Parent Company Only Financial Statements (Tables) - Parent Company [Member]

12 Months Ended

Dec. 31, 2022

Balance Sheets


	December 31
	2022		2021
	(In millions)
Assets
Interest-bearing deposits in other banks	$	1,594	$	1,543

Debt securities available for sale	21		20
Premises and equipment, net	28		36
Investments in subsidiaries:
Banks	15,676		18,237
Non-banks	385		343
	16,061		18,580
Other assets	275		280
Total assets	$	17,979	$	20,459
Liabilities and Shareholders’ Equity
Long-term borrowings	$	1,786	$	1,909
Other liabilities	242		224
Total liabilities	2,028		2,133
Shareholders’ equity:
Preferred stock	1,659		1,659
Common stock	10		10
Additional paid-in capital	11,988		12,189
Retained earnings	7,004		5,550
Treasury stock, at cost	(1,371)		(1,371)
Accumulated other comprehensive income, net	(3,343)		289
Total shareholders’ equity	15,947		18,326
Noncontrolling interest	4		—
Total equity	15,951		18,326
Total liabilities and shareholders’ equity	$	17,979	$	20,459

Statements of Income


	Year Ended December 31
	2022		2021		2020
	(In millions)
Income:
Dividends received from subsidiaries	$	1,351	$	2,250	$	280
Interest from subsidiaries	4		8		8
Other	(3)		22		53
	1,352		2,280		341
Expenses:
Salaries and employee benefits	64		61		56
Interest expense	86		68		93
Equipment and software expense	4		4		4
Other	62		96		79
	216		229		232
Income before income taxes and equity in undistributed earnings of subsidiaries	1,136		2,051		109
Income tax benefit	(36)		(43)		(36)





Income before equity in undistributed earnings of subsidiaries and preferred stock dividends	1,172		2,094		145
Equity in undistributed earnings of subsidiaries:
Banks	1,066		372		905
Non-banks	7		55		44
	1,073		427		949
Net income	2,245		2,521		1,094
Preferred stock dividends	(99)		(121)		(103)
Net income available to common shareholders	$	2,146	$	2,400	$	991

Statements of Cash Flows


	Year Ended December 31
	2022		2021		2020
	(In millions)
Operating activities:
Net income	$	2,245	$	2,521	$	1,094
Adjustments to reconcile net cash from operating activities:
Equity in undistributed earnings of subsidiaries	(1,073)		(427)		(949)
Provision for (benefit from) deferred income taxes	(3)		(21)		29
Depreciation, amortization and accretion, net	2		3		3
Loss on sale of assets	—		—		1
Loss on early extinguishment of debt	—		20		14

Net change in operating assets and liabilities:
Other assets	12		61		3
Other liabilities	(27)		1		—
Other	(89)		(51)		44
Net cash from operating activities	1,067		2,107		239
Investing activities:
(Investment in) / repayment of investment in subsidiaries	(23)		(21)		—
Proceeds from sales and maturities of debt securities available for sale	8		5		4
Purchases of debt securities available for sale	(9)		(3)		(4)




Net cash from investing activities	(24)		(19)		—
Financing activities:

Proceeds from long-term borrowings	—		646		748
Payments on long-term borrowings	—		(1,424)		(1,039)
Cash dividends on common stock	(663)		(608)		(595)
Cash dividends on preferred stock	(99)		(108)		(103)
Net proceeds from issuance of preferred stock	—		390		346
Payment for redemption of preferred stock	—		(500)		—
Repurchases of common stock	(230)		(467)		—
Other	—		—		(5)
Net cash from financing activities	(992)		(2,071)		(648)
Net change in cash and cash equivalents	51		17		(409)
Cash and cash equivalents at beginning of year	1,543		1,526		1,935
Cash and cash equivalents at end of year	$	1,594	$	1,543	$	1,526