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TFC

Super regionalAssets $554.2B3q annualized

Close · Oct 26, 202648.91P/E 11.0 · yield 4.3%

P/TBV1.60×TBVPS 30.56

Line · r 10%1.78×range 1.56–2.07×

−10% discountP/TBV ÷ line − 1

Fed funds · last FOMC3.75–4.00%Sep 16, 2026 · +25bp

UST 3m · 2y · 10y · Oct 26, 20264.22 · 4.68 · 5.0010y−2y +0.32 · 10y−3m +0.78

KBE · YTD+8.9%1D +0.4% · 1Y +14.4% · 5Y +17%

KRE · YTD+12.2%1D +0.4% · 1Y +18.8% · 5Y +0%

SPY · YTD+12.3%1D +0.8% · 1Y +13.1% · 5Y +68%

Prices as ofOct 26, 2026Financials TTM through Sep 30, 2026

Valuation range

the line at three costs of equity

r 11% · 1.56×r 9% · 2.07×now 1.60×

0.0×1.0×2.0×3.0×4.0×

At r = 10% the line gives 1.78× for a 15.4% ROTCE; the market pays 1.60×, a 10% discount to the line.

Where it has traded

quarter-end P/TBV · 20 quarters · Dec 31, 2021 → Sep 30, 2026

Five-year median 1.64×, middle half 1.53–2.21×, range 1.49–3.00×. Now 1.60×: −2% below its own median, higher than 45% of those quarters.Each quarter priced at its own TBVPS · the band is the 25th–75th percentile

Where the money goes

TTM through Jun 30, 2026 · $B

assets $554.2B ÷ TCE $37.9B = 14.6× leverage · ROA 1.06% × 14.6 = ROTCE 15.4%

Revenue mix

NII vs. non-interest income · Super regional peers (4)

TFC70 / 30

Tier average66 / 34

Efficiency 62.1% vs. tier 62.6% · ROTCE 15.4% vs. 16.1% · credit cost 5.6% vs. 4.5% · AOCI/TCE −21.8% vs. −19.6%.

Quarter by quarter

8 quarters · Dec 31, 2024 → Sep 30, 2026 · a gap is a dropped quarter

NII, $B3.6

Provision, $B0.40

Efficiency58.0%

AOCI / TCE−16.6%

Risk lights

on / off, no score

Rateon

Unrealized bond losses are 21.8% of tangible equity and 70% of revenue is spread income

Creditoff

Off. Provision 5.6% of net revenue (light at 8%); not up more than 20% two quarters in a row.

Capitaloff

Off. CET1 10.9% is 390bp above the 7.0% requirement.

The eight numbers

colour = threshold

ROTCE: 15.4%
P/TBV · line r 10%: 1.60× · 1.78×
Efficiency: 62.1%
CET1 · requirement: 10.9% · 7.0%
NII / assets (≈ NIM): 2.63%
Credit cost: 5.6%
NII share · rate sensitivity: 70% · high
AOCI / TCE: −21.8%
P/E · yield · payout: 11.0 · 4.3% · 47%
ROA · leverage: 1.06% · 14.6×
Assets · TCE: $554.2B · $37.9B

Thresholds: ROTCE ≥18% · efficiency ≤55% · credit cost ≤5% · AOCI/TCE ≥-5% are green. Full method → · How to value a bank →

Hand-maintained fields

as of Jun 30, 2026

CET1: 10.9%
CET1 requirement (incl. SCB): 7.0%
Net charge-off rate: not available
Non-interest-bearing deposits: not available
Uninsured deposits: not available

Source

Data quality this run

3-quarter annualized

Quarter ending 2026-09-30 excluded: costOfRevenue < interestExpense (beyond a 3%-of-revenue release).

TTM figures are 3 quarters annualized (× 4/3).

Prices Oct 26, 2026 · financials TTM through Sep 30, 2026.