XML 61 R34.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Parent Company Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Parent Company Financial Information | Parent Company Financial Information Following are statements of the parent company: Parent Company Balance Sheets
Balance Sheets |  | December 31,
(Dollars in millions) |  | 2021 |  | 2020
Assets: |  |  |  |
Cash |  | $ | 724 |  |  | $ | 827 |
Notes receivable |  | 3 |  |  | 3 |
Investments in subsidiaries: |  |  |  |
Bank |  | 8,381 |  |  | 8,176 |
Non-bank |  | 65 |  |  | 88 |
Other assets |  | 291 |  |  | 274 |
Total assets |  | $ | 9,464 |  |  | $ | 9,368 |
Liabilities and equity: |  |  |  |
Accrued employee benefits and other liabilities |  | $ | 321 |  |  | $ | 322 |
Term borrowings |  | 944 |  |  | 1,034 |
Total liabilities |  | 1,265 |  |  | 1,356 |
Total equity |  | 8,199 |  |  | 8,012 |
Total liabilities and equity |  | $ | 9,464 |  |  | $ | 9,368 |
Parent Company Statements of Income
|  | Year Ended December 31,
(Dollars in millions) |  | 2021 |  | 2020 |  | 2019
Dividend income: |  |  |  |  |  |
Bank |  | $ | 770 |  |  | $ | 180 |  |  | $ | 345 |
Non-bank |  | — |  |  | — |  |  | 1 |
Total dividend income |  | 770 |  |  | 180 |  |  | 346 |
Other income (loss) |  | (26) |  |  | — |  |  | 1 |
Total income |  | 744 |  |  | 180 |  |  | 347 |
Provision (provision credit) for credit losses |  | — |  |  | — |  |  | (1) |
Interest expense - term borrowings |  | 31 |  |  | 39 |  |  | 31 |
Personnel and other expense |  | 89 |  |  | 54 |  |  | 53 |
Total expense |  | 120 |  |  | 93 |  |  | 83 |
Income before income taxes |  | 624 |  |  | 87 |  |  | 264 |
Income tax benefit |  | (35) |  |  | (18) |  |  | (19) |
Income before equity in undistributed net income of subsidiaries |  | 659 |  |  | 105 |  |  | 283 |
Equity in undistributed net income (loss) of subsidiaries: |  |  |  |  |  |
Bank |  | 332 |  |  | 736 |  |  | 160 |
Non-bank |  | 8 |  |  | 4 |  |  | (2) |
Net income attributable to the controlling interest |  | $ | 999 |  |  | $ | 845 |  |  | $ | 441 |
Parent Company Statements of Cash Flows
(Dollars in millions) |  | 2021 |  | 2020 |  | 2019
Operating activities: |  |  |  |  |  |
Net income |  | $ | 999 |  |  | $ | 845 |  |  | $ | 441 |
Less undistributed net income of subsidiaries |  | 340 |  |  | 740 |  |  | 158 |
Income before undistributed net income of subsidiaries |  | 659 |  |  | 105 |  |  | 283 |
Adjustments to reconcile income to net cash provided by operating activities: |  |  |  |  |  |
Depreciation, amortization, and other |  | — |  |  | — |  |  | (1) |
(Gain) loss on derivative transactions |  | — |  |  | 4 |  |  | — |
Deferred income tax expense |  | 8 |  |  | 5 |  |  | 4 |
Stock-based compensation expense |  | 43 |  |  | 32 |  |  | 22 |
Loss on extinguishment of debt |  | 26 |  |  | — |  |  | — |
Other operating activities, net |  | (11) |  |  | 21 |  |  | 28 |
Total adjustments |  | 66 |  |  | 62 |  |  | 53 |
Net cash provided by operating activities |  | 725 |  |  | 167 |  |  | 336 |
Investing activities: |  |  |  |  |  |
Proceeds from sales and prepayments of securities |  | 3 |  |  | — |  |  | 1 |
Purchases of securities |  | (10) |  |  | (5) |  |  | — |
(Investment in) return on subsidiary |  | 8 |  |  | (2) |  |  | — |
Cash received for business combination, net |  | — |  |  | 103 |  |  | — |
Net cash provided by (used in) investing activities |  | 1 |  |  | 96 |  |  | 1 |
Financing activities: |  |  |  |  |  |
Proceeds from issuance of preferred stock |  | 145 |  |  | 144 |  |  | — |
Call of preferred stock |  | (100) |  |  | — |  |  | — |
Cash dividends paid - preferred stock |  | (33) |  |  | (17) |  |  | (6) |
Common stock: |  |  |  |  |  |
Stock options exercised |  | 28 |  |  | 7 |  |  | 9 |
Cash dividends paid |  | (333) |  |  | (222) |  |  | (171) |
Repurchase of shares |  | (416) |  |  | (4) |  |  | (134) |
Proceeds from issuance of term borrowings |  | — |  |  | 795 |  |  | — |
Repayment of term borrowings |  | (120) |  |  | (500) |  |  | — |
Other financing activities, net |  | — |  |  | (8) |  |  | — |
Net cash provided by (used in) financing activities |  | (829) |  |  | 195 |  |  | (302) |
Net increase (decrease) in cash and cash equivalents |  | (103) |  |  | 458 |  |  | 35 |
Cash and cash equivalents at beginning of year |  | 827 |  |  | 369 |  |  | 334 |
Cash and cash equivalents at end of year |  | $ | 724 |  |  | $ | 827 |  |  | $ | 369 |
Total interest paid |  | $ | 35 |  |  | $ | 33 |  |  | $ | 29 |
Income taxes received from subsidiaries |  | 28 |  |  | 33 |  |  | 43 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration