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PARENT COMPANY FINANCIALS (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Condensed balance sheets | Condensed Balance Sheets
(dollars in millions) | December 31, 2023 |  | December 31, 2022
ASSETS: |  |  |
Cash and due from banks | $2,864 |  |  | $1,821 |
Loans and advances to: |  |  |
Bank subsidiary | 1,152 |  |  | 1,153 |
Nonbank subsidiaries | 154 |  |  | 135 |
Investments in subsidiaries: |  |  |
Bank subsidiary | 23,289 |  |  | 23,674 |
Nonbank subsidiaries | 291 |  |  | 302 |
Other assets | 194 |  |  | 182 |
Total assets | $27,944 |  |  | $27,267 |
LIABILITIES: |  |  |
Long-term borrowed funds | $3,344 |  |  | $3,336 |
Other liabilities | 258 |  |  | 241 |
Total liabilities | 3,602 |  |  | 3,577 |
Total stockholders’ equity | 24,342 |  |  | 23,690 |
Total liabilities and stockholders’ equity | $27,944 |  |  | $27,267 |
Condensed statements of operations | Condensed Statements of Operations
| Year Ended December 31,
(dollars in millions) | 2023 |  | 2022 |  | 2021
OPERATING INCOME: |  |  |  |  |
Income from bank subsidiaries, excluding equity in undistributed income: |  |  |  |  |
Dividends | $2,875 |  |  | $450 |  |  | $1,120 |
Interest | 43 |  |  | 39 |  |  | 35 |
Management and service fees | 69 |  |  | 69 |  |  | 64 |
Income from nonbank subsidiaries, excluding equity in undistributed income: |  |  |  |  |
Dividends | — |  |  | 43 |  |  | 57 |
Interest | 8 |  |  | 3 |  |  | 2 |
All other operating income | 1 |  |  | 1 |  |  | 1 |
Total operating income | 2,996 |  |  | 605 |  |  | 1,279 |
OPERATING EXPENSE: |  |  |  |  |
Salaries and employee benefits | 39 |  |  | 43 |  |  | 36 |
Interest expense | 129 |  |  | 125 |  |  | 119 |
All other expenses | 31 |  |  | 28 |  |  | 28 |
Total operating expense | 199 |  |  | 196 |  |  | 183 |
Income (loss) before taxes and undistributed income | 2,797 |  |  | 409 |  |  | 1,096 |
Income tax expense (benefit) | (13) |  |  | (13) |  |  | (16) |
Income before undistributed income of subsidiaries | 2,810 |  |  | 422 |  |  | 1,112 |
Equity in undistributed income (losses) of subsidiaries: |  |  |  |  |
Bank | (1,163) |  |  | 1,724 |  |  | 1,188 |
Nonbank | (39) |  |  | (73) |  |  | 19 |
Net income | $1,608 |  |  | $2,073 |  |  | $2,319 |
Total other comprehensive income (loss), net of income taxes(1) | 802 |  |  | (3,895) |  |  | (605) |
Total comprehensive income (loss) | $2,410 |  |  | ($1,822) |  |  | $1,714 |
(1) See Consolidated Statements of Comprehensive Income for comprehensive income (loss) detail.
Condensed cash flow statements | Condensed Cash Flow Statements
| Year Ended December 31,
(dollars in millions) | 2023 |  | 2022 |  | 2021
OPERATING ACTIVITIES |  |  |  |  |
Net income | $1,608 |  |  | $2,073 |  |  | $2,319 |
Adjustments to reconcile net income to net change in cash due to operating activities: |  |  |  |  |
Deferred income tax expense (benefit) | (4) |  |  | (11) |  |  | — |
Equity in undistributed (income) losses of subsidiaries | 1,202 |  |  | (1,651) |  |  | (1,207) |
Other, net | 96 |  |  | 92 |  |  | 67 |
Net increase (decrease) in other liabilities | (17) |  |  | (7) |  |  | 34 |
Net (increase) decrease in other assets | 17 |  |  | (44) |  |  | 12 |
Net change due to operating activities | 2,902 |  |  | 452 |  |  | 1,225 |
INVESTING ACTIVITIES |  |  |  |  |
Investments in and advances to subsidiaries | (76) |  |  | (156) |  |  | (196) |
Repayment of investments in and advances to subsidiaries | 30 |  |  | 121 |  |  | 125 |
Acquisitions, net of cash acquired | — |  |  | (23) |  |  | (165) |
Other investing, net | — |  |  | (1) |  |  | (1) |
Net change due to investing activities | (46) |  |  | (59) |  |  | (237) |
FINANCING ACTIVITIES |  |  |  |  |
Proceeds from issuance of long-term borrowed funds | — |  |  | 414 |  |  | — |
Repayments of long-term borrowed funds | — |  |  | (182) |  |  | (350) |
Treasury stock purchased | (906) |  |  | (153) |  |  | (295) |
Net proceeds from issuance of preferred stock | — |  |  | — |  |  | 296 |
Redemption of preferred stock | — |  |  | — |  |  | (250) |
Dividends paid to common stockholders | (808) |  |  | (779) |  |  | (670) |
Dividends paid to preferred stockholders | (120) |  |  | (113) |  |  | (113) |
Other financing, net | 21 |  |  | (25) |  |  | (20) |
Net change due to financing activities | (1,813) |  |  | (838) |  |  | (1,402) |
Net change in cash and due from banks | 1,043 |  |  | (445) |  |  | (414) |
Cash and due from banks at beginning of year | 1,821 |  |  | 2,266 |  |  | 2,680 |
Cash and due from banks at end of year | $2,864 |  |  | $1,821 |  |  | $2,266 |

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