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Parent Company Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Balance Sheet |
Parent Company
Condensed Balance Sheets
dollars in millions | December 31, 2023 |  | December 31, 2022
Assets |  |  |
Cash and due from banks | $ | 200 |  |  | $ | 119 |
Interest-earning deposits at banks | 5 |  |  | 3 |
Investment in marketable equity securities | 82 |  |  | 93 |
Investment in banking subsidiary | 21,324 |  |  | 9,935 |
Investment in other subsidiaries | 50 |  |  | 34 |
Other assets | 60 |  |  | 48 |
Total assets | $ | 21,721 |  |  | $ | 10,232 |
Liabilities and Stockholders' Equity |  |  |
Subordinated debt | $ | 367 |  |  | $ | 454 |
Borrowings due to banking subsidiary | 45 |  |  | 60 |
Other liabilities | 54 |  |  | 56 |
Total liabilities | 466 |  |  | 570 |
Stockholders’ equity | 21,255 |  |  | 9,662 |
Total liabilities and stockholders’ equity | $ | 21,721 |  |  | $ | 10,232 |
Schedule of Condensed Statements of Income |
Parent Company
Condensed Statements of Income
| Year ended December 31
dollars in millions | 2023 |  | 2022 |  | 2021
Income |  |  |  |  |
Dividends from banking subsidiary | $ | 367 |  |  | $ | 1,410 |  |  | $ | 173 |
Other (loss) income | (8) |  |  | (2) |  |  | 36 |
Total income | 359 |  |  | 1,408 |  |  | 209 |
Expenses |  |  |  |  |
Interest expense | 22 |  |  | 19 |  |  | 17 |
Other expenses | 40 |  |  | 26 |  |  | 11 |
Total expenses | 62 |  |  | 45 |  |  | 28 |
Income before income taxes and equity in undistributed net income of subsidiaries | 297 |  |  | 1,363 |  |  | 181 |
Income tax (benefit) expense | (14) |  |  | 44 |  |  | 2 |
Income before equity in undistributed net income of subsidiaries | 311 |  |  | 1,319 |  |  | 179 |
Equity in undistributed (distributed) net income of subsidiaries | 11,155 |  |  | (221) |  |  | 368 |
Net income | 11,466 |  |  | 1,098 |  |  | 547 |
Preferred stock dividends | 59 |  |  | 50 |  |  | 18 |
Net income available to common stockholders | $ | 11,407 |  |  | $ | 1,048 |  |  | $ | 529 |
Schedule of Condensed Statements of Cash Flows |
Parent Company
Condensed Statements of Cash Flows
| Year ended December 31
dollars in millions | 2023 |  | 2022 |  | 2021
OPERATING ACTIVITIES |  |  |  |  |
Net income | $ | 11,466 |  |  | $ | 1,098 |  |  | $ | 547 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |
(Undistributed) distributed net income of subsidiaries | (11,155) |  |  | 221 |  |  | (368) |
Deferred tax expense | (5) |  |  | 48 |  |  | — |
Net amortization of premiums and discounts | — |  |  | 1 |  |  | 1 |
Fair value adjustment on marketable equity securities, net | 11 |  |  | 6 |  |  | (34) |
Stock based compensation expense | 5 |  |  | 19 |  |  | — |
Net change in due to or from subsidiaries | — |  |  | — |  |  | 4 |
Net change in other assets | (17) |  |  | (3) |  |  | 7 |
Net change in other liabilities | 3 |  |  | (2) |  |  | 3 |
Net cash provided by operating activities | 308 |  |  | 1,388 |  |  | 160 |
INVESTING ACTIVITIES |  |  |  |  |
Net (increase) decrease in interest-earning deposits at banks | (2) |  |  | 3 |  |  | (4) |
Purchase of marketable equity securities | — |  |  | — |  |  | (2) |
Proceeds from sales of marketable equity securities | — |  |  | — |  |  | 30 |
Proceeds from sales, calls, and maturities of investment securities | — |  |  | — |  |  | 2 |
Net cash paid in acquisition | — |  |  | (51) |  |  | — |
Net cash (used in) provided by investing activities | (2) |  |  | (48) |  |  | 26 |
FINANCING ACTIVITIES |  |  |  |  |
Repayment of other borrowings | — |  |  | (68) |  |  | (20) |
Repayment of subordinated debt | (87) |  |  | — |  |  | — |
(Repayment) proceeds for borrowings due to banking subsidiary | (15) |  |  | 20 |  |  | — |
Repurchase of Class A common stock | — |  |  | (1,240) |  |  | — |
Cash dividends paid | (117) |  |  | (83) |  |  | (42) |
Other financing activities | (6) |  |  | (24) |  |  | — |
Net cash used in financing activities | (225) |  |  | (1,395) |  |  | (62) |
Net change in cash and due from banks | 81 |  |  | (55) |  |  | 124 |
Cash and due from banks at beginning of year | 119 |  |  | 174 |  |  | 50 |
Cash and due from banks at end of year | $ | 200 |  |  | $ | 119 |  |  | $ | 174 |
CASH PAYMENTS (REFUNDS) FOR: |  |  |  |  |
Interest | $ | 23 |  |  | $ | 18 |  |  | $ | 17 |
Income taxes | 470 |  |  | (536) |  |  | 810 |

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