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PARENT COMPANY FINANCIALS (Tables) | 12 Months Ended
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Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed Statements of Operations | Condensed Statements of Operations
| Year Ended December 31,
(in millions) | 2019 |  | 2018 |  | 2017
OPERATING INCOME: |  |  |  |  |
Income from consolidated subsidiaries and excluding equity in undistributed earnings: |  |  |  |  |
Dividends from banking subsidiaries |  | $1,130 |  |  |  | $1,650 |  |  |  | $1,055 |
Interest | 48 |  |  | 46 |  |  | 43 |
Management and service fees | 42 |  |  | 22 |  |  | 31 |
Income from nonbank subsidiaries and excluding equity in undistributed earnings: |  |  |  |  |
Dividends from nonbank subsidiaries | 8 |  |  | 5 |  |  | 4 |
Interest | 4 |  |  | 2 |  |  | 1 |
Equity securities gains | — |  |  | — |  |  | 1 |
All other operating income | 1 |  |  | 1 |  |  | 1 |
Total operating income | 1,233 |  |  | 1,726 |  |  | 1,136 |
OPERATING EXPENSE: |  |  |  |  |
Salaries and employee benefits | 35 |  |  | 25 |  |  | 40 |
Interest expense | 87 |  |  | 89 |  |  | 97 |
All other expenses | 27 |  |  | 23 |  |  | 22 |
Total operating expense | 149 |  |  | 137 |  |  | 159 |
Income before taxes and undistributed income | 1,084 |  |  | 1,589 |  |  | 977 |
Income taxes | (10 | ) |  | (13 | ) |  | (10 | )
Income before undistributed earnings of subsidiaries | 1,094 |  |  | 1,602 |  |  | 987 |
Equity in undistributed earnings of subsidiaries: |  |  |  |  |
Bank | 682 |  |  | 109 |  |  | 655 |
Nonbank | 15 |  |  | 10 |  |  | 10 |
Net income |  | $1,791 |  |  |  | $1,721 |  |  |  | $1,652 |
Other comprehensive income (loss), net of income taxes: |  |  |  |  |
Net pension plan activity arising during the period |  | ($5 | ) |  |  | $5 |  |  |  | ($1 | )
Net unrealized derivative instrument gains arising during the period | 2 |  |  | 2 |  |  | 1 |
Other comprehensive (loss) income activity of the Parent Company, net of income taxes | (3 | ) |  | 7 |  |  | — |
Other comprehensive income (loss) activity of Bank subsidiaries, net of income taxes | 683 |  |  | (283 | ) |  | (7 | )
Total other comprehensive income (loss), net of income taxes | 680 |  |  | (276 | ) |  | (7 | )
Total comprehensive income |  | $2,471 |  |  |  | $1,445 |  |  |  | $1,645 |
Condensed Balance Sheets | Condensed Balance Sheets
(in millions) | December 31, 2019 |  | December 31, 2018
ASSETS: |  |  |
Cash and due from banks |  | $1,418 |  |  |  | $961 |
Loans and advances to: |  |  |
Bank subsidiaries | 1,146 |  |  | 1,158 |
Nonbank subsidiaries | 120 |  |  | 70 |
Investments in subsidiaries: |  |  |
Bank subsidiaries | 21,973 |  |  | 20,590 |
Nonbank subsidiaries | 99 |  |  | 83 |
Other assets | 127 |  |  | 117 |
TOTAL ASSETS |  | $24,883 |  |  |  | $22,979 |
LIABILITIES: |  |  |
Long-term borrowed funds due to unaffiliated companies |  | $2,485 |  |  |  | $1,987 |
Other liabilities | 197 |  |  | 175 |
TOTAL LIABILITIES | 2,682 |  |  | 2,162 |
TOTAL STOCKHOLDERS’ EQUITY | 22,201 |  |  | 20,817 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |  | $24,883 |  |  |  | $22,979 |
Condensed Cash Flow Statements | Condensed Cash Flow Statements
| Year Ended December 31,
(in millions) | 2019 |  |  | 2018 |  |  | 2017 |
OPERATING ACTIVITIES |  |  |  |  |
Net income |  | $1,791 |  |  |  | $1,721 |  |  |  | $1,652 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Deferred income taxes | (8 | ) |  | 17 |  |  | (11 | )
Gain on sales of assets | — |  |  | — |  |  | (1 | )
Equity in undistributed earnings of subsidiaries | (697 | ) |  | (120 | ) |  | (665 | )
Increase in other liabilities | 50 |  |  | 11 |  |  | 99 |
Decrease (increase) in other assets | 7 |  |  | (7 | ) |  | 5 |
Other operating, net | 58 |  |  | 40 |  |  | (1 | )
Net cash provided by operating activities | 1,201 |  |  | 1,662 |  |  | 1,078 |
INVESTING ACTIVITIES |  |  |  |  |
Investments in and advances to subsidiaries | (105 | ) |  | — |  |  | (230 | )
Repayment of investments in and advances to subsidiaries | 55 |  |  | — |  |  | 167 |
Other investing, net | (1 | ) |  | (1 | ) |  | (1 | )
Net cash used by investing activities | (51 | ) |  | (1 | ) |  | (64 | )
FINANCING ACTIVITIES |  |  |  |  |
Proceeds from issuance of long-term borrowed funds | 500 |  |  | — |  |  | — |
Repayments of long-term borrowed funds | — |  |  | (333 | ) |  | — |
Proceeds from issuance of common stock | — |  |  | — |  |  | 34 |
Treasury stock purchased | (1,220 | ) |  | (1,025 | ) |  | (820 | )
Net proceeds from issuance of preferred stock | 730 |  |  | 593 |  |  | — |
Dividends declared and paid to common stockholders | (617 | ) |  | (471 | ) |  | (322 | )
Dividends declared and paid to preferred stockholders | (65 | ) |  | (14 | ) |  | (14 | )
Other financing, net | (21 | ) |  | (13 | ) |  | — |
Net cash used by financing activities | (693 | ) |  | (1,263 | ) |  | (1,122 | )
Increase (decrease) in cash and due from banks | 457 |  |  | 398 |  |  | (108 | )
Cash and due from banks at beginning of year | 961 |  |  | 563 |  |  | 671 |
Cash and due from banks at end of year |  | $1,418 |  |  |  | $961 |  |  |  | $563 |

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