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TFC · TRUIST FINANCIAL CORP

34 filings

10-K

TFC 10-K Annual Reports

TRUIST FINANCIAL CORP - 34 annual reports

Filing record · 2016–202610-K1110-Q338-K196

2025
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2025
Truist Financial Corporation (TFC) reported solid financial performance for the fiscal year ending December 31, 2025. The company achieved net income of $5.0 billion, or $3.82 per diluted share, representing an increase from the prior year, driven by strong net interest income and a rebound in noninterest income following a significant securities repositioning in 2024. The company's strategic priorities focused on growth initiatives within both Wholesale Banking (WB) and Consumer and Small Business Banking (CSBB), alongside efforts to drive operating leverage, invest in talent and technology, maintain credit discipline, and return capital to shareholders. Truist demonstrated a commitment to capital return by repurchasing $2.5 billion of common stock and paying $2.7 billion in dividends, totaling $5.2 billion to shareholders. This capital return strategy was further underscored by the announcement of a new $10.0 billion share repurchase program. The company's balance sheet remains robust, with total assets increasing to $547.5 billion and capital ratios remaining strong, with CET1 at 10.8%. Asset quality remained solid, with nonperforming loans at 0.48% of total loans held for investment. The company continues to navigate a competitive and evolving financial landscape by investing in its digital platform and a client-centric approach.
Feb 24, 2026
2024
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2024
Truist Financial Corporation (TFC) reported a net income of $4.5 billion, or $3.36 per share, for the fiscal year ended December 31, 2024. This marks a significant turnaround from a net loss of $1.5 billion in the prior year, largely driven by a $6.9 billion gain on the sale of its remaining stake in Truist Insurance Holdings, LLC (TIH) and strategic balance sheet repositioning. The company effectively managed its capital through a $1.0 billion share repurchase program and $2.8 billion in common stock dividends, returning a total of $3.8 billion to shareholders. Asset quality remained stable, with nonperforming loans at 0.47% of total loans held for investment. The bank also focused on strengthening its core operations, including investments in technology and risk infrastructure, while maintaining expense discipline. Despite a challenging deposit environment and higher funding costs, Truist saw an improvement in its Net Interest Margin (NIM) to 3.03%. The company's strategic initiatives, including the divestiture of non-core assets and a focus on core banking growth, position it for continued stability and potential growth.
Feb 25, 2025
2023
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2023
Truist Financial Corporation (TFC) reported a net loss of $1.5 billion for the year ended December 31, 2023, a significant shift from the $5.9 billion net income reported in 2022. This loss was primarily driven by a substantial non-cash goodwill impairment charge of $6.1 billion related to its Consumer Banking and Wealth (CB&W) and Corporate and Commercial Banking (C&CB) reporting units. Excluding this impairment and other discrete items like the FDIC special assessment, the company's underlying operational performance showed resilience amidst economic uncertainty. Despite the reported net loss, Truist demonstrated a strengthening capital position, with its Common Equity Tier 1 (CET1) ratio increasing to 10.1% at year-end 2023, bolstered by organic capital generation and the sale of a minority stake in its insurance business. The company maintained its commitment to clients by supporting their financial needs and continued its strategic initiatives aimed at simplifying operations and improving efficiency. Truist also highlighted its community engagement efforts, contributing significantly to affordable housing and volunteer service.
Feb 27, 2024
2022
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2022
Truist Financial Corporation (TFC) reported solid financial results for 2022, despite a slight decrease in net income available to common shareholders to $5.9 billion from $6.0 billion in 2021. This performance was driven by robust loan growth, a significant expansion in net interest margin, and disciplined cost management. The company's strategic focus on executional excellence and purposeful growth has positioned it well, with credit quality remaining strong. Truist also made strategic acquisitions during the year, including BankDirect Capital Finance and BenefitMall, which are expected to contribute to future growth and product diversification. Truist's balance sheet saw an increase in total assets to $555.3 billion, with total loans and leases growing by 11% to $327.4 billion. While shareholder equity decreased due to market impacts on Accumulated Other Comprehensive Income (AOCI) and dividend payouts, the company maintained strong capital and liquidity ratios, exceeding regulatory "well-capitalized" minimums. The company also continued its commitment to environmental, social, and governance (ESG) initiatives, announcing a net-zero emissions goal by 2050 and exceeding its diverse supplier spend target.
Feb 28, 2023
2021
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2021
Truist Financial Corporation (TFC) reported solid financial performance in 2021, marked by a 44% increase in net income available to common shareholders, reaching $6.0 billion ($4.47 per diluted share). This growth was driven by strong contributions from investment banking, insurance, wealth management, and card/payment fees, benefiting from improving economic conditions which also led to a favorable credit performance and a provision for credit losses release. The company continued its integration efforts post-merger, achieving key milestones such as core bank conversions and the launch of a new digital app. Truist is focused on shifting from integration to operation, emphasizing executional excellence and profitable growth. Key strategic priorities include advancing its "T3 strategy" (touch and technology), driving innovation, attracting and retaining talent, and executing on ESG initiatives. The company's capital position remains strong, with a CET1 ratio of 9.6% at year-end 2021, and management reiterated its commitment to capital deployment through organic growth, dividends, and strategic acquisitions.
Feb 23, 2022
2020
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2020
Truist Financial Corporation (TFC) completed a significant merger with SunTrust in late 2019, and the 2020 10-K filing details its first full year operating as the combined entity. The company operates primarily through its bank subsidiary, Truist Bank, and offers a wide array of consumer and commercial financial services. Despite the ongoing integration efforts and the challenges posed by the COVID-19 pandemic, Truist reported a substantial increase in net income available to common shareholders, driven by the merger synergies and growth in both net interest income and noninterest income. Key areas of focus for investors include Truist's strategic integration progress, its robust capital and liquidity position, and its proactive management of credit risks, particularly in light of the pandemic's economic impact. The company's commitment to digital transformation, client service, and community support are also highlighted. While merger-related and restructuring charges impacted operating expenses, management reaffirmed its commitment to achieving significant net cost savings. Truist's capital ratios remain strong, well above regulatory minimums, and the company announced plans for a significant share repurchase program starting in 2021.
Feb 24, 2021
2019
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2019
Truist Financial Corporation's (TFC) 2019 10-K filing details the significant completion of its merger with SunTrust, effective December 6, 2019. This transformative event has created a larger, more diversified financial institution. The report highlights the integration of the two entities, the strategic goals of the combined company, and the operational changes undertaken. While the merger offers significant potential synergies and an expanded market position, the company also faces integration risks and substantial expenses associated with combining systems, operations, and cultures. Financially, for the year ended December 31, 2019, Truist reported net income available to common shareholders of $3.0 billion, a slight decrease from the prior year, with diluted EPS at $3.71. Revenue increased year-over-year on a taxable equivalent basis, driven by higher net interest income due to increased average loans and securities, although net interest margin slightly decreased. Noninterest income saw growth, primarily from insurance and investment banking, partially offset by securities losses. Noninterest expense increased substantially, largely due to merger-related and restructuring charges, as well as incremental operating expenses from the merger. Capital ratios remain robust, with CET1 at 9.5% for the consolidated entity.
Mar 3, 2020
2018
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2018
This 10-K filing for BB&T Corporation (now Truist Financial Corporation) for the fiscal year ending December 31, 2018, details the company's performance and strategic direction. The most significant event disclosed is the February 7, 2019, announcement of a merger of equals with SunTrust Banks, Inc. This transformative deal, expected to close in late 2019, aims to create a leading financial services company. The report highlights BB&T's solid financial performance in 2018, with net income available to common shareholders increasing by 38.0% to $3.1 billion and diluted EPS growing to $3.91. The company saw revenue growth driven by increased net interest income and strong noninterest income, particularly from insurance and investment banking. Despite the positive financial results, BB&T faces several strategic challenges including the successful integration of the SunTrust merger, adapting to new technologies, intensified competition, managing regulatory changes and IT projects, and navigating global economic uncertainties. The company emphasizes its commitment to managing risk effectively through a robust three-lines-of-defense model and maintaining strong capital levels to exceed regulatory requirements. Investors should closely monitor the progress and integration of the SunTrust merger, as it is poised to significantly reshape the company's future operations and market position.
Feb 26, 2019
2017
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2017
Truist Financial Corporation (TFC), formerly BB&T, reported its 2017 fiscal year results, showcasing a diversified business model with a significant presence in both traditional banking and insurance services. The company's performance in 2017 demonstrated resilience, with a slight decrease in net income available to common shareholders compared to the prior year, attributed to factors including merger-related charges and expenses related to tax reform. Despite these headwinds, TFC achieved record noninterest income, driven by strong performance in its insurance segment and increased client activity across various fee-based services. From an investor's perspective, TFC's strategic focus on both organic growth and acquisitions, coupled with a commitment to returning capital to shareholders through dividends and share repurchases, are key highlights. The company maintained robust capital ratios, exceeding regulatory requirements, and managed its loan portfolio effectively with a continued focus on asset quality.
Feb 21, 2018
2016
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2016
Truist Financial Corporation (TFC), formerly BB&T, reported solid performance for the year ended December 31, 2016. Net income available to common shareholders increased by 16.7% year-over-year to $2.3 billion, with diluted EPS of $2.77. The company successfully integrated major acquisitions, including National Penn for $1.6 billion and Swett & Crawford for $461 million, contributing to a 11.3% increase in total noninterest income. Despite an increase in the provision for credit losses, largely due to energy sector exposure, the company maintained strong capital ratios and a healthy net interest margin. Management highlighted a focus on organic growth, dividends, and strategic acquisitions. The company navigated a complex regulatory environment, including the Dodd-Frank Act and Basel III capital requirements, while also managing operational risks related to cybersecurity. The report also indicates a proactive approach to risk management through its 'three lines of defense' model. Overall, the filing suggests a stable financial institution focused on client service and strategic growth.
Feb 21, 2017
2015
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2015
Truist Financial Corporation (TFC), formerly BB&T Corporation, reported net income available to common shareholders of $1.936 billion for 2015, a slight decrease from $1.983 billion in 2014. This translated to diluted earnings per share of $2.56, down from $2.72 in the prior year. The company experienced a decline in return on average assets to 1.08% and return on average common equity to 8.34%. The increase in noninterest expense was primarily driven by merger-related and restructuring charges associated with acquisitions, notably Susquehanna Bancshares, Inc., and The Bank of Kentucky Financial Corporation. The bank's strategy continues to focus on organic growth and strategic acquisitions. Management highlighted intense competition within the financial services industry and the pressure from new technologies and evolving consumer preferences as key challenges. Despite these challenges, the company maintained a strong capital position, with its Tier 1 risk-based capital ratio at 11.8% and total risk-based capital ratio at 14.3% as of December 31, 2015. The company also paid a quarterly dividend of $0.27 per share, continuing its history of dividend payments since 1903.
Feb 25, 2016
2014
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2014
Truist Financial Corp (TFC), formerly BB&T Corporation, reported a strong year in 2014, with net income available to common shareholders reaching a record $2.0 billion, a 28.2% increase over the prior year. This growth was driven by continued improvement in credit quality, evidenced by a significant decline in non-performing assets and net charge-offs. The company also saw an improvement in its deposit mix, with a notable increase in non-interest-bearing deposits, contributing to a lower average cost of funds. Strategically, BB&T completed several acquisitions and entered into agreements for others, expanding its geographic footprint, particularly in Texas and the Kentucky/Cincinnati market. The company remained well-capitalized, exceeding regulatory requirements, and continued its commitment to returning capital to shareholders through dividends. Despite a challenging low-interest-rate environment and ongoing regulatory reforms, BB&T demonstrated resilient performance and strategic growth initiatives.
Feb 25, 2015
2013
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2013
Truist Financial Corporation (TFC), formerly BB&T Corporation, reported strong financial performance in 2013, characterized by record income before taxes and significant improvements in credit quality. Net income available to common shareholders was $1.56 billion, with diluted EPS of $2.19. The company saw a notable increase in non-interest income, driven by robust performance in insurance, investment banking, brokerage, and bankcard services. Furthermore, BB&T benefited from a more favorable deposit mix, with a substantial increase in non-interest-bearing deposits, and a reduction in the average cost of interest-bearing deposits. Despite a challenging low-interest-rate environment and increased regulatory costs, BB&T demonstrated resilience. The bank maintained strong capital ratios, exceeding regulatory well-capitalized levels, and made strategic progress in various business lines, including acquisitions within its insurance segment. The company's focus on organic growth and strategic acquisitions positions it for continued development. Management anticipates that ongoing efforts to control non-interest expenses and expand non-interest income will further enhance profitability.
Feb 26, 2014
2012
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2012
Truist Financial Corporation (TFC), operating as BB&T Corporation at the time of this filing, reported a strong financial performance for the year ended December 31, 2012. The company achieved a record net income available to common shareholders of $1.9 billion, a significant increase of 48.6% from the previous year, driven by robust loan growth and substantial increases in non-interest income, particularly from insurance, mortgage banking, and investment banking activities. Credit quality showed continued improvement, with non-performing assets decreasing significantly. BB&T also successfully integrated two acquisitions in 2012: Crump Insurance, bolstering its insurance services segment, and BankAtlantic, enhancing its Southeast Florida presence. The company's strategic focus on diversifying revenue streams and managing expenses effectively contributed to its positive results amidst a dynamic economic environment. BB&T's capital position remained strong, well above regulatory requirements, and the company saw an increase in its quarterly dividend. However, the report also highlighted ongoing challenges, including intense competition within the financial services industry, the cost and risks associated with evolving regulatory initiatives, and the impact of U.S. fiscal policy uncertainties.
Mar 1, 2013
2011
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2011
Truist Financial Corporation (TFC), formerly BB&T Corporation, reported solid performance in its 2011 10-K filing, navigating a complex economic environment with notable improvements in credit quality and strategic growth initiatives. The company demonstrated resilience by increasing net income available to common shareholders by 58% to $1.3 billion, translating to diluted earnings per share of $1.83. This financial uplift was supported by a significant reduction in nonperforming assets and a strategic focus on enhancing the deposit mix, with noninterest-bearing deposits growing by 24.5%. BB&T continued to execute its growth strategy through both organic expansion and strategic acquisitions, notably announcing its agreement to acquire BankAtlantic. The company also maintained a strong capital position, with its risk-based capital ratios well above regulatory requirements, positioning it favorably for future stability and shareholder returns. Despite challenges from economic headwinds and evolving regulatory landscapes, BB&T's management highlighted improved loan and deposit growth, alongside strong performance in specialized lending and other fee-income generating businesses, indicating a positive trajectory entering the subsequent fiscal year.
Feb 27, 2012
2010
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2010
Truist Financial Corp (formerly BB&T Corporation) reported its 2010 fiscal year results, navigating a challenging economic environment marked by the aftermath of a deep global recession. The company achieved record revenues of $9.4 billion on a fully taxable-equivalent basis, a 5.8% increase over 2009, driven primarily by a 9.9% growth in net interest income. This was supported by an expansion in the net interest margin from 3.66% to 4.03%, attributed to higher yields on assets from the Colonial Bank acquisition and lower deposit costs. Despite record revenues, consolidated net income saw a slight decrease of 2.6% to $854 million compared to 2009, with diluted earnings per share at $1.16. Credit costs remained elevated, with a provision for credit losses of $2.6 billion and net charge-offs of $2.5 billion. However, the company successfully implemented a nonperforming asset disposition strategy, leading to a 9.6% decline in nonperforming assets (excluding covered assets) by year-end 2010. The company also strengthened its balance sheet by deleveraging its securities portfolio and reducing its duration. The report highlights the significant impact of the Dodd-Frank Act, which introduced sweeping reforms to the financial services industry, potentially leading to higher costs and reduced revenues in the near term, though management anticipates minimizing long-term negative financial impacts through product and service adjustments. The company maintained strong capital ratios, well above regulatory standards for well-capitalized banks, and continued its commitment to a stable dividend payout.
Feb 25, 2011
2009
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2009
Truist Financial Corporation (TFC), previously BB&T Corporation, reported its 2009 fiscal year results, a period marked by significant economic challenges and strategic acquisitions. The company successfully executed the FDIC-assisted acquisition of Colonial Bank, its largest acquisition to date, which substantially expanded its banking footprint, particularly in Alabama and Florida. Despite a challenging operating environment, including the deep recession and disruption in financial markets, BB&T demonstrated resilience, exceeding capital requirements under the Supervisory Capital Assessment Process (SCAP) and exiting the Troubled Asset Relief Program (TARP). The company strengthened its capital base by raising $2.6 billion through common stock offerings and repaid its TARP preferred stock and warrant. However, net income and earnings per share saw a significant year-over-year decline, primarily due to increased provisions for credit losses driven by deterioration in housing-related credits. The company also managed to grow its non-interest revenue streams, with notable performance in its residential mortgage banking and insurance operations.
Feb 26, 2010
2008
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2008
Truist Financial Corporation (TFC), previously BB&T Corporation, filed its annual report for the fiscal year ended December 31, 2008. The report details a year marked by significant challenges in the financial markets, including unprecedented volatility and disruption. Despite these headwinds, BB&T demonstrated resilience, achieving superior performance relative to the industry in several key areas, such as loan and deposit growth and effective expense control. The company highlighted its strong asset quality compared to peers and significant customer engagement, including growth in online banking users and new transaction accounts. However, the report also emphasizes the company's exposure to the downturn in the residential real estate market, which led to increased credit deterioration and higher provisions for loan losses. Management acknowledged the heightened regulatory environment and intensified competition within the financial services industry as key challenges. Despite these pressures, BB&T secured capital from the U.S. Treasury under the Capital Purchase Program, which provided a significant capital infusion and strengthened its financial position amidst the broader financial crisis.
Feb 27, 2009
2007
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2007
Truist Financial Corporation (TFC), operating as BB&T Corporation in 2007, reported solid financial performance despite a challenging economic environment, particularly the downturn in the residential real estate market. The company demonstrated strong relative performance compared to its industry peers, managing to avoid major market disruptions. Key operational achievements in 2007 included a 10.9% increase in average loans and a 9.2% rise in average client deposits. Fee income grew by 6.9%, supported by strong performance from insurance agency operations and effective expense control. However, BB&T highlighted several challenges facing the company, including the ongoing downturn in residential real estate, a compressed net interest income due to a difficult interest rate environment, unprecedented financial market disruptions, and increasing regulatory costs. The company also acknowledged the intensity of competition within the financial services industry. Despite these headwinds, BB&T maintained healthier asset quality than its peers and continued to focus on relationship-based banking and cross-selling services to its growing customer base. The company completed several strategic acquisitions in 2007, further strengthening its market position and diversifying its revenue streams.
Feb 28, 2008
2006
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2006
Truist Financial Corp.'s (TFC) 2006 10-K filing reveals a year of solid growth and strategic acquisitions, despite a challenging interest rate environment. The company demonstrated robust performance in its core banking operations, with increases in average loans and deposits. Fee income continued to be a significant contributor, exceeding 40% of total revenues, a key objective for management aimed at diversifying revenue streams. Asset quality remained strong throughout the year. The company also made notable progress in expanding its digital presence and customer engagement, with online banking users growing significantly. BB&T strategically re-entered the bank acquisition market in 2006, completing mergers with Main Street Banks, Inc. and First Citizens Bancorp, and announcing plans to acquire Coastal Financial Corporation, signaling a continued focus on inorganic growth to enhance its market position and service offerings. Management highlighted the company's ability to maintain excellent asset quality and grow its customer base through enhanced service and a successful advertising campaign. However, challenges were noted, including a difficult interest rate environment that compressed net interest income growth, and increased costs and risks associated with a heightened regulatory environment. The company also emphasized its commitment to cost efficiency and building revenue momentum amidst intense industry competition. BB&T's strategic focus on acquisitions in its existing footprint and in niche markets, coupled with its community bank approach, positions it for continued development in the dynamic financial services landscape.
Feb 27, 2007
2005
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2005
BB&T Corporation's 2005 10-K filing details a year of solid performance, characterized by growth in loans and deposits, alongside improvements in asset quality. The company experienced an 8.2% increase in average loans and an 8.5% rise in average deposits, reflecting successful organic growth and strategic acquisitions. Key operational highlights include a significant reduction in nonperforming assets and charge-offs, indicating effective credit risk management. The company also focused on enhancing customer relationships, with households utilizing five or more BB&T services growing to 27.4% and a 31.3% increase in online banking users. Strategically, BB&T continued its expansion through acquisitions, announcing plans to acquire Main Street Banks, Inc., and First Citizens Bancorp. The company also emphasized integrating recent mergers and improving internal growth, choosing to pause major bank acquisitions in 2004 and 2005 to focus on this integration. The filing also outlines the company's robust capital position, with Tier 1 capital ratios significantly exceeding regulatory minimums, positioning BB&T for continued stability and growth in the evolving financial services landscape.
Mar 10, 2006
2004
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2004
Truist Financial Corporation (TFC), formerly BB&T Corporation, reported solid performance for the fiscal year ending December 31, 2004. The company achieved several key milestones, including reaching $100 billion in assets, improved efficiency through cost control initiatives, and significant growth in noninterest-bearing deposits. Asset quality also showed improvement with reduced nonperforming assets and charge-offs. The company's strategy in 2004 focused on integrating recent mergers, notably First Virginia Banks, Inc. and Republic Bancshares, Inc., rather than pursuing new acquisitions. Looking ahead, Truist Financial plans to resume strategic merger and acquisition activity primarily within its existing footprint in 2006, while continuing to pursue nonbank acquisitions to expand product lines. The company's financial health remains strong, with well-capitalized regulatory ratios and a consistent history of increasing dividends to shareholders.
Mar 7, 2005
2004-A
TRUIST FINANCIAL CORP Annual Report (Amendment), Year Ended Oct 18, 2004
This filing is an Amendment No. 1 to the Annual Report on Form 10-K for BB&T Corporation for the fiscal year ended December 31, 2003, filed on March 8, 2004. The primary purpose of this amendment, filed on October 18, 2004, is to update Exhibit 23(a), specifically the consent of PricewaterhouseCoopers LLP. It's important to note that this amendment does not introduce new financial information or reflect events occurring after the original filing. Investors should understand that this document is not a primary source for financial performance data for 2003 or any subsequent period. Instead, it serves to correct or update a specific exhibit. For detailed financial performance and operational insights, investors should refer to the original Form 10-K filed on March 8, 2004, and any subsequent filings that provide updated financial results and management's discussion and analysis.
Oct 19, 2004
2003
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2003
Truist Financial Corp (TFC), formerly BB&T Corporation, in its 2003 10-K filing, highlights a year of significant growth and strategic expansion, primarily driven by its aggressive merger and acquisition strategy. The company successfully integrated the substantial acquisition of First Virginia Banks, Inc., along with other smaller acquisitions in the insurance sector. This expansion led to a notable increase in total assets and a broader geographic footprint, particularly in Virginia and Florida. Despite a challenging economic environment in its core markets characterized by slower commercial loan demand, TFC demonstrated resilience with strong growth in consumer and mortgage loans. The company also focused on improving its efficiency and managing its balance sheet through a restructuring initiative. Key performance indicators showed positive trends in deposit growth, fee income generation, and improvements in asset quality, although the company also navigated challenges such as merger-related expenses and potential earnings dilution from acquisitions. Overall, the filing indicates a forward-looking strategy focused on continued growth through strategic combinations and a commitment to enhancing shareholder value.
Mar 8, 2004
2002
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2002
Truist Financial Corporation (TFC), formerly BB&T Corporation, reported a solid financial performance for the fiscal year ended December 31, 2002. The company continued its growth strategy through a series of strategic acquisitions, completing multiple bank and non-bank financial services acquisitions throughout the year. This expansion contributed to an increase in total assets and a broadening of its market presence across various states. The company's net income saw a significant increase, driven by both organic growth and the contributions from acquired businesses, alongside a notable rise in non-interest income, particularly from its insurance and investment banking segments. Management highlighted the company's strong capital position, with capital adequacy ratios well above regulatory requirements. Despite a challenging economic environment, BB&T demonstrated resilience in its lending activities, with a focus on relationship-based lending and maintaining credit quality. The company also benefited from a favorable interest rate environment that lowered funding costs. Looking ahead, BB&T remained committed to its growth strategy through further acquisitions and cross-selling initiatives to enhance its diverse revenue streams and deliver value to shareholders.
Mar 7, 2003
2001-A
TRUIST FINANCIAL CORP Annual Report (Amendment), Year Ended Dec 31, 2001
Truist Financial Corp. (TFC), formerly BB&T Corporation, filed an amendment to its 2001 10-K report, primarily to enhance disclosures following an SEC review. The amendment does not restate its previously reported financial position or results of operations. The company, a diversified financial services holding company, experienced growth through mergers and acquisitions, with a strategy focused on acquiring banks and thrifts in its primary market area (Carolinas, Virginia, Maryland, Georgia, etc.) and niche financial service providers. As of December 31, 2001, BB&T operated 1,081 branches across nine states and Washington D.C., with a significant market presence in North Carolina, Virginia, and Georgia. Financially, for the year ended December 31, 2001, BB&T reported consolidated net income of $973.6 million, or $2.15 per diluted share. The company's asset quality metrics, while showing some deterioration due to a slowing economy, remained better than industry averages. The provision for loan and lease losses increased significantly, reflecting higher nonperforming assets and net charge-offs. Non-interest income showed strong growth, driven by mortgage banking, insurance, and trust services, indicating a growing reliance on fee-based revenue streams.
Aug 12, 2002
2001
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2001
Truist Financial Corporation (TFC), formerly BB&T Corporation, reported strong performance for the fiscal year ended December 31, 2001. The company demonstrated significant growth in both its banking network and its diversified non-interest income streams, including mortgage banking, insurance, and investment services. Strategic acquisitions continued to be a key driver of expansion, with several completed during the year and more pending, enhancing market share and service offerings across its primary geographic footprint. Despite a slowing economy, TFC maintained robust asset and deposit growth, supported by a solid capital position and effective management of interest rate risk. The company's focus on relationship-based lending and a diversified revenue model positions it well for continued success. Investors should note the company's consistent dividend increases and its commitment to shareholder value, as evidenced by its ongoing share repurchase programs and strong capital adequacy ratios.
Mar 15, 2002
2000
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2000
Important note: this filing is BB&T Corporation's (NYSE: BBT) 2000 Form 10-K, filed March 16, 2001, not Truist Financial (TFC). BB&T became part of Truist only in 2019 through its merger with SunTrust. BB&T is a Winston-Salem, North Carolina financial holding company with about $59.3 billion in total assets at December 31, 2000, operating 854 banking offices across the Carolinas, Virginia, Maryland, Georgia, West Virginia, Tennessee, Kentucky and Washington, D.C. Reported 2000 earnings fell to $626.4 million, or $1.55 per diluted share, from $705.6 million, or $1.75, in 1999. The decline reflects roughly $248.6 million in after-tax nonrecurring charges, mainly merger-related costs and a securities portfolio restructuring that produced about $222 million in pretax losses. Excluding these items, management reports net income of $875.1 million, or $2.17 per diluted share. Core operating metrics were solid: net interest income rose to $2.0 billion, the FTE net interest margin was 4.19% (down from 4.27%), net charge-offs improved to 0.25% of average loans, and nonperforming assets were a low 0.33% of total assets. Noninterest income fell 11.2% to $777.0 million, largely because of the securities losses. Capital remained strong, with a Tier 1 risk-based ratio of 9.3%, a total risk-based ratio of 12.0%, and a leverage ratio of 7.1%, all well above regulatory thresholds for well-capitalized status. Shareholders' equity reached $4.8 billion. The company raised its annual cash dividend 14.7% to $0.86 per share, its 28th consecutive annual increase. BB&T also continued an aggressive acquisition strategy, completing FCNB Corp. in January 2001 and FirstSpartan in March 2001, with pending deals for Century South Banks, Virginia Capital Bancshares and F&M National Corporation.
Mar 16, 2001
1999
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 1999
BB&T Corporation (the filing names the registrant BB&T; the request refers to it as TRUIST FINANCIAL CORP (TFC), which is its successor after the 2019 merger) reported a strong 1999 for its fiscal year ended December 31, 1999. Consolidated net income rose to $612.8 million, or $1.83 per diluted share, up from $543.2 million ($1.63) in 1998. Excluding $46.2 million in after-tax nonrecurring merger charges, net income would have been $659.1 million ($1.97 diluted), a 17.5% increase over the recurring 1998 base. Total assets reached $43.5 billion at year-end, with deposits of $27.3 billion and shareholders' equity of $3.2 billion. Return on average assets was 1.46% and return on average equity was 19.16% on a reported basis. Credit quality improved during the year. Nonperforming assets fell 7.0% to $131.7 million (0.30% of total assets), net charge-offs declined to 0.27% of average loans from 0.31%, and the allowance for loan and lease losses covered 1.33% of loans. The efficiency ratio, excluding nonrecurring items, was 52.7%. Growth came from both organic expansion and a steady pace of acquisitions, including Scott & Stringfellow, Matewan and several pooling-of-interests mergers. Noninterest income rose 31.3% to $761.4 million, driven by investment banking, mortgage banking and insurance commissions. Looking ahead, the company disclosed several pending deals: Hardwick Holding, First Banking Company of Southeast Georgia, and the larger One Valley Bancorp ($6.6 billion in assets), all accounted for as poolings of interests. Risks noted in the filing include higher interest rates that depressed the value of the available-for-sale securities portfolio (a $276.2 million after-tax unrealized loss), margin pressure from share repurchases used to fund acquisitions, and the general execution risk of integrating acquired institutions. The Year 2000 transition was reported as having passed without significant problems, at a total incremental cost of $29.4 million.
Mar 14, 2000
1998
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 1998
BB&T Corporation (NYSE: BBT), a multi-bank holding company headquartered in Winston-Salem, North Carolina, reported 1998 net income of $501.8 million, or $1.71 per diluted share, up from $360.4 million ($1.23) in 1997. Excluding $11.0 million in after-tax nonrecurring merger charges, net income rose 19.7% to $512.8 million. Return on average assets was 1.55% and return on average equity was 19.73% for the year. Total assets reached $34.4 billion at December 31, 1998, up 10% from $31.3 billion, and deposits grew 7.8% to $23.0 billion. Growth was driven substantially by acquisitions, including Life Bancorp, Franklin, Maryland Federal, Dealers' Credit, and W.E. Stanley, and by mortgage origination volume that rose 186% to $5.6 billion. Asset quality improved during the year. Net charge-offs fell to 0.28% of average loans from 0.40% in 1997, nonperforming assets declined 16.7% to $113.4 million, and the allowance for loan and lease losses stood at 1.33% of loans. The net interest margin compressed to 4.34% from 4.46% as the loan mix shifted toward lower-yielding mortgages and as the company repurchased shares issued in acquisitions. The efficiency ratio, excluding nonrecurring items, was 51.6%. Capital remained strong, with a Tier 1 risk-based ratio of 10.0%, total risk-based capital of 14.8%, and a Tier 1 leverage ratio of 6.8%, all well above regulatory minimums. Looking ahead, BB&T disclosed a pipeline of pending poolings and purchases, including MainStreet (completed March 5, 1999), First Citizens, Mason-Dixon, Matewan, and Scott & Stringfellow, and said it expects to continue consolidating through acquisitions paid in stock. Management also reported that Year 2000 remediation was substantially complete on core systems, with total projected costs of about $30 million. Investors should weigh the earnings growth and credit quality improvement against the dilution risk and integration costs inherent in the company's acquisition-driven strategy.
Mar 19, 1999
1997
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 1997
BB&T Corporation (NYSE: BBK), a multi-bank holding company headquartered in Winston-Salem, North Carolina, reported 1997 net income of $359.9 million, or $2.60 per diluted share, up from $330.2 million ($2.38) in 1996. Results were depressed by $115.3 million in pretax merger and conversion charges tied to the July 1997 United Carolina Bancshares (UCB) pooling merger. Excluding those charges, net income would have been $408.6 million, or $2.96 per diluted share, a 17.0% increase in diluted EPS over 1996 on a recurring basis. Total assets grew to $29.2 billion at year-end, and return on average assets on a recurring basis was 1.52%. Credit quality was mixed. Nonperforming assets rose 36.2% to $122.7 million, net charge-offs rose to 0.39% of average loans from 0.30%, and Regional Acceptance, a used-auto lender acquired in 1996, accounted for 24.5% of net charge-offs despite being under 1% of assets. The allowance for loan and lease losses stayed at 1.30% of loans. Capital remained above well-capitalized thresholds, though the Tier 1 risk-based ratio fell to 9.9% from 11.5%, reflecting share repurchases tied to acquisitions. The company also disclosed a $25.6 million pretax unrealized gain on derivatives and a $26 million remaining Year 2000 remediation budget. Looking forward, BB&T has several pending transactions: the Franklin Bancorporation pooling merger (expected Q3 1998), the Maryland Federal Bancorp purchase (expected Q3 1998), and the completed Life Bancorp pooling merger on March 1, 1998. Management also announced a share repurchase plan on February 27, 1998. Investors should weigh strong fee-income growth and margin improvement (net yield on earning assets rose to 4.55%) against rising charge-offs, the dilution and integration risk from a steady acquisition program, and the Year 2000 exposure.
Mar 18, 1998
1996
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 1996
This 10-K for fiscal 1996 was filed on March 17, 1997 by Southern National Corporation (NYSE: SNB), a multi-bank holding company headquartered in Winston-Salem, North Carolina. The filing names Southern National, not Truist Financial Corp. Southern National later became part of BB&T and, through the 2019 BB&T-SunTrust merger, the lineage of Truist. The company operates through Branch Banking and Trust Company subsidiaries in North Carolina, South Carolina and Virginia. Reported 1996 net income rose to $283.7 million, or $2.54 per fully diluted share, from $186.3 million in 1995. The 1995 figure was depressed by about $76 million in after-tax merger and securities-restructuring charges. Excluding a roughly $33 million pre-tax SAIF special assessment, management reports 1996 net income of about $304.9 million, or $2.73 per fully diluted share. Return on average assets was 1.38% and return on average common equity was 17.21%. Balance sheet growth was modest. Total assets reached $21.2 billion and deposits $15.0 billion, while net loans and leases grew about 4.5% as reported (about 10.1% excluding $1.2 billion of mortgage securitizations). Noninterest income rose 28.7% to $297.4 million, driven by service charges, agency insurance commissions and mortgage banking. Noninterest expense fell 4.0% to $654.1 million, but this reflects the absence of 1995 merger costs. Asset quality was stable: nonperforming assets were 0.38% of total assets, net charge-offs were 0.32% of average loans (up from 0.24%), and the allowance covered 1.26% of loans. Capital remained strong, with a Tier 1 risk-based ratio of 11.7%, total risk-based capital of 14.7% and a leverage ratio of 8.0%, all well above regulatory minimums. The main forward-looking items are pending acquisitions. The planned pooling-of-interests merger with United Carolina Bancshares, valued at about $985 million and paid in 1.135 Southern National shares per UCB share, was expected to close by the end of the second quarter of 1997, subject to approval. Other pending deals included Fidelity Financial Bankshares (a purchase), Refloat/Sheffield Financial and Phillips Factors. The company's stated strategy is to build a community-bank franchise through in-market and niche acquisitions, grow fee income toward 30% of revenues, and maintain a 1.25% target return on assets.
Mar 17, 1997
1995
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 1995
Important note: the filing is from Southern National Corporation (Winston-Salem, NC; NYSE: SNB), not Truist Financial. Southern National later became BB&T and, after a 2019 merger with SunTrust, Truist. This 10-K covers fiscal 1995, the year Southern National completed its merger with BB&T Financial Corporation (effective February 28, 1995), which was accounted for as a pooling of interests, so prior-period figures are restated. Reported 1995 net income fell 25% to $178.1 million ($1.66 primary and $1.64 fully diluted EPS) from $236.9 million ($2.26 and $2.21) in 1994. The decline was driven by merger-related charges and securities losses. Pretax nonrecurring merger charges were $108.0 million, and a $19.8 million loss on a securities portfolio restructuring was partly offset by a $12.3 million gain on divested deposits; the net after-tax impact was $76.3 million. Excluding these items, management reports recurring net income of $254.5 million ($2.34 per diluted share), up 7.4%. Total assets reached $20.5 billion, and the company remained well capitalized, with a Tier 1 risk-based ratio of 13.0%, a total risk-based ratio of 14.3%, and a leverage ratio of 7.8%. Credit quality stayed strong by historical standards but began normalizing. Net charge-offs rose to 0.23% of average loans from 0.13%, the provision increased to $31.4 million, and nonperforming assets were $68.4 million (0.33% of total assets). The allowance covered 1.25% of loans. Net interest margin compressed to 4.05% from 4.29% because of aggressive loan and deposit pricing after the merger. Management plans to continue securitizing mortgage loans to reduce concentration, and it expects the securities portfolio to shrink toward a historical 21-25% of assets.
Mar 18, 1996
1993
TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 1993
Southern National Corporation (SNC), a North Carolina multi-bank holding company headquartered in Lumberton, NC, reported strong 1993 results. Net income rose 52% to $72.0 million, and fully diluted EPS climbed 46% to $2.03. Return on average assets was 1.35% and return on average common equity was 17.32%, both above management's minimum goals of 1% and 15%. Total assets grew 18% to $5.9 billion, deposits rose 10% to $4.5 billion, and shareholders' equity reached $503 million. Part of the earnings growth came from a $13.6 million securities gain and a 52% increase in noninterest income. Asset quality improved, with nonperforming assets falling 27% to $21.8 million (0.63% of loan-related assets) and net charge-offs halving to $6.4 million. The efficiency ratio was 59.6%. The company's growth strategy relies heavily on acquisitions. In early 1994 it completed three poolings-of-interests: The First Savings Bank (about $2.0 billion in assets, South Carolina's largest thrift), Regency Bancshares ($263 million), and Home Federal Savings Bank ($98 million). Shareholders approved the issuance of up to 8,305,000 shares for The First at a December 27, 1993 special meeting by an overwhelming margin. Pro forma for these deals, the company has more than $8 billion in assets. Management warned that 1994 would bring consolidation challenges, higher nonperforming assets and loan losses in dollar terms (though still expected below 1.00% of loan-related assets), and a drag on net yield from thrift-type assets. Note that the filing is from Southern National Corporation, which later merged with BB&T to form Truist Financial. The filing date is March 24, 1994 (signature date), with the 10-K dated for fiscal year ended December 31, 1993.
Mar 31, 1994