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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Changes in Projected Benefit Obligations, Plan Assets And Funded Status
The following table provides the changes in benefit obligations, assets and the funded status of the Plans at December 31, 2024 and 2023.
Obligations and Funded Status
dollars in millionsRetirement Plans
20242023
Change in benefit obligation
Projected benefit obligation at January 1$1,169 $1,115 
Service cost10 9 
Interest cost59 61 
Actuarial (gain) loss (30)50 
Benefits paid(68)(66)
Projected benefit obligation at December 311,140 1,169 
Change in plan assets
Fair value of plan assets at January 11,589 1,404 
Actual return on plan assets121 245 
Employer contributions6 6 
Benefits paid(68)(66)
Fair value of plan assets at December 311,648 1,589 
Funded status at December 31$508 $420 
Information for retirement plans with a benefit obligation in excess of plan assets
Projected and accumulated benefit obligations$49 $54 
Reported in Consolidated Balance Sheets
Funded Pension Plans (other assets)557 474 
Unfunded Supplemental and Executive Retirement Plans (other liabilities)(49)(54)
Net funded status of Retirement Plans$508 $420 
Schedule of Amounts Recognized in Accumulated Other Comprehensive (Loss) Income
The following table details the amounts recognized in accumulated other comprehensive income, before income taxes, at December 31, 2024 and 2023. Refer to Note 17—Accumulated Other Comprehensive (Loss) Income for additional information.
dollars in millionsRetirement Plans
20242023
Net actuarial gain$182 $122 
Schedule of Net Benefit Costs
The following table shows the components of periodic benefit cost related to the Plans and changes in assets and benefit obligations of the Plans recognized in other comprehensive income, before income taxes, for the years ended December 31, 2024, 2023 and 2022. Refer to Note 17—Accumulated Other Comprehensive (Loss) Income for additional information. Periodic benefit costs related to Postretirement Plans were less than $1 million for the years ended December 31, 2024 and 2023.

Net Periodic Benefit Costs and Other Amounts
dollars in millionsRetirement PlansPostretirement Plans
Year Ended December 31Year Ended December 31
2024202320222022
Service cost$10 $9 $14 $— 
Interest cost59 61 43 — 
Expected return on assets(91)(85)(87)— 
Net prior service credit amortization— — — (27)
Amortization of net actuarial loss— — 12 — 
Total net periodic benefit(22)(15)(18)(27)
Current year actuarial (gain) loss (60)(109)33 — 
Amortization of actuarial loss— — (12)— 
Current year amortization of prior service cost— — — 27 
Amortization of prior service cost— — — (27)
Net (gain) loss recognized in other comprehensive income(60)(109)21 — 
Total recognized in net periodic benefit cost and other comprehensive income$(82)$(124)$3 $(27)
Schedule of Defined Benefit Plan Assumptions
The assumptions used to determine the benefit obligations at December 31, 2024 and 2023 are as follows:

Weighted Average Assumptions
Retirement Plans
20242023
Discount rate5.69 %5.17 %
Rate of compensation increase4.60 5.60 
Interest crediting rate (1)
4.50 4.00 
(1) Specific to cash investments in the CIT Pension Plan.
The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2024, 2023 and 2022, are as follows:
Weighted Average Assumptions
Retirement PlansPostretirement Plans
2024202320222022
Discount rate5.17 %5.57 %3.03 %3.02 %
Rate of compensation increase5.60 5.60 5.60 N/A
Expected long-term return on plan assets6.18 6.14 5.87 N/A
Interest crediting rate (1)
4.00 4.25 1.50 N/A
(1) Specific to cash investments in the CIT Pension Plan.
Schedule of Fair Value and Allocation of Plan Assets
The following tables summarize the fair values and fair value hierarchy for the assets of the Pension Plans at December 31, 2024 and 2023.

Fair Value Measurements
dollars in millionsDecember 31, 2024
Market ValueLevel 1Level 2Level 3
Not Classified (1)
Weighted Average Target Allocation Pension PlansActual %
of Plans'
Assets
Cash and equivalents$56 $56 $— $— $— 
—% - 5%
3 %
Equity securities
25% - 65%
48 %
Common and preferred stock145 145 — — — 
Mutual funds182 182 — — — 
Exchange traded funds458 458 — — — 
Fixed income
30% - 65%
45 %
U.S. government and government agency securities7 — 7 — — 
Corporate bonds6 — 6 — — 
Collective investment funds (fixed income)736 — — — 736 
Alternative investments
—% - 30%
4 %
Limited partnerships58 — — — 58 
Total pension assets$1,648 $841 $13 $— $794 100 %
December 31, 2023
Market ValueLevel 1Level 2Level 3
Not Classified (1)
Weighted Average Target Allocation Pension PlansActual %
of Plans'
Assets
Cash and equivalents$31 $31 $— $— $— 
—% - 5%
2 %
Equity securities
25% - 65%
45 %
Common and preferred stock134 134 — — — 
Mutual funds126 126 — — — 
Exchange traded funds459 459 — — — 
Fixed income
30% - 65%
50 %
U.S. government and government agency securities17 — 17 — — 
Corporate bonds15 — 15 — — 
Exchange traded funds13 13 — — — 
Collective investment funds (fixed income)753 — — — 753 
Alternative investments
—% - 30%
3 %
Limited partnerships41 — — — 41 
Total pension assets$1,589 $763 $32 $— $794 100 %
(1) These investments have been measured using the net asset value per share practical expedient and are not required to be classified in the above tables.
Schedule of Expected Benefit Payments
The following table presents estimated future benefits projected to be paid for the next ten years from the Pension Plans’ assets or from BancShares’ general assets calculated using current actuarial assumptions. Actual benefit payments may differ from projected benefit payments.

Projected Benefits
dollars in millionsRetirement Plans
2025$72 
202676 
202779 
202881 
202983 
2030-2034435 
Schedule of Accrued Liabilities
The following table provides the accrued liability as of December 31, 2024 and 2023, and the changes in the accrued liability during the years then ended:
dollars in millions20242023
Accrued liability as of January 1$34 $36 
Benefit expense and interest cost3 2 
Benefits paid(4)(4)
Accrued liability as of December 31$33 $34 
Discount rate at December 314.86 %5.09 %
Schedule of Nonvested Restricted Stock Units Activity
The following table presents the vesting activity during 2024 and 2023 and the unvested RSUs at December 31, 2023. There were no grants of stock-based compensation awards during 2024 or 2023. The fair value of RSUs that vested and settled in stock during 2024 and 2023 were $31 million and $16 million, respectively.

Stock-Settled Awards Outstanding
share amounts in whole dollars
Stock-Settled Awards
Number of Shares
Weighted Average Grant Date Value(1)
December 31, 2024
Unvested at beginning of period20,255 $859.76 
Forfeited / cancelled— 859.76 
Vested / settled awards(20,255)859.76 
Unvested at end of period— $859.76 
December 31, 2023
Unvested at beginning of period42,989 $859.76 
Forfeited / cancelled(643)859.76 
Vested / settled awards(22,091)859.76 
Unvested at end of period20,255 $859.76 
(1) Represents the share price of BancShares as of the CIT Merger Date.