Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 16

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 3
Chunk 16
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$1,664 $(89)Loans and leases13 14 (1)15 16 (1)LHFS at fair value1,233 1,232 1 852 828 24 Brokered time deposits192 195 (3)— — — Nonrecurring Fair Value MeasurementsThe following table provides information about certain assets measured at fair value on a nonrecurring basis still held as of period end with valuation adjustments recorded during the period. The carrying values represent end of period values, which approximate the fair value. These assets are considered to be Level 3 assets.(Dollars in millions)Dec 31, 2024Dec 31, 2023Carrying value:LHFS$4 $19 Loans and leases(1)525 528 Other147 454 (1)Total loans and leases measured at fair value on a nonrecurring basis still held as of period end were $682 million and $840 million at December 31, 2024 and December 31, 2023, respectively.The following table provides information about valuation adjustments for certain assets measured at fair value on a nonrecurring basis. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end.Year Ended December 31,(Dollars in millions)202420232022Valuation adjustments:LHFS$(17)$(58)$(9)Loans and leases(1,026)(894)(420)Other(301)(305)(159)LHFS with valuation adjustments in the table above consisted primarily of residential mortgages and commercial loans that were valued using market prices and measured at LOCOM.Loans and leases consist of larger commercial loans and leases that are collateral-dependent and other secured loans and leases that have been charged-off to the fair value of the collateral. Valuation adjustments for loans and leases are primarily recorded in the Provision for credit losses in the Consolidated Statement of Income. Refer to “Note 1. Basis of Presentation” for additional discussion of individually evaluated loans and leases.Other includes foreclosed real estate, other foreclosed property, partnership investments, premises and equipment, OREO, and held for sale operating leases, and consists primarily of residential homes, commercial properties, vacant lots, and automobiles. Partnership investments are measured based on discounted expected future cash flows. The remaining assets are measured at LOCOM, less costs to sell.

150   Truist Financial Corporation

Financial Instruments Not Recorded at Fair Value