Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Parent Company Statements of Balance Sheets

Following are statements of the parent company:

Parent Company Balance Sheets

Balance Sheets	December 31,
(Dollars in millions)	2022		2021
Assets:
Cash	$	1,335	$	724
Notes receivable	3		3
Investments in subsidiaries:
Bank	7,861		8,381
Non-bank	42		65
Other assets	251		291
Total assets	$	9,492	$	9,464
Liabilities and equity:
Accrued employee benefits and other liabilities	$	293	$	321
Term borrowings	948		944
Total liabilities	1,241		1,265
Total equity	8,251		8,199
Total liabilities and equity	$	9,492	$	9,464

Parent Company Statements of Income

	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Dividend income:
Bank	$	435	$	770	$	180
Non-bank	16		—		—
Total dividend income	451		770		180
Other income (loss)	22		(26)		—
Total income	473		744		180
Interest expense - term borrowings	31		31		39
Personnel and other expense	128		89		54
Total expense	159		120		93
Income before income taxes	314		624		87
Income tax benefit	(31)		(35)		(18)
Income before equity in undistributed net income of subsidiaries	345		659		105
Equity in undistributed net income (loss) of subsidiaries:
Bank	561		332		736
Non-bank	(6)		8		4
Net income attributable to the controlling interest	$	900	$	999	$	845

Parent Company Statements of Cash Flows

(Dollars in millions)	2022		2021		2020
Operating activities:
Net income	$	900	$	999	$	845
Less undistributed net income of subsidiaries	555		340		740
Income before undistributed net income of subsidiaries	345		659		105
Adjustments to reconcile income to net cash provided by operating activities:
Deferred income tax expense	7		8		5
Stock-based compensation expense	76		43		32
Loss on extinguishment of debt	—		26		—
Gain on sale of title services business	(22)		—		—
Other operating activities, net	2		(11)		25
Total adjustments	63		66		62
Net cash provided by operating activities	408		725		167
Investing activities:
Proceeds from sales and prepayments of securities	8		3		—
Purchases of securities	(1)		(10)		(5)
(Investment in) return on subsidiary	13		8		(2)
Cash received for business combination, net	—		—		103
Proceeds from business divestitures, net	22		—		—
Net cash provided by investing activities	42		1		96
Financing activities:
Proceeds from issuance of preferred stock	494		145		144
Call of preferred stock	—		(100)		—
Cash dividends paid - preferred stock	(32)		(33)		(17)
Common stock:
Stock options exercised	36		28		7
Cash dividends paid	(324)		(333)		(222)
Repurchase of shares	(13)		(416)		(4)
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	161		(829)		195
Net increase (decrease) in cash and cash equivalents	611		(103)		458
Cash and cash equivalents at beginning of year	724		827		369
Cash and cash equivalents at end of year	$	1,335	$	724	$	827
Total interest paid	$	35	$	35	$	33
Income taxes received from subsidiaries	42		28		33