Early Access

10-KPeriod: FY2014

TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2014

Filed February 25, 2015For Securities:TFCTFC-POTFC-PRTFC-PI

Summary

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.

Financial Highlights

37 data points
Beta

Net Income

$2.21B

EPS (Diluted)

$2.72

Total Assets

$186.83B

Cash & Equivalents

$2.33B

Free Cash Flow

$3.21B

Financial Statements
Beta
Interest Expense$768.00M
Net Income$2.21B
EPS (Basic)$2.76
EPS (Diluted)$2.72
Shares Outstanding (Basic)718.14M
Shares Outstanding (Diluted)728.37M

Key Highlights

  • 1Record net income available to common shareholders of $2.0 billion in 2014, a 28.2% increase year-over-year.
  • 2Significant improvement in credit quality with a 33.4% decline in non-performing assets (NPAs) and a decrease in net charge-offs to 0.46% of average loans.
  • 3Strengthened deposit mix with a 10.0% increase in average non-interest-bearing deposits, improving the average cost of interest-bearing deposits to 0.26%.
  • 4Robust regulatory capital ratios, with Tier 1 risk-based capital at 12.4% and Total Capital at 14.9% at year-end 2014.
  • 5Completed acquisitions of 21 branches in Texas and agreed to acquire Susquehanna Bancshares and The Bank of Kentucky Financial Corporation to expand market reach.
  • 6Consistent dividend payments to shareholders, with a payout ratio between 30% and 50% of basic EPS, and a history of uninterrupted dividends since 1903.
  • 7Navigated a challenging low-interest-rate environment by focusing on cost control, strategic acquisitions, and fee-based income generation.

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