Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 442

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7A
Chunk 442
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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 $1,664 $(89)Loans and leases13 14 (1)15 16 (1)LHFS at fair value1,233 1,232 1 852 828 24 Brokered time deposits192 195 (3)— — — Nonrecurring Fair Value MeasurementsThe following table provides information about certain assets measured at fair value on a nonrecurring basis still held as of period end with valuation adjustments recorded during the period. The carrying values represent end of period values, which approximate the fair value. These assets are considered to be Level 3 assets.(Dollars in millions)Dec 31, 2024Dec 31, 2023Carrying value:LHFS$4 $19 Loans and leases(1)525 528 Other147 454 (1)Total loans and leases measured at fair value on a nonrecurring basis still held as of period end were $682 million and $840 million at December 31, 2024 and December 31, 2023, respectively.The following table provides information about valuation adjustments for certain assets measured at fair value on a nonrecurring basis. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end.Year Ended December 31,(Dollars in millions)202420232022Valuation adjustments:LHFS$(17)$(58)$(9)Loans and leases(1,026)(894)(420)Other(301)(305