Parent Company Financial Information

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Information

Parent Company Financial Information

Following are statements of the parent company.

Parent Company Balance Sheets

Balance Sheets	December 31,
(Dollars in millions)	2024		2023
Assets:
Cash	$	837	$	854
Notes receivable	3		3
Investments in subsidiaries:
Bank	8,487		8,658
Non-bank	61		49
Other assets	251		256
Total assets	$	9,639	$	9,820
Liabilities and equity:
Accrued employee benefits and other liabilities	$	473	$	324
Term borrowings	350		500
Total liabilities	823		824
Total equity	8,816		8,996
Total liabilities and equity	$	9,639	$	9,820

Parent Company Statements of Income

	Year Ended December 31,
(Dollars in millions)	2024		2023		2022
Dividend income:
Bank	$	1,110	$	220	$	435
Non-bank	—		—		16
Total dividend income	1,110		220		451
Other income	1		226		22
Total income	1,111		446		473
Interest expense - term borrowings	15		21		31
Personnel and other expense	111		114		128
Total expense	126		135		159
Income before income taxes	985		311		314
Income tax expense (benefit)	(27)		24		(31)
Income before equity in undistributed net income (loss) of subsidiaries	1,012		287		345
Equity in undistributed net income (loss) of subsidiaries:
Bank	(238)		613		561
Non-bank	1		(3)		(6)
Net income attributable to the controlling interest	$	775	$	897	$	900

Parent Company Statements of Cash Flows

	Year Ended December 31,
(Dollars in millions)	2024		2023		2022
Operating activities:
Net income	$	775	$	897	$	900
Less undistributed net income (loss) of subsidiaries	(237)		610		555
Income before undistributed net income (loss) of subsidiaries	1,012		287		345
Adjustments to reconcile income to net cash provided by operating activities:
Deferred income tax expense	15		8		7
Stock-based compensation expense	59		36		76
Gain on sale of title services business	—		—		(22)
Other operating activities, net	(18)		—		2
Total adjustments	56		44		63
Net cash provided by operating activities	1,068		331		408
Investing activities:
Proceeds from sales and prepayments of securities	3		21		8
Purchases of securities	(1)		(1)		(1)
(Investment in) return on subsidiary	(9)		(10)		13
Proceeds from business divestitures, net	—		—		22
Net cash (used in) provided by investing activities	(7)		10		42
Financing activities:
Proceeds from issuance of preferred stock	—		—		494
Call of preferred stock	(100)		—		—
Cash dividends paid - preferred stock	(29)		(32)		(32)
Common stock:
Stock options exercised	9		5		36
Cash dividends paid	(332)		(335)		(324)
Repurchase of shares	(626)		(10)		(13)
Repayment of term borrowings	—		(450)		—
Net cash (used in) provided by financing activities	(1,078)		(822)		161
Net (decrease) increase in cash and cash equivalents	(17)		(481)		611
Cash and cash equivalents at beginning of year	854		1,335		724
Cash and cash equivalents at end of year	$	837	$	854	$	1,335
Total interest paid	$	26	$	33	$	35
Income taxes received from (paid to) subsidiaries	60		(46)		42