Parent Company Financial Information

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Information

Parent Company Financial Information

Following are statements of the parent company.

Parent Company Balance Sheets

	December 31,
(Dollars in millions)	2025		2024
Assets:
Cash	$	608	$	837
Notes receivable	3		3
Investments in subsidiaries:
Bank	8,894		8,487
Non-bank	70		61
Other assets	258		251
Total assets	$	9,833	$	9,639
Liabilities and equity:
Accrued employee benefits and other liabilities	$	489	$	473
Term borrowings	497		350
Total liabilities	986		823
Total equity	8,847		8,816
Total liabilities and equity	$	9,833	$	9,639

Parent Company Statements of Income

	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Dividend income:
Bank	$	1,005	$	1,110	$	220
Non-bank	5		—		—
Total dividend income	1,010		1,110		220
Other income	—		1		226
Total income	1,010		1,111		446
Interest expense - term borrowings	29		15		21
Personnel and other expense	110		111		114
Total expense	139		126		135
Income before income taxes	871		985		311
Income tax expense (benefit)	(27)		(27)		24
Income before equity in undistributed net income (loss) of subsidiaries	898		1,012		287
Equity in undistributed net income (loss) of subsidiaries:
Bank	88		(238)		613
Non-bank	(4)		1		(3)
Net income attributable to the controlling interest	$	982	$	775	$	897

Parent Company Statements of Cash Flows

	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Operating activities:
Net income	$	982	$	775	$	897
Less undistributed net income (loss) of subsidiaries	84		(237)		610
Income before undistributed net income (loss) of subsidiaries	898		1,012		287
Adjustments to reconcile income to net cash provided by operating activities:
Deferred income tax expense	16		15		8
Stock-based compensation expense	61		59		36
Other operating activities, net	(17)		(18)		—
Total adjustments	60		56		44
Net cash provided by operating activities	958		1,068		331
Investing activities:
Proceeds from sales and prepayments of securities	11		3		21
Purchases of securities	(1)		(1)		(1)
(Investment in) return on subsidiary	(12)		(9)		(10)
Net cash (used in) provided by investing activities	(2)		(7)		10
Financing activities:
Preferred stock redemption	(80)		(100)		—
Cash dividends paid - preferred stock	(26)		(29)		(32)
Common stock:
Stock options exercised	6		9		5
Cash dividends paid	(314)		(332)		(335)
Repurchase of shares	(918)		(626)		(10)
Proceeds from issuance of term borrowings	497		—		—
Repayment of term borrowings	(350)		—		(450)
Net cash used in financing activities	(1,185)		(1,078)		(822)
Net decrease in cash and cash equivalents	(229)		(17)		(481)
Cash and cash equivalents at beginning of year	837		854		1,335
Cash and cash equivalents at end of year	$	608	$	837	$	854
Total interest paid	$	31	$	26	$	33
Income taxes received from (paid to) subsidiaries	27		60		(46)
Federal excise taxes paid	6		—		—