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PARENT COMPANY FINANCIALS (Tables) | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Statements of Operations | Condensed Statements of Operations
| Year Ended December 31,
(in millions) | 2022 |  | 2021 |  | 2020
OPERATING INCOME: |  |  |  |  |
Income from bank subsidiaries, excluding equity in undistributed income: |  |  |  |  |
Dividends | $450 |  |  | $1,120 |  |  | $900 |
Interest | 39 |  |  | 35 |  |  | 42 |
Management and service fees | 69 |  |  | 64 |  |  | 54 |
Income from nonbank subsidiaries, excluding equity in undistributed income: |  |  |  |  |
Dividends | 43 |  |  | 57 |  |  | 40 |
Interest | 3 |  |  | 2 |  |  | 4 |
All other operating income | 1 |  |  | 1 |  |  | 1 |
Total operating income | 605 |  |  | 1,279 |  |  | 1,041 |
OPERATING EXPENSE: |  |  |  |  |
Salaries and employee benefits | 43 |  |  | 36 |  |  | 27 |
Interest expense | 125 |  |  | 119 |  |  | 120 |
All other expenses | 28 |  |  | 28 |  |  | 30 |
Total operating expense | 196 |  |  | 183 |  |  | 177 |
Income (loss) before taxes and undistributed income | 409 |  |  | 1,096 |  |  | 864 |
Income tax expense (benefit) | (13) |  |  | (16) |  |  | (16) |
Income before undistributed income of subsidiaries | 422 |  |  | 1,112 |  |  | 880 |
Equity in undistributed income (losses) of subsidiaries: |  |  |  |  |
Bank | 1,724 |  |  | 1,188 |  |  | 170 |
Nonbank | (73) |  |  | 19 |  |  | 7 |
Net income | $2,073 |  |  | $2,319 |  |  | $1,057 |
Total other comprehensive income (loss), net of income taxes(1) | (3,895) |  |  | (605) |  |  | 351 |
Total comprehensive income (loss) | ($1,822) |  |  | $1,714 |  |  | $1,408 |
(1) See Consolidated Statements of Comprehensive Income for comprehensive income (loss) detail.
Condensed Balance Sheets | Condensed Balance Sheets
(in millions) | December 31, 2022 |  | December 31, 2021
ASSETS: |  |  |
Cash and due from banks | $1,821 |  |  | $2,266 |
Loans and advances to: |  |  |
Bank subsidiary | 1,153 |  |  | 1,148 |
Nonbank subsidiaries | 135 |  |  | 150 |
Investments in subsidiaries: |  |  |
Bank subsidiary | 23,674 |  |  | 22,742 |
Nonbank subsidiaries | 302 |  |  | 325 |
Other assets | 182 |  |  | 140 |
Total assets | $27,267 |  |  | $26,771 |
LIABILITIES: |  |  |
Long-term borrowed funds | $3,336 |  |  | $3,099 |
Other liabilities | 241 |  |  | 252 |
Total liabilities | 3,577 |  |  | 3,351 |
Total stockholders’ equity | 23,690 |  |  | 23,420 |
Total liabilities and stockholders’ equity | $27,267 |  |  | $26,771 |
Condensed Cash Flow Statements | Condensed Cash Flow Statements
| Year Ended December 31,
(in millions) | 2022 |  | 2021 |  | 2020
OPERATING ACTIVITIES |  |  |  |  |
Net income | $2,073 |  |  | $2,319 |  |  | $1,057 |
Adjustments to reconcile net income to net change in cash due to operating activities: |  |  |  |  |
Deferred income taxes | (11) |  |  | — |  |  | 17 |
Equity in undistributed income of subsidiaries | (1,651) |  |  | (1,207) |  |  | (177) |
Net increase (decrease) in other liabilities | (7) |  |  | 34 |  |  | 43 |
Net (increase) decrease in other assets | (44) |  |  | 12 |  |  | (41) |
Other operating, net | 92 |  |  | 67 |  |  | 48 |
Net change due to operating activities | 452 |  |  | 1,225 |  |  | 947 |
INVESTING ACTIVITIES |  |  |  |  |
Investments in and advances to subsidiaries | (156) |  |  | (196) |  |  | (190) |
Repayment of investments in and advances to subsidiaries | 121 |  |  | 125 |  |  | 205 |
Acquisitions, net of cash acquired | (23) |  |  | (165) |  |  | — |
Other investing, net | (1) |  |  | (1) |  |  | (1) |
Net change due to investing activities | (59) |  |  | (237) |  |  | 14 |
FINANCING ACTIVITIES |  |  |  |  |
Proceeds from issuance of long-term borrowed funds | 414 |  |  | — |  |  | 1,053 |
Repayments of long-term borrowed funds | (182) |  |  | (350) |  |  | (12) |
Treasury stock purchased | (153) |  |  | (295) |  |  | (270) |
Net proceeds from issuance of preferred stock | — |  |  | 296 |  |  | 395 |
Redemption of preferred stock | — |  |  | (250) |  |  | — |
Dividends declared and paid to common stockholders | (779) |  |  | (670) |  |  | (672) |
Dividends declared and paid to preferred stockholders | (113) |  |  | (113) |  |  | (98) |
Other financing, net | (25) |  |  | (20) |  |  | (95) |
Net change due to financing activities | (838) |  |  | (1,402) |  |  | 301 |
Net change in cash and due from banks | (445) |  |  | (414) |  |  | 1,262 |
Cash and due from banks at beginning of year | 2,266 |  |  | 2,680 |  |  | 1,418 |
Cash and due from banks at end of year | $1,821 |  |  | $2,266 |  |  | $2,680 |

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