows at risk Nonperforming Loans for which full collection of principal and interest is not considered probable Loans are generally pooled one level below the portfolio segment for the collectively calculated ALLL based on factors such as business sector, project and property type, line of business, collateral, loan type, obligor exposure, and risk grade or score. Commercial loss forecasting systems of models use macroeconomic forecast data across scenarios and current portfolio attributes as inputs. The models forecast probability of default, exposure at default and loss given default by correlating certain macroeconomic forecast data to historical experience. The primary macroeconomic drivers for the commercial portfolios include unemployment trends, U.S. real GDP, corporate credit spreads, and property values. Truist’s policy is to review and individually evaluate the reserve for all lending relationships where non-performing exposure exceeds $5 million. Prior to January 1, 2023, Truist included TDRs, whether performing or non-performing, to the extent that they exceeded $5 million. Subsequent to December 31, 2022, Truist only includes non-performing loans greater than $5 million or more, as such lending relationships do not typically share similar risk characteristics with others. Individually evaluated reserves are based on current forecasts, the present value of expected cash flows discounted at the loan’s effective interest rate, or the value of collateral, which is generally based on appraisals, recent sales of foreclosed properties and/or relevant property-specific market information. Truist has elected to measure expected credit losses on collateral-dependent loans based on the fair value of the collateral. Loans are considered collateral dependent when it is probable that Truist will be unable to collect principal and interest according to the contractual terms of the agreement and repayment is expected to be provided substantially by the sale or continued operation of the underlying collateral. Commercial loans are typically secured by real estate, business equipment, inventories, and other types of collateral. Consumer and Credit Card The ALLL related to the consumer and credit card lending portfolios is generally calculated on a collective basis. Loans are pooled one level below the portfolio segment for the collectively calculated ALLL based on factors such as collateral, loan type, line of business, and sales channel. Consumer portfolio models use macroeconomic forecast data across scenarios and current portfolio attributes as inputs. The models forecast probability of default, exposure at default and loss given default by correlating certain macroeconomic forecast data to historical experience. The primary macroeconomic drivers for the consumer portfolios include unemployment trends, home price indices, and used car prices. Residential mortgages and revolving home equity lines of credit are generally collateralized by one-to-four-family residential real estate, typically have loan-to-collateral value ratios of 80% or less at origination and are made to borrowers in good credit standing. The indirect auto and other consumer portfolios include secured indirect installment loans to consumers for the purchase of new and used automobiles, boats and recreational vehicles. The student loan portfolio was composed of government guaranteed student loans and certain private student loans. The government guarantee mitigated substantially all of the risk related to principal and interest repayment for this component of the portfolio. The credit card portfolio and certain other consumer payment solution businesses within the other consumer portfolios are generally unsecured and are actively managed. Truist uses delinquency status to monitor credit quality in its consumer and credit card portfolios. Delinquency status is the primary factor considered in determining whether a loan should be classified as nonperforming. Prior to January 1, 2023 the ALLL for loans classified as a TDR is based on analyses capturing the expected credit losses and the impact of the concessions over the remaining life of the assets. Expected recoveries for loans are included in the estimation of the ALLL based on historical experience. |
Premises and Equipment | Premises and Equipment Premises, equipment, finance leases, and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed primarily using the straight-line method over the estimated useful lives of the related assets and are recorded within the corresponding Noninterest expense categories on the Consolidated Statements of Income. Leasehold improvements are amortized using the straight-line method over the shorter of the improvements’ estimated useful lives or the lease term. An impairment loss on a long-lived asset or asset group, including premises and equipment and a ROU asset, is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value. |
Lessee, Leases | Lessee operating and finance leases Truist has operating and finance leases for data centers, corporate offices, branches, retail centers, and certain equipment. Operating leases with an original lease term in excess of one year are included in Other assets and Other liabilities in the Consolidated Balance Sheets. Finance leases are included in Premises and equipment and Long-term debt in the Consolidated Balance Sheets. ROU assets represent the right to use an underlying asset for the lease term. Lease liabilities represent the obligation to make lease payments arising from the lease. Operating and finance lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Operating lease costs are recorded in Net occupancy expense or Equipment expense based on the underlying asset. Truist uses an implicit interest rate in determining the present value of lease payments when readily determinable, and a collateralized incremental borrowing rate when an implicit rate is not available. Lease terms consider options to extend or terminate based on the determination of whether such renewal or termination options are deemed reasonably certain. Lease agreements that contain non-lease components are generally accounted for as a single lease component. Variable costs, such as maintenance expenses, property and sales taxes, association dues and index-based rate increases, are expensed as they are incurred. The impairment policy for a ROU asset is discussed within the Premises and Equipment section above. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance Life insurance policies on certain current and former directors, officers and teammates, for which Truist is the owner and beneficiary are stated at the cash surrender value within Other assets in the Consolidated Balance Sheets. Changes in cash surrender value and proceeds from insurance benefits are recorded in Other income in the Consolidated Statements of Income. These policies provide the Company an efficient form of funding for retirement and other employee benefits costs. See “Note 10. Other Assets and Liabilities” for additional information. |
Income Taxes | Income Taxes The Company’s provision for income taxes is based on income and expense reported for financial statement purposes after adjustments for permanent differences such as interest income from lending to tax-exempt entities, tax credits, and amortization expense related to qualified tax credit investments. In computing the provision for income taxes, the Company evaluates the technical merits of its income tax positions based on current legislative, judicial, and regulatory guidance. The proportional amortization method of accounting is used on affordable housing and other qualified tax credit investments, such that the initial cost of the investment giving rise to tax credits is amortized in proportion to the allocation of tax credits and other income tax benefits in each period as a component of the provision for income taxes. Truist includes the initial investment cash flows and subsequent credits within operating activities in the Consolidated Statement of Cash Flows. Additionally, the Company recognizes all excess tax benefits and deficiencies on employee share-based payments as a component of the Provision for income taxes in the Consolidated Statements of Income. These tax effects, generally determined upon the exercise of stock options or vesting of equity compensation awards, are treated as discrete items in the period in which they occur. For additional information related to the Company’s unrealized gains and losses, see “Note 14. AOCI.” DTAs and DTLs result from differences between the timing of the recognition of assets and liabilities for financial reporting purposes and for income tax purposes. These deferred assets and liabilities are measured using the enacted tax rates and laws that are expected to apply in the periods in which the DTAs or DTLs are expected to be realized. Subsequent changes in the tax laws require adjustment to these deferred assets and liabilities with the cumulative effect included in the Provision for income taxes for the period in which the change is enacted. A valuation allowance is recognized for a DTA if, based on the weight of available evidence, it is more likely than not that some portion or all of the DTA will not be realized. Interest and penalties related to the Company’s tax positions are recognized in the Provision for income taxes in the Consolidated Statements of Income. For additional information on the Company’s activities related to income taxes, see “Note 15. Income Taxes.” |
Derivative Financial Instruments | Derivative Financial Instruments The Company records derivative contracts at fair value in Other assets and Other liabilities on the Consolidated Balance Sheets. Accounting for changes in the fair value of a derivative depends upon whether or not it has been designated in a formal, qualifying hedging relationship. Changes in the fair value of derivatives not designated in a hedging relationship are recognized within Noninterest income in the Consolidated Statements of Income. This includes derivatives that the Company enters into in a dealer capacity to facilitate client transactions and as a risk management tool to economically hedge certain identified risks associated with assets carried at fair value such as MSRs, along with certain interest rate lock commitments on residential mortgage and commercial loans that are a normal part of the Company’s operations. The Company also evaluates its financial contracts to determine whether any embedded derivatives are required to be bifurcated and separately accounted for as freestanding derivatives. Certain derivatives used as risk management tools are designated as accounting hedges and are used to mitigate the Company’s exposure to changes in interest rates or other identified market risks. The Company prepares written hedge documentation for all derivatives which are designated as hedges of (i) changes in the fair value of a recognized asset or liability (fair value hedge) attributable to a specified risk or (ii) a forecasted transaction, such as the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge). The written hedge documentation includes identification of, among other items, the risk management objective, hedging instrument, hedged item, and methodologies for assessing and measuring hedge effectiveness, along with support for management’s assertion that the hedge will be highly effective. Methodologies related to hedge effectiveness include (i) statistical regression analysis of changes in the cash flows of the actual derivative and hypothetical derivatives, or (ii) statistical regression analysis of changes in the fair values of the actual derivative and the hedged item. For designated hedging relationships, the Company generally performs subsequent assessments of hedge effectiveness using a qualitative approach. Below is a summary of the cash flow and fair value hedge programs utilized by Truist: Cash Flow Hedges Fair Value Hedges Risk exposure Variability in cash flows of interest payments on floating rate loans, overnight funding, and various SOFR and other funding instruments. Changes in value on fixed rate long-term debt, FHLB advances, loans and AFS securities due to changes in interest rates. Risk management objective Hedge the variability in the interest payments and receipts on future cash flows for forecasted transactions related to the first unhedged payments and receipts of variable interest due to changes in the contractually specified interest rate. Convert the fixed rate paid or received to a floating rate, primarily through the use of swaps. Treatment during the hedge period Changes in value of the hedging instruments are recognized in AOCI until the related cash flows from the hedged item are recognized in earnings. The amount reclassified to earnings is recorded in the same line item as the earnings effect of the hedged item. Changes in value of both the hedging instruments and the assets or liabilities being hedged are recognized in the income statement line item associated with the asset or liability being hedged. Treatment if hedge ceases to be highly effective or is terminated Hedge is dedesignated. Changes in value recorded in AOCI before dedesignation are amortized to yield over the period the forecasted hedged transactions impact earnings. If hedged item remains outstanding, the basis adjustment that resulted from hedging is amortized into earnings through the maturity date of the instrument, and cash flows from terminated hedges are reported in the same category as the cash flows from the hedged item. Treatment if transaction is no longer probable of occurring during forecast period or within a short period thereafter Hedge accounting ceases and any gain or loss in AOCI is recognized in earnings immediately. Not applicable Derivatives expose the Company to risk that the counterparty to the derivative contract does not perform as expected. The Company manages its exposures to counterparty credit risk associated with derivatives by entering into transactions with counterparties with defined exposure limits based on their credit quality and in accordance with established policies and procedures. All counterparties are reviewed regularly as part of the Company’s credit risk management practices and appropriate action is taken to adjust the exposure limits to certain counterparties as necessary. The Company’s derivative transactions are generally governed by ISDA agreements or other legally enforceable industry standard master netting agreements. In certain cases and depending on the nature of the underlying derivative transactions, bilateral collateral agreements are also utilized. The Company and its subsidiaries are subject to OTC derivative clearing requirements, which require certain derivatives to be cleared through central clearing houses. These clearing houses require the Company to post initial and variation margin to mitigate the risk of non-payment, the latter of which is received or paid daily based on the net asset or liability of the contracts. The Company applies settlement to market treatment for the cash collateralizing derivative contracts with certain centrally cleared counterparties. When the Company has more than one outstanding derivative transaction with a single counterparty, and there exists a legal right of setoff with that counterparty, the Company considers its exposure to the counterparty to be the net fair value of its derivative positions with that counterparty. If the net fair value is positive, then the corresponding asset value also reflects cash collateral held. The Company offsets derivative transactions with a single counterparty as well as any cash collateral paid to and received from that counterparty for derivative contracts that are subject to ISDA or other legally enforceable netting arrangements and meet accounting guidance for offsetting treatment. For additional information on the Company’s derivative activities, see “Note 19. Fair Value Disclosures” and “Note 20. Derivative Financial Instruments.” |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the cost in excess of the fair value of net assets acquired (including identifiable intangibles) in transactions accounted for as business combinations. Truist allocates goodwill to the reporting unit(s) that are expected to benefit from the synergies of the business combination. The goodwill of each reporting unit is reviewed for impairment on an annual basis as of October 1 or more often if events or circumstances indicate that it is more-likely-than-not that the fair value of a reporting unit is below its carrying value. If, after assessing all relevant events or circumstances, Truist concludes that it is more-likely-than-not that the fair value of a reporting unit is below its carrying value, then a quantitative impairment test is required. Truist may also elect to bypass the qualitative assessment and proceed directly to a quantitative impairment test. In the quantitative test, the fair value of a reporting unit is compared to the carrying value of the reporting unit. If the fair value of a reporting unit is greater than the carrying value, then there is no impairment. If the fair value is less than the carrying value, then an impairment loss is recorded for the amount that the carrying value exceeds the fair value, not to exceed the total amount of goodwill assigned to the reporting unit. The quantitative impairment test estimates the fair value of the reporting units using the income and market-based approaches. The inputs and assumptions specific to each reporting unit are incorporated in the valuations, including projections of future cash flows, discount rates, and applicable valuation multiples based on the comparable public company information. The income approach utilizes a discounted cash flow analysis of multi-year financial forecasts developed for each reporting unit by considering several inputs and assumptions. The market based approach utilizes comparable public company information, key valuation multiples, and considers a market control premium associated with cost synergies and other cash flow benefits that arise from obtaining control over a reporting unit, and guideline transactions, when applicable. Truist also assesses the reasonableness of the aggregate estimated fair value of the reporting units by comparison to its market capitalization over a reasonable period of time, including consideration of historic bank control premiums and the current market. CDI and other intangible assets include premiums paid for acquisitions of core deposits and other identifiable intangible assets. Intangible assets other than goodwill, which are determined to have finite lives, are amortized over their useful lives, based upon the estimated economic benefits received. For additional information on the Company’s activities related to goodwill and other intangibles, see “Note 8. Goodwill and Other Intangible Assets.” |
MSRs | Loan Servicing Rights Truist has three classes of servicing rights for which it separately manages the economic risks: residential MSRs, commercial MSRs, and other loan servicing rights. Loan servicing rights are accounted for at fair value with changes in fair value recorded in Mortgage banking income and Other income on the Consolidated Statements of Income. The fair value of servicing rights is impacted by a variety of factors, including prepayment assumptions, discount rates, delinquency rates, contractually specified servicing fees, servicing costs, and underlying portfolio characteristics. These risks are hedged with various derivative instruments that are intended to mitigate the income statement effect to changes in fair value. The underlying assumptions and estimated values are corroborated by values received from independent third parties and comparisons to market transactions. For additional information on the Company’s servicing rights, see “Note 9. Loan Servicing.” |
Fair Value Measurement, Policy | Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, the Company uses various valuation techniques and assumptions when estimating fair value. The Company classifies inputs used in valuation techniques within the fair value hierarchy discussed in “Note 19. Fair Value Disclosures.” When measuring assets and liabilities at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. Assets and liabilities that are required to be measured at fair value on a recurring basis include trading securities, derivative instruments, AFS securities, and certain other equity securities. Assets and liabilities that the Company has elected to measure at fair value on a recurring basis include trading loans, loans originated to be sold and classified as LHFS, and loan servicing rights. Other assets and liabilities are measured at fair value on a non-recurring basis, such as when assets are evaluated for impairment, and subsequently carried at LOCOM. For additional information on the Company’s valuation of assets and liabilities held at fair value, see “Note 19. Fair Value Disclosures.” |
Equity-Based Compensation | Equity-Based Compensation Truist maintains various equity-based compensation plans that provide for the granting of RSAs, RSUs, and PSUs to selected teammates and directors. Truist values share-based awards at the grant date fair value and recognizes the expense over the requisite service period taking into account retirement eligibility. Compensation expense is recognized in Personnel expense in the Consolidated Statements of Income. Forfeitures are recognized as they occur. For additional information on the Company’s stock-based compensation plans, see “Note 16. Benefit Plans.” |
Pension and Postretirement Benefit Obligations | Pension and Postretirement Benefit Obligations Truist offers various pension plans and postretirement benefit plans to teammates. Calculation of the obligations and related expenses under these plans requires the use of actuarial valuation methods and assumptions. The discount rate assumption used to measure the postretirement benefit obligations is set by reference to an AA Above Median corporate bond yield curve and the individual characteristics of the plans such as projected cash flow patterns and payment durations. The expected long-term rate of return on assets is based on the expected returns for each major asset class in which the plan invests, adjusted for the weight of each asset class in the target mix. For additional information on the Company’s pension plans and postretirement benefit plans, see “Note 16. Benefit Plans.” |
Revenue Recognition | Revenue Recognition In the ordinary course of business, the Company recognizes two primary types of revenue in its Consolidated Statements of Income, Interest income, and Noninterest income. The Company’s principal source of revenue is Interest income from loans and securities, which is recognized on an accrual basis using the effective interest method. For information on the Company’s policies for recognizing Interest income on loans and securities, see the “Loans and Leases,” “LHFS,” “Trading Activities,” and “Investment Securities” sections within this Note. Noninterest income includes revenue from various types of transactions and services provided to clients. The Company recognizes revenue from contracts with customers as performance obligations are satisfied. Performance obligations are typically satisfied in one year or less. Truist elected the practical expedient to expense the incremental costs of obtaining a contract when incurred when the amortization period is one year or less. As of December 31, 2023 and 2022, remaining performance obligations consisted primarily of investment banking services for contracts with an original expected length of one year or less. Transaction and service-based revenues Transaction and service-based revenues include Wealth management income, Investment banking income, Service charges on deposits, and Card and payment related fees. Revenue is recognized at a point in time when the transactions occur or over time as services are performed primarily over monthly or quarterly periods. Payment is typically received in the period the transactions occur or, in some cases, within 90 days of the service period. Fees may be fixed or, where applicable, based on a percentage of transaction size or managed assets. These revenues, and their relationship to the Company’s operating segments, are further described by type below. Refer to “Note 22. Operating Segments” for information on segment results. Wealth management income includes trust and investment management income, retail investment and brokerage services, and investment advisory and other specialty wealth management fees. The Company’s execution of these services represents its related performance obligations. The Company generally recognizes trust and investment management and advisory revenue over time as services are rendered based on either a percentage of the market value of the assets under management or advisement, or fixed based on the services provided to the client. Fees are generally swept from the client’s account either in advance of or in arrears based on the prior period’s asset balances under management or advisement. The Company also offers selling and distribution services and earns commissions through the sale of annuity and mutual fund products, acting as agent in these transactions and recognizing revenue at a point in time when the client enters into an agreement with the product carrier. The Company may also receive trailing commissions and 12b-1 fees related to mutual fund and annuity products and recognizes this revenue in the period earned. Retail trade execution commissions are earned and recognized on the trade date with payment on the settlement date. Wealth management income is included in the WB operating segment. Investment banking and trading income includes securities underwriting fees, advisory fees, loan syndication fees, structured real estate income, and trade execution services revenue. Underwriting fees are earned on the trade date when the Company, as a member of an underwriting syndicate, purchases the securities from the issuer and sells the securities to third-party investors. Each member of the syndicate is responsible for selling its portion of the underwriting and is liable for the proportionate costs of the underwriting; therefore, the Company’s portion of underwriting revenue and expense is presented gross within noninterest income and noninterest expense. The transaction price is based on a percentage of the total transaction amount and payments are settled shortly after the trade date. Fees for merger and acquisition advisory services, including various activities such as business valuation, identification of potential targets or acquirers, and the issuance of fairness opinions, are generally earned and recognized by the Company when performance obligations are satisfied. The Company’s execution of the advisory services related to these fees represents its performance obligations. The Company is the principal when rendering these services. The transaction price is based on contractually specified terms agreed upon with the client for each advisory service. Loan syndication fees are typically recognized at the closing of a loan syndication transaction. Structured real estate income is recognized when an existing build-to-suit or sale-leaseback asset is sold. The proceeds, net of closing costs, are reduced by the carrying value of the underlying leased asset. Revenue related to corporate trade execution services is earned and recognized on the trade date with payment on the settlement date. Investment banking and trading income is included in the WB operating segment. Service charges on deposits include account maintenance, cash and treasury management, wire transfers, ATM, overdraft, and other deposit-related fees. The Company’s execution of the services related to these fees represents its performance obligations. Each of these performance obligations are either satisfied over time or at a point in time as the services are provided to the client. The Company is the principal when rendering these services. Payments for services provided are either withdrawn from client accounts as services are rendered or in the billing period following the completion of the service. The transaction price for each of these fees is based on the Company’s predetermined fee schedules. Service charges on deposits are recognized in the CSBB and WB operating segments. Card and payment related fees include interchange fees from credit and debit cards, merchant acquirer revenue, and other card related services. Interchange fees are earned by the Company each time a request for payment is initiated by a client at a merchant for which the Company transfers the funds on behalf of the client. Interchange rates are set by the payment network and are based on purchase volumes and other factors. Interchange fees are received daily and recognized at a point in time when the card transaction is processed, which represents the Company’s related performance obligation. The Company is considered an agent of the client and incurs costs with the payment network to facilitate the interchange with the merchant; therefore, the related payment network expense is recognized as a reduction of card fees. Truist also offers rewards and/or rebates to its client based on card usage. The costs associated with these programs are recognized as a reduction of card fees. Card and payment related fees are recognized in the CSBB and WB operating segments. |
Earnings Per Share | Earnings Per Share Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during each period, plus common share equivalents calculated for stock options, warrants, and restricted stock outstanding using the treasury stock method, except in a net loss where diluted EPS is equal to basic. For additional information on the Company’s EPS, see “Note 21. Computation of EPS.” |
Related Party Transaction | Related Party Transactions The Company periodically enters into transactions with certain of its executive officers, directors, affiliates, trusts, and/or other related parties in its ordinary course of business. The Company is required to disclose material related party transactions, other than certain compensation and other arrangements entered into in the normal course of business. For additional information on the Company’s related party activities, see “Note 3. Business Combinations, Divestitures, and Noncontrolling Interests,” “Note 16. Benefit Plans,” and “Note 17. Commitments and Contingencies.” |
Subsequent Events, Policy | Subsequent Events The Company evaluated events that occurred between December 31, 2023 and the date the accompanying financial statements were issued, and there were no material events, other than those already discussed, that would require recognition in the Company’s Consolidated Financial Statements or disclosure in the accompanying Notes. For additional information on the Company’s subsequent events, see “Note 2. Discontinued Operations” and “Note 3. Business Combinations, Divestitures, and Noncontrolling Interests.” |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Loans and Leases Past Due Policies | The following table summarizes the delinquency thresholds that are a factor used in evaluating nonperforming classification and the timing of charge-off evaluations: (number of days) Placed on Nonperforming (1)(2) Evaluated for Charge-off (2) Commercial: Commercial and industrial 90 (3) 90 (3) CRE 90 (3) 90 (3) Commercial construction 90 (3) 90 (3) Consumer: Residential mortgage (4) 90 to 180 90 to 180 Home equity (4) 90 to 120 90 to 180 Indirect auto (4) 90 120 Other consumer (4) 90 to 120 90 to 120 Student (5)(6) NA 120 to 180 Credit card (7) NA 90 to 180 (1) Loans may be returned to performing status when (i) the borrower has resumed paying the full amount of the scheduled contractual interest and principal payments, (ii) management concludes that all principal and interest amounts contractually due (including arrearages) are reasonably assured of repayment, and (iii) there is a sustained period of repayment performance, generally a minimum of six months. (2) The timing of nonaccrual and charge-off evaluations are accelerated in circumstances where the borrower has filed for bankruptcy. (3) Or when it is probable that principal or interest is not fully collectible, whichever occurs first. (4) Depends on product type, loss mitigation status, status of the government guaranty, if applicable, and certain other product-specific factors. (5) Student loans are not placed in nonperforming status, which reflects consideration of governmental guarantees or accelerated charge-off policies related to certain non-guaranteed portfolios. (6) Government guaranteed loans are considered to be in default once they reach 270 days past due and claims are generally filed once the loans reach 365 days past due. The non-guaranteed balance, which ranges from 2-3%, is charged off once the claim proceeds related to the guaranteed portion have been received, which typically occurs no later than 365 days past due. (7) Credit cards are generally not placed on nonperforming status, but are fully charged off at specified delinquency dates consistent with regulatory guidelines. |
Summary of Commercial Loans and Leases Risk Ratings | The following table summarizes risk ratings that Truist uses to monitor credit quality in its commercial portfolio: Risk Rating Description Pass Loans not considered to be problem credits Special Mention Loans that have a potential weakness deserving management’s close attention Substandard Loans for which a well-defined weakness has been identified that may put full collection of contractual cash flows at risk Nonperforming Loans for which full collection of principal and interest is not considered probable |
Summary of Derivative Strategies | Below is a summary of the cash flow and fair value hedge programs utilized by Truist: Cash Flow Hedges Fair Value Hedges Risk exposure Variability in cash flows of interest payments on floating rate loans, overnight funding, and various SOFR and other funding instruments. Changes in value on fixed rate long-term debt, FHLB advances, loans and AFS securities due to changes in interest rates. Risk management objective Hedge the variability in the interest payments and receipts on future cash flows for forecasted transactions related to the first unhedged payments and receipts of variable interest due to changes in the contractually specified interest rate. Convert the fixed rate paid or received to a floating rate, primarily through the use of swaps. Treatment during the hedge period Changes in value of the hedging instruments are recognized in AOCI until the related cash flows from the hedged item are recognized in earnings. The amount reclassified to earnings is recorded in the same line item as the earnings effect of the hedged item. Changes in value of both the hedging instruments and the assets or liabilities being hedged are recognized in the income statement line item associated with the asset or liability being hedged. Treatment if hedge ceases to be highly effective or is terminated Hedge is dedesignated. Changes in value recorded in AOCI before dedesignation are amortized to yield over the period the forecasted hedged transactions impact earnings. If hedged item remains outstanding, the basis adjustment that resulted from hedging is amortized into earnings through the maturity date of the instrument, and cash flows from terminated hedges are reported in the same category as the cash flows from the hedged item. Treatment if transaction is no longer probable of occurring during forecast period or within a short period thereafter Hedge accounting ceases and any gain or loss in AOCI is recognized in earnings immediately. Not applicable |
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 Adopted During the Current Year Troubled Debt Restructurings and Vintage Disclosures Eliminates TDRs, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Additionally, requires disclosure of current-period gross write-offs by year of origination for financing receivables and net investment in leases. Truist adopted this standard on a modified-retrospective basis. Upon adoption, the Company eliminated the separate ACL estimation process for loans classified as TDRs. The adoption of this standard did not have a material impact on the financial statements. The Company’s revised disclosures in accordance with the new standard are included in “Note 6. Loans and ACL.” Fair Value Hedging – Portfolio Layer Method Introduces the portfolio layer method, which expands the current single-layer method to allow multiple hedged layers of a single closed portfolio. Additionally, expands the scope of the portfolio layer method to include non-prepayable assets, specifies eligible hedging instruments in a single-layer hedge, provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. The adoption of this standard did not have a material impact on the Company’s active last-of-layer hedges. Investments in Tax Credit Structures Allows reporting entities to elect to account for qualifying equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Previously, reporting entities were only permitted to apply the proportional amortization method to qualifying equity investments in low-income housing tax credit structures. Truist adopted this standard early on a modified-retrospective basis. The adoption of this standard did not have a material impact on the financial statements. Refer to “Note 17. Commitments and Contingencies” for additional information regarding tax credit investments. 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) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations - Schedule of Assets and Liabilities Held for Sale | The following is a summary of the assets and liabilities of discontinued operations: (Dollars in millions) December 31, 2023 2022 Assets of discontinued operations: Cash and due from banks $ 72 $ 89 Interest-bearing deposits with banks 342 334 Premises and equipment 72 78 Goodwill 3,745 3,780 CDI and other intangible assets 1,251 1,359 Other assets 2,173 2,015 Total assets of discontinued operations $ 7,655 $ 7,655 Liabilities of discontinued operations: Other liabilities $ 3,539 $ 3,081 Total liabilities of discontinued operations $ 3,539 $ 3,081 |
Discontinued Operations - Summary of the Operating Results of TIH | The following presents operating results of TIH classified as discontinued operations: (Dollars in millions) Year Ended December 31, 2023 2022 2021 Interest Income Interest on other earning assets $ 68 $ 3 $ 3 Total interest income 68 3 3 Noninterest income Insurance income 3,372 3,058 2,641 Other income 20 28 7 Total noninterest income 3,392 3,086 2,648 Noninterest Expense Personnel expense 2,138 1,909 1,634 Professional fees and outside processing 149 89 68 Software expense 61 45 32 Net occupancy expense 57 54 51 Amortization of intangibles 132 128 102 Equipment expense 28 29 29 Marketing and customer development 37 31 17 Merger-related and restructuring charges 55 47 29 Other expense 223 117 77 Total noninterest expense 2,880 2,449 2,039 Earnings Income before income taxes from discontinued operations 580 640 612 Provision for income taxes 124 152 148 Net income from discontinued operations 456 488 464 Noncontrolling interests 44 7 — Net income from discontinued operations attributable to controlling interest $ 412 $ 481 $ 464 |
Discontinued Operations - Statements of Cash Flows | 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) Year Ended December 31, 2023 2022 2021 Net cash from operating activities $ 985 $ 863 $ 701 Net cash from investing activities (41) (1,134) (794) Net cash from financing activities (954) 344 386 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combination, Segment Allocation | The following table provides additional details related to these acquisitions and the fair value of certain tangible and intangible assets as of the acquisition date: Acquiree (Dollars in millions) BankDirect Capital Finance (1) BenefitMall (2) Kensington Vanguard National Land Services (2) Date acquired Nov 1, 2022 Sep 1, 2022 Mar 1, 2022 Segment C&CB / WB IH IH Strategic rationale Increases scale and product offerings for premium finance business Broadens products and services within benefit wholesale insurance business Expands presence in the title insurance market Loans and leases $ 3,067 $ — $ — Intangible assets 111 336 138 Goodwill 189 494 195 (1) Identifiable intangible assets for BankDirect Capital Finance are being amortized over a weighted average term of 15 years based on the estimated duration of economic benefits received. (2) BenefitMall and Kensington Vanguard National Land Services are wholly owned subsidiaries of TIH. The assets and liabilities of BenefitMall and Kensington Vanguard National Land Services were reclassified as discontinued operations. Refer to “Note 2. Discontinued Operations” for additional information. |
Securities Financing Activiti_2
Securities Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Offsetting [Abstract] | |
Schedule of Resell Agreements | The following table presents securities borrowed or purchased under agreements to resell: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 Securities purchased under agreements to resell $ 1,168 $ 2,415 Securities borrowed 1,210 766 Total securities borrowed or purchased under agreements to resell $ 2,378 $ 3,181 Fair value of collateral permitted to be resold or repledged $ 2,175 $ 3,058 Fair value of securities resold or repledged 12 864 |
Schedule of Repurchase Agreements | The following table presents the Company’s related activity, by collateral type and remaining contractual maturity: December 31, 2023 December 31, 2022 (Dollars in millions) Overnight and Continuous Up to 30 days Total Overnight and Continuous Up to 30 days Total U.S. Treasury $ 12 $ — $ 12 $ 318 $ — $ 318 State and Municipal 415 — 415 272 — 272 GSE — — — 74 — 74 Agency MBS – residential — 1,500 1,500 1,019 26 1,045 Corporate and other debt securities 420 80 500 369 50 419 Total securities sold under agreements to repurchase $ 847 $ 1,580 $ 2,427 $ 2,052 $ 76 $ 2,128 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of AFS and HTM Securities | The following tables summarize the Company’s AFS and HTM securities: December 31, 2023 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 10,511 $ 2 $ 472 $ 10,041 GSE 393 3 34 362 Agency MBS – residential 60,989 — 9,700 51,289 Agency MBS – commercial 2,817 — 569 2,248 States and political subdivisions 421 17 13 425 Non-agency MBS 3,698 — 717 2,981 Other 20 — — 20 Total AFS securities $ 78,849 $ 22 $ 11,505 $ 67,366 HTM securities: Agency MBS – residential $ 54,107 $ — $ 9,477 $ 44,630 December 31, 2022 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 11,080 $ — $ 785 $ 10,295 GSE 339 — 36 303 Agency MBS – residential 65,377 — 10,152 55,225 Agency MBS – commercial 2,887 — 463 2,424 States and political subdivisions 425 15 24 416 Non-agency MBS 3,927 — 810 3,117 Other 21 — — 21 Total AFS securities $ 84,056 $ 15 $ 12,270 $ 71,801 HTM securities: Agency MBS – residential $ 57,713 $ — $ 9,922 $ 47,791 |
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: December 31, 2023 (Dollars in millions) Amortized Cost Fair Value FNMA $ 39,872 $ 33,241 FHLMC 40,448 33,473 |
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 December 31, 2023 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 $ 3,603 $ 6,865 $ 14 $ 29 $ 10,511 $ 3,567 $ 6,436 $ 13 $ 25 $ 10,041 GSE — 7 11 375 393 — 7 10 345 362 Agency MBS – residential — 129 450 60,410 60,989 — 123 427 50,739 51,289 Agency MBS – commercial — — 71 2,746 2,817 — — 67 2,181 2,248 States and political subdivisions 28 70 168 155 421 28 68 177 152 425 Non-agency MBS — — 218 3,480 3,698 — — 169 2,812 2,981 Other — 8 12 — 20 — 8 12 — 20 Total AFS securities $ 3,631 $ 7,079 $ 944 $ 67,195 $ 78,849 $ 3,595 $ 6,642 $ 875 $ 56,254 $ 67,366 HTM securities: Agency MBS – residential $ — $ — $ — $ 54,107 $ 54,107 $ — $ — $ — $ 44,630 $ 44,630 |
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 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 Less than 12 months 12 months or more Total December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 2,069 $ 49 $ 8,186 $ 736 $ 10,255 $ 785 GSE 180 14 114 22 294 36 Agency MBS – residential 25,041 3,263 30,050 6,889 55,091 10,152 Agency MBS – commercial 790 92 1,631 371 2,421 463 States and political subdivisions 251 21 20 3 271 24 Non-agency MBS — — 3,117 810 3,117 810 Other 21 — — — 21 — Total $ 28,352 $ 3,439 $ 43,118 $ 8,831 $ 71,470 $ 12,270 HTM securities: Agency MBS – residential $ 29,369 $ 5,613 $ 18,422 $ 4,309 $ 47,791 $ 9,922 |
Schedule of Realized Gain (Loss) | The following table presents gross securities gains and losses recognized in earnings: (Dollars in millions) Year Ended December 31, 2023 2022 2021 Gross realized gains $ — $ 13 $ — Gross realized losses — (84) — Securities gains (losses), net $ — $ (71) $ — |
Loans and ACL (Tables)
Loans and ACL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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. Truist sold its student loan portfolio at the end of the second quarter of 2023, which had a carrying value of $4.7 billion. The year ended December 31, 2023 includes $98 million of charge-offs related to the sale, which was previously provided for in the allowance. 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. Accruing December 31, 2022 Current 30-89 Days Past Due 90 Days Or More Past Due (1) Nonperforming Total Commercial: Commercial and industrial $ 163,604 $ 256 $ 49 $ 398 $ 164,307 CRE 22,568 25 1 82 22,676 Commercial construction 5,844 5 — — 5,849 Consumer: Residential mortgage 55,005 614 786 240 56,645 Home equity 10,661 68 12 135 10,876 Indirect auto 27,015 646 1 289 27,951 Other consumer 27,289 187 13 44 27,533 Student 4,179 402 706 — 5,287 Credit card 4,766 64 37 — 4,867 Total $ 320,931 $ 2,267 $ 1,605 $ 1,188 $ 325,991 (1) Includes government guaranteed loans of $759 million in the residential mortgage portfolio and $702 million in the student loan 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: 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 days or more 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 December 31, 2022 Amortized Cost Basis by Origination Year Revolving Credit Loans Converted to Term Other (1) 2022 2021 2020 2019 2018 Prior Total Commercial: Commercial and industrial: Pass $ 45,890 $ 21,642 $ 11,219 $ 8,258 $ 4,977 $ 9,686 $ 57,854 $ — $ (199) $ 159,327 Special mention 243 302 143 160 61 88 721 — — 1,718 Substandard 518 387 113 413 249 187 997 — — 2,864 Nonperforming 47 53 10 28 46 27 187 — — 398 Total 46,698 22,384 11,485 8,859 5,333 9,988 59,759 — (199) 164,307 CRE: Pass 6,141 3,595 2,220 3,846 2,092 2,265 757 — (70) 20,846 Special mention 106 118 74 229 281 5 18 — — 831 Substandard 106 99 35 422 121 134 — — — 917 Nonperforming — 3 — — 77 2 — — — 82 Total 6,353 3,815 2,329 4,497 2,571 2,406 775 — (70) 22,676 Commercial construction: Pass 1,501 1,500 825 290 212 71 1,056 — — 5,455 Special mention 80 — 93 — — — 35 — — 208 Substandard 114 — 18 1 53 — — — — 186 Total 1,695 1,500 936 291 265 71 1,091 — — 5,849 Consumer: Residential mortgage: Current 13,824 17,340 6,167 3,084 1,384 13,206 — — — 55,005 30 - 89 days past due 55 61 32 37 43 386 — — — 614 90 or more days past due 5 31 62 62 91 535 — — — 786 Nonperforming 4 6 10 12 17 191 — — — 240 Total 13,888 17,438 6,271 3,195 1,535 14,318 — — — 56,645 Home equity: Current — — — — — — 6,843 3,818 — 10,661 30 - 89 days past due — — — — — — 48 20 — 68 90 days or more past due — — — — — — 9 3 — 12 Nonperforming — — — — — — 44 91 — 135 Total — — — — — — 6,944 3,932 — 10,876 Indirect auto: Current 11,646 7,141 4,105 2,461 1,096 559 — — 7 27,015 30 - 89 days past due 147 174 111 100 60 54 — — — 646 90 days or more past due 1 — — — — — — — — 1 Nonperforming 41 77 56 56 34 25 — — — 289 Total 11,835 7,392 4,272 2,617 1,190 638 — — 7 27,951 Other consumer: Current 11,270 5,805 3,167 1,814 865 1,061 3,278 29 — 27,289 30 - 89 days past due 68 44 26 20 10 7 10 2 — 187 90 days or more past due 8 1 1 1 — — 2 — — 13 Nonperforming 4 11 8 9 2 8 2 — — 44 Total 11,350 5,861 3,202 1,844 877 1,076 3,292 31 — 27,533 Student: Current — — 17 71 57 4,034 — — — 4,179 30 - 89 days past due — — — 1 1 400 — — — 402 90 days or more past due — — — 1 1 704 — — — 706 Total — — 17 73 59 5,138 — — — 5,287 Credit card: Current — — — — — — 4,750 16 — 4,766 30 - 89 days past due — — — — — — 63 1 — 64 90 days or more past due — — — — — — 36 1 — 37 Total — — — — — — 4,849 18 — 4,867 Total $ 91,819 $ 58,390 $ 28,512 $ 21,376 $ 11,830 $ 33,635 $ 76,710 $ 3,981 $ (262) $ 325,991 (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, 2021 Charge-Offs Recoveries Provision (Benefit) Other (1) Balance at Dec 31, 2021 Commercial: Commercial and industrial $ 2,204 $ (243) $ 107 $ (642) $ — $ 1,426 CRE 573 (10) 6 (219) — 350 Commercial construction 81 (2) 4 (31) — 52 Consumer: Residential mortgage 368 (23) 12 (49) — 308 Home equity 139 (16) 29 (56) — 96 Indirect auto 1,198 (336) 92 68 — 1,022 Other consumer 783 (255) 74 112 — 714 Student 130 (24) 1 4 6 117 Credit card 359 (150) 37 104 — 350 ALLL 5,835 (1,059) 362 (709) 6 4,435 RUFC 364 — — (104) — 260 ACL $ 6,199 $ (1,059) $ 362 $ (813) $ 6 $ 4,695 (Dollars in millions) Balance at Jan 1, 2022 Charge-Offs Recoveries Provision (Benefit) Other (1) Balance at Dec 31, 2022 Commercial: Commercial and industrial $ 1,426 $ (143) $ 87 $ 39 $ — $ 1,409 CRE 350 (13) 8 (121) — 224 Commercial construction 52 (1) 5 (10) — 46 Consumer: Residential mortgage 308 (9) 16 84 — 399 Home equity 96 (13) 25 (18) — 90 Indirect auto 1,022 (411) 91 279 — 981 Other consumer 714 (381) 79 358 — 770 Student 117 (22) 1 2 — 98 Credit card 350 (176) 34 152 — 360 ALLL 4,435 (1,169) 346 765 — 4,377 RUFC 260 — — 12 — 272 ACL $ 4,695 $ (1,169) $ 346 $ 777 $ — $ 4,649 (Dollars in millions) Balance at Jan 1, 2023 Charge-Offs Recoveries Provision (Benefit) Other (1) Balance at Dec 31, 2023 Commercial: Commercial and industrial $ 1,409 $ (390) $ 70 $ 315 $ — $ 1,404 CRE 224 (166) 3 555 — 616 Commercial construction 46 (5) 3 130 — 174 Consumer: Residential mortgage 399 (10) 6 (16) (81) 298 Home equity 90 (10) 23 (14) — 89 Indirect auto 981 (531) 107 372 13 942 Other consumer 770 (477) 78 520 (1) 890 Student (2) 98 (108) — 10 — — Credit card 360 (223) 35 216 (3) 385 ALLL 4,377 (1,920) 325 2,088 (72) 4,798 RUFC 272 — — 21 2 295 ACL $ 4,649 $ (1,920) $ 325 $ 2,109 $ (70) $ 5,093 (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. Charge-offs include $98 million related to the sale. |
Financing Receivable, Nonperforming | NPAs The following table provides a summary of nonperforming loans and leases, excluding LHFS: December 31, 2023 December 31, 2022 Recorded Investment Recorded Investment (Dollars in millions) Without an ALLL With an ALLL Without an ALLL With an ALLL Commercial: Commercial and industrial $ 123 $ 347 $ 120 $ 278 CRE 154 130 75 7 Commercial construction — 24 — — Consumer: Residential mortgage 1 152 4 236 Home equity 1 121 2 133 Indirect auto 20 248 3 286 Other consumer — 59 — 44 Total $ 299 $ 1,081 $ 204 $ 984 |
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) Dec 31, 2023 Dec 31, 2022 Nonperforming loans and leases HFI $ 1,380 $ 1,188 Nonperforming LHFS 51 — Foreclosed real estate 3 4 Other foreclosed property 54 58 Total nonperforming assets $ 1,488 $ 1,250 Residential mortgage loans in the process of foreclosure $ 214 $ 248 |
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 year, disaggregated by class of financing receivable and type of modification granted. These tables include modification activity that occurred on or after January 1, 2023. Year Ended December 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 $ 1,158 $ 51 $ — $ 24 $ 65 $ — $ — $ 27 $ 1,325 0.82 % CRE 347 — — 72 — — — — 419 1.86 Commercial construction 25 — — — — — — — 25 0.37 Consumer: Residential mortgage — 111 104 58 2 310 61 5 651 1.17 Home equity — — — 2 9 — — 2 13 0.13 Indirect auto — 26 — 896 16 — — 7 945 4.16 Other consumer — 21 — 1 5 — — 1 28 0.10 Credit card — — — — — — — 20 20 0.39 Total $ 1,530 $ 209 $ 104 $ 1,053 $ 97 $ 310 $ 61 $ 62 $ 3,426 1.10 |
Financing Receivable, Modified, Financial Effect | Year Ended December 31, 2023 Loan Type Financial Effect Renewals Commercial and industrial Extended the term by 7 months and increased the interest rate by 0.6% CRE Extended the term by 11 months and increased the interest rate by 0.2% Commercial construction Extended the term by 21 months and increased the interest rate by 0.3% Term Extensions Commercial and industrial Extended the term by 3 months. Residential mortgage Extended the term by 131 months. Indirect auto Extended the term by 23 months. Other consumer Extended the term by 24 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 183 days of payment deferral. CRE Provided 232 days of payment deferral. Residential mortgage Provided 209 days of payment deferral. Home equity Provided 167 days of payment deferral. Indirect auto Provided 146 days of payment deferral. Other consumer Provided 154 days of payment deferral. Combination - Interest Rate Adjustment and Term Extension Commercial and industrial Extended the term by 45 months and increased the interest rate by 2%. Residential mortgage Extended the term by 107 months and increased the interest rate by 0.5%. Home equity Extended the term by 262 months and decreased the interest rate by 3%. Indirect auto Extended the term by 11 months and decreased the interest rate by 6%. Other consumer Extended the term by 59 months and decreased the interest rate by 1%. 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 99 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 130 months, and decreased the interest rate by 0.2%. The tables above exclude trial modifications totaling $47 million as of December 31, 2023. 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 December 31, 2023, Truist had $702 million in unfunded lending commitments related to the modified obligations summarized in the tables above. |
Financing Receivable, Modified, Past Due | The following table summarizes the period-end delinquency status and amortized cost of loans that were modified since January 1, 2023. 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) 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: 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 |
Schedule of Performing and Nonperforming TDRs | TDRs The following table presents a summary of TDRs: (Dollars in millions) Dec 31, 2022 Performing TDRs: Commercial: Commercial and industrial $ 136 CRE 5 Commercial construction 1 Consumer: Residential mortgage 1,252 Home equity 51 Indirect auto 462 Other consumer 31 Student 30 Credit card 18 Total performing TDRs 1,986 Nonperforming TDRs 214 Total TDRs $ 2,200 ALLL attributable to TDRs $ 152 |
Summary of Primary Reason Loan Modifications Were Classified as TDRs | The primary type of modification for TDRs designated in 2022 and 2021 is summarized in the tables below. TDR balances represent the recorded investment at the end of the quarter in which the modification was made. The prior quarter balance represents recorded investment at the beginning of the quarter in which the modification was made. Rate modifications consist of TDRs made with below market interest rates, including those that also have modifications of loan structures. As of / For the Year Ended December 31, 2022 Type of Modification Prior Quarter Loan Balance Related ALLL at Period End (Dollars in millions) Rate Structure Newly designated TDRs: Commercial $ 66 $ 10 $ 78 $ 9 Consumer 496 627 1,107 56 Credit card 8 — 8 4 Re-modification of previously designated TDRs 113 133 As of / For the Year Ended December 31, 2021 Type of Modification Prior Quarter Loan Balance ALLL at Period End (Dollars in millions) Rate Structure Newly designated TDRs: Commercial $ 35 $ 130 $ 193 $ 17 Consumer 284 312 606 36 Credit card 11 — 12 5 Re-modification of previously designated TDRs 61 38 |
Selected Information About Loans And Leases Unearned | The following table presents additional information about loans and leases: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 Unearned income, discounts, and net deferred loan fees and costs $ 553 $ 269 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | A summary of premises and equipment is presented in the accompanying table: December 31, Estimated Useful Life 2023 2022 Land and land improvements Indefinite $ 743 $ 773 Buildings and building improvements 5 - 40 2,453 2,438 Furniture and equipment 3 - 15 1,577 1,589 Leasehold improvements 898 866 Construction in progress 164 207 Finance leases 29 37 Total 5,864 5,910 Less: Accumulated depreciation (2,566) (2,383) Net premises and equipment $ 3,298 $ 3,527 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amounts of Goodwill Attributable to Operating Segments | The Company performed quantitative goodwill impairment analyses for its CB&W and C&CB reporting units as of October 1, 2023. Based on the results of the impairment analyses, the Company concluded that the carrying values of the CB&W and C&CB reporting units exceed their respective fair values, resulting in a non-cash, non-tax-deductible goodwill impairment charge of $6.1 billion for the year ended December 31, 2023. The fair value of the CB&W and C&CB reporting units were estimated using the income approach and a market-based approach, weighted 50% and 50%, respectively. The goodwill impairment was primarily due to the continued impact of higher interest rates and discount rates on the CB&W and C&CB reporting units, and a sustained decline in the banking industry share prices, including Truist’s. The goodwill impairment has no impact on Truist’s liquidity, regulatory capital ratios, or Truist’s ability to pay its common dividend and service its clients’ financial needs. The Company monitored events and circumstances during the period from October 1, 2023 through December 31, 2023, 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 October 1, 2023 quantitative impairment test, and the sensitivity of the October 1, 2023 quantitative test results to changes in assumptions through December 31, 2023. Based on these considerations, the Company 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 December 31, 2023. Refer to “Note 1. Basis of Presentation” for additional information. The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. Activity during 2023 includes the aforementioned impairments and the realignment of Prime Rate Premium Finance Corporation into the C&CB segment from the IH segment. Activity during 2022 reflects the acquisition of BankDirect Capital Finance. Refer to “Note 2. Discontinued Operations” for additional information on discontinued operations, “Note 3. Business Combinations, Divestitures, and Noncontrolling Interests” for additional information on the acquisitions, and “Note 22. Operating Segments” for additional information on segments. (Dollars in millions) CB&W (1) C&CB (1) IH (2) Total Goodwill, January 1, 2022 $ 16,870 $ 6,149 $ 26 $ 23,045 Mergers and acquisitions — — 188 188 Adjustments and other (5) 5 — — Goodwill, December 31, 2022 16,865 6,154 214 23,233 Impairments (3,361) (2,717) — (6,078) Adjustments and other (1) 216 (214) 1 Goodwill, December 31, 2023 $ 13,503 $ 3,653 $ — $ 17,156 (1) Reflects activity prior to the segment realignment. Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. Refer to “Note 22. Operating Segments” for additional information on segments. (2) Activity in the IH segment relates to the continuing operations of Prime Rate Premium Finance Corporation, which were transferred to the Company’s C&CB segment in 2023. 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. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations, including the goodwill balance related to TIH. |
Identifiable Intangible Assets Subject to Amortization | The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets: December 31, 2023 December 31, 2022 (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount CDI $ 2,473 $ (1,650) $ 823 $ 2,473 $ (1,403) $ 1,070 Other, primarily client relationship intangibles 1,598 (512) 1,086 1,606 (363) 1,243 Total $ 4,071 $ (2,162) $ 1,909 $ 4,079 $ (1,766) $ 2,313 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table presents the estimated amortization expense of identifiable intangibles as of December 31, 2023 for the next five years and thereafter: (Dollars in millions) 2024 2025 2026 2027 2028 Thereafter Estimated amortization expense $ 349 $ 297 $ 255 $ 225 $ 197 $ 586 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Transfers and Servicing [Abstract] | |
Summary of Residential Mortgage Banking Activities | The following tables summarize residential mortgage servicing activities: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 UPB of residential mortgage loan servicing portfolio $ 269,068 $ 274,028 $ 246,727 UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate 213,399 217,046 196,011 Mortgage loans sold with recourse 173 200 244 Maximum recourse exposure from mortgage loans sold with recourse liability 109 127 155 Indemnification, recourse and repurchase reserves 52 56 74 As of / For the Year Ended December 31, 2023 2022 2021 UPB of residential mortgage loans sold from LHFS $ 13,669 $ 26,643 $ 40,949 Pre-tax gains recognized on mortgage loans sold and held for sale 60 69 446 Servicing fees recognized from mortgage loans serviced for others 617 630 592 Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others 0.27 % 0.31 % 0.31 % Weighted average interest rate on mortgage loans serviced for others 3.56 3.48 3.44 |
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) 2023 2022 2021 Residential MSRs, carrying value, January 1 $ 3,428 $ 2,305 $ 1,778 Acquired 123 321 355 Additions 249 428 640 Sales (531) — — Change in fair value due to changes in valuation inputs or assumptions (1) 88 766 225 Realization of expected net servicing cash flows, passage of time, and other (269) (392) (693) Residential MSRs, carrying value, December 31 $ 3,088 $ 3,428 $ 2,305 (1) The year ended December 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: December 31, 2023 December 31, 2022 Range Weighted Average Range Weighted Average (Dollars in millions) Min Max Min Max Prepayment speed 6.7 % 18.2 % 7.5 % 8.6 % 12.5 % 9.0 % Effect on fair value of a 10% increase $ (82) $ (110) Effect on fair value of a 20% increase (160) (211) OAS 2.2 % 12.0 % 4.6 % 1.2 % 11.4 % 4.0 % Effect on fair value of a 10% increase $ (60) $ (55) Effect on fair value of a 20% increase (118) (108) Composition of loans serviced for others: Fixed-rate residential mortgage loans 99.6 % 99.5 % Adjustable-rate residential mortgage loans 0.4 0.5 Total 100.0 % 100.0 % Weighted average life 7.5 years 6.8 years |
Summary of Commercial Mortgage Banking Activities | The following table summarizes commercial mortgage servicing activities: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 UPB of CRE mortgages serviced for others $ 31,681 $ 36,622 CRE mortgages serviced for others covered by recourse provisions 9,661 9,955 Maximum recourse exposure from CRE mortgages sold with recourse liability 2,813 2,861 Recorded reserves related to recourse exposure 16 17 CRE mortgages originated during the year-to-date period 2,989 7,779 Commercial MSRs at fair value 272 301 |
Other Assets and Liabilites (Ta
Other Assets and Liabilites (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The following tables present additional information on leases, excluding leases related to the lease financing businesses: December 31, 2023 December 31, 2022 (Dollars in millions) Operating Leases Finance Leases Operating Leases Finance Leases ROU assets $ 1,057 $ 10 $ 1,172 $ 20 Maturities of lease liabilities: 2024 $ 288 $ 3 2025 302 2 2026 253 2 2027 214 2 2028 145 1 Thereafter 345 4 Total lease payments 1,547 14 $ 1,693 $ 25 Less: imputed interest 160 2 172 2 Total lease liabilities $ 1,387 $ 12 $ 1,521 $ 23 Weighted average remaining term 6.2 years 6.6 years 6.6 years 5.6 years Weighted average discount rate 3.1 % 5.1 % 2.7 % 3.4 % Year Ended December 31, (Dollars in millions) 2023 2022 2021 Operating lease costs $ 285 $ 295 $ 289 |
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) Dec 31, 2023 Dec 31, 2022 Assets held under operating leases (1)(2) $ 2,160 $ 2,090 Accumulated depreciation (583) (550) Net $ 1,577 $ 1,540 (1) Includes certain land parcels subject to operating leases that have indefinite lives. (2) Excludes operating leases held-for-sale that totaled $32 million and $516 million at December 31, 2023 and 2022, respectively. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Summary of Deposits | The composition of deposits is presented in the following table: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 Noninterest-bearing deposits $ 111,624 $ 135,742 Interest-bearing deposits: Interest checking 104,757 110,464 Money market and savings 135,923 143,815 Time deposits 43,561 23,474 Total deposits $ 395,865 $ 413,495 Time deposits greater than $250,000 $ 10,422 $ 8,205 |
Time Deposit Maturities | The following table presents time deposit maturities: (Dollars in millions) 2024 2025 2026 2027 2028 Thereafter Future time deposit maturities $ 42,481 $ 546 $ 255 $ 176 $ 97 $ 6 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The following table presents a summary of short-term borrowings: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 FHLB advances $ 20,500 $ 18,900 Securities sold under agreements to repurchase 2,427 2,128 Securities sold short 1,625 1,551 Other short-term borrowings 276 843 Total short-term borrowings $ 24,828 $ 23,422 |
Schedule of Long-Term Debt, Interest Rates and Maturity Dates | The following table presents a summary of long-term debt: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 Stated Rate Effective Rate (1) Carrying Amount Carrying Amount Maturity Min Max Truist Financial Corporation: Fixed rate senior notes (2) 2024 to 2034 1.13 % 7.16 % 4.16 % $ 19,808 $ 14,107 Floating rate senior notes 2025 2025 5.80 5.80 5.79 999 999 Fixed rate subordinated notes (2)(3) 2026 2033 3.88 6.00 4.34 1,831 1,882 Capital notes (3) 2027 2028 6.30 6.31 7.22 629 625 Structured notes (4) — 12 Truist Bank: Fixed rate senior notes 2024 2025 1.50 4.05 2.01 4,170 6,982 Floating rate senior notes 2024 2024 5.60 5.60 5.59 1,250 1,749 Fixed rate subordinated notes (3) 2025 2030 2.25 3.80 3.01 4,770 4,767 Fixed rate FHLB advances 2024 2034 — 2.50 0.91 1 2 Floating rate FHLB advances 2024 2024 5.63 5.74 5.69 4,200 10,800 Other long-term debt (5) 1,260 1,278 Total long-term debt $ 38,918 $ 43,203 (1) Includes the impact of debt issuance costs and purchase accounting, and excludes hedge accounting impacts. (2) 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. (3) 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. (4) Consist of notes with various terms that include fixed or floating rate interest or returns that are linked to an equity index. (5) Includes debt associated with finance leases, tax credit investments, and other. |
Schedule of Future Maturities of Long-term Debt | The following table presents future debt maturities: (Dollars in millions) 2024 2025 2026 2027 2028 Thereafter Future debt maturities (1) $ 9,613 $ 6,740 $ 3,996 $ 3,812 $ 1,053 $ 13,706 (1) Amounts include imputed interest of $2 million related to finance leases. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Summary of Cash Dividends Declared per Share | The following table presents total dividends declared per share of common stock: Year Ended December 31, 2023 2022 2021 Cash dividends declared per share $ 2.08 $ 2.00 $ 1.86 |
Summary of Non-Cumulative Perpetual Preferred Stock | The following table presents a summary of the non-cumulative perpetual preferred stock as of December 31, 2023: Preferred Stock Issue Issuance Date Earliest Redemption Date Liquidation Amount Carrying Amount Dividend Rate Dividend Payments Series I 12/6/2019 (1) 12/15/2024 $ 173 $ 168 Variable (2) Quarterly Series J 12/6/2019 (1) 12/15/2024 103 92 Variable (3) Quarterly Series L 12/6/2019 (1) 12/15/2024 750 766 Variable (4) Quarterly (9) Series M 12/6/2019 (1) 12/15/2027 500 516 5.125 % (5) Semi-annually (10) Series N 7/29/2019 9/1/2024 1,700 1,683 4.800 (6) Semi-annually Series O 5/27/2020 6/1/2025 575 559 5.250 Quarterly Series P 6/1/2020 12/1/2025 1,000 992 4.950 (7) Semi-annually Series Q 6/19/2020 9/1/2030 1,000 992 5.100 (8) Semi-annually Series R 8/3/2020 9/1/2025 925 905 4.750 Quarterly Total $ 6,726 $ 6,673 (1) Converted security from previously issued SunTrust preferred stock. Each outstanding share of SunTrust perpetual preferred stock was converted into the right to receive one share of an applicable newly issued series of Truist preferred stock having substantially the same terms as such share of SunTrust preferred stock. (2) Dividend rate is the greater of 4.00% or 3-month SOFR plus 0.79161%. Prior to the transition to SOFR, the dividend rate was the greater of 4.00% or 3-month LIBOR plus 0.530%. (3) Dividend rate is the greater of 4.00% or 3-month SOFR plus 0.90661%. Prior to the transition to SOFR, the dividend rate was the greater of 4.00% or 3-month LIBOR plus 0.645%. (4) Dividend rate is the greater of 3-month SOFR plus 3.36361%. From June 15, 2022 to the transition to SOFR, the dividend rate was of 3-month LIBOR plus 3.102%. Prior to June 15, 2022, fixed dividend rate of 5.05%. (5) Fixed dividend rate will reset on December 15, 2027, then dividend rate will be 3-month SOFR plus 3.04761%. (6) Fixed dividend rate will reset on September 1, 2024, and on each following fifth anniversary of the reset date to the five-year U.S. Treasury rate plus 3.003%. (7) Fixed dividend rate will reset on December 1, 2025, and on each following fifth anniversary of the reset date to the five-year U.S. Treasury rate plus 4.605%. (8) Fixed dividend rate will reset on September 1, 2030, and on each following tenth anniversary of the reset date to the ten-year U.S. Treasury rate plus 4.349%. (9) Dividend payments became quarterly on September 15, 2022. (10) Dividend payments become quarterly after dividend rate reset. |
AOCI (Tables)
AOCI (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2021 $ (875) $ (64) $ 1,654 $ — $ 1 $ 716 OCI before reclassifications, net of tax 767 — (3,459) — — (2,692) Amounts reclassified from AOCI: Before tax 29 72 384 — — 485 Tax effect 7 17 89 — — 113 Amounts reclassified, net of tax 22 55 295 — — 372 Total OCI, net of tax 789 55 (3,164) — — (2,320) AOCI balance, December 31, 2021 (86) (9) (1,510) — 1 (1,604) OCI before reclassifications, net of tax (1,471) (78) (10,792) — (6) (12,347) AFS Securities transferred to HTM, net of tax — — 2,872 (2,872) — — Amounts reclassified from AOCI: Before tax 29 12 45 367 — 453 Tax effect 7 3 10 83 — 103 Amounts reclassified, net of tax 22 9 35 284 — 350 Total OCI, net of tax (1,449) (69) (10,757) 284 (6) (11,997) AOCI balance, December 31, 2022 (1,535) (78) (9,395) (2,588) (5) (13,601) OCI before reclassifications, net of tax 406 (260) 925 — 3 1,074 Amounts reclassified from AOCI: Before tax 65 49 (385) 306 — 35 Tax effect 15 11 (77) 65 — 14 Amounts reclassified, net of tax 50 38 (308) 241 — 21 Total OCI, net of tax 456 (222) 617 241 3 1,095 AOCI balance, December 31, 2023 $ (1,079) $ (300) $ (8,778) $ (2,347) $ (2) $ (12,506) Primary income statement location of amounts reclassified from AOCI Other expense Net interest income and Other expense Securities gains (losses) and Net interest income Net interest income Net interest income |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Provision | The components of the income tax provision are as follows: Year Ended December 31, (Dollars in millions) 2023 2022 2021 Current expense: Federal $ 1,012 $ 784 $ 980 State 135 96 65 Total current expense 1,147 880 1,045 Deferred expense: Federal (390) 316 245 State (19) 54 118 Total deferred expense (409) 370 363 Provision for income taxes $ 738 $ 1,250 $ 1,408 |
Schedule of Reconciliation Between Provision for Income Taxes and Amount Computed by Applying Federal Statutory Income Tax Rate | A reconciliation of the provision for income taxes at the statutory federal income tax rate to the Company’s actual provision for income taxes and effective tax rate is presented in the following table: Year Ended December 31, 2023 2022 2021 (Dollars in millions) Amount % of Income Before Taxes Amount % of Income Before Taxes Amount % of Income Before Taxes Federal income taxes at statutory rate $ (161) 21.0 % $ 1,476 21.0 % $ 1,550 21.0 % Increase (decrease) in provision for income taxes as a result of: State income taxes, net of federal tax benefit 91 (11.9) 118 1.7 145 2.0 Non-deductible goodwill 1,276 (166.8) — — — — Internal legal entity restructuring (191) 25.0 — — — — Income tax credits, net of amortization (173) 22.6 (233) (3.3) (195) (2.6) Tax-exempt interest (157) 20.5 (109) (1.6) (86) (1.2) Other, net 53 (6.9) (2) — (6) (0.1) Provision for income taxes $ 738 (96.5) $ 1,250 17.8 $ 1,408 19.1 |
Schedule of Deferred Tax Assets and Liabilities | Significant DTAs and DTLs, net of the federal impact for state taxes, are presented in the following table: December 31, (Dollars in millions) 2023 2022 DTAs: Net unrealized losses in AOCI $ 3,860 $ 4,150 ALLL 1,132 1,022 Employee compensation and benefits 673 765 Operating lease liability 339 372 Accruals and reserves 330 207 Federal and state NOLs and other carryforwards 121 125 Other 314 190 Total gross DTAs 6,769 6,831 Valuation allowance (105) (106) Total DTAs net of valuation allowance 6,664 6,725 DTLs: Pension 1,884 1,532 Goodwill and other intangible assets 431 686 Partnerships 333 112 Equipment and auto leasing 309 422 MSRs 294 345 ROU assets 253 283 Loans 94 279 Other 29 39 Total DTLs 3,627 3,698 Net DTA $ 3,037 $ 3,027 |
Summary of Income Tax Contingencies | The following table provides a rollforward of the Company’s gross federal and state UTBs, excluding interest and penalties: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 Balance, January 1 $ 97 $ 104 Increases in UTBs related to prior years 2 2 Decreases in UTBs related to prior years (12) (2) Increases in UTBs related to the current year 10 9 Decreases in UTBs related to settlements (2) (4) Decreases in UTBs related to lapse of the applicable statutes of limitations (15) (12) Balance, December 31 $ 80 $ 97 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The following tables present a summary of the qualified and nonqualified defined benefit pension plans. On the Consolidated Balance Sheets, the qualified pension plan net asset is recorded as a component of Other assets and the nonqualified pension plan net liability is recorded as a component of Other liabilities. The data is calculated using an actuarial measurement date of December 31. Year Ended December 31, (Dollars in millions) Location 2023 2022 2021 Net periodic pension cost: Service cost (1) Personnel expense / Net income from discontinued operations $ 341 $ 548 $ 612 Interest cost Other expense 446 351 319 Estimated return on plan assets Other expense (909) (1,078) (998) Net amortization and other Other expense 78 35 35 Net periodic benefit cost (income) (44) (144) (32) Pre-tax amounts recognized in OCI: Net actuarial loss (gain) (567) 1,949 (1,012) Net amortization (78) (35) (35) Net amount recognized in OCI (645) 1,914 (1,047) Total net periodic pension costs (income) recognized in total comprehensive income, pre-tax $ (689) $ 1,770 $ (1,079) Weighted average assumptions used to determine net periodic pension cost: Discount rate 5.30 % 3.18 % 2.94 % Expected long-term rate of return on plan assets 6.70 6.50 6.70 Cash balance interest crediting rate 4.50 4.00 3.00 Assumed long-term rate of annual compensation increases 4.50 4.50 4.50 (1) Includes $22 million, $40 million and $41 million for the year ended December 31, 2023, 2022, and 2021, respectively, 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. |
Schedule of Changes in Projected Benefit Obligations | Activity in the projected benefit obligation is presented in the following table: Year Ended December 31, (Dollars in millions) Qualified Plan Nonqualified Plans 2023 2022 2023 2022 Projected benefit obligation, January 1 $ 7,924 $ 10,461 $ 655 $ 740 Service cost 308 503 33 45 Interest cost 411 327 35 25 Actuarial (gain) loss (1) 93 (3,013) (36) (130) Benefits paid (507) (354) (28) (25) Other (2) (235) — — — Projected benefit obligation, December 31 $ 7,994 $ 7,924 $ 659 $ 655 Accumulated benefit obligation, December 31 $ 7,134 $ 7,070 $ 567 $ 517 Weighted average assumptions used to determine projected benefit obligations: Weighted average assumed discount rate 5.12 % 5.30 % 5.12 % 5.30 % Assumed rate of annual compensation increases 4.50 4.50 4.50 4.50 (1) For the qualified plan, the 2023 loss is primarily due to decreases in the assumed discount rate, net of the impact of actual plan experience. For the nonqualified plans, the 2023 gain is primarily due to impact of plan experience. For the qualified plan, the 2022 gains are primarily due to increases in the assumed discount rate, net of the impact of actual plan experience. For the nonqualified plans, the 2022 gain is primarily due to an increase in the assumed discount rate. (2) In 2023, the Company entered into a transaction to sell a portion of the pension obligations to a third party for certain participants in the qualified defined benefit plan. |
Schedule of Changes in Fair Value of Plan Assets | Activity in plan assets is presented in the following table: Year Ended December 31, (Dollars in millions) Qualified Plan Nonqualified Plans 2023 2022 2023 2022 Fair value of plan assets, January 1 $ 12,462 $ 16,399 $ — $ — Actual return (loss) on plan assets 1,533 (4,014) — — Employer contributions 1,305 431 28 25 Benefits paid (507) (354) (28) (25) Other (235) — — — Fair value of plan assets, December 31 $ 14,558 $ 12,462 $ — $ — Funded status, December 31 $ 6,564 $ 4,538 $ (659) $ (655) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following are the pre-tax amounts recognized in AOCI: (Dollars in millions) Qualified Plan Nonqualified Plans Dec 31, 2023 Dec 31, 2022 Dec 31, 2023 Dec 31, 2022 Prior service credit (cost) $ (21) $ (40) $ 20 $ 39 Net actuarial gain (loss) (1,283) (1,884) (72) (116) Net amount recognized $ (1,304) $ (1,924) $ (52) $ (77) |
Schedule of Expected Benefit Payments | The following table reflects the estimated benefit payments for the periods presented: (Dollars in millions) Qualified Plan Nonqualified Plans 2024 $ 342 $ 31 2025 348 37 2026 364 34 2027 383 35 2028 402 36 2029-2033 2,321 203 |
Schedule of Allocation of Plan Assets | The following table presents the fair values of the qualified pension plan assets by asset category: (Dollars in millions) Target Allocation December 31, 2023 December 31, 2022 Min Max Total Level 1 Level 2 Total Level 1 Level 2 Cash and cash-equivalents (1) $ 309 $ 309 $ — $ 314 $ 314 $ — U.S. equity securities 19.5 % 29.5 % 3,699 2,674 1,025 3,171 1,602 1,569 International equity securities 5.5 15.5 1,757 253 1,504 1,672 269 1,403 Fixed income securities 50.0 60.0 7,819 — 7,819 6,495 — 6,495 Total $ 13,584 $ 3,236 $ 10,348 $ 11,652 $ 2,185 $ 9,467 (1) Includes funds held in a short-term, government money-market fund. |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable | The following table provides a summary of the equity-based compensation plans: (Shares in thousands) Dec 31, 2023 Shares available for future grants 34,044 Vesting period, minimum 1.0 year Vesting period, maximum 6.0 years |
Summary of Selected Data Related to Equity-based Compensation Costs | The following table presents a summary of selected data related to equity-based compensation costs: As of / For the Year Ended December 31, (Dollars in millions) 2023 2022 2021 Equity-based compensation expense $ 298 $ 261 $ 259 Income tax benefit from equity-based compensation expense 70 61 61 Intrinsic value of options exercised, and RSUs and PSUs that vested during the year 170 286 413 Grant date fair value of equity-based awards that vested during the year 258 239 350 Unrecognized compensation cost related to equity-based awards 240 249 209 Weighted-average life over which compensation cost is expected to be recognized 2.5 years 2.7 years 2.5 years |
Rollforward of RSUs, PSUs and Restricted Shares | The following table presents the activity related to awards of RSUs, PSUs, and restricted shares: (Shares in thousands) Units/Shares Wtd. Avg. Grant Date Fair Value Nonvested at January 1, 2023 14,359 $ 52.84 Granted 8,673 41.47 Vested (5,129) 50.31 Forfeited (1,263) 46.14 Nonvested at December 31, 2023 16,640 48.36 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 Dec 31, 2023 Dec 31, 2022 Investments in affordable housing projects and other qualified tax credits: Carrying amount Other assets $ 6,754 $ 5,869 Amount of future funding commitments included in carrying amount Other liabilities 2,473 1,762 Lending exposure Loans and leases for funded amounts 1,981 1,547 Renewable energy investments: Carrying amount Other assets 285 264 Amount of future funding commitments not included in carrying amount NA 747 361 SBIC and certain other equity method investments: Carrying amount Other assets 758 596 Amount of future funding commitments not included in carrying amount NA 589 532 |
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 was immaterial. Year Ended December 31, (Dollars in millions) Income Statement Location 2023 2022 2021 Tax credits: Investments in affordable housing projects, other qualified tax credits, and other community development investments Provision for income taxes $ 624 $ 583 $ 580 Amortization and other changes in carrying amount: Investments in affordable housing projects and other qualified tax credits (1) Provision for income taxes $ 586 $ 487 $ 472 Other community development investments (1) Other noninterest income 11 81 86 (1) In the first quarter of 2023, the Company adopted the Investments in Tax Credit Structures accounting standard. As a result, amortization related to these tax credits started being recognized in the Provision for income taxes as of the adoption of this standard. This activity was previously recognized in Other income. Refer to “Note 1. Basis of Presentation” for additional information. |
Schedule of Off-Balance Sheet | The following is a summary of selected notional amounts of off-balance sheet financial instruments: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 Commitments to extend, originate, or purchase credit and other commitments $ 207,285 $ 216,838 Residential mortgage loans sold with recourse 173 200 CRE mortgages serviced for others covered by recourse provisions 9,661 9,955 Other loans serviced for others covered by recourse and other provisions 1,032 723 Letters of credit 6,239 6,030 |
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) Dec 31, 2023 Dec 31, 2022 Total return swaps: VIE assets $ 1,641 $ 1,830 Trading loans and bonds 1,572 1,790 VIE liabilities 50 163 |
Schedule of Pledged Assets | The following table provides the total carrying amount of pledged assets by asset type: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 Pledged securities $ 41,270 $ 38,012 Pledged loans: FRB 73,898 71,234 FHLB 67,748 68,988 Unused borrowing capacity: FRB 55,252 49,250 FHLB 24,712 20,770 |
Regulatory Requirements and O_2
Regulatory Requirements and Other Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Summary Information Regarding Regulatory Capital | The following table provides additional detail on regulatory capital ratios: (Dollars in millions) Minimum Capital (1) Well-Capitalized December 31, 2023 December 31, 2022 Ratio Amount Ratio Amount Truist Financial Corporation: CET1 4.5 % NA 10.1 % $ 42,671 9.0 % $ 39,098 Tier 1 capital 6.0 6.0 11.6 49,341 10.5 45,768 Total capital 8.0 10.0 13.7 58,063 12.4 54,072 Leverage 4.0 NA 9.3 49,341 8.5 45,768 Supplementary leverage 3.0 NA 7.9 49,341 7.3 45,768 Truist Bank: CET1 4.5 6.5 11.7 48,387 10.6 45,237 Tier 1 capital 6.0 8.0 11.7 48,387 10.6 45,237 Total capital 8.0 10.0 13.3 55,227 12.1 51,633 Leverage 4.0 5.0 9.2 48,387 8.5 45,237 Supplementary leverage 3.0 NA 7.9 48,387 7.3 45,237 (1) Truist is subject to an SCB requirement of 2.9% applicable to Truist as of December 31, 2023. Truist’s SCB requirement, received in the 2023 CCAR process, is effective from October 1, 2023 to September 30, 2024. Truist Bank is subject to a CCB requirement of 2.5%. The SCB and CCB are amounts above the minimum levels designed to ensure that banks remain well-capitalized, even in adverse economic scenarios. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: December 31, 2023 Total Level 1 Level 2 Level 3 Netting Adjustments (1) Assets: Trading assets: U.S. Treasury $ 144 $ — $ 144 $ — $ — GSE 50 — 50 — — Agency MBS – residential — — — — — 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: Derivative liabilities $ 2,597 $ 487 $ 4,171 $ 24 $ (2,085) Securities sold short 1,625 185 1,440 — — Total liabilities $ 4,222 $ 672 $ 5,611 $ 24 $ (2,085) December 31, 2022 Total Level 1 Level 2 Level 3 Netting Adjustments (1) Assets: Trading assets: U.S. Treasury $ 137 $ — $ 137 $ — $ — GSE 457 — 457 — — Agency MBS – residential 804 — 804 — — Agency MBS – commercial 62 — 62 — — States and political subdivisions 422 — 422 — — Corporate and other debt securities 761 — 761 — — Loans 1,960 — 1,960 — — Other 302 261 41 — — Total trading assets 4,905 261 4,644 — — AFS securities: U.S. Treasury 10,295 — 10,295 — — GSE 303 — 303 — — Agency MBS – residential 55,225 — 55,225 — — Agency MBS – commercial 2,424 — 2,424 — — States and political subdivisions 416 — 416 — — Non-agency MBS 3,117 — 3,117 — — Other 21 — 21 — — Total AFS securities 71,801 — 71,801 — — LHFS at fair value 1,065 — 1,065 — — Loans and leases 18 — — 18 — Loan servicing rights at fair value 3,758 — — 3,758 — Other assets: Derivative assets 684 472 1,980 1 (1,769) Equity securities 898 796 102 — — Total assets $ 83,129 $ 1,529 $ 79,592 $ 3,777 $ (1,769) Liabilities: Derivative liabilities $ 2,971 $ 364 $ 4,348 $ 37 $ (1,778) Securities sold short 1,551 114 1,437 — — Total liabilities $ 4,522 $ 478 $ 5,785 $ 37 $ (1,778) (1) Refer to “Note 20. 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: Loans and Leases Loan Servicing Rights Net Derivatives Balance at January 1, 2021 $ — $ 2,023 $ 172 Total realized and unrealized gains (losses): Included in earnings (1) 233 (96) Purchases — 355 — Issuances — 715 305 Sales — (1) — Settlements — (741) (393) Acquisitions 24 49 — Balance at December 31, 2021 23 2,633 (12) Total realized and unrealized gains (losses): Included in earnings — 801 (323) Purchases — 321 — Issuances — 482 2 Sales — (9) — Settlements (5) (470) 297 Balance at December 31, 2022 18 3,758 (36) Total realized and unrealized gains (losses): Included in earnings — 86 (36) Purchases — 123 — Issuances — 270 29 Sales — (531) — Settlements (3) (328) 24 Balance at December 31, 2023 $ 15 $ 3,378 $ (19) Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2023 $ — $ 36 $ (24) 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 that were elected to be measured at fair value: December 31, 2023 December 31, 2022 (Dollars in millions) Fair Value UPB Difference Fair Value UPB Difference Trading loans $ 1,575 $ 1,664 $ (89) $ 1,960 $ 2,101 $ (141) Loans and leases 15 16 (1) 18 20 (2) LHFS at fair value 852 828 24 1,065 1,056 9 |
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) Dec 31, 2023 Dec 31, 2022 Carrying value: LHFS $ 19 $ 271 Loans and leases 840 500 Other 454 120 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. Year Ended December 31, (Dollars in millions) 2023 2022 2021 Valuation adjustments: LHFS $ (58) $ (9) $ (27) Loans and leases (894) (420) (455) Other (305) (159) (178) |
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: December 31, 2023 December 31, 2022 (Dollars in millions) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: HTM securities Level 2 $ 54,107 $ 44,630 $ 57,713 $ 47,791 Loans and leases HFI, net of ALLL Level 3 307,248 300,830 321,596 308,738 Financial liabilities: Time deposits Level 2 43,561 43,368 23,474 23,383 Long-term debt Level 2 38,918 38,353 43,203 40,951 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: December 31, 2023 December 31, 2022 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 $ 17,673 $ — $ — $ 16,650 $ — $ — Fair value hedges: Interest rate contracts: Swaps hedging long-term debt 14,268 — — 16,393 — (68) Swaps hedging AFS securities 24,178 — — 7,097 — — Total 38,446 — — 23,490 — (68) Not designated as hedges: Client-related and other risk management: Interest rate contracts: Swaps 154,692 637 (1,926) 155,670 579 (2,665) Options 34,593 114 (106) 29,840 172 (192) Forward commitments 178 — (11) 1,495 8 (2) Other 3,033 — — 3,823 1 — Equity contracts 39,561 1,164 (1,733) 33,185 644 (901) Credit contracts: Trading assets 100 — — 140 — — Loans and leases 225 — — 394 — — Risk participation agreements 7,499 — (3) 6,824 — (3) Total return swaps 1,598 41 (7) 1,729 81 (2) Foreign exchange contracts 24,480 256 (256) 19,022 364 (380) Commodity 8,367 513 (503) 4,881 444 (447) Total 274,326 2,725 (4,545) 257,003 2,293 (4,592) Mortgage banking: Interest rate contracts: Swaps 105 — — 115 — — Options (1) 400 3 — 400 1 — Interest rate lock commitments 746 5 (10) 999 1 (17) When issued securities, forward rate agreements and forward commitments (1) 1,438 12 (17) 1,728 24 (6) Other 94 — — 140 1 — Total 2,783 20 (27) 3,382 27 (23) MSRs: Interest rate contracts: Swaps 15,252 — — 14,566 — — Options (1) 14,854 75 (109) 15,505 125 (48) When issued securities, forward rate agreements and forward commitments (1) 933 8 — 884 8 (15) Other 1,692 — (1) 1,532 — (3) Total 32,731 83 (110) 32,487 133 (66) Total derivatives not designated as hedges 309,840 2,828 (4,682) 292,872 2,453 (4,681) Total derivatives $ 365,959 2,828 (4,682) $ 333,012 2,453 (4,749) Gross amounts in the Consolidated Balance Sheets: Amounts subject to master netting arrangements and exchange traded derivatives (1,268) 1,268 (1,223) 1,223 Cash collateral (received) posted for amounts subject to master netting arrangements (609) 817 (546) 555 Net amount $ 951 $ (2,597) $ 684 $ (2,971) (1) In 2023, Truist reclassified TBA MBS options into the options line item. Prior periods were reclassified to conform to the current presentation. |
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: 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) December 31, 2022 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 $ 1,895 $ (1,408) $ 487 $ — $ 487 Derivatives not subject to master netting arrangement or similar arrangement 86 — 86 — 86 Exchange traded derivatives 472 (361) 111 — 111 Total derivative assets $ 2,453 $ (1,769) $ 684 $ — $ 684 Derivative liabilities: Derivatives subject to master netting arrangement or similar arrangement $ (3,688) $ 1,417 $ (2,271) $ 43 $ (2,228) Derivatives not subject to master netting arrangement or similar arrangement (697) — (697) — (697) Exchange traded derivatives (364) 361 (3) — (3) Total derivative liabilities $ (4,749) $ 1,778 $ (2,971) $ 43 $ (2,928) |
Schedule of Fair Value Hedging Basis Adjustments | The following table presents the carrying value of hedged items in fair value hedging relationships: December 31, 2023 December 31, 2022 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) $ 51,782 $ 6 $ (5) $ 38,773 $ (630) $ (4) Loans and leases 322 — 7 353 — 10 Long-term debt 27,572 (237) (475) 25,378 (780) 218 (1) The amortized cost of AFS securities was $62.2 billion at December 31, 2023 and $46.2 billion at December 31, 2022. Further, as of December 31, 2023, closed portfolios of securities hedged under the portfolio layer method have an amortized cost of $58.7 billion, of which $24.2 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: Year Ended December 31, (Dollars in millions) 2023 2022 2021 Pre-tax gain (loss) recognized in OCI: Commercial loans $ (340) $ (102) $ — Pre-tax gain (loss) reclassified from AOCI into interest expense or interest income: Deposits $ — $ — $ (2) Short-term borrowings — — (12) Long-term debt — (12) (22) Commercial Loans (49) — — Total $ (49) $ (12) $ (36) Pre-tax gain (loss) reclassified from AOCI into other expense: (1) Deposits $ — $ — $ (12) Short-term borrowings — — (20) Long-term debt — — (4) Total $ — $ — $ (36) (1) Represents the accelerated amortization of amounts reclassified from AOCI, where management determined that the forecasted transaction is probable of not occurring. The following table summarizes the impact on net interest income related to fair value hedges: Year Ended December 31, (Dollars in millions) 2023 2022 2021 Investment securities: Amounts related to interest settlements $ 427 $ 102 $ (48) Recognized on derivatives (651) 598 571 Recognized on hedged items 694 (541) (568) Net income (expense) recognized (1) 470 159 (45) Loans and leases: Recognized on hedged items (3) (3) (5) Long-term debt: Amounts related to interest settlements (192) (64) 18 Recognized on derivatives (136) (840) (136) Recognized on hedged items 149 1,014 435 Net income (expense) recognized (179) 110 317 Net income (expense) recognized, total $ 288 $ 266 $ 267 (1) Includes $44 million of income recognized for the year ended December 31, 2023, respectively, and $53 million for the year ended December 31, 2022, 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) Dec 31, 2023 Dec 31, 2022 Cash flow hedges: Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI $ (106) $ (118) Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2029) (194) 40 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 (203) (31) 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 6 years Fair value hedges: Unrecognized pre-tax net gain (loss) on terminated hedges (1) $ (64) $ 669 Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months (60) 163 (1) Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $413 million at December 31, 2023 and $457 million at December 31, 2022. The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges: Year Ended December 31, (Dollars in millions) Income Statement Location 2023 2022 2021 Client-related and other risk management: Interest rate contracts Investment banking and trading income and other income $ 104 $ 197 $ 193 Foreign exchange contracts Investment banking and trading income and other income 7 236 133 Equity contracts Investment banking and trading income and other income (29) 5 (21) Credit contracts Investment banking and trading income and other income (112) 53 (83) Commodity contracts Investment banking and trading income 21 11 7 Mortgage banking: Interest rate contracts – residential Mortgage banking income 37 596 (21) Interest rate contracts – commercial Mortgage banking income (1) (1) (2) MSRs: Interest rate contracts – residential Mortgage banking income (137) (792) (105) Interest rate contracts – commercial Mortgage banking income (3) (22) (8) Total $ (113) $ 283 $ 93 |
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) Dec 31, 2023 Dec 31, 2022 Risk participation agreements: Maximum potential amount of exposure $ 520 $ 575 Total return swaps: Cash collateral held 437 453 |
Schedule of Derivative Instruments Summary of Collateral Positions with Counterparties | The following table summarizes collateral positions with counterparties: (Dollars in millions) Dec 31, 2023 Dec 31, 2022 Dealer and other counterparties: Cash and other collateral received from counterparties $ 609 $ 542 Derivatives in a net gain position secured by collateral received 735 618 Unsecured positions in a net gain with counterparties after collateral postings 126 76 Cash collateral posted to counterparties 960 590 Derivatives in a net loss position secured by collateral 1,052 692 Central counterparties clearing: Cash collateral, including initial margin, received from central clearing parties — 4 Cash collateral, including initial margin, posted to central clearing parties 14 45 Derivatives in a net loss position 8 13 Derivatives in a net gain position 2 12 Securities pledged to central counterparties clearing 1,249 639 |
Computation of EPS (Tables)
Computation of EPS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted EPS | Basic and diluted EPS calculations are presented in the following table: Year Ended December 31, (Dollars in millions, except per share data, shares in thousands) 2023 2022 2021 Net income (loss) available to common shareholders - continuing operations $ (1,864) $ 5,446 $ 5,569 Net income available to common shareholders - discontinued operations 412 481 464 Net income (loss) available to common shareholders $ (1,452) $ 5,927 $ 6,033 Weighted average number of common shares 1,331,963 1,328,120 1,337,144 Effect of dilutive outstanding equity-based awards (1) — 10,342 12,234 Weighted average number of diluted common shares 1,331,963 1,338,462 1,349,378 Basic earnings from continuing operations $ (1.40) $ 4.10 $ 4.16 Basic earnings from discontinued operations 0.31 0.36 0.35 Basic EPS $ (1.09) $ 4.46 $ 4.51 Diluted earnings from continuing operations $ (1.40) $ 4.07 $ 4.13 Diluted earnings from discontinued operations 0.31 0.36 0.34 Diluted EPS $ (1.09) $ 4.43 $ 4.47 Anti-dilutive awards 11,143 93 3 (1) For the year ended December 31, 2023, outstanding equity-based awards were deemed anti-dilutive and therefore, excluded from the Company’s diluted EPS calculation. |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table presents results by segment: Year Ended December 31, CSBB WB OT&C (1) Total 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Net interest income (expense) $ 5,940 $ 6,664 $ 6,898 $ 9,184 $ 6,001 $ 4,555 $ (600) $ 1,648 $ 1,549 $ 14,524 $ 14,313 $ 13,002 Net intersegment interest income (expense) 4,594 3,010 1,881 (2,152) 659 1,199 (2,442) (3,669) (3,080) — — — Segment net interest income 10,534 9,674 8,779 7,032 6,660 5,754 (3,042) (2,021) (1,531) 14,524 14,313 13,002 Allocated provision for credit losses 1,116 863 117 1,000 (91) (848) (7) 5 (82) 2,109 777 (813) Segment net interest income after provision 9,418 8,811 8,662 6,032 6,751 6,602 (3,035) (2,026) (1,449) 12,415 13,536 13,815 Noninterest income 1,991 2,086 2,290 3,668 3,994 4,590 (161) (420) (212) 5,498 5,660 6,668 Amortization of intangibles 210 252 254 185 203 215 — — 3 395 455 472 Goodwill impairment 3,361 — — 2,717 — — — — — 6,078 — — Other noninterest expense 6,355 5,771 5,847 5,378 4,722 4,755 472 1,219 2,028 12,205 11,712 12,630 Income (loss) before income taxes from continuing operations 1,483 4,874 4,851 1,420 5,820 6,222 (3,668) (3,665) (3,692) (765) 7,029 7,381 Provision (benefit) for income taxes 1,160 1,154 1,112 811 1,259 1,310 (1,233) (1,163) (1,014) 738 1,250 1,408 Segment net income (loss) from continuing operations $ 323 $ 3,720 $ 3,739 $ 609 $ 4,561 $ 4,912 $ (2,435) $ (2,502) $ (2,678) $ (1,503) $ 5,779 $ 5,973 Identifiable assets (period end) of continuing operations $ 146,310 $ 162,460 $ 156,172 $ 209,767 $ 215,607 $ 190,266 $ 171,617 $ 169,533 $ 188,600 $ 527,694 $ 547,600 $ 535,038 (1) Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |
Parent Company Financial Info_2
Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Parent Company - Condensed Balance Sheets (Dollars in millions) December 31, 2023 2022 Assets: Cash and due from banks $ 22 $ 29 Interest-bearing deposits with banks 11,264 10,861 AFS securities at fair value 218 214 Advances to / receivables from subsidiaries: Banking 8,044 2,305 Nonbank 396 404 Total advances to / receivables from subsidiaries 8,440 2,709 Investment in subsidiaries: Banking 57,994 59,921 Nonbank 4,666 4,553 Total investment in subsidiaries 62,660 64,474 Other assets 258 452 Total assets $ 82,862 $ 78,739 Liabilities and Shareholders’ Equity: Short-term borrowings $ 196 $ 370 Long-term debt 23,267 17,625 Other liabilities 298 230 Total liabilities 23,761 18,225 Total shareholders’ equity 59,101 60,514 Total liabilities and shareholders’ equity $ 82,862 $ 78,739 |
Parent Company Condensed Income and Comprehensive Income Statement | Parent Company - Condensed Income and Comprehensive Income Statements (Dollars in millions) Year Ended December 31, 2023 2022 2021 Income: Dividends from subsidiaries: Banking $ 4,925 $ 4,800 $ 4,150 Nonbank 72 170 100 Total dividends from subsidiaries 4,997 4,970 4,250 Interest and other income from subsidiaries 359 100 143 Other income 25 27 (26) Total income 5,381 5,097 4,367 Expenses: Interest expense 957 369 258 Other expenses 142 131 125 Total expenses 1,099 500 383 Income before income taxes and equity in undistributed earnings of subsidiaries 4,282 4,597 3,984 Income tax benefit 180 50 26 Income before equity in undistributed earnings of subsidiaries 4,462 4,647 4,010 Equity in undistributed earnings (losses) of subsidiaries in excess of dividends from subsidiaries (5,509) 1,620 2,427 Net income (loss) (1,047) 6,267 6,437 Total OCI 1,095 (11,997) (2,320) Total comprehensive income $ 48 $ (5,730) $ 4,117 |
Parent Company Condensed Cash Flow Statement | Parent Company - Statements of Cash Flows (Dollars in millions) Year Ended December 31, 2023 2022 2021 Cash Flows From Operating Activities: Net income (loss) $ (1,047) $ 6,267 $ 6,437 Adjustments to reconcile net income to net cash from operating activities: Equity in (earnings) losses of subsidiaries in excess of dividends from subsidiaries 5,509 (1,620) (2,427) Other, net 502 (449) (438) Net cash from operating activities 4,964 4,198 3,572 Cash Flows From Investing Activities: Proceeds from maturities, calls, and paydowns of AFS securities 11 31 37 Purchases of AFS securities (8) (9) (216) Investment in subsidiaries (905) (4,142) (120) Advances to subsidiaries (18,037) (4,110) (3,088) Proceeds from repayment of advances to subsidiaries 12,383 6,813 3,922 Other, net 4 14 — Net cash from investing activities (6,552) (1,403) 535 Cash Flows From Financing Activities: Net change in short-term borrowings (174) (439) 188 Net issuance (repayment) of long-term debt 5,888 1,700 (2,149) Repurchase of common stock — (250) (1,616) Redemption of preferred stock — — (1,415) Cash dividends paid on common and preferred stock (3,131) (2,989) (2,852) Other, net (599) (205) (107) Net cash from financing activities 1,984 (2,183) (7,951) Net Change in Cash and Cash Equivalents 396 612 (3,844) Cash and Cash Equivalents, January 1 10,890 10,278 14,122 Cash and Cash Equivalents, December 31 $ 11,286 $ 10,890 $ 10,278 |
Basis of Presentation -Summary
Basis of Presentation -Summary of Loans and Leases Policies (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Sustained Performance Period To Return To Accrual Status | 6 months | |
Threshold Period For Past Due Classification for Loans and Leases Receivable | 30 days | |
Collateral on Impaired Loans and Foreclosed Property, Valuation Period | 12 months | |
Threshold amount to establish a reserve on nonaccrual loans and TDRs (or more) | $ 5 | |
Commercial: | Commercial and industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Threshold Period Past Due for Placing on Nonaccrual Status of Loans | 90 days | [1],[2],[3] |
Threshold Period Past Due for Charge-off of Loans | 90 days | [2],[3] |
Commercial: | CRE | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Threshold Period Past Due for Placing on Nonaccrual Status of Loans | 90 days | [1],[2],[3] |
Threshold Period Past Due for Charge-off of Loans | 90 days | [2],[3] |
Commercial: | Commercial construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Threshold Period Past Due for Placing on Nonaccrual Status of Loans | 90 days | [1],[2],[3] |
Threshold Period Past Due for Charge-off of Loans | 90 days | [2],[3] |
Consumer: | Residential mortgage | Minimum | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Threshold Period Past Due for Placing on Nonaccrual Status of Loans | 90 days | [1],[3],[4] |
Threshold Period Past Due for Charge-off of Loans | 90 days | [3],[4] |
Consumer: | Residential mortgage | Maximum | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Threshold Period Past Due for Placing on Nonaccrual Status of Loans | 180 days | [1],[3],[4] |
Threshold Period Past Due for Charge-off of Loans | 180 days | [3],[4] |
Consumer: | Home equity | Minimum | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Threshold Period Past Due for Placing on Nonaccrual Status of Loans | 90 days | [1],[3],[4] |
Threshold Period Past Due for Charge-off of Loans | 90 days | [3],[4] |
Consumer: | Home equity | Maximum | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Threshold Period Past Due for Placing on Nonaccrual Status of Loans | 120 days | [1],[3],[4] |
Threshold Period Past Due for Charge-off of Loans | 180 days | [3],[4] |
Consumer: | Indirect auto | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Threshold Period Past Due for Placing on Nonaccrual Status of Loans | 90 days | [1],[3],[4] |
Threshold Period Past Due for Charge-off of Loans | 120 days | [3],[4] |
Consumer: | Other consumer | Minimum | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Threshold Period Past Due for Placing on Nonaccrual Status of Loans | 90 days | [1],[3],[4] |
Threshold Period Past Due for Charge-off of Loans | 90 days | [3],[4] |
Consumer: | Other consumer | Maximum | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Threshold Period Past Due for Placing on Nonaccrual Status of Loans | 120 days | [1],[3],[4] |
Threshold Period Past Due for Charge-off of Loans | 120 days | [3],[4] |
Consumer: | Student | Minimum | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Threshold Period Past Due for Charge-off of Loans | 120 days | [3],[5],[6] |
Consumer: | Student | Maximum | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Threshold Period Past Due for Charge-off of Loans | 180 days | [3],[5],[6] |
Credit card | Minimum | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Threshold Period Past Due for Charge-off of Loans | 90 days | [3],[7] |
Credit card | Maximum | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Threshold Period Past Due for Charge-off of Loans | 180 days | [3],[7] |
[1] Loans may be returned to performing status when (i) the borrower has resumed paying the full amount of the scheduled contractual interest and principal payments, (ii) management concludes that all principal and interest amounts contractually due (including arrearages) are reasonably assured of repayment, and (iii) there is a sustained period of repayment performance, generally a minimum of six months. Or when it is probable that principal or interest is not fully collectible, whichever occurs first. The timing of nonaccrual and charge-off evaluations are accelerated in circumstances where the borrower has filed for bankruptcy. Depends on product type, loss mitigation status, status of the government guaranty, if applicable, and certain other product-specific factors. Government guaranteed loans are considered to be in default once they reach 270 days past due and claims are generally filed once the loans reach 365 days past due. The non-guaranteed balance, which ranges from 2-3%, is charged off once the claim proceeds related to the guaranteed portion have been received, which typically occurs no later than 365 days past due. Student loans are not placed in nonperforming status, which reflects consideration of governmental guarantees or accelerated charge-off policies related to certain non-guaranteed portfolios. Credit cards are generally not placed on nonperforming status, but are fully charged off at specified delinquency dates consistent with regulatory guidelines. |
Discontinued Operations and D_3
Discontinued Operations and Disposal Groups Narrative (Details) - IH - USD ($) $ in Millions | May 06, 2024 | Apr. 03, 2023 | Feb. 20, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Reorganization Value | $ 15,500 | ||||
Proceeds from Divestiture of Businesses | $ 1,900 | ||||
Deposits with Parent Company | $ 1,600 | $ 2,100 | |||
Subsequent Event | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and due from banks | $ 72 | $ 89 |
Interest-bearing deposits with banks | 342 | 334 |
Premises and equipment | 72 | 78 |
Goodwill | 3,745 | 3,780 |
CDI and other intangible assets | 1,251 | 1,359 |
Other assets | 2,173 | 2,015 |
Assets of discontinued operations | 7,655 | 7,655 |
Other liabilities | 3,539 | 3,081 |
Liabilities of discontinued operations | $ 3,539 | $ 3,081 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Operating Results of the Discontinued Insurance Holdings Business (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Interest on other earning assets | $ 68 | $ 3 | $ 3 |
Total interest income | 68 | 3 | 3 |
Insurance income | 3,372 | 3,058 | 2,641 |
Other income | 20 | 28 | 7 |
Total noninterest income | 3,392 | 3,086 | 2,648 |
Personnel expense | 2,138 | 1,909 | 1,634 |
Professional fees and outside processing | 149 | 89 | 68 |
Software expense | 61 | 45 | 32 |
Net occupancy expense | 57 | 54 | 51 |
Amortization of intangibles | 132 | 128 | 102 |
Equipment expense | 28 | 29 | 29 |
Marketing and customer development | 37 | 31 | 17 |
Merger-related and restructuring charges | 55 | 47 | 29 |
Other expense | 223 | 117 | 77 |
Total noninterest expense | 2,880 | 2,449 | 2,039 |
Income before income taxes from discontinued operations | 580 | 640 | 612 |
Provision for income taxes | 124 | 152 | 148 |
Net income (loss) from discontinued operations | 456 | 488 | 464 |
Noncontrolling interests from discontinued operations | 44 | 7 | 0 |
Net income from discontinued operations attributable to controlling interest | $ 412 | $ 481 | $ 464 |
Statements of Cash Flows Discon
Statements of Cash Flows Discontinued Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net cash from operating activities | $ 985 | $ 863 | $ 701 |
Net cash from investing activities | (41) | (1,134) | (794) |
Net cash from financing activities | $ (954) | $ 344 | $ 386 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - IH $ in Millions | May 06, 2024 USD ($) | Feb. 20, 2024 | Apr. 03, 2023 USD ($) |
Business Acquisition [Line Items] | |||
Noncontrolling interest minority stake sale | 0.20 | ||
Proceeds from Divestiture of Businesses | $ 1,900 | ||
noncontrolling interest holder profits interest | 3.75 | ||
noncontrolling interest holder percent | 23 | ||
Event vested profit interest and appreciation units | 4.5 | ||
Subsequent Event | |||
Business Acquisition [Line Items] | |||
Proceeds from Divestiture of Businesses | $ 10,100 | ||
Sale of Stock, Percentage of Ownership before Transaction | 80% |
Business Combinations and Asset
Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Business Acquisition [Line Items] | |||
Loans and leases (including $15 and $18 at fair value, respectively) | $ 312,061 | $ 325,991 | |
Deposits | $ 395,865 | 413,495 | |
IH | Kensington Vanguard National Land Services | |||
Business Acquisition [Line Items] | |||
Loans and leases (including $15 and $18 at fair value, respectively) | 0 | ||
Identifiable intangible assets increase | [1] | 138 | |
Goodwill, Period Increase (Decrease) | [1] | 195 | |
IH | BenefitMall | |||
Business Acquisition [Line Items] | |||
Loans and leases (including $15 and $18 at fair value, respectively) | 0 | ||
Identifiable intangible assets increase | [1] | 336 | |
Goodwill, Period Increase (Decrease) | [1] | 494 | |
Weighted average term | 15 years | ||
IH | BankDirect Capital Finance | |||
Business Acquisition [Line Items] | |||
Loans and leases (including $15 and $18 at fair value, respectively) | 3,067 | ||
Identifiable intangible assets increase | [2] | 111 | |
Goodwill, Period Increase (Decrease) | $ 189 | ||
Business Combination Member [Member] | IH | Kensington Vanguard National Land Services | |||
Business Acquisition [Line Items] | |||
Business Combination, Reason for Business Combination | Expands presence in the title insurance market | ||
Business Combination Member [Member] | IH | BenefitMall | |||
Business Acquisition [Line Items] | |||
Business Combination, Reason for Business Combination | Broadens products and services within benefit wholesale insurance business | ||
Business Combination Member [Member] | IH | BankDirect Capital Finance | |||
Business Acquisition [Line Items] | |||
Business Combination, Reason for Business Combination | Increases scale and product offerings for premium finance business | ||
[1] BenefitMall and Kensington Vanguard National Land Services are wholly owned subsidiaries of TIH. The assets and liabilities of BenefitMall and Kensington Vanguard National Land Services were reclassified as discontinued operations. Refer to “Note 2. Discontinued Operations” for additional information. Identifiable intangible assets for BankDirect Capital Finance are being amortized over a weighted average term of 15 years based on the estimated duration of economic benefits received. |
Securities Purchased under Agre
Securities Purchased under Agreements to Resale & Securities Borrowed (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Offsetting [Abstract] | ||
Securities purchased under agreements to resell | $ 1,168 | $ 2,415 |
Securities borrowed | 1,210 | 766 |
Total securities borrowed or purchased under agreements to resell | 2,378 | 3,181 |
Fair value of collateral permitted to be resold or repledged | 2,175 | 3,058 |
Fair value of securities resold or repledged | $ 12 | $ 864 |
Securities Financing Activiti_3
Securities Financing Activities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Offsetting Liabilities [Line Items] | ||
Short-term Debt | $ 24,828 | $ 23,422 |
Securities Sold under Agreements to Repurchase | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 2,427 | 2,128 |
Securities Sold under Agreements to Repurchase | U.S. Treasury | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 12 | 318 |
Securities Sold under Agreements to Repurchase | State and Municipal | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 415 | 272 |
Securities Sold under Agreements to Repurchase | GSE | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 0 | 74 |
Securities Sold under Agreements to Repurchase | Agency MBS – residential | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 1,500 | 1,045 |
Securities Sold under Agreements to Repurchase | Corporate and other debt securities | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 500 | 419 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 847 | 2,052 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | U.S. Treasury | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 12 | 318 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | State and Municipal | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 415 | 272 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | GSE | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 0 | 74 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | Agency MBS – residential | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 0 | 1,019 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | Corporate and other debt securities | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 420 | 369 |
Securities Sold under Agreements to Repurchase | Up to 30 days | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 1,580 | 76 |
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 | GSE | ||
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 | 1,500 | 26 |
Securities Sold under Agreements to Repurchase | Up to 30 days | Corporate and other debt securities | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | $ 80 | $ 50 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
AFS securities: | ||
Amortized Cost | $ 78,849 | $ 84,056 |
Gross Unrealized Gains | 22 | 15 |
Gross Unrealized Losses | 11,505 | 12,270 |
AFS securities, Fair Value | 67,366 | 71,801 |
HTM securities: | ||
Amortized Cost | 54,107 | 57,713 |
HTM securities, Fair Value | 44,630 | 47,791 |
U.S. Treasury | ||
AFS securities: | ||
Amortized Cost | 10,511 | 11,080 |
Gross Unrealized Gains | 2 | 0 |
Gross Unrealized Losses | 472 | 785 |
AFS securities, Fair Value | 10,041 | 10,295 |
GSE | ||
AFS securities: | ||
Amortized Cost | 393 | 339 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | 34 | 36 |
AFS securities, Fair Value | 362 | 303 |
Agency MBS – residential | ||
AFS securities: | ||
Amortized Cost | 60,989 | 65,377 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 9,700 | 10,152 |
AFS securities, Fair Value | 51,289 | 55,225 |
HTM securities: | ||
Amortized Cost | 54,107 | 57,713 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 9,477 | 9,922 |
HTM securities, Fair Value | 44,630 | 47,791 |
Agency MBS – commercial | ||
AFS securities: | ||
Amortized Cost | 2,817 | 2,887 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 569 | 463 |
AFS securities, Fair Value | 2,248 | 2,424 |
States and political subdivisions | ||
AFS securities: | ||
Amortized Cost | 421 | 425 |
Gross Unrealized Gains | 17 | 15 |
Gross Unrealized Losses | 13 | 24 |
AFS securities, Fair Value | 425 | 416 |
Non-agency MBS | ||
AFS securities: | ||
Amortized Cost | 3,698 | 3,927 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 717 | 810 |
AFS securities, Fair Value | 2,981 | 3,117 |
Other | ||
AFS securities: | ||
Amortized Cost | 20 | 21 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
AFS securities, Fair Value | $ 20 | $ 21 |
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 | Dec. 31, 2023 USD ($) |
FNMA investments | |
Schedule of Debt Securities Exceeding Ten Percent of Stockholders Equity [Line Items] | |
Securities, amortized cost | $ 39,872 |
Securities, fair value | 33,241 |
FHLMC investments | |
Schedule of Debt Securities Exceeding Ten Percent of Stockholders Equity [Line Items] | |
Securities, amortized cost | 40,448 |
Securities, fair value | $ 33,473 |
Investment Securities - Amort_3
Investment Securities - Amortized Cost and Estimated Fair Value by Contractual Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
AFS, Amortized Cost | ||
Due in one year or less | $ 3,631 | |
Due after one year through five years | 7,079 | |
Due after five years through ten years | 944 | |
Due after ten years | 67,195 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 78,849 | $ 84,056 |
AFS, Fair Value | ||
Due in one year or less | 3,595 | |
Due after one year through five years | 6,642 | |
Due after five years through ten years | 875 | |
Due after ten years | 56,254 | |
Debt Securities, Available-for-sale, Total | 67,366 | 71,801 |
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 | 54,107 | 57,713 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value | ||
Debt Securities, Held-to-Maturity, Fair Value | 44,630 | 47,791 |
U.S. Treasury | ||
AFS, Amortized Cost | ||
Due in one year or less | 3,603 | |
Due after one year through five years | 6,865 | |
Due after five years through ten years | 14 | |
Due after ten years | 29 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 10,511 | 11,080 |
AFS, Fair Value | ||
Due in one year or less | 3,567 | |
Due after one year through five years | 6,436 | |
Due after five years through ten years | 13 | |
Due after ten years | 25 | |
Debt Securities, Available-for-sale, Total | 10,041 | 10,295 |
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 | 11 | |
Due after ten years | 375 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 393 | 339 |
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 | 10 | |
Due after ten years | 345 | |
Debt Securities, Available-for-sale, Total | 362 | 303 |
Agency MBS – residential | ||
AFS, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 129 | |
Due after five years through ten years | 450 | |
Due after ten years | 60,410 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 60,989 | 65,377 |
AFS, Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 123 | |
Due after five years through ten years | 427 | |
Due after ten years | 50,739 | |
Debt Securities, Available-for-sale, Total | 51,289 | 55,225 |
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 | 54,107 | |
Debt Securities, Held-to-Maturity, Amortized Cost, Total | 54,107 | 57,713 |
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 | 44,630 | |
Debt Securities, Held-to-Maturity, Fair Value | 44,630 | 47,791 |
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 | 2,746 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 2,817 | 2,887 |
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 | 67 | |
Due after ten years | 2,181 | |
Debt Securities, Available-for-sale, Total | 2,248 | 2,424 |
States and political subdivisions | ||
AFS, Amortized Cost | ||
Due in one year or less | 28 | |
Due after one year through five years | 70 | |
Due after five years through ten years | 168 | |
Due after ten years | 155 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 421 | 425 |
AFS, Fair Value | ||
Due in one year or less | 28 | |
Due after one year through five years | 68 | |
Due after five years through ten years | 177 | |
Due after ten years | 152 | |
Debt Securities, Available-for-sale, Total | 425 | 416 |
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 | 218 | |
Due after ten years | 3,480 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 3,698 | 3,927 |
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 | 169 | |
Due after ten years | 2,812 | |
Debt Securities, Available-for-sale, Total | 2,981 | 3,117 |
Other | ||
AFS, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 8 | |
Due after five years through ten years | 12 | |
Due after ten years | 0 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 20 | 21 |
AFS, Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 8 | |
Due after five years through ten years | 12 | |
Due after ten years | 0 | |
Debt Securities, Available-for-sale, Total | $ 20 | $ 21 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Values of Investments in Continuous Unrealized Loss Positions (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
AFS securities, Fair Value | ||
Less than 12 months | $ 726 | $ 28,352 |
12 months or more | 65,496 | 43,118 |
Total | 66,222 | 71,470 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 8 | 3,439 |
12 months or more | 11,497 | 8,831 |
Total | 11,505 | 12,270 |
U.S. Treasury | ||
AFS securities, Fair Value | ||
Less than 12 months | 356 | 2,069 |
12 months or more | 8,806 | 8,186 |
Total | 9,162 | 10,255 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 2 | 49 |
12 months or more | 470 | 736 |
Total | 472 | 785 |
GSE | ||
AFS securities, Fair Value | ||
Less than 12 months | 16 | 180 |
12 months or more | 255 | 114 |
Total | 271 | 294 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | 14 |
12 months or more | 34 | 22 |
Total | 34 | 36 |
Agency MBS – residential | ||
AFS securities, Fair Value | ||
Less than 12 months | 258 | 25,041 |
12 months or more | 51,006 | 30,050 |
Total | 51,264 | 55,091 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 4 | 3,263 |
12 months or more | 9,696 | 6,889 |
Total | 9,700 | 10,152 |
Debt Securities, Held-to-Maturity, Fair Value | ||
Less than 12 months | 0 | 29,369 |
12 months or more | 44,630 | 18,422 |
Total | 44,630 | 47,791 |
Debt Securities, Held-To-Maturity, Unrealized Losses | ||
Less than 12 months | 0 | 5,613 |
12 months or more | 9,477 | 4,309 |
Total | 9,477 | 9,922 |
Agency MBS – commercial | ||
AFS securities, Fair Value | ||
Less than 12 months | 61 | 790 |
12 months or more | 2,185 | 1,631 |
Total | 2,246 | 2,421 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 2 | 92 |
12 months or more | 567 | 371 |
Total | 569 | 463 |
States and political subdivisions | ||
AFS securities, Fair Value | ||
Less than 12 months | 35 | 251 |
12 months or more | 243 | 20 |
Total | 278 | 271 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | 21 |
12 months or more | 13 | 3 |
Total | 13 | 24 |
Non-agency MBS | ||
AFS securities, Fair Value | ||
Less than 12 months | 0 | 0 |
12 months or more | 2,981 | 3,117 |
Total | 2,981 | 3,117 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or more | 717 | 810 |
Total | 717 | 810 |
Other | ||
AFS securities, Fair Value | ||
Less than 12 months | 0 | 21 |
12 months or more | 20 | 0 |
Total | 20 | 21 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or more | 0 | 0 |
Total | $ 0 | $ 0 |
Investments Securities - Gain (
Investments Securities - Gain (Loss) on Securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gain (Loss) on Securities [Line Items] | |||
Noninterest income | $ 5,498 | $ 5,660 | $ 6,668 |
Securities gains (losses) | |||
Gain (Loss) on Securities [Line Items] | |||
Gross realized gains | 0 | 13 | 0 |
Gross realized losses | 0 | (84) | 0 |
Noninterest income | $ 0 | $ (71) | $ 0 |
Loans and ACL - Narrative (Deta
Loans and ACL - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable | ||
Unfunded lending commitments related to the modified obligations | $ 702 | |
Loan Restructuring, Trial Modifications, Amount | 47 | |
Commercial: | ||
Financing Receivable | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | (515) | |
Consumer: | ||
Financing Receivable | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 119 | |
Consumer: | Student | ||
Financing Receivable | ||
Loans Transferred to the Third Party Purchaser | $ 4,700 | |
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 | Dec. 31, 2023 | Dec. 31, 2022 | |||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | $ 312,061 | $ 325,991 | |||
Nonperforming | 1,380 | 1,188 | |||
Loans and leases (including $15 and $18 at fair value, respectively) | 312,061 | 325,991 | |||
Financial Asset, Not Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 308,176 | 320,931 | |||
Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 1,971 | 2,267 | |||
Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 534 | 1,605 | |||
Commercial: | Commercial and industrial | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 160,788 | 164,307 | |||
Nonperforming | 470 | 398 | |||
Loans and leases (including $15 and $18 at fair value, respectively) | 160,788 | 164,307 | |||
Commercial: | Commercial and industrial | Financial Asset, Not Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 160,081 | 163,604 | |||
Commercial: | Commercial and industrial | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 230 | 256 | |||
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 | 7 | 49 | |||
Commercial: | CRE | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 22,570 | 22,676 | |||
Nonperforming | 284 | 82 | |||
Loans and leases (including $15 and $18 at fair value, respectively) | 22,570 | 22,676 | |||
Commercial: | CRE | Financial Asset, Not Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 22,281 | 22,568 | |||
Commercial: | CRE | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 5 | 25 | |||
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 | 1 | |||
Commercial: | Commercial construction | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 6,683 | 5,849 | |||
Nonperforming | 24 | 0 | |||
Loans and leases (including $15 and $18 at fair value, respectively) | 6,683 | 5,849 | |||
Commercial: | Commercial construction | Financial Asset, Not Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 6,658 | 5,844 | |||
Commercial: | Commercial construction | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 0 | 5 | |||
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 | 1 | 0 | |||
Consumer: | Residential mortgage | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 55,492 | 56,645 | |||
Nonperforming | 153 | 240 | |||
Loans and leases (including $15 and $18 at fair value, respectively) | 55,492 | 56,645 | |||
Consumer: | Residential mortgage | Financial Asset, Not Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 54,261 | 55,005 | |||
Consumer: | Residential mortgage | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 639 | 614 | |||
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 | 439 | [1] | 786 | [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 | 418 | 759 | |||
Consumer: | Home equity | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 10,053 | 10,876 | |||
Nonperforming | 122 | 135 | |||
Loans and leases (including $15 and $18 at fair value, respectively) | 10,053 | 10,876 | |||
Consumer: | Home equity | Financial Asset, Not Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 9,850 | 10,661 | |||
Consumer: | Home equity | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 70 | 68 | |||
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 | 11 | 12 | |||
Consumer: | Indirect auto | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 22,727 | 27,951 | |||
Nonperforming | 268 | 289 | |||
Loans and leases (including $15 and $18 at fair value, respectively) | 22,727 | 27,951 | |||
Consumer: | Indirect auto | Financial Asset, Not Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 21,788 | 27,015 | |||
Consumer: | Indirect auto | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 669 | 646 | |||
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 | 2 | 1 | |||
Consumer: | Other consumer | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 28,647 | 27,533 | |||
Nonperforming | 59 | 44 | |||
Loans and leases (including $15 and $18 at fair value, respectively) | 28,647 | 27,533 | |||
Consumer: | Other consumer | Financial Asset, Not Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 28,296 | 27,289 | |||
Consumer: | Other consumer | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 271 | 187 | |||
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 | 21 | 13 | |||
Consumer: | Student | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 5,287 | ||||
Nonperforming | 0 | ||||
Loans and leases (including $15 and $18 at fair value, respectively) | 5,287 | ||||
Consumer: | Student | Financial Asset, Not Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 4,179 | ||||
Consumer: | Student | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 402 | ||||
Consumer: | Student | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | [2] | 706 | |||
Consumer: | Student | 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 | 702 | ||||
Credit card | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 5,101 | 4,867 | |||
Nonperforming | 0 | 0 | |||
Loans and leases (including $15 and $18 at fair value, respectively) | 5,101 | 4,867 | |||
Credit card | Financial Asset, Not Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 4,961 | 4,766 | |||
Credit card | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 87 | 64 | |||
Credit card | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | $ 53 | $ 37 | |||
[1] (1) Includes government guaranteed loans of $418 million in the residential mortgage portfolio. (1) Includes government guaranteed loans of $759 million in the residential mortgage portfolio and $702 million in the student loan portfolio. |
Loans and ACL - Credit Quality
Loans and ACL - Credit Quality Indicator (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | ||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | $ 312,061 | $ 325,991 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 51,157 | 91,819 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 69,070 | 58,390 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 46,645 | 28,512 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 21,777 | 21,376 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 15,217 | 11,830 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 30,986 | 33,635 | |||
Revolving Credit | 73,675 | 76,710 | |||
Loans Converted to Term | 3,821 | 3,981 | |||
Other(1) | [1] | (287) | (262) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 142 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 503 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 349 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 150 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 128 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 279 | ||||
Finance Receivable, Revolving, Writeoff | 366 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 3 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 1,920 | ||||
Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 308,176 | 320,931 | |||
Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 1,971 | 2,267 | |||
Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 534 | 1,605 | |||
Commercial: | Commercial and industrial | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 160,788 | 164,307 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 28,314 | 46,698 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 31,244 | 22,384 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 16,767 | 11,485 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 8,890 | 8,859 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,286 | 5,333 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 12,134 | 9,988 | |||
Revolving Credit | 57,364 | 59,759 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | (211) | (199) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 20 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 72 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 126 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 21 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 5 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 35 | ||||
Finance Receivable, Revolving, Writeoff | 111 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | |||||
Finance Receivable, Adjustments and Suspense, Writeoff | |||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 390 | ||||
Commercial: | Commercial and industrial | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 160,081 | 163,604 | |||
Commercial: | Commercial and industrial | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 230 | 256 | |||
Commercial: | Commercial and industrial | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 7 | 49 | |||
Commercial: | Commercial and industrial | Pass | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 153,104 | 159,327 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 26,836 | 45,890 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 29,877 | 21,642 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 15,683 | 11,219 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 8,436 | 8,258 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 5,918 | 4,977 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 11,539 | 9,686 | |||
Revolving Credit | 55,026 | 57,854 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | (211) | (199) | ||
Commercial: | Commercial and industrial | Special mention | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 3,257 | 1,718 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 688 | 243 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 623 | 302 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 557 | 143 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 152 | 160 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 37 | 61 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 197 | 88 | |||
Revolving Credit | 1,003 | 721 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | Commercial and industrial | Substandard | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 3,957 | 2,864 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 754 | 518 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 628 | 387 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 428 | 113 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 290 | 413 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 289 | 249 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 367 | 187 | |||
Revolving Credit | 1,201 | 997 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | Commercial and industrial | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 470 | 398 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 36 | 47 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 116 | 53 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 99 | 10 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 12 | 28 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 42 | 46 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 31 | 27 | |||
Revolving Credit | 134 | 187 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | CRE | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 22,570 | 22,676 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4,206 | 6,353 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 5,648 | 3,815 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,009 | 2,329 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,062 | 4,497 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,433 | 2,571 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,005 | 2,406 | |||
Revolving Credit | 1,277 | 775 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | (70) | (70) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 58 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 10 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 20 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 29 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 47 | ||||
Finance Receivable, Revolving, Writeoff | 2 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 166 | ||||
Commercial: | CRE | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 22,281 | 22,568 | |||
Commercial: | CRE | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 5 | 25 | |||
Commercial: | CRE | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 0 | 1 | |||
Commercial: | CRE | Pass | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 19,875 | 20,846 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,760 | 6,141 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,931 | 3,595 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,651 | 2,220 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,903 | 3,846 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,813 | 2,092 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,666 | 2,265 | |||
Revolving Credit | 1,221 | 757 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | (70) | (70) | ||
Commercial: | CRE | Special mention | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 959 | 831 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 185 | 106 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 315 | 118 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 140 | 74 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 79 | 229 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 203 | 281 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 37 | 5 | |||
Revolving Credit | 0 | 18 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | CRE | Substandard | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 1,452 | 917 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 259 | 106 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 350 | 99 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 190 | 35 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 65 | 422 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 243 | 121 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 289 | 134 | |||
Revolving Credit | 56 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | CRE | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 284 | 82 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 52 | 3 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 28 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 15 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 174 | 77 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 13 | 2 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | Commercial construction | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 6,683 | 5,849 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,056 | 1,695 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,485 | 1,500 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,605 | 936 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 461 | 291 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 90 | 265 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 125 | 71 | |||
Revolving Credit | 861 | 1,091 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 5 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | ||||
Finance Receivable, Revolving, Writeoff | 0 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 5 | ||||
Commercial: | Commercial construction | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 6,658 | 5,844 | |||
Commercial: | Commercial construction | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 0 | 5 | |||
Commercial: | Commercial construction | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 1 | 0 | |||
Commercial: | Commercial construction | Pass | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 5,936 | 5,455 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,029 | 1,501 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,196 | 1,500 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,370 | 825 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 287 | 290 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 89 | 212 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 125 | 71 | |||
Revolving Credit | 840 | 1,056 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | Commercial construction | Special mention | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 430 | 208 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 3 | 80 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 218 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 208 | 93 | |||
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 | 1 | 35 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | Commercial construction | Substandard | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 293 | 186 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 24 | 114 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 48 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 27 | 18 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 174 | 1 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 53 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Revolving Credit | 20 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | Commercial construction | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 24 | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 23 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | ||||
Revolving Credit | 0 | ||||
Loans Converted to Term | 0 | ||||
Other(1) | [1] | 0 | |||
Consumer: | Residential mortgage | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 55,492 | 56,645 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,863 | 13,888 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 13,562 | 17,438 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 16,590 | 6,271 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 5,814 | 3,195 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,903 | 1,535 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 13,760 | 14,318 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 2 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 1 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 1 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 6 | ||||
Finance Receivable, Revolving, Writeoff | 0 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 10 | ||||
Consumer: | Residential mortgage | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 54,261 | 55,005 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,846 | 13,824 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 13,481 | 17,340 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 16,509 | 6,167 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 5,738 | 3,084 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,822 | 1,384 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 12,865 | 13,206 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Residential mortgage | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 639 | 614 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 10 | 55 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 52 | 61 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 43 | 32 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 38 | 37 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 40 | 43 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 456 | 386 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 439 | [2] | 786 | [3] | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 7 | 5 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 22 | 31 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 25 | 62 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 31 | 62 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 28 | 91 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 326 | 535 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Residential mortgage | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 153 | 240 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 4 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7 | 6 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 13 | 10 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 7 | 12 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 13 | 17 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 113 | 191 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Home equity | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 10,053 | 10,876 | |||
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 | 6,271 | 6,944 | |||
Loans Converted to Term | 3,782 | 3,932 | |||
Other(1) | [1] | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | ||||
Finance Receivable, Revolving, Writeoff | 10 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 10 | ||||
Consumer: | Home equity | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 9,850 | 10,661 | |||
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 | 6,175 | 6,843 | |||
Loans Converted to Term | 3,675 | 3,818 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Home equity | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 70 | 68 | |||
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 | 48 | |||
Loans Converted to Term | 23 | 20 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 11 | 12 | |||
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 | 7 | 9 | |||
Loans Converted to Term | 4 | 3 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Home equity | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 122 | 135 | |||
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 | 42 | 44 | |||
Loans Converted to Term | 80 | 91 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Indirect auto | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 22,727 | 27,951 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4,714 | 11,835 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8,348 | 7,392 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,903 | 4,272 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,604 | 2,617 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,434 | 1,190 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 733 | 638 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | (9) | 7 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 25 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 202 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 118 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 58 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 59 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 69 | ||||
Finance Receivable, Revolving, Writeoff | 0 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 531 | ||||
Consumer: | Indirect auto | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 21,788 | 27,015 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4,611 | 11,646 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8,049 | 7,141 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,689 | 4,105 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,479 | 2,461 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,330 | 1,096 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 639 | 559 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | (9) | 7 | ||
Consumer: | Indirect auto | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 669 | 646 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 83 | 147 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 213 | 174 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 150 | 111 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 86 | 100 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 71 | 60 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 66 | 54 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Indirect auto | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 2 | 1 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 1 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1 | 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 | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Indirect auto | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 268 | 289 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 20 | 41 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 85 | 77 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 63 | 56 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 39 | 56 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 33 | 34 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 28 | 25 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Other | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 28,647 | 27,533 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 10,004 | 11,350 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7,783 | 5,861 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,771 | 3,202 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,946 | 1,844 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,071 | 877 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,229 | 1,076 | |||
Revolving Credit | 2,825 | 3,292 | |||
Loans Converted to Term | 15 | 31 | |||
Other(1) | [1] | 3 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 97 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 166 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 93 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 50 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 34 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 14 | ||||
Finance Receivable, Revolving, Writeoff | 23 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 477 | ||||
Consumer: | Other | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 28,296 | 27,289 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 9,903 | 11,270 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7,676 | 5,805 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,715 | 3,167 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,914 | 1,814 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,049 | 865 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,207 | 1,061 | |||
Revolving Credit | 2,816 | 3,278 | |||
Loans Converted to Term | 13 | 29 | |||
Other(1) | [1] | 3 | 0 | ||
Consumer: | Other | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 271 | 187 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 86 | 68 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 85 | 44 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 41 | 26 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 23 | 20 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 16 | 10 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 12 | 7 | |||
Revolving Credit | 7 | 10 | |||
Loans Converted to Term | 1 | 2 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Other | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 21 | 13 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 9 | 8 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8 | 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 | 1 | 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) | [1] | 0 | 0 | ||
Consumer: | Other | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 59 | 44 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 6 | 4 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 14 | 11 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 14 | 8 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 8 | 9 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6 | 2 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 10 | 8 | |||
Revolving Credit | 0 | 2 | |||
Loans Converted to Term | 1 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Student | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 5,287 | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 17 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 73 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 59 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 5,138 | ||||
Revolving Credit | 0 | ||||
Loans Converted to Term | 0 | ||||
Other(1) | [1] | 0 | |||
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 | |||
Consumer: | Student | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 4,179 | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 17 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 71 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 57 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,034 | ||||
Revolving Credit | 0 | ||||
Loans Converted to Term | 0 | ||||
Other(1) | [1] | 0 | |||
Consumer: | Student | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 402 | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 400 | ||||
Revolving Credit | 0 | ||||
Loans Converted to Term | 0 | ||||
Other(1) | [1] | 0 | |||
Consumer: | Student | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | [3] | 706 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 704 | ||||
Revolving Credit | 0 | ||||
Loans Converted to Term | 0 | ||||
Other(1) | [1] | 0 | |||
Credit card | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 5,101 | 4,867 | |||
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 | 5,077 | 4,849 | |||
Loans Converted to Term | 24 | 18 | |||
Other(1) | [1] | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | ||||
Finance Receivable, Revolving, Writeoff | 220 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 3 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 223 | ||||
Credit card | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 4,961 | 4,766 | |||
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 | 4,942 | 4,750 | |||
Loans Converted to Term | 19 | 16 | |||
Other(1) | [1] | 0 | 0 | ||
Credit card | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 87 | 64 | |||
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 | 84 | 63 | |||
Loans Converted to Term | 3 | 1 | |||
Other(1) | [1] | 0 | 0 | ||
Credit card | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 53 | 37 | |||
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 | 51 | 36 | |||
Loans Converted to Term | 2 | 1 | |||
Other(1) | [1] | $ 0 | $ 0 | ||
[1] (1) Includes certain deferred fees and costs and other adjustments. (1) Includes government guaranteed loans of $418 million in the residential mortgage portfolio. (1) Includes government guaranteed loans of $759 million in the residential mortgage portfolio and $702 million in the student loan 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 | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Provision for credit losses | $ 2,109 | $ 777 | $ (813) | |||
Commercial: | Commercial and industrial | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 1,409 | 1,426 | 2,204 | |||
Charge-Offs | (390) | (143) | (243) | |||
Recoveries | 70 | 87 | 107 | |||
Provision for credit losses | 315 | 39 | (642) | |||
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | 0 | 0 | ||
Ending balance | 1,404 | 1,409 | 1,426 | |||
Commercial: | CRE | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 224 | 350 | 573 | |||
Charge-Offs | (166) | (13) | (10) | |||
Recoveries | 3 | 8 | 6 | |||
Provision for credit losses | 555 | (121) | (219) | |||
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | 0 | 0 | ||
Ending balance | 616 | 224 | 350 | |||
Commercial: | Commercial construction | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 46 | 52 | 81 | |||
Charge-Offs | (5) | (1) | (2) | |||
Recoveries | 3 | 5 | 4 | |||
Provision for credit losses | 130 | (10) | (31) | |||
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | 0 | 0 | ||
Ending balance | 174 | 46 | 52 | |||
Consumer: | Residential mortgage | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 399 | 308 | 368 | |||
Charge-Offs | (10) | (9) | (23) | |||
Recoveries | 6 | 16 | 12 | |||
Provision for credit losses | (16) | 84 | (49) | |||
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | (81) | 0 | 0 | ||
Ending balance | 298 | 399 | 308 | |||
Consumer: | Home equity | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 90 | 96 | 139 | |||
Charge-Offs | (10) | (13) | (16) | |||
Recoveries | 23 | 25 | 29 | |||
Provision for credit losses | (14) | (18) | (56) | |||
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | 0 | 0 | ||
Ending balance | 89 | 90 | 96 | |||
Consumer: | Indirect auto | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 981 | 1,022 | 1,198 | |||
Charge-Offs | (531) | (411) | (336) | |||
Recoveries | 107 | 91 | 92 | |||
Provision for credit losses | 372 | 279 | 68 | |||
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 13 | 0 | 0 | ||
Ending balance | 942 | 981 | 1,022 | |||
Consumer: | Other consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 770 | 714 | 783 | |||
Charge-Offs | (477) | (381) | (255) | |||
Recoveries | 78 | 79 | 74 | |||
Provision for credit losses | 520 | 358 | 112 | |||
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | (1) | 0 | 0 | ||
Ending balance | 890 | 770 | 714 | |||
Consumer: | Student | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 98 | [2] | 117 | 130 | ||
Charge-Offs | (108) | [2] | (22) | (24) | ||
Recoveries | 0 | [2] | 1 | 1 | ||
Provision for credit losses | 10 | [2] | 2 | 4 | ||
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | [2] | 0 | 6 | |
Ending balance | 0 | [2] | 98 | [2] | 117 | |
Credit card | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 360 | 350 | 359 | |||
Charge-Offs | (223) | (176) | (150) | |||
Recoveries | 35 | 34 | 37 | |||
Provision for credit losses | 216 | 152 | 104 | |||
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | (3) | 0 | 0 | ||
Ending balance | 385 | 360 | 350 | |||
ALLL | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 4,377 | 4,435 | 5,835 | |||
Charge-Offs | (1,920) | (1,169) | (1,059) | |||
Recoveries | 325 | 346 | 362 | |||
Provision for credit losses | 2,088 | 765 | (709) | |||
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | (72) | 0 | 6 | ||
Ending balance | 4,798 | 4,377 | 4,435 | |||
RUFC | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 272 | 260 | 364 | |||
Charge-Offs | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | |||
Provision for credit losses | 21 | 12 | (104) | |||
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 2 | 0 | 0 | ||
Ending balance | 295 | 272 | 260 | |||
ACL | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 4,649 | 4,695 | 6,199 | |||
Charge-Offs | (1,920) | (1,169) | (1,059) | |||
Recoveries | 325 | 346 | 362 | |||
Provision for credit losses | 2,109 | 777 | (813) | |||
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | (70) | 0 | 6 | ||
Ending balance | $ 5,093 | $ 4,649 | $ 4,695 | |||
[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. Charge-offs include $98 million related to the sale. |
Loans and ACL - Nonperforming L
Loans and ACL - Nonperforming Loans (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | $ 299 | $ 204 |
Recorded Investment With an ALLL | 1,081 | 984 |
Commercial: | Commercial and industrial | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 123 | 120 |
Recorded Investment With an ALLL | 347 | 278 |
Commercial: | CRE | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 154 | 75 |
Recorded Investment With an ALLL | 130 | 7 |
Commercial: | Commercial construction | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 0 | 0 |
Recorded Investment With an ALLL | 24 | 0 |
Consumer: | Residential mortgage | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 1 | 4 |
Recorded Investment With an ALLL | 152 | 236 |
Consumer: | Home equity | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 1 | 2 |
Recorded Investment With an ALLL | 121 | 133 |
Consumer: | Indirect auto | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 20 | 3 |
Recorded Investment With an ALLL | 248 | 286 |
Consumer: | Other consumer | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 0 | 0 |
Recorded Investment With an ALLL | $ 59 | $ 44 |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable | ||
Nonperforming | $ 1,380 | $ 1,188 |
Foreclosed real estate | 3 | 4 |
Other foreclosed property | 54 | 58 |
Total nonperforming assets | 1,488 | 1,250 |
Residential mortgage loans in the process of foreclosure | 214 | 248 |
LHFS | ||
Financing Receivable | ||
Nonperforming | $ 51 | $ 0 |
Loans and ACL - Summary of Loan
Loans and ACL - Summary of Loan Modifications (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 1.10% | |
Financing Receivable, Modified in Period, Amount | $ 3,426 | |
Financing Receivable, Modified, Accumulated | 2,877 | $ 2,200 |
Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 1,530 | |
Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 209 | |
Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 104 | |
Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 1,053 | |
Combination - Interest Rate Adjustment and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 97 | |
Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 310 | |
Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 61 | |
Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 62 | |
Commercial: | Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.82% | |
Financing Receivable, Modified in Period, Amount | $ 1,325 | |
Financing Receivable, Modified, Accumulated | 1,027 | |
Commercial: | Commercial and industrial | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 1,158 | |
Commercial: | Commercial and industrial | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 51 | |
Commercial: | Commercial and industrial | Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Commercial: | Commercial and industrial | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 24 | |
Commercial: | Commercial and industrial | Combination - Interest Rate Adjustment and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 65 | |
Commercial: | Commercial and industrial | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Commercial: | Commercial and industrial | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Commercial: | Commercial and industrial | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 27 | |
Commercial: | CRE | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 1.86% | |
Financing Receivable, Modified in Period, Amount | $ 419 | |
Financing Receivable, Modified, Accumulated | 245 | |
Commercial: | CRE | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 347 | |
Commercial: | CRE | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Commercial: | CRE | Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Commercial: | CRE | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 72 | |
Commercial: | CRE | Combination - Interest Rate Adjustment and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Commercial: | CRE | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Commercial: | CRE | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Commercial: | CRE | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 0 | |
Commercial: | Commercial construction | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.37% | |
Financing Receivable, Modified in Period, Amount | $ 25 | |
Financing Receivable, Modified, Accumulated | 22 | |
Commercial: | Commercial construction | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 25 | |
Commercial: | Commercial construction | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Commercial: | Commercial construction | Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Commercial: | Commercial construction | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Commercial: | Commercial construction | Combination - Interest Rate Adjustment and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Commercial: | Commercial construction | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Commercial: | Commercial construction | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Commercial: | Commercial construction | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 0 | |
Consumer: | Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 1.17% | |
Financing Receivable, Modified in Period, Amount | $ 651 | |
Financing Receivable, Modified, Accumulated | 633 | |
Consumer: | Residential mortgage | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Consumer: | Residential mortgage | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 111 | |
Consumer: | Residential mortgage | Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 104 | |
Consumer: | Residential mortgage | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 58 | |
Consumer: | Residential mortgage | Combination - Interest Rate Adjustment and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 2 | |
Consumer: | Residential mortgage | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 310 | |
Consumer: | Residential mortgage | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 61 | |
Consumer: | Residential mortgage | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 5 | |
Consumer: | Home equity | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.13% | |
Financing Receivable, Modified in Period, Amount | $ 13 | |
Financing Receivable, Modified, Accumulated | 11 | |
Consumer: | Home equity | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Consumer: | Home equity | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Consumer: | Home equity | Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Consumer: | Home equity | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 2 | |
Consumer: | Home equity | Combination - Interest Rate Adjustment and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 9 | |
Consumer: | Home equity | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Consumer: | Home equity | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Consumer: | Home equity | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 2 | |
Consumer: | Indirect auto | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 4.16% | |
Financing Receivable, Modified in Period, Amount | $ 945 | |
Financing Receivable, Modified, Accumulated | 898 | |
Consumer: | Indirect auto | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Consumer: | Indirect auto | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 26 | |
Consumer: | Indirect auto | Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Consumer: | Indirect auto | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 896 | |
Consumer: | Indirect auto | Combination - Interest Rate Adjustment and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 16 | |
Consumer: | Indirect auto | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Consumer: | Indirect auto | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Consumer: | Indirect auto | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 7 | |
Consumer: | Other consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.10% | |
Financing Receivable, Modified in Period, Amount | $ 28 | |
Financing Receivable, Modified, Accumulated | 25 | |
Consumer: | Other consumer | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Consumer: | Other consumer | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 21 | |
Consumer: | Other consumer | Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Consumer: | Other consumer | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 1 | |
Consumer: | Other consumer | Combination - Interest Rate Adjustment and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 5 | |
Consumer: | Other consumer | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Consumer: | Other consumer | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Consumer: | Other consumer | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 1 | |
Credit card | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.39% | |
Financing Receivable, Modified in Period, Amount | $ 20 | |
Financing Receivable, Modified, Accumulated | 16 | |
Credit card | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Credit card | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Credit card | Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Credit card | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Credit card | Combination - Interest Rate Adjustment and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Credit card | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Credit card | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | |
Credit card | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 20 |
Loans and ACL - Summary of Modi
Loans and ACL - Summary of Modifications' Financial Effect (Details) | 12 Months Ended |
Dec. 31, 2023 Rate | |
Commercial: | Commercial and industrial | Renewals | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 7 months |
Financing Receivable, Modified, Weighted Average Interest Rate Increase from Modification | 0.60% |
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 | 183 days |
Commercial: | Commercial and industrial | Combination - Interest Rate Adjustment and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 45 months |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 2% |
Commercial: | CRE | Renewals | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 11 months |
Financing Receivable, Modified, Weighted Average Interest Rate Increase from Modification | 0.20% |
Commercial: | CRE | Payment Delays | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 232 days |
Commercial: | Commercial construction | Renewals | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 21 months |
Financing Receivable, Modified, Weighted Average Interest Rate Increase from Modification | 0.30% |
Consumer: | Residential mortgage | Term Extensions | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 131 months |
Consumer: | Residential mortgage | Payment Delays | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 209 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 | 107 months |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 0.50% |
Consumer: | Residential mortgage | Combination - Capitalization and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 99 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 | 130 months |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 0.20% |
Consumer: | Home equity | Payment Delays | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 167 days |
Consumer: | Home equity | Combination - Interest Rate Adjustment and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 262 months |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 3% |
Consumer: | Indirect auto | Term Extensions | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 23 months |
Consumer: | Indirect auto | Payment Delays | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 146 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 | 11 months |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 6% |
Consumer: | Other consumer | Term Extensions | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 24 months |
Consumer: | Other consumer | Payment Delays | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 154 days |
Consumer: | Other consumer | Combination - Interest Rate Adjustment and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 59 months |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 1% |
Loans and ACL - Delinquency Sta
Loans and ACL - Delinquency Status of Loans that Were Modified During the Period (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | $ 2,877 | $ 2,200 |
Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 2,345 | |
Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 327 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 205 | |
Nonperforming | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 377 | $ 214 |
Nonperforming | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 155 | |
Nonperforming | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 85 | |
Nonperforming | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 137 | |
Commercial: | Commercial and industrial | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 1,027 | |
Commercial: | Commercial and industrial | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 887 | |
Commercial: | Commercial and industrial | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 48 | |
Commercial: | Commercial and industrial | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 92 | |
Commercial: | CRE | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 245 | |
Commercial: | CRE | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 233 | |
Commercial: | CRE | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 11 | |
Commercial: | CRE | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 1 | |
Commercial: | Commercial construction | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 22 | |
Commercial: | Commercial construction | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 22 | |
Commercial: | Commercial construction | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | Commercial construction | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Residential mortgage | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 633 | |
Consumer: | Residential mortgage | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 427 | |
Consumer: | Residential mortgage | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 116 | |
Consumer: | Residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 90 | |
Consumer: | Home equity | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 11 | |
Consumer: | Home equity | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 11 | |
Consumer: | Home equity | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Indirect auto | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 898 | |
Consumer: | Indirect auto | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 730 | |
Consumer: | Indirect auto | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 148 | |
Consumer: | Indirect auto | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 20 | |
Consumer: | Other consumer | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 25 | |
Consumer: | Other consumer | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 24 | |
Consumer: | Other consumer | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 1 | |
Consumer: | Other consumer | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 0 | |
Credit card | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 16 | |
Credit card | Financial Asset, Not Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 11 | |
Credit card | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | 3 | |
Credit card | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified | ||
Financing Receivable, Modified, Accumulated | $ 2 |
Loans and ACL - Loans Modified
Loans and ACL - Loans Modified During Period That Were in Payment Default (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | $ 205 |
Renewals | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 73 |
Term Extensions | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 14 |
Capitalizations | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 6 |
Payment Delays | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 71 |
Combination - Capitalization and Term Extension | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 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 | 5 |
Other | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 5 |
Commercial: | Commercial and industrial | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 92 |
Commercial: | Commercial and industrial | Renewals | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 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 |
Commercial: | Commercial and industrial | Capitalizations | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 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 | 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 |
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 |
Commercial: | Commercial and industrial | Other | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 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 | 90 |
Consumer: | Residential mortgage | Renewals | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Consumer: | Residential mortgage | Term Extensions | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 13 |
Consumer: | Residential mortgage | Capitalizations | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 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 |
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 | 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 | 5 |
Consumer: | Residential mortgage | Other | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 1 |
Consumer: | Indirect auto | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 20 |
Consumer: | Indirect auto | Renewals | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 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 |
Consumer: | Indirect auto | Capitalizations | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Consumer: | Indirect auto | Payment Delays | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 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 |
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 |
Consumer: | Indirect auto | Other | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 2 |
Credit card | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 2 |
Credit card | Renewals | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Credit card | Term Extensions | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Credit card | Capitalizations | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Credit card | Payment Delays | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 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 |
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 |
Credit card | Other | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | $ 2 |
Loans and ACL - Summary of TDRs
Loans and ACL - Summary of TDRs (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 2,877 | $ 2,200 |
ALLL attributable to TDRs | 152 | |
Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 1,986 | |
Nonperforming TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 377 | 214 |
Commercial: | Commercial and industrial | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 1,027 | |
Commercial: | Commercial and industrial | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 136 | |
Commercial: | CRE | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 245 | |
Commercial: | CRE | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 5 | |
Commercial: | Commercial construction | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 22 | |
Commercial: | Commercial construction | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 1 | |
Consumer: | Residential mortgage | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 633 | |
Consumer: | Residential mortgage | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 1,252 | |
Consumer: | Home equity | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 11 | |
Consumer: | Home equity | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 51 | |
Consumer: | Indirect auto | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 898 | |
Consumer: | Indirect auto | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 462 | |
Consumer: | Other consumer | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 25 | |
Consumer: | Other consumer | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 31 | |
Consumer: | Student | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | 30 | |
Credit card | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 16 | |
Credit card | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 18 |
Loans and ACL - Types of Modifi
Loans and ACL - Types of Modifications and Allowance at Period End (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | $ 3,426 | ||
Commercial: | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 1,325 | ||
Commercial: | CRE | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 419 | ||
Commercial: | Commercial construction | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 25 | ||
Consumer: | Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 651 | ||
Consumer: | Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 13 | ||
Consumer: | Indirect auto | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 945 | ||
Consumer: | Other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 28 | ||
Credit card | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 20 | ||
Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 209 | ||
Structure | Commercial: | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 51 | ||
Structure | Commercial: | CRE | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | ||
Structure | Commercial: | Commercial construction | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | ||
Structure | Consumer: | Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 111 | ||
Structure | Consumer: | Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | ||
Structure | Consumer: | Indirect auto | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 26 | ||
Structure | Consumer: | Other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 21 | ||
Structure | Credit card | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | $ 0 | ||
Newly Designated TDRs | Commercial: | |||
Financing Receivable, Modifications [Line Items] | |||
Related ALLL at Period End | $ 9 | $ 17 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | 78 | 193 | |
Newly Designated TDRs | Consumer: | |||
Financing Receivable, Modifications [Line Items] | |||
Related ALLL at Period End | 56 | 36 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | 1,107 | 606 | |
Newly Designated TDRs | Credit card | |||
Financing Receivable, Modifications [Line Items] | |||
Related ALLL at Period End | 4 | 5 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | 8 | 12 | |
Newly Designated TDRs | Rate | Commercial: | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 66 | 35 | |
Newly Designated TDRs | Rate | Consumer: | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 496 | 284 | |
Newly Designated TDRs | Rate | Credit card | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 8 | 11 | |
Newly Designated TDRs | Structure | Commercial: | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 10 | 130 | |
Newly Designated TDRs | Structure | Consumer: | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 627 | 312 | |
Newly Designated TDRs | Structure | Credit card | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 0 | 0 | |
Re-Modification of Previously Designated TDRs | Rate | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | 113 | 61 | |
Re-Modification of Previously Designated TDRs | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | $ 133 | $ 38 |
Loans and ACL - Selected Inform
Loans and ACL - Selected Information About Loans and Leases (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable [Line Items] | ||
Unearned income, discounts, and net deferred loan fees and costs | $ 553 | $ 269 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets and Liabilities | ||
Total | $ 5,864 | $ 5,910 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (2,566) | (2,383) |
Property, Plant and Equipment, Net | 3,298 | 3,527 |
Land and land improvements | ||
Other Assets and Liabilities | ||
Total | 743 | 773 |
Buildings and building improvements | ||
Other Assets and Liabilities | ||
Total | $ 2,453 | 2,438 |
Buildings and building improvements | Min | ||
Other Assets and Liabilities | ||
Estimated Useful Life (Years) | 5 years | |
Buildings and building improvements | Max | ||
Other Assets and Liabilities | ||
Estimated Useful Life (Years) | 40 years | |
Furniture and equipment | ||
Other Assets and Liabilities | ||
Total | $ 1,577 | 1,589 |
Furniture and equipment | Min | ||
Other Assets and Liabilities | ||
Estimated Useful Life (Years) | 3 years | |
Furniture and equipment | Max | ||
Other Assets and Liabilities | ||
Estimated Useful Life (Years) | 15 years | |
Leasehold improvements | ||
Other Assets and Liabilities | ||
Total | $ 898 | 866 |
Construction in progress | ||
Other Assets and Liabilities | ||
Total | 164 | 207 |
Finance leases | ||
Other Assets and Liabilities | ||
Total | $ 29 | $ 37 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill Adjustments [Line Items] | |||
Goodwill Impairment | $ 6,078 | $ 0 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Rollforward of Goodwill by Operating Segment (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Goodwill [Line Items] | ||||
Goodwill, Beginning Balance | $ 23,233 | $ 23,045 | ||
Goodwill, Acquired During Period | 188 | |||
Adjustments and other | 1 | 0 | ||
Goodwill, Impairment | (6,078) | 0 | $ 0 | |
Goodwill, Ending Balance | 17,156 | 23,233 | 23,045 | |
CSBB | ||||
Goodwill [Line Items] | ||||
Goodwill, Beginning Balance | [1] | 16,865 | 16,870 | |
Goodwill, Acquired During Period | [1] | 0 | ||
Adjustments and other | [1] | (1) | (5) | |
Goodwill, Impairment | [1] | (3,361) | ||
Goodwill, Ending Balance | [1] | 13,503 | 16,865 | 16,870 |
WB | ||||
Goodwill [Line Items] | ||||
Goodwill, Beginning Balance | [1] | 6,154 | 6,149 | |
Goodwill, Acquired During Period | [1] | 0 | ||
Adjustments and other | [1] | 216 | 5 | |
Goodwill, Impairment | [1] | (2,717) | ||
Goodwill, Ending Balance | [1] | 3,653 | 6,154 | 6,149 |
IH | ||||
Goodwill [Line Items] | ||||
Goodwill, Beginning Balance | [2] | 214 | 26 | |
Goodwill, Acquired During Period | [2] | 188 | ||
Adjustments and other | [2] | (214) | 0 | |
Goodwill, Impairment | [2] | 0 | ||
Goodwill, Ending Balance | [2] | $ 0 | $ 214 | $ 26 |
[1] Reflects activity prior to the segment realignment. Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. Refer to “Note 22. Operating Segments” for additional information on segments. Activity in the IH segment relates to the continuing operations of Prime Rate Premium Finance Corporation, which were transferred to the Company’s C&CB segment in 2023. 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. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations, including the goodwill balance related to TIH. |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,071 | $ 4,079 |
Accumulated Amortization | (2,162) | (1,766) |
Net Carrying Amount | 1,909 | 2,313 |
CDI | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,473 | 2,473 |
Accumulated Amortization | (1,650) | (1,403) |
Net Carrying Amount | 823 | 1,070 |
Other, primarily client relationship intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,598 | 1,606 |
Accumulated Amortization | (512) | (363) |
Net Carrying Amount | $ 1,086 | $ 1,243 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated Amortization of Identifiable Intangible Assets (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 349 |
2025 | 297 |
2026 | 255 |
2027 | 225 |
2028 | 197 |
Thereafter | $ 586 |
Loan Servicing - Narrative (Det
Loan Servicing - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Servicing Assets at Fair Value [Line Items] | ||
Loan servicing rights at fair value | $ 3,378 | $ 3,758 |
Loan Servicing - Residential Mo
Loan Servicing - Residential Mortgage Banking Activities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
Servicing fees recognized from mortgage loans serviced for others | $ 5,498 | $ 5,660 | $ 6,668 |
Residential mortgage | |||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
UPB of residential mortgage loan servicing portfolio | 269,068 | 274,028 | 246,727 |
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate | 213,399 | 217,046 | 196,011 |
Mortgage loans sold with recourse | 173 | 200 | 244 |
Maximum recourse exposure from mortgage loans sold with recourse liability | 109 | 127 | 155 |
Indemnification, recourse and repurchase reserves | 52 | 56 | 74 |
UPB of residential mortgage loans sold from LHFS | 13,669 | 26,643 | 40,949 |
Pre-tax gains recognized on mortgage loans sold and held for sale | $ 60 | $ 69 | $ 446 |
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others | 0.27% | 0.31% | 0.31% |
Weighted average interest rate on mortgage loans serviced for others | 3.56% | 3.48% | 3.44% |
Bank Servicing | Residential mortgage | |||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
Servicing fees recognized from mortgage loans serviced for others | $ 617 | $ 630 | $ 592 |
Loan Servicing - Analysis of Ac
Loan Servicing - Analysis of Activity in Residential MSRs (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
MSRs, carrying value, beginning balance | $ 3,758 | |||
MSRs, carrying value, ending balance | 3,378 | $ 3,758 | ||
Residential MSRs | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
MSRs, carrying value, beginning balance | 3,428 | 2,305 | $ 1,778 | |
Additions | 249 | 428 | 640 | |
Sales | (531) | 0 | 0 | |
Change in fair value due to changes in valuation inputs or assumptions(1) | 88 | [1] | 766 | 225 |
Realization of expected net servicing cash flows, passage of time, and other | (269) | (392) | (693) | |
MSRs, carrying value, ending balance | 3,088 | 3,428 | 2,305 | |
Residential MSRs | Servicing rights acquisition | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Additions | $ 123 | $ 321 | $ 355 | |
[1] The year ended December 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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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 | 6.70% | 8.60% |
OAS | 2.20% | 1.20% |
Residential MSRs | Max | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 18.20% | 12.50% |
OAS | 12% | 11.40% |
Residential MSRs | Weighted Average | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 7.50% | 9% |
Effect on fair value of a 10% increase | $ (82) | $ (110) |
Effect on fair value of a 20% increase | $ (160) | $ (211) |
OAS | 4.60% | 4% |
Effect on fair value of a 10% increase | $ (60) | $ (55) |
Effect on fair value of a 20% increase | $ (118) | $ (108) |
Weighted average life | 7 years 6 months | 6 years 9 months 18 days |
Fixed-rate residential mortgage loans | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of loans serviced for others | 99.60% | 99.50% |
Adjustable-rate residential mortgage loans | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of loans serviced for others | 0.40% | 0.50% |
Loan Servicing - Commercial Mor
Loan Servicing - Commercial Mortgage Banking Activities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Servicing Assets at Fair Value [Line Items] | ||
MSRs at fair value | $ 3,378 | $ 3,758 |
CRE | ||
Servicing Assets at Fair Value [Line Items] | ||
UPB of CRE mortgages serviced for others | 31,681 | 36,622 |
Mortgage loans sold with recourse | 9,661 | 9,955 |
Maximum recourse exposure from CRE mortgages sold with recourse liability | 2,813 | 2,861 |
Recorded reserves related to recourse exposure | 16 | 17 |
CRE mortgages originated during the year-to-date period | 2,989 | 7,779 |
MSRs at fair value | $ 272 | $ 301 |
Other Assets and Liabilites - N
Other Assets and Liabilites - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Narrative [Abstract] | ||
Bank-Owned Life Insurance | $ 7,700 | $ 7,600 |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Right of Use Assets | |||
Right-of-Use Asset, Operating Leases | $ 1,057 | $ 1,172 | |
Right-of-Use Asset, Finance Leases | $ 10 | $ 20 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets (including $1,311 and $1,582 at fair value, respectively) | Other assets (including $1,311 and $1,582 at fair value, respectively) | |
Operating Lease Liabilities, Payments Due | |||
2024 | $ 288 | ||
2025 | 302 | ||
2026 | 253 | ||
2027 | 214 | ||
2028 | 145 | ||
Thereafter | 345 | ||
Total lease payments, Operating Leases | 1,547 | 1,693 | |
Less: imputed interest, Operating Leases | 160 | 172 | |
Total lease liabilities | $ 1,387 | $ 1,521 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
Weighted Average Remaining Lease Term, Operating Leases | 6 years 2 months 12 days | 6 years 7 months 6 days | |
Weighted Average Discount Rate, Percent, Operating Leases | 3.10% | 2.70% | |
Operating Lease, Cost | $ 285 | $ 295 | $ 289 |
Finance Lease Liabilities, Payments, Due | |||
2024 | 3 | ||
2025 | 2 | ||
2026 | 2 | ||
2027 | 2 | ||
2028 | 1 | ||
Thereafter | 4 | ||
Total lease payments, Finance Leases | 14 | 25 | |
Less: imputed interest, Finance Leases | 2 | 2 | |
Total lease liabilities | $ 12 | $ 23 | |
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 | 5 years 7 months 6 days | |
Weighted Average Discount Rate, Percent, Finance Leases | 5.10% | 3.40% |
Other Assets and Liabilites -_2
Other Assets and Liabilites - Schedule of Assets Held Under Operating Leases and Related Activities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Other Assets and Liabilities | |||
Assets held under operating leases(1)(2) | [1] | $ 2,160 | $ 2,090 |
Accumulated depreciation | (583) | (550) | |
Net | 1,577 | 1,540 | |
Operating lease held-for-sale | $ 32 | $ 516 | |
[1] Includes certain land parcels subject to operating leases that have indefinite lives. (2) Excludes operating leases held-for-sale that totaled $32 million and $516 million at December 31, 2023 and 2022, respectively. |
Deposits (Details)
Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 111,624 | $ 135,742 |
Interest checking | 104,757 | 110,464 |
Money market and savings | 135,923 | 143,815 |
Time deposits | 43,561 | 23,474 |
Total deposits | 395,865 | 413,495 |
Time deposits greater than $250,000 | 10,422 | $ 8,205 |
2024 | 42,481 | |
2025 | 546 | |
2026 | 255 | |
2027 | 176 | |
2028 | 97 | |
Thereafter | $ 6 |
Borrowings - Short-term Borrowi
Borrowings - Short-term Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term Debt [Line Items] | ||
Short-term Debt | $ 24,828 | $ 23,422 |
Securities Sold under Agreements to Repurchase | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 2,427 | 2,128 |
FHLB Advances | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 20,500 | 18,900 |
Securities sold short | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 1,625 | 1,551 |
Other Short-term Borrowings | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $ 276 | $ 843 |
Borrowings - Schedule of Long T
Borrowings - Schedule of Long Term Debt, Interest Rates and Maturity Dates (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | $ 38,918 | $ 43,203 | |
Truist Financial Corporation | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | $ 23,267 | 17,625 | |
Truist Financial Corporation | Senior notes | Fixed rate | |||
Debt Instruments [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | [1],[2] | 4.16% | |
Long-term Debt, Carrying Amount | [2] | $ 19,808 | 14,107 |
Truist Financial Corporation | Senior notes | Fixed rate | Min | |||
Debt Instruments [Line Items] | |||
Stated Rate | [2] | 1.13% | |
Truist Financial Corporation | Senior notes | Fixed rate | Max | |||
Debt Instruments [Line Items] | |||
Stated Rate | [2] | 7.16% | |
Truist Financial Corporation | Senior notes | Floating rate | |||
Debt Instruments [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 5.79% | |
Long-term Debt, Carrying Amount | $ 999 | 999 | |
Truist Financial Corporation | Senior notes | Floating rate | Min | |||
Debt Instruments [Line Items] | |||
Stated Rate | 5.80% | ||
Truist Financial Corporation | Senior notes | Floating rate | Max | |||
Debt Instruments [Line Items] | |||
Stated Rate | 5.80% | ||
Truist Financial Corporation | Subordinated notes | Fixed rate | |||
Debt Instruments [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | [1],[2] | 4.34% | |
Long-term Debt, Carrying Amount | [2],[3] | $ 1,831 | 1,882 |
Truist Financial Corporation | Subordinated notes | Fixed rate | Min | |||
Debt Instruments [Line Items] | |||
Stated Rate | [2] | 3.88% | |
Truist Financial Corporation | Subordinated notes | Fixed rate | Max | |||
Debt Instruments [Line Items] | |||
Stated Rate | [2] | 6% | |
Truist Financial Corporation | Capital Notes | |||
Debt Instruments [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 7.22% | |
Long-term Debt, Carrying Amount | [3] | $ 629 | 625 |
Truist Financial Corporation | Capital Notes | Min | |||
Debt Instruments [Line Items] | |||
Stated Rate | 6.30% | ||
Truist Financial Corporation | Capital Notes | Max | |||
Debt Instruments [Line Items] | |||
Stated Rate | 6.31% | ||
Truist Financial Corporation | Structured Notes | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | [4] | $ 0 | 12 |
Truist Bank | Senior notes | Fixed rate | |||
Debt Instruments [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 2.01% | |
Long-term Debt, Carrying Amount | $ 4,170 | 6,982 | |
Truist Bank | Senior notes | Fixed rate | Min | |||
Debt Instruments [Line Items] | |||
Stated Rate | 1.50% | ||
Truist Bank | Senior notes | Fixed rate | Max | |||
Debt Instruments [Line Items] | |||
Stated Rate | 4.05% | ||
Truist Bank | Senior notes | Floating rate | |||
Debt Instruments [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 5.59% | |
Long-term Debt, Carrying Amount | $ 1,250 | 1,749 | |
Truist Bank | Senior notes | Floating rate | Min | |||
Debt Instruments [Line Items] | |||
Stated Rate | 5.60% | ||
Truist Bank | Senior notes | Floating rate | Max | |||
Debt Instruments [Line Items] | |||
Stated Rate | 5.60% | ||
Truist Bank | Subordinated notes | Fixed rate | |||
Debt Instruments [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.01% | |
Long-term Debt, Carrying Amount | [3] | $ 4,770 | 4,767 |
Truist Bank | Subordinated notes | Fixed rate | Min | |||
Debt Instruments [Line Items] | |||
Stated Rate | 2.25% | ||
Truist Bank | Subordinated notes | Fixed rate | Max | |||
Debt Instruments [Line Items] | |||
Stated Rate | 3.80% | ||
Truist Bank | FHLB advances | Fixed rate | |||
Debt Instruments [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 0.91% | |
Long-term Debt, Carrying Amount | $ 1 | 2 | |
Truist Bank | FHLB advances | Fixed rate | Min | |||
Debt Instruments [Line Items] | |||
Stated Rate | 0% | ||
Truist Bank | FHLB advances | Fixed rate | Max | |||
Debt Instruments [Line Items] | |||
Stated Rate | 2.50% | ||
Truist Bank | FHLB advances | Floating rate | |||
Debt Instruments [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 5.69% | |
Long-term Debt, Carrying Amount | $ 4,200 | 10,800 | |
Truist Bank | FHLB advances | Floating rate | Min | |||
Debt Instruments [Line Items] | |||
Stated Rate | 5.63% | ||
Truist Bank | FHLB advances | Floating rate | Max | |||
Debt Instruments [Line Items] | |||
Stated Rate | 5.74% | ||
Truist Bank | Other long-term debt | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | [5] | $ 1,260 | $ 1,278 |
[1] (1) Includes the impact of debt issuance costs and purchase accounting, and excludes hedge accounting impacts. 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. Consist of notes with various terms that include fixed or floating rate interest or returns that are linked to an equity index. Includes debt associated with finance leases, tax credit investments, and other. |
Long-Term Debt - Schedule of Fu
Long-Term Debt - Schedule of Future Maturities of Long-Term Debt (Details) $ in Millions | Dec. 31, 2023 USD ($) | [1] |
Debt Disclosure [Abstract] | ||
2024 | $ 9,613 | |
2025 | 6,740 | |
2026 | 3,996 | |
2027 | 3,812 | |
2028 | 1,053 | |
Thereafter | $ 13,706 | |
[1] Amounts include imputed interest of $2 million related to finance leases. |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||
Repurchase of common stock | $ 250 | $ 1,616 |
Redemption of preferred stock | (1,415) | |
Common Stock | ||
Class of Stock [Line Items] | ||
Repurchase of common stock | $ 26 | $ 138 |
Repurchase of common stock (in shares) | 5,108,000 | 27,609,000 |
Series F | ||
Class of Stock [Line Items] | ||
Stock Redeemed or Called During Period, Shares | 18,000 | |
Redemption of preferred stock | $ 450 | |
Series G | ||
Class of Stock [Line Items] | ||
Stock Redeemed or Called During Period, Shares | 20,000 | |
Redemption of preferred stock | $ 500 | |
Series H | ||
Class of Stock [Line Items] | ||
Stock Redeemed or Called During Period, Shares | 18,600 | |
Redemption of preferred stock | $ 465 | |
Series B | ||
Class of Stock [Line Items] | ||
Stock Redeemed or Called During Period, Shares | 1,000 | |
Redemption of preferred stock | $ 100 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Cash Dividends Declared per Share (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Cash dividends declared per share | $ 2.08 | $ 2 | $ 1.86 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Preferred Stock (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Class of Stock [Line Items] | |||
Liquidation Amount | $ 6,726 | ||
Preferred Stock, Including Additional Paid in Capital, Net of Discount | 6,673 | $ 6,673 | |
Series I | |||
Class of Stock [Line Items] | |||
Liquidation Amount | [1] | 173 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | [1] | $ 168 | |
Dividend Rate | [1],[2] | Variable | |
Series J | |||
Class of Stock [Line Items] | |||
Liquidation Amount | [1] | $ 103 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | [1] | $ 92 | |
Dividend Rate | [1],[3] | Variable | |
Series L | |||
Class of Stock [Line Items] | |||
Liquidation Amount | [1] | $ 750 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | [1] | $ 766 | |
Dividend Rate | [1],[4],[5] | Variable | |
Series M | |||
Class of Stock [Line Items] | |||
Liquidation Amount | [1] | $ 500 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | [1] | $ 516 | |
Dividend Rate | [1],[6],[7] | 5.125% | |
Series N | |||
Class of Stock [Line Items] | |||
Liquidation Amount | $ 1,700 | ||
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 1,683 | ||
Dividend Rate | [8] | 4.80% | |
Series O | |||
Class of Stock [Line Items] | |||
Liquidation Amount | $ 575 | ||
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 559 | ||
Dividend Rate | 5.25% | ||
Series P | |||
Class of Stock [Line Items] | |||
Liquidation Amount | $ 1,000 | ||
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 992 | ||
Dividend Rate | [9] | 4.95% | |
Series Q | |||
Class of Stock [Line Items] | |||
Liquidation Amount | $ 1,000 | ||
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 992 | ||
Dividend Rate | [10] | 5.10% | |
Series R | |||
Class of Stock [Line Items] | |||
Liquidation Amount | $ 925 | ||
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 905 | ||
Dividend Rate | 4.75% | ||
[1] Converted security from previously issued SunTrust preferred stock. Each outstanding share of SunTrust perpetual preferred stock was converted into the right to receive one share of an applicable newly issued series of Truist preferred stock having substantially the same terms as such share of SunTrust preferred stock. Dividend rate is the greater of 4.00% or 3-month SOFR plus 0.79161%. Prior to the transition to SOFR, the dividend rate was the greater of 4.00% or 3-month LIBOR plus 0.530%. Dividend rate is the greater of 4.00% or 3-month SOFR plus 0.90661%. Prior to the transition to SOFR, the dividend rate was the greater of 4.00% or 3-month LIBOR plus 0.645%. Dividend payments became quarterly on September 15, 2022. Dividend rate is the greater of 3-month SOFR plus 3.36361%. From June 15, 2022 to the transition to SOFR, the dividend rate was of 3-month LIBOR plus 3.102%. Prior to June 15, 2022, fixed dividend rate of 5.05%. Dividend payments become quarterly after dividend rate reset. Fixed dividend rate will reset on December 15, 2027, then dividend rate will be 3-month SOFR plus 3.04761%. Fixed dividend rate will reset on September 1, 2024, and on each following fifth anniversary of the reset date to the five-year U.S. Treasury rate plus 3.003%. Fixed dividend rate will reset on December 1, 2025, and on each following fifth anniversary of the reset date to the five-year U.S. Treasury rate plus 4.605%. Fixed dividend rate will reset on September 1, 2030, and on each following tenth anniversary of the reset date to the ten-year U.S. Treasury rate plus 4.349%. |
AOCI (Details)
AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI, Net of Tax [Roll Forward] | |||
OCI | $ 1,095 | $ (11,997) | $ (2,320) |
Pension and OPEB Costs | |||
AOCI, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | (1,535) | (86) | (875) |
OCI before reclassifications, net of tax | 406 | (1,471) | 767 |
OCI | 456 | (1,449) | 789 |
AOCI, ending balance | (1,079) | (1,535) | (86) |
Pension and OPEB Costs | Amounts reclassified from AOCI | |||
Amounts reclassified from AOCI: | |||
Before tax | 65 | 29 | 29 |
Tax effect | 15 | 7 | 7 |
Amounts reclassified, net of tax | 50 | 22 | 22 |
Cash Flow Hedges | |||
AOCI, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | (78) | (9) | (64) |
OCI before reclassifications, net of tax | (260) | (78) | 0 |
OCI | (222) | (69) | 55 |
AOCI, ending balance | (300) | (78) | (9) |
Cash Flow Hedges | Amounts reclassified from AOCI | |||
Amounts reclassified from AOCI: | |||
Before tax | 49 | 12 | 72 |
Tax effect | 11 | 3 | 17 |
Amounts reclassified, net of tax | 38 | 9 | 55 |
AFS Securities | |||
AOCI, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | (9,395) | (1,510) | 1,654 |
OCI before reclassifications, net of tax | 925 | (10,792) | (3,459) |
AFS Securities transferred to HTM, net of tax | 2,872 | ||
OCI | 617 | (10,757) | (3,164) |
AOCI, ending balance | (8,778) | (9,395) | (1,510) |
AFS Securities | Amounts reclassified from AOCI | |||
Amounts reclassified from AOCI: | |||
Before tax | (385) | 45 | 384 |
Tax effect | (77) | 10 | 89 |
Amounts reclassified, net of tax | (308) | 35 | 295 |
HTM Securities | |||
AOCI, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | (2,588) | 0 | |
OCI before reclassifications, net of tax | 0 | 0 | |
AFS Securities transferred to HTM, net of tax | (2,872) | ||
OCI | 241 | 284 | |
AOCI, ending balance | (2,347) | (2,588) | 0 |
HTM Securities | Amounts reclassified from AOCI | |||
Amounts reclassified from AOCI: | |||
Before tax | 306 | 367 | |
Tax effect | 65 | 83 | |
Amounts reclassified, net of tax | 241 | 284 | |
Other, net | |||
AOCI, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | (5) | 1 | 1 |
OCI before reclassifications, net of tax | 3 | (6) | 0 |
OCI | 3 | (6) | 0 |
AOCI, ending balance | (2) | (5) | 1 |
Other, net | Amounts reclassified from AOCI | |||
Amounts reclassified from AOCI: | |||
Before tax | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 |
Amounts reclassified, net of tax | 0 | 0 | 0 |
Total | |||
AOCI, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | (13,601) | (1,604) | 716 |
OCI before reclassifications, net of tax | 1,074 | (12,347) | (2,692) |
OCI | 1,095 | (11,997) | (2,320) |
AOCI, ending balance | (12,506) | (13,601) | (1,604) |
Total | Amounts reclassified from AOCI | |||
Amounts reclassified from AOCI: | |||
Before tax | 35 | 453 | 485 |
Tax effect | 14 | 103 | 113 |
Amounts reclassified, net of tax | $ 21 | $ 350 | $ 372 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | |||
Provision for income taxes | $ 738 | $ 1,250 | $ 1,408 |
Effective Income Tax Rate, Percent | (96.50%) | 17.80% | 19.10% |
Deferred Tax Assets, Valuation Allowance | $ 105 | $ 106 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 66 | 80 | |
Unrecognized Tax Benefits, Interest and Penalties on Income Taxes Accrued | 13 | 11 | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 34 | ||
State and Local Jurisdiction [Member] | |||
Income Tax Contingency [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | $ 105 | $ 106 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current expense: | |||
Federal | $ 1,012 | $ 784 | $ 980 |
State | 135 | 96 | 65 |
Total current expense | 1,147 | 880 | 1,045 |
Deferred expense: | |||
Federal | (390) | 316 | 245 |
State | (19) | 54 | 118 |
Total deferred expense | (409) | 370 | 363 |
Provision for income taxes | $ 738 | $ 1,250 | $ 1,408 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation Between Provision for Income Taxes and Amount Computed by Applying Federal Statutory Income Tax Rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal income taxes at statutory rate | $ (161) | $ 1,476 | $ 1,550 |
Increase (decrease) in provision for income taxes as a result of: | |||
State income taxes, net of federal tax benefit | 91 | 118 | 145 |
Non-deductible goodwill | 1,276 | 0 | 0 |
Internal legal entity restructuring | (191) | 0 | 0 |
Income tax credits, net of amortization | (173) | (233) | (195) |
Tax-exempt interest | (157) | (109) | (86) |
Other, net | 53 | (2) | (6) |
Provision for income taxes | $ 738 | $ 1,250 | $ 1,408 |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent [Abstract] | |||
Federal Income Taxes at Stuatory Rate, Percent | 21% | 21% | 21% |
State income taxes, net of federal tax benefit | (11.90%) | 1.70% | 2% |
Non-deductible goodwill | (166.80%) | 0% | 0% |
Internal legal entity restructuring | 25% | 0% | 0% |
Income tax credits, net of amortization | 22.60% | (3.30%) | (2.60%) |
Tax-exempt interest | 20.50% | (1.60%) | (1.20%) |
Other, net | (6.90%) | 0% | (0.10%) |
Effective Income Tax Rate, Percent | (96.50%) | 17.80% | 19.10% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
DTAs: | ||
ALLL | $ 1,132 | $ 1,022 |
Employee compensation and benefits | 673 | 765 |
Operating lease liability | 339 | 372 |
Accruals and reserves | 330 | 207 |
Federal and state NOLs and other carryforwards | 121 | 125 |
Net unrealized losses in AOCI | 3,860 | 4,150 |
Other | 314 | 190 |
Total gross DTAs | 6,769 | 6,831 |
Deferred Tax Assets, Valuation Allowance | (105) | (106) |
Deferred Tax Assets, Net of Valuation Allowance, Total | 6,664 | 6,725 |
DTLs: | ||
Pension | 1,884 | 1,532 |
Goodwill and other intangible assets | 431 | 686 |
Partnerships | 333 | 112 |
Equipment and auto leasing | 309 | 422 |
MSRs | 294 | 345 |
ROU assets | 253 | 283 |
Loans | 94 | 279 |
Other | 29 | 39 |
Total DTLs | 3,627 | 3,698 |
Deferred Tax Assets, Net, Total | $ 3,037 | $ 3,027 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefis (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Contingency [Line Items] | ||
Unrecognized Tax Benefits, Beginning Balance | $ 97 | $ 104 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 2 | 2 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (12) | (2) |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 10 | 9 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (2) | (4) |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (15) | (12) |
Unrecognized Tax Benefits, Ending Balance | $ 80 | $ 97 |
Benefit Plans - Narrative (Deta
Benefit Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Number of Highest Consecutive Years of Earnings | 5 years | |||
Defined benefit plan, final years of employment subject to earnings test | 10 years | |||
Expected long-term rate of return on plan assets | 6.70% | 6.50% | 6.70% | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50% | |||
Defined Contribution Plan, Minimum Age of Employees Covered | 21 years | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Compensation, Maximum | 6% | |||
Defined Contribution Plan, Employer Contribution Expense | $ 206 | $ 207 | $ 228 | |
Fair value of plan assets | 13,584 | 11,652 | $ 16,399 | |
Alternative Investments [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 883 | 735 | ||
Subsequent Event | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Compensation, Maximum | 4% | |||
Forecast | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected long-term rate of return on plan assets | 6.80% | |||
Qualified Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | $ 14,558 | $ 12,462 | ||
Weighted average assumed discount rate | 5.12% | 5.30% |
Benefit Plans - Summary of the
Benefit Plans - Summary of the Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Net periodic pension cost: | ||||
Service cost | [1] | $ 341 | $ 548 | $ 612 |
Interest cost | 446 | 351 | 319 | |
Estimated return on plan assets | (909) | (1,078) | (998) | |
Net amortization and other | $ 78 | 35 | 35 | |
Interest Cost Income Statement Location | Other expense | |||
Estimated return on plan assets income statement location | Other expense | |||
Net amortization and other income statement location | Other expense | |||
Net periodic benefit cost (income) | $ (44) | (144) | (32) | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ||||
Net actuarial loss (gain) | (567) | 1,949 | (1,012) | |
Net amortization | (78) | (35) | (35) | |
Net amount recognized in OCI | (645) | 1,914 | (1,047) | |
Total net periodic pension costs (income) recognized in total comprehensive income, pre-tax | $ (689) | $ 1,770 | $ (1,079) | |
Weighted average assumptions used to determine net periodic pension cost: | ||||
Discount rate | 5.30% | 3.18% | 2.94% | |
Expected long-term rate of return on plan assets | 6.70% | 6.50% | 6.70% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Weighted-Average Interest Crediting Rate | 4.50% | 4% | 3% | |
Assumed long-term rate of annual compensation increases | 4.50% | 4.50% | 4.50% | |
IH | ||||
Net periodic pension cost: | ||||
Service cost | $ 22 | $ 40 | $ 41 | |
[1] Includes $22 million, $40 million and $41 million for the year ended December 31, 2023, 2022, and 2021, respectively, of service cost reported in net income from discontinued operations for the qualified defined benefit pension plan for employees of TIH. Following the sale of TIH, Truist will (i) no longer recognize the service costs for TIH employees, (ii) retain the related postretirement benefit obligation for TIH employees, and (iii) remeasure the postretirement benefit obligation of the plan. |
Benefit Plans - Changes in Proj
Benefit Plans - Changes in Projected Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Service cost | [1] | $ 341 | $ 548 | $ 612 | |
Interest cost | 446 | 351 | 319 | ||
Qualified Plan | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Projected benefit obligation, beginning balance | 7,924 | 10,461 | |||
Service cost | 308 | 503 | |||
Interest cost | 411 | 327 | |||
Actuarial (gain) loss(1) | [2] | 93 | (3,013) | ||
Benefits paid | (507) | (354) | |||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement [Abstract] | (235) | [3] | 0 | ||
Projected benefit obligation, ending balance | 7,994 | 7,924 | 10,461 | ||
Accumulated benefit obligation, end of year | $ 7,134 | $ 7,070 | |||
Weighted average assumptions used to determine projected benefit obligations: | |||||
Weighted average assumed discount rate | 5.12% | 5.30% | |||
Assumed rate of annual compensation increases | 4.50% | 4.50% | |||
Nonqualified Plans | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Projected benefit obligation, beginning balance | $ 655 | $ 740 | |||
Service cost | 33 | 45 | |||
Interest cost | 35 | 25 | |||
Actuarial (gain) loss(1) | [2] | (36) | (130) | ||
Benefits paid | (28) | (25) | |||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement [Abstract] | 0 | 0 | |||
Projected benefit obligation, ending balance | 659 | 655 | $ 740 | ||
Accumulated benefit obligation, end of year | $ 567 | $ 517 | |||
Weighted average assumptions used to determine projected benefit obligations: | |||||
Weighted average assumed discount rate | 5.12% | 5.30% | |||
Assumed rate of annual compensation increases | 4.50% | 4.50% | |||
[1] Includes $22 million, $40 million and $41 million for the year ended December 31, 2023, 2022, and 2021, respectively, of service cost reported in net income from discontinued operations for the qualified defined benefit pension plan for employees of TIH. Following the sale of TIH, Truist will (i) no longer recognize the service costs for TIH employees, (ii) retain the related postretirement benefit obligation for TIH employees, and (iii) remeasure the postretirement benefit obligation of the plan. For the qualified plan, the 2023 loss is primarily due to decreases in the assumed discount rate, net of the impact of actual plan experience. For the nonqualified plans, the 2023 gain is primarily due to impact of plan experience. For the qualified plan, the 2022 gains are primarily due to increases in the assumed discount rate, net of the impact of actual plan experience. For the nonqualified plans, the 2022 gain is primarily due to an increase in the assumed discount rate. In 2023, the Company entered into a transaction to sell a portion of the pension obligations to a third party for certain participants in the qualified defined benefit plan. |
Benefit Plans - Changes in Fair
Benefit Plans - Changes in Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | $ 11,652 | $ 16,399 | |
Fair value of plan assets, ending balance | $ 13,584 | 11,652 | |
Defined Benefit Plan, Tax Status [Extensible Enumeration] | Qualified Plan | ||
Qualified Plan | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | $ 12,462 | ||
Actual return (loss) on plan assets | 1,533 | (4,014) | |
Employer contributions | 1,305 | 431 | |
Benefits paid | (507) | (354) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement [Abstract] | (235) | [1] | 0 |
Fair value of plan assets, ending balance | 14,558 | 12,462 | |
Funded status, end of year | 6,564 | 4,538 | |
Nonqualified Plans | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | 0 | 0 | |
Actual return (loss) on plan assets | 0 | 0 | |
Employer contributions | 28 | 25 | |
Benefits paid | (28) | (25) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement [Abstract] | 0 | 0 | |
Fair value of plan assets, ending balance | 0 | 0 | |
Funded status, end of year | $ (659) | $ (655) | |
[1] In 2023, the Company entered into a transaction to sell a portion of the pension obligations to a third party for certain participants in the qualified defined benefit plan. |
Benefit Plans - Schedule of Pre
Benefit Plans - Schedule of Pre-tax Amounts recognized in AOCI (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Qualified Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prior service credit (cost) | $ (21) | $ (40) |
Net actuarial gain (loss) | (1,283) | (1,884) |
Net amount recognized | (1,304) | (1,924) |
Nonqualified Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prior service credit (cost) | 20 | 39 |
Net actuarial gain (loss) | (72) | (116) |
Net amount recognized | $ (52) | $ (77) |
Benefit Plans - Schedule of Est
Benefit Plans - Schedule of Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Qualified Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 342 |
2025 | 348 |
2026 | 364 |
2027 | 383 |
2028 | 402 |
2029-2033 | 2,321 |
Nonqualified Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 31 |
2025 | 37 |
2026 | 34 |
2027 | 35 |
2028 | 36 |
2029-2033 | $ 203 |
Benefit Plans - Schedule of Fai
Benefit Plans - Schedule of Fair Value of Pension Plan Assets by Three Level Fair Value Hierarchy (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 13,584 | $ 11,652 | $ 16,399 | |
Cash and cash-equivalents(1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 309 | 314 | |
U.S. equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,699 | 3,171 | ||
International equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,757 | 1,672 | ||
Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 7,819 | 6,495 | ||
Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,236 | 2,185 | ||
Level 1 | Cash and cash-equivalents(1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 309 | 314 | |
Level 1 | U.S. equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,674 | 1,602 | ||
Level 1 | International equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 253 | 269 | ||
Level 1 | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 10,348 | 9,467 | ||
Level 2 | Cash and cash-equivalents(1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 0 | 0 | |
Level 2 | U.S. equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,025 | 1,569 | ||
Level 2 | International equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,504 | 1,403 | ||
Level 2 | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 7,819 | $ 6,495 | ||
Minimum | U.S. equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 19.50% | |||
Minimum | International equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5.50% | |||
Minimum | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50% | |||
Maximum | U.S. equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 29.50% | |||
Maximum | International equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15.50% | |||
Maximum | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60% | |||
[1]ncludes funds held in a short-term, government money-market fund. |
Benefit Plans - Summary of Equi
Benefit Plans - Summary of Equity-Based Compensation Plans (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2023 shares | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Shares available for future grants | 34,044 |
Min | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Vesting period | 1 year |
Max | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Vesting period | 6 years |
Benefit Plans - Summary of Eq_2
Benefit Plans - Summary of Equity-Based Compensation - (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Equity-based compensation expense | $ 298 | $ 261 | $ 259 |
Income tax benefit from equity-based compensation expense | 70 | 61 | 61 |
Intrinsic value of options exercised, and RSUs and PSUs that vested during the year | 170 | 286 | 413 |
Grant date fair value of equity-based awards that vested during the year | 258 | 239 | 350 |
Unrecognized compensation cost related to equity-based awards | $ 240 | $ 249 | $ 209 |
Weighted-average life over which compensation cost is expected to be recognized | 2 years 6 months | 2 years 8 months 12 days | 2 years 6 months |
Benefit Plans - Rollforward of
Benefit Plans - Rollforward of RSUs, PSUs and Restricted Shares - (Details) - RSUs, PSUs and Restricted Shares shares in Thousands | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Units/Shares | |
Nonvested, beginning balance (in units/shares) | shares | 14,359 |
Granted (in units/shares) | shares | 8,673 |
Vested (in units/shares) | shares | (5,129) |
Forfeited (in units/shares) | shares | (1,263) |
Nonvested, ending balance (in units/shares) | shares | 16,640 |
Wtd. Avg. Grant Date Fair Value | |
Nonvested, beginning balance (in usd per units/share) | $ / shares | $ 52.84 |
Granted (in usd per units/share) | $ / shares | 41.47 |
Vested (in usd per units/share) | $ / shares | 50.31 |
Forfeited (in usd per units/share) | $ / shares | 46.14 |
Nonvested, ending balance (in usd per units/share) | $ / shares | $ 48.36 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative - (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Other Commitments [Line Items] | |
FederalDepositInsuranceCorporationPremiumExpenseSpecialAssessment | $ 507 |
Interest on damages sought, value | 400 |
Loss Contingency, Damages Sought, Value | 452 |
Max | |
Other Commitments [Line Items] | |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 350 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investments in affordable housing projects | ||
Tax Credit and Certain Equity Investments | ||
Carrying amount | $ 6,754 | $ 5,869 |
Amount of future funding commitments included in carrying amount | 2,473 | 1,762 |
Lending exposure | 1,981 | 1,547 |
Renewable Energy Investments | ||
Tax Credit and Certain Equity Investments | ||
Carrying amount | 285 | 264 |
Amount of future funding commitments not included in carrying amount | 747 | 361 |
SBIC and certain other equity method investments: | ||
Tax Credit and Certain Equity Investments | ||
Carrying amount | 758 | 596 |
Amount of future funding commitments not included in carrying amount | $ 589 | $ 532 |
Commitments and Contingencies_3
Commitments and Contingencies - Tax Credits and Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Investments in affordable housing projects | ||||
Income Tax Contingency [Line Items] | ||||
Investments in affordable housing projects, other qualified tax credits, and other community development investments | $ 624 | $ 583 | $ 580 | |
Amortization and other changes in carrying amount | 586 | [1] | 487 | 472 |
Other Community Development Investment | ||||
Income Tax Contingency [Line Items] | ||||
Amortization and other changes in carrying amount | $ 11 | $ 81 | $ 86 | |
[1] (1) In the first quarter of 2023, the Company adopted the Investments in Tax Credit Structures accounting standard. As a result, amortization related to these tax credits started being recognized in the Provision for income taxes as of the adoption of this standard. This activity was previously recognized in Other income. Refer to “Note 1. Basis of Presentation” for additional information. |
Commitments and Contingencies_4
Commitments and Contingencies - Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Residential mortgage | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Notional amount | $ 173 | $ 200 | $ 244 |
CRE | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Notional amount | 9,661 | 9,955 | |
Other consumer | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Notional amount | 1,032 | 723 | |
Commitments to extend, originate, or purchase credit and other commitments | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Notional amount | 207,285 | 216,838 | |
Letters of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Notional amount | $ 6,239 | $ 6,030 |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of VIE assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Tax Credit and Certain Equity Investments | ||
Trading assets at fair value | $ 4,332 | $ 4,905 |
Other Liabilities | 12,946 | 11,517 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Tax Credit and Certain Equity Investments | ||
VIE Assets | 1,641 | 1,830 |
Trading assets at fair value | 1,572 | 1,790 |
Other Liabilities | $ 50 | $ 163 |
Commitments and Contingencies_6
Commitments and Contingencies - Pledged Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans and leases (including $15 and $18 at fair value, respectively) | $ 312,061 | $ 325,991 |
Asset Pledged as Collateral | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Securities, fair value | 41,270 | 38,012 |
Federal Reserve Bank Advances [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 55,252 | 49,250 |
Federal Reserve Bank Advances [Member] | Asset Pledged as Collateral | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans and leases (including $15 and $18 at fair value, respectively) | 73,898 | 71,234 |
FHLB Advances | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 24,712 | 20,770 |
FHLB Advances | Asset Pledged as Collateral | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans and leases (including $15 and $18 at fair value, respectively) | $ 67,748 | $ 68,988 |
Regulatory Requirements and O_3
Regulatory Requirements and Other Restrictions Regulatory Requirements (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Truist Financial Corporation | |||
CET1 Capital: | |||
Minimum Capital(1) | [1] | 4.50% | |
Actual Capital, Ratio | 10.10% | 9% | |
Actual Capital, Amount | $ 42,671 | $ 39,098 | |
Tier 1 Capital: | |||
Minimum Capital(1) | [1] | 6% | |
Well-Capitalized | 6% | ||
Actual Capital, Ratio | 11.60% | 10.50% | |
Actual Capital, Amount | $ 49,341 | $ 45,768 | |
Total Capital: | |||
Minimum Capital(1) | [1] | 8% | |
Well-Capitalized | 10% | ||
Actual Capital, Ratio | 13.70% | 12.40% | |
Actual Capital, Amount | $ 58,063 | $ 54,072 | |
Leverage Capital: | |||
Minimum Capital(1) | [1] | 4% | |
Actual Capital, Ratio | 9.30% | 8.50% | |
Actual Capital, Amount | $ 49,341 | $ 45,768 | |
Supplementary Leverage Capital: | |||
Minimum Capital(1) | [1] | 3% | |
Actual Capital, Ratio | 7.90% | 7.30% | |
Actual Capital, Amount | $ 49,341 | $ 45,768 | |
Truist Financial Corporation | Min | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Stressed Capital Conservation Buffer | 2.90% | ||
Truist Bank | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 2.50% | ||
CET1 Capital: | |||
Minimum Capital(1) | [1] | 4.50% | |
Actual Capital, Ratio | 11.70% | 10.60% | |
Well-Capitalized | 6.50% | ||
Actual Capital, Amount | $ 48,387 | $ 45,237 | |
Tier 1 Capital: | |||
Minimum Capital(1) | [1] | 6% | |
Well-Capitalized | 8% | ||
Actual Capital, Ratio | 11.70% | 10.60% | |
Actual Capital, Amount | $ 48,387 | $ 45,237 | |
Total Capital: | |||
Minimum Capital(1) | [1] | 8% | |
Well-Capitalized | 10% | ||
Actual Capital, Ratio | 13.30% | 12.10% | |
Actual Capital, Amount | $ 55,227 | $ 51,633 | |
Leverage Capital: | |||
Minimum Capital(1) | [1] | 4% | |
Well-Capitalized | 5% | ||
Actual Capital, Ratio | 9.20% | 8.50% | |
Actual Capital, Amount | $ 48,387 | $ 45,237 | |
Supplementary Leverage Capital: | |||
Minimum Capital(1) | [1] | 3% | |
Actual Capital, Ratio | 7.90% | 7.30% | |
Actual Capital, Amount | $ 48,387 | $ 45,237 | |
[1] Truist is subject to an SCB requirement of 2.9% applicable to Truist as of December 31, 2023. Truist’s SCB requirement, received in the 2023 CCAR process, is effective from October 1, 2023 to September 30, 2024. Truist Bank is subject to a CCB requirement of 2.5%. The SCB and CCB are amounts above the minimum levels designed to ensure that banks remain well-capitalized, even in adverse economic scenarios. |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Investments excluded from Fair Value Hierarchy, net asset value practical expedient | $ 459 | $ 385 | |
Loans Held-for-sale | 852 | 1,065 | |
Carrying value of unfunded commitments | 295 | 272 | |
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 | $ 108 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Trading assets | $ 4,332 | $ 4,905 | |
AFS securities at fair value | 67,366 | 71,801 | |
Loans Held for Sale, Fair Value | 852 | 1,065 | |
Loans and leases | 15 | 18 | |
Loan servicing rights at fair value | $ 3,378 | 3,758 | |
Net amount | Other assets (including $1,311 and $1,582 at fair value, respectively) | ||
Assets of discontinued operations | $ 7,655 | 7,655 | |
Derivative Asset, Net | 951 | 684 | |
Derivative Asset, Gross | 2,828 | 2,453 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (1,877) | (1,769) | |
Equity securities | 360 | 898 | |
Total assets | 77,254 | 83,129 | |
Liabilities | |||
Derivative liabilities | 2,597 | 2,971 | |
Derivative Liability, Gross | 4,682 | 4,749 | |
Amount Offset | 2,085 | 1,778 | |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 1,625 | 1,551 | |
Total liabilities | $ 4,222 | 4,522 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | ||
Liabilities of discontinued operations | $ 3,539 | 3,081 | |
Level 1 | |||
Assets | |||
Trading assets | 461 | 261 | |
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 | 956 | 472 | |
Equity securities | 245 | 796 | |
Total assets | 1,662 | 1,529 | |
Liabilities | |||
Derivative Liability, Gross | 487 | 364 | |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 185 | 114 | |
Total liabilities | 672 | 478 | |
Level 2 | |||
Assets | |||
Trading assets | 3,871 | 4,644 | |
AFS securities at fair value | 67,366 | 71,801 | |
Loans Held for Sale, Fair Value | 852 | 1,065 | |
Loans and leases | 0 | 0 | |
Loan servicing rights at fair value | 0 | 0 | |
Derivative Asset, Gross | 1,867 | 1,980 | |
Equity securities | 115 | 102 | |
Total assets | 74,071 | 79,592 | |
Liabilities | |||
Derivative Liability, Gross | 4,171 | 4,348 | |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 1,440 | 1,437 | |
Total liabilities | 5,611 | 5,785 | |
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 | 15 | 18 | |
Loan servicing rights at fair value | 3,378 | 3,758 | |
Derivative Asset, Gross | 5 | 1 | |
Equity securities | 0 | 0 | |
Total assets | 3,398 | 3,777 | |
Liabilities | |||
Derivative Liability, Gross | 24 | 37 | |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 | |
Total liabilities | 24 | 37 | |
U.S. Treasury | |||
Assets | |||
Trading assets | 144 | 137 | |
AFS securities at fair value | 10,041 | 10,295 | |
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 | 144 | 137 | |
AFS securities at fair value | 10,041 | 10,295 | |
U.S. Treasury | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
GSE | |||
Assets | |||
Trading assets | 50 | 457 | |
AFS securities at fair value | 362 | 303 | |
GSE | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
GSE | Level 2 | |||
Assets | |||
Trading assets | 50 | 457 | |
AFS securities at fair value | 362 | 303 | |
GSE | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
Agency MBS – residential | |||
Assets | |||
Trading assets | 0 | 804 | |
AFS securities at fair value | 51,289 | 55,225 | |
Agency MBS – residential | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
Agency MBS – residential | Level 2 | |||
Assets | |||
Trading assets | 0 | 804 | |
AFS securities at fair value | 51,289 | 55,225 | |
Agency MBS – residential | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
Agency MBS – commercial | |||
Assets | |||
Trading assets | 62 | ||
AFS securities at fair value | 2,248 | 2,424 | |
Agency MBS – commercial | Level 1 | |||
Assets | |||
Trading assets | 0 | ||
AFS securities at fair value | 0 | 0 | |
Agency MBS – commercial | Level 2 | |||
Assets | |||
Trading assets | 62 | ||
AFS securities at fair value | 2,248 | 2,424 | |
Agency MBS – commercial | Level 3 | |||
Assets | |||
Trading assets | 0 | ||
AFS securities at fair value | 0 | 0 | |
States and political subdivisions | |||
Assets | |||
Trading assets | 760 | 422 | |
AFS securities at fair value | 425 | 416 | |
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 | 760 | 422 | |
AFS securities at fair value | 425 | 416 | |
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 | 1,293 | 761 | |
Corporate and other debt securities | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
Corporate and other debt securities | Level 2 | |||
Assets | |||
Trading assets | 1,293 | 761 | |
Corporate and other debt securities | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
Loans | |||
Assets | |||
Trading assets | 1,575 | 1,960 | |
Loans | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
Loans | Level 2 | |||
Assets | |||
Trading assets | 1,575 | 1,960 | |
Loans | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
Non-agency MBS | |||
Assets | |||
AFS securities at fair value | 2,981 | 3,117 | |
Non-agency MBS | Level 1 | |||
Assets | |||
AFS securities at fair value | 0 | 0 | |
Non-agency MBS | Level 2 | |||
Assets | |||
AFS securities at fair value | 2,981 | 3,117 | |
Other | |||
Assets | |||
Trading assets | 510 | 302 | |
AFS securities at fair value | 20 | 21 | |
Other | Level 1 | |||
Assets | |||
Trading assets | 461 | 261 | |
AFS securities at fair value | 0 | 0 | |
Other | Level 2 | |||
Assets | |||
Trading assets | 49 | 41 | |
AFS securities at fair value | 20 | 21 | |
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] | (1,877) | (1,769) |
Liabilities | |||
Amount Offset | [1] | $ (2,085) | $ (1,778) |
[1] Refer to “Note 20. 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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | $ 18 | $ 23 | $ 0 |
Included in earnings | 0 | 0 | (1) |
Purchases | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Settlements | (3) | 5 | 0 |
Acquisitions | 24 | ||
Ending balance | 15 | 18 | 23 |
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 | 3,758 | 2,633 | 2,023 |
Included in earnings | 86 | 801 | 233 |
Purchases | 123 | 321 | 355 |
Issuances | 270 | 482 | 715 |
Sales | (531) | (9) | (1) |
Settlements | (328) | (470) | (741) |
Acquisitions | 49 | ||
Ending balance | 3,378 | 3,758 | 2,633 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 36 | ||
Net Derivatives | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | (36) | (12) | 172 |
Included in earnings | (36) | (323) | (96) |
Purchases | 0 | 0 | 0 |
Issuances | 29 | 2 | 305 |
Sales | 0 | 0 | 0 |
Settlements | 24 | 297 | (393) |
Acquisitions | 0 | ||
Ending balance | (19) | $ (36) | $ (12) |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | $ (24) |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value Option (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures | ||
Loans Receivable, Fair Value Disclosure | $ 15 | $ 18 |
Loans Held for Sale, Fair Value | 852 | 1,065 |
UPB | 828 | 1,056 |
Difference | 24 | 9 |
Trading loans | ||
Fair Value Disclosures | ||
Trading Loans, Fair Value | 1,575 | 1,960 |
UPB | 1,664 | 2,101 |
Difference | (89) | (141) |
Loans and leases | ||
Fair Value Disclosures | ||
UPB | 16 | 20 |
Difference | $ (1) | $ (2) |
Fair Value Disclosures - Measur
Fair Value Disclosures - Measured on a Nonrecurring Basis (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | $ 15 | $ 18 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | 15 | 18 | |
LHFS | Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value: | 19 | 271 | |
Valuation adjustments: | (58) | (9) | $ (27) |
Loans and Leases | Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | 840 | 500 | |
Valuation adjustments: | (894) | (420) | (455) |
Other | Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value: | 454 | 120 | |
Valuation adjustments: | $ (305) | $ (159) | $ (178) |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financial assets: | ||
HTM securities | $ 44,630 | $ 47,791 |
Loans and leases HFI, net of ALLL | 307,263 | 321,614 |
Financial liabilities: | ||
Time deposits | 43,561 | 23,474 |
Long-term debt | 38,918 | 43,203 |
Carrying Amount | Level 2 | ||
Financial assets: | ||
HTM securities | 54,107 | 57,713 |
Financial liabilities: | ||
Time deposits | 43,561 | 23,474 |
Long-term debt | 38,918 | 43,203 |
Carrying Amount | Level 3 | ||
Financial assets: | ||
Loans and leases HFI, net of ALLL | 307,248 | 321,596 |
Fair Value | Level 2 | ||
Financial assets: | ||
HTM securities | 44,630 | 47,791 |
Financial liabilities: | ||
Time deposits | 43,368 | 23,383 |
Long-term debt | 38,353 | 40,951 |
Fair Value | Level 3 | ||
Financial assets: | ||
Loans and leases HFI, net of ALLL | $ 300,830 | $ 308,738 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Amortized Cost | $ 78,849 | $ 84,056 |
Fair value hedges | Available-for-sale Securities | ||
Derivative [Line Items] | ||
Amortized Cost | $ 62,200 | $ 46,200 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Classifications and Hedging Relationships (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Notional Amount | $ 365,959 | $ 333,012 | |
Derivative Asset, Fair Value, Gross | 2,828 | 2,453 | |
Derivative Liability, Fair Value, Gross | (4,682) | (4,749) | |
Derivative Asset [Abstract] | |||
Amounts subject to master netting arrangements and exchange traded derivatives | (1,268) | (1,223) | |
Cash collateral (received) posted for amounts subject to master netting arrangements | (609) | (546) | |
Net Amount in Consolidated Balance Sheets | 951 | 684 | |
Derivative Liability [Abstract] | |||
Amounts subject to master netting arrangements and exchange traded derivatives | 1,268 | 1,223 | |
Cash collateral (received) posted for amounts subject to master netting arrangements | $ 817 | 555 | |
Net amount | Other assets (including $1,311 and $1,582 at fair value, respectively) | ||
Net amount | $ (2,597) | (2,971) | |
Cash flow hedges | Interest rate contracts | Swap | Commercial loans | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Notional Amount | 17,673 | 16,650 | |
Derivative Asset, Fair Value, Gross | 0 | 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 | 38,446 | 23,490 | |
Derivative Asset, Fair Value, Gross | 0 | 0 | |
Derivative Liability, Fair Value, Gross | 0 | (68) | |
Fair value hedges | Interest rate contracts | Swap | Long-term debt | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Notional Amount | 14,268 | 16,393 | |
Derivative Asset, Fair Value, Gross | 0 | 0 | |
Derivative Liability, Fair Value, Gross | 0 | (68) | |
Fair value hedges | Interest rate contracts | Swap | AFS securities | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Notional Amount | 24,178 | 7,097 | |
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 | 309,840 | 292,872 | |
Derivative Asset, Fair Value, Gross | 2,828 | 2,453 | |
Derivative Liability, Fair Value, Gross | (4,682) | (4,681) | |
Not designated as hedges | Client-related and other risk management | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Notional Amount | 274,326 | 257,003 | |
Derivative Asset, Fair Value, Gross | 2,725 | 2,293 | |
Derivative Liability, Fair Value, Gross | (4,545) | (4,592) | |
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 | 154,692 | 155,670 | |
Derivative Asset, Fair Value, Gross | 637 | 579 | |
Derivative Liability, Fair Value, Gross | (1,926) | (2,665) | |
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 | 34,593 | 29,840 | |
Derivative Asset, Fair Value, Gross | 114 | 172 | |
Derivative Liability, Fair Value, Gross | (106) | (192) | |
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 | 178 | 1,495 | |
Derivative Asset, Fair Value, Gross | 0 | 8 | |
Derivative Liability, Fair Value, Gross | (11) | (2) | |
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 | 3,033 | 3,823 | |
Derivative Asset, Fair Value, Gross | 0 | 1 | |
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 | 39,561 | 33,185 | |
Derivative Asset, Fair Value, Gross | 1,164 | 644 | |
Derivative Liability, Fair Value, Gross | (1,733) | (901) | |
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 | 100 | 140 | |
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 | 225 | 394 | |
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 | 7,499 | 6,824 | |
Derivative Asset, Fair Value, Gross | 0 | 0 | |
Derivative Liability, Fair Value, Gross | (3) | (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 | 1,598 | 1,729 | |
Derivative Asset, Fair Value, Gross | 41 | 81 | |
Derivative Liability, Fair Value, Gross | (7) | (2) | |
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 | 24,480 | 19,022 | |
Derivative Asset, Fair Value, Gross | 256 | 364 | |
Derivative Liability, Fair Value, Gross | (256) | (380) | |
Not designated as hedges | Client-related and other risk management | Commodity Contract | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Notional Amount | 8,367 | 4,881 | |
Derivative Asset, Fair Value, Gross | 513 | 444 | |
Derivative Liability, Fair Value, Gross | (503) | (447) | |
Not designated as hedges | Mortgage banking | Interest rate contracts | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Notional Amount | 2,783 | 3,382 | |
Derivative Asset, Fair Value, Gross | 20 | 27 | |
Derivative Liability, Fair Value, Gross | (27) | (23) | |
Not designated as hedges | Mortgage banking | Interest rate contracts | Swap | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Notional Amount | 105 | 115 | |
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 | [1] |
Derivative Asset, Fair Value, Gross | 3 | 1 | [1] |
Derivative Liability, Fair Value, Gross | 0 | 0 | [1] |
Not designated as hedges | Mortgage banking | Interest rate contracts | Other | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Notional Amount | 94 | 140 | |
Derivative Asset, Fair Value, Gross | 0 | 1 | |
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 | 746 | 999 | |
Derivative Asset, Fair Value, Gross | 5 | 1 | |
Derivative Liability, Fair Value, Gross | (10) | (17) | |
Not designated as hedges | Mortgage banking | Interest rate contracts | When issued securities, forward rate agreements and forward commitments(1) | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Notional Amount | 1,438 | 1,728 | [1] |
Derivative Asset, Fair Value, Gross | 12 | 24 | [1] |
Derivative Liability, Fair Value, Gross | (17) | (6) | [1] |
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Notional Amount | 32,731 | 32,487 | |
Derivative Asset, Fair Value, Gross | 83 | 133 | |
Derivative Liability, Fair Value, Gross | (110) | (66) | |
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | Swap | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Notional Amount | 15,252 | 14,566 | |
Derivative Asset, Fair Value, Gross | 0 | 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 | 14,854 | 15,505 | [1] |
Derivative Asset, Fair Value, Gross | 75 | 125 | [1] |
Derivative Liability, Fair Value, Gross | (109) | (48) | [1] |
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | Other | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Notional Amount | 1,692 | 1,532 | |
Derivative Asset, Fair Value, Gross | 0 | 0 | |
Derivative Liability, Fair Value, Gross | (1) | (3) | |
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | When issued securities, forward rate agreements and forward commitments(1) | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Notional Amount | 933 | 884 | [1] |
Derivative Asset, Fair Value, Gross | 8 | 8 | [1] |
Derivative Liability, Fair Value, Gross | $ 0 | $ (15) | [1] |
[1] In 2023, Truist reclassified TBA MBS options into the options line item. Prior periods were reclassified to conform to the current presentation. |
Derivative Financial Instrume_5
Derivative Financial Instruments - Master Netting (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross | $ 2,828 | $ 2,453 |
Amount Offset | (1,877) | (1,769) |
Net Amount in Consolidated Balance Sheets | 951 | 684 |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | 951 | 684 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross | (4,682) | (4,749) |
Amount Offset | 2,085 | 1,778 |
Net amount | (2,597) | (2,971) |
Held/Pledged Financial Instruments | 151 | 43 |
Net Amount | (2,446) | (2,928) |
Derivatives Subject to Master Netting Arrangements | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross | 1,775 | 1,895 |
Amount Offset | (1,392) | (1,408) |
Net Amount in Consolidated Balance Sheets | 383 | 487 |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | 383 | 487 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross | (3,627) | (3,688) |
Amount Offset | 1,600 | 1,417 |
Net amount | (2,027) | (2,271) |
Held/Pledged Financial Instruments | 151 | 43 |
Net Amount | (1,876) | (2,228) |
Derivatives Not Subject to Master Netting Arrangement | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross | 97 | 86 |
Amount Offset | 0 | 0 |
Net Amount in Consolidated Balance Sheets | 97 | 86 |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | 97 | 86 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross | (568) | (697) |
Amount Offset | 0 | 0 |
Net amount | (568) | (697) |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | (568) | (697) |
Exchange Traded | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross | 956 | 472 |
Amount Offset | (485) | (361) |
Net Amount in Consolidated Balance Sheets | 471 | 111 |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | 471 | 111 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross | (487) | (364) |
Amount Offset | 485 | 361 |
Net amount | (2) | (3) |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | $ (2) | $ (3) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Fair Value Hedges Basis Adjusments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
Amortized Cost | $ 78,849 | $ 84,056 | |
Financial Asset, Closed Portfolio, Portfolio Layer Method, Amortized Cost | 58,700 | ||
Items Currently Designated | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Financial Asset, Closed Portfolio, Portfolio Layer Method, Amortized Cost | 24,200 | ||
Fair Value Hedges | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Liability, Long Term Debt, Fair Value Hedge | 27,572 | 25,378 | |
Fair Value Hedges | Items Currently Designated | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | (237) | (780) | |
Fair Value Hedges | Discontinued Hedges | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | (475) | 218 | |
Fair Value Hedges | Available-for-sale Securities | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Asset / Liability Basis | [1] | 51,782 | 38,773 |
Amortized Cost | 62,200 | 46,200 | |
Fair Value Hedges | Available-for-sale Securities | Items Currently Designated | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | 6 | (630) | |
Fair Value Hedges | Available-for-sale Securities | Discontinued Hedges | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | (5) | (4) | |
Fair Value Hedges | Loans and leases | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Asset / Liability Basis | 322 | 353 | |
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 | $ 10 | |
[1] The amortized cost of AFS securities was $62.2 billion at December 31, 2023 and $46.2 billion at December 31, 2022. Further, as of December 31, 2023, closed portfolios of securities hedged under the portfolio layer method have an amortized cost of $58.7 billion, of which $24.2 billion was designated as hedged. The remaining amount of amortized cost is from securities with terminated hedges where the basis adjustment is being amortized into earnings using the effective interest method over the contractual life of the security. |
Derivative Financial Instrume_7
Derivative Financial Instruments - Amounts Related to Cash Flow Hedges (Details) - Interest Rate Contracts - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Cash Flow Hedges | Interest Expense | |||||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||||
Pre-tax gain (loss) reclassified from AOCI into expense | $ (49) | $ (12) | $ (36) | ||
Cash Flow Hedges | Other Expense | |||||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||||
Pre-tax gain (loss) reclassified from AOCI into expense | [1] | 0 | 0 | (36) | |
Cash Flow Hedges | Commercial loans | |||||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||||
Pre-tax gain (loss) recognized in OCI | (340) | (102) | 0 | ||
Pre-tax gain (loss) reclassified from AOCI into expense | (49) | 0 | 0 | ||
Cash Flow Hedges | Deposits | Interest Expense | |||||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||||
Pre-tax gain (loss) reclassified from AOCI into expense | 0 | [1] | 0 | (2) | |
Cash Flow Hedges | Deposits | Other Expense | |||||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||||
Pre-tax gain (loss) reclassified from AOCI into expense | [1] | 0 | (12) | ||
Cash Flow Hedges | Short-term Debt | Interest Expense | |||||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||||
Pre-tax gain (loss) reclassified from AOCI into expense | 0 | [1] | 0 | (12) | |
Cash Flow Hedges | Short-term Debt | Other Expense | |||||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||||
Pre-tax gain (loss) reclassified from AOCI into expense | [1] | 0 | (20) | ||
Cash Flow Hedges | Long-term debt | Interest Expense | |||||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||||
Pre-tax gain (loss) reclassified from AOCI into expense | 0 | [1] | (12) | (22) | |
Cash Flow Hedges | Long-term debt | Other Expense | |||||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||||
Pre-tax gain (loss) reclassified from AOCI into expense | [1] | 0 | (4) | ||
Fair value hedges | Net interest income | |||||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||||
Net income (expense) recognized | 288 | 266 | 267 | ||
Fair value hedges | Long-term debt | Net interest income | |||||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||||
Amounts related to interest settlements | (192) | (64) | 18 | ||
Recognized on derivatives | (136) | (840) | (136) | ||
Recognized on hedged items | 149 | 1,014 | 435 | ||
Net income (expense) recognized | (179) | 110 | 317 | ||
Fair value hedges | Investment securities | Net interest income | |||||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||||
Amounts related to interest settlements | 427 | 102 | (48) | ||
Recognized on derivatives | (651) | 598 | 571 | ||
Recognized on hedged items | 694 | (541) | (568) | ||
Net income (expense) recognized | [2] | 470 | 159 | (45) | |
Fair value hedges | Loans and leases | Net interest income | |||||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||||
Recognized on hedged items | $ (3) | $ (3) | $ (5) | ||
[1] Represents the accelerated amortization of amounts reclassified from AOCI, where management determined that the forecasted transaction is probable of not occurring. Includes $44 million of income recognized for the year ended December 31, 2023, respectively, and $53 million for the year ended December 31, 2022, respectively, from securities with terminated hedges that were reclassified to HTM. The income recognized was offset by the amortization of the fair value mark. |
Derivative Financial Instrume_8
Derivative Financial Instruments - Amounts Related to Fair Value Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||||
Income recognized from securities with terminated hedges | $ 44 | $ 53 | ||
Fair Value Hedges | Interest Rate Contracts | Net interest income | ||||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||||
Net income (expense) recognized | 288 | 266 | $ 267 | |
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 | 427 | 102 | (48) | |
Recognized on derivatives | (651) | 598 | 571 | |
Recognized on hedged items | 694 | (541) | (568) | |
Net income (expense) recognized | [1] | 470 | 159 | (45) |
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 | (3) | (3) | (5) | |
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 | (192) | (64) | 18 | |
Recognized on derivatives | (136) | (840) | (136) | |
Recognized on hedged items | 149 | 1,014 | 435 | |
Net income (expense) recognized | $ (179) | $ 110 | $ 317 | |
[1] Includes $44 million of income recognized for the year ended December 31, 2023, respectively, and $53 million for the year ended December 31, 2022, respectively, from securities with terminated hedges that were reclassified to HTM. The income recognized was offset by the amortization of the fair value mark. |
Derivative Financial Instrume_9
Derivative Financial Instruments - Terminated Cash Flow and Fair Value Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
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 | 6 years | |
Debt Securities, Held-to-maturity, Derivative, Cumulative Gain (Loss) | $ 413 | $ 457 | |
Cash flow hedges | |||
Derivative [Line Items] | |||
Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI | (106) | (118) | |
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2029) | (194) | 40 | |
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 | (203) | (31) | |
Fair Value Hedges | |||
Derivative [Line Items] | |||
Unrecognized pre-tax net gain (loss) on terminated hedges(1) | [1] | (64) | 669 |
Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months | $ (60) | $ 163 | |
[1] Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $413 million at December 31, 2023 and $457 million at December 31, 2022. |
Derivative Financial Instrum_10
Derivative Financial Instruments - Amounts Related to Derivative Instruments Not Designated as Hedges (Details) - Not designated as hedges - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Pre-tax Gain (Loss) Recognized in Income | $ (113) | $ 283 | $ 93 |
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 | 104 | 197 | 193 |
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 | 7 | 236 | 133 |
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 | (29) | 5 | (21) |
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 | (112) | 53 | (83) |
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 | 21 | 11 | 7 |
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 | 37 | 596 | (21) |
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 | (1) | (1) | (2) |
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 | (137) | (792) | (105) |
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 | $ (3) | $ (22) | $ (8) |
Derivative Financial Instrum_11
Derivative Financial Instruments - Risk Participation Agreements and Total Return Swaps (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Risk Participation Agreements Sold | ||
Credit Derivatives [Line Items] | ||
Maximum potential amount of exposure | $ 520 | $ 575 |
Total Return Swap | ||
Credit Derivatives [Line Items] | ||
Cash collateral held | $ 437 | $ 453 |
Derivative Financial Instrum_12
Derivative Financial Instruments - Dealer Counterparties and Central Clearing Parties (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Credit Derivatives [Line Items] | ||
Unsecured positions in a net gain with counterparties after collateral postings | $ 951 | $ 684 |
Asset Pledged as Collateral | ||
Credit Derivatives [Line Items] | ||
Securities, fair value | 41,270 | 38,012 |
Dealer and other counterparties: | ||
Credit Derivatives [Line Items] | ||
Cash and other collateral received from counterparties | 609 | 542 |
Derivatives in a net gain position | 735 | 618 |
Unsecured positions in a net gain with counterparties after collateral postings | 126 | 76 |
Cash collateral posted | 960 | 590 |
Derivatives in a net loss position | 1,052 | 692 |
Central counterparties clearing: | ||
Credit Derivatives [Line Items] | ||
Cash and other collateral received from counterparties | 0 | 4 |
Derivatives in a net gain position | 2 | 12 |
Cash collateral posted | 14 | 45 |
Derivatives in a net loss position | 8 | 13 |
Central counterparties clearing: | Asset Pledged as Collateral | ||
Credit Derivatives [Line Items] | ||
Securities, fair value | $ 1,249 | $ 639 |
Computation of EPS (Details)
Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Earnings Per Share [Abstract] | ||||
Net income (loss) available to common shareholders - continuing operations | $ (1,864) | $ 5,446 | $ 5,569 | |
Net income available to common shareholders - discontinued operations | 412 | 481 | 464 | |
Net income (loss) available to common shareholders | $ (1,452) | $ 5,927 | $ 6,033 | |
Weighted average number of common shares | 1,331,963 | 1,328,120 | 1,337,144 | |
Effect of dilutive outstanding equity-based awards(1) | 0 | [1] | 10,342 | 12,234 |
Weighted average number of diluted common shares | 1,331,963 | 1,338,462 | 1,349,378 | |
Basic earnings from continuing operations | $ (1.40) | $ 4.10 | $ 4.16 | |
Basic earnings from discontinued operations | 0.31 | 0.36 | 0.35 | |
Basic EPS | (1.09) | 4.46 | 4.51 | |
Diluted earnings from continuing operations | (1.40) | 4.07 | 4.13 | |
Diluted earnings from discontinued operations | 0.31 | 0.36 | 0.34 | |
Diluted EPS | $ (1.09) | $ 4.43 | $ 4.47 | |
Anti-dilutive awards | 11,143 | 93 | 3 | |
[1] For the year ended December 31, 2023, outstanding equity-based awards were deemed anti-dilutive and therefore, excluded from the Company’s diluted EPS calculation. |
Operating Segments - Narrative
Operating Segments - Narrative (Details) $ in Millions | 12 Months Ended | ||||
Feb. 20, 2024 | Dec. 31, 2023 USD ($) numberOfSegments | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Apr. 03, 2023 | |
Segment Reporting Information [Line Items] | |||||
Number of Major Reportable Business Segments | numberOfSegments | 2 | ||||
Provision for income taxes | $ 738 | $ 1,250 | $ 1,408 | ||
State | 135 | 96 | 65 | ||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Provision for income taxes | $ 738 | $ 1,250 | $ 1,408 | ||
IH | |||||
Segment Reporting Information [Line Items] | |||||
Noncontrolling interest minority stake sale | 0.20 | ||||
IH | Subsequent Event | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Stock, Percentage of Ownership before Transaction | 80% |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | $ 14,524 | $ 14,313 | $ 13,002 | |
Allocated provision for credit losses | 2,109 | 777 | (813) | |
Segment net interest income after provision | 12,415 | 13,536 | 13,815 | |
Noninterest income | 5,498 | 5,660 | 6,668 | |
Amortization of intangibles | 395 | 455 | 472 | |
Goodwill, Impairment Loss | 6,078 | 0 | 0 | |
Income (loss) before income taxes | (765) | 7,029 | 7,381 | |
Provision for income taxes | 738 | 1,250 | 1,408 | |
Net income (loss) from continuing operations | (1,503) | 5,779 | 5,973 | |
Net income (loss) | (1,047) | 6,267 | 6,437 | |
Identifiable assets (period end) of continuing operations | 535,349 | 555,255 | ||
CSBB | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 5,940 | 6,664 | 6,898 | |
Goodwill, Impairment Loss | [1] | 3,361 | ||
Net income (loss) from continuing operations | 323 | 3,720 | 3,739 | |
WB | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 9,184 | 6,001 | 4,555 | |
Goodwill, Impairment Loss | [1] | 2,717 | ||
Net income (loss) from continuing operations | 609 | 4,561 | 4,912 | |
OT&C | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | [2] | (600) | 1,648 | 1,549 |
Net income (loss) from continuing operations | [2] | (2,435) | (2,502) | (2,678) |
Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 14,524 | 14,313 | 13,002 | |
Allocated provision for credit losses | 2,109 | 777 | (813) | |
Segment net interest income after provision | 12,415 | 13,536 | 13,815 | |
Noninterest income | 5,498 | 5,660 | 6,668 | |
Amortization of intangibles | 395 | 455 | 472 | |
Goodwill, Impairment Loss | 6,078 | 0 | 0 | |
Other Noninterest Expense | 12,205 | 11,712 | 12,630 | |
Income (loss) before income taxes | (765) | 7,029 | 7,381 | |
Provision for income taxes | 738 | 1,250 | 1,408 | |
Net income (loss) from continuing operations | (1,503) | 5,779 | 5,973 | |
Identifiable assets (period end) of continuing operations | 527,694 | 547,600 | 535,038 | |
Operating Segments | CSBB | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 10,534 | 9,674 | 8,779 | |
Allocated provision for credit losses | 1,116 | 863 | 117 | |
Segment net interest income after provision | 9,418 | 8,811 | 8,662 | |
Noninterest income | 1,991 | 2,086 | 2,290 | |
Amortization of intangibles | 210 | 252 | 254 | |
Goodwill, Impairment Loss | 3,361 | 0 | 0 | |
Other Noninterest Expense | 6,355 | 5,771 | 5,847 | |
Income (loss) before income taxes | 1,483 | 4,874 | 4,851 | |
Provision for income taxes | 1,160 | 1,154 | 1,112 | |
Identifiable assets (period end) of continuing operations | 146,310 | 162,460 | 156,172 | |
Operating Segments | WB | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 7,032 | 6,660 | 5,754 | |
Allocated provision for credit losses | 1,000 | (91) | (848) | |
Segment net interest income after provision | 6,032 | 6,751 | 6,602 | |
Noninterest income | 3,668 | 3,994 | 4,590 | |
Amortization of intangibles | 185 | 203 | 215 | |
Goodwill, Impairment Loss | 2,717 | 0 | 0 | |
Other Noninterest Expense | 5,378 | 4,722 | 4,755 | |
Income (loss) before income taxes | 1,420 | 5,820 | 6,222 | |
Provision for income taxes | 811 | 1,259 | 1,310 | |
Identifiable assets (period end) of continuing operations | 209,767 | 215,607 | 190,266 | |
Operating Segments | OT&C | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | [2] | (3,042) | (2,021) | (1,531) |
Allocated provision for credit losses | [2] | (7) | 5 | (82) |
Segment net interest income after provision | [2] | (3,035) | (2,026) | (1,449) |
Noninterest income | [2] | (161) | (420) | (212) |
Amortization of intangibles | [2] | 0 | 0 | 3 |
Goodwill, Impairment Loss | [2] | 0 | 0 | 0 |
Other Noninterest Expense | [2] | 472 | 1,219 | 2,028 |
Income (loss) before income taxes | [2] | (3,668) | (3,665) | (3,692) |
Provision for income taxes | [2] | (1,233) | (1,163) | (1,014) |
Identifiable assets (period end) of continuing operations | [2] | 171,617 | 169,533 | 188,600 |
Intersegment Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 0 | 0 | 0 | |
Intersegment Eliminations | CSBB | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 4,594 | 3,010 | 1,881 | |
Intersegment Eliminations | WB | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | (2,152) | 659 | 1,199 | |
Intersegment Eliminations | OT&C | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | [2] | $ (2,442) | $ (3,669) | $ (3,080) |
[1] Reflects activity prior to the segment realignment. Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. Refer to “Note 22. Operating Segments” for additional information on segments. Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |
Parent Company Financial Info_3
Parent Company Financial Information - Parent Company Condensed Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||||
Cash and Due from Banks | $ 5,000 | $ 5,290 | ||
Interest-bearing deposits with banks | 25,230 | 15,708 | ||
AFS securities, Fair Value | 67,366 | 71,801 | ||
Other Assets | 34,997 | 33,113 | ||
Total assets | 535,349 | 555,255 | ||
Liabilities and Equity [Abstract] | ||||
Short-term Debt | 24,828 | 23,422 | ||
Long-term debt | 38,918 | 43,203 | ||
Other Liabilities | 12,946 | 11,517 | ||
Liabilities | 476,096 | 494,718 | ||
Total shareholders’ equity | 59,253 | 60,537 | $ 69,271 | $ 70,912 |
Total liabilities and shareholders’ equity | 535,349 | 555,255 | ||
Parent Company | ||||
Assets | ||||
Cash and Due from Banks | 22 | 29 | ||
Interest-bearing deposits with banks | 11,264 | 10,861 | ||
AFS securities, Fair Value | 218 | 214 | ||
ReceivablesFromSubsidiaries | 8,440 | 2,709 | ||
Investment in subsidiaries: | 62,660 | 64,474 | ||
Other Assets | 258 | 452 | ||
Total assets | 82,862 | 78,739 | ||
Liabilities and Equity [Abstract] | ||||
Short-term Debt | 196 | 370 | ||
Long-term debt | 23,267 | 17,625 | ||
Other Liabilities | 298 | 230 | ||
Liabilities | 23,761 | 18,225 | ||
Total shareholders’ equity | 59,101 | 60,514 | ||
Total liabilities and shareholders’ equity | 82,862 | 78,739 | ||
Parent Company | Banking | ||||
Assets | ||||
Advances to Affiliate | 8,044 | 2,305 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 57,994 | 59,921 | ||
Parent Company | Nonbank | ||||
Assets | ||||
Advances to Affiliate | 396 | 404 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 4,666 | $ 4,553 |
Parent Company Financial Info_4
Parent Company Financial Information - Parent Company Condensed Income and Comprehensive Income Statements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income: | |||
Interest and other income from subsidiaries | $ 1,868 | $ 619 | $ 199 |
Expenses: | |||
Interest Expense | 9,928 | 2,321 | 768 |
Other expenses | 18,678 | 12,167 | 13,102 |
Income tax benefit | (738) | (1,250) | (1,408) |
Net income (loss) | (1,047) | 6,267 | 6,437 |
OCI | 1,095 | (11,997) | (2,320) |
Total comprehensive income | 48 | (5,730) | 4,117 |
Parent Company | |||
Income: | |||
Total dividends from subsidiaries | 4,997 | 4,970 | 4,250 |
Interest and other income from subsidiaries | 359 | 100 | 143 |
Other income | 25 | 27 | (26) |
Total income | 5,381 | 5,097 | 4,367 |
Expenses: | |||
Interest Expense | 957 | 369 | 258 |
Other expenses | 142 | 131 | 125 |
Total expenses | 1,099 | 500 | 383 |
Income before income taxes and equity in undistributed earnings of subsidiaries | 4,282 | 4,597 | 3,984 |
Income tax benefit | 180 | 50 | 26 |
Income before equity in undistributed earnings of subsidiaries | 4,462 | 4,647 | 4,010 |
Equity in undistributed earnings (losses) of subsidiaries in excess of dividends from subsidiaries | (5,509) | 1,620 | 2,427 |
Net income (loss) | (1,047) | 6,267 | 6,437 |
OCI | 1,095 | (11,997) | (2,320) |
Total comprehensive income | 48 | (5,730) | 4,117 |
Parent Company | Nonbank | |||
Income: | |||
Total dividends from subsidiaries | 72 | 170 | 100 |
Parent Company | Banking | |||
Income: | |||
Total dividends from subsidiaries | $ 4,925 | $ 4,800 | $ 4,150 |
Parent Company Financial Info_5
Parent Company Financial Information - Parent Company Condensed Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows From Operating Activities: | ||||
Net income (loss) | $ (1,047) | $ 6,267 | $ 6,437 | |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Other, net | 5 | (2,385) | 229 | |
Net cash from operating activities | 8,631 | 11,081 | 7,892 | |
Cash Flows From Investing Activities: | ||||
Proceeds from maturities, calls and paydowns of AFS securities | 10,009 | 12,299 | 33,968 | |
Purchases of AFS securities | (4,230) | (9,357) | (70,775) | |
Other, net | 55 | (451) | (1,379) | |
Net cash from investing activities | 22,858 | (29,972) | (32,056) | |
Cash Flows From Financing Activities: | ||||
Proceeds from (Repayments of) Other Debt | 1,397 | 18,060 | (800) | |
Repurchase of common stock | 0 | (250) | (1,616) | |
Redemption of preferred stock | 0 | 0 | (1,415) | |
Other, net | (12) | (113) | 82 | |
Net Cash Provided by (Used in) Financing Activities | (22,266) | 20,017 | 25,591 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 9,223 | 1,126 | 1,427 | |
Parent Company | ||||
Cash Flows From Operating Activities: | ||||
Net income (loss) | (1,047) | 6,267 | 6,437 | |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Equity in (earnings) losses of subsidiaries in excess of dividends from subsidiaries | 5,509 | (1,620) | (2,427) | |
Other, net | 502 | (449) | (438) | |
Net cash from operating activities | 4,964 | 4,198 | 3,572 | |
Cash Flows From Investing Activities: | ||||
Proceeds from maturities, calls and paydowns of AFS securities | 11 | 31 | 37 | |
Purchases of AFS securities | (8) | (9) | (216) | |
Investment in subsidiaries | (905) | (4,142) | (120) | |
Advances to subsidiaries | (18,037) | (4,110) | (3,088) | |
Proceeds from repayment of advances to subsidiaries | 12,383 | 6,813 | 3,922 | |
Other, net | 4 | 14 | 0 | |
Net cash from investing activities | (6,552) | (1,403) | 535 | |
Cash Flows From Financing Activities: | ||||
Proceeds from (Repayments of) Other Debt | (174) | (439) | 188 | |
Net issuance (repayment) of long-term debt | 5,888 | 1,700 | (2,149) | |
Repurchase of common stock | 0 | (250) | (1,616) | |
Redemption of preferred stock | 0 | 0 | (1,415) | |
Cash dividends paid on common and preferred stock | (3,131) | (2,989) | (2,852) | |
Other, net | (599) | (205) | (107) | |
Net Cash Provided by (Used in) Financing Activities | 1,984 | (2,183) | (7,951) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 396 | 612 | (3,844) | |
Cash and Cash Equivalents, at Carrying Value | $ 11,286 | $ 10,890 | $ 10,278 | $ 14,122 |