Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 163

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 163
---
 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 $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