TFC - Truist Financial Corporation (TFC) Q1 2024 Earnings Call Transcript
2024-04-22 11:10:23 ET
Truist Financial Corporation (TFC)
Q1 2024 Earnings Conference Call
April 22, 2024 8:00 AM ET
Company Participants
Brad Milsaps - Investor Relations
Bill Rogers - Chairman and Chief Executive Officer
Mike Maguire - Chief Financial Officer
Clarke Starnes - Vice Chair and Chief Risk Officer
Conference Call Participants
John McDonald - Autonomous Research
Betsy Graseck - Morgan Stanley
Scott Siefers - Piper Sandler
Ken Usdin - Jefferies
Mike Mayo - Wells Fargo Securities
Ebrahim Poonawala - Bank of America
Matt O'Connor - Deutsche Bank
Gerard Cassidy - RBC Capital Markets
Vivek Juneja - JPMorgan
Presentation
Operator
Greetings, ladies and gentlemen, and welcome to the Truist Financial Corporation First Quarter 2024 Earnings Conference Call. Currently all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, today's event is being recorded.
It is now my pleasure to introduce your host, Mr. Brad Milsaps.
Brad Milsaps
Thank you, Jamie, and good morning, everyone. Welcome to Truist's first quarter 2024 earnings call. With us today are our Chairman and CEO, Bill Rogers; our CFO, Mike Maguire; and our Vice Chair and Chief Risk Officer, Clarke Starnes, as well as other members of Truist's Senior Management team.
During this morning's call, they will discuss Truist's first-quarter results, share their perspective on current business conditions, and provide an updated outlook for 2024. The accompanying presentation as well as our earnings release and supplemental financial information are available on the Truist Investor Relations website, ir.truist.com.
Our presentation today will include forward-looking statements and certain non-GAAP financial measures. Please review the disclosures on slides two and three of the presentation regarding these statements and measures, as well as the appendix for appropriate reconciliations to GAAP.
With that, I will turn it over to Bill.
Bill Rogers
Thanks, and good morning, everyone. Thank you for joining our call today. So before we discuss our first quarter results, let's begin as always with purpose. We see that on slide four. Truist is a purpose-driven company dedicated to inspire and building better lives and communities.
And I'd like to share some of the ways we brought purpose to life last quarter. Our focus on small-business heroes is a great example of purpose-driving performance This strategy helps community heroes achieve their financial dreams and elevates their ability to support our neighbors and build strong communities. We're seeing great success with small business, evidenced by the addition of nearly 8,600 small business accounts during the quarter and $700 million worth of deposits. Our Truist Community capital team committed more than $252 million to support over 1,600 units of affordable housing, over 3,000 new jobs, and projects that will help empower almost 400,000 people in underserved communities over the next three years.
Additionally, we announced the initial recipients of grants from the Truist Community Catalyst Initiative, which is a three-year Community Reinvestment Act program aimed at four key focus areas: Affordable housing, small business access to capital, workforce development, and essential community services. There are 17 community organizations receiving grants that will be used to support efforts in 54 communities across 13 states and allow local non-profit organizations to better respond to critical community needs within their states....
Truist Financial Corporation (TFC) Q1 2024 Earnings Call Transcript