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Federal, State, and Local Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | The following table summarizes the components of the Company’s net deferred tax asset (liability) at December 31, 2024 and 2023:
| Year Ended December 31, |  |  |  |  |  |  |  |
(in millions) | 2024 |  | 2023 |  |  |  |  |  |  |  |
Deferred Tax Assets: |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses on loans and leases | $ | 314 |  |  | $ | 253 |  |  |  |  |  |  |  |  |
Acquisition accounting and fair value adjustments on securities (including OTTI) | 177 |  | 188 |  |  |  |  |  |  |  |  |
Right of Use Liability | 121 |  | 32 |  |  |  |  |  |  |  |  |
Compensation and related benefit obligations | 54 |  | 30 |  |  |  |  |  |  |  |  |
Other | 38 |  | 22 |  |  |  |  |  |  |  |  |
Unrealized gains and amortization of mortgage servicing rights | 26 |  | — |  |  |  |  |  |  |  |  |
Accrued Expenses | 16 |  | 19 |  |  |  |  |  |  |  |  |
Net operating loss carryforwards | 12 |  | 8 |  |  |  |  |  |  |  |  |
Gross deferred tax assets | $ | 758 |  |  | $ | 552 |  |  |  |  |  |  |  |  |
Valuation allowance | $ | (4) |  |  | $ | (5) |  |  |  |  |  |  |  |  |
Net deferred tax asset after valuation allowance | $ | 754 |  |  | $ | 547 |  |  |  |  |  |  |  |  |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |  |  |  |
Leases | $ | (315) |  |  | $ | (492) |  |  |  |  |  |  |  |  |
Fair value adjustments on loans | (198) |  |  | (210) |  |  |  |  |  |  |  |  |
Right of Use Asset | (109) |  |  | (32) |  |  |  |  |  |  |  |  |
Amortizable intangibles | (95) |  |  | (127) |  |  |  |  |  |  |  |  |
Prepaid pension cost | (37) |  |  | (35) |  |  |  |  |  |  |  |  |
Premises and equipment | (29) |  |  | (44) |  |  |  |  |  |  |  |  |
Other | (14) |  |  | (36) |  |  |  |  |  |  |  |  |
Acquisition accounting and fair value adjustments on debt | (8) |  |  | (9) |  |  |  |  |  |  |  |  |
Unrealized gains and amortization of mortgage servicing rights | — |  |  | (79) |  |  |  |  |  |  |  |  |
Gross deferred tax liabilities | $ | (805) |  |  | $ | (1,064) |  |  |  |  |  |  |  |  |
Net deferred tax liability | $ | (51) |  |  | $ | (517) |  |  |  |  |  |  |  |  |
Schedule of Components of the Provision (Benefit) for Income Taxes | The following table summarizes the Company’s income tax expense for the years ended December 31, 2024, 2023, and 2022:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Federal – current | $ | 126 |  |  | $ | 156 |  |  | $ | 147 |
State and local – current | 25 |  |  | 59 |  |  | 32 |
Total current | 151 |  |  | 215 |  |  | 179 |
Federal – deferred | (336) |  |  | (137) |  |  | (10) |
State and local – deferred | (75) |  |  | (49) |  |  | 7 |
Total deferred | (411) |  |  | (186) |  |  | (3) |
Income tax expense reported in net income | (260) |  |  | 29 |  |  | 176 |
Income tax impact reported in stockholders’ equity related to: |  |  |  |  |
Securities available-for-sale | (24) |  |  | 15 |  |  | (223) |
Pension liability adjustments | (2) |  |  | 6 |  |  | (6) |
Cash flow hedge | 12 |  |  | (14) |  |  | 23 |
Total income taxes | $ | (274) |  |  | $ | 36 |  |  | $ | (30) |
Schedule of Differences Between the Effective Tax Rate and the Statutory Federal Tax Rate | The following table presents a reconciliation of statutory federal income tax expense (benefit) to combined actual income tax expense (benefit) reported in net income for the years ended December 31, 2024, 2023, and 2022:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Statutory federal income tax at 21% | $ | (289) |  |  | $ | (10) |  |  | $ | 174 |
State and local income taxes, net of federal income tax effect | (39) |  |  | 8 |  |  | 31 |
Non-deductible FDIC deposit insurance premiums | 66 |  |  | 16 |  |  | 10 |
Non-taxable or deductible bargain gain | 25 |  |  | (447) |  |  | (33) |
Other, net | 5 |  |  | 2 |  |  | 5 |
Effect of tax deductibility of deferred compensation | 3 |  |  | (3) |  |  | (3) |
Tax exempt income | (8) |  |  | (6) |  |  | — |
Non-taxable expense of bank-owned life insurance | (9) |  |  | (9) |  |  | (7) |
Federal tax credits | (14) |  |  | (31) |  |  | (1) |
Non-deductible goodwill impairment | — |  |  | 509 |  |  | — |
Total income tax expense | $ | (260) |  |  | $ | 29 |  |  | $ | 176 |
Schedule of Unrecognized Tax Benefits | The following table summarizes changes in the liability for unrecognized gross tax benefits for the years ended December 31, 2024, 2023, and 2022:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Uncertain tax positions at beginning of year | $ | 42 |  |  | $ | 40 |  |  | $ | 39 |
Additions for tax positions relating to current-year operations | 1 |  |  | 1 |  |  | 1 |
Additions for tax positions relating to prior tax years | — |  |  | 2 |  |  | — |
Subtractions for tax positions relating to prior tax years | — |  |  | (1) |  |  | — |
Uncertain tax positions at end of year | $ | 43 |  |  | $ | 42 |  |  | $ | 40 |

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