Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Statements of Balance Sheets

Following are statements of the parent company:

Parent Company Balance Sheets

Balance Sheets	December 31,
(Dollars in millions)	2021		2020
Assets:
Cash	$	724	$	827
Notes receivable	3		3
Investments in subsidiaries:
Bank	8,381		8,176
Non-bank	65		88
Other assets	291		274
Total assets	$	9,464	$	9,368
Liabilities and equity:
Accrued employee benefits and other liabilities	$	321	$	322
Term borrowings	944		1,034
Total liabilities	1,265		1,356
Total equity	8,199		8,012
Total liabilities and equity	$	9,464	$	9,368

Statements of Income

	Year Ended December 31,
(Dollars in millions)	2021		2020		2019
Dividend income:
Bank	$	770	$	180	$	345
Non-bank	—		—		1
Total dividend income	770		180		346
Other income (loss)	(26)		—		1
Total income	744		180		347
Provision (provision credit) for credit losses	—		—		(1)
Interest expense - term borrowings	31		39		31
Personnel and other expense	89		54		53
Total expense	120		93		83
Income before income taxes	624		87		264
Income tax benefit	(35)		(18)		(19)
Income before equity in undistributed net income of subsidiaries	659		105		283
Equity in undistributed net income (loss) of subsidiaries:
Bank	332		736		160
Non-bank	8		4		(2)
Net income attributable to the controlling interest	$	999	$	845	$	441

Statements of Cash Flows

(Dollars in millions)	2021		2020		2019
Operating activities:
Net income	$	999	$	845	$	441
Less undistributed net income of subsidiaries	340		740		158
Income before undistributed net income of subsidiaries	659		105		283
Adjustments to reconcile income to net cash provided by operating activities:
Depreciation, amortization, and other	—		—		(1)
(Gain) loss on derivative transactions	—		4		—
Deferred income tax expense	8		5		4
Stock-based compensation expense	43		32		22
Loss on extinguishment of debt	26		—		—
Other operating activities, net	(11)		21		28
Total adjustments	66		62		53
Net cash provided by operating activities	725		167		336
Investing activities:
Proceeds from sales and prepayments of securities	3		—		1
Purchases of securities	(10)		(5)		—
(Investment in) return on subsidiary	8		(2)		—
Cash received for business combination, net	—		103		—
Net cash provided by (used in) investing activities	1		96		1
Financing activities:
Proceeds from issuance of preferred stock	145		144		—
Call of preferred stock	(100)		—		—
Cash dividends paid - preferred stock	(33)		(17)		(6)
Common stock:
Stock options exercised	28		7		9
Cash dividends paid	(333)		(222)		(171)
Repurchase of shares	(416)		(4)		(134)
Proceeds from issuance of term borrowings	—		795		—
Repayment of term borrowings	(120)		(500)		—
Other financing activities, net	—		(8)		—
Net cash provided by (used in) financing activities	(829)		195		(302)
Net increase (decrease) in cash and cash equivalents	(103)		458		35
Cash and cash equivalents at beginning of year	827		369		334
Cash and cash equivalents at end of year	$	724	$	827	$	369
Total interest paid	$	35	$	33	$	29
Income taxes received from subsidiaries	28		33		43