Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 255

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 255
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 of the business. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations, including the goodwill balance related to TIH.

126   Truist Financial Corporation

The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets: December 31, 2024December 31, 2023(Dollars in millions)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying AmountCDI$2,453 $(1,837)$616 $2,473 $(1,650)$823 Other, primarily client relationship intangibles1,458 (524)934 1,598 (512)1,086 Total$3,911 $(2,361)$1,550 $4,071 $(2,162)$1,909 

The following table presents the estimated amortization expense of identifiable intangibles as of December 31, 2024 for the next five years and thereafter:(Dollars in millions)20252026202720282029ThereafterEstimated amortization expense$292 $252 $223 $197 $170 $416 

Truist Financial Corporation   127

NOTE 8. Loan Servicing

The Company acquires servicing rights, and retains servicing rights related to certain of its sales or securitizations of residential mortgages, commercial mortgages, and other consumer loans. Servicing rights are capitalized by the Company as Loan servicing rights on the Consolidated Balance Sheets. Income earned by the Company on its loan servicing rights is derived primarily from contractually specified servicing fees, late fees, net of curtailment costs, and other ancillary fees.Residential Mortgage ActivitiesThe following tables summarize residential mortgage servicing activities:(Dollars in millions)Dec 31, 2024Dec 31, 2023Dec 31, 2022UPB of residential mortgage loan servicing portfolio$273,412 $269,068 $274,028 UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate218,475 213,399 217,046 Mortgage loans sold with recourse146 173 200 Maximum recourse exposure from mortgage loans sold with recourse liability91 109 127 Indemnification, recourse and repurchase reserves44 52 56 As of / For the Year