{"schemaVersion":1,"research":true,"symbol":"tfc","name":"Truist Financial","topic":"moat","path":"/stock/tfc/moat","status":"stale","version":9,"updatedAt":"2026-10-19T15:59:01.946Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Truist has a substantial regional deposit franchise and demonstrated deposit growth, but the passages do not establish durable switching costs, superior funding economics versus competitors, or another structural moat. Pricing power is mixed: deposit costs declined year over year, while loan spreads and deposit mix weakened. Capital and liquidity remain above disclosed requirements, but securities repositioning losses and lower reported returns limit evidence of resilience.","advantages":[{"mechanism":"switching_costs","claim":"Primary banking relationships and a broad service offering are plausible sources of switching friction. Net new checking accounts and deposit growth demonstrate franchise relevance, but customer dependency and an economic advantage from switching costs remain unestablished.","durability":"Unproven. Regional deposit rankings and reported relationship deepening do not establish persistent retention or pricing advantages.","risks":"Noninterest-bearing deposit mix declined, loan spreads weakened, and banking and nonbank competition require continued investment. Management's client-first advantage claim is an assertion.","invalidation":"The relationship-based hypothesis would be weakened by sustained checking-account contraction, deposit outflows, or continued replacement of noninterest-bearing balances with higher-cost funding. Establishing it would require persistent relationship retention and favorable funding economics beyond changes attributable to market rates.","competitors":[],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6","e7","e8","e9"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / non-lending services","excerpt":"We also provide a wide range of non-lending services to consumer and wholesale clients, including deposits, merchant services, treasury management services, trust and retirement services, comprehensive wealth advisory services, investment brokerage services, asset management, and capital markets services."},{"id":"e2","sourceId":"filing-1","location":"Business / deposit market share by state","excerpt":"Table 1: Deposit Market Share and Branch Locations by State\n% of Truist’s Deposits(2)\nDeposit Market Share Rank(2)\nNumber of Branches(3)\nFlorida\n4th\n441\nGeorgia\n1st\nVirginia\n3rd\n259\nNorth Carolina(1)\n2nd\n276\nMaryland\n3rd\nTennessee\n5th\nPennsylvania\n12th\n136\nSouth Carolina\n3rd\nTexas\n18th\nWest Virginia\n2nd\nKentucky\n6th\nWashington, D.C."},{"id":"e3","sourceId":"filing-3","location":"Compensation discussion / checking-account growth","excerpt":"CSBB also strengthened client acquisition and relationship primacy, including another year of net new checking account growth and meaningful momentum among younger demographics."},{"id":"e4","sourceId":"filing-8","location":"Net interest income / year-over-year funding balances","excerpt":"•Average deposits increased $14.1 billion, or 3.6%, average short-term borrowings decreased $8.2 billion, or 31%, and average long-term debt increased $3.7 billion, or 8.9%."},{"id":"e5","sourceId":"filing-8","location":"Average deposits / noninterest-bearing deposit mix","excerpt":"Average noninterest-bearing deposits decreased 0.6% compared to the second quarter of 2026 and represented 25.1% of total deposits for the third quarter of 2026 and 25.6% for the second quarter of 2026."},{"id":"e6","sourceId":"filing-8","location":"Net interest income / lower loan spreads and unfavorable deposit mix","excerpt":"Taxable-equivalent net interest income was up $27 million, or 0.7%, compared to the third quarter of 2025, primarily driven by fixed asset and liability repricing, higher client deposit balances, and higher loan balances, partially offset by lower loan spreads and unfavorable deposit mix."},{"id":"e7","sourceId":"filing-1","location":"Business / increased nonbank competition","excerpt":"Nonbanking entities, including financial technology companies, have increased competition in recent years by providing financial products and services directly to customers and indirectly through partnerships."},{"id":"e8","sourceId":"filing-1","location":"Business / competitors' resources and scale","excerpt":"Some also have greater scale, financial and operational resources, investment capacity, product and service offerings, and brand recognition."},{"id":"e9","sourceId":"filing-1","location":"Business / management's claimed competitive advantage","excerpt":"Management believes that Truist’s purpose, mission, and values, including a caring client-first approach, are a competitive advantage that strengthens the Company’s ability to provide financial products and services to businesses and individuals in its markets."},{"id":"e10","sourceId":"filing-8","location":"Net interest income / year-over-year deposit cost","excerpt":"•The average cost of total deposits was 1.59%, down 25 basis points."},{"id":"e11","sourceId":"filing-8","location":"Net interest income / sequential deposit cost","excerpt":"•The average cost of total deposits was 1.59%, up three basis points."},{"id":"e12","sourceId":"filing-8","location":"Net interest margin / year-over-year comparison","excerpt":"NIM - TE was 3.00%, stable compared to the third quarter of 2025."},{"id":"e13","sourceId":"filing-9","location":"Selected mortgage banking information / servicing fees and brokered deposits","excerpt":"Total mortgage banking income\n116 \n133 \n119 \nOther Mortgage Banking Information\nResidential mortgage loan originations\n6,214 \n6,824 \n5,137 \n4,551 \n4,743 \nResidential mortgage servicing portfolio:(1)\nLoans serviced for others\n267,522 \n240,764 \n233,870 \n228,383 \n221,274 \nBank-owned loans serviced\n58,288 \n57,894 \n57,386 \n57,583 \n58,396 \nTotal servicing portfolio\n325,810 \n298,658 \n291,256 \n285,966 \n279,670 \nWeighted-average coupon rate on mortgage loans serviced for others\n3.80 \n3.79 \n3.77 \n3.77 \n3.75 \nWeighted-average servicing fee on mortgage loans serviced for others\n0.29 \n0.29 \n0.29 \n0.28 \n0.28 \nBrokered deposits(2)\n26,226 \n26,812 \n28,488 \n29,835 \n28,423 \nNQDCP income (expense):(3)\nInterest income\n(6)\nOther income\nPersonnel expense\n(31)\n(18)\nTotal NQDCP income (expense)\n1,927 \nATMs\n2,790 \n2,820 \n2,826 \n2,829 \n2,837 \nFull-time equivalent teammates(4)\n37,833 \n37,849 \n37,877 \n38,062 \n38,534 \n(1)Amounts reported are unpaid principal balance."},{"id":"e14","sourceId":"filing-1","location":"Fair value disclosures / contractually specified servicing fees","excerpt":"The fair value attributable to servicing is based on discounted cash flows and is impacted by prepayment assumptions, discount rates, delinquency rates, contractually specified servicing fees, servicing costs, and underlying portfolio characteristics."},{"id":"e15","sourceId":"filing-1","location":"Business / competition affecting rates, pricing and fees","excerpt":"Competition affects every aspect of our business, including product and service offerings, rates, pricing and fees, credit limits, and client service."},{"id":"e16","sourceId":"filing-2","location":"Capital / minimum requirements plus stress capital buffer","excerpt":"Table 24: Capital Requirements Minimum Capital Well-Capitalized Minimum Capital Plus Stress Capital Buffer(1) Truist Truist Bank CET1 4.5 % NA 6.5 % 7.0 % Tier 1 capital 6.0 6.0 % 8.0 8.5 Total capital 8.0 10.0 10.0 10.5 Leverage ratio 4.0 NA 5.0 NA Supplementary leverage ratio 3.0 NA NA NA (1)Reflects an SCB requirement of 2.5% applicable to Truist as of June 30, 2026."},{"id":"e17","sourceId":"filing-8","location":"Capital / preliminary September 2026 regulatory ratios","excerpt":"- 4 -\nCapital Ratios\n3Q26\n2Q26\n1Q26\n4Q25\n3Q25\nRisk-based:\n(preliminary)\nCET1\n10.7 \n%\n10.9 \n%\n10.8 \n%\n10.8 \n%\n11.0 \n%\nTier 1\n12.0 \n12.2 \n11.9 \n11.9 \n12.3 \nTotal\n13.6 \n14.0 \n13.7 \n13.8 \n14.2 \nLeverage\n9.6 \n9.8 \n9.9 \n10.0 \n10.2 \nSupplementary leverage\n8.0 \n8.2 \n8.3 \n8.3 \n8.5 \nCapital ratios remain strong relative to the regulatory requirements for well-capitalized banks."},{"id":"e18","sourceId":"filing-8","location":"Capital / causes of CET1 decline","excerpt":"Truist’s CET1 ratio was 10.7% as of September 30, 2026, down 20 basis points compared to June 30, 2026, primarily due to capital returned to shareholders and the repositioning of the AFS securities portfolio, partially offset by current quarter earnings and benefits from the RAC loan sale."},{"id":"e19","sourceId":"filing-8","location":"Capital / third-quarter dividends and repurchases","excerpt":"Truist declared common dividends of $0.52 per share during the third quarter of 2026 and repurchased $1.2 billion of common stock."},{"id":"e20","sourceId":"filing-2","location":"Capital / second-quarter payout ratios","excerpt":"The dividend and total payout ratios for the second quarter of 2026 were 42% and 121%, respectively."},{"id":"e21","sourceId":"filing-3","location":"Compensation discussion / actual 2025 long-term awards and vesting","excerpt":"Award Type Payment Portion of Target Long-Term Incentive Program Amount Potential Award Amount Vesting PSU Stock 0% to 150% of target Cliff vesting based on performance over a 3-year performance period (January 1, 2025 – December 31, 2027) LTIP Cash 0% to 150% of target Cliff vesting based on performance over a 3-year performance period (January 1, 2025 – December 31, 2027) RSU Stock N/A 4-year vesting in three equal, back-loaded installments on March 15 of 2027, 2028, and 2029 Award amounts reflected in the 2025–2027 PSU and LTIP Awards and 2025 RSU Awards sections below reflect the grant date values for NEO long-term incentive program awards for 2025."},{"id":"e22","sourceId":"filing-3","location":"Executive compensation / completed LTIP cycle without payment","excerpt":"No payments were made with respect to the completion of the 2023–2025 LTIP awards in 2025."},{"id":"e23","sourceId":"filing-3","location":"Compensation discussion / positive CEO incentive adjustment","excerpt":"The Committee concluded that Mr. Rogers’s individual leadership contributions towards Truist’s financial results, strategic priorities, risk posture, and cultural alignment during 2025 warranted a positive adjustment to the overall Company performance results under the AIP."},{"id":"e24","sourceId":"filing-3","location":"Compensation discussion / incentive-specific accounting adjustments","excerpt":"For purposes of incentive compensation, adjusted EPS and ROTCE may reflect additional adjustments for the effects of different selected items compared to those reported in quarterly earnings materials, as set forth in Annex A."},{"id":"e25","sourceId":"filing-3","location":"Compensation policies / hedging and pledging prohibition","excerpt":"✗ No Hedging and Pledging: We prohibit the hedging or pledging of Truist stock by our executive officers and directors."},{"id":"e26","sourceId":"filing-3","location":"Stock ownership / directors and executive officers","excerpt":"Our directors and current executive officers collectively have sole voting and investment authority over 1,474,800 shares of common stock and shared voting and investment authority over 327,269 shares of common stock."},{"id":"e27","sourceId":"filing-3","location":"Audit Committee report / independent membership","excerpt":"The Audit Committee is currently composed of four independent directors and operates under a charter adopted by our Board."},{"id":"e28","sourceId":"filing-1","location":"Controls and procedures / external internal-control audit opinion","excerpt":"The effectiveness of the Company’s internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their accompanying report, which expresses an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting as of December 31, 2025."},{"id":"e29","sourceId":"filing-3","location":"Shareholder engagement / 2025 say-on-pay support","excerpt":"In response to receiving 59% support for our say-on-pay proposal at the 2025 annual meeting, we prioritized discussions of executive compensation in our shareholder engagement program to better understand investor concerns and perspectives."},{"id":"e30","sourceId":"filing-3","location":"Shareholder engagement / implemented compensation enhancements","excerpt":"Informed by this feedback and in consideration of investor preferences, the Compensation and Human Capital Committee has implemented key enhancements to our executive-compensation program and related disclosures:"},{"id":"e31","sourceId":"filing-2","location":"Consolidated statements of income / first-half earnings and shares","excerpt":"4 Truist Financial Corporation CONSOLIDATED STATEMENTS OF INCOME TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES Unaudited (Dollars in millions, except per share data, shares in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Interest Income Interest and fees on loans and leases $ 4,659 $ 4,657 $ 9,258 $ 9,150 Interest on securities 871 961 1,720 1,936 Interest on other earning assets 437 536 844 1,056 Total interest income 5,967 6,154 11,822 12,142 Interest Expense Interest on deposits 1,575 1,844 3,100 3,580 Interest on long-term debt 485 431 930 840 Interest on other borrowings 286 292 572 628 Total interest expense 2,346 2,567 4,602 5,048 Net Interest Income 3,621 3,587 7,220 7,094 Provision for credit losses 395 488 874 946 Net Interest Income After Provision for Credit Losses 3,226 3,099 6,346 6,148 Noninterest Income Wealth management income 375 348 745 692 Card and treasury management fees 353 351 691 684 Investment banking and trading income 352 205 724 478 Other deposit revenue 120 108 240 225 Mortgage banking income 116 107 249 215 Lending related fees 120 99 238 194 Securities gains (losses) — (18) — (19) Other income 208 200 310 323 Total noninterest income 1,644 1,400 3,197 2,792 Noninterest Expense Personnel expense 1,792 1,678 3,519 3,282 Professional fees and outside processing 335 373 648 737 Software expense 239 231 469 461 Net occupancy expense 171 181 350 349 Equipment expense 79 89 164 171 Marketing and customer development 91 82 170 157 Amortization of intangibles 63 73 127 148 Regulatory costs 61 55 129 124 Other expense 224 224 462 463 Total noninterest expense 3,055 2,986 6,038 5,892 Earnings Income before income taxes 1,815 1,513 3,505 3,048 Provision for income taxes 262 273 471 547 Net income 1,553 1,240 3,034 2,501 Preferred stock dividends and other 34 60 138 164 Net income available to common shareholders $ 1,519 $ 1,180 $ 2,896 $ 2,337 Basic EPS $ 1.24 $ 0.91 2.34 1.80 Diluted EPS 1.23 0.90 2.31 1.78 Basic weighted average shares outstanding 1,224,867 1,292,292 1,236,682 1,299,833 Diluted weighted average shares outstanding 1,239,040 1,305,005 1,252,766 1,314,779 The accompanying notes are an integral part of these consolidated financial statements."},{"id":"e32","sourceId":"filing-9","location":"Quarterly performance summary / earnings, EPS and share counts","excerpt":"Commercial mortgage servicing income before MSR valuation\n5 \n5 \n3 \n2 \n4 \nNet MSRs valuation\n— \n5 \n— \n1 \n(1)\nTotal commercial mortgage servicing income\n5 \n10 \n3 \n3 \n3 \nTotal commercial mortgage income\n1,644 \n1,558 \n3,281 \n4,350 \nNoninterest expense\n3,105 \n3,055 \n3,014 \n9,143 \n8,906 \nIncome before income taxes\n895 \n1,815 \n1,737 \n4,400 \n4,785 \nProvision for income taxes\n262 \n285 \n567 \n832 \nNet income\n799 \n1,553 \n1,452 \n3,833 \n3,953 \nPreferred stock dividends and other\n115 \n268 \nNet Income available to common shareholders\n1,519 \n1,348 \n3,580 \n3,685 \nAdjusted net income available to common shareholders(1)\n1,423 \n1,519 \n1,348 \n4,319 \n3,699 \nAdditional Income Statement Information\nRevenue\n3,747 \n5,265 \n5,187 \n14,164 \n15,073 \nRevenue - TE(1)\n3,791 \n5,311 \n5,238 \n14,299 \n15,220 \nAdjusted revenue - TE(1)\n5,304 \n5,311 \n5,238 \n15,812 \n15,239 \nPPNR(1)\n686 \n2,256 \n2,224 \n5,156 \n6,314 \nAdjusted PPNR(1)\n2,239 \n2,256 \n2,224 \n6,709 \n6,333 \nKey Metrics\nEarnings:\nBasic EPS\n0.57 \n1.24 \n1.05 \n2.92 \n2.85 \nDiluted EPS\n0.56 \n1.23 \n1.04 \n2.88 \n2.82 \nAdjusted EPS-diluted(1)\n1.16 \n1.23 \n1.04 \n3.47 \n2.83 \nCash dividends declared per share\n1.56 \n1.56 \nBVPS\nTBVPS(1)\n31.90 \n33.40 \n32.57 \nEnd of period shares outstanding\n1,198,488 \n1,221,626 \n1,279,246 \nWeighted average shares outstanding-basic\n1,210,179 \n1,224,867 \n1,280,571 \n1,227,751 \n1,293,341 \nWeighted average shares outstanding-diluted\n1,226,342 \n1,239,040 \n1,296,666 \n1,243,918 \n1,308,676 \nROA\n0.6 \nActive hedge basis adjustments for fair value hedges are included in nonearning assets and other liabilities."},{"id":"e33","sourceId":"filing-8","location":"Earnings highlights / reported and adjusted returns","excerpt":"48.04 \n46.70 \nTBVPS(1)\n31.90 \n33.40 \n32.57 \nROCE\n4.7 \n%\n10.4 \n%\n9.0 \n%\nROTCE(1)\n7.2 \n15.4 \n13.6 \nAdjusted ROTCE(1)\n14.6 \n15.4 \n13.6 \nEfficiency ratio\n82.9 \n58.0 \n58.1 \nNIM - TE(1)\n3.00 \n2.98 \n3.01 \nNCO ratio\n0.77 \n0.50 \n0.48 \nALLL ratio\n1.25 \n1.51 \n1.54 \nCET1 ratio(2)\n10.7 \n10.9 \n11.0 \nAverage Balances\nAssets\n$\n550 \n$\n550 \n$\n542 \nSecurities\n118 \n118 \n119 \nLoans and leases \n329 \n332 \n322 \nDeposits\n411 \n405 \n397 \nAmounts may not foot due to rounding."},{"id":"e34","sourceId":"filing-8","location":"Quarterly highlights / completed RAC sale and securities repositioning","excerpt":"•Third quarter results reflect the completion of the Regional Acceptance Corporation (RAC) loan sale and the subsequent AFS securities repositioning"},{"id":"e35","sourceId":"filing-8","location":"Quarterly highlights / signed LightStream sale agreement","excerpt":"•Signed an agreement on October 14, 2026, to sell $7.7 billion of unsecured consumer loans representing substantially all assets of LightStream, our unsecured lending platform, to Carlyle Group Inc."},{"id":"e36","sourceId":"filing-9","location":"Non-GAAP reconciliation / securities losses and RAC effects","excerpt":"- 11 -\nDiluted EPS\nNet Income (loss) available to common shareholders\n1,519 \n1,348 \n3,580 \n3,685 \nGross adjustments:\nSecurities (gains) losses\n1,447 \n1,447 \nReserve recapture for RAC loan sale\n(581)\n(581)\nRAC loan sale impact\n106 \n106 \nApplicable income taxes related to adjustments:(1)\nSecurities (gains) losses\n(346)\n(346)\n(5)\nReserve recapture for RAC loan sale\n139 \n139 \nRAC loan sale impact\n(26)\n(26)\nAdjusted net income available to common shareholders(2)\n1,423 \n1,519 \n1,348 \n4,319 \n3,699 \nWeighted average shares outstanding - diluted\n1,226,342 \n1,239,040 \n1,296,666 \n1,243,918 \n1,308,676 \nDiluted EPS\n0.56 \n1.23 \n1.04 \n2.88 \n2.82 \nAdjusted diluted EPS(2)\n1.16 \n1.23 \n1.04 \n3.47 \n2.83 \n(1)Calculated using the applicable marginal tax rate."},{"id":"e37","sourceId":"filing-8","location":"Liquidity / average LCR and regulatory minimum","excerpt":"Truist’s average consolidated LCR was 110% for the three months ended September 30, 2026, compared to the regulatory minimum of 100%."},{"id":"e38","sourceId":"filing-2","location":"Liquidity / secured borrowing capacity and eligible cash","excerpt":"Table 22: Selected Liquidity Sources\nUnused borrowing capacity:\n81,004 \n84,160 \n27,491 \n23,464 \nAvailable investment securities (at fair value)\n71,564 \n70,150 \nAvailable secured borrowing capacity\n180,059 \n177,774 \nEligible cash at the Federal Reserve\n32,042 \n29,973 \n212,101 \n207,747 \nAt June 30, 2026, Truist Bank’s available secured borrowing capacity represented approximately 4.8 times the amount of wholesale funding maturities in one year or less."},{"id":"e39","sourceId":"filing-8","location":"Asset quality / RAC sale and commercial nonperforming assets","excerpt":"Nonperforming assets totaled $1.3 billion at September 30, 2026, down $410 million compared to June 30, 2026, primarily due to the RAC loan sale, partially offset by an increase in the commercial and industrial portfolio."},{"id":"e40","sourceId":"filing-9","location":"Credit quality / delinquency and allowance coverage ratios","excerpt":"30\nJune 30\nMarch 31\nDec. 31\nSept. 30\n2026\n2026\n2026\n2025\n2025\nAsset Quality Ratios\nNonperforming loans and leases as a percentage of loans and leases\n0.40 \n%\n0.51 \n%\n0.50 \n%\n0.48 \n%\n0.48 \n%\nNonperforming loans and leases(1) as a percentage of total loans and leases(1)\n0.40 \n0.51 \n0.52 \n0.48 \n0.48 \nNonperforming assets(1) as a percentage of total assets\n0.24 \n0.31 \n0.33 \n0.30 \n0.30 \nNonperforming assets(1) as a percentage of loans and leases plus foreclosed property\n0.41 \n0.53 \n0.52 \n0.50 \n0.50 \nLoans 90 days or more past due and still accruing as a percentage of loans and leases\n0.22 \n0.21 \n0.23 \n0.21 \n0.18 \nLoans 90 days or more past due and still accruing as a percentage of loans and leases, excluding government guaranteed loans\n0.04 \n0.04 \n0.05 \n0.05 \n0.05 \nLoans 30-89 days past due and still accruing as a percentage of loans and leases\n0.47 \n0.54 \n0.53 \n0.60 \n0.54 \nAllowance for loan and lease losses as a percentage of loans and leases\n1.25 \n1.51 \n1.53 \n1.53 \n1.54 \nRatio of allowance for loan and lease losses to:\nNet charge-offs (annualized)(2)\n1.6X\n3.0X\n2.5X\n2.7X\n3.3X\nNonperforming loans and leases\n3.1X\n2.9X\n3.1X\n3.2X\n3.2X\n(1)Nonperforming assets and total loans and leases include loans held for sale."},{"id":"e41","sourceId":"filing-8","location":"Credit losses / charge-offs and reserve release","excerpt":"Provision for Credit Losses\nQuarter Ended\nChange\n(Dollars in millions)\n3Q26\n2Q26\n3Q25\nLink Quarter\nLike Quarter\nProvision (benefit) for credit losses(1)\n$\n(253)\n$\n395 \n$\n436 \n$\n(648)\n(164.1)\n%\n$\n(689)\n(158.0)\n%\nNet charge-offs(2)\n629 \n414 \n385 \n215 \n51.9 \n244 \n63.4 \nNet charge-offs as a percentage of average loans and leases (annualized)\n0.77 \n%\n0.50 \n%\n0.48 \n%\n27 bps\n29 bps\n(1)Includes benefit of $581 million for the three months ended September 30, 2026 from the release of ACL following the recognition of held for sale-related charge-offs resulting from the RAC loan sale."},{"id":"e42","sourceId":"filing-2","location":"Executive overview / GAAP common-equity return and non-GAAP ROTCE","excerpt":"Truist’s results of operations for the second-quarter of 2026 produced an annualized return on average assets of 1.1%, an annualized return on average common shareholders’ equity of 10.4%, and ROTCE of 15.4% compared to prior year returns of 0.9%, 8.1%, and 12.3%,respectively."},{"id":"e43","sourceId":"filing-2","location":"Shareholders' equity / preferred issuance proceeds and dividend rate","excerpt":"On May 15, 2026, Truist issued $500 million of Series S non-cumulative perpetual preferred stock with a stated dividend rate of 6.25% per annum for net proceeds of approximately $495 million."},{"id":"e44","sourceId":"filing-1","location":"Benefit plans / equity awards granted, vested and forfeited","excerpt":"Avg. Grant Date Fair Value\nNonvested at January 1, 2025\n22,363 \n38.87 \nGranted\n9,299 \n41.21 \nVested\n(6,512)\n46.18 \nForfeited\n(1,383)\n38.24 \nNonvested at December 31, 2025\n23,767 \n37.86 \nOther Benefits\nThere are various other employment-related contracts, deferred compensation arrangements, and restrictive covenants with selected members of management and certain retirees as well as an employee stock purchase plan."},{"id":"e45","sourceId":"filing-2","location":"Investment activities / securities purchases and runoff","excerpt":"•The increase in 2026 was driven by purchases of $11.6 billion, partially offset by paydowns, maturities, and sales of $10.2 billion."},{"id":"e46","sourceId":"filing-2","location":"Investment activities / AFS duration before and after swaps","excerpt":"•The effective duration of the AFS securities portfolio was 4.3 years at June 30, 2026 and 4.4 years at December 31, 2025, excluding the impact of swaps, or 3.2 years at June 30, 2026 and 2.9 years at December 31, 2025, including the impact of swaps."},{"id":"e47","sourceId":"filing-1","location":"Net interest income / market-rate explanation for funding cost decline","excerpt":"The decline in the cost of deposits and short-term borrowings was driven by the impact of reductions in interest rates."},{"id":"e48","sourceId":"filing-1","location":"Business / generic competitor categories","excerpt":"Truist competes actively with national, regional, and local financial services providers, including banks, thrifts, credit unions, investment advisers, asset managers, securities brokers and dealers, private-equity funds, hedge funds, mortgage-banking companies, finance companies, limited-purpose banks, and financial technology companies."}],"changes":["The uncertain moat verdict is unchanged; all four moat criteria remain null because structural advantage and durability are not established.","The previous analysis's pricing, management and financial grades were re-examined against this catalog and remain unchanged. September capital ratios remain preliminary.","Current catalog evidence supports actual executive share ownership and award outcomes. Proposed-plan provisions are not needed to establish alignment.","No newly demonstrated competitive advantage is established by the October leadership announcements or prospective LightStream sale benefits."],"limitations":["Competition disclosures identify generic categories, without named entity-level competitive comparisons. Companies mentioned as employers, investors, counterparties or failed banks are not established as current competitors; the competitor array is empty.","Market rankings, checking-account growth and operating results support an established franchise, but do not quantify customer switching costs, retention, competitor-relative funding costs or durable excess returns.","Relationship deepening and strategic benefits include issuer assertions. Generic competition and technology risks establish possible erosion channels, not realized customer losses.","The newest evidence is an earnings release and quarterly performance summary filed October 16, 2026, rather than a supplied September Form 10-Q. All dates used retain their catalog dateKind of filed.","All financial grades cite filings within 550 days of October 19, 2026. Uninsured deposit concentration, complete equity-compensation expense and long-term returns on recent portfolio actions are absent.","Falsifiable erosion conditions are analytical monitoring conditions, not forecasts or claims that those outcomes have occurred."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Regional deposit rankings and broad services establish franchise presence, but neither switching barriers nor superior economics versus competitors are demonstrated.","evidenceIds":["e1","e2","e8"]},{"criterion":"durability","grade":null,"rationale":"The passages do not establish how long any economic advantage can persist. Management's client-first claim does not demonstrate durability.","evidenceIds":["e9","e7"]},{"criterion":"customer_dependency","grade":null,"rationale":"Checking-account growth demonstrates demand, but does not establish customer dependence or material switching friction.","evidenceIds":["e3","e1"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Deposit growth coexists with weaker deposit mix and loan spreads; this cannot establish resilience of an unidentified structural advantage.","evidenceIds":["e4","e5","e6"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Third-quarter deposit cost fell 25 basis points year over year but increased three basis points sequentially, while loan spreads weakened. Servicing fees were 0.29% versus 0.28% a year earlier, with portfolio-mix limitations. Funding improvements cannot be separated fully from market rates.","evidenceIds":["e10","e11","e6","e13","e47"]},{"criterion":"retention","grade":2,"rationale":"Net new checking accounts and 3.6% average deposit growth indirectly support repeat demand and franchise engagement. Acquisition and retention are not separated, and noninterest-bearing deposit mix declined.","evidenceIds":["e3","e4","e5"]},{"criterion":"margin_resilience","grade":2,"rationale":"Third-quarter TE net interest margin remained 3.00% year over year despite spread and mix pressure. Large securities losses and the gap between reported and adjusted returns limit broader profitability resilience.","evidenceIds":["e12","e6","e33","e36"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Contractually specified servicing fees constrain repricing within those contracts. Observed deposit repricing demonstrates some flexibility, but competition affects rates and fees and broad unilateral repricing rights are not disclosed.","evidenceIds":["e14","e15","e11"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Capital remained above disclosed requirements while shareholders received dividends and buybacks. However, second-quarter total payouts were 121% of earnings, and third-quarter distributions and securities repositioning contributed to CET1 erosion.","evidenceIds":["e16","e17","e18","e19","e20","e36"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual 2025 awards include performance conditions and deferred vesting; the completed 2023–2025 LTIP paid nothing. Disclosed ownership and hedging restrictions support alignment, balanced against a positive discretionary CEO adjustment and incentive-specific accounting adjustments.","evidenceIds":["e21","e22","e23","e24","e25","e26"]},{"criterion":"execution","grade":2,"rationale":"Assessed from operating outcomes: first-half earnings improved, deposits grew and the RAC sale completed. Third-quarter reported earnings weakened materially with repositioning losses. Prospective LightStream benefits remain unproven.","evidenceIds":["e31","e32","e4","e34","e35","e36"]},{"criterion":"governance","grade":2,"rationale":"Independent Audit Committee membership and an unqualified external internal-control opinion provide concrete support. Only 59% say-on-pay support indicates shareholder concern; implemented compensation changes show a response without establishing exceptional governance.","evidenceIds":["e27","e28","e29","e30"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":3,"rationale":"September preliminary CET1 of 10.7%, Tier 1 of 12.0% and total capital of 13.6% exceed the disclosed minimum-plus-SCB requirements of 7.0%, 8.5% and 10.5%. CET1 declined 20 basis points sequentially; exceeding requirements does not establish exceptional stress durability.","evidenceIds":["e16","e17","e18"]},{"criterion":"liquidity_funding","grade":3,"rationale":"September average LCR was 110% against a 100% minimum. Deposits grew and short-term borrowings fell; June secured borrowing capacity covered approximately 4.8 times wholesale maturities within one year. Brokered deposits are disclosed, but uninsured concentration is absent and noninterest-bearing mix weakened.","evidenceIds":["e37","e38","e4","e13","e5"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"September nonperforming loans were 0.40% of loans, with allowance coverage of 3.1 times. Improvement primarily reflected the RAC sale; commercial nonperforming assets increased and charge-offs included sale effects. Realized securities losses demonstrate material interest-rate exposure despite duration hedging.","evidenceIds":["e39","e40","e41","e36","e46"]},{"criterion":"earnings_resilience","grade":2,"rationale":"First-half net income increased, but nine-month reported net income fell to $3.833 billion from $3.953 billion. Third-quarter diluted EPS of $0.56 versus adjusted $1.16 reflects substantial securities losses and offsetting reserve recapture. Earnings remained positive but uneven.","evidenceIds":["e31","e32","e36"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":2,"rationale":"Second-quarter annualized common-equity return was 10.4% and non-GAAP ROTCE was 15.4%, both improved year over year. Third-quarter reported returns fell to 4.7% and 7.2%, respectively, versus adjusted ROTCE of 14.6%. Accounting scope and selected exclusions materially affect the assessment.","evidenceIds":["e42","e33","e36"]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"Actual dividends and repurchases coexist with capital above disclosed requirements. Second-quarter total payouts exceeded earnings, and another $1.2 billion repurchase accompanied third-quarter capital erosion. The pace is not demonstrated to be indefinitely sustainable.","evidenceIds":["e16","e17","e18","e19","e20"]},{"criterion":"dilution_and_cost","grade":2,"rationale":"Period-end and weighted-average shares declined despite equity awards. Preferred issuance raised approximately $495 million at a 6.25% stated dividend rate. Share reduction is demonstrated, but complete equity-compensation expense and value creation per repurchased dollar are unavailable.","evidenceIds":["e32","e43","e44"]},{"criterion":"investment_discipline","grade":2,"rationale":"The completed RAC exit reduced nonperforming assets, but involved sale impacts and reserve recapture alongside $1.447 billion of securities losses. Securities purchases and runoff show active reinvestment. LightStream remains a signed sale commitment, and durable return benefits from portfolio simplification are 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reported inputs required for this metric are unavailable in the extracted statements for this period.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","net_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ocf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ps":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","net_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ocf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ps":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","net_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ocf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ps":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs 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statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements 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