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PARENT COMPANY FINANCIALS (Tables) | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed Statements of Operations | Condensed Statements of Operations
| Year Ended December 31,
(in millions) | 2020 |  | 2019 |  | 2018
OPERATING INCOME: |  |  |  |  |
Income from consolidated subsidiaries and excluding equity in undistributed earnings: |  |  |  |  |
Dividends from banking subsidiaries | $900 |  |  | $1,130 |  |  | $1,650 |
Interest | 42 |  |  | 48 |  |  | 46 |
Management and service fees | 54 |  |  | 42 |  |  | 22 |
Income from nonbank subsidiaries and excluding equity in undistributed earnings: |  |  |  |  |
Dividends from nonbank subsidiaries | 40 |  |  | 8 |  |  | 5 |
Interest | 4 |  |  | 4 |  |  | 2 |
All other operating income | 1 |  |  | 1 |  |  | 1 |
Total operating income | 1,041 |  |  | 1,233 |  |  | 1,726 |
OPERATING EXPENSE: |  |  |  |  |
Salaries and employee benefits | 27 |  |  | 35 |  |  | 25 |
Interest expense | 120 |  |  | 87 |  |  | 89 |
All other expenses | 30 |  |  | 27 |  |  | 23 |
Total operating expense | 177 |  |  | 149 |  |  | 137 |
Income before taxes and undistributed income | 864 |  |  | 1,084 |  |  | 1,589 |
Income taxes | (16) |  |  | (10) |  |  | (13) |
Income before undistributed earnings of subsidiaries | 880 |  |  | 1,094 |  |  | 1,602 |
Equity in undistributed earnings of subsidiaries: |  |  |  |  |
Bank | 170 |  |  | 682 |  |  | 109 |
Nonbank | 7 |  |  | 15 |  |  | 10 |
Net income | $1,057 |  |  | $1,791 |  |  | $1,721 |
Other comprehensive income (loss), net of income taxes: |  |  |  |  |
Net pension plan activity arising during the period | ($3) |  |  | ($5) |  |  | $5 |
Net unrealized derivative instrument gains arising during the period | 2 |  |  | 2 |  |  | 2 |
Other comprehensive (loss) income activity of the Parent Company, net of income taxes | (1) |  |  | (3) |  |  | 7 |
Other comprehensive income (loss) activity of Bank subsidiaries, net of income taxes | 352 |  |  | 683 |  |  | (283) |
Total other comprehensive income (loss), net of income taxes | 351 |  |  | 680 |  |  | (276) |
Total comprehensive income | $1,408 |  |  | $2,471 |  |  | $1,445 |
Condensed Balance Sheets | Condensed Balance Sheets
(in millions) | December 31, 2020 |  | December 31, 2019
ASSETS: |  |  |
Cash and due from banks | $2,680 |  |  | $1,418 |
Loans and advances to: |  |  |
Bank subsidiary | 1,148 |  |  | 1,146 |
Nonbank subsidiaries | 105 |  |  | 120 |
Investments in subsidiaries: |  |  |
Bank subsidiary | 22,164 |  |  | 21,973 |
Nonbank subsidiaries | 106 |  |  | 99 |
Other assets | 152 |  |  | 127 |
TOTAL ASSETS | $26,355 |  |  | $24,883 |
LIABILITIES: |  |  |
Long-term borrowed funds due to unaffiliated companies | $3,441 |  |  | $2,485 |
Other liabilities | 241 |  |  | 197 |
TOTAL LIABILITIES | 3,682 |  |  | 2,682 |
TOTAL STOCKHOLDERS’ EQUITY | 22,673 |  |  | 22,201 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $26,355 |  |  | $24,883 |
Condensed Cash Flow Statements | Condensed Cash Flow Statements
| Year Ended December 31,
(in millions) | 2020 |  | 2019 |  | 2018
OPERATING ACTIVITIES |  |  |  |  |
Net income | $1,057 |  |  | $1,791 |  |  | $1,721 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Deferred income taxes | 17 |  |  | (8) |  |  | 17 |
Equity in undistributed earnings of subsidiaries | (177) |  |  | (697) |  |  | (120) |
Increase in other liabilities | 43 |  |  | 50 |  |  | 11 |
(Increase) decrease in other assets | (41) |  |  | 7 |  |  | (7) |
Other operating, net | 48 |  |  | 58 |  |  | 40 |
Net cash provided by operating activities | 947 |  |  | 1,201 |  |  | 1,662 |
INVESTING ACTIVITIES |  |  |  |  |
Investments in and advances to subsidiaries | (190) |  |  | (105) |  |  | — |
Repayment of investments in and advances to subsidiaries | 205 |  |  | 55 |  |  | — |
Other investing, net | (1) |  |  | (1) |  |  | (1) |
Net cash provided (used) by investing activities | 14 |  |  | (51) |  |  | (1) |
FINANCING ACTIVITIES |  |  |  |  |
Proceeds from issuance of long-term borrowed funds | 1,053 |  |  | 500 |  |  | — |
Repayments of long-term borrowed funds | (12) |  |  | — |  |  | (333) |
Treasury stock purchased | (270) |  |  | (1,220) |  |  | (1,025) |
Net proceeds from issuance of preferred stock | 395 |  |  | 730 |  |  | 593 |
Dividends declared and paid to common stockholders | (672) |  |  | (617) |  |  | (471) |
Dividends declared and paid to preferred stockholders | (98) |  |  | (65) |  |  | (14) |
Other financing, net | (95) |  |  | (21) |  |  | (13) |
Net cash provided (used) by financing activities | 301 |  |  | (693) |  |  | (1,263) |
Increase in cash and due from banks | 1,262 |  |  | 457 |  |  | 398 |
Cash and due from banks at beginning of year | 1,418 |  |  | 961 |  |  | 563 |
Cash and due from banks at end of year | $2,680 |  |  | $1,418 |  |  | $961 |

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