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Income Taxes (Tables)

12 Months Ended

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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Income Taxes [Abstract]

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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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