Parent company financial statements (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

Condensed Balance Sheet

	December 31,
(Dollars in millions)	2024		2023
Assets
Due from consolidated bank subsidiaries:
Cash and due from banks	$	234	$	176
Money-market savings	3,409		3,223
Notes receivable	2,000		—
Other	1		5
Total due from consolidated bank subsidiaries	5,644		3,404
Investments in consolidated subsidiaries:
Banks	28,171		26,290
Other	389		391
Investments in trust preferred entities (note 18)	17		22
Other assets	105		100
Total assets	$	34,326	$	30,207
Liabilities
Due to consolidated bank subsidiaries	$	14	$	16
Accrued expenses and other liabilities	142		136
Long-term borrowings	5,143		3,098
Total liabilities	5,299		3,250
Shareholders’ equity	29,027		26,957
Total liabilities and shareholders’ equity	$	34,326	$	30,207

Condensed Statement of Income

Condensed Statement of Income

	Year Ended December 31,
(Dollars in millions, except per share)	2024		2023		2022
Income
Dividends from consolidated subsidiaries	$	1,306	$	2,041	$	2,508
Interest income	77		6		1
Income from BLG	48		20		30
Other	4		—		(8)
Total income	1,435		2,067		2,531
Expense
Interest expense	274		182		63
Other	62		40		50
Total expense	336		222		113
Income before income taxes and equity in undistributed income of subsidiaries	1,099		1,845		2,418
Income tax credits	51		49		22
Income before equity in undistributed income of subsidiaries	1,150		1,894		2,440
Equity in undistributed income of subsidiaries
Net income of subsidiaries	2,744		2,888		2,060
Less: dividends received	1,306		2,041		2,508
Equity in undistributed income of subsidiaries	1,438		847		(448)
Net income	$	2,588	$	2,741	$	1,992
Net income per common share:
Basic	$	14.71	$	15.85	$	11.59
Diluted	14.64		15.79		11.53

Condensed Statement of Cash Flow

Condensed Statement of Cash Flows

	Year Ended December 31,
(Dollars in millions)	2024		2023		2022
Cash flows from operating activities
Net income	$	2,588	$	2,741	$	1,992
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiaries	(1,438)		(847)		448
Provision for deferred income taxes	(8)		(5)		7
Net change in accrued income and expense	(5)		32		8
Net cash provided by operating activities	1,137		1,921		2,455
Cash flows from investing activities
Net investment in consolidated subsidiaries	(30)		(1)		54
Advances to consolidated subsidiaries	(2,000)		—		—
Acquisition, net of cash consideration	—		—		538
Other, net	(64)		(41)		24
Net cash provided (used) by investing activities	(2,094)		(42)		616
Cash flows from financing activities
Repayment of short-term borrowings assumed in acquisition	—		—		(500)
Proceeds from long-term borrowings	2,341		1,998		499
Payments on long-term borrowings	(205)		(750)		—
Proceeds from issuance of Series J preferred stock	733		—		—
Redemption of Series E preferred stock	(350)		—		—
Purchases of treasury stock	(396)		(594)		(1,800)
Dividends paid — common	(895)		(868)		(784)
Dividends paid — preferred	(138)		(100)		(97)
Other, net	111		14		2
Net cash provided (used) by financing activities	1,201		(300)		(2,680)
Net increase in cash and cash equivalents	244		1,579		391
Cash and cash equivalents at beginning of year	3,399		1,820		1,429
Cash and cash equivalents at end of year	$	3,643	$	3,399	$	1,820
Supplemental disclosure of cash flow information
Interest received during the year	$	76	$	6	$	1
Interest paid during the year	257		135		49
Income taxes received during the year	51		43		28