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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of comprehensive income tax | The following table presents total income tax expense:
| Year Ended December 31,
(dollars in millions) | 2024 |  | 2023 |  | 2022
Income tax expense | $379 |  |  | $422 |  |  | $582 |
Tax effect of changes in OCI | 62 |  |  | 289 |  |  | (1,319) |
Total comprehensive income tax expense (benefit) | $441 |  |  | $711 |  |  | ($737) |
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, 2024 |  |  |
U.S. federal | $447 |  | ($127) |  | $320 |
State and local | 109 |  | (50) |  | 59 |
Total | $556 |  | ($177) |  | $379 |
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 |
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,
| 2024 |  | 2023 |  | 2022
(dollars in millions) | Amount | Rate |  | Amount | Rate |  | Amount | Rate
U.S. federal income tax expense and tax rate | $396 |  | 21.0 | % |  | $426 |  | 21.0 | % |  | $558 |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |
State and local income taxes (net of federal benefit) | 46 |  | 2.5 |  |  | 58 |  | 2.9 |  |  | 133 |  | 5.0 |
Bank-owned life insurance | (22) |  | (1.2) |  |  | (20) |  | (1.0) |  |  | (19) |  | (0.7) |
Tax-exempt interest | (12) |  | (0.7) |  |  | (12) |  | (0.6) |  |  | (8) |  | (0.3) |
Tax advantaged investments (including related credits) | (82) |  | (4.4) |  |  | (77) |  | (3.8) |  |  | (102) |  | (3.8) |
Other tax credits | (2) |  | (0.1) |  |  | (3) |  | (0.1) |  |  | (9) |  | (0.3) |
Adjustments for uncertain tax positions | — |  | — |  |  | 5 |  | 0.2 |  |  | 1 |  | — |
Non-deductible FDIC insurance premiums | 34 |  | 1.8 |  |  | 35 |  | 1.7 |  |  | 20 |  | 0.7 |
Legacy tax matters | — |  | — |  |  | — |  | — |  |  | 3 |  | 0.1 |
Other | 21 |  | 1.2 |  |  | 10 |  | 0.5 |  |  | 5 |  | 0.2 |
Total income tax expense and effective tax rate | $379 |  | 20.1 | % |  | $422 |  | 20.8 | % |  | $582 |  | 21.9 | %
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) | 2024 |  | 2023
Deferred tax assets: |  |  |
Other comprehensive income | $1,242 |  |  | $1,291 |
Allowance for credit losses | 552 |  |  | 555 |
Federal and state net operating and capital loss carryforwards | 69 |  |  | 79 |
Accrued expenses | 1,198 |  |  | 1,152 |
Investment and other tax credit carryforwards | 214 |  |  | 130 |
Partnerships | 4 |  |  | — |
Other | 10 |  |  | 9 |
Total deferred tax assets | 3,289 |  |  | 3,216 |
Valuation allowance | (120) |  |  | (137) |
Deferred tax assets, net of valuation allowance | 3,169 |  |  | 3,079 |
Deferred tax liabilities: |  |  |
Leasing transactions | 208 |  |  | 297 |
Amortization of intangibles | 425 |  |  | 421 |
Depreciation | 570 |  |  | 532 |
Pension and other employee compensation plans | 146 |  |  | 130 |
Partnerships | — |  |  | 12 |
Deferred Income | 24 |  |  | 3 |
MSRs | 243 |  |  | 252 |
Total deferred tax liabilities | 1,616 |  |  | 1,647 |
Net deferred tax asset (liability) | $1,553 |  |  | $1,432 |
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) | 2024 |  | 2023 |  | 2022
Balance at the beginning of the year | $7 |  |  | $6 |  |  | $7 |
Gross increase for tax positions related to current year | 1 |  |  | 1 |  |  | — |
Gross increase for tax positions related to prior years | 1 |  |  | 1 |  |  | — |
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 | (3) |  |  | (1) |  |  | (1) |
Balance at end of year | $5 |  |  | $7 |  |  | $6 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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