Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 385

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7A
Chunk 385
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H represented a strategic shift that had a major effect on our operations and financial results. The Company reclassified all of the assets and liabilities of TIH to discontinued operations in connection with the announcement of the disposition of the business. As such, financial information attributed to TIH has been recast to reflect discontinued operations for the periods presented herein. The following footnotes exclude discontinued operations for TIH, unless otherwise noted: “Note 1. Basis of Presentation,” “Note 2. Discontinued Operations,” “Note 6. Premises and Equipment,” “Note 7. Goodwill and Other Intangible Assets,” “Note 9. Other Assets and Liabilities,” “Note 14. Income Taxes,” “Note 15. Benefit Plans,” “Note 20. Computation of EPS,” and “Note 21. Operating Segments.”The following is a summary of the assets and liabilities of discontinued operations:(Dollars in millions)Dec 31, 2023Assets of discontinued operations: Cash and due from banks$72 Interest-bearing deposits with banks342 Premises and equipment72 Goodwill3,745 CDI and other intangible assets1,251 Other assets2,173 Total assets of discontinued operations$7,655 Liabilities of discontinued operations:Other liabilities$3,539 Total liabilities of discontinued operations$3,539 

110   Truist Financial Corporation

The following presents operating results of TIH classified as discontinued operations:(Dollars in millions)Year Ended December 31,202420232022Interest IncomeInterest on other earning assets$31 $68 $3 Total interest income31 68 3 Noninterest income Insurance income1,319 3,372 3,058 Other income9 20 28 Total noninterest income1,328 3,392 3,086 Noninterest expensePersonnel expense885 2,138 1,909 Professional fees and outside processing106 149 89 Software expense25 61 45 Net occupancy expense20 57 54 Amortization of intangibles21 132 128 Equipment expense12 28 29 Marketing and customer development15 37 31 Restructuring charges82 55 47 Other expense92 223 117 Total noninterest expense1,258 2,880 2,449 EarningsGain on sale of TIH6,939 — — Income