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Loans and ACL
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Loans and ACL Loans and ACL
In the first quarter of 2023, the Company adopted the Troubled Debt Restructurings and Vintage Disclosures accounting standard. Certain newly required disclosures in this footnote are presented as of and for the period ended December 31, 2023 only as the adoption of this guidance did not impact the prior periods. As such, disclosures were provided related to TDRs as of December 31, 2022 and for the year ended December 31, 2022 under prior accounting standards. Refer to “Note 1. Basis of Presentation” for additional information.

The following tables present loans and leases HFI by aging category. Government guaranteed loans are not placed on nonperforming status regardless of delinquency because collection of principal and interest is reasonably assured. Truist sold its student loan portfolio at the end of the second quarter of 2023, which had a carrying value of $4.7 billion. The year ended December 31, 2023 includes $98 million of charge-offs related to the sale, which was previously provided for in the allowance.
Accruing
December 31, 2023
(Dollars in millions)		Current30-89 Days Past Due
90 Days Or More Past Due(1)
NonperformingTotal
Commercial:     
Commercial and industrial$160,081 $230 $7 $470 $160,788 
CRE22,281 5 — 284 22,570 
Commercial construction6,658 — 1 24 6,683 
Consumer:
Residential mortgage54,261 639 439 153 55,492 
Home equity9,850 70 11 122 10,053 
Indirect auto21,788 669 2 268 22,727 
Other consumer28,296 271 21 59 28,647 
Credit card4,961 87 53 — 5,101 
Total$308,176 $1,971 $534 $1,380 $312,061 
(1)Includes government guaranteed loans of $418 million in the residential mortgage portfolio.
Accruing
December 31, 2022
(Dollars in millions)		Current30-89 Days Past Due
90 Days Or More Past Due(1)
NonperformingTotal
Commercial:     
Commercial and industrial$163,604 $256 $49 $398 $164,307 
CRE22,568 25 1 82 22,676 
Commercial construction5,844 5 — — 5,849 
Consumer:    
Residential mortgage55,005 614 786 240 56,645 
Home equity10,661 68 12 135 10,876 
Indirect auto27,015 646 1 289 27,951 
Other consumer27,289 187 13 44 27,533 
Student4,179 402 706 — 5,287 
Credit card4,766 64 37 — 4,867 
Total$320,931 $2,267 $1,605 $1,188 $325,991 
(1)Includes government guaranteed loans of $759 million in the residential mortgage portfolio and $702 million in the student loan portfolio.
The following tables present the amortized cost basis of loans by origination year and credit quality indicator:
December 31, 2023
(Dollars in millions)		Amortized Cost Basis by Origination YearRevolving Credit Loans Converted to Term
Other(1)
20232022202120202019Prior Total
Commercial:    
Commercial and industrial:
Pass$26,836 $29,877 $15,683 $8,436 $5,918 $11,539 $55,026 $— $(211)$153,104 
Special mention688 623 557 152 37 197 1,003 — — 3,257 
Substandard754 628 428 290 289 367 1,201 — — 3,957 
Nonperforming36 116 99 12 42 31 134 — — 470 
Total28,314 31,244 16,767 8,890 6,286 12,134 57,364 — (211)160,788 
Gross charge-offs20 72 126 21 5 35 111 390 
CRE:
Pass3,760 4,931 2,651 1,903 2,813 2,666 1,221 — (70)19,875 
Special mention185 315 140 79 203 37 — — — 959 
Substandard259 350 190 65 243 289 56 — — 1,452 
Nonperforming2 52 28 15 174 13 — — — 284 
Total4,206 5,648 3,009 2,062 3,433 3,005 1,277 — (70)22,570 
Gross charge-offs— 58 10 20 29 47 2 — — 166 
Commercial construction:
Pass1,029 2,196 1,370 287 89 125 840 — — 5,936 
Special mention3 218 208 — — — 1 — — 430 
Substandard24 48 27 174 — — 20 — — 293 
Nonperforming— 23 — — 1 — — — — 24 
Total1,056 2,485 1,605 461 90 125 861 — — 6,683 
Gross charge-offs— 5 — — — — — — — 5 
Consumer:
Residential mortgage:
Current2,846 13,481 16,509 5,738 2,822 12,865 — — — 54,261 
30 - 89 days past due10 52 43 38 40 456 — — — 639 
90 days or more past due7 22 25 31 28 326 — — — 439 
Nonperforming— 7 13 7 13 113 — — — 153 
Total2,863 13,562 16,590 5,814 2,903 13,760 — — — 55,492 
Gross charge-offs— — 2 1 1 6 — — — 10 
Home equity:
Current— — — — — — 6,175 3,675 — 9,850 
30 - 89 days past due— — — — — — 47 23 — 70 
90 days or more past due— — — — — — 7 4 — 11 
Nonperforming— — — — — — 42 80 — 122 
Total— — — — — — 6,271 3,782 — 10,053 
Gross charge-offs— — — — — — 10 — — 10 
Indirect auto:
Current4,611 8,049 4,689 2,479 1,330 639 — — (9)21,788 
30 - 89 days past due83 213 150 86 71 66 — — — 669 
90 days or more past due— 1 1 — — — — — — 2 
Nonperforming20 85 63 39 33 28 — — — 268 
Total4,714 8,348 4,903 2,604 1,434 733 — — (9)22,727 
Gross charge-offs25 202 118 58 59 69 — — — 531 
Other consumer:
Current9,903 7,676 3,715 1,914 1,049 1,207 2,816 13 3 28,296 
30 - 89 days past due86 85 41 23 16 12 7 1 — 271 
90 days or more past due9 8 1 1 — — 2 — — 21 
Nonperforming6 14 14 8 6 10 — 1 — 59 
Total10,004 7,783 3,771 1,946 1,071 1,229 2,825 15 3 28,647 
Gross charge-offs97 166 93 50 34 14 23 — — 477 
Student:(2)
Gross charge-offs— — — — — 108 — — — 108 
Credit card:
Current— — — — — — 4,942 19 — 4,961 
30 - 89 days past due— — — — — — 84 3 — 87 
90 days or more past due— — — — — — 51 2 — 53 
Total— — — — — — 5,077 24 — 5,101 
Gross charge-offs— — — — — — 220 3 — 223 
Total$51,157 $69,070 $46,645 $21,777 $15,217 $30,986 $73,675 $3,821 $(287)$312,061 
Gross charge-offs$142 $503 $349 $150 $128 $279 $366 $3 $— $1,920 
December 31, 2022
(Dollars in millions)		Amortized Cost Basis by Origination YearRevolving CreditLoans Converted to Term
Other(1)
20222021202020192018PriorTotal
Commercial:
Commercial and industrial:
Pass$45,890 $21,642 $11,219 $8,258 $4,977 $9,686 $57,854 $— $(199)$159,327 
Special mention243 302 143 160 61 88 721 — — 1,718 
Substandard518 387 113 413 249 187 997 — — 2,864 
Nonperforming47 53 10 28 46 27 187 — — 398 
Total46,698 22,384 11,485 8,859 5,333 9,988 59,759 — (199)164,307 
CRE:
Pass6,141 3,595 2,220 3,846 2,092 2,265 757 — (70)20,846 
Special mention106 118 74 229 281 5 18 — — 831 
Substandard106 99 35 422 121 134 — — — 917 
Nonperforming— 3 — — 77 2 — — — 82 
Total6,353 3,815 2,329 4,497 2,571 2,406 775 — (70)22,676 
Commercial construction:
Pass1,501 1,500 825 290 212 71 1,056 — — 5,455 
Special mention80 — 93 — — — 35 — — 208 
Substandard114 — 18 1 53 — — — — 186 
Total1,695 1,500 936 291 265 71 1,091 — — 5,849 
Consumer:
Residential mortgage:
Current13,824 17,340 6,167 3,084 1,384 13,206 — — — 55,005 
30 - 89 days past due55 61 32 37 43 386 — — — 614 
90 or more days past due5 31 62 62 91 535 — — — 786 
Nonperforming4 6 10 12 17 191 — — — 240 
Total13,888 17,438 6,271 3,195 1,535 14,318 — — — 56,645 
Home equity:
Current— — — — — — 6,843 3,818 — 10,661 
30 - 89 days past due— — — — — — 48 20 — 68 
90 days or more past due— — — — — — 9 3 — 12 
Nonperforming— — — — — — 44 91 — 135 
Total— — — — — — 6,944 3,932 — 10,876 
Indirect auto:
Current11,646 7,141 4,105 2,461 1,096 559 — — 7 27,015 
30 - 89 days past due147 174 111 100 60 54 — — — 646 
90 days or more past due1 — — — — — — — — 1 
Nonperforming41 77 56 56 34 25 — — — 289 
Total11,835 7,392 4,272 2,617 1,190 638 — — 7 27,951 
Other consumer:
Current11,270 5,805 3,167 1,814 865 1,061 3,278 29 — 27,289 
30 - 89 days past due68 44 26 20 10 7 10 2 — 187 
90 days or more past due8 1 1 1 — — 2 — — 13 
Nonperforming4 11 8 9 2 8 2 — — 44 
Total11,350 5,861 3,202 1,844 877 1,076 3,292 31 — 27,533 
Student:
Current— — 17 71 57 4,034 — — — 4,179 
30 - 89 days past due— — — 1 1 400 — — — 402 
90 days or more past due— — — 1 1 704 — — — 706 
Total— — 17 73 59 5,138 — — — 5,287 
Credit card:
Current— — — — — — 4,750 16 — 4,766 
30 - 89 days past due— — — — — — 63 1 — 64 
90 days or more past due— — — — — — 36 1 — 37 
Total— — — — — — 4,849 18 — 4,867 
Total$91,819 $58,390 $28,512 $21,376 $11,830 $33,635 $76,710 $3,981 $(262)$325,991 
(1)Includes certain deferred fees and costs and other adjustments.
(2)Truist sold its student loan portfolio at the end of the second quarter of 2023. Charge-offs include $98 million related to the sale.
ACL

The following tables present activity in the ACL:
(Dollars in millions)Balance at Jan 1, 2021Charge-OffsRecoveriesProvision (Benefit)
Other(1)
Balance at Dec 31, 2021
Commercial:     
Commercial and industrial$2,204 $(243)$107 $(642)$— $1,426 
CRE573 (10)6 (219)— 350 
Commercial construction81 (2)4 (31)— 52 
Consumer:
Residential mortgage368 (23)12 (49)— 308 
Home equity139 (16)29 (56)— 96 
Indirect auto1,198 (336)92 68 — 1,022 
Other consumer783 (255)74 112 — 714 
Student130 (24)1 4 6 117 
Credit card359 (150)37 104 — 350 
ALLL5,835 (1,059)362 (709)6 4,435 
RUFC364 — — (104)— 260 
ACL$6,199 $(1,059)$362 $(813)$6 $4,695 
(Dollars in millions)Balance at Jan 1, 2022Charge-OffsRecoveriesProvision (Benefit)
Other(1)
Balance at Dec 31, 2022
Commercial:
Commercial and industrial$1,426 $(143)$87 $39 $— $1,409 
CRE350 (13)8 (121)— 224 
Commercial construction52 (1)5 (10)— 46 
Consumer:
Residential mortgage308 (9)16 84 — 399 
Home equity96 (13)25 (18)— 90 
Indirect auto1,022 (411)91 279 — 981 
Other consumer714 (381)79 358 — 770 
Student117 (22)1 2 — 98 
Credit card350 (176)34 152 — 360 
ALLL4,435 (1,169)346 765 — 4,377 
RUFC260 — — 12 — 272 
ACL$4,695 $(1,169)$346 $777 $— $4,649 
(Dollars in millions)Balance at Jan 1, 2023Charge-OffsRecoveriesProvision (Benefit)
Other(1)
Balance at Dec 31, 2023
Commercial:      
Commercial and industrial$1,409 $(390)$70 $315 $— $1,404 
CRE224 (166)3 555 — 616 
Commercial construction46 (5)3 130 — 174 
Consumer:     
Residential mortgage399 (10)6 (16)(81)298 
Home equity90 (10)23 (14)— 89 
Indirect auto981 (531)107 372 13 942 
Other consumer770 (477)78 520 (1)890 
Student(2)
98 (108)— 10 — — 
Credit card360 (223)35 216 (3)385 
ALLL4,377 (1,920)325 2,088 (72)4,798 
RUFC272 — — 21 2 295 
ACL$4,649 $(1,920)$325 $2,109 $(70)$5,093 
(1)Includes the amounts for the ALLL for PCD acquisitions, the impact of adopting the Troubled Debt Restructurings and Vintage Disclosures accounting standard, and other activity.
(2)Truist sold its student loan portfolio at the end of the second quarter of 2023. Charge-offs include $98 million related to the sale.

The commercial ALLL increased $515 million and the consumer ALLL decreased $119 million for the year ended December 31, 2023. The increase in the commercial ALLL primarily reflects an increase in reserves related to the CRE and commercial construction portfolios. The decrease in the consumer ALLL for the year-to-date period primarily reflects the sale of the student loan portfolio in the second quarter, as well as impacts associated with the adoption of the Troubled Debt Restructurings and Vintage Disclosure accounting standard in the first quarter of 2023. These decreases were partially offset by an increase related to the other consumer portfolio that was primarily driven by loan growth.
The quantitative models have been designed to estimate losses using macro-economic forecasts over a reasonable and supportable forecast period of two years, followed by a reversion to long-term historical loss conditions over a one-year period. Forecasts of macroeconomic variables used in loss forecasting include, but are not limited to, unemployment trends, U.S. real GDP, corporate credit spreads, property values, home price indices, and used car prices.

The overall economic forecast incorporates a third-party baseline forecast that is adjusted to reflect Truist’s interest rate outlook. Management also considers optimistic and pessimistic third-party macro-economic forecasts in order to capture uncertainty in the economic environment. These forecasts, along with the primary economic forecast, are weighted 40% baseline, 30% optimistic, and 30% pessimistic in the December 31, 2023 ACL, unchanged since December 31, 2022. While the scenario weightings were unchanged, the forecast scenario reflected deterioration in certain economic variables (e.g., GDP) over the reasonable and supportable forecast period when compared to the prior year. The overall economic forecast shaping the ACL estimate at December 31, 2023 included GDP growth in the low-single digits and an unemployment rate near mid-single digits.

Quantitative models have certain limitations with respect to estimating expected losses, particularly in times of rapidly changing macro-economic conditions and forecasts. As a result, management believes that the qualitative component of the ACL, which incorporates management’s expert judgment related to expected future credit losses, will continue to be an important component of the ACL for the foreseeable future. The December 31, 2023 ACL estimate includes adjustments to consider the impact of current and expected events or risks not captured by the loss forecasting models, the outcomes of which are uncertain and may not be completely considered by quantitative models. Refer to “Note 1. Basis of Presentation” for additional information.

NPAs

The following table provides a summary of nonperforming loans and leases, excluding LHFS:
December 31, 2023December 31, 2022
Recorded InvestmentRecorded Investment
(Dollars in millions)Without an ALLLWith an ALLLWithout an ALLLWith an ALLL
Commercial: 
Commercial and industrial$123 $347 $120 $278 
CRE154 130 75 7 
Commercial construction— 24 — — 
Consumer:
Residential mortgage1 152 4 236 
Home equity1 121 2 133 
Indirect auto20 248 3 286 
Other consumer— 59 — 44 
Total$299 $1,081 $204 $984 

The following table presents a summary of nonperforming assets and residential mortgage loans in the process of foreclosure:
(Dollars in millions)Dec 31, 2023Dec 31, 2022
Nonperforming loans and leases HFI$1,380 $1,188 
Nonperforming LHFS51 — 
Foreclosed real estate3 4 
Other foreclosed property54 58 
Total nonperforming assets$1,488 $1,250 
Residential mortgage loans in the process of foreclosure$214 $248 
Loan Modifications

The following tables summarize the amortized cost basis and the weighted average financial effect of loans to borrowers experiencing financial difficulty that were modified during the year, disaggregated by class of financing receivable and type of modification granted. These tables include modification activity that occurred on or after January 1, 2023.
Year Ended December 31, 2023
(Dollars in millions)		RenewalsTerm ExtensionsCapitalizationsPayment DelaysCombination -
Interest Rate Adjustment and Term Extension		Combination -
Capitalization and Term Extension		Combination -
Capitalization, Interest Rate and Term Extension		OtherTotal Modified LoansPercentage of Total Class of Financing Receivable
Commercial:
Commercial and industrial$1,158 $51 $— $24 $65 $— $— $27 $1,325 0.82 %
CRE347 — — 72 — — — — 419 1.86 
Commercial construction25 — — — — — — — 25 0.37 
Consumer:
Residential mortgage— 111 104 58 2 310 61 5 651 1.17 
Home equity— — — 2 9 — — 2 13 0.13 
Indirect auto— 26 — 896 16 — — 7 945 4.16 
Other consumer— 21 — 1 5 — — 1 28 0.10 
Credit card— — — — — — — 20 20 0.39 
Total$1,530 $209 $104 $1,053 $97 $310 $61 $62 $3,426 1.10 
Year Ended December 31, 2023
Loan TypeFinancial Effect
Renewals
Commercial and industrialExtended the term by 7 months and increased the interest rate by 0.6%
CREExtended the term by 11 months and increased the interest rate by 0.2%
Commercial constructionExtended the term by 21 months and increased the interest rate by 0.3%
Term Extensions
Commercial and industrialExtended the term by 3 months.
Residential mortgageExtended the term by 131 months.
Indirect autoExtended the term by 23 months.
Other consumerExtended the term by 24 months.
Capitalizations
Residential mortgageCapitalized a portion of forborne loan and other advanced payments into the outstanding loan balance.
Payment Delays
Commercial and industrialProvided 183 days of payment deferral.
CREProvided 232 days of payment deferral.
Residential mortgageProvided 209 days of payment deferral.
Home equityProvided 167 days of payment deferral.
Indirect autoProvided 146 days of payment deferral.
Other consumerProvided 154 days of payment deferral.
Combination - Interest Rate Adjustment and Term Extension
Commercial and industrialExtended the term by 45 months and increased the interest rate by 2%.
Residential mortgageExtended the term by 107 months and increased the interest rate by 0.5%.
Home equityExtended the term by 262 months and decreased the interest rate by 3%.
Indirect autoExtended the term by 11 months and decreased the interest rate by 6%.
Other consumerExtended the term by 59 months and decreased the interest rate by 1%.
Combination - Capitalization and Term Extension
Residential mortgageCapitalized a portion of forborne loan and other advanced payments into the outstanding loan balance and extended the term by 99 months.
Combination - Capitalization, Interest Rate and Term Extension
Residential mortgageCapitalized a portion of forborne loan and other advanced payments into the outstanding loan balance, extended the term by 130 months, and decreased the interest rate by 0.2%.

The tables above exclude trial modifications totaling $47 million as of December 31, 2023. Such modifications will be included in the modification activity disclosure if the borrower successfully completes the trial period and the loan modification is finalized.

As of December 31, 2023, Truist had $702 million in unfunded lending commitments related to the modified obligations summarized in the tables above.

Upon Truist’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.
Truist closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table summarizes the period-end delinquency status and amortized cost of loans that were modified since January 1, 2023. The period-end delinquency status of loans that were modified are disclosed at amortized cost and reflect the impact of any paydowns, payoffs, and/or charge-offs that occurred subsequent to modification.
Payment Status (Amortized Cost Basis)
December 31, 2023
(Dollars in millions)
Current30-89 Days Past Due90 Days or More Past DueTotal
Commercial:
Commercial and industrial$887 $48 $92 $1,027 
CRE233 11 1 245 
Commercial construction22 — — 22 
Consumer:
Residential mortgage427 116 90 633 
Home equity11 — — 11 
Indirect auto730 148 20 898 
Other consumer24 1 — 25 
Credit card11 3 2 16 
Total$2,345 $327 $205 $2,877 
Total nonaccrual loans included above$155 $85 $137 $377 

The following table provides the amortized cost basis of financing receivables that were modified and were in payment default:
December 31, 2023
(Dollars in millions)
RenewalsTerm ExtensionsCapitalizationsPayment DelaysCombination -
Capitalization and Term Extension		Combination -
Capitalization, Interest Rate and Term Extension		OtherTotal
Commercial:
Commercial and industrial$72 $— $— $20 $— $— $— $92 
CRE1 — — — — — — 1 
Consumer:
Residential mortgage— 13 6 34 31 5 1 90 
Indirect auto— 1 — 17 — — 2 20 
Credit card— — — — — — 2 2 
Total$73 $14 $6 $71 $31 $5 $5 $205 

TDRs

The following table presents a summary of TDRs:
(Dollars in millions)Dec 31, 2022
Performing TDRs: 
Commercial: 
Commercial and industrial$136 
CRE5 
Commercial construction1 
Consumer:
Residential mortgage1,252 
Home equity51 
Indirect auto462 
Other consumer31 
Student30 
Credit card18 
Total performing TDRs1,986 
Nonperforming TDRs214 
Total TDRs$2,200 
ALLL attributable to TDRs$152 

The primary type of modification for TDRs designated in 2022 and 2021 is summarized in the tables below. TDR balances represent the recorded investment at the end of the quarter in which the modification was made. The prior quarter balance represents recorded investment at the beginning of the quarter in which the modification was made. Rate modifications consist of TDRs made with below market interest rates, including those that also have modifications of loan structures.
As of / For the Year Ended December 31, 2022
Type of ModificationPrior Quarter Loan BalanceRelated ALLL at Period End
(Dollars in millions)RateStructure
Newly designated TDRs:
Commercial$66 $10 $78 $9 
Consumer496 627 1,107 56 
Credit card8 — 8 4 
Re-modification of previously designated TDRs113 133 
As of / For the Year Ended December 31, 2021
Type of ModificationPrior Quarter Loan BalanceALLL at Period End
(Dollars in millions)RateStructure
Newly designated TDRs:
Commercial$35 $130 $193 $17 
Consumer284 312 606 36 
Credit card11 — 12 5 
Re-modification of previously designated TDRs61 38 

Unearned Income, Discounts, and Net Deferred Loan Fees and Costs

The following table presents additional information about loans and leases:
(Dollars in millions)Dec 31, 2023Dec 31, 2022
Unearned income, discounts, and net deferred loan fees and costs$553 $269