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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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:
| 2024 |  | 2023 |  | 2022
| (In millions)
Current income tax expense: |  |  |  |  |
Federal | $ | 383 |  |  | $ | 417 |  |  | $ | 493 |
State | 57 |  |  | 84 |  |  | 116 |
Total current expense | $ | 440 |  |  | $ | 501 |  |  | $ | 609 |
Deferred income tax expense (benefit): |  |  |  |  |
Federal | $ | 1 |  |  | $ | 25 |  |  | $ | 26 |
State | 20 |  |  | 7 |  |  | (4) |
Total deferred expense | $ | 21 |  |  | $ | 32 |  |  | $ | 22 |
Total income tax expense | $ | 461 |  |  | $ | 533 |  |  | $ | 631 |
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:
| 2024 |  | 2023 |  | 2022
| (Dollars in millions)
Tax on income computed at statutory federal income tax rate | $ | 494 |  |  | $ | 547 |  |  | $ | 604 |
Increase (decrease) in taxes resulting from: |  |  |  |  |
State income tax, net of federal tax effect | 62 |  |  | 72 |  |  | 88 |
Affordable housing and economic development credits, net of amortization | (48) |  |  | (42) |  |  | (32) |
Tax-exempt interest | (39) |  |  | (38) |  |  | (33) |
Non-deductible expenses | 29 |  |  | 33 |  |  | 34 |
Bank-owned life insurance | (24) |  |  | (19) |  |  | (16) |
Other, net | (13) |  |  | (20) |  |  | (14) |
Income tax expense(1) | $ | 461 |  |  | $ | 533 |  |  | $ | 631 |
Effective tax rate | 19.6 | % |  | 20.5 | % |  | 22.0 | %
_______ (1) Income tax expense includes gross amortization of affordable housing and economic development projects of $188 million, $166 million, and $149 million for 2024, 2023 and 2022, respectively. See Note 2 for additional information.
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:
| 2024 |  | 2023
| (In millions)
Deferred tax assets: |  |  |
Unrealized losses included in shareholders' equity | $ | 976 |  |  | $ | 961 |
Allowance for credit losses | 433 |  |  | 430 |
Right of use liability | 123 |  |  | 129 |
Accrued expenses | 48 |  |  | 87 |
Other | 18 |  |  | 20 |
Federal tax credit carryforwards | 27 |  |  | — |
Federal and state net operating losses, net of federal tax effect | 28 |  |  | 31 |
Total deferred tax assets | 1,653 |  |  | 1,658 |
Less: valuation allowance | (22) |  |  | (21) |
Total deferred tax assets less valuation allowance | 1,631 |  |  | 1,637 |
Deferred tax liabilities: |  |  |
Lease financing | 413 |  |  | 439 |
Right of use asset | 116 |  |  | 121 |
Mortgage servicing rights | 96 |  |  | 95 |
Goodwill and intangibles | 126 |  |  | 112 |
Fixed assets | 7 |  |  | 30 |
Employee benefits and deferred compensation | 34 |  |  | 37 |
Other | 64 |  |  | 62 |
Total deferred tax liabilities | 856 |  |  | 896 |
Net deferred tax asset | $ | 775 |  |  | $ | 741 |
Summary Of Details Of Tax Carryforwards Table | The following table provides details of the Company’s net operating loss and tax credit carryforwards at December 31, 2024, including the expiration dates and related valuation allowance:
| Expiration Dates |  | Deferred Tax Asset Balance |  | Valuation Allowance |  | Net Deferred Tax Asset Balance |  |
| (In millions)
General business credits | 2044 |  | $ | 27 |  |  | $ | — |  |  | $ | 27 |  |  |
Net operating losses-federal | None |  | 8 |  |  | — |  |  | 8 |  |  |
Net operating losses-states | 2025-2029 |  | 11 |  |  | 11 |  |  | — |  |  |
Net operating losses-states | 2030-2036 |  | 3 |  |  | 3 |  |  | — |  |  |
Net operating losses-states | 2037-2044 |  | 3 |  |  | 3 |  |  | — |  |  |
Net operating losses-states | None |  | 3 |  |  | 3 |  |  | — |  |  |
|  |  | $ | 55 |  |  | $ | 20 |  |  | $ | 35 |  |  |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of UTB is as follows:
| 2024 |  | 2023 |  | 2022
| (In millions)
Balance at beginning of year | $ | 11 |  |  | $ | 8 |  |  | $ | 9 |
Additions based on tax positions taken in a prior period | — |  |  | 3 |  |  | — |
Additions based on tax positions taken in the current period | 1 |  |  | — |  |  | — |
Expiration of statute of limitations | — |  |  | — |  |  | (1) |
Balance at end of year | $ | 12 |  |  | $ | 11 |  |  | $ | 8 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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