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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of comprehensive income tax | The following table presents total income tax expense:
| Year Ended December 31,
(dollars in millions) | 2023 |  | 2022 |  | 2021
Income tax expense | $422 |  |  | $582 |  |  | $658 |
Tax effect of changes in OCI | 289 |  |  | (1,319) |  |  | (199) |
Total comprehensive income tax expense (benefit) | $711 |  |  | ($737) |  |  | $459 |
Schedule of components of income tax expense | The following table presents the components of income tax expense:
(dollars in millions) | Current | Deferred | Total
Year Ended December 31, 2023 |  |  |
U.S. federal | $497 |  | ($135) |  | $362 |
State and local | 167 |  | (107) |  | 60 |
Total | $664 |  | ($242) |  | $422 |
Year Ended December 31, 2022 |  |  |
U.S. federal | $355 |  | $88 |  | $443 |
State and local | 170 |  | (31) |  | 139 |
Total | $525 |  | $57 |  | $582 |
Year Ended December 31, 2021 |  |  |
U.S. federal | $871 |  | ($345) |  | $526 |
State and local | 216 |  | (84) |  | 132 |
Total | $1,087 |  | ($429) |  | $658 |
Schedule of effective income tax rate reconciliation | The following table presents a reconciliation between the U.S. federal income tax rate and the Company’s effective income tax rate:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
(dollars in millions) | Amount | Rate |  | Amount | Rate |  | Amount | Rate
U.S. federal income tax expense and tax rate | $426 |  | 21.0 | % |  | $558 |  | 21.0 | % |  | $625 |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |
State and local income taxes (net of federal benefit) | 58 |  | 2.9 |  |  | 133 |  | 5.0 |  |  | 126 |  | 4.2 |
Bank-owned life insurance | (20) |  | (1.0) |  |  | (19) |  | (0.7) |  |  | (14) |  | (0.5) |
Tax-exempt interest | (12) |  | (0.6) |  |  | (8) |  | (0.3) |  |  | (7) |  | (0.2) |
Tax advantaged investments (including related credits) | (77) |  | (3.8) |  |  | (102) |  | (3.8) |  |  | (95) |  | (3.2) |
Other tax credits | (3) |  | (0.1) |  |  | (9) |  | (0.3) |  |  | (7) |  | (0.2) |
Adjustments for uncertain tax positions | 5 |  | 0.2 |  |  | 1 |  | — |  |  | 3 |  | 0.1 |
Non-deductible FDIC insurance premiums | 35 |  | 1.7 |  |  | 20 |  | 0.7 |  |  | 14 |  | 0.5 |
Legacy tax matters | — |  | — |  |  | 3 |  | 0.1 |  |  | — |  | — |
Other | 10 |  | 0.5 |  |  | 5 |  | 0.2 |  |  | 13 |  | 0.4 |
Total income tax expense and effective tax rate | $422 |  | 20.8 | % |  | $582 |  | 21.9 | % |  | $658 |  | 22.1 | %
Schedule of deferred tax assets and liabilities | The following table presents the significant components of the Company’s deferred tax assets and liabilities:
| December 31,
(dollars in millions) | 2023 |  | 2022
Deferred tax assets: |  |  |
Other comprehensive income | $1,291 |  |  | $1,546 |
Allowance for credit losses | 555 |  |  | 511 |
Federal and state net operating and capital loss carryforwards | 79 |  |  | 77 |
Accrued expenses | 1,152 |  |  | 863 |
Investment and other tax credit carryforwards | 130 |  |  | 131 |
Other | 9 |  |  | 19 |
Total deferred tax assets | 3,216 |  |  | 3,147 |
Valuation allowance | (137) |  |  | (133) |
Deferred tax assets, net of valuation allowance | 3,079 |  |  | 3,014 |
Deferred tax liabilities: |  |  |
Leasing transactions | 297 |  |  | 287 |
Amortization of intangibles | 421 |  |  | 413 |
Depreciation | 532 |  |  | 470 |
Pension and other employee compensation plans | 130 |  |  | 128 |
Partnerships | 12 |  |  | 87 |
Deferred Income | 3 |  |  | 12 |
MSRs | 252 |  |  | 203 |
Total deferred tax liabilities | 1,647 |  |  | 1,600 |
Net deferred tax asset (liability) | $1,432 |  |  | $1,414 |
Schedule of unrecognized tax benefits roll forward | The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits:
| December 31,
(dollars in millions) | 2023 |  | 2022 |  | 2021
Balance at the beginning of the year | $6 |  |  | $7 |  |  | $4 |
Gross increase for tax positions related to current year | 1 |  |  | — |  |  | 1 |
Gross increase for tax positions related to prior years | 1 |  |  | — |  |  | 3 |
Decrease for tax positions as a result of the lapse of the statutes of limitations | — |  |  | — |  |  | (1) |
Decrease for tax positions related to settlements with taxing authorities | (1) |  |  | (1) |  |  | — |
Balance at end of year | $7 |  |  | $6 |  |  | $7 |

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