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PARENT COMPANY FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
PARENT COMPANY FINANCIAL STATEMENTS | NOTE 23 — PARENT COMPANY FINANCIAL STATEMENTS The following tables present condensed stand-alone financial statements of the Parent Company:
Parent Company
Condensed Balance Sheets
dollars in millions | December 31, 2025 |  | December 31, 2024
Assets |  |  |
Cash and due from banks | $ | 466 |  |  | $ | 310 |
Interest-earning deposits at banks | 4 |  |  | 1 |
Investment in marketable equity securities | 119 |  |  | 99 |
Note receivable from banking subsidiary | — |  |  | 200 |
Investment in banking subsidiary | 23,371 |  |  | 21,932 |
Investment in other subsidiaries | 185 |  |  | 97 |
Other assets | 81 |  |  | 75 |
Total assets | $ | 24,226 |  |  | $ | 22,714 |
Liabilities and Stockholders' Equity |  |  |
Long-term borrowings | $ | 1,839 |  |  | $ | 350 |
Borrowings due to banking subsidiary | — |  |  | 44 |
Other liabilities | 149 |  |  | 92 |
Total liabilities | 1,988 |  |  | 486 |
Stockholders’ equity | 22,238 |  |  | 22,228 |
Total liabilities and stockholders’ equity | $ | 24,226 |  |  | $ | 22,714 |
Parent Company
Condensed Statements of Income
| Year Ended December 31
dollars in millions | 2025 |  | 2024 |  | 2023
Income |  |  |  |  |
Dividends from banking subsidiary | $ | 1,680 |  |  | $ | 2,221 |  |  | $ | 367 |
Other income (loss) | 25 |  |  | 25 |  |  | (8) |
Total income | 1,705 |  |  | 2,246 |  |  | 359 |
Expenses |  |  |  |  |
Interest expense | 80 |  |  | 16 |  |  | 22 |
Other expenses | 75 |  |  | 61 |  |  | 40 |
Total expenses | 155 |  |  | 77 |  |  | 62 |
Income before income taxes and equity in undistributed net income of subsidiaries | 1,550 |  |  | 2,169 |  |  | 297 |
Income tax benefit | (16) |  |  | (22) |  |  | (14) |
Income before equity in undistributed net income of subsidiaries | 1,566 |  |  | 2,191 |  |  | 311 |
Equity in undistributed net income of subsidiaries | 640 |  |  | 586 |  |  | 11,155 |
Net income | 2,206 |  |  | 2,777 |  |  | 11,466 |
Preferred stock dividends | 57 |  |  | 61 |  |  | 59 |
Net income available to common stockholders | $ | 2,149 |  |  | $ | 2,716 |  |  | $ | 11,407 |
Parent Company
Condensed Statements of Cash Flows
| Year Ended December 31
dollars in millions | 2025 |  | 2024 |  | 2023
OPERATING ACTIVITIES |  |  |  |  |
Net income | $ | 2,206 |  |  | $ | 2,777 |  |  | $ | 11,466 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |
Undistributed net income of subsidiaries | (640) |  |  | (586) |  |  | (11,155) |
Deferred tax expense (benefit) | 16 |  |  | 2 |  |  | (5) |
Fair value adjustment on marketable equity securities, net | (22) |  |  | (13) |  |  | 11 |
Stock based compensation expense | — |  |  | — |  |  | 5 |
Realized gain on sale of investment securities, net | — |  |  | (6) |  |  | — |
Net change in other assets | (13) |  |  | (15) |  |  | (17) |
Net change in other liabilities | 18 |  |  | (5) |  |  | 3 |
Other operating activities | 2 |  |  | 3 |  |  | — |
Net cash provided by operating activities | 1,567 |  |  | 2,157 |  |  | 308 |
INVESTING ACTIVITIES |  |  |  |  |
Net (increase) decrease in interest-earning deposits at banks | (3) |  |  | 4 |  |  | (2) |
Purchase of marketable equity securities | — |  |  | (6) |  |  | — |
Proceeds from sale of marketable equity securities | 1 |  |  | 15 |  |  | — |
Note receivable from banking subsidiary | 200 |  |  | (200) |  |  | — |
Other investing activities | (359) |  |  | (23) |  |  | — |
Net cash used in investing activities | (161) |  |  | (210) |  |  | (2) |
FINANCING ACTIVITIES |  |  |  |  |
Repayment of long-term borrowings | (350) |  |  | (17) |  |  | (87) |
Repayment of borrowings due to banking subsidiary | (44) |  |  | (1) |  |  | (15) |
Net proceeds from issuance of long-term borrowings | 1,838 |  |  | — |  |  | — |
Net proceeds from preferred stock issuance | 494 |  |  | — |  |  | — |
Repurchase of Class A common stock | (3,027) |  |  | (1,648) |  |  | — |
Cash dividends paid | (161) |  |  | (158) |  |  | (117) |
Other financing activities | — |  |  | (13) |  |  | (6) |
Net cash used in financing activities | (1,250) |  |  | (1,837) |  |  | (225) |
Net change in cash and due from banks | 156 |  |  | 110 |  |  | 81 |
Cash and due from banks at beginning of year | 310 |  |  | 200 |  |  | 119 |
Cash and due from banks at end of year | $ | 466 |  |  | $ | 310 |  |  | $ | 200 |
CASH PAYMENTS (REFUNDS) FOR: |  |  |  |  |
Interest | $ | 51 |  |  | $ | 15 |  |  | $ | 23 |
Income taxes | — |  |  | (1) |  |  | 470 |

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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 -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 4: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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