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Parent Company Financial Statements | 12 Months Ended
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Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Parent Company Financial Statements | PARENT COMPANY FINANCIAL STATEMENTS
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 |
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 |
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 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 -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -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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