Goodwill and other intangible assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

Goodwill and other intangible assets

A summary of amortizing intangible assets follows.

(Dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
December 31, 2024
Core deposit	$	218	$	131	$	87
Other	43		36		7
Total	$	261	$	167	$	94
December 31, 2023
Core deposit	$	218	$	90	$	128
Other	43		24		19
Total	$	261	$	114	$	147

Estimated amortization expense in future years for such intangible assets is as follows:

(Dollars in millions)
Year ending December 31:
2025	$	38
2026	27
2027	18
2028	9
2029	2
	$	94

The Company completed its annual goodwill impairment test as of October 1, 2024. For purposes of testing for impairment, the Company assigned all recorded goodwill to the reporting units originally intended to benefit from past business combinations, which has historically been the Company’s core relationship business reporting units. Goodwill was generally assigned based on the implied fair value of the acquired goodwill applicable to the benefited reporting units at the time of each respective acquisition. The implied fair value of the goodwill was determined as the difference between the estimated incremental overall fair value of the reporting unit and the estimated fair value

of the net assets assigned to the reporting unit as of each respective acquisition date. To test for goodwill impairment at the evaluation date, the Company compared the estimated fair value of each of its reporting units to their respective carrying amounts and certain other assets and liabilities assigned to the reporting unit, including goodwill and core deposit and other intangible assets. The methodologies used to estimate fair values of reporting units as of the acquisition dates and as of the evaluation date were similar. For the Company’s core customer relationship business reporting units, fair value was estimated as the present value of the expected future cash flows of the reporting unit. Based on the results of the goodwill impairment test, the Company concluded that the amount of recorded goodwill was not impaired at the testing date. The Company was not aware of any events occurring in the fourth quarter of 2024 that more likely than not would have resulted in an impairment of recorded goodwill at December 31, 2024.

A summary of goodwill assigned to each of the Company’s reportable segments at each of December 31, 2024 and 2023 for purposes of testing for impairment is as follows:

(Dollars in millions)
Commercial Bank	$	5,076
Retail Bank	3,089
Institutional Services and Wealth Management	300
All Other	—
Total	$	8,465