Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 137

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 137
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896 868 887 3.2 (2.1)Net occupancy expense656 658 690 (0.3)(4.6)Equipment expense373 381 449 (2.1)(15.1)Amortization of intangibles345 395 455 (12.7)(13.2)Marketing and customer development268 260 321 3.1 (19.0)Operating lease depreciation144 175 184 (17.7)(4.9)Regulatory costs344 824 183 (58.3)NMRestructuring charges120 320 466 (62.5)(31.3)Goodwill impairment— 6,078 — (100.0)NMOther expense1,020 1,011 652 0.9 55.1 Total noninterest expense$12,009 $18,678 $12,167 (35.7)53.5 

Restructuring Charges

Noninterest expense was down $6.7 billion, or 36%, for the year ended December 31, 2024 compared to the year ended December 31, 2023 primarily due to the 2023 goodwill impairment of $6.1 billion, lower regulatory charges due to the FDIC special assessment and related adjustments ($64 million in 2024 compared to $507 million in 2023), lower other expense, excluding the charitable contribution to the Truist Foundation, lower amortization of intangibles, and operating lease depreciation, partially offset by a $150 million charitable contribution to the Truist Foundation (other expense) and higher professional fees and outside processing expense. Restructuring charges decreased $200 million; both periods included restructuring charges for severance charges as well as facilities optimization costs. Noninterest expenses excluding the charitable contribution, the amortization of intangibles, the FDIC special assessment adjustment, restructuring charges, and a small loss on the early extinguishment of debt, decreased $44 million, or 0.4%.

•Other expense, excluding the aforementioned charitable contribution to the Truist Foundation, decreased primarily due to lower pension expense, the prior period costs associated with a revision in deposit service fee protocols, and the prior period resolution of the USAA remote deposit capture patent infringement lawsuit.

•Operating lease depreciation decreased due to the runoff of operating lease balances.

•Professional fees and outside processing expense increased due to higher investments in technology and