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PARENT COMPANY FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Condensed Balance Sheet |
Parent Company
Condensed Balance Sheets
dollars in millions | December 31, 2024 |  | December 31, 2023
Assets |  |  |
Cash and due from banks | $ | 310 |  |  | $ | 200 |
Interest-earning deposits at banks | 1 |  |  | 5 |
Investment in marketable equity securities | 99 |  |  | 82 |
Note receivable from banking subsidiary | 200 |  |  | — |
Investment in banking subsidiary | 21,932 |  |  | 21,324 |
Investment in other subsidiaries | 97 |  |  | 50 |
Other assets | 75 |  |  | 60 |
Total assets | $ | 22,714 |  |  | $ | 21,721 |
Liabilities and Stockholders' Equity |  |  |
Subordinated debt | $ | 350 |  |  | $ | 367 |
Borrowings due to banking subsidiary | 44 |  |  | 45 |
Other liabilities | 92 |  |  | 54 |
Total liabilities | 486 |  |  | 466 |
Stockholders’ equity | 22,228 |  |  | 21,255 |
Total liabilities and stockholders’ equity | $ | 22,714 |  |  | $ | 21,721 |
Schedule of Condensed Statements of Income |
Parent Company
Condensed Statements of Income
| Year Ended December 31
dollars in millions | 2024 |  | 2023 |  | 2022
Income |  |  |  |  |
Dividends from banking subsidiary | $ | 2,221 |  |  | $ | 367 |  |  | $ | 1,410 |
Other income (loss) | 25 |  |  | (8) |  |  | (2) |
Total income | 2,246 |  |  | 359 |  |  | 1,408 |
Expenses |  |  |  |  |
Interest expense | 16 |  |  | 22 |  |  | 19 |
Other expenses | 61 |  |  | 40 |  |  | 26 |
Total expenses | 77 |  |  | 62 |  |  | 45 |
Income before income taxes and equity in undistributed net income of subsidiaries | 2,169 |  |  | 297 |  |  | 1,363 |
Income tax (benefit) expense | (22) |  |  | (14) |  |  | 44 |
Income before equity in undistributed net income of subsidiaries | 2,191 |  |  | 311 |  |  | 1,319 |
Equity in undistributed (distributed) net income of subsidiaries | 586 |  |  | 11,155 |  |  | (221) |
Net income | 2,777 |  |  | 11,466 |  |  | 1,098 |
Preferred stock dividends | 61 |  |  | 59 |  |  | 50 |
Net income available to common stockholders | $ | 2,716 |  |  | $ | 11,407 |  |  | $ | 1,048 |
Schedule of Condensed Statements of Cash Flows |
Parent Company
Condensed Statements of Cash Flows
| Year Ended December 31
dollars in millions | 2024 |  | 2023 |  | 2022
OPERATING ACTIVITIES |  |  |  |  |
Net income | $ | 2,777 |  |  | $ | 11,466 |  |  | $ | 1,098 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |
(Undistributed) distributed net income of subsidiaries | (586) |  |  | (11,155) |  |  | 221 |
Deferred tax expense (benefit) | 2 |  |  | (5) |  |  | 48 |
Net amortization of premiums and discounts | — |  |  | — |  |  | 1 |
Fair value adjustment on marketable equity securities, net | (13) |  |  | 11 |  |  | 6 |
Stock based compensation expense | — |  |  | 5 |  |  | 19 |
Realized gain on sale of investment securities, net | (6) |  |  | — |  |  | — |
Net change in other assets | (15) |  |  | (17) |  |  | (3) |
Net change in other liabilities | (5) |  |  | 3 |  |  | (2) |
Other operating activities | 3 |  |  | — |  |  | — |
Net cash provided by operating activities | 2,157 |  |  | 308 |  |  | 1,388 |
INVESTING ACTIVITIES |  |  |  |  |
Net decrease (increase) in interest-earning deposits at banks | 4 |  |  | (2) |  |  | 3 |
Purchase of marketable equity securities | (6) |  |  | — |  |  | — |
Proceeds from sale of marketable equity securities | 15 |  |  | — |  |  | — |
Note receivable from banking subsidiary | (200) |  |  | — |  |  | — |
Net cash paid in acquisition | — |  |  | — |  |  | (51) |
Other investing activities | (23) |  |  | — |  |  | — |
Net cash used in investing activities | (210) |  |  | (2) |  |  | (48) |
FINANCING ACTIVITIES |  |  |  |  |
Repayment of other borrowings | — |  |  | — |  |  | (68) |
Repayment of subordinated debt | (17) |  |  | (87) |  |  | — |
(Repayment) proceeds for borrowings due to banking subsidiary | (1) |  |  | (15) |  |  | 20 |
Repurchase of Class A common stock | (1,648) |  |  | — |  |  | (1,240) |
Cash dividends paid | (158) |  |  | (117) |  |  | (83) |
Other financing activities | (13) |  |  | (6) |  |  | (24) |
Net cash used in financing activities | (1,837) |  |  | (225) |  |  | (1,395) |
Net change in cash and due from banks | 110 |  |  | 81 |  |  | (55) |
Cash and due from banks at beginning of year | 200 |  |  | 119 |  |  | 174 |
Cash and due from banks at end of year | $ | 310 |  |  | $ | 200 |  |  | $ | 119 |
CASH PAYMENTS (REFUNDS) FOR: |  |  |  |  |
Interest | $ | 15 |  |  | $ | 23 |  |  | $ | 18 |
Income taxes | (1) |  |  | 470 |  |  | (536) |

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