Parent Company Financial Information

12 Months Ended

Dec. 31, 2017

Condensed Financial Statements, Captions [Line Items]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

PARENT COMPANY FINANCIAL INFORMATION

CONDENSED BALANCE SHEETS

(In millions)	December 31,
	2017			2016
ASSETS
Cash and due from banks	$	—		$	2
Interest-bearing deposits	332			529
Investment securities:
Available-for-sale, at fair value	30			40
Other noninterest-bearing investments	36			29
Investments in subsidiaries:
Commercial bank	7,620			7,570
Other subsidiaries	41			6
Other assets	32			81
Total assets	$	8,091		$	8,257
LIABILITIES AND SHAREHOLDERS’ EQUITY
Other liabilities	$	30		$	89
Long-term debt:
Due to others	382			534
Total liabilities	412			623
Shareholders’ equity:
Preferred stock	566			710
Common stock	4,445			4,725
Retained earnings	2,807			2,321
Accumulated other comprehensive income (loss)	(139		)	(122		)
Total shareholders’ equity	7,679			7,634
Total liabilities and shareholders’ equity	$	8,091		$	8,257

CONDENSED STATEMENTS OF INCOME

(In millions)	Year Ended December 31,
	2017			2016			2015
Interest income:
Commercial bank	$	—		$	1		$	1
Other loans and securities	1			2			3
Total interest income	1			3			4
Interest expense:
Affiliated trusts	—			3			4
Other borrowed funds	25			34			64
Total interest expense	25			37			68
Net interest loss	(24		)	(34		)	(64		)
Other income:
Dividends from consolidated subsidiaries:
Commercial bank	587			263			234
Securities gains, net	—			—			37
Other income	7			4			13
Total other income	594			267			284
Expenses:
Salaries and employee benefits	24			23			25
Other operating expenses	8			(14		)	10
Total expenses	32			9			35
Income before income taxes and undistributed income of consolidated subsidiaries	538			224			185
Income tax benefit	(42		)	(19		)	(27		)
Income before equity in undistributed income of consolidated subsidiaries	580			243			212
Equity in undistributed income (loss) of consolidated subsidiaries:
Commercial bank	12			230			108
Other subsidiaries	—			(4		)	(11		)
Net income	592			469			309
Preferred stock dividends	(40		)	(48		)	(62		)
Preferred stock redemption	(2		)	(10		)	—
Net earnings applicable to common shareholders	$	550		$	411		$	247

CONDENSED STATEMENTS OF CASH FLOWS

(In millions)	Year Ended December 31,
	2017			2016			2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	592		$	469		$	309
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of consolidated subsidiaries	(12		)	(226		)	(97		)
Other, net	(56		)	(31		)	78
Net cash provided by operating activities	524			212			290
CASH FLOWS FROM INVESTING ACTIVITIES
Net decrease in money market investments	196			347			132
Collection of advances to subsidiaries	—			—			56
Advances to subsidiaries	—			—			(41		)
Proceeds from sales and maturities of investment securities	20			4			125
Purchases of investment securities	—			—			(47		)
Decrease of investment in subsidiaries	—			—			15
Other, net	2			7			4
Net cash provided by investing activities	218			358			244
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of long-term debt	(164		)	(280		)	(271		)
Proceeds from issuance of common stock	25			25			22
Cash paid for preferred stock redemptions	(144		)	(126		)	(176		)
Company common stock repurchased	(332		)	(97		)	(7		)
Dividends paid on preferred stock	(40		)	(50		)	(63		)
Dividends paid on common stock	(89		)	(58		)	(45		)
Net cash used in financing activities	(744		)	(586		)	(540		)
Net decrease in cash and due from banks	(2		)	(16		)	(6		)
Cash and due from banks at beginning of year	2			18			24
Cash and due from banks at end of year	$	—		$	2		$	18

The Parent paid interest of $26 million in 2017, $35 million in 2016, and $51 million in 2015.