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TFC · TRUIST FINANCIAL CORP

50 filings

10-Q

TFC 10-Q Quarterly Reports

TRUIST FINANCIAL CORP - 50 quarterly reports

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

TFC filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 196 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Deal closed8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Oct ’25Oct ’25
  1. 2026-Q2

    TRUIST FINANCIAL CORP Quarterly Report for Q2 Ended Jun 30, 2026

    Truist Financial Corporation (TFC) reported solid financial results for the second quarter of 2026, demonstrating year-over-year earnings per share growth of 37%. This increase was primarily driven by strong execution of strategic priorities, a notable rise in fee income, robust credit performance, and effective capital management, including returning $1.8 billion to common shareholders through dividends and share repurchases. The company's commitment to deepening client relationships and expanding in attractive markets continues to yield positive outcomes, reflected in improved operating efficiency and profitability. Key financial metrics such as return on average assets and return on average common shareholders' equity saw significant improvement compared to the prior year, indicating a strengthening financial position. Despite a slight decrease in net interest margin (NIM) on a taxable-equivalent basis, the growth in earning assets and loan volumes helped to offset this pressure. Noninterest income saw a substantial increase, particularly driven by investment banking, trading, and wealth management activities, showcasing the diversification of Truist's revenue streams. While noninterest expenses saw a modest increase, primarily due to higher personnel costs, the company is managing these expenses effectively relative to revenue growth. Asset quality remains stable, with nonperforming loans and leases slightly elevated but within manageable levels, and the allowance for credit losses (ALLL) providing adequate coverage.

    Jul 31, 2026
  2. 2026-Q1

    TRUIST FINANCIAL CORP Quarterly Report for Q1 Ended Mar 31, 2026

    Truist Financial Corporation (TFC) reported solid financial results for the first quarter of 2026, demonstrating improved profitability and continued strategic execution. Diluted Earnings Per Share (EPS) saw a notable increase of 25% year-over-year, reaching $1.09. This growth was underpinned by a 2.5% increase in taxable-equivalent net interest income and a significant 11.6% rise in noninterest income, primarily driven by strong performance in investment banking, trading, and wealth management. The company maintained a stable asset quality, with nonperforming loans and leases HFI at 0.50% of total loans and leases, and the allowance for credit losses remaining steady at 1.53% of loans and leases. Truist also actively returned capital to shareholders, with common dividends totaling $645 million and common share repurchases amounting to $1.1 billion, underscoring a commitment to enhancing shareholder value.

    May 1, 2026
  3. 2025-Q3

    TRUIST FINANCIAL CORP Quarterly Report for Q3 Ended Sep 30, 2025

    Truist Financial Corporation (TFC) reported solid third-quarter 2025 results, with net income available to common shareholders increasing slightly by 0.9% year-over-year to $1.3 billion. Diluted earnings per share rose 5.1% to $1.04. The company highlighted strong fee income growth in investment banking and trading, and wealth management, alongside healthy loan expansion. Asset quality remained solid, with nonperforming loans and leases held for investment at 0.48% of total loans and leases. Capital and liquidity ratios were strong, with a preliminary CET1 ratio of 11.0%. Truist continues to return capital to shareholders, declaring common dividends of $0.52 per share and repurchasing $500 million of common stock during the quarter. The company also announced strategic growth investments over the next five years, including branch expansion and digital enhancements.

    Oct 30, 2025
  4. 2025-Q2

    TRUIST FINANCIAL CORP Quarterly Report for Q2 Ended Jun 30, 2025

    Truist Financial Corporation (TFC) reported a strong second quarter of 2025, with net income available to common shareholders increasing by 43% year-over-year to $1.2 billion, translating to $0.90 in diluted EPS. This performance was driven by strategic loan growth and an increase in net interest income, reflecting positive momentum in the company's strategy and investments in talent and technology. The company maintained a strong asset quality and capital position, returning $1.4 billion to shareholders through dividends and share repurchases, with $2.8 billion remaining under its current repurchase authorization. The net interest margin remained stable at 3.02%, supported by growth in earning assets and disciplined management of deposit costs.

    Jul 31, 2025
  5. 2025-Q1

    TRUIST FINANCIAL CORP Quarterly Report for Q1 Ended Mar 31, 2025

    Truist Financial Corporation (TFC) reported solid first-quarter 2025 results, demonstrating resilience amidst market volatility. Net income available to common shareholders increased by 6.0% year-over-year to $1.2 billion, translating to diluted EPS of $0.87, up 7.4%. This performance was driven by a 3.8% increase in taxable-equivalent net interest income, aided by balance sheet repositioning and reinvestment in higher-yielding securities. While noninterest income saw a slight decrease due to lower investment banking and trading revenues, the company effectively managed expenses, with a 1.6% reduction in noninterest expense driven by lower regulatory costs and personnel expenses. Asset quality remained strong, with nonperforming loans and leases held for investment at 0.48%. The company also maintained robust capital ratios, with a CET1 ratio of 11.3%. Truist returned $1.2 billion to shareholders through dividends and share repurchases, underscoring its commitment to capital return while retaining significant remaining authorization for future buybacks. The company continues to focus on strategic growth initiatives, talent and technology investments, and maintaining credit and risk discipline.

    Apr 30, 2025
  6. 2024-Q3

    TRUIST FINANCIAL CORP Quarterly Report for Q3 Ended Sep 30, 2024

    Truist Financial Corporation (TFC) reported a solid third quarter of 2024, demonstrating sequential improvements in profitability and capital management. Net income available to common shareholders increased by 25% year-over-year to $1.3 billion, or $0.99 per diluted share, reflecting an improved net interest margin and strong noninterest income growth. The company successfully executed a balance sheet repositioning following the sale of its insurance holdings (TIH), which, while resulting in a significant after-tax loss in the prior quarter, has contributed to higher yields on its reinvested securities. Asset quality remained stable, with nonperforming loans as a percentage of total loans HFI at 0.48%. The provision for credit losses decreased year-over-year, indicating a more stable credit environment, though net charge-offs saw a slight increase driven by consumer portfolios. Truist also maintained strong capital ratios, with a CET1 ratio of 11.6%, and continued its capital return strategy through dividends and share repurchases. The company announced a redemption of its Series L Preferred Stock, further optimizing its capital structure.

    Nov 1, 2024
  7. 2024-Q2

    TRUIST FINANCIAL CORP Quarterly Report for Q2 Ended Jun 30, 2024

    Truist Financial Corporation (TFC) reported its financial results for the quarter and six months ended June 30, 2024. The company completed the divestiture of its remaining stake in Truist Insurance Holdings (TIH) for approximately $10.1 billion in after-tax proceeds, which resulted in a significant after-tax gain of $4.8 billion. This strategic move strengthened Truist's capital position, with the CET1 ratio rising to 11.6% from 10.1% at the end of the prior quarter. To reposition its balance sheet following the TIH sale, Truist sold approximately $27.7 billion of lower-yielding investment securities, incurring an after-tax loss of $5.1 billion, and reinvested a portion of the proceeds into higher-yielding securities. Net income available to common shareholders for the second quarter of 2024 was $826 million, or $0.62 per diluted share, a decrease from the prior year's $1.3 billion, or $0.92 per diluted share. This decline was largely driven by the significant securities losses and the absence of TIH's earnings contribution. However, excluding these items, the underlying performance showed resilience, with solid momentum in core banking businesses, continued expense discipline, and stabilized client deposits. Asset quality metrics remained within expectations, with nonperforming loans held for investment at 0.46% and an Allowance for Credit Losses (ACLL) to loans ratio of 1.57%. Looking ahead, Truist announced a new $5 billion share repurchase program authorization for 2024-2026 and reiterated its commitment to returning capital to shareholders through dividends and buybacks. The company's capital ratios remain robust, exceeding regulatory requirements.

    Aug 8, 2024
  8. 2024-Q1

    TRUIST FINANCIAL CORP Quarterly Report for Q1 Ended Mar 31, 2024

    Truist Financial Corporation (TFC) reported a net income available to common shareholders of $1.09 billion for the first quarter of 2024, a decrease from $1.41 billion in the prior year's quarter, reflecting a $0.24 or 23% decrease in diluted EPS to $0.81. This decline was influenced by higher funding costs, a decrease in average earning assets, and the impact of a $75 million FDIC special assessment. The company completed the sale of its remaining stake in TIH for approximately $10.1 billion in after-tax cash proceeds, which resulted in an approximate after-tax gain of $4.7 billion and significantly strengthened its capital position. This strategic move allows for greater flexibility and potential capital return to shareholders. Despite a challenging interest rate environment that pressured net interest income and net interest margin, Truist demonstrated expense discipline with a 2.1% decrease in total noninterest expense. Asset quality metrics remained manageable, with nonperforming loans holding relatively stable and the allowance for credit losses at 1.56% of loans and leases. The company also highlighted a strategic balance sheet repositioning post-TIH sale, involving the sale of lower-yielding investment securities, leading to a $5.1 billion after-tax loss in the second quarter of 2024, but generating significant funds for reinvestment at higher yields.

    May 9, 2024
  9. 2023-Q3

    TRUIST FINANCIAL CORP Quarterly Report for Q3 Ended Sep 30, 2023

    Truist Financial Corporation (TFC) reported a net income available to common shareholders of $1.07 billion, or $0.80 per diluted share, for the third quarter of 2023, a decrease from the same period in 2022. This decline was primarily driven by a significant increase in the provision for credit losses, which rose to $497 million from $234 million year-over-year, reflecting an allowance build and higher net charge-offs. Net interest income saw a slight decrease of 4.3% year-over-year, impacted by higher funding costs, although this was partially offset by higher market interest rates. The net interest margin compressed by 17 basis points to 2.95%. Truist continues its transformative efforts to improve financial performance through expense reduction and organizational simplification, aiming for $750 million in gross cost savings. Capital ratios remained strong, with the CET1 ratio at 9.9%, and the company maintained its common stock dividend. Asset quality metrics showed some normalization, with nonperforming loans at 0.46% of total loans, though net charge-offs increased in certain portfolios.

    Oct 31, 2023
  10. 2023-Q2

    TRUIST FINANCIAL CORP Quarterly Report for Q2 Ended Jun 30, 2023

    Truist Financial Corporation (TFC) reported mixed financial results for the second quarter of 2023, with net income available to common shareholders down 15.1% year-over-year to $1.2 billion, or $0.92 per diluted share. This decline was primarily driven by increased funding costs and lower capital markets activity, partially offset by record insurance income. Despite revenue headwinds, the company strengthened its balance sheet, with its CET1 capital ratio increasing to 9.6% due to the minority stake sale in IH and organic capital generation. The company prudently increased its provision for credit losses to $538 million, reflecting higher net charge-offs and an updated economic outlook, leading to a slight deterioration in asset quality metrics, particularly in the CRE and commercial and industrial portfolios. However, Truist maintained a strong liquidity position with $178 billion in available liquidity and a Loans to Deposits ratio of 112% for the quarter. Management is also actively addressing cost structures and pursuing efficiency opportunities to adapt to the evolving economic environment.

    Jul 31, 2023
  11. 2023-Q1

    TRUIST FINANCIAL CORP Quarterly Report for Q1 Ended Mar 31, 2023

    Truist Financial Corporation (TFC) reported a solid first quarter of 2023, demonstrating resilience in a challenging banking environment. Net income available to common shareholders rose by 6.3% year-over-year to $1.4 billion, with diluted EPS increasing to $1.05. The company's net interest income saw a significant 22% increase driven by higher interest rates and loan growth, though this was partially offset by rising funding costs. Noninterest income also grew, primarily fueled by insurance and mortgage banking activities. Asset quality remained strong with nonperforming loans stable at 0.36% of total loans. The company maintained robust capital and liquidity positions, with a CET1 ratio of 9.1% and an average LCR of 113%. A key strategic move during the quarter was the sale of a 20% stake in Truist Insurance Holdings for $1.95 billion, announced shortly after the quarter's end, which is expected to enhance strategic and financial flexibility.

    May 1, 2023
  12. 2022-Q3

    TRUIST FINANCIAL CORP Quarterly Report for Q3 Ended Sep 30, 2022

    Truist Financial Corporation's (TFC) third-quarter 2022 results show a mixed financial performance. While the company experienced strong loan growth and significant net interest margin expansion driven by higher market interest rates, this was partially offset by a challenging market environment that impacted capital markets-related revenue. Net income available to common shareholders decreased by 5.0% year-over-year to $1.5 billion, resulting in diluted EPS of $1.15. The company demonstrated prudent risk management with excellent asset quality metrics, and maintained strong capital and liquidity levels, with a CET1 ratio of 9.1% and an average LCR of 111%. Strategic initiatives including the launch of "Truist One Banking" and "Truist Assist" underscore a continued focus on digital enhancement and client experience.

    Oct 31, 2022
  13. 2022-Q2

    TRUIST FINANCIAL CORP Quarterly Report for Q2 Ended Jun 30, 2022

    Truist Financial Corporation (TFC) reported its financial results for the second quarter ending June 30, 2022. The company demonstrated resilience in a volatile market, driven by broad-based loan growth and an expanded net interest margin, benefiting from rising interest rates and a strong deposit franchise. Despite a slight year-over-year decrease in net income available to common shareholders, primarily due to a favorable provision for credit losses in the prior year, TFC's operational performance remained robust. Key financial indicators show a healthy balance sheet with total assets increasing to $545.1 billion. The company maintained strong capital and liquidity levels, with a CET1 ratio of 9.2% and an average LCR of 110%. Management highlighted strategic investments in talent and technology to drive future growth and expressed confidence in the company's ability to perform across different economic environments, supported by a diverse business mix and solid capital position. Following positive CCAR stress test results, Truist announced an 8% increase in its quarterly cash dividend.

    Aug 1, 2022
  14. 2022-Q1

    TRUIST FINANCIAL CORP Quarterly Report for Q1 Ended Mar 31, 2022

    Truist Financial Corporation (TFC) reported a net income available to common shareholders of $1.3 billion for the first quarter of 2022, a slight increase from the prior year period, with diluted EPS of $0.99. While revenues saw a decrease driven by challenging environments in investment banking and mortgage, the company highlighted its solid financial results and a favorable credit environment, leading to a benefit from the provision for credit losses. The company successfully completed its major core bank conversion in Q1 2022, consolidating under a single brand and system. This integration milestone allows Truist to now focus on 'executional excellence' and purposeful growth. Despite market volatility and geopolitical uncertainty, Truist remains confident in its outlook, supported by expectations of higher interest rates and a diverse business model. Key financial metrics show total assets at $544.0 billion, an increase of 0.5% from year-end 2021, with total deposits growing 2.8% to $428.3 billion. The company maintained strong capital and liquidity positions, with a CET1 ratio of 9.4% and an average LCR of 111%. Truist also demonstrated a commitment to its community benefits plan and ESG initiatives.

    May 5, 2022
  15. 2021-Q3

    TRUIST FINANCIAL CORP Quarterly Report for Q3 Ended Sep 30, 2021

    Truist Financial Corporation reported a strong third quarter of 2021, with net income available to common shareholders increasing by 51% year-over-year to $1.6 billion, translating to diluted earnings per share of $1.20. This performance was driven by robust noninterest income, particularly from wealth management, insurance brokerage, and investment banking, bolstered by improving economic conditions. The company successfully migrated approximately 7 million clients to its new technology ecosystem, a significant integration milestone. Provision for credit losses was a benefit of $324 million, reflecting a reserve release due to a more favorable economic outlook and strong credit performance, with nonperforming assets remaining low at 0.23% of total assets. Total assets grew to $529.9 billion, largely due to increased investment securities driven by substantial deposit growth. While total loans and leases saw a slight decrease, asset quality remained excellent. Truist maintained a strong capital position, with a CET1 ratio of 10.1%, and continued its capital deployment strategy, including share repurchases and preferred stock redemptions, while also announcing the planned acquisition of Service Finance, LLC. The company reaffirmed its commitment to achieving $1.6 billion in net cost savings by the end of 2022.

    Nov 2, 2021
  16. 2021-Q2

    TRUIST FINANCIAL CORP Quarterly Report for Q2 Ended Jun 30, 2021

    Truist Financial Corporation (TFC) reported solid financial results for the second quarter of 2021, showcasing significant progress on merger integration and a strong commitment to client and community support. Net income available to common shareholders rose 73% year-over-year to $1.6 billion, translating to diluted earnings per share of $1.16, up from $0.67 in the prior year period. The company saw robust deposit growth, leading to an increase in total assets to $522.0 billion. Despite a decrease in net interest income due to lower purchase accounting accretion and interest rates, Truist's net interest margin remained stable, supported by effective management of funding costs and growth in noninterest-bearing deposits. Noninterest income showed strength, driven by record revenues in insurance, wealth management, card and payment fees, and commercial real estate, with investment banking also performing well. The provision for credit losses was a benefit of $434 million, reflecting an improving economic outlook and lower loan balances, and the net charge-off ratio reached a post-financial crisis low. The company maintained strong capital and liquidity ratios, with a CET1 ratio of 10.2% and an average LCR of 113%, demonstrating its resilience and capacity for future capital deployment, including planned share repurchases and strategic acquisitions.

    Aug 6, 2021
  17. 2021-Q1

    TRUIST FINANCIAL CORP Quarterly Report for Q1 Ended Mar 31, 2021

    Truist Financial Corporation (TFC) reported solid financial results for the first quarter of 2021, demonstrating resilience and progress in its post-merger integration. Net income available to common shareholders increased by 35.3% year-over-year to $1.3 billion, translating to diluted EPS of $0.98. Total revenue stood at $5.5 billion, a slight decrease from the prior year primarily due to a drop in net interest income, which was partly offset by a significant increase in noninterest income. The bank saw substantial growth in deposits, driven by government stimulus programs, reaching $395.6 billion. The company is making significant strides in its merger integration efforts, reaffirming its commitment to achieve $1.6 billion in net cost savings and successfully completing key transitions in wealth management and mortgage operations. Truist also highlighted its commitment to clients, teammates, and communities, including its role in PPP lending, employee diversity initiatives, and issuing its first social bond. Asset quality remained stable, with nonperforming assets at 0.25% of total assets, and capital ratios remained strong, with a CET1 ratio of 10.1%.

    May 3, 2021
  18. 2020-Q3

    TRUIST FINANCIAL CORP Quarterly Report for Q3 Ended Sep 30, 2020

    Truist Financial Corporation (TFC) reported its third-quarter 2020 financial results, demonstrating resilience amidst the ongoing COVID-19 pandemic and the significant integration of the merger with SunTrust. Net income available to common shareholders saw a substantial increase of 45.3% year-over-year, reaching $1.1 billion, though diluted EPS decreased to $0.79 from $0.95 in the prior year's quarter. This divergence was influenced by higher merger-related and restructuring charges, incremental operating expenses, and a significant increase in the provision for credit losses. The company's total assets grew to $499.2 billion, driven by increases in interest-bearing deposits with banks, securities, and loans. Deposits also saw robust growth, increasing by $36.0 billion year-over-year, supported by government stimulus programs and a flight to quality. Despite a decrease in Net Interest Margin (NIM) to 3.10% due to lower interest rates, the company's diversified noninterest income streams, particularly insurance and wealth management, showed strong growth, bolstered by the merger's scale. Truist maintained strong capital and liquidity positions, with a CET1 ratio of 10.0% and an average Liquidity Coverage Ratio (LCR) of 117%. The company's proactive management of credit risk, evidenced by a higher ALLL to nonperforming loans coverage ratio, and its commitment to client and community support during the pandemic, highlight its strategic focus.

    Nov 2, 2020
  19. 2020-Q2

    TRUIST FINANCIAL CORP Quarterly Report for Q2 Ended Jun 30, 2020

    Truist Financial Corporation (TFC) reported its second quarter 2020 results, marked by significant merger integration activities and the ongoing impact of the COVID-19 pandemic. The company saw a notable increase in total assets, driven by loan growth and higher balances held at the Federal Reserve. Despite a decline in net interest margin due to the low-interest-rate environment, overall revenue grew, supported by strong noninterest income streams, particularly in residential mortgage banking and insurance. The provision for credit losses saw a substantial increase, reflecting the economic stress from COVID-19 and the adoption of the CECL methodology. Truist maintained a strong capital and liquidity position throughout the quarter, taking proactive steps to support clients and teammates during the pandemic, including significant participation in the Paycheck Protection Program (PPP).

    Aug 4, 2020
  20. 2020-Q1

    TRUIST FINANCIAL CORP Quarterly Report for Q1 Ended Mar 31, 2020

    Truist Financial Corporation (TFC) reported its first quarter 2020 results, a period significantly impacted by the onset of the COVID-19 pandemic and the ongoing integration of the merger with SunTrust. Total assets grew to $506.2 billion from $473.1 billion at year-end 2019, largely driven by increased loans and deposits as clients drew on credit lines and retained cash. Net income available to common shareholders was $986 million, or $0.73 per diluted share, a decrease from the prior year's $798 million, or $0.97 per diluted share. The significant increase in the provision for credit losses to $893 million from $155 million in the prior year reflects the economic downturn and the adoption of the Current Expected Credit Losses (CECL) methodology, which added $3.1 billion to the allowance for loan and lease losses. Noninterest income saw substantial growth, driven by merger-related activities and strong performance in residential mortgage banking and insurance. Despite the challenging economic environment, Truist maintained strong capital and liquidity ratios, with a CET1 ratio of 9.3% and an average LCR of 117%. The company actively supported clients through payment relief programs and participation in government initiatives like the Paycheck Protection Program. Merger integration activities continued, including brand launch and headquarters relocation, alongside efforts to achieve cost savings. Management is closely monitoring the evolving impact of COVID-19 and has implemented qualitative adjustments to its credit loss estimates to account for the significant uncertainty.

    May 8, 2020
  21. 2019-Q3

    TRUIST FINANCIAL CORP Quarterly Report for Q3 Ended Sep 30, 2019

    This Form 10-Q from BB&T Corporation (the filer; it became Truist Financial after its merger with SunTrust, which was pending at filing) reports third-quarter 2019 net income of $828 million, down 1.3% from $839 million a year earlier. Net income available to common shareholders was $735 million, and diluted EPS was $0.95, down $0.06. The decline reflects $34 million of merger and restructuring charges, $52 million of incremental merger-related operating expenses, and a $46 million reduction to common earnings from redeeming higher-cost preferred stock. Nine-month diluted EPS rose to $3.00 from $2.94. Total revenue on a taxable-equivalent basis was $3.0 billion, up $73 million, while net interest margin compressed 10 basis points to 3.37% as funding costs rose faster than asset yields. Noninterest income grew 5.2%, led by insurance income (up 8.7%) and mortgage banking, partly offset by lower SBIC private equity income. Credit quality remained stable. Nonperforming loans were 0.30% of loans held for investment, unchanged from the prior quarter, and the provision for credit losses fell to $117 million from $135 million, helped by a $4.3 billion residential mortgage loan sale. Net charge-offs were 0.41% of average loans, up six basis points year over year. Capital remained strong, with CET1 at 10.6% and tangible common equity per share of $24.66. Management suspended share repurchases ahead of the merger, and common dividends were $0.45 per share with a 46.9% payout ratio. The most important forward-looking items for investors are the pending all-stock merger with SunTrust (1.295 BB&T shares per SunTrust share, targeted for Q4 2019, with a roughly $1.1 billion break fee), the expected CECL adoption on January 1, 2020, where parallel testing indicates a 30% to 50% increase in the allowance for credit losses, and a planned sale of $7.2 billion of agency MBS in Q4 2019 that is expected to produce a pre-tax loss of about $95 million.

    Oct 25, 2019
  22. 2019-Q2

    TRUIST FINANCIAL CORP Quarterly Report for Q2 Ended Jun 30, 2019

    BB&T Corporation's second-quarter 2019 10-Q (filed July 31, 2019) shows steady earnings growth. Net income was $885 million and net income available to common shareholders was $842 million, or $1.09 diluted EPS, up $0.10 from $0.99 a year earlier. Six-month diluted EPS was $2.06 versus $1.93. Growth came from fee income, especially insurance, which rose 17.7% to $566 million after the Regions Insurance acquisition. Net interest income rose modestly to $1.69 billion, but net interest margin slipped 3 basis points to 3.42% as funding costs rose faster than asset yields. Credit costs edged up, with the provision at $172 million and annualized net charge-offs at 0.38%, while nonperforming loans improved to 0.30% of loans. Noninterest expense rose 1.8% to $1.75 billion, including $23 million of merger-related charges. The dominant story is the pending all-stock merger-of-equals with SunTrust, which BB&T and SunTrust shareholders approved on July 30, 2019. Each SunTrust share will convert into 1.295 BB&T shares, and the combined company will be named Truist Financial Corporation. Closing is expected in late Q3 or Q4 2019, pending remaining regulatory approvals. A roughly $1.1 billion break-up fee applies in customary circumstances. BB&T has suspended share repurchases because of the merger, and the board approved an 11.1% dividend increase to $0.45 per share. Capital remains solid, with CET1 at 10.3% and tangible common equity per share of $23.93. The main risk to flag is CECL, effective January 1, 2020, which management says could materially raise the allowance for credit losses, a figure not yet quantified. Note on naming: the registrant in this filing is BB&T Corporation (ticker BBT), not Truist. The filing's references to Truist describe the combined company formed by the pending merger.

    Jul 31, 2019
  23. 2019-Q1

    TRUIST FINANCIAL CORP Quarterly Report for Q1 Ended Mar 31, 2019

    BB&T Corporation's first-quarter 2019 10-Q shows steady core earnings with a sharp rise in merger-related costs ahead of its pending all-stock merger of equals with SunTrust. Net income was $798 million and diluted EPS was $0.97, up $0.03 year over year. Net income available to common shareholders was $749 million. Net interest margin widened to 3.51%, up 7 basis points, as higher loan yields outpaced rising funding costs. Noninterest income rose 1.9% to $1.2 billion, led by record insurance income of $510 million, which was up 17%. Mortgage banking income fell 36%. Expenses rose 4.9% to $1.77 billion. Merger-related and restructuring charges reached $80 million, versus $28 million a year earlier. Excluding those charges, expense growth was modest at about $30 million. Credit quality remained stable. Nonperforming loans were 0.35% of loans, unchanged from year-end, and net charge-offs were 0.40% of average loans. The ALLL covered nonperforming loans 2.97 times. Capital is strong, with a CET1 ratio of 10.3% (preliminary) and tangible book value per common share of $22.78. Book value per common share was $36.26. The SunTrust merger is expected to close in late Q3 or Q4 2019. SunTrust shareholders will receive 1.295 BB&T shares for each SunTrust share, and a roughly $1.1 billion break-up fee applies in customary circumstances. BB&T has suspended share repurchases until the merger closes, and it has disclosed a new accounting standard (CECL) that could materially increase its allowance for credit losses.

    Apr 30, 2019
  24. 2018-Q3

    TRUIST FINANCIAL CORP Quarterly Report for Q3 Ended Sep 30, 2018

    BB&T Corporation (TFC, following its 2019 merger with SunTrust) reported third-quarter 2018 net income available to common shareholders of $789 million, or $1.01 per diluted share, up $0.27 from $0.74 a year earlier. Annualized return on average assets was 1.49% and return on average common equity was 11.69%, versus 1.16% and 8.82% in the prior-year quarter. Results were supported by the July 2, 2018 acquisition of Regions Insurance, which contributed $33 million of noninterest income in the quarter, and by the lower federal tax rate under tax reform, which pushed the effective tax rate down to 20.0% from 31.2%. Nine-month net income rose 40% to $2.45 billion, though much of that comparison benefits from a $392 million debt extinguishment loss recorded in 2017. Core spread trends were mixed. Net interest income on a TE basis rose $26 million to $1.7 billion, but net interest margin slipped one basis point to 3.47% as funding costs rose faster than asset yields. Total deposit costs climbed 20 basis points and long-term debt costs rose 70 basis points year over year. Noninterest income grew 6.3% to $1.24 billion, led by insurance income, while mortgage banking income fell 31% on lower gain-on-sale margins. Credit quality remained stable: nonperforming loans were 0.37% of loans held for investment, the ALLL covered NPLs 2.86 times, and net charge-offs were 0.35% of average loans, flat year over year. Balance sheet and capital remained solid. Total assets were $222.9 billion, shareholders' equity was $30.0 billion, and book value per common share reached $34.90. The Company repurchased $200 million of stock in the quarter, and its CET1 ratio was 10.2%, comfortably above the operating target. Deposits fell $2.8 billion year to date while short-term borrowings rose $4.7 billion, a funding mix shift that management expects to pressure net interest income if rate increases continue.

    Oct 26, 2018
  25. 2018-Q2

    TRUIST FINANCIAL CORP Quarterly Report for Q2 Ended Jun 30, 2018

    This is BB&T Corporation's Form 10-Q for the quarter ended June 30, 2018, filed July 27, 2018. The filing predates the 2019 BB&T and SunTrust merger that created Truist Financial, so the 'TFC' label refers to the same bank under its former name. Q2 2018 net income was $822 million, and net income available to common shareholders was $775 million, or $0.99 diluted EPS, up from $0.77 a year earlier. The improvement came mainly from a lower federal tax rate after tax reform: the effective tax rate fell to 19.7% from 31.1%. Net interest income was flat at $1.66 billion, with net interest margin slipping to 3.45% from 3.47% as deposit and funding costs rose. Noninterest income was flat at $1.22 billion, and noninterest expense fell 1.2% to $1.72 billion, with merger and restructuring charges rising to $24 million. Credit quality remained strong. Net charge-offs were 0.30% of average loans, down from 0.37% a year earlier, and nonperforming loans were 0.38% of loans held for investment, down four basis points from the prior quarter. The provision for credit losses was $135 million, flat year over year. Loans held for investment grew to $146.2 billion, and deposits rose to $159.5 billion, while the balance sheet expanded to $222.7 billion in total assets. Capital remained comfortable, with a CET1 ratio of 10.2% and tangible book value per share of $21.26. The board approved a dividend increase to $0.405 per quarter and a new $1.7 billion share repurchase authorization for the year ending June 30, 2019. The company also completed the Regions Insurance acquisition on July 2, 2018, which was a subsequent event. For investors, the key points are solid earnings growth driven by tax relief rather than operating leverage, stable credit, and continued capital return. Watch the margin pressure from rising deposit costs, the sizable unrealized losses on the securities portfolio tied to higher rates (AOCI of -$1.7 billion), and the ongoing BSA/AML remediation with the Federal Reserve.

    Jul 27, 2018
  26. 2018-Q1

    TRUIST FINANCIAL CORP Quarterly Report for Q1 Ended Mar 31, 2018

    Truist Financial Corp. (TFC), formerly BB&T Corporation, reported solid financial results for the first quarter of 2018, demonstrating an increase in net income available to common shareholders to $745 million, up significantly from $378 million in the prior year's quarter. Diluted EPS rose to $0.94 from $0.46, reflecting improved profitability. Total revenues on a taxable-equivalent basis reached $2.8 billion, a slight increase year-over-year. The company successfully managed its net interest margin at 3.44%, closely mirroring the previous year's 3.46%. Despite a modest increase in nonperforming assets, overall asset quality remained strong with a stable provision for credit losses and net charge-offs. Key operational highlights include a significant reduction in noninterest expense, largely due to the absence of a large debt extinguishment loss recorded in the prior year, alongside effective expense control measures. The company's capital position remains robust, with a CET1 capital ratio of 10.2% at quarter-end. Truist also announced its intention to acquire Regions Insurance, a strategic move aimed at expanding its insurance network. The company's proactive capital management, including a dividend increase and share repurchases, underscores its commitment to shareholder value.

    Apr 30, 2018
  27. 2017-Q3

    TRUIST FINANCIAL CORP Quarterly Report for Q3 Ended Sep 30, 2017

    BB&T Corporation (the filing's registrant, which later merged with SunTrust to form Truist) reported third-quarter 2017 net income of $648 million, and net income available to common shareholders of $597 million, or $0.74 per diluted share, up $0.01 from a year earlier. Net interest income rose 2.3% to $1.65 billion, and net interest margin widened to 3.48% from 3.39%, driven by higher loan yields and deposit spreads. Credit quality improved: the provision for credit losses fell to $126 million from $148 million, net charge-offs were 0.35% of average loans, and nonperforming assets declined to $680 million from $813 million at year-end 2016. Noninterest income was flat at $1.17 billion, and noninterest expense rose 2% to $1.75 billion. Year-to-date results were weaker. Nine-month net income of $1.75 billion was down 3% from 2016, and diluted EPS fell to $1.97 from $2.05, mainly because of a $392 million pre-tax loss on early extinguishment of higher-cost FHLB advances in the first quarter. Excluding that charge, earnings would have been higher. Total assets were $220.3 billion, and loans held for investment were $142.8 billion, slightly down from year-end. Deposits fell $4.1 billion while short-term borrowings rose $6.5 billion. Capital remained strong, with a CET1 ratio of 10.1% and tangible common equity per share of $20.78. The board raised the quarterly dividend 10% to $0.33, and the company repurchased $920 million of stock in the quarter under a new $1.88 billion, one-year authorization. Management also disclosed a $2.3 billion debt issuance in October 2017, and noted that its commercial loan system implementation and lower-yielding portfolio runoff in sales finance and residential mortgages are reshaping balance sheet mix.

    Oct 27, 2017
  28. 2017-Q2

    TRUIST FINANCIAL CORP Quarterly Report for Q2 Ended Jun 30, 2017

    BB&T Corporation (the filing's document is BB&T's Form 10-Q for the quarter ended June 30, 2017, filed in July 2017; the request references Truist Financial, which is the successor company after the 2019 merger) reported second-quarter 2017 net income available to common shareholders of $631 million, up $90 million from the year-earlier quarter, and diluted EPS of $0.77 versus $0.66. Results were supported by a $64 million year-over-year swing in FDIC loss share income, higher insurance income from the Swett & Crawford acquisition, and higher bankcard fees, partly offset by lower mortgage banking income and a $16 million benefit from PCI loans in the provision. Net interest margin improved to 3.47% from 3.41%, and asset quality continued to improve, with nonperforming assets falling to $690 million from $813 million at year-end 2016 and net charge-offs at 0.37% of average loans, up from 0.28% a year earlier. For the first half of 2017, net income was $1.1 billion, but results were depressed by a $392 million pre-tax loss on early extinguishment of debt from terminating $2.9 billion of higher-cost FHLB advances. Total assets were $221.2 billion, loans HFI were $143.6 billion, and deposits were $157.0 billion, down $3.3 billion for the half, with short-term borrowings rising $4.7 billion to $6.1 billion. Capital remained strong. The preliminary CET1 ratio was 10.3%, tangible common equity per share rose to $20.86, and the Board approved a quarterly dividend increase of $0.03 to $0.33 and up to $1.88 billion of share repurchases from the third quarter of 2017 through the second quarter of 2018. The company also entered a $920 million accelerated share repurchase agreement on July 20, 2017, expected to complete in the third quarter.

    Jul 28, 2017
  29. 2017-Q1

    TRUIST FINANCIAL CORP Quarterly Report for Q1 Ended Mar 31, 2017

    BB&T Corporation (TFC, which merged with SunTrust in 2019 to form Truist; this filing predates that) reported first-quarter 2017 net income available to common shareholders of $378 million, or $0.46 diluted EPS, down from $527 million ($0.67) a year earlier. The decline was driven almost entirely by a $392 million pre-tax loss on the early extinguishment of higher-cost FHLB advances ($2.9 billion par value), along with $36 million of merger-related charges. Excluding these one-time items, underlying results were considerably stronger. Net interest margin widened modestly to 3.46% from 3.43%, and net interest income rose 5% to $1.6 billion, largely reflecting acquisitions such as National Penn (April 2016). Noninterest income grew 15% to $1.17 billion, led by insurance income tied to the Swett & Crawford acquisition. Credit quality remained stable. Nonperforming assets declined to $801 million from $813 million at year-end 2016, and the provision for credit losses fell to $148 million from $184 million a year earlier. Net charge-offs were 0.42% of average loans, versus 0.46% in the prior-year quarter, which included $30 million of energy-related charge-offs. The ACL held at $1.6 billion, or 1.04% of loans held for investment. Capital remained strong, with a CET1 ratio of 10.3%, a book value per common share of $33.19, and $160 million of share repurchases during the quarter. Key watch items for investors include expense growth (noninterest expense rose 37% to $2.1 billion, though this figure includes the debt extinguishment loss), the tax rate of 19.6% (aided by $35 million of excess equity-compensation tax benefits), and the pending adoption of CECL, which management expects will materially increase the allowance for credit losses.

    Apr 24, 2017
  30. 2016-Q3

    TRUIST FINANCIAL CORP Quarterly Report for Q3 Ended Sep 30, 2016

    BB&T Corporation (TFC) reported Q3 2016 net income available to common shareholders of $599 million, or $0.73 diluted EPS, up $107 million and $0.09 per share from Q3 2015. Results were driven largely by acquisitions: National Penn (closed April 1, 2016, $1.6 billion consideration, $6.6 billion of deposits) and Swett & Crawford (insurance broker, $465 million cash). Net interest margin widened modestly to 3.39% from 3.35%, total revenues on a TE basis rose $325 million year over year, and noninterest income increased $176 million, reflecting higher insurance income and a $40 million improvement in FDIC loss share income. Noninterest expense rose $117 million to $1.7 billion, mainly from personnel costs tied to acquired staff (about 2,660 added FTEs). Quarterly return on average assets was 1.15% and return on average common equity was 8.87%, both improved from the prior year. Credit quality showed some pressure. The quarterly provision for credit losses rose to $148 million from $103 million, and nonperforming loans increased to 0.53% of loans from 0.42% at year-end 2015, largely from a $206 million downgrade of commercial and industrial loans in the energy portfolio (about $1.3 billion exposure, 11.5% reserved). Net charge-offs were 0.37% of average loans for the quarter. The allowance for credit losses reached $1.6 billion. Management also disclosed one-time items that partly offset each other in Q3: an $18 million pre-tax expense from terminating FDIC loss share agreements (for a roughly $230 million payment), a net $73 million benefit from settling FHA mortgage matters, and a $50 million charitable contribution. Capital remained solid. Common equity tier 1 was 10.1% (preliminary, transitional basis), book value per common share was $33.27, and tangible common equity per share was $20.31. Common shareholders' equity grew with the acquisitions and earnings. BB&T repurchased $160 million of stock in Q3 under a $640 million one-year authorization and raised its quarterly dividend by $0.02 to $0.30. Investors should weigh the acquisition-driven growth and improved returns against the rising energy-related credit costs and the higher expense base.

    Oct 24, 2016
  31. 2016-Q2-A

    TRUIST FINANCIAL CORP Quarterly Report (Amendment) for Q2 Ended Jun 30, 2016

    Truist Financial Corporation (TFC), formerly BB&T, reported solid financial performance for the second quarter of 2016, with net income available to common shareholders increasing to $541 million, or $0.66 per diluted share, up from $454 million, or $0.62 per diluted share, in the prior year period. This growth was largely driven by strategic acquisitions, notably the purchase of National Penn and insurance broker CGSC North America Holdings Corporation (Swett & Crawford), which contributed significantly to a 17.8% increase in average earning assets and a 17.2% rise in total revenues. The company also saw an improvement in its net interest margin, which rose to 3.41% from 3.27% in the prior year quarter, benefiting from higher yields on the loan and securities portfolios, primarily due to the impact of purchase accounting from acquisitions. While noninterest income saw a boost from the insurance acquisition, provision for credit losses increased due to energy lending exposure and issues in the nonprime auto lending portfolio, though net charge-offs remained relatively stable year-over-year. Overall, TFC demonstrated resilience and growth, successfully integrating new businesses while maintaining a strong capital position and a commitment to shareholder returns through dividends and share buybacks.

    Jul 28, 2016
  32. 2016-Q2

    TRUIST FINANCIAL CORP Quarterly Report for Q2 Ended Jun 30, 2016

    BB&T Corporation (TFC) reported second-quarter 2016 net income available to common shareholders of $541 million, or $0.66 diluted EPS, up from $454 million ($0.62) a year earlier. Results were lifted by acquisitions: National Penn (closed April 1, 2016, about $1.6 billion in consideration, $6.0 billion in loans, $6.6 billion in deposits) and Swett & Crawford (a $465 million insurance broker purchase). Net interest margin rose to 3.41% from 3.27%, total assets reached $221.9 billion, and total loans HFI grew to $142.2 billion. Noninterest income rose $111 million year over year, driven by insurance income. Noninterest expense climbed to $1.8 billion, including $92 million of merger-related and restructuring charges. The effective tax rate was 30.0%, versus 13.8% in the prior-year quarter, which benefited from a $107 million tax reversal. Credit quality showed some pressure. Nonperforming loans rose to 0.56% of loans from 0.42% at year-end 2015, driven by a first-quarter downgrade of $206 million in energy-related commercial and industrial loans. The ALLL covered 1.06% of loans, and the ratio of ALLL to NPLs fell to 1.90x from 2.53x. Second-quarter net charge-offs were $97 million, or 0.28% of average loans, which was stable year over year. Capital remained strong, with a Basel III common equity Tier 1 ratio of 10.0%. The board raised the quarterly dividend from $0.02 to $0.30 and authorized up to $640 million of share buybacks beginning in the third quarter of 2016, after the Federal Reserve did not object to the company's capital plan. For investors, the quarter reflects a larger, acquisition-driven franchise with higher revenue and expenses, a margin improvement, and a credit-quality watch item in energy and commercial lending. The capital return program is the most notable change in shareholder payout.

    Jul 27, 2016
  33. 2016-Q1

    TRUIST FINANCIAL CORP Quarterly Report for Q1 Ended Mar 31, 2016

    BB&T Corporation's first-quarter 2016 10-Q shows a bank that is growing through acquisitions while credit quality weakened in the energy portfolio. Net income available to common shareholders was $527 million, up $39 million from the first quarter of 2015, but diluted EPS was flat at $0.67. Total revenue on an FTE basis rose $240 million to $2.6 billion, largely from 2015 deals including Susquehanna, net interest margin widened to 3.43% from 3.33%, and average earning assets grew 12.4%. Much of the top-line growth reflects purchased businesses rather than organic expansion, and per-share earnings did not improve because share count increased from roughly 722 million to 781 million weighted average basic shares. Credit costs were the main drag. The provision for credit losses rose to $184 million from $99 million, net charge-offs reached 0.46% of average loans versus 0.34% a year earlier, and nonperforming assets climbed to $903 million from $712 million at year-end 2015. Management attributed about $58 million of the provision and $30 million of charge-offs to energy lending, and a $206 million commercial NPL downgrade following a shared national credit review drove most of the NPA increase. The ALLL covered nonperforming loans 1.89 times, down from 2.53 times at year-end, so reserve coverage thinned even as the allowance rose in dollar terms. Capital and liquidity remained solid. Common equity Tier 1 was 10.4% on a transitional basis, tangible common equity per share increased to $20.36, and BB&T issued $465 million of Series H preferred stock in March. Subsequent events are material: on April 1, 2016 the company closed the $1.6 billion National Penn acquisition, which adds $9.6 billion in assets, and bought Swett & Crawford for $500 million in cash. These deals will change the balance sheet and integration risk profile in the coming quarters.

    Apr 29, 2016
  34. 2015-Q3

    TRUIST FINANCIAL CORP Quarterly Report for Q3 Ended Sep 30, 2015

    BB&T Corporation (the filing is labeled BB&T, ticker in the prompt is TFC; the pre-merger entity later became Truist) reported third-quarter 2015 net income available to common shareholders of $492 million, down $20 million from the year-earlier quarter, and diluted EPS of $0.64 versus $0.70. Results were pressured by a higher effective tax rate (29.4% versus 23.7%, which lapped a $50 million IRS-related benefit in Q3 2014), a $77 million merger-related charge, and a $100 million provision for credit losses excluding PCI loans, which rose from $46 million because of a reserve release in the prior-year quarter. Net interest income rose 8.4% to $1.46 billion on the August 1, 2015 Susquehanna acquisition, but net interest margin compressed to 3.35% from 3.38%. The balance sheet grew substantially. Total assets reached $208.8 billion, loans HFI $135.5 billion, and deposits $147.8 billion, largely from Susquehanna ($12.9 billion in loans, $14.1 billion in deposits) and The Bank of Kentucky. Goodwill rose to $8.5 billion and intangibles to $700 million. Credit quality remained sound: NPAs fell to 0.55% of loans plus foreclosed property from 0.65% at year-end 2014, and annualized net charge-offs were 0.32%. Capital is adequate, with a Basel III common equity Tier 1 ratio of 10.1% against an 8.5% BB&T target, and the company signed an agreement to acquire National Penn Bancshares, expected to close in 2016. For investors, the key trade-off is that the Susquehanna deal and organic loan growth lifted scale and revenue, while near-term earnings were flat to down. Share count rose about 8% to 780 million shares at period end, which diluted per-share results. Insurance income fell after the sale of American Coastal, and FDIC loss-share income and the Susquehanna integration will shape results into 2016.

    Oct 30, 2015
  35. 2015-Q2

    TRUIST FINANCIAL CORP Quarterly Report for Q2 Ended Jun 30, 2015

    This Form 10-Q for the quarter ended June 30, 2015 is filed by BB&T Corporation (ticker BBT; the filing text identifies the registrant as BB&T Corporation, not TRUIST, which did not exist until the 2019 merger with SunTrust). Second-quarter net income available to common shareholders was $454 million, or $0.62 diluted EPS, up from $0.58 a year earlier. Results were helped by a $107 million tax benefit from an appeals court ruling on a foreign tax credit case and were hurt by a $172 million loss on early extinguishment of FHLB advances and a $26 million pre-tax loss on the sale of American Coastal. Net interest margin compressed to 3.27% from 3.43% in the prior quarter, reflecting lower loan yields and runoff of FDIC-acquired loans, while asset quality continued to improve, with NPAs falling to $729 million from $782 million at year-end 2014. Balance sheet growth was driven by the Bank of Kentucky acquisition, which added about $1.6 billion in deposits and $1.2 billion in loans. Total assets reached $191.0 billion, deposits $132.8 billion, and shareholders' equity $25.1 billion. Capital ratios remained strong, with a Basel III common equity Tier 1 ratio of 10.4% and tangible common equity of 8.1% of tangible assets. The company also has a pending acquisition of Susquehanna Bancshares, expected to close August 1, 2015, and has authorized a new repurchase plan of up to 50 million shares, though no shares were repurchased in the quarter.

    Jul 30, 2015
  36. 2015-Q1

    TRUIST FINANCIAL CORP Quarterly Report for Q1 Ended Mar 31, 2015

    BB&T Corporation (the filing is from BB&T, which later merged into Truist; the requested ticker TFC reflects that successor) reported a steady but unspectacular first quarter of 2015. Net income was $547 million, and net income available to common shareholders was $488 million, down $8 million from $496 million a year earlier. Diluted EPS was $0.67 versus $0.68. Total revenue rose $34 million to about $2.3 billion, as a $70 million (7.6%) increase in noninterest income, driven by mortgage banking and a record $440 million in insurance income, offset a $36 million decline in taxable-equivalent net interest income. Net interest margin compressed to 3.33% from 3.52%, reflecting lower loan yields and runoff of higher-yielding FDIC-acquired loans. Credit quality continued to improve. Net charge-offs fell to 0.34% of average loans from 0.56% a year earlier, and nonperforming assets declined to $765 million, or 0.64% of loans and foreclosed property. However, the provision for credit losses rose to $99 million from $60 million, largely because the prior-year quarter included a reserve release. Noninterest expense increased 2.7% to $1.42 billion, mainly on higher personnel costs, including an $18 million increase in qualified pension expense. The effective tax rate was 30.6%. Capital and shareholder returns were the main positives. The Federal Reserve did not object to BB&T's capital plan, which calls for raising the quarterly dividend from $0.24 to $0.27 and authorizing up to $820 million of share repurchases beginning in the third quarter of 2015. Management also closed the purchase of 41 Texas branches from Citigroup ($1.9 billion in deposits), and it has pending acquisitions of Susquehanna Bancshares and The Bank of Kentucky Financial Corporation, subject to regulatory approval. Tangible common equity per share rose to $20.13, and the company reported a 10.5% common equity Tier 1 ratio under transitional Basel III rules.

    Apr 27, 2015
  37. 2014-Q3

    TRUIST FINANCIAL CORP Quarterly Report for Q3 Ended Sep 30, 2014

    BB&T Corporation's Form 10-Q for the quarter ended September 30, 2014 shows a strong third quarter, with net income available to common shareholders of $520 million ($0.71 diluted EPS), up from $268 million ($0.37) a year earlier. The prior-year quarter was depressed by a $235 million tax charge; excluding that adjustment, Q3 2013 diluted EPS was $0.70, so underlying earnings were roughly flat year over year. Q3 2014 results were also helped by a $50 million tax benefit and a $42 million reserve release tied to the sale of about $550 million of residential mortgage TDRs, and were offset by a $122 million pre-tax loss on early extinguishment of FHLB debt. Net interest margin compressed to 3.38% from 3.68%, reflecting lower loan yields and covered-asset runoff, while noninterest income rose 3.4% on insurance growth. Credit quality continued to improve. Nonperforming assets fell to $883 million, the lowest since 2007, and NPLs were 0.67% of loans excluding covered assets. Management, however, signaled that no further reserve releases are expected, so provision expense should rise. Net charge-offs were 0.48% annualized. Management also guided to Q4 NIM compression of 3 to 5 basis points, a slight decline in net interest income, and noninterest expense below $1.4 billion. The balance sheet grew to $187.0 billion, with deposits of $130.9 billion and shareholders' equity of $24.3 billion. The Tier 1 common ratio was 10.5% and the Basel III CET1 ratio was 10.3%, both well above requirements. Book value per common share was $30.04. The company also disclosed pending acquisitions of 41 Texas branches (about $2.3 billion in deposits) and The Bank of Kentucky ($1.9 billion in assets), and an FHA-related reserve of $85 million, with potential exposure of $25 million to $105 million under an HUD-OIG review.

    Oct 27, 2014
  38. 2014-Q2

    TRUIST FINANCIAL CORP Quarterly Report for Q2 Ended Jun 30, 2014

    BB&T Corporation (the filing's registrant; the request named Truist Financial Corp/TFC, but this 10-Q is BB&T's report for the quarter ended June 30, 2014, filed July 28, 2014) reported second-quarter 2014 net income available to common shareholders of $425 million, or $0.58 diluted EPS, down from $547 million and $0.77 a year earlier. Results were depressed by about $88 million in after-tax charges: an $85 million reserve tied to a HUD-OIG FHA-insured loan audit survey, a $33 million indemnification reserve adjustment, and a $14 million tax charge. Excluding these items, management cites adjusted diluted EPS of $0.70. Six-month net income was $1,056 million versus $832 million, though the prior-year period carried a $281 million tax adjustment. Core trends were mixed. Net interest margin compressed to 3.43% from 3.70% a year earlier, and total revenue fell $187 million year over year to about $2.3 billion. Credit quality improved markedly: the provision for credit losses dropped to $74 million from $168 million, net charge-offs fell to 0.41% of average loans from 0.74%, and nonaccrual-based NPAs declined to $916 million from $1.05 billion at year-end 2013. Average loans grew, and BB&T closed the purchase of 21 Texas branches from Citigroup, adding about $1.2 billion in deposits and $112 million in loans. Noninterest expense rose $55 million to $1.6 billion, largely due to the FHA-related charges. Capital and liquidity remained solid. Tier 1 common equity was 10.2% under Basel I, Basel III CET1 was about 10.0%, book value per common share was $29.57, and the quarterly dividend was raised to $0.24 from $0.23. Management guided to a further NIM decline of 5 to 10 basis points in Q3 2014 with roughly flat net interest income, a targeted efficiency ratio near 56% in Q4, an effective tax rate near 27% in the second half, and average loan growth of 3% to 5%.

    Jul 28, 2014
  39. 2014-Q1

    TRUIST FINANCIAL CORP Quarterly Report for Q1 Ended Mar 31, 2014

    This Form 10-Q is from BB&T Corporation (now part of Truist Financial, which may be the TFC ticker you referenced; the filing itself is BB&T's, filed April 30, 2014, for the quarter ended March 31, 2014). Net income available to common shareholders was $501 million, or $0.69 diluted EPS, versus $210 million, or $0.29, in the first quarter of 2013. The year-over-year comparison is distorted by a $281 million tax adjustment in Q1 2013. Excluding that item, prior-year diluted EPS was $0.69, so earnings were essentially flat on an adjusted basis. Credit quality was the clearest improvement: the provision for credit losses fell to $60 million from $272 million, and nonperforming assets excluding covered assets declined to $986 million, or 0.54% of total assets, the lowest level since 2007. Revenue pressure continued. Total revenue fell about $166 million year over year, with net interest income down 5.2% to $1.35 billion and the net interest margin contracting 24 basis points to 3.52%, reflecting lower loan yields and runoff of higher-yielding covered loans. Noninterest income fell 9.0% to $911 million, driven by a $106 million drop in mortgage banking income as origination volumes declined, partially offset by a $62 million increase in insurance income. Management guided to roughly a 10 basis point NIM decline in Q2 2014 and average loan growth of 3% to 5% annualized, and expects positive operating leverage to lower the efficiency ratio over the rest of 2014. Capital and balance sheet positioning remained strong. The Tier 1 common equity ratio rose to 10.2% from 9.9%, and shareholders' equity grew $747 million to $23.6 billion. The Federal Reserve did not object to the 2014 capital plan, and the board approved a quarterly dividend increase to $0.24 from $0.23, effective Q2 2014. Long-term debt rose $1.9 billion to $23.4 billion after $2.4 billion of new senior notes were issued. No shares were repurchased under the 2006 repurchase plan in 2014; the share repurchases reported were shares surrendered in connection with equity award exercises.

    Apr 30, 2014
  40. 2013-Q3

    TRUIST FINANCIAL CORP Quarterly Report for Q3 Ended Sep 30, 2013

    BB&T Corporation's Q3 2013 10-Q (quarter ended September 30, 2013) shows a sharp earnings decline driven largely by a one-time tax charge. Net income available to common shareholders was $268 million ($0.37 diluted EPS), down about 43% from $469 million ($0.66) a year earlier. Excluding a $235 million income tax adjustment tied to an adverse Court of Federal Claims ruling on a 2002 financing transaction, diluted EPS would have been $0.70 and the adjusted annualized ROA would have been 1.20%. Year-to-date, the company recorded $516 million in tax adjustments, so nine-month diluted EPS of $1.44 would have been $2.16 without them. The filing also reports a $1.9 billion ACL and a sharp improvement in credit quality. Core operating trends were mixed. Net interest margin fell 26 basis points year over year to 3.68%, reflecting lower loan yields and covered loan runoff, and management expects a further 5 to 10 basis point decline in Q4. Total revenue fell about $124 million, with mortgage banking income down $94 million due to competitive margin pressure. Noninterest expense fell 3.8% to $1.47 billion. Insurance income rose $22 million, and Crump Insurance and firmer pricing continued to support that segment. Net charge-offs were 0.48% of average loans in the quarter, down from 1.05% a year earlier, and NPAs fell to 0.65% of total assets excluding covered assets, the lowest level since 2007. Balance sheet and capital remain solid. Total assets were $181.1 billion, deposits declined to $127.5 billion, and long-term debt rose to $20.4 billion. Shareholders' equity reached $22.1 billion, with a Basel III common equity Tier 1 ratio of approximately 9.0% and a Tier 1 common ratio of 9.4%. Management reports that the FRB did not object to its revised capital plan. The filing also discloses a new ERP system implementation risk and a pending Q4 sale of a consumer lending subsidiary with about $500 million in loans, expected to produce a $25 to $30 million gain.

    Oct 31, 2013
  41. 2013-Q2

    TRUIST FINANCIAL CORP Quarterly Report for Q2 Ended Jun 30, 2013

    BB&T Corporation (the filing's registrant, now part of Truist Financial, which is the TFC ticker in the request) reported second-quarter 2013 net income available to common shareholders of $547 million, up 7.3% from $510 million a year earlier. Diluted EPS was $0.77, up from $0.72. Credit quality continued to improve: the provision for credit losses fell to $168 million from $273 million, net charge-offs were 0.74% of average loans, and nonperforming loans excluding covered assets were 0.99% of total loans, the lowest level since the first quarter of 2008. Total nonperforming assets excluding covered foreclosed property declined to $1.28 billion from $1.54 billion at year-end 2012. Earnings growth was held back by margin pressure. Net interest margin fell 25 basis points year over year to 3.70%, reflecting lower yields on new loans and runoff of covered assets, and management guided to a further 5 to 10 basis point decline in the third quarter. Noninterest income rose 8.3% to $1.05 billion, led by insurance income (Crump Insurance acquisition and firming premium rates), while mortgage banking income declined. Six-month results were depressed by a $281 million income tax charge tied to a disputed IRS matter. Excluding that charge, six-month diluted EPS would have been $1.46 versus $1.06 reported. Capital remained strong. The Tier 1 common ratio was 9.3% and the Basel III common equity Tier 1 ratio was approximately 8.9% on management's preliminary reading of the newly adopted rules. The company issued $500 million of Series G preferred stock in May, and book value per common share rose to $27.51. Shares were not repurchased under the 2006 plan during 2013. The main risks flagged are the unresolved IRS litigation (a possible range of benefit of $496 million to expense of $328M over 12 months), interest rate pressure on margin, and the continued runoff of covered loans.

    Aug 8, 2013
  42. 2013-Q1

    TRUIST FINANCIAL CORP Quarterly Report for Q1 Ended Mar 31, 2013

    BB&T Corporation's first-quarter 2013 10-Q shows a headline earnings decline driven by a one-time tax charge rather than operating deterioration. Net income available to common shareholders was $210 million ($0.29 diluted EPS), down about 51% from $431 million ($0.61) a year earlier. The drop reflects a $281 million expense recorded after a February 2013 U.S. Tax Court ruling in a Bank of New York Mellon case with a similar structure to BB&T's own IRS dispute. Excluding that adjustment, diluted EPS would have been about $0.69, with annualized ROA of 1.20% and ROE of 10.34%. Note that the filing itself is labeled as BB&T Corporation, and the ticker in the request (TFC) appears to be a mismatch; the analysis follows the document. Core operating trends were mixed but generally improving. Total revenue rose $116 million to about $2.5 billion, helped by a $130 million increase in noninterest income, driven largely by insurance income from the Crump Insurance acquisition. Net interest margin compressed 17 basis points to 3.76%, reflecting covered-loan runoff and low rates on new assets. Credit quality improved: nonperforming assets fell for a twelfth consecutive quarter to $1.4 billion excluding covered assets, and net charge-offs declined to 1.00% of average loans from 1.28%. Noninterest expense rose 2.1%, while foreclosed property expense fell sharply. Capital and balance sheet items remained solid. The Tier 1 common ratio was 9.2%, and the estimated Basel III Tier 1 common ratio was 7.8%. Total assets declined to $180.8 billion, and deposits fell modestly, though noninterest-bearing deposits grew strongly. Management guided to NIM compression of up to 10 basis points in the second quarter and flagged a CCAR objection from the Federal Reserve that was expected to be resubmitted in June 2013. Subsequent to quarter-end, the company issued $500 million of Series G preferred stock.

    May 2, 2013
  43. 2012-Q3

    TRUIST FINANCIAL CORP Quarterly Report for Q3 Ended Sep 30, 2012

    BB&T Corporation's Form 10-Q for the quarter ended September 30, 2012 (note: the filing content is BB&T's, though the request labels it TRUIST/TFC; BB&T later merged with SunTrust to form Truist in 2019) shows a quarter of strong earnings growth. Third-quarter net income available to common shareholders was $469 million, up 28.1% from $366 million a year earlier, and diluted EPS rose to $0.66 from $0.52. Results were driven by lower funding costs, higher noninterest income (up 40% to $963 million, led by insurance and mortgage banking), and lower foreclosed property expense. Net interest margin compressed to 3.94%, down 15 basis points year over year, and management guided to the mid-3.70% range for Q4 2012. Credit quality continued to improve. Nonperforming assets excluding covered foreclosed property fell to $1.7 billion, the tenth consecutive quarterly decline and the lowest since Q3 2008. The allowance for loan and lease losses was 1.80% of loans, and net charge-offs fell to 1.05% of average loans from 1.57% a year earlier. Balance sheet growth came from the July 31, 2012 BankAtlantic acquisition (about $1.8 billion of loans and $3.5 billion of deposits assumed) and the April 2012 Crump Insurance acquisition. Total assets reached $182.0 billion. Capital was reinforced through $1.7 billion of new non-cumulative perpetual preferred stock. The Tier 1 common equity ratio declined to 9.5% from 9.7% in the prior quarter, mainly due to goodwill and intangibles from the BankAtlantic deal, while the Tier 1 risk-based ratio rose to 10.9%. Management estimates the Tier 1 common ratio under proposed U.S. Basel III rules at 8.0%, a key watch item for investors.

    Nov 2, 2012
  44. 2012-Q2

    TRUIST FINANCIAL CORP Quarterly Report for Q2 Ended Jun 30, 2012

    BB&T Corporation's Q2 2012 10-Q shows a strong quarter: diluted EPS of $0.72 (up 63.6% from $0.44), net income available to common shareholders of $510 million (up 66.1%), and an annualized ROA of 1.22%. Six-month diluted EPS was $1.33 versus $0.76. Growth was driven by higher revenue (noninterest income up 22.7%, largely from insurance income tied to the Crump Insurance acquisition and mortgage banking) and lower credit costs, with the provision for credit losses down 17.3% and nonperforming assets falling for a ninth consecutive quarter to $1.9 billion excluding covered assets. Net interest margin compressed to 3.95%, down 20 basis points year over year, as covered-asset runoff and lower loan yields offset lower funding costs. Balance sheet and capital moved in several directions. Total assets reached $178.5 billion and shareholders' equity rose 8.3% to $18.9 billion, helped by a $575 million Series D preferred issuance. However, the regulatory Tier 1 risk-based ratio fell to 10.2% from 12.8% in Q1, mainly because of planned trust preferred redemptions, and the Tier 1 common ratio stood at 9.7%. Management's estimate under proposed Basel III rules is 8.2%, down from 8.8% at year-end 2011, which investors will want to watch as capital rules are finalized. Management guided to a 5-7% annualized loan growth rate for Q3 excluding BankAtlantic, which closed July 31, 2012, and expects the net interest margin to be 3.90% to 3.95% in the second half. Post-quarter events include the BankAtlantic acquisition, roughly $1.2 billion of new Series E preferred stock, and the July redemption of about $3.1 billion of junior subordinated debt. Pending litigation over debit transaction ordering practices is disclosed, but management believes it has meritorious defenses and no specific loss can yet be estimated.

    Aug 7, 2012
  45. 2012-Q1

    TRUIST FINANCIAL CORP Quarterly Report for Q1 Ended Mar 31, 2012

    BB&T Corporation's first-quarter 2012 10-Q (filed May 4, 2012) shows a sharp earnings recovery. Net income available to common shareholders was $431 million, or $0.61 diluted EPS, up roughly 91% from $225 million ($0.32) a year earlier. Annualized return on average assets rose to 1.03% from 0.60%, and return on average common equity rose to 9.75% from 5.48%. Growth came from record mortgage banking income ($216 million, up $121 million), higher insurance income, and lower credit costs. The provision for credit losses fell to $288 million from $340 million, and nonperforming assets declined for an eighth straight quarter to $2.3 billion (excluding covered assets). The balance sheet remained broadly stable, with total assets of $174.8 billion. Average deposits grew 18% year over year, and the cost of interest-bearing deposits fell to 0.49% from 0.82%. Capital strengthened: the Tier 1 common equity ratio rose to 10.0% from 9.7%, and the estimated Basel III Tier 1 common ratio was 9.2%. Management also raised the quarterly dividend 25% to $0.20 after the Federal Reserve's stress test found no objections to its capital plan. Key watch items include a net interest margin that fell to 3.93% from 4.01% a year earlier, with management guiding to 3.80%–3.90% in Q2 as covered-loan runoff continues. Pending acquisitions of BankAtlantic and Crump add integration costs and deal risk, and a tax-related lawsuit and debit-transaction class actions remain unresolved.

    May 4, 2012
  46. 2011-Q3

    TRUIST FINANCIAL CORP Quarterly Report for Q3 Ended Sep 30, 2011

    The filing provided is BB&T Corporation's Form 10-Q for the quarter ended September 30, 2011, not Truist Financial (TFC) as the request states; BB&T later merged with SunTrust to form Truist in 2019, so the analysis below reflects BB&T. Third-quarter 2011 net income was $371 million ($0.52 diluted EPS), up 69.4% from $219 million a year earlier, and nine-month net income was $932 million ($1.27 diluted EPS), up 46.3%. The improvement was driven mainly by a sharp drop in the provision for credit losses, which fell to $250 million in the quarter from $770 million, while noninterest income fell 37.8% because of much lower securities gains and mortgage banking income. Asset quality continued to improve. Nonperforming assets excluding covered assets were $3.0 billion, down 11.5% sequentially and the sixth consecutive quarterly decline. Net charge-offs were 1.57% of average loans on an annualized basis (1.44% excluding covered loans), versus 3.31% a year earlier. Capital strengthened, with the Tier 1 common ratio at 9.8% and an estimated Basel III Tier 1 common ratio of 8.8%. Total assets reached $167.7 billion, deposits grew 9.7% to $117.6 billion, and noninterest-bearing deposits reached 20.9% of total deposits. Management also flagged several watch items: a $3.3 billion deposit-acquisition and branch-related deal with BankAtlantic announced November 1, 2011 (about $301 million premium), the expected loss of roughly $385 million in annual noninterest revenue from Regulation E and posting-order changes, the $892 million IRS dispute still in litigation, and pending legal challenges over debit-transaction posting.

    Nov 9, 2011
  47. 2011-Q2

    TRUIST FINANCIAL CORP Quarterly Report for Q2 Ended Jun 30, 2011

    BB&T Corporation (TFC) reported a solid second quarter 2011, with net income of $327 million (up 46.0% year over year) and diluted EPS of $0.44 versus $0.30 a year earlier. For the first six months, net income rose 34.2% to $561 million and diluted EPS reached $0.76. The improvement was driven mainly by a sharp drop in the provision for credit losses ($328 million in Q2 versus $650 million in Q2 2010), reflecting continued improvement in credit quality. Net interest margin widened to 4.15% from 4.12%, helped by lower funding costs and higher yields on loans acquired in the Colonial acquisition. Noninterest income fell 24.3% to $787 million, largely because of $221 million less in securities gains and $27 million of write-downs on commercial loans held for sale. Noninterest expense declined 7.0% to $1.395 billion. Asset quality continued to improve. Nonperforming assets excluding covered assets fell to $3.35 billion, down 15.6% from year-end 2010 and the fifth consecutive quarterly decline. Loans 90+ days past due and still accruing dropped 31% to $203 million. Net charge-offs were 1.71% of average loans (1.80% excluding covered loans), and management expects a net charge-off range of 1.40%–1.50% for the second half of 2011. The allowance for loan and lease losses covered 2.43% of loans held for investment, and total assets grew 1.4% to $159.3 billion. Capital and balance sheet positioning strengthened. The Tier 1 common ratio rose to 9.6% from 9.1%, and management estimates 8.3% under proposed Basel III standards. The company moved $8.3 billion of available-for-sale securities to held-to-maturity to protect regulatory capital, and it plans to retire $3.2 billion of trust preferred securities by 2013 with about $1.75 billion of Tier 1 qualifying issuance. Client deposits grew 3.5% to $103.6 billion, and noninterest-bearing deposits rose to 20.8% of total deposits. Key risks include a regulatory revenue hit to noninterest income (now estimated at about $395 million annually from 2012), an IRS dispute over roughly $892 million in tax, and pending class actions over debit transaction ordering.

    Aug 8, 2011
  48. 2011-Q1

    TRUIST FINANCIAL CORP Quarterly Report for Q1 Ended Mar 31, 2011

    BB&T Corporation's first quarter 2011 results show modest earnings growth driven by lower credit costs, even as net interest income slipped and noninterest income fell sharply. Net income rose 20.6% to $234 million ($0.32 diluted EPS vs. $0.27), supported by a 40.9% drop in the provision for credit losses to $340 million. Annualized ROA improved to 0.60% from 0.48%, and the net interest margin widened to 4.01% from 3.88%, though net interest income declined 2.2% as the 2010 balance sheet deleveraging reduced average earning assets by $6.8 billion. Asset quality continued to improve for a fourth consecutive quarter, with nonperforming assets (excluding covered assets) down 2.7% to $3.9 billion and loans 90+ days past due falling to $263 million. Net charge-offs fell to 1.56% of average loans from 1.84% a year earlier. Noninterest income declined 15.4% to $714 million, largely due to $74 million in write-downs on commercial loans held for sale tied to the nonperforming asset disposition strategy and a $63 million reduction in FDIC loss share income. Capital strengthened, with the Tier 1 common equity ratio rising to 9.3% from 9.1% at year-end. The board raised the quarterly dividend to $0.16 per share and declared a special $0.01 dividend, and management plans to retire $3.2 billion of trust preferred securities by 2013, funded partly by about $1.75 billion of Tier 1 qualifying instruments. Balance sheet mix also shifted: $8.3 billion of available-for-sale securities were reclassified to held-to-maturity, and long-term debt rose to $22.6 billion after a $1 billion senior note issuance.

    May 6, 2011
  49. 2010-Q3

    TRUIST FINANCIAL CORP Quarterly Report for Q3 Ended Sep 30, 2010

    This 10-Q from BB&T Corporation (the predecessor institution to Truist Financial, which is the company named in the request) covers the third quarter ended September 30, 2010. Q3 net income rose 39.5% year over year to $219 million, and diluted EPS was $0.30 versus $0.23. For the first nine months, however, net income fell 6.7% to $637 million and diluted EPS slipped to $0.87 from $0.88. Results were shaped by a deliberate strategy to accelerate the disposition of nonperforming assets. BB&T transferred $1.3 billion of nonperforming loans to held for sale, recorded $432 million of related net charge-offs, and took a roughly $321 million earnings hit (about $0.28 per diluted share). Excluding that effect, core credit costs were much lower, with a core net charge-off ratio of 1.80%. The balance sheet shrank as management deleveraged. Total assets fell 5.1% to $157.2 billion, securities available for sale dropped 26.3%, and total deposits declined 7.4% to $106.4 billion, partly from runoff of high-rate certificates of deposit. Net interest margin improved to 4.09%, up 41 basis points year over year, helped by Colonial acquisition loans and lower deposit costs. Noninterest income rose 18.1% to $1.1 billion, boosted by $239 million of securities gains. Capital strengthened, with the tangible common equity ratio at 7.0% and the Tier 1 risk-based ratio at 11.7%, but credit risk remains elevated. Nonperforming assets were $4.1 billion excluding covered assets, and foreclosed property expense rose sharply to $585 million year to date. Investors should also weigh regulatory and ratings developments. Moody's removed systemic support from BB&T's bank-level ratings, lowering deposit ratings by one notch, and placed its long-term ratings on review for possible downgrade. Management described the Dodd-Frank Act as likely to bring higher costs and lower revenues in the near term, and expects BB&T to be designated systemically significant. Separately, BB&T paid about $892 million in disputed taxes and is suing for a refund.

    Nov 9, 2010
  50. 2010-Q2-A

    TRUIST FINANCIAL CORP Quarterly Report (Amendment) for Q2 Ended Jun 30, 2010

    This filing is an amendment (10-Q/A) to the Quarterly Report of BB&T Corporation (now Truist Financial Corp. - TFC) for the period ended June 30, 2010. The primary purpose of this amendment is to furnish Exhibit 101, which contains the company's financial statements formatted in eXtensible Business Reporting Language (XBRL). This XBRL data includes the unaudited Consolidated Balance Sheets, Statements of Income, Statements of Changes in Shareholders' Equity, Statements of Cash Flows, and Notes to Consolidated Financial Statements. It is crucial for investors to note that this amendment solely provides XBRL-formatted financial data and does not introduce any new financial information, update existing disclosures, or reflect events that occurred after the original filing date of August 9, 2010. Therefore, investors should refer to the original Form 10-Q filing for comprehensive financial analysis and operational insights for the period ended June 30, 2010.

    Sep 2, 2010