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Parent Company Only Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Statements of Condition | Condensed Statements of Condition
|  |  | December 31, |
(in millions) |  |  | 2022 |  |  | 2021 |
ASSETS: |  |  |  |  |  |  |
Cash and cash equivalents |  | $ |  | 121 |  |  |  | 139 |
Investments in subsidiaries |  |  |  | 9,633 |  |  |  | 7,525 |
Other assets |  |  |  | 85 |  |  |  | 48 |
Total assets |  | $ |  | 9,839 |  |  |  | 7,712 |
LIABILITIES AND STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |
Junior subordinated debentures |  | $ |  | 575 |  |  |  | 361 |
Subordinated notes |  |  |  | 432 |  |  |  | 296 |
Other liabilities |  |  |  | 8 |  |  |  | 11 |
Total liabilities |  |  |  | 1,015 |  |  |  | 668 |
Stockholders’ equity |  |  |  | 8,824 |  |  |  | 7,044 |
Total liabilities and stockholders’ equity |  | $ |  | 9,839 |  |  |  | 7,712 |
Condensed Statements of Income (Loss) | Condensed Statements of Income
|  |  | Years Ended December 31, |
(in millions) |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Dividends received from subsidiaries |  | $ |  | 335 |  |  | $ | 4 |  |  | $ | 380 |
Other income |  |  |  | 160 |  |  |  | 1 |  |  |  | 1 |
Gross income |  |  |  | 495 |  |  |  | 381 |  |  |  | 381 |
Operating expenses |  |  |  | 55 |  |  |  | 50 |  |  |  | 52 |
Income before income tax benefit and equity in undistributed earnings of subsidiaries |  |  |  | 440 |  |  |  | 331 |  |  |  | 329 |
Income tax benefit |  |  |  | 14 |  |  |  | 14 |  |  |  | 14 |
Income before equity in undistributed earnings of subsidiaries |  |  |  | 454 |  |  |  | 345 |  |  |  | 343 |
Equity in undistributed earnings of subsidiaries |  |  |  | 196 |  |  |  | 251 |  |  |  | 168 |
Net income |  | $ |  | 650 |  |  | $ | 596 |  |  | $ | 511 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
|  |  | Years Ended December 31, |
(in millions) |  |  | 2022 |  |  | 2021 |  |  | 2020 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Net income |  | $ |  | 650 |  |  | $ | 596 |  |  | $ | 511 |
Change in other assets |  |  |  | (3 | ) |  |  | (22 | ) |  |  | — |
Change in other liabilities |  |  |  | (4 | ) |  |  | 1 |  |  |  | — |
Other, net |  |  |  | (130 | ) |  |  | 32 |  |  |  | 30 |
Equity in undistributed earnings of subsidiaries |  |  |  | (196 | ) |  |  | (251 | ) |  |  | (168 | )
Net cash provided by operating activities |  |  |  | 317 |  |  |  | 356 |  |  |  | 373 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Cash acquired in business acquisition |  |  |  | 34 |  |  |  | — |  |  |  | — |
Change in receivable from subsidiaries, net |  |  |  | 5 |  |  |  | (3 | ) |  |  | 2 |
Net cash provided by (used in) investing activities |  |  |  | 39 |  |  |  | (3 | ) |  |  | 2 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Treasury stock repurchased |  |  |  | (24 | ) |  |  | (16 | ) |  |  | (59 | )
Cash dividends paid on common and preferred stock |  |  |  | (350 | ) |  |  | (349 | ) |  |  | (348 | )
Net cash used in financing activities |  |  |  | (374 | ) |  |  | (365 | ) |  |  | (407 | )
Net decrease in cash and cash equivalents |  |  |  | (18 | ) |  |  | (12 | ) |  |  | (32 | )
Cash and cash equivalents at beginning of year |  |  |  | 139 |  |  |  | 151 |  |  |  | 183 |
Cash and cash equivalents at end of year |  | $ |  | 121 |  | $ |  | 139 |  | $ |  | 151 |

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