Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 17

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 3
Chunk 17
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For financial instruments not recorded at fair value, estimates of fair value are based on relevant market data and information about the instruments. Values obtained relate to trading without regard to any premium or discount that may result from concentrations of ownership, possible tax ramifications, estimated transaction costs that may result from bulk sales, or the relationship between various instruments.An active market does not exist for certain financial instruments. Fair value estimates for these instruments are based on current economic conditions and interest rate risk characteristics, loss experience, and other factors. Many of these estimates involve uncertainties and matters of significant judgment and cannot be determined with precision. Therefore, the fair value estimates in many instances cannot be substantiated by comparison to independent markets. In addition, changes in assumptions could significantly affect these fair value estimates. Financial assets and liabilities not recorded at fair value are summarized below:December 31, 2024December 31, 2023(Dollars in millions)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair ValueFinancial assets:HTM securitiesLevel 2$50,640 $40,286 $54,107 $44,630 Loans and leases HFI, net of ALLLLevel 3301,513 294,190 307,248 300,830 Financial liabilities:  Time depositsLevel 236,532 36,377 43,561 43,368 Long-term debtLevel 234,956 34,917 38,918 38,353 The carrying value of the RUFC, which approximates the fair value of unfunded commitments, was $304 million and $295 million at December 31, 2024 and December 31, 2023, respectively.

Truist Financial Corporation   151

NOTE 19. Derivative Financial Instruments

Impact of Derivatives on the Consolidated Balance SheetsThe following table presents the gross notional amounts and estimated fair value of derivative instruments employed by the Company:December 31, 2024December 31, 2023 Notional AmountFair ValueNotional AmountFair Value(Dollars in millions)AssetsLiabilitiesAssetsLiabilitiesCash flow hedges:      Interest rate contracts:      Swaps hedging commercial loans$66,585 $— $— $17,673 $— $— Fair value hedges:   Interest rate contracts:   Swaps hedging long-term debt 17,368 — — 14