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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of Useful Lives for Premises and Equipment | The ranges of estimated useful lives for the principal classes of assets are as follows:
Premises and Equipment |  | Useful Lives
Buildings |  | 25 years
Furniture, fixtures and equipment |  | 7 years
Leasehold improvements |  | Term of lease or useful life, whichever is shorter
Schedule of New Accounting Pronouncements Adopted and Recent Accounting Pronouncements | Accounting Pronouncements Adopted in 2024
Standard | Required Date of Adoption | Description | Effect on Financial Statements |  |  |
ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method | January 1, 2024 | ASU 2023-02 expands the scope of the PAM to equity tax credit investment programs if certain conditions are met. Previously, the PAM could only be used for investments in low-income housing tax credit structures. Under this guidance, companies are able to elect, on a tax credit program-by-tax credit program basis, to apply the PAM to all equity investments meeting the criteria in ASC 323-740-25-1. The amendments in this guidance must be applied on a modified retrospective or a retrospective basis. | The Company adopted ASU 2023-02 on January 1, 2024, for all tax credit investments under a modified retrospective basis. The impact of the adoption decreased opening retained earnings on January 1, 2024 by $9 million. |  |  |
Accounting Pronouncements Adopted in 2024 (continued)
Standard | Required Date of Adoption | Description | Effect on Financial Statements |  |  |
ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures | December 31, 2024 | ASU 2023-07 expands the disclosure requirements for reportable segments of public entities by adding the following disclosure requirements: • Requires, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. • Requires, on an annual and interim basis, amount and composition of other segment items. This amount reconciles segment revenues, less the significant segment expenses, to the reported measure of segment profit or loss. • Expands the current interim disclosure requirements to require all existing annual disclosures about a reportable segment’s profit or loss and assets also be made on an interim basis. • Clarifies that if a CODM uses more than one measure of segment profit or loss, then the entity may disclose one or more measures, but at least one measure should be that which is most consistent with GAAP measurement principles. • Requires annual disclosure of the title and position of the CODM as well as explanation of how the CODM uses the reported measures in assessing segment performance and allocating resources. | The Company adopted ASU 2023-07 on December 31, 2024. The amendments have been applied retrospectively to all prior periods presented. |  |  |
The following standards were adopted on January 1, 2024, but they did not have a material impact on the Company’s Consolidated Financial Statements: •ASU 2023-01, Leases (Topic 842): Common Control Arrangements •ASU 2022-03, Fair Value Measurement (Topic 820) Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions Recent Accounting Pronouncements Yet to be Adopted
Standard | Required Date of Adoption | Description | Effect on Financial Statements
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures | December 31, 2025 Early adoption is permitted. | ASU 2023-09 amends the disclosure requirements for income taxes, including the requirement for further disaggregation of the income tax rate reconciliation and income taxes paid disclosures. The amendments in this guidance must be applied prospectively, with the option to apply retrospectively. | The Company is currently evaluating the impact of this guidance on the Company’s Consolidated Financial Statements.
ASU No. 2024-03, Income Statement —Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses | December 31, 2027 Early adoption is permitted. | ASU 2024-03 requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements. Disclosures of disaggregated expenses include the following: • The amounts of (a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion and amortization of capitalized costs related to oil- and gas-producing activities in each relevant expense caption. • A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. | The Company is currently evaluating the impact of this guidance on the Company’s Consolidated Financial Statements.
The following standards were adopted on January 1, 2025, but they did not have a material impact on the Company’s Consolidated Financial Statements: •ASU 2023-05, Business Combinations — Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement •ASU 2024-02, Codification Improvements — Amendments to Remove References to the Concepts Statements

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