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PARENT COMPANY FINANCIALS (Tables) | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Condensed balance sheets | 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 | 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.
Condensed cash flow statements | 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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