Average noninterest-bearing deposit growth was strong for the third quarter of 2020 due to a continuation of the flight to quality and the government stimulus programs. C&CB includes Corporate and Investment Banking ("CIB"), which delivers a comprehensive range of strategic advisory, capital raising, risk management, financing, liquidity and investment solutions to both public and private companies in the C&CB segment and Wealth. ET; First-quarter 2021 – Thursday, April 15, 2021 at 8:00 a.m. Noninterest expense decreased $37 million primarily due to lower expenses related to the merger and operating lease depreciation, partially offset by higher personnel expense due to the impact of capitalized salaries related to PPP loans in the prior quarter. Total loans 90 days past due and still accruing, Nonperforming loans and leases as a percentage of loans and leases held for investment, Nonperforming assets as a percentage of total assets, Loans 30-89 days past due and still accruing as a percentage of loans and leases, Loans 90 days or more past due and still accruing as a percentage of loans and leases, Loans 90 days or more past due and still accruing as a percentage of loans and leases, excluding PPP, other government guaranteed and PCI, Allowance for loan and lease losses as a percentage of loans and leases held for investment, Net charge-offs as a percentage of average loans and leases, annualized, Ratio of allowance for loan and lease losses to net charge-offs, annualized, Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment. Noninterest expense increased $396 million primarily due to operating expenses related to the merger and higher merger-related charges in the current quarter. Excluding government guaranteed loans, the ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.03 percent at September 30, 2020, down one basis point from June 30, 2020. CHARLOTTE, N.C., Oct. 15, 2020 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today reported earnings for the third quarter of 2020. Within the consumer portfolio, indirect automobile nonaccrual loans declined as some states lifted the moratorium on repossessions. Adjusted net income available to common shareholders was $1.3 billion, or $0.97 per diluted share, excluding merger-related and restructuring charges of $236 million ($181 million after-tax), incremental operating expenses related to the merger of $152 million ($115 million after-tax), securities gains of $104 million ($80 million after-tax) and a charitable contribution of $50 million ($38 million after-tax). Nonperforming loans and leases held for investment represented 0.37 percent of loans and leases held for investment, up 2 basis points compared to June 30, 2020. The allocated provision for credit losses decreased $223 million due to a build to the allowance in the prior quarter primarily due to risk grade updates in the commercial portfolio and qualitative considerations related to selected industries impacted by COVID-19, partially offset by increased charge-offs in the current quarter related to the implementation of CECL, which required a gross-up of loan carrying values in connection with the establishment of an allowance on PCD loans. The decline in long-term debt was due to the early extinguishment of certain FHLB advances in the prior quarter. Truist's management believes investors may find these non-GAAP financial measures useful. With 275 years of combined BB&T and SunTrust history, Truist has leading market share in many high-growth markets in the country. C&CB net income was $583 million for the third quarter of 2020, an increase of $142 million compared to the earlier quarter. Noninterest income increased $338 million also primarily due to the merger. About TruistTruist Financial Corporation is a purpose-driven financial services company committed to inspire and build better lives and communities. The allowance for loan and lease losses was 5.22 times nonperforming loans and leases held for investment, compared to 5.24 times at June 30, 2020. Treasury Solutions, within C&CB, provides business clients across the organization with services required to manage their payments and receipts, combined with the ability to manage and optimize their deposits across all aspects of their business. Service charges on deposits, and card and payment related fees increased $45 million and $29 million, respectively, as volumes increased and waivers related to COVID-19 were reduced. Earnings of $1.1 billion, or $0. Investors can access a live audio webcast of the earnings call and view the news release and presentation materials at ir.truist.com under "Events & Presentations." This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the financial condition, results of operations, business plans and the future performance of Truist. With 275 years of combined BB&T and SunTrust history, Truist has leading market share in many high-growth markets in the country. The lower effective tax rate is primarily due to higher favorable permanent tax items and income tax credits in the current year. Truist became subject to the supplementary leverage ratio as of January 1, 2020. Average deposits for the third quarter of 2020 were $372.2 billion, an increase of $1.4 billion compared to the prior quarter. The allowance for credit losses includes $5.9 billion for loans and leases and $366 million for the reserve for unfunded commitments. IH net income was $77 million for the third quarter of 2020, an increase of $16 million compared to the earlier quarter. Noninterest income decreased $16 million primarily driven by an MSR fair value adjustment due to elevated prepayment speeds, partially offset by higher client activity and market valuations increasing wealth fees. This produced an effective tax rate for the third quarter of 2020 of 18.3 percent, compared to 20.8 percent for the earlier quarter. A presentation will be used during the earnings conference call and is available on our website at https://ir.truist.com/events-and-presentation. ET. Additionally, C&CB includes Commercial Community Banking, which offers an array of traditional banking products, including lending, cash management and investment banking to commercial clients via CIB. The decrease in rates on deposits was attributable to deposit rate cuts and maturities of higher cost time-deposits. CB&W serves individuals and small business clients by offering a variety of loan and deposit products, payment services, bankcard products and other financial services by connecting clients to a wide range of financial products and services. Learn more about our relief efforts for the coronavirus (COVID-19) pandemicLink opens in a new window. Its revenue for the quarter was up 85.1% compared to the same quarter last year. Third Quarter 2020 compared to Third Quarter 2019. (RTTNews) - Below are the earnings highlights for Truist Financial Corporation (TFC):-Earnings: $1.07 billion in Q3 vs. $0.74 billion in the same period last year. The leverage ratio is calculated using end of period Tier 1 capital and quarterly average tangible assets. … Adjusted diluted earnings per common share increased $0.15 compared to the second quarter of 2020. Excluding the items mentioned above and the impact of an increase of $141 million of amortization expense for intangibles, adjusted noninterest expense was up $1.4 billion primarily reflecting the impact of the merger. C&CB also includes Grandbridge Real Estate Capital, which is a fully integrated commercial mortgage banking company that originates commercial and multi-family real estate loans, services loan portfolios and provides asset and portfolio management as well as real estate brokerage services. Truist Updates Timing of First-Quarter 2020 Earnings Conference Call CHARLOTTE, N.C., March 4, 2020 / PRNewswire / -- Truist Financial Corporation (NYSE: TFC) will report its first-quarter 2020 financial results before the market opens on Monday, April 20, 2020, versus the previously announced date of April 16, 2020. Mortgage Banking also services loans for other investors, in addition to loans held in the Company's loan portfolio. Truist Announces 2021 Earnings Conference Calls. Average interest-bearing deposits decreased $8.7 billion, average short-term borrowings decreased $2.8 billion and average long-term debt decreased $14.6 billion. Earnings Presentation and Quarterly Performance Summary. The yield on the average securities portfolio for the third quarter was 1.97 percent, down 40 basis points compared to the prior quarter primarily due to lower yields on new purchases and premium amortization due to higher prepayments. These amounts did not impact Truist Financial Corporation's earnings. During the third quarter of 2020, Truist issued $925 million of preferred stock to further strengthen its capital position. Truist Financial Corp Q1 2020 Earnings Call Apr 20, 2020, 8:00 a.m. The significant increases in earning assets and liabilities are primarily due to the merger, as well as impacts from the COVID-19 pandemic and the resulting government stimulus programs. Adjusted results produced an annualized ROA of 1.11 percent, an annualized ROCE of 8.50 percent and an annualized ROTCE of 16.08 percent. C&CB net income was $583 million for the third quarter of 2020, an increase of $178 million compared to the prior quarter. The average rate on short-term borrowings was 0.85 percent, down 39 basis points compared to the prior quarter. Truist reported strong noninterest-bearing deposit growth and the completion its first major client-facing conversion, Truist Securities, in Q3 2020. Net income available to common shareholders was $1.1 billion, up 45.3 percent, compared to the third quarter last year. Noninterest income decreased $74 million primarily due to seasonality in property and casualty and other insurance commissions. CHARLOTTE, N.C., Sept. 2, 2020 /PRNewswire/ -- As previously announced, Truist … Average interest-bearing liabilities increased $155.0 billion compared to the earlier quarter. The yield on the average securities portfolio was 1.97 percent, down 63 basis points compared to the earlier quarter primarily due to lower yields on new purchases and higher premium amortization. In addition, Truist is updating the timing of its third-quarter 2021 earnings call from Tuesday, Oct. 19, 2021 to Friday, Oct. 15, 2021 at 8 a.m. OT&C generated a net loss of $336 million in the third quarter of 2020, compared to a net loss of $139 million in the earlier quarter. In addition, Truist is updating the timing of its third-quarter 2021 earnings call from Tuesday, Oct. 19, 2021 to Friday, Oct. 15, 2021 at 8 a.m. The allowance for credit losses was $6.2 billion, up $96 million compared to the prior quarter. In addition, residential mortgage loans 90 days or more past due increased primarily due to the repurchase of delinquent government guaranteed loans. Learn more at Truist.com. Service charges on deposits partially rebounded during the third quarter due to increased overdraft incident rates and reduced refunds and waivers to accommodate clients impacted by the COVID-19 pandemic. The benefit for income taxes increased $10 million primarily due to higher pre-tax losses in the current quarter. Such statements involve inherent uncertainties, risks and changes in circumstances that are difficult to predict. These products are either sold in the secondary market, primarily with servicing rights retained, or held in the Company's loan portfolio. OT&C generated a net loss of $336 million for the third quarter of 2020, compared to a net loss of $279 million for the prior quarter. Sep 2, 2020 8:37AM EDT. In September 2020, the FDIC published data from the Annual Summary of Deposits as of June 30, 2020. December 7, 2020 - 1:00 pm. http://www.prnewswire.com/news-releases/truist-announces-fourth-quarter-2020-earnings-call-details-and-updates-its-2021-earnings-conference-call-schedule-301187535.html. Truist Announces Fourth-Quarter 2020 Earnings Call Details and Updates Its 2021 Earnings Conference Call Schedule CHARLOTTE, N.C., Dec. 7, 2020 / PRNewswire / -- As previously announced, Truist Financial Corporation (NYSE: TFC) will report fourth-quarter 2020 financial results before the market opens on Thursday, Jan. 21, 2021. The timing of the merger impacted the result for the fourth quarter of 2019. Excluding these additional charge-offs, net charge-offs would have been an annualized 0.29 percent of average loans and leases for the third quarter of 2020, down 10 basis points compared to the prior quarter. Dec. 7, 2020, 07:00 PM. We experienced growth in service charges on deposit accounts and card and payment related fees due to some waiver abatement and increased activity from clients. The provision for credit losses in the third quarter reflects a modest build to the allowance for loan and lease losses primarily due to continued monitoring of clients' financial position and associated re-grading actions as well as uncertainty related to performance after the expiration of relief packages and COVID-19. Residential mortgage income decreased $120 million primarily due to decreases in the valuation of mortgage servicing rights. Headquartered in Charlotte, North Carolina, Truist is the sixth-largest commercial bank in the U.S. with total assets of $499 billion as of September 30, 2020. CB&W includes Retail Community Bank, which serves retail, premier and small business clients, delivering on the banking needs of all clients through a network of branches, ATMs and contact centers. Capital ratios and return on risk-weighted assets are preliminary. Truist Announces Fourth-Quarter 2020 Earnings Call Details and Updates Its 2021 Earnings Conference Call Schedule As previously announced, Truist Financial Corporation (NYSE: TFC) will … Truist Reports Third Quarter 2020 Results Earnings of $1.1 billion, or $0. In addition, IH provides premium financing for property and casualty insurance. Merger-related and restructuring charges increased $27 million primarily due to higher facilities impairments and professional services expenses, partially offset by lower severance and other personnel-related expenses. Segment net interest income increased $1.1 billion primarily due to the merger. This includes a decrease of $213 million in noninterest income and a decrease of $88 million in net interest income. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," "would," "could" and other similar expressions are intended to identify these forward-looking statements. Average securities available for sale increased $4.7 billion, while average other earning assets decreased $5.7 billion as a portion of interest-earning balances were invested in higher-yield agency mortgage-backed securities. share: Share on Facebook Tweet on Twitter Post to Reddit. In addition, the realization of expected mortgage servicing rights was $36 million higher due to higher loan prepayments and the repurchase of GNMA loans. The higher effective tax rate was primarily due to higher pre-tax income and a relatively stable level of permanent tax items and income tax credits. Average time deposits decreased primarily due to maturity of wholesale negotiable certificates of deposit and higher-cost personal and business accounts. While there can be no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those contemplated by forward-looking statements include the following, without limitation, as well as the risks and uncertainties more fully discussed under Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2019, Item 1A-Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 and in Truist's subsequent filings with the Securities and Exchange Commission: Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Loans 30-89 days past due and still accruing totaled $2.1 billion at September 30, 2020, up $247 million compared to the prior quarter. The dividend and total payout ratios for the third quarter of 2020 were 56.8 percent. At September 30, 2020, the allowance for loan and lease losses was 4.52 times annualized net charge-offs, compared to 4.49 times at June 30, 2020. The average rate on long-term debt was 1.48 percent, down four basis points compared to the prior quarter. In addition, we are selectively investing in our insurance, investment banking, residential mortgage and wealth teams to drive more client business. This buffer, which was determined based on stress testing results developed by the Federal Reserve, is 20 basis points above the Capital Conservation Buffer. CB&W net income was $817 million for the third quarter of 2020, an increase of $352 million compared to the earlier quarter. Truist Announces Fourth-Quarter 2020 Earnings Call Details and Updates Its 2021 Earnings Conference Call Schedule. These decreases were partially offset by lower interest expense on deposits and borrowings primarily due to the impact of lower rates on deposits and a lower level of deferred interest on loans granted an accommodation in connection with COVID-19. Higher net charge-offs also contributed to the increase in the provision for credit losses and primarily reflect increases as a result of the merger. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. The prior quarter included $235 million of losses on the early extinguishment of long-term debt, which were part of balance sheet actions to improve net interest income, net interest margin and leverage ratios. The ratio of loans 30-89 days past due and still accruing as a percentage of loans and leases was 0.70 percent at September 30, 2020, up 10 basis points from the prior quarter. Merger-related and restructuring charges and other incremental operating expenses related to the merger increased $202 million and $100 million, respectively. C&CB also includes Commercial Real Estate, which provides a range of credit and deposit services as well as fee-based product offerings to privately held developers, operators, and investors in commercial real estate properties. Noninterest income decreased $111 million primarily due to a decline in security gains from the prior quarter. CHARLOTTE, N.C., Dec. 7, 2020 /PRNewswire/ -- As previously announced, Truist Financial Corporation (NYSE: TFC) will report fourth-quarter 2020 financial results before the market opens on Thursday, Jan. 21, 2021. The estimated leverage ratio for the fourth quarter of 2019 using a full quarterly average tangible assets was 9.3 percent. "We also made progress in terms of our systems integration as we work to build out all the capabilities of Truist. Noninterest expense decreased $2 million primarily due to seasonally lower performance-based incentives partially offset by higher operating charge-offs and restructuring charges. The increase in the provision for credit losses reflects a modest build to the allowance for credit losses primarily due to monitoring of clients' financial position and associated re-grading actions, as well as uncertainty related to performance after the expiration of relief packages and COVID-19, the impact of the merger, and the effect of applying the CECL methodology in the current quarter compared to the incurred methodology in the earlier quarter. These decreases were offset by $34 million in higher medical claims as teammates returned to more normal levels of usage, $22 million in higher defined benefit plans expense due to a change in the annual expense estimate and $30 million in reduced capitalized employee costs as the second quarter included higher deferred costs in connection with PPP loans and residential mortgage loans. Truist continues to maintain a strong liquidity position and is prepared to meet the funding needs of clients. The lower rates on interest-bearing liabilities reflect the lower rate environment. The lower rates on long-term debt also reflect the amortization of the fair value mark on the assumed debt and the issuance of new long-term debt. Truist Reports Third Quarter 2020 Results, Earnings of $1.1 billion, or $0.79 per diluted share, For further information: Investors: Ryan Richards, 980.465.5000, investors@truist.com; Aaron Reeves, 336.733.2874, investors@truist.com; Media: Shelley Miller, 704.692.1518, media@truist.com, https://ir.truist.com/events-and-presentation, ROA was 0.91 percent; adjusted ROA was 1.11 percent, ROCE was 6.87 percent; adjusted ROCE was 8.50 percent, ROTCE was 13.31 percent; adjusted ROTCE was 16.08 percent, Fee income ratio was 39.7 percent, compared to 41.3 percent for second quarter 2020; excluding securities gains, fee income ratio was 38.5 percent for the current quarter, Net interest margin was 3.10 percent, down three basis points from second quarter 2020, Core net interest margin was 2.72 percent, up 5 basis points from second quarter 2020, GAAP efficiency ratio was 67.4 percent, compared to 66.1 percent for second quarter 2020, Adjusted efficiency ratio was 57.3 percent, compared to 55.8 percent for second quarter 2020, Asset quality ratios remain relatively stable, Nonperforming assets were 0.26 percent of total assets, up 1 basis point from the prior quarter, Loans 90 days or more past due and still accruing were 0.39 percent of loans held for investment, up from 0.34 percent for the prior quarter, Excluding government guaranteed loans, loans 90 days or more past due and still accruing were 0.03 percent of loans held for investment, Net charge-offs were 0.42 percent of average loans and leases, up three basis points compared to the prior quarter, The allowance for loan and lease losses was 1.91 percent of loans and leases held for investment compared to 1.81 percent for second quarter 2020, The allowance for loan and lease loss coverage ratio was 5.22 times nonperforming loans and leases held for investment, versus 5.24 times in the prior quarter, Active client accommodations related to the CARES Act declined significantly; 98.0 percent and 94.5 percent of commercial and consumer clients, respectively, that have exited accommodation programs are current on their loans, Common equity tier 1 to risk-weighted assets was 10.0 percent, Tier 1 risk-based capital was 12.2 percent, Total risk-based capital was 14.6 percent, Consolidated average LCR ratio was 117 percent. 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