Parent Company (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Summarized financial information of the parent company is as follows:

Table 116: Parent Company - Income Statement


Year ended December 31 In millions	2024		2023		2022
Operating Revenue
Dividends from:
Bank subsidiaries and bank holding company	$	4,000	$	2,500	$	3,925
Non-bank subsidiaries	383		565		280
Interest income	1,129		638		104
Noninterest income (loss)	47		41		(37)
Total operating revenue	5,559		3,744		4,272
Operating Expense
Interest expense	1,896		1,269		326
Other expense	130		185		136
Total operating expense	2,026		1,454		462
Income before income taxes and equity in undistributed net income of subsidiaries	3,533		2,290		3,810
Equity in undistributed net income of subsidiaries:
Bank subsidiaries and bank holding company	2,200		3,337		1,848
Non-bank subsidiaries	24		(161)		455
Income before taxes	5,757		5,466		6,113
Income tax expense (benefit)	(132)		(112)		72
Net income	5,889		5,578		6,041








Other comprehensive income, net of tax:
Net pension and other postretirement benefit plan activity arising during the period	1		2		1
Other comprehensive income	1		2		1
Comprehensive income	$	5,890	$	5,580	$	6,042

Balance Sheet - Parent Company

Table 117: Parent Company - Balance Sheet


December 31 – in millions	2024		2023
Assets
Cash held at banking subsidiary	$	5,817	$	6,599
Restricted deposits with banking subsidiary	175		175


Investments in:
Bank subsidiaries and bank holding company	72,450		64,104
Non-bank subsidiaries	3,084		3,020

Loans with affiliates	2,322		1,687
Other assets	1,212		1,297
Total assets	$	85,060	$	76,882
Liabilities
Subordinated debt (a)	$	982	$	1,749
Senior debt (a)	27,345		22,213

Accrued expenses and other liabilities	2,308		1,815
Total liabilities	30,635		25,777
Equity
Shareholders’ equity	54,425		51,105
Total liabilities and equity	$	85,060	$	76,882

(a)See Note 9 Borrowed Funds for additional information on contractual rates and maturity dates of senior debt and subordinated debt for Parent Company.

Interest Paid and Income Tax Refunds (Payments) - Parent Company

Table 118: Parent Company - Interest Paid and Income Tax Refunds (Payments)


Year ended December 31 – in millions	Interest Paid		Income Tax Refunds/ (Payments)
2024	$	1,216	$	329
2023	$	683	$	1,080
2022	$	314	$	(255)

Statement of Cash Flows - Parent Company

Table 119: Parent Company - Statement of Cash Flows


Year ended December 31 – in millions	2024		2023		2022
Operating Activities
Net income	$	5,889	$	5,578	$	6,041
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net earnings of subsidiaries	(2,224)		(3,176)		(2,303)


Other	443		1,276		95
Net cash provided (used) by operating activities	$	4,108	$	3,678	$	3,833
Investing Activities

Net change in loans and securities from affiliates	$	(5,192)	(9,475)		$	(531)


Other	1		(5)		(84)
Net cash provided (used) by investing activities	$	(5,191)	$	(9,480)	$	(615)
Financing Activities
Net change in other borrowed funds from affiliates	$	(465)	$	255	$	(1,138)
Proceeds from long-term borrowings	8,220		10,463		4,335
Repayments of long-term borrowings	(3,450)				(1,500)

Preferred stock issuances			1,484		2,225
Preferred stock redemptions	(500)		(1,000)		(1,500)
Common and treasury stock issuances	69		72		68
Acquisition of treasury stock	(687)		(651)		(3,731)
Preferred stock cash dividends paid	(352)		(417)		(301)
Common stock cash dividends paid	(2,534)		(2,459)		(2,389)
Net cash provided (used) by financing activities	$	301	$	7,747	$	(3,931)
Net Increase (Decrease) In Cash Held at Banking Subsidiary	$	(782)	$	1,945	$	(713)
Cash and restricted deposits held at banking subsidiary at beginning of year	6,774		4,829		5,542
Cash and restricted deposits held at banking subsidiary at end of year	$	5,992	$	6,774	$	4,829