Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022
Assets:
Cash	$	854	$	1,335
Notes receivable	3		3
Investments in subsidiaries:
Bank	8,658		7,861
Non-bank	49		42
Other assets	256		251
Total assets	$	9,820	$	9,492
Liabilities and equity:
Accrued employee benefits and other liabilities	$	324	$	293
Term borrowings	500		948
Total liabilities	824		1,241
Total equity	8,996		8,251
Total liabilities and equity	$	9,820	$	9,492

Parent Company Statements of Income

	Year Ended December 31,
(Dollars in millions)	2023		2022		2021
Dividend income:
Bank	$	220	$	435	$	770
Non-bank	—		16		—
Total dividend income	220		451		770
Other income (loss)	226		22		(26)
Total income	446		473		744
Interest expense - term borrowings	21		31		31
Personnel and other expense	114		128		89
Total expense	135		159		120
Income before income taxes	311		314		624
Income tax benefit	24		(31)		(35)
Income before equity in undistributed net income of subsidiaries	287		345		659
Equity in undistributed net income (loss) of subsidiaries:
Bank	613		561		332
Non-bank	(3)		(6)		8
Net income attributable to the controlling interest	$	897	$	900	$	999

Parent Company Statements of Cash Flows

	Year Ended December 31,
(Dollars in millions)	2023		2022		2021
Operating activities:
Net income	$	897	$	900	$	999
Less undistributed net income of subsidiaries	610		555		340
Income before undistributed net income of subsidiaries	287		345		659
Adjustments to reconcile income to net cash provided by operating activities:
Deferred income tax expense	8		7		8
Stock-based compensation expense	36		76		43
Loss on extinguishment of debt	—		—		26
Gain on sale of title services business	—		(22)		—
Other operating activities, net	1		2		(11)
Total adjustments	45		63		66
Net cash provided by operating activities	332		408		725
Investing activities:
Proceeds from sales and prepayments of securities	21		8		3
Purchases of securities	(1)		(1)		(10)
(Investment in) return on subsidiary	(10)		13		8
Proceeds from business divestitures, net	—		22		—
Net cash provided by investing activities	10		42		1
Financing activities:
Proceeds from issuance of preferred stock	—		494		145
Call of preferred stock	—		—		(100)
Cash dividends paid - preferred stock	(32)		(32)		(33)
Common stock:
Stock options exercised	5		36		28
Cash dividends paid	(335)		(324)		(333)
Repurchase of shares	(10)		(13)		(416)
Repayment of term borrowings	(450)		—		(120)
Net cash provided by (used in) financing activities	(822)		161		(829)
Net increase (decrease) in cash and cash equivalents	(480)		611		(103)
Cash and cash equivalents at beginning of year	1,335		724		827
Cash and cash equivalents at end of year	$	855	$	1,335	$	724
Total interest paid	$	33	$	35	$	35
Income taxes received from (paid to) subsidiaries	(46)		42		28