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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Provision (Benefit) | The provision (benefit) for income taxes for the year ended December 31, 2024, 2023 and 2022 is comprised of the following: Provision (Benefit) for Income Taxes
dollars in millions | Year Ended December 31
| 2024 |  | 2023 |  | 2022
Current U.S. federal income tax provision | $ | 649 |  |  | $ | 400 |  |  | $ | 58 |
Deferred U.S. federal income tax provision / (benefit) | 68 |  |  | 46 |  |  | 170 |
Total federal income tax provision | 717 |  |  | 446 |  |  | 228 |
Current state and local income tax provision | 157 |  |  | 372 |  |  | 4 |
Deferred state and local income tax (benefit) / provision | (71) |  |  | (222) |  |  | 23 |
Total state and local income tax provision | 86 |  |  | 150 |  |  | 27 |
Total non-U.S. income tax provision | 12 |  |  | 15 |  |  | 9 |
Total provision for income taxes | $ | 815 |  |  | $ | 611 |  |  | $ | 264 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation from the U.S. Federal statutory rate to BancShares’ actual effective income tax rate for the year ended December 31, 2024, 2023 and 2022 is presented below. Income tax expense (benefit) includes, if applicable, federal, state and foreign taxes. Percentage of Pretax Income
dollars in millions | Effective Income Tax Rate
| 2024 |  | 2023 |  | 2022
| Pretax Income |  | Income Tax Expense (Benefit) |  | Percentage of Pretax Income |  | Pretax Income |  | Income Tax Expense (Benefit) |  | Percentage of Pretax Income |  | Pretax Income |  | Income Tax Expense (Benefit) |  | Percentage of Pretax Income
Federal income taxes and rate | $ | 3,592 |  |  | $ | 754 |  |  | 21.0 | % |  | $ | 12,077 |  |  | $ | 2,536 |  |  | 21.0 | % |  | 1,362 |  |  | $ | 286 |  |  | 21.0 | %
Increase (decrease) due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and local income taxes, net of federal income tax benefit |  |  | 118 |  |  | 3.3 | % |  |  |  | 804 |  |  | 6.7 | % |  |  |  | 53 |  |  | 3.9 | %
Gain on acquisition |  |  | — |  |  | — | % |  |  |  | (2,703) |  |  | (22.4) | % |  |  |  | (105) |  |  | (7.7) | %
Tax credits |  |  | (44) |  |  | (1.2) | % |  |  |  | (26) |  |  | (0.2) | % |  |  |  | (20) |  |  | (1.5) | %
Effect of BOLI surrender |  |  | — |  |  | — | % |  |  |  | — |  |  | — | % |  |  |  | 48 |  |  | 3.5 | %
Adjustment to unrecognized tax benefits |  |  | 44 |  |  | 1.2 | % |  |  |  | 2 |  |  | — | % |  |  |  | — |  |  | — | %
Deferred tax liability adjustment |  |  | (78) |  |  | (2.2) | % |  |  |  | 11 |  |  | 0.1 | % |  |  |  | (8) |  |  | (0.6) | %
Difference in tax rates applicable to non-U.S. earnings |  |  | 1 |  |  | — | % |  |  |  | 1 |  |  | — | % |  |  |  | 1 |  |  | 0.1 | %
Valuation allowances |  |  | (11) |  |  | (0.3) | % |  |  |  | (40) |  |  | (0.3) | % |  |  |  | (5) |  |  | (0.4) | %
Other |  |  | 31 |  |  | 0.9 | % |  |  |  | 26 |  |  | 0.2 | % |  |  |  | 14 |  |  | 1.1 | %
Provision for income taxes and effective income tax rate |  |  | $ | 815 |  |  | 22.7 | % |  |  |  | $ | 611 |  |  | 5.1 | % |  |  |  | $ | 264 |  |  | 19.4 | %
Schedule of Components of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to deferred income tax assets and liabilities at December 31, 2024 and 2023 are presented below: Components of Deferred Income Tax Assets and Liabilities
dollars in millions | 2024 |  | 2023
Deferred Tax Assets: |  |  |
Allowance for loan and lease losses | $ | 500 |  |  | $ | 542 |
Net unrealized loss on investment securities available for sale | 226 |  |  | 235 |
Deferred compensation | 128 |  |  | 152 |
Capitalized costs | 110 |  |  | 75 |
Lease liabilities | 84 |  |  | 115 |
Tax credits | 79 |  |  | 21 |
Net operating loss carry forwards | 76 |  |  | 118 |
Accrued liabilities and reserves | 53 |  |  | 104 |
Other | 59 |  |  | 63 |
Total gross deferred tax assets | 1,315 |  |  | 1,425 |
Deferred Tax Liabilities: |  |  |
Basis difference in loans | (2,243) |  |  | (2,598) |
Operating leases | (1,847) |  |  | (1,729) |
Loans and direct financing leases | (329) |  |  | (260) |
Pension assets | (129) |  |  | (110) |
Right of use assets for operating leases | (73) |  |  | (110) |
Other | (149) |  |  | (169) |
Total deferred tax liabilities | (4,770) |  |  | (4,976) |
Total net deferred tax liability before valuation allowances | (3,455) |  |  | (3,551) |
Less: valuation allowances | (17) |  |  | (28) |
Net deferred tax liability after valuation allowances | $ | (3,472) |  |  | $ | (3,579) |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of UTBs is as follows: Unrecognized Tax Benefits
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
dollars in millions | Liabilities for Unrecognized Tax Benefits |  | Interest / Penalties |  | Total |  | Total |  | Total
Balance at beginning of period | $ | 28 |  |  | $ | 3 |  |  | $ | 31 |  |  | $ | 30 |  |  | $ | 31 |
Effect of CIT Merger | — |  |  | — |  |  | — |  |  | — |  |  | 6 |
Additions for tax positions related to current year | 8 |  |  | — |  |  | 8 |  |  | — |  |  | — |
Additions for tax positions related to prior years | 42 |  |  | 6 |  |  | 48 |  |  | 5 |  |  | 1 |
Reductions for tax positions of prior years | — |  |  | — |  |  | — |  |  | — |  |  | (2) |
Expiration of statutes of limitations | (1) |  |  | — |  |  | (1) |  |  | (2) |  |  | (1) |
Settlements | — |  |  | — |  |  | — |  |  | (2) |  |  | (5) |
Balance at end of period | $ | 77 |  |  | $ | 9 |  |  | $ | 86 |  |  | $ | 31 |  |  | $ | 30 |
Summary of Income Tax Audits | The table below presents the earliest tax years that remain subject to examination by major jurisdiction.
Jurisdiction | December 31, 2024
U.S. Federal | 2021
New York State and City | 2015
North Carolina | 2016
California | 2017
Canada | 2017

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