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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision (Benefit)

The provision (benefit) for income taxes for the year ended December 31, 2025, 2024 and 2023 is comprised of the following:

Provision (Benefit) for Income Taxes

dollars in millions			Year Ended December 31,
			2025						2024						2023
Current U.S. federal income tax provision			$	585					$	649					$	400
Deferred U.S. federal income tax (benefit) / provision			(38)						68						46
Total federal income tax provision			547						717						446
Current state and local income tax provision			286						157						372
Deferred state and local income tax benefit			(79)						(71)						(222)
Total state and local income tax provision			207						86						150
Total non-U.S. income tax provision			11						12						15
Total provision for income taxes			$	765					$	815					$	611

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, 2025, 2024 and 2023 is presented below. Income tax expense (benefit) includes, if applicable, federal, state and foreign taxes:

Effective Tax Rate Reconciliation

dollars in millions			Year Ended December 31,
			2025												2024												2023
			Amount						Percent						Amount						Percent						Amount						Percent
Pretax income domestic			$	2,926											$	3,551											$	12,043
Pretax income foreign			45												41												34
Total pretax income			$	2,971											$	3,592											$	12,077
US federal statutory income tax rate			$	624					21.0		%				$	754					21.0		%				$	2,536					21.0		%
Domestic federal taxes
Tax credits
Low income housing			(44)						(1.5)						(29)						(0.8)						(17)						(0.1)
Other			(26)						(0.9)						(16)						(0.4)						(6)						—
Nontaxable and nondeductible items
Gain on acquisition			—						—						—						—						(1,874)						(15.5)
FDIC premiums			36						1.2						24						0.7						23						0.2
Other			4						0.1						—						—						2						—
Other			3						0.1						3						0.1						(7)						(0.1)
Domestic state and local income taxes, net of federal effect			149						5.0						33						0.9						(51)						(0.4)
Foreign tax effects			2						0.1						2						—						5						—
Changes in unrecognized tax benefits			17						0.6						44						1.2						—						—
Total effective tax rate			$	765					25.7		%				$	815					22.7		%				$	611					5.1		%

Schedule Of State And Local Income Tax Jurisdictions

Jurisdictions which make up the majority of state and local income tax are as follows:

State and Local Jurisdictions

Year Ended December 31,

2025

2024

2023

California

California

California

New York

New York

New York

New York City

North Carolina

Massachusetts

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, 2025 and 2024 are presented below:

Components of Deferred Income Tax Assets and Liabilities

dollars in millions			December 31, 2025						December 31, 2024
Deferred Tax Assets:
Allowance for loan and lease losses			$	466					$	500
Net unrealized loss on investment securities available for sale			67						226
Deferred compensation			129						128
Capitalized costs			21						110
Lease liabilities			77						84
Tax credits			75						79
Net operating loss carry forwards			67						76
Other			104						112
Total gross deferred tax assets			1,006						1,315
Deferred Tax Liabilities:
Basis difference in loans			(1,886)						(2,243)
Operating leases			(1,938)						(1,847)
Loans and direct financing leases			(311)						(329)
Pension assets			(161)						(129)
Right of use assets for operating leases			(64)						(73)
Other			(130)						(149)
Total deferred tax liabilities			(4,490)						(4,770)
Total net deferred tax liability before valuation allowances			(3,484)						(3,455)
Less: valuation allowances			(17)						(17)
Net deferred tax liability after valuation allowances			$	(3,501)					$	(3,472)

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of UTBs is as follows:

Unrecognized Tax Benefits

			December 31, 2025																		December 31, 2024						December 31, 2023
dollars in millions			Liabilities for Unrecognized Tax Benefits						Interest / Penalties						Total						Total						Total
Balance at beginning of period			$	77					$	9					$	86					$	31					$	30
Additions for tax positions related to current year			4						—						4						8						—
Additions for tax positions related to prior years			14						6						20						48						5
Reductions for tax positions of prior years			(17)						—						(17)						—						—
Expiration of statutes of limitations			(2)						—						(2)						(1)						(2)
Settlements			(1)						(1)						(2)						—						(2)
Balance at end of period			$	75					$	14					$	89					$	86					$	31

Schedule of Income Tax Paid

Federal, state, and foreign income taxes paid, net of refunds, for the years ended December 31, 2025, 2024 and 2023 are presented in the following table:

Cash Taxes Paid

dollars in millions			Year Ended December 31,
			2025						2024						2023
U.S. federal			$	231					$	207					$	169
U.S. state and local
New York			26						*						*
New York City			24						*						27
California			*						231						216
North Carolina			*						47						*
Massachusetts			*						43						38
Illinois			*						39						*
Other			31						194						63
Total U.S. state and local			81						554						344
Foreign			3						2						1
Total taxes paid			$	315					$	763					$	514

*Immaterial amounts not required to be disclosed and are reflected in “Other.”

Schedule of Income Tax Audits

The table below presents the earliest tax years that remain subject to examination by major jurisdiction.

Jurisdiction			December 31, 2025
U.S. Federal			2022
New York State and City			2015
North Carolina			2016
California			2017
Canada			2018

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