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PARENT COMPANY FINANCIALS (Tables) | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Condensed Statements of Operations | Condensed Statements of Operations
| Year Ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
OPERATING INCOME: |  |  |  |  |
Income from consolidated subsidiaries and excluding equity in undistributed earnings: |  |  |  |  |
Dividends from banking subsidiaries | $1,120 |  |  | $900 |  |  | $1,130 |
Interest | 35 |  |  | 42 |  |  | 48 |
Management and service fees | 64 |  |  | 54 |  |  | 42 |
Income from nonbank subsidiaries and excluding equity in undistributed earnings: |  |  |  |  |
Dividends from nonbank subsidiaries | 57 |  |  | 40 |  |  | 8 |
Interest | 2 |  |  | 4 |  |  | 4 |
All other operating income | 1 |  |  | 1 |  |  | 1 |
Total operating income | 1,279 |  |  | 1,041 |  |  | 1,233 |
OPERATING EXPENSE: |  |  |  |  |
Salaries and employee benefits | 36 |  |  | 27 |  |  | 35 |
Interest expense | 119 |  |  | 120 |  |  | 87 |
All other expenses | 28 |  |  | 30 |  |  | 27 |
Total operating expense | 183 |  |  | 177 |  |  | 149 |
Income before taxes and undistributed income | 1,096 |  |  | 864 |  |  | 1,084 |
Income taxes | (16) |  |  | (16) |  |  | (10) |
Income before undistributed earnings of subsidiaries | 1,112 |  |  | 880 |  |  | 1,094 |
Equity in undistributed earnings of subsidiaries: |  |  |  |  |
Bank | 1,188 |  |  | 170 |  |  | 682 |
Nonbank | 19 |  |  | 7 |  |  | 15 |
Net income | $2,319 |  |  | $1,057 |  |  | $1,791 |
Other comprehensive income (loss), net of income taxes: |  |  |  |  |
Net pension plan activity arising during the period | $4 |  |  | ($3) |  |  | ($5) |
Net unrealized derivative instrument gains (losses) arising during the period | 1 |  |  | 2 |  |  | 2 |
Other comprehensive income (loss) activity of the Parent Company, net of income taxes | 5 |  |  | (1) |  |  | (3) |
Other comprehensive income activity of Bank subsidiaries, net of income taxes | (610) |  |  | 352 |  |  | 683 |
Total other comprehensive income (loss), net of income taxes | (605) |  |  | 351 |  |  | 680 |
Total comprehensive income | $1,714 |  |  | $1,408 |  |  | $2,471 |
Condensed Balance Sheets | Condensed Balance Sheets
(in millions) | December 31, 2021 |  | December 31, 2020
ASSETS: |  |  |
Cash and due from banks | $2,266 |  |  | $2,680 |
Loans and advances to: |  |  |
Bank subsidiary | 1,148 |  |  | 1,148 |
Nonbank subsidiaries | 150 |  |  | 105 |
Investments in subsidiaries: |  |  |
Bank subsidiary | 22,742 |  |  | 22,164 |
Nonbank subsidiaries | 325 |  |  | 106 |
Other assets | 140 |  |  | 152 |
TOTAL ASSETS | $26,771 |  |  | $26,355 |
LIABILITIES: |  |  |
Long-term borrowed funds due to unaffiliated companies | $3,099 |  |  | $3,441 |
Other liabilities | 252 |  |  | 241 |
TOTAL LIABILITIES | 3,351 |  |  | 3,682 |
TOTAL STOCKHOLDERS’ EQUITY | 23,420 |  |  | 22,673 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $26,771 |  |  | $26,355 |
Condensed Cash Flow Statements | Condensed Cash Flow Statements
| Year Ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
OPERATING ACTIVITIES |  |  |  |  |
Net income | $2,319 |  |  | $1,057 |  |  | $1,791 |
Adjustments to reconcile net income to net change in cash due to operating activities: |  |  |  |  |
Deferred income taxes | — |  |  | 17 |  |  | (8) |
Equity in undistributed earnings of subsidiaries | (1,207) |  |  | (177) |  |  | (697) |
Increase (decrease) in other liabilities | 34 |  |  | 43 |  |  | 50 |
(Increase) decrease in other assets | 12 |  |  | (41) |  |  | 7 |
Other operating, net | 67 |  |  | 48 |  |  | 58 |
Net change due to operating activities | 1,225 |  |  | 947 |  |  | 1,201 |
INVESTING ACTIVITIES |  |  |  |  |
Investments in and advances to subsidiaries | (196) |  |  | (190) |  |  | (105) |
Repayment of investments in and advances to subsidiaries | 125 |  |  | 205 |  |  | 55 |
Acquisitions, net of cash acquired | (165) |  |  | — |  |  | — |
Other investing, net | (1) |  |  | (1) |  |  | (1) |
Net change due to investing activities | (237) |  |  | 14 |  |  | (51) |
FINANCING ACTIVITIES |  |  |  |  |
Proceeds from issuance of long-term borrowed funds | — |  |  | 1,053 |  |  | 500 |
Repayments of long-term borrowed funds | (350) |  |  | (12) |  |  | — |
Treasury stock purchased | (295) |  |  | (270) |  |  | (1,220) |
Net proceeds from issuance of preferred stock | 296 |  |  | 395 |  |  | 730 |
Redemption of preferred stock | (250) |  |  | — |  |  | — |
Dividends declared and paid to common stockholders | (670) |  |  | (672) |  |  | (617) |
Dividends declared and paid to preferred stockholders | (113) |  |  | (98) |  |  | (65) |
Other financing, net | (20) |  |  | (95) |  |  | (21) |
Net change due to financing activities | (1,402) |  |  | 301 |  |  | (693) |
Net change in cash and due from banks | (414) |  |  | 1,262 |  |  | 457 |
Cash and due from banks at beginning of year | 2,680 |  |  | 1,418 |  |  | 961 |
Cash and due from banks at end of year | $2,266 |  |  | $2,680 |  |  | $1,418 |

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