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Parent company financial statements (Tables) | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheet | Condensed Balance Sheet
| December 31,
(Dollars in millions) | 2024 |  | 2023
Assets |  |  |
Due from consolidated bank subsidiaries: |  |  |
Cash and due from banks | $ | 234 |  |  | $ | 176 |
Money-market savings | 3,409 |  |  | 3,223 |
Notes receivable | 2,000 |  |  | — |
Other | 1 |  |  | 5 |
Total due from consolidated bank subsidiaries | 5,644 |  |  | 3,404 |
Investments in consolidated subsidiaries: |  |  |
Banks | 28,171 |  |  | 26,290 |
Other | 389 |  |  | 391 |
Investments in trust preferred entities (note 18) | 17 |  |  | 22 |
Other assets | 105 |  |  | 100 |
Total assets | $ | 34,326 |  |  | $ | 30,207 |
Liabilities |  |  |
Due to consolidated bank subsidiaries | $ | 14 |  |  | $ | 16 |
Accrued expenses and other liabilities | 142 |  |  | 136 |
Long-term borrowings | 5,143 |  |  | 3,098 |
Total liabilities | 5,299 |  |  | 3,250 |
Shareholders’ equity | 29,027 |  |  | 26,957 |
Total liabilities and shareholders’ equity | $ | 34,326 |  |  | $ | 30,207 |
Condensed Statement of Income | Condensed Statement of Income
| Year Ended December 31,
(Dollars in millions, except per share) | 2024 |  | 2023 |  | 2022
Income |  |  |  |  |
Dividends from consolidated subsidiaries | $ | 1,306 |  |  | $ | 2,041 |  |  | $ | 2,508 |
Interest income | 77 |  |  | 6 |  |  | 1 |
Income from BLG | 48 |  |  | 20 |  |  | 30 |
Other | 4 |  |  | — |  |  | (8) |
Total income | 1,435 |  |  | 2,067 |  |  | 2,531 |
Expense |  |  |  |  |
Interest expense | 274 |  |  | 182 |  |  | 63 |
Other | 62 |  |  | 40 |  |  | 50 |
Total expense | 336 |  |  | 222 |  |  | 113 |
Income before income taxes and equity in undistributed income of subsidiaries | 1,099 |  |  | 1,845 |  |  | 2,418 |
Income tax credits | 51 |  |  | 49 |  |  | 22 |
Income before equity in undistributed income of subsidiaries | 1,150 |  |  | 1,894 |  |  | 2,440 |
Equity in undistributed income of subsidiaries |  |  |  |  |
Net income of subsidiaries | 2,744 |  |  | 2,888 |  |  | 2,060 |
Less: dividends received | 1,306 |  |  | 2,041 |  |  | 2,508 |
Equity in undistributed income of subsidiaries | 1,438 |  |  | 847 |  |  | (448) |
Net income | $ | 2,588 |  |  | $ | 2,741 |  |  | $ | 1,992 |
Net income per common share: |  |  |  |  |
Basic | $ | 14.71 |  |  | $ | 15.85 |  |  | $ | 11.59 |
Diluted | 14.64 |  |  | 15.79 |  |  | 11.53 |
Condensed Statement of Cash Flow | Condensed Statement of Cash Flows
| Year Ended December 31,
(Dollars in millions) | 2024 |  | 2023 |  | 2022
Cash flows from operating activities |  |  |  |  |
Net income | $ | 2,588 |  |  | $ | 2,741 |  |  | $ | 1,992 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in undistributed income of subsidiaries | (1,438) |  |  | (847) |  |  | 448 |
Provision for deferred income taxes | (8) |  |  | (5) |  |  | 7 |
Net change in accrued income and expense | (5) |  |  | 32 |  |  | 8 |
Net cash provided by operating activities | 1,137 |  |  | 1,921 |  |  | 2,455 |
Cash flows from investing activities |  |  |  |  |
Net investment in consolidated subsidiaries | (30) |  |  | (1) |  |  | 54 |
Advances to consolidated subsidiaries | (2,000) |  |  | — |  |  | — |
Acquisition, net of cash consideration | — |  |  | — |  |  | 538 |
Other, net | (64) |  |  | (41) |  |  | 24 |
Net cash provided (used) by investing activities | (2,094) |  |  | (42) |  |  | 616 |
Cash flows from financing activities |  |  |  |  |
Repayment of short-term borrowings assumed in acquisition | — |  |  | — |  |  | (500) |
Proceeds from long-term borrowings | 2,341 |  |  | 1,998 |  |  | 499 |
Payments on long-term borrowings | (205) |  |  | (750) |  |  | — |
Proceeds from issuance of Series J preferred stock | 733 |  |  | — |  |  | — |
Redemption of Series E preferred stock | (350) |  |  | — |  |  | — |
Purchases of treasury stock | (396) |  |  | (594) |  |  | (1,800) |
Dividends paid — common | (895) |  |  | (868) |  |  | (784) |
Dividends paid — preferred | (138) |  |  | (100) |  |  | (97) |
Other, net | 111 |  |  | 14 |  |  | 2 |
Net cash provided (used) by financing activities | 1,201 |  |  | (300) |  |  | (2,680) |
Net increase in cash and cash equivalents | 244 |  |  | 1,579 |  |  | 391 |
Cash and cash equivalents at beginning of year | 3,399 |  |  | 1,820 |  |  | 1,429 |
Cash and cash equivalents at end of year | $ | 3,643 |  |  | $ | 3,399 |  |  | $ | 1,820 |
Supplemental disclosure of cash flow information |  |  |  |  |
Interest received during the year | $ | 76 |  |  | $ | 6 |  |  | $ | 1 |
Interest paid during the year | 257 |  |  | 135 |  |  | 49 |
Income taxes received during the year | 51 |  |  | 43 |  |  | 28 |

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