Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 11

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 3
Chunk 11
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 — Other20 — 20 — — Total AFS securities67,366 — 67,366 — — LHFS at fair value852 — 852 — — Loans and leases15 — — 15 — Loan servicing rights at fair value3,378 — — 3,378 — Other assets:    Derivative assets951 956 1,867 5 (1,877)Equity securities360 245 115 — — Total assets$77,254 $1,662 $74,071 $3,398 $(1,877)Liabilities:    Short-term borrowings:Securities sold short$1,625 $185 $1,440 $— $— Other liabilities:Derivative liabilities2,597 487 4,171 24 (2,085)Total liabilities$4,222 $672 $5,611 $24 $(2,085)(1)Refer to “Note 19. Derivative Financial Instruments” for additional discussion on netting adjustments.At December 31, 2024 and December 31, 2023, investments totaling $535 million and $459 million, respectively, have been excluded from the table above as they are valued based on net asset value as a practical expedient. These investments primarily consist of certain SBIC funds.The following discussion focuses on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities that are measured at fair value on a recurring basis.Available for Sale and Trading Securities: Securities accounted for at fair value include both the available-for-sale and trading portfolios. The Company uses prices obtained from pricing services, dealer quotes, or recent trades to estimate the fair value of securities. The majority of AFS securities were priced by third-party vendors whereas trading securities are priced internally. The AFS securities and trading securities are subject to IPV. Management independently evaluates the fair values of AFS Securities and trading securities through comparisons to external pricing sources, review of additional information provided by the pricing service and other third-party sources for selected securities and back-testing to compare the price realized on any security sales to the pricing information received from the pricing service. Fair value measurements for trading securities are derived from observable market-based information including overall market conditions, recent trades, comparable securities, broker quotes and FINRA’s Trade Reporting and Compliance Engine data when