Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 316

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 5
Chunk 316
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 Total$10,041 

Truist Financial Corporation   69

The following table presents average deposits:Table 31: Average DepositsThree Months Ended(Dollars in millions)Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Noninterest-bearing deposits$107,968 $106,080 $107,634 $108,888 $114,555 Interest checking107,075 103,899 103,894 103,537 101,722 Money market and savings138,242 136,639 135,264 134,696 137,464 Time deposits36,757 37,726 41,250 41,937 41,592 Total average deposits$390,042 $384,344 $388,042 $389,058 $395,333 

Average deposits for the fourth quarter of 2024 were $390.0 billion, an increase of $5.7 billion, or 1.5%, compared to the prior quarter.

Average noninterest-bearing deposits increased 1.8% compared to the prior quarter and represented 27.7% of total deposits for the fourth quarter of 2024 compared to 27.6% for the third quarter of 2024. Average interest checking increased 3.1%. Average money market and savings accounts increased 1.2%. Average time deposits decreased 2.6%.

Borrowings

The types of short-term borrowings that have been, or may be, used by the Company include Federal funds purchased, securities sold under repurchase agreements, master notes, commercial paper, short-term bank notes, and short-term FHLB advances. Short-term borrowings fluctuate based on the Company’s funding needs. While deposits remain the primary source for funding loan originations, management uses short-term borrowings as a supplementary funding source for loan growth and other balance sheet management purposes. The following table summarizes certain information for the past three years with respect to short-term borrowings excluding trading liabilities, hedges, and collateral in excess of derivative exposure:Table 32: Short-Term BorrowingsAs Of / For The Year Ended December 31,(Dollars in millions)202420232022Securities sold under agreements to repurchase:Maximum outstanding at any month-end during the year$9,675 $4,120 $