PARENT COMPANY FINANCIALS

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY FINANCIALS

NOTE 25 - PARENT COMPANY FINANCIALS

The following tables present the financial statements of the Parent Company:

Condensed Balance Sheets

	December 31,
(dollars in millions)	2025	2024
ASSETS:
Cash and due from banks	$2,318	$2,658
Loans and advances to:
Bank subsidiary	3,335	3,326
Nonbank subsidiaries	180	150
Investments in subsidiaries:
Bank subsidiary	26,838	24,389
Nonbank subsidiaries	383	334
Other assets	420	237
Total assets	$33,474	$31,094
LIABILITIES:
Long-term borrowed funds	$6,768	$6,480
Other liabilities	390	360
Total liabilities	7,158	6,840
Total stockholders’ equity	26,316	24,254
Total liabilities and stockholders’ equity	$33,474	$31,094

Condensed Statements of Operations

	Year Ended December 31,
(dollars in millions)	2025	2024	2023
OPERATING INCOME:
Income from bank subsidiaries, excluding equity in undistributed income:
Dividends	$1,100	$625	$2,875
Interest	174	139	43
Management and service fees	64	67	69
Income from nonbank subsidiaries, excluding equity in undistributed income:
Dividends	10	—	—
Interest	8	9	8
All other operating income	1	1	1
Total operating income	1,357	841	2,996
OPERATING EXPENSE:
Salaries and employee benefits	33	36	39
Interest expense	350	263	129
All other expenses	34	32	31
Total operating expense	417	331	199
Income (loss) before taxes and undistributed income	940	510	2,797
Income tax expense (benefit)	(38)	(24)	(13)
Income before undistributed income of subsidiaries	978	534	2,810
Equity in undistributed income (losses) of subsidiaries:
Bank	823	939	(1,163)
Nonbank	30	36	(39)
Net income	$1,831	$1,509	$1,608
Total other comprehensive income (loss), net of income taxes(1)	1,625	163	802
Total comprehensive income (loss)	$3,456	$1,672	$2,410

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

Condensed Cash Flow Statements

	Year Ended December 31,
(dollars in millions)	2025	2024	2023
OPERATING ACTIVITIES
Net income	$1,831	$1,509	$1,608
Adjustments to reconcile net income to net change due to operating activities:
Deferred income tax expense (benefit)	(12)	(10)	(4)
Equity in undistributed (income) losses of subsidiaries	(853)	(975)	1,202
Other, net	132	108	96
Net increase (decrease) in Other liabilities	18	92	(17)
Net (increase) decrease in Other assets	(182)	(84)	17
Net change due to operating activities	934	640	2,902
INVESTING ACTIVITIES
Investments in and advances to subsidiaries	(129)	(2,249)	(76)
Repayment of investments in and advances to subsidiaries	80	120	30
Other investing, net	2	2	—
Net change due to investing activities	(47)	(2,127)	(46)
FINANCING ACTIVITIES
Proceeds from issuance of long-term borrowed funds	746	3,231	—
Repayments of long-term borrowed funds	(470)	(107)	—
Treasury stock purchased	(600)	(1,050)	(906)
Net proceeds from issuance of preferred stock	393	392	—
Redemption of preferred stock	(400)	(300)	—
Dividends paid to common stockholders	(755)	(769)	(808)
Dividends paid to preferred stockholders	(133)	(134)	(120)
Other financing, net	(8)	18	21
Net change due to financing activities	(1,227)	1,281	(1,813)
Net change in Cash and due from banks	(340)	(206)	1,043
Cash and due from banks at beginning of year	2,658	2,864	1,821
Cash and due from banks at end of year	$2,318	$2,658	$2,864