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Income Taxes (Tables)

12 Months Ended

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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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 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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