Truist Financial Corporation (TFC) Financial Statements (2024 and earlier)

Company Profile

Business Address 214 NORTH TRYON STREET
CHARLOTTE, NC 28202
State of Incorp. NC
Fiscal Year End December 31
Industry (SIC) 6021 - National Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in millions)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments22,31921,36119,92219,8823,9873,346
Cash and cash equivalents21,42120,29518,86819,0653,9872,713
Short-term investments8981,0661,054817 633
Total current assets:22,31921,36119,92219,8823,9873,346
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization   36113
Operating lease, right-of-use asset1,193 1,3331,823
Property, plant and equipment3,6053,7003,8703,7122,1182,055
Intangible assets, net (including goodwill)30,68529,50627,43127,29610,57610,329
Goodwill27,01326,09824,44724,1549,8189,618
Intangible assets, net (excluding goodwill)3,6723,4082,9843,142758711
Total noncurrent assets:35,48333,20632,67032,94412,69412,384
Other undisclosed assets497,453486,674456,636420,252209,016205,912
TOTAL ASSETS:555,255541,241509,228473,078225,697221,642
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt23,4225,2926,09218,2185,1784,938
Total current liabilities:23,4225,2926,09218,2185,1784,938
Noncurrent Liabilities
Liabilities, other than long-term debt      928
Qualified affordable housing project investments, commitment      928
Total noncurrent liabilities:      928
Other undisclosed liabilities471,296466,678432,224388,302190,341186,081
Total liabilities:494,718471,970438,316406,520195,519191,947
Equity
Equity, attributable to parent53,84162,59862,75961,28227,06926,595
Common stock6,6346,6396,7456,7113,8173,910
Additional paid in capital34,54434,56535,84335,6096,8497,893
Accumulated other comprehensive income (loss)(13,601)(1,604)716(844)(1,715)(1,467)
Retained earnings26,26422,99819,45519,80618,11816,259
Equity, attributable to noncontrolling interest23 1051745647
Other undisclosed equity6,6736,6738,0485,1023,0533,053
Total equity:60,53769,27170,91266,55830,17829,695
TOTAL LIABILITIES AND EQUITY:555,255541,241509,228473,078225,697221,642

Income Statement (P&L) ($ in millions)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues13,87411,68413,8098,0906,9609,651
Net investment income13,87411,68413,8098,0906,9606,282
Financial services revenue3,223
Cost of revenue(777) (2,335)(615)(566)(707)
Cost of goods and services sold      (160)
Provision for loan, lease, and other losses(777) (2,335)(615)(566)
Financial services costs(547)
Gross profit:13,09711,68411,4747,4756,3948,944
Operating expenses(3,603)(3,896)(685)(2,067)(1,305)(5,527)
Other operating income (expense), net     467
Noninterest income, other operating income      467
Other expenses      
Operating income:9,4947,78810,7895,4085,0893,884
Nonoperating income (expense)    (116) 121
Investment income, nonoperating    (116) (1)
Bank owned life insurance income      122
Interest and debt expense(2,321)(764)(1,722)(2,096)(1,438)(1,231)
Income from continuing operations before equity method investments, income taxes:7,1737,0249,0673,1963,6512,774
Other undisclosed income (loss) from continuing operations before income taxes496969(3,594)823409552
Income from continuing operations before income taxes:7,6697,9935,4734,0194,0603,326
Income tax expense(1,402)(1,556)(981)(782)(803)(911)
Income from continuing operations:6,2676,4374,4923,2373,2572,415
Income before gain (loss) on sale of properties:6,4374,4923,2373,2572,415
Net income:6,2676,4374,4923,2373,2572,415
Net income (loss) attributable to noncontrolling interest(7)3(10)(13)(20)(21)
Net income attributable to parent:6,2606,4404,4823,2243,2372,394
Preferred stock dividends and other adjustments(333)(407)(298)(196)(174)(174)
Net income available to common stockholders, diluted:5,9276,0334,1843,0283,0632,220

Comprehensive Income ($ in millions)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:6,2676,4374,4923,2373,2572,415
Other comprehensive income (loss)(11,997)(2,320)1,560871(248)(88)
Comprehensive income (loss):(5,730)4,1176,0524,1083,0092,327
Comprehensive income (loss), net of tax, attributable to noncontrolling interest(7)3(10)(13)(20)(21)
Comprehensive income (loss), net of tax, attributable to parent:(5,737)4,1206,0424,0952,9892,306

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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