PARENT COMPANY FINANCIALS (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Operations

Condensed Statements of Operations

	Year Ended December 31,
(in millions)	2019			2018			2017
OPERATING INCOME:
Income from consolidated subsidiaries and excluding equity in undistributed earnings:
Dividends from banking subsidiaries		$1,130			$1,650			$1,055
Interest	48			46			43
Management and service fees	42			22			31
Income from nonbank subsidiaries and excluding equity in undistributed earnings:
Dividends from nonbank subsidiaries	8			5			4
Interest	4			2			1
Equity securities gains	—			—			1
All other operating income	1			1			1
Total operating income	1,233			1,726			1,136
OPERATING EXPENSE:
Salaries and employee benefits	35			25			40
Interest expense	87			89			97
All other expenses	27			23			22
Total operating expense	149			137			159
Income before taxes and undistributed income	1,084			1,589			977
Income taxes	(10		)	(13		)	(10		)
Income before undistributed earnings of subsidiaries	1,094			1,602			987
Equity in undistributed earnings of subsidiaries:
Bank	682			109			655
Nonbank	15			10			10
Net income		$1,791			$1,721			$1,652
Other comprehensive income (loss), net of income taxes:
Net pension plan activity arising during the period		($5	)		$5			($1	)
Net unrealized derivative instrument gains arising during the period	2			2			1
Other comprehensive (loss) income activity of the Parent Company, net of income taxes	(3		)	7			—
Other comprehensive income (loss) activity of Bank subsidiaries, net of income taxes	683			(283		)	(7		)
Total other comprehensive income (loss), net of income taxes	680			(276		)	(7		)
Total comprehensive income		$2,471			$1,445			$1,645

Condensed Balance Sheets

Condensed Balance Sheets

(in millions)	December 31, 2019		December 31, 2018
ASSETS:
Cash and due from banks		$1,418		$961
Loans and advances to:
Bank subsidiaries	1,146		1,158
Nonbank subsidiaries	120		70
Investments in subsidiaries:
Bank subsidiaries	21,973		20,590
Nonbank subsidiaries	99		83
Other assets	127		117
TOTAL ASSETS		$24,883		$22,979
LIABILITIES:
Long-term borrowed funds due to unaffiliated companies		$2,485		$1,987
Other liabilities	197		175
TOTAL LIABILITIES	2,682		2,162
TOTAL STOCKHOLDERS’ EQUITY	22,201		20,817
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$24,883		$22,979

Condensed Cash Flow Statements

Condensed Cash Flow Statements

	Year Ended December 31,
(in millions)	2019			2018			2017
OPERATING ACTIVITIES
Net income		$1,791			$1,721			$1,652
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	(8		)	17			(11		)
Gain on sales of assets	—			—			(1		)
Equity in undistributed earnings of subsidiaries	(697		)	(120		)	(665		)
Increase in other liabilities	50			11			99
Decrease (increase) in other assets	7			(7		)	5
Other operating, net	58			40			(1		)
Net cash provided by operating activities	1,201			1,662			1,078
INVESTING ACTIVITIES
Investments in and advances to subsidiaries	(105		)	—			(230		)
Repayment of investments in and advances to subsidiaries	55			—			167
Other investing, net	(1		)	(1		)	(1		)
Net cash used by investing activities	(51		)	(1		)	(64		)
FINANCING ACTIVITIES
Proceeds from issuance of long-term borrowed funds	500			—			—
Repayments of long-term borrowed funds	—			(333		)	—
Proceeds from issuance of common stock	—			—			34
Treasury stock purchased	(1,220		)	(1,025		)	(820		)
Net proceeds from issuance of preferred stock	730			593			—
Dividends declared and paid to common stockholders	(617		)	(471		)	(322		)
Dividends declared and paid to preferred stockholders	(65		)	(14		)	(14		)
Other financing, net	(21		)	(13		)	—
Net cash used by financing activities	(693		)	(1,263		)	(1,122		)
Increase (decrease) in cash and due from banks	457			398			(108		)
Cash and due from banks at beginning of year	961			563			671
Cash and due from banks at end of year		$1,418			$961			$563