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Parent Company Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Condensed Balance Sheet |
Parent Company
Condensed Balance Sheets
(dollars in millions) | December 31, 2022 |  | December 31, 2021
Assets |  |  |
Cash and due from banks | $ | 119 |  |  | $ | 174 |
Interest-earning deposits at banks | 3 |  |  | 6 |
Investment in marketable equity securities | 93 |  |  | 98 |
Investment in banking subsidiary | 9,935 |  |  | 4,987 |
Investment in other subsidiaries | 34 |  |  | — |
Other assets | 48 |  |  | 44 |
Total assets | $ | 10,232 |  |  | $ | 5,309 |
Liabilities and Stockholders' Equity |  |  |
Subordinated debt | $ | 454 |  |  | $ | 453 |
Borrowings due to banking subsidiary | 60 |  |  | 40 |
Other borrowings | — |  |  | 68 |
Other liabilities | 56 |  |  | 11 |
Total liabilities | 570 |  |  | 572 |
Stockholders’ equity | 9,662 |  |  | 4,737 |
Total liabilities and stockholders’ equity | $ | 10,232 |  |  | $ | 5,309 |
Schedule of Condensed Statements of Income |
Parent Company
Condensed Statements of Income
| Year ended December 31
(dollars in millions) | 2022 |  | 2021 |  | 2020
Income |  |  |  |  |
Dividends from banking subsidiary | $ | 1,410 |  |  | $ | 173 |  |  | $ | 230 |
Other (loss) income | (2) |  |  | 36 |  |  | 33 |
Total income | 1,408 |  |  | 209 |  |  | 263 |
Expenses |  |  |  |  |
Interest expense | 19 |  |  | 17 |  |  | 17 |
Other expenses | 26 |  |  | 11 |  |  | 12 |
Total expenses | 45 |  |  | 28 |  |  | 29 |
Income before income taxes and equity in undistributed net income of subsidiaries | 1,363 |  |  | 181 |  |  | 234 |
Income tax expense | 44 |  |  | 2 |  |  | 1 |
Income before equity in undistributed net income of subsidiaries | 1,319 |  |  | 179 |  |  | 233 |
Equity in (distributed) undistributed net income of subsidiaries | (221) |  |  | 368 |  |  | 259 |
Net income | 1,098 |  |  | 547 |  |  | 492 |
Preferred stock dividends | 50 |  |  | 18 |  |  | 14 |
Net income available to common stockholders | $ | 1,048 |  |  | $ | 529 |  |  | $ | 478 |
Schedule of Condensed Statements of Cash Flows |
Parent Company
Condensed Statements of Cash Flows
| Year ended December 31
(dollars in millions) | 2022 |  | 2021 |  | 2020
OPERATING ACTIVITIES |  |  |  |  |
Net income | $ | 1,098 |  |  | $ | 547 |  |  | $ | 492 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |
Distributed (undistributed) net income of subsidiaries | 221 |  |  | (368) |  |  | (259) |
Deferred tax expense | 48 |  |  | — |  |  | — |
Net amortization of premiums and discounts | 1 |  |  | 1 |  |  | 1 |
Fair value adjustment on marketable equity securities, net | 6 |  |  | (34) |  |  | (29) |
Stock based compensation expense | 19 |  |  | — |  |  | — |
Net change in due to/from subsidiaries | — |  |  | 4 |  |  | (3) |
Net change in other assets | (3) |  |  | 7 |  |  | (3) |
Net change in other liabilities | (2) |  |  | 3 |  |  | (1) |
Net cash provided by operating activities | 1,388 |  |  | 160 |  |  | 198 |
INVESTING ACTIVITIES |  |  |  |  |
Net decrease (increase) in interest-earning deposits at banks | 3 |  |  | (4) |  |  | 1 |
Purchase of marketable equity securities | — |  |  | (2) |  |  | (333) |
Proceeds from sales of marketable equity securities | — |  |  | 30 |  |  | 353 |
Proceeds from sales, calls, and maturities of investment securities | — |  |  | 2 |  |  | 1 |
Investment in subsidiaries | — |  |  | — |  |  | (423) |
Net cash paid in acquisition | (51) |  |  | — |  |  | — |
Net cash (used in) provided by investing activities | (48) |  |  | 26 |  |  | (401) |
FINANCING ACTIVITIES |  |  |  |  |
Repayment of short-term borrowings | — |  |  | — |  |  | (40) |
Repayment of other borrowings | (68) |  |  | (20) |  |  | (33) |
Net proceeds from issuance of subordinated debt | — |  |  | — |  |  | 346 |
Proceeds from borrowings due to banking subsidiary | 20 |  |  | — |  |  | — |
Net proceeds from issuance of preferred stock | — |  |  | — |  |  | 340 |
Repurchase of Class A common stock | (1,240) |  |  | — |  |  | (334) |
Cash dividends paid | (83) |  |  | (42) |  |  | (31) |
Other financing activities | (24) |  |  | — |  |  | — |
Net cash (used in) provided by financing activities | (1,395) |  |  | (62) |  |  | 248 |
Net change in cash and due from banks | (55) |  |  | 124 |  |  | 45 |
Cash and due from banks at beginning of year | 174 |  |  | 50 |  |  | 5 |
Cash and due from banks at end of year | $ | 119 |  |  | $ | 174 |  |  | $ | 50 |
CASH PAYMENTS (REFUNDS) FOR: |  |  |  |  |
Interest | $ | 18 |  |  | $ | 17 |  |  | $ | 13 |
(Refunds) payments for income taxes | (536) |  |  | 810 |  |  | 107 |

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- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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