PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

NOTE 25 — PARENT COMPANY FINANCIAL STATEMENTS

The following tables present condensed stand-alone financial statements of the Parent Company:

Parent Company
Condensed Balance Sheets
dollars in millions	December 31, 2024		December 31, 2023
Assets
Cash and due from banks	$	310	$	200
Interest-earning deposits at banks	1		5
Investment in marketable equity securities	99		82
Note receivable from banking subsidiary	200		—
Investment in banking subsidiary	21,932		21,324
Investment in other subsidiaries	97		50
Other assets	75		60
Total assets	$	22,714	$	21,721
Liabilities and Stockholders' Equity
Subordinated debt	$	350	$	367
Borrowings due to banking subsidiary	44		45
Other liabilities	92		54
Total liabilities	486		466
Stockholders’ equity	22,228		21,255
Total liabilities and stockholders’ equity	$	22,714	$	21,721

Parent Company
Condensed Statements of Income
	Year Ended December 31
dollars in millions	2024		2023		2022
Income
Dividends from banking subsidiary	$	2,221	$	367	$	1,410
Other income (loss)	25		(8)		(2)
Total income	2,246		359		1,408
Expenses
Interest expense	16		22		19
Other expenses	61		40		26
Total expenses	77		62		45
Income before income taxes and equity in undistributed net income of subsidiaries	2,169		297		1,363
Income tax (benefit) expense	(22)		(14)		44
Income before equity in undistributed net income of subsidiaries	2,191		311		1,319
Equity in undistributed (distributed) net income of subsidiaries	586		11,155		(221)
Net income	2,777		11,466		1,098
Preferred stock dividends	61		59		50
Net income available to common stockholders	$	2,716	$	11,407	$	1,048

Parent Company
Condensed Statements of Cash Flows
	Year Ended December 31
dollars in millions	2024		2023		2022
OPERATING ACTIVITIES
Net income	$	2,777	$	11,466	$	1,098
Adjustments to reconcile net income to cash provided by operating activities:
(Undistributed) distributed net income of subsidiaries	(586)		(11,155)		221
Deferred tax expense (benefit)	2		(5)		48
Net amortization of premiums and discounts	—		—		1
Fair value adjustment on marketable equity securities, net	(13)		11		6
Stock based compensation expense	—		5		19
Realized gain on sale of investment securities, net	(6)		—		—
Net change in other assets	(15)		(17)		(3)
Net change in other liabilities	(5)		3		(2)
Other operating activities	3		—		—
Net cash provided by operating activities	2,157		308		1,388
INVESTING ACTIVITIES
Net decrease (increase) in interest-earning deposits at banks	4		(2)		3
Purchase of marketable equity securities	(6)		—		—
Proceeds from sale of marketable equity securities	15		—		—
Note receivable from banking subsidiary	(200)		—		—
Net cash paid in acquisition	—		—		(51)
Other investing activities	(23)		—		—
Net cash used in investing activities	(210)		(2)		(48)
FINANCING ACTIVITIES
Repayment of other borrowings	—		—		(68)
Repayment of subordinated debt	(17)		(87)		—
(Repayment) proceeds for borrowings due to banking subsidiary	(1)		(15)		20
Repurchase of Class A common stock	(1,648)		—		(1,240)
Cash dividends paid	(158)		(117)		(83)
Other financing activities	(13)		(6)		(24)
Net cash used in financing activities	(1,837)		(225)		(1,395)
Net change in cash and due from banks	110		81		(55)
Cash and due from banks at beginning of year	200		119		174
Cash and due from banks at end of year	$	310	$	200	$	119
CASH PAYMENTS (REFUNDS) FOR:
Interest	$	15	$	23	$	18
Income taxes	(1)		470		(536)