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PARENT COMPANY FINANCIALS | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
PARENT COMPANY FINANCIALS | NOTE 27 - PARENT COMPANY FINANCIALS Condensed Balance Sheets
(dollars in millions) | December 31, 2024 |  | December 31, 2023
ASSETS: |  |  |
Cash and due from banks | $2,658 |  |  | $2,864 |
Loans and advances to: |  |  |
Bank subsidiary | 3,326 |  |  | 1,152 |
Nonbank subsidiaries | 150 |  |  | 154 |
Investments in subsidiaries: |  |  |
Bank subsidiary | 24,389 |  |  | 23,289 |
Nonbank subsidiaries | 334 |  |  | 291 |
Other assets | 237 |  |  | 194 |
Total assets | $31,094 |  |  | $27,944 |
LIABILITIES: |  |  |
Long-term borrowed funds | $6,480 |  |  | $3,344 |
Other liabilities | 360 |  |  | 258 |
Total liabilities | 6,840 |  |  | 3,602 |
Total stockholders’ equity | 24,254 |  |  | 24,342 |
Total liabilities and stockholders’ equity | $31,094 |  |  | $27,944 |
Condensed Statements of Operations
| Year Ended December 31,
(dollars in millions) | 2024 |  | 2023 |  | 2022
OPERATING INCOME: |  |  |  |  |
Income from bank subsidiaries, excluding equity in undistributed income: |  |  |  |  |
Dividends | $625 |  |  | $2,875 |  |  | $450 |
Interest | 139 |  |  | 43 |  |  | 39 |
Management and service fees | 67 |  |  | 69 |  |  | 69 |
Income from nonbank subsidiaries, excluding equity in undistributed income: |  |  |  |  |
Dividends | — |  |  | — |  |  | 43 |
Interest | 9 |  |  | 8 |  |  | 3 |
All other operating income | 1 |  |  | 1 |  |  | 1 |
Total operating income | 841 |  |  | 2,996 |  |  | 605 |
OPERATING EXPENSE: |  |  |  |  |
Salaries and employee benefits | 36 |  |  | 39 |  |  | 43 |
Interest expense | 263 |  |  | 129 |  |  | 125 |
All other expenses | 32 |  |  | 31 |  |  | 28 |
Total operating expense | 331 |  |  | 199 |  |  | 196 |
Income (loss) before taxes and undistributed income | 510 |  |  | 2,797 |  |  | 409 |
Income tax expense (benefit) | (24) |  |  | (13) |  |  | (13) |
Income before undistributed income of subsidiaries | 534 |  |  | 2,810 |  |  | 422 |
Equity in undistributed income (losses) of subsidiaries: |  |  |  |  |
Bank | 939 |  |  | (1,163) |  |  | 1,724 |
Nonbank | 36 |  |  | (39) |  |  | (73) |
Net income | $1,509 |  |  | $1,608 |  |  | $2,073 |
Total other comprehensive income (loss), net of income taxes(1) | 163 |  |  | 802 |  |  | (3,895) |
Total comprehensive income (loss) | $1,672 |  |  | $2,410 |  |  | ($1,822) |
(1) See Consolidated Statements of Comprehensive Income for comprehensive income (loss) detail. In accordance with federal and state banking regulations, dividends paid by CBNA to the Company are subject to certain limitations. See Note 25 for more information. Also, see Note 17 for more information regarding the Company’s common and preferred stock dividends. Condensed Cash Flow Statements
| Year Ended December 31,
(dollars in millions) | 2024 |  | 2023 |  | 2022
OPERATING ACTIVITIES |  |  |  |  |
Net income | $1,509 |  |  | $1,608 |  |  | $2,073 |
Adjustments to reconcile net income to net change due to operating activities: |  |  |  |  |
Deferred income tax expense (benefit) | (10) |  |  | (4) |  |  | (11) |
Equity in undistributed (income) losses of subsidiaries | (975) |  |  | 1,202 |  |  | (1,651) |
Other, net | 108 |  |  | 96 |  |  | 92 |
Net increase (decrease) in other liabilities | 92 |  |  | (17) |  |  | (7) |
Net (increase) decrease in other assets | (84) |  |  | 17 |  |  | (44) |
Net change due to operating activities | 640 |  |  | 2,902 |  |  | 452 |
INVESTING ACTIVITIES |  |  |  |  |
Investments in and advances to subsidiaries | (2,249) |  |  | (76) |  |  | (156) |
Repayment of investments in and advances to subsidiaries | 120 |  |  | 30 |  |  | 121 |
Acquisitions, net of cash acquired | — |  |  | — |  |  | (23) |
Other investing, net | 2 |  |  | — |  |  | (1) |
Net change due to investing activities | (2,127) |  |  | (46) |  |  | (59) |
FINANCING ACTIVITIES |  |  |  |  |
Proceeds from issuance of long-term borrowed funds | 3,231 |  |  | — |  |  | 414 |
Repayments of long-term borrowed funds | (107) |  |  | — |  |  | (182) |
Treasury stock purchased | (1,050) |  |  | (906) |  |  | (153) |
Net proceeds from issuance of preferred stock | 392 |  |  | — |  |  | — |
Redemption of preferred stock | (300) |  |  | — |  |  | — |
Dividends paid to common stockholders | (769) |  |  | (808) |  |  | (779) |
Dividends paid to preferred stockholders | (134) |  |  | (120) |  |  | (113) |
Other financing, net | 18 |  |  | 21 |  |  | (25) |
Net change due to financing activities | 1,281 |  |  | (1,813) |  |  | (838) |
Net change in cash and due from banks | (206) |  |  | 1,043 |  |  | (445) |
Cash and due from banks at beginning of year | 2,864 |  |  | 1,821 |  |  | 2,266 |
Cash and due from banks at end of year | $2,658 |  |  | $2,864 |  |  | $1,821 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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