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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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:

			2023						2022						2021
			(In millions)
Current income tax expense:
Federal			$	417					$	493					$	456
State			84						116						73
Total current expense			$	501					$	609					$	529
Deferred income tax expense (benefit):
Federal			$	25					$	26					$	132
State			7						(4)						33
Total deferred expense			$	32					$	22					$	165
Total income tax expense			$	533					$	631					$	694

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:

			2023						2022						2021
			(Dollars in millions)
Tax on income computed at statutory federal income tax rate			$	547					$	604					$	675
Increase (decrease) in taxes resulting from:
State income tax, net of federal tax effect			72						88						83
Non-deductible expenses			33						34						18
Tax-exempt interest			(38)						(33)						(30)
Affordable housing credits, net of amortization			(42)						(32)						(25)
Bank-owned life insurance			(19)						(16)						(20)
Other, net			(20)						(14)						(7)
Income tax expense(1)			$	533					$	631					$	694
Effective tax rate			20.5		%				22.0		%				21.6		%

__________

(1) Income tax expense includes gross amortization of affordable housing investments of $166 million, $149 million, and $139 million for 2023, 2022 and 2021, respectively.

Summary Of Significant Components Of Deferred Tax Assets And Liabilities

Significant components of the Company’s net deferred tax asset at December 31 are listed below:

			2023						2022
			(In millions)
Deferred tax assets:
Unrealized losses included in shareholders' equity			$	961					$	1,138
Allowance for credit losses			430						401
Right of use liability			129						136
Accrued expenses			87						61
Other			20						47
Federal and state net operating losses, net of federal tax effect			31						40
Total deferred tax assets			1,658						1,823
Less: valuation allowance			(21)						(21)
Total deferred tax assets less valuation allowance			1,637						1,802
Deferred tax liabilities:
Lease financing			439						403
Right of use asset			121						128
Mortgage servicing rights			95						122
Goodwill and intangibles			112						103
Fixed assets			30						52
Employee benefits and deferred compensation			37						29
Other			62						22
Total deferred tax liabilities			896						859
Net deferred tax asset			$	741					$	943

Summary Of Details Of Tax Carryforwards Table

The following table provides details of the Company’s net operating loss carryforwards at December 31, 2023, 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			None						9						—						9
Net operating losses-states			2024-2028						13						13						—
Net operating losses-states			2029-2035						3						2						1
Net operating losses-states			2036-2043						3						2						1
Net operating losses-states			None						3						2						1
									$	31					$	19					$	12

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of UTB is as follows:

			2023						2022						2021
			(In millions)
Balance at beginning of year			$	8					$	9					$	12
Additions based on tax positions taken in a prior period			3						—						—
Settlements			—						—						(2)
Expiration of statute of limitations			—						(1)						(1)
Balance at end of year			$	11					$	8					$	9

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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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