Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 317

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 5
Chunk 317
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6,033 Balance outstanding at end of year9,675 2,427 2,128 Average outstanding during the year2,947 2,472 2,670 Average interest rate during the year5.13 %5.18 %1.33 %Average interest rate at end of year4.42 5.39 4.36 Federal funds purchased and short-term borrowed funds:Maximum outstanding at any month-end during the year$28,218 $26,453 $22,324 Balance outstanding at end of year19,530 22,401 19,340 Average outstanding during the year21,552 22,007 10,135 Average interest rate during the year5.39 %5.26 %2.79 %Average interest rate at end of year4.04 5.15 4.38 

At December 31, 2024, short-term borrowings totaled $29.2 billion, an increase of $4.4 billion compared to December 31, 2023. Average short-term borrowings were $24.5 billion for the years ended December 31, 2024 and 2023, representing 5.5% and 5.2% of total funding, respectively.

Long-term debt provides funding and, to a lesser extent, regulatory capital, and primarily consists of senior and subordinated notes issued by the Parent Company and Truist Bank. Long-term debt totaled $35.0 billion at December 31, 2024, a decrease of $4.0 billion compared to December 31, 2023. During the year ended December 31, 2024, the Company had:

•Net redemptions of $1.8 billion of floating rate FHLB advances.

•Maturities and redemptions of $6.9 billion of senior notes.

•Issuances of $4.5 billion of fixed-to-floating rate senior notes with interest rates between 5.15% and 5.71% due from January 24, 2030 to January 24, 2035.

70   Truist Financial Corporation

Shareholders’ Equity

Truist’s book value per common share and TBVPS are presented in the following table:Table 33: Book Value per Common Share(Dollars in millions, except per share data, shares in thousands)Dec 31, 2024Dec 31