Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 312

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 5
Chunk 312
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 origination year and credit quality indicator.

66   Truist Financial Corporation

ACL

Activity related to the ACL is presented in the following tables:Table 26: Activity in ACLYear Ended December 31,(Dollars in millions)202420232022Balance, beginning of period(1)$5,093 $4,649 $4,695 Provision for credit losses1,870 2,109 777 Charge-offs:  Commercial and industrial(395)(390)(143)CRE(316)(166)(13)Commercial construction— (5)(1)Residential mortgage(3)(10)(9)Home equity(9)(10)(13)Indirect auto(591)(531)(411)Other consumer(606)(477)(381)Student— (108)(22)Credit card(296)(223)(176)Total charge-offs(2,216)(1,920)(1,169)Recoveries:  Commercial and industrial87 70 87 CRE34 3 8 Commercial construction2 3 5 Residential mortgage6 6 16 Home equity16 23 25 Indirect auto120 107 91 Other consumer110 78 79 Student— — 1 Credit card38 35 34 Total recoveries413 325 346 Net charge-offs(1,803)(1,595)(823)Other(2)1 (70)— Balance, end of period$5,161 $5,093 $4,649 ACL:(1)ALLL4,857 4,798 4,377 RUFC304 295 272 Total ACL$5,161 $5,093 $4,649 

(1)Excludes provision for credit losses and allowances related to other financial assets at amortized cost.

(2)2023 includes the impact from the adoption of the Troubled Debt Restructurings and Vintage Disclosures accounting standard.

Net charge-offs during 2024 totaled $1.8 billion, or 0.59% as a percentage of average loans, and were up nine basis points compared to the prior year, primarily driven by higher charge-offs in the CRE, other consumer, credit card, and indirect auto portfolios, partially offset by the sale of the student loan portfolio in the prior year.

The allowance for credit losses was $5.2 billion and includes $4.9 billion for the