Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 15

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 3
Chunk 15
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 are entered into as a hedging strategy for the purposes of supporting institutional and retail client trading activities. The fair value of securities sold short is determined in the same manner as trading securities.Other trading liabilities: Other trading liabilities includes loans sold, but not yet purchased in connection with the Company’s trading business primarily consisting of commercial and corporate leveraged loans. Loans sold, but not yet purchased are valued primarily using quoted prices for similar instruments in active markets.Activity for Level 3 assets and liabilities is summarized below: (Dollars in millions)Loans and LeasesLoan Servicing RightsNet DerivativesBalance at January 1, 2022$23 $2,633 $(12)Total realized and unrealized gains (losses):Included in earnings— 801 (323)Purchases— 321 — Issuances— 482 2 Sales— (9)— Settlements(5)(470)297 Balance at December 31, 202218 3,758 (36)Total realized and unrealized gains (losses): Included in earnings— 86 (36)Purchases— 123 — Issuances— 270 29 Sales— (531)— Settlements(3)(328)24 Balance at December 31, 202315 3,378 (19)Total realized and unrealized gains (losses):Included in earnings— 234 (61)Purchases— 228 — Issuances— 205 31 Sales— (2)— Settlements(2)(335)8 Balance at December 31, 2024$13 $3,708 $(41)Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2024$— $234 $(61)Primary income statement location of realized gains (losses) included in earningsOther incomeMortgage banking incomeMortgage banking income

Truist Financial Corporation   149

Fair Value OptionThe following table details the fair value and UPB of certain loans and time deposits that were elected to be measured at fair value: December 31, 2024December 31, 2023(Dollars in millions)Fair ValueUPBDifferenceFair ValueUPBDifferenceTrading loans$1,671 $1,697 $(26)$1,575