PARENT COMPANY FINANCIALS (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Operations

Condensed Statements of Operations

	Year Ended December 31,
(in millions)	2021	2020	2019
OPERATING INCOME:
Income from consolidated subsidiaries and excluding equity in undistributed earnings:
Dividends from banking subsidiaries	$1,120	$900	$1,130
Interest	35	42	48
Management and service fees	64	54	42
Income from nonbank subsidiaries and excluding equity in undistributed earnings:
Dividends from nonbank subsidiaries	57	40	8
Interest	2	4	4
All other operating income	1	1	1
Total operating income	1,279	1,041	1,233
OPERATING EXPENSE:
Salaries and employee benefits	36	27	35
Interest expense	119	120	87
All other expenses	28	30	27
Total operating expense	183	177	149
Income before taxes and undistributed income	1,096	864	1,084
Income taxes	(16)	(16)	(10)
Income before undistributed earnings of subsidiaries	1,112	880	1,094
Equity in undistributed earnings of subsidiaries:
Bank	1,188	170	682
Nonbank	19	7	15
Net income	$2,319	$1,057	$1,791
Other comprehensive income (loss), net of income taxes:
Net pension plan activity arising during the period	$4	($3)	($5)
Net unrealized derivative instrument gains (losses) arising during the period	1	2	2
Other comprehensive income (loss) activity of the Parent Company, net of income taxes	5	(1)	(3)
Other comprehensive income activity of Bank subsidiaries, net of income taxes	(610)	352	683
Total other comprehensive income (loss), net of income taxes	(605)	351	680
Total comprehensive income	$1,714	$1,408	$2,471

Condensed Balance Sheets

Condensed Balance Sheets

(in millions)	December 31, 2021	December 31, 2020
ASSETS:
Cash and due from banks	$2,266	$2,680
Loans and advances to:
Bank subsidiary	1,148	1,148
Nonbank subsidiaries	150	105
Investments in subsidiaries:
Bank subsidiary	22,742	22,164
Nonbank subsidiaries	325	106
Other assets	140	152
TOTAL ASSETS	$26,771	$26,355
LIABILITIES:
Long-term borrowed funds due to unaffiliated companies	$3,099	$3,441
Other liabilities	252	241
TOTAL LIABILITIES	3,351	3,682
TOTAL STOCKHOLDERS’ EQUITY	23,420	22,673
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$26,771	$26,355

Condensed Cash Flow Statements

Condensed Cash Flow Statements

	Year Ended December 31,
(in millions)	2021	2020	2019
OPERATING ACTIVITIES
Net income	$2,319	$1,057	$1,791
Adjustments to reconcile net income to net change in cash due to operating activities:
Deferred income taxes	—	17	(8)
Equity in undistributed earnings of subsidiaries	(1,207)	(177)	(697)
Increase (decrease) in other liabilities	34	43	50
(Increase) decrease in other assets	12	(41)	7
Other operating, net	67	48	58
Net change due to operating activities	1,225	947	1,201
INVESTING ACTIVITIES
Investments in and advances to subsidiaries	(196)	(190)	(105)
Repayment of investments in and advances to subsidiaries	125	205	55
Acquisitions, net of cash acquired	(165)	—	—
Other investing, net	(1)	(1)	(1)
Net change due to investing activities	(237)	14	(51)
FINANCING ACTIVITIES
Proceeds from issuance of long-term borrowed funds	—	1,053	500
Repayments of long-term borrowed funds	(350)	(12)	—
Treasury stock purchased	(295)	(270)	(1,220)
Net proceeds from issuance of preferred stock	296	395	730
Redemption of preferred stock	(250)	—	—
Dividends declared and paid to common stockholders	(670)	(672)	(617)
Dividends declared and paid to preferred stockholders	(113)	(98)	(65)
Other financing, net	(20)	(95)	(21)
Net change due to financing activities	(1,402)	301	(693)
Net change in cash and due from banks	(414)	1,262	457
Cash and due from banks at beginning of year	2,680	1,418	961
Cash and due from banks at end of year	$2,266	$2,680	$1,418