Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 231

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 231
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 the assets and liabilities of discontinued operations:(Dollars in millions)Dec 31, 2023Assets of discontinued operations: Cash and due from banks$72 Interest-bearing deposits with banks342 Premises and equipment72 Goodwill3,745 CDI and other intangible assets1,251 Other assets2,173 Total assets of discontinued operations$7,655 Liabilities of discontinued operations:Other liabilities$3,539 Total liabilities of discontinued operations$3,539 

110   Truist Financial Corporation

The following presents operating results of TIH classified as discontinued operations:(Dollars in millions)Year Ended December 31,202420232022Interest IncomeInterest on other earning assets$31 $68 $3 Total interest income31 68 3 Noninterest income Insurance income1,319 3,372 3,058 Other income9 20 28 Total noninterest income1,328 3,392 3,086 Noninterest expensePersonnel expense885 2,138 1,909 Professional fees and outside processing106 149 89 Software expense25 61 45 Net occupancy expense20 57 54 Amortization of intangibles21 132 128 Equipment expense12 28 29 Marketing and customer development15 37 31 Restructuring charges82 55 47 Other expense92 223 117 Total noninterest expense1,258 2,880 2,449 EarningsGain on sale of TIH6,939 — — Income before income taxes from discontinued operations7,040 580 640 Provision for income taxes2,155 124 152 Net income from discontinued operations4,885 456 488 Noncontrolling interests22 44 7 Net income from discontinued operations attributable to controlling interest$4,863 $412 $481 The components of net cash provided by operating, investing, and financing activities of discontinued operations included in the Consolidated Statements of Cash Flows are as follows:(Dollars in millions)Year Ended December 31,202420232022Net cash from operating activities$64 $985 $863 Net cash from investing activities12,099 (41)(1,134)Net cash from financing activities(41)(954)344 

Truist Financial Corporation   111

On May 6, 2024