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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense for the years ended December 31 were as follows:
| 2022 |  | 2021 |  | 2020
| (In millions)
Current income tax expense: |  |  |  |  |
Federal | $ | 493 |  |  | $ | 456 |  |  | $ | 312 |
State | 116 |  |  | 73 |  |  | 66 |
Total current expense | $ | 609 |  |  | $ | 529 |  |  | $ | 378 |
Deferred income tax expense (benefit): |  |  |  |  |
Federal | $ | 26 |  |  | $ | 132 |  |  | $ | (142) |
State | (4) |  |  | 33 |  |  | (16) |
Total deferred expense (benefit) | $ | 22 |  |  | $ | 165 |  |  | $ | (158) |
Total income tax expense | $ | 631 |  |  | $ | 694 |  |  | $ | 220 |
Reconciliation Of Continuing Operations Effective Income Tax Rate Table | Income taxes for financial reporting purposes differs from the amount computed by applying the statutory federal income tax rate of 21 percent as shown in the following table:
| 2022 |  | 2021 |  | 2020
| (Dollars in millions)
Tax on income computed at statutory federal income tax rate | $ | 604 |  |  | $ | 675 |  |  | $ | 276 |
Increase (decrease) in taxes resulting from: |  |  |  |  |
State income tax, net of federal tax effect | 88 |  |  | 83 |  |  | 42 |
Non-deductible expenses | 34 |  |  | 18 |  |  | 22 |
Tax-exempt interest | (33) |  |  | (30) |  |  | (34) |
Affordable housing credits, net of amortization | (32) |  |  | (25) |  |  | (31) |
Bank-owned life insurance | (16) |  |  | (20) |  |  | (22) |
Impact of change in unrecognized tax benefits | — |  |  | — |  |  | (23) |
Other, net | (14) |  |  | (7) |  |  | (10) |
Income tax expense(1) | $ | 631 |  |  | $ | 694 |  |  | $ | 220 |
Effective tax rate | 22.0 | % |  | 21.6 | % |  | 16.8 | %
__________ (1) Income tax expense includes gross amortization of affordable housing investments of $149 million, $139 million, and $133 million for 2022, 2021 and 2020, respectively.
Summary Of Significant Components Of Deferred Tax Assets And Liabilities | Significant components of the Company’s net deferred tax asset (liability) at December 31 are listed below:
| 2022 |  | 2021
| (In millions)
Deferred tax assets: |  |  |
Unrealized losses included in shareholders' equity | $ | 1,138 |  |  | $ | — |
Allowance for credit losses | 401 |  |  | 400 |
Right of use liability | 136 |  |  | 132 |
Accrued expenses | 61 |  |  | 32 |
Other | 47 |  |  | 15 |
Federal and state net operating losses, net of federal tax effect | 40 |  |  | 53 |
Total deferred tax assets | 1,823 |  |  | 632 |
Less: valuation allowance | (21) |  |  | (29) |
Total deferred tax assets less valuation allowance | 1,802 |  |  | 603 |
Deferred tax liabilities: |  |  |
Lease financing | 403 |  |  | 369 |
Right of use asset | 128 |  |  | 123 |
Mortgage servicing rights | 122 |  |  | 78 |
Unrealized gains included in shareholders' equity | — |  |  | 98 |
Goodwill and intangibles | 103 |  |  | 100 |
Fixed assets | 52 |  |  | 67 |
Employee benefits and deferred compensation | 29 |  |  | 31 |
Other | 22 |  |  | 43 |
Total deferred tax liabilities | 859 |  |  | 909 |
Net deferred tax asset (liability) | $ | 943 |  |  | $ | (306) |
Summary Of Details Of Tax Carryforwards Table | The following table provides details of the Company’s tax carryforwards at December 31, 2022, including the expiration dates and related valuation allowance:
| Expiration Dates |  | Deferred Tax Asset Balance |  | Valuation Allowance |  | Net Deferred Tax Asset Balance |  |
| (In millions)
Net operating losses-federal | 2037 |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  |
Net operating losses-federal | None |  | 11 |  |  | — |  |  | 11 |  |  |
Net operating losses-states | 2023-2027 |  | 16 |  |  | 15 |  |  | 1 |  |  |
Net operating losses-states | 2028-2034 |  | 3 |  |  | 2 |  |  | 1 |  |  |
Net operating losses-states | 2035-2042 |  | 3 |  |  | 2 |  |  | 1 |  |  |
Net operating losses-states | None |  | 2 |  |  | 2 |  |  | — |  |  |
|  |  | $ | 40 |  |  | $ | 21 |  |  | $ | 19 |  |  |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of UTB is as follows:
| 2022 |  | 2021 |  | 2020
| (In millions)
Balance at beginning of year | $ | 9 |  |  | $ | 12 |  |  | $ | 37 |
Additions based on tax positions taken in a prior period | — |  |  | — |  |  | 2 |
Reductions based on tax positions taken in a prior period | — |  |  | — |  |  | (25) |
Settlements | — |  |  | (2) |  |  | (1) |
Expiration of statute of limitations | (1) |  |  | (1) |  |  | (1) |
Balance at end of year | $ | 8 |  |  | $ | 9 |  |  | $ | 12 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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