Truist(TFC) - 2025 Q1 - Quarterly Results

Financial Performance - Interest income for Q1 2025 was $6,036 million, a decrease of 3.1% from$ 6,230 million in Q4 2024[4] - Net interest income after provision for credit losses was $3,049 million, down from$ 3,119 million in the previous quarter, reflecting a decline of 2.2%[4] - Noninterest income for the quarter was $1,392 million, a decrease of 5.3% compared to$ 1,470 million in Q4 2024[4] - Net income available to common shareholders for Q1 2025 was $1,157 million, a decrease of 4.8% from$ 1,216 million in Q4 2024[4] - Earnings per share (diluted) from continuing operations was $0.87, down from$ 0.92 in the previous quarter, representing a decline of 5.4%[4] - The company reported an income before income taxes of $1,535 million for Q1 2025, compared to$ 1,554 million in Q4 2024, reflecting a decrease of 1.2%[6] - The net income from continuing operations for the quarter was $1,261 million, compared to$ 1,289 million in the previous quarter[15] Asset and Liability Management - Total assets at the end of Q1 2025 were $535,899 million, an increase from$ 531,176 million at the end of Q4 2024[4] - Total assets increased to $535.899 billion as of March 31, 2025, up from$ 531.176 billion at December 31, 2024, representing a growth of 0.5%[7] - Total liabilities stood at $471.264 billion, a slight increase from$ 467.497 billion, indicating a growth of 0.4%[7] - Shareholders' equity increased to $64.635 billion, compared to$ 63.679 billion at the end of the previous quarter, reflecting a growth of 1.5%[7] - The allowance for loan and lease losses remained stable at $4.870 billion, slightly up from$ 4.857 billion in the previous quarter[7] Income and Expense Analysis - Total noninterest expense for Q1 2025 was $2,906 million, a decrease of 4.3% compared to$ 3,035 million in Q4 2024[6] - Total noninterest expense decreased to $2,906 million in Q1 2025 from$ 3,035 million in Q4 2024, indicating improved cost management[15] Credit Quality and Losses - Provision for credit losses was $458 million in Q1 2025, slightly down from$ 471 million in Q4 2024[6] - Nonperforming assets rose to $1.618 billion, representing 0.30% of total assets[11] - Nonaccrual loans and leases held for investment totaled$ 1.488 billion, up from $1.429 billion[11] - The net charge-offs as a percentage of average loans and leases stood at 0.60%, indicating a slight increase[11] - Net charge-offs for the quarter were$ 454 million, compared to $453 million in the previous quarter, reflecting a slight increase[13] Capital and Ratios - Common equity tier 1 ratio was 11.3%, slightly down from 11.5% in the previous quarter[4] - Total risk-based capital ratio is 14.7% for the quarter ended March 31, 2025, down from 15.0% in the previous quarter[17] - Tangible common equity per common share increased to$ 30.95 as of March 31, 2025, compared to $30.01 at the end of December 2024[17] Deposits and Loans - Total deposits rose to$ 403.736 billion, compared to $390.524 billion at the end of the previous quarter, marking an increase of 3.1%[7] - Total loans and leases held for investment reached$ 308.638 billion, a slight increase from $306.383 billion in the previous quarter, reflecting a growth of 0.4%[7] - Interest on deposits for Q1 2025 was$ 1,736 million, a decrease of 6.4% from $1,855 million in Q4 2024[6] Mortgage Banking - Total mortgage banking income for the first quarter of 2025 is$ 108 million, a decrease of 7.7% from $117 million in the fourth quarter of 2024[19] - Residential mortgage loan originations for the first quarter of 2025 are$ 3,626 million, down 23.6% from $4,745 million in the previous quarter[19] - The total servicing portfolio as of March 31, 2025, is$ 271,268 million, a decrease from $273,412 million at the end of the previous quarter[19] Operational Efficiency - The efficiency ratio (adjusted) for Q1 2025 was 56.4%, an improvement from 57.7% in the previous quarter[4] - The liquidity coverage ratio improved to 111% in Q1 2025, compared to 109% in Q4 2024[4]