Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Income (Parent Company Only)

Condensed Statements of Income (Parent Company Only)
For the years ended December 31 ($ in millions)	2024		2023	2022
Income
Dividends from consolidated nonbank subsidiaries(a)	$	1,800	1,819	165
Securities gains (losses), net	3		4	(9)
Interest	85		63	11
Total income	1,888		1,886	167
Expenses
Interest	553		525	311
Other	27		39	19
Total expenses	580		564	330
Income (Loss) Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries	1,308		1,322	(163)
Applicable income tax benefit	(115)		(112)	(76)
Income (Loss) Before Equity in Undistributed Earnings of Subsidiaries	1,423		1,434	(87)
Equity in undistributed earnings	891		915	2,533
Net Income	$	2,314	2,349	2,446
Other Comprehensive Income	—		—	—
Comprehensive Income	$	2,314	2,349	2,446

(a)Includes dividends paid by the Bancorp’s indirect banking subsidiary to the Bancorp’s direct nonbank subsidiary holding company of $1.8 billion for both the years ended December 31, 2024 and 2023. The Bancorp’s indirect banking subsidiary did not pay dividends during the year ended December 31, 2022.

Condensed Balance Sheets (Parent Company Only)

Condensed Balance Sheets (Parent Company Only)
As of December 31 ($ in millions)	2024		2023
Assets
Cash	$	969	120
Other short-term investments	3,106		6,500
Available-for-sale debt and other securities	2,500		1,000
Equity securities	29		34
Loans to nonbank subsidiaries	5		—
Investment in nonbank subsidiaries	22,891		21,998
Goodwill	80		80
Other assets	156		179
Total Assets	$	29,736	29,911
Liabilities
Other short-term borrowings	$	3	—
Accrued expenses and other liabilities	567		631
Long-term debt (external)	9,521		10,108
Total Liabilities	$	10,091	10,739
Equity
Common stock	$	2,051	2,051
Preferred stock	2,116		2,116
Capital surplus	3,804		3,757
Retained earnings	24,150		22,997
Accumulated other comprehensive loss	(4,636)		(4,487)
Treasury stock	(7,840)		(7,262)
Total Equity	19,645		19,172
Total Liabilities and Equity	$	29,736	29,911

Condensed Statements of Cash Flows (Parent Company Only)

Condensed Statements of Cash Flows (Parent Company Only)
For the years ended December 31 ($ in millions)	2024		2023	2022
Operating Activities
Net income	$	2,314	2,349	2,446
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and accretion	7		7	7
Provision for (benefit from) deferred income taxes	2		1	(3)
Securities (gains) losses, net	(3)		(4)	9
Equity in undistributed earnings	(891)		(915)	(2,533)
Net change in:
Equity securities	8		4	6
Other assets	(49)		147	(115)
Accrued expenses and other liabilities	(60)		(126)	45
Net Cash Provided by (Used in) Operating Activities	1,328		1,463	(138)
Investing Activities
Proceeds from maturities of securities issued by subsidiary	1,000		1,000	—
Purchase of securities issued by subsidiary	(2,500)		(1,000)	(1,000)
Net change in:
Other short-term investments	3,394		(833)	567
Loans to nonbank subsidiaries	(5)		60	132
Net Cash Provided by (Used in) Investing Activities	1,889		(773)	(301)
Financing Activities
Net change in other short-term borrowings	3		(121)	(240)
Proceeds from issuance of long-term debt	1,742		1,244	2,986
Repayment of long-term debt	(2,250)		(500)	(1,200)
Dividends paid on common and preferred stock	(1,176)		(1,060)	(927)
Repurchase of treasury stock and related forward contract	(625)		(200)	(100)
Other, net	(62)		(53)	(82)
Net Cash (Used in) Provided by Financing Activities	(2,368)		(690)	437
Increase (Decrease) in Cash	849		—	(2)
Cash at Beginning of Period	120		120	122
Cash at End of Period	$	969	120	120