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Parent company financial statements | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Parent company financial statements | Parent company financial statements 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
| 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 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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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