PARENT COMPANY FINANCIALS (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Balance Sheets


(dollars in millions)	December 31, 2024	December 31, 2023
ASSETS:
Cash and due from banks	$2,658	$2,864
Loans and advances to:
Bank subsidiary	3,326	1,152
Nonbank subsidiaries	150	154
Investments in subsidiaries:
Bank subsidiary	24,389	23,289
Nonbank subsidiaries	334	291
Other assets	237	194
Total assets	$31,094	$27,944
LIABILITIES:
Long-term borrowed funds	$6,480	$3,344
Other liabilities	360	258
Total liabilities	6,840	3,602
Total stockholders’ equity	24,254	24,342
Total liabilities and stockholders’ equity	$31,094	$27,944

Condensed Statements of Operations


	Year Ended December 31,
(dollars in millions)	2024	2023	2022
OPERATING INCOME:
Income from bank subsidiaries, excluding equity in undistributed income:
Dividends	$625	$2,875	$450
Interest	139	43	39
Management and service fees	67	69	69
Income from nonbank subsidiaries, excluding equity in undistributed income:
Dividends	—	—	43
Interest	9	8	3
All other operating income	1	1	1
Total operating income	841	2,996	605
OPERATING EXPENSE:
Salaries and employee benefits	36	39	43
Interest expense	263	129	125
All other expenses	32	31	28
Total operating expense	331	199	196
Income (loss) before taxes and undistributed income	510	2,797	409
Income tax expense (benefit)	(24)	(13)	(13)
Income before undistributed income of subsidiaries	534	2,810	422
Equity in undistributed income (losses) of subsidiaries:
Bank	939	(1,163)	1,724
Nonbank	36	(39)	(73)
Net income	$1,509	$1,608	$2,073
Total other comprehensive income (loss), net of income taxes(1)	163	802	(3,895)
Total comprehensive income (loss)	$1,672	$2,410	($1,822)

(1) See Consolidated Statements of Comprehensive Income for comprehensive income (loss) detail.

Condensed Cash Flow Statements


	Year Ended December 31,
(dollars in millions)	2024	2023	2022
OPERATING ACTIVITIES
Net income	$1,509	$1,608	$2,073
Adjustments to reconcile net income to net change due to operating activities:
Deferred income tax expense (benefit)	(10)	(4)	(11)
Equity in undistributed (income) losses of subsidiaries	(975)	1,202	(1,651)
Other, net	108	96	92
Net increase (decrease) in other liabilities	92	(17)	(7)
Net (increase) decrease in other assets	(84)	17	(44)
Net change due to operating activities	640	2,902	452
INVESTING ACTIVITIES


Investments in and advances to subsidiaries	(2,249)	(76)	(156)
Repayment of investments in and advances to subsidiaries	120	30	121
Acquisitions, net of cash acquired	—	—	(23)
Other investing, net	2	—	(1)
Net change due to investing activities	(2,127)	(46)	(59)
FINANCING ACTIVITIES
Proceeds from issuance of long-term borrowed funds	3,231	—	414
Repayments of long-term borrowed funds	(107)	—	(182)
Treasury stock purchased	(1,050)	(906)	(153)
Net proceeds from issuance of preferred stock	392	—	—
Redemption of preferred stock	(300)	—	—
Dividends paid to common stockholders	(769)	(808)	(779)
Dividends paid to preferred stockholders	(134)	(120)	(113)
Other financing, net	18	21	(25)
Net change due to financing activities	1,281	(1,813)	(838)
Net change in cash and due from banks	(206)	1,043	(445)
Cash and due from banks at beginning of year	2,864	1,821	2,266
Cash and due from banks at end of year	$2,658	$2,864	$1,821