v3.26.3
Fair Value Disclosures
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
Recurring Fair Value Measurements

Accounting standards define fair value as the price that would be received on the measurement date to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants, with a three-level measurement hierarchy:

•Level 1: Quoted prices for identical instruments in active markets;
•Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets; and
•Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable.

The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis:

September 30, 2026
(Dollars in millions)		TotalLevel 1Level 2Level 3
Netting Adjustments(1)
Assets:
Trading assets:
U.S. Treasury$113 $— $113 $— $— 
GSE35 — 35 — — 
States and political subdivisions144 — 144 — — 
Corporate and other debt securities2,049 — 2,049 — — 
Loans1,692 — 1,692 — — 
Equity securities1,185 1,185 — — — 
Total trading assets5,218 1,185 4,033 — — 
AFS securities:
U.S. Treasury15,517 — 15,517 — — 
GSE404 — 404 — — 
Agency MBS – residential40,315 — 40,315 — — 
Agency MBS – commercial3,079 — 3,079 — — 
States and political subdivisions320 — 320 — — 
Collateralized loan obligations1,886 — 1,886 — — 
Other2 — 2 — — 
Total AFS securities61,523 — 61,523 — — 
LHFS1,270 — 1,270 — — 
Loans and leases9 — — 9 — 
Loan servicing rights at fair value5,066 — — 5,066 — 
Other assets:
Derivative assets1,955 1,699 2,807 5 (2,556)
Equity securities389 298 91 — — 
Other7 — 7 — — 
Total assets$75,437 $3,182 $69,731 $5,080 $(2,556)
Liabilities:
Interest-bearing deposits:
Brokered time deposits$776 $— $776 $— $— 
Short-term borrowings:
Securities sold short2,600 1,144 1,456 — — 
Other trading liabilities183 — 183 — — 
Other liabilities:
Derivative liabilities3,329 797 5,791 234 (3,493)
Total liabilities$6,888 $1,941 $8,206 $234 $(3,493)
December 31, 2025
(Dollars in millions)		TotalLevel 1Level 2Level 3
Netting Adjustments(1)
Assets:
Trading assets:
U.S. Treasury$244 $— $244 $— $— 
GSE42 — 42 — — 
States and political subdivisions301 — 301 — — 
Corporate and other debt securities1,970 — 1,970 — — 
Loans2,168 — 2,168 — — 
Equity securities1,065 1,065 — — — 
Total trading assets5,790 1,065 4,725 — — 
AFS securities:
U.S. Treasury12,792 — 12,792 — — 
GSE460 — 460 — — 
Agency MBS – residential48,226 — 48,226 — — 
Agency MBS – commercial3,200 — 3,200 — — 
States and political subdivisions350 — 350 — — 
Other14 — 14 — — 
Total AFS securities65,042 — 65,042 — — 
LHFS1,622 — 1,622 — — 
Loans and leases11 — — 11 — 
Loan servicing rights at fair value3,972 — — 3,972 — 
Other assets:
Derivative assets1,343 1,157 1,961 4 (1,779)
Equity securities382 293 89 — — 
Total assets$78,162 $2,515 $73,439 $3,987 $(1,779)
Liabilities:
Interest-bearing deposits:
Brokered time deposits$639 $— $639 $— $— 
Short-term borrowings:
Securities sold short2,185 652 1,533 — — 
Other trading liabilities209 — 209 — — 
Other liabilities:
Derivative liabilities1,797 623 3,959 33 (2,818)
Total liabilities$4,830 $1,275 $6,340 $33 $(2,818)
(1)Refer to “Note 14. Derivative Financial Instruments” for additional discussion on netting adjustments.

At September 30, 2026, and December 31, 2025, investments totaling $721 million and $622 million, respectively, have been excluded from the tables above as they are valued based on net asset value as a practical expedient. These investments primarily consist of certain SBIC funds.
Activity for Level 3 assets and liabilities is summarized below:

(Dollars in millions)Loans and LeasesLoan Servicing RightsNet Derivatives
Balance at July 1, 2025$12 $3,612 $(20)
Total realized and unrealized gains (losses):
Included in earnings— 14 (7)
Purchases— 182 — 
Issuances— 63 5 
Settlements(1)(95)(16)
Balance at September 30, 2025$11 $3,776 $(38)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2025$— $14 $(15)
Balance at July 1, 2026$10 $4,293 $(18)
Total realized and unrealized gains (losses):
Included in earnings— 290 (34)
Purchases— 480 — 
Issuances— 118 (31)
Settlements(1)(115)31 
Transfers in— — (177)
Balance at September 30, 2026$9 $5,066 $(229)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2026$— $291 $(46)
(Dollars in millions)Loans and LeasesLoan Servicing RightsNet Derivatives
Balance at January 1, 2025$13 $3,708 $(41)
Total realized and unrealized gains (losses):
Included in earnings— (15)1 
Purchases— 182 — 
Issuances— 174 22 
Settlements(2)(273)(20)
Balance at September 30, 2025$11 $3,776 $(38)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2025$— $(15)$(18)
Balance at January 1, 2026$11 $3,972 $(29)
Total realized and unrealized gains (losses):
Included in earnings— 341 (31)
Purchases— 755 — 
Issuances— 327 (48)
Settlements(2)(329)56 
Transfers in— — (177)
Balance at September 30, 2026$9 $5,066 $(229)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2026$— $341 $(46)
Primary income statement location of realized gains (losses) included in earningsOther incomeMortgage banking incomeMortgage banking income and other income
The following table presents information about the valuation techniques and significant unobservable inputs used to measure the fair value of certain equity derivatives measured at fair value on a recurring basis. Such equity derivatives primarily consist of long-dated options that are not traded on an exchange and may also include exchange-traded options with limited transaction volumes for which certain significant valuation inputs are unobservable. These options are valued using an option pricing model, which is generally used for instruments that provide the holder with a contingent right or obligation based on the future performance of an underlying equity instrument. The significant unobservable input utilized in the valuation is volatility, which represents a market participant’s expectation of the variability in the value of the underlying equity instrument over the contractual term of the derivatives.

Generally, increases in volatility result in a higher fair value for instruments in which Truist is long the underlying exposure, while decreases in volatility result in a lower fair value. The inverse relationship generally applies to instruments in which Truist is short the underlying exposure. Weighted average volatility is calculated based on the notional amounts of the derivative instruments.

September 30, 2026RangeWeighted Average
(Dollars in millions)Fair ValuePrincipal Valuation TechniqueSignificant Unobservable InputMinMax
Equity derivatives$(177)Option ModelVolatility Factor55.5 %80.0 %69.0 %

For additional information on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities measured at fair value on a recurring basis, see “Note 18. Fair Value Disclosures” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025.

Fair Value Option

The following table details the fair value and UPB of certain loans and time deposits that were elected to be measured at fair value:

September 30, 2026December 31, 2025
(Dollars in millions)Fair ValueUPBDifferenceFair ValueUPBDifference
Trading loans$1,692 $1,763 $(71)$2,168 $2,230 $(62)
LHFS
1,270 1,302 (32)1,622 1,592 30 
Loans and leases9 10 (1)11 12 (1)
Brokered time deposits776 804 (28)639 642 (3)

Nonrecurring Fair Value Measurements

The following table provides information about certain assets measured at fair value on a nonrecurring basis held as of period end with valuation adjustments recorded during the period. The end of period carrying value approximates the fair value.

(Dollars in millions)Fair Value HierarchySep 30, 2026Dec 31, 2025
Carrying value:
Total loans and leases, including loans transferred to LHFSLevel 3$566 $472 
OtherLevel 325 65 

The following table provides information about valuation adjustments for certain assets measured at fair value on a nonrecurring basis. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end.

Nine Months Ended September 30,
(Dollars in millions)20262025
Valuation adjustments:
Total loans and leases, including loans transferred to LHFS$(811)$(692)
Other(244)(229)

Loans and leases consist of larger commercial loans and leases that are collateral-dependent, residential mortgages and commercial loans that are valued using market prices and measured at LOCOM, and other secured loans and leases that have been charged-off to the fair value of the collateral. Valuation adjustments on loans and leases in the table above include $251 million related to RAC loans that were transferred to held-for-sale during the third quarter of 2026. Valuation adjustments for loans and leases are primarily recorded in the Provision for credit losses in the Consolidated Statements of Income. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional discussion of individually evaluated loans and leases.
Other includes foreclosed real estate, other foreclosed property, partnership investments, premises and equipment, OREO, and held for sale operating leases, and consists primarily of residential homes, commercial properties, vacant lots, and automobiles, as applicable. Partnership investments are measured by discounting expected future cash flows. The remaining assets are measured at LOCOM, less costs to sell.

Financial Instruments Not Recorded at Fair Value

For financial instruments not recorded at fair value, estimates of fair value are based on relevant market data and information about the instruments. Values obtained relate to trading without regard to any premium or discount that may result from concentrations of ownership, possible tax ramifications, estimated transaction costs that may result from bulk sales, or the relationship between various instruments.

An active market does not exist for certain financial instruments. Fair value estimates for these instruments are based on current economic conditions and interest rate risk characteristics, loss experience, and other factors. Many of these estimates involve uncertainties and matters of significant judgment and cannot be determined with precision. Therefore, the fair value estimates in many instances cannot be substantiated by comparison to independent markets. In addition, changes in assumptions could significantly affect these fair value estimates. Financial assets and liabilities not recorded at fair value are summarized below:

September 30, 2026December 31, 2025
(Dollars in millions)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
Financial assets:
HTM securitiesLevel 2$48,666 $38,263 $47,186 $39,130 
Loans and leases, net of ALLLLevel 3319,858 313,670 323,554 320,018 
Financial liabilities:
Time depositsLevel 238,284 38,077 37,793 37,723 
Long-term debtLevel 253,373 53,632 41,963 42,451 

The carrying value of the RUFC, which approximates the fair value, was $370 million and $317 million at September 30, 2026, and December 31, 2025, respectively. Cash and due from banks, interest-bearing deposits with banks, securities borrowed or purchased under agreements to resell, and short-term borrowings are reflected in the Consolidated Balance Sheets at cost, which approximates the fair value due to the short-term nature of these instruments and their limited inherent credit risk.