PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

NOTE 23 — 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, 2025		December 31, 2024
Assets
Cash and due from banks	$	466	$	310
Interest-earning deposits at banks	4		1
Investment in marketable equity securities	119		99
Note receivable from banking subsidiary	—		200
Investment in banking subsidiary	23,371		21,932
Investment in other subsidiaries	185		97
Other assets	81		75
Total assets	$	24,226	$	22,714
Liabilities and Stockholders' Equity
Long-term borrowings	$	1,839	$	350
Borrowings due to banking subsidiary	—		44
Other liabilities	149		92
Total liabilities	1,988		486
Stockholders’ equity	22,238		22,228
Total liabilities and stockholders’ equity	$	24,226	$	22,714

Parent Company
Condensed Statements of Income
	Year Ended December 31
dollars in millions	2025		2024		2023
Income
Dividends from banking subsidiary	$	1,680	$	2,221	$	367
Other income (loss)	25		25		(8)
Total income	1,705		2,246		359
Expenses
Interest expense	80		16		22
Other expenses	75		61		40
Total expenses	155		77		62
Income before income taxes and equity in undistributed net income of subsidiaries	1,550		2,169		297
Income tax benefit	(16)		(22)		(14)
Income before equity in undistributed net income of subsidiaries	1,566		2,191		311
Equity in undistributed net income of subsidiaries	640		586		11,155
Net income	2,206		2,777		11,466
Preferred stock dividends	57		61		59
Net income available to common stockholders	$	2,149	$	2,716	$	11,407

Parent Company
Condensed Statements of Cash Flows
	Year Ended December 31
dollars in millions	2025		2024		2023
OPERATING ACTIVITIES
Net income	$	2,206	$	2,777	$	11,466
Adjustments to reconcile net income to cash provided by operating activities:
Undistributed net income of subsidiaries	(640)		(586)		(11,155)
Deferred tax expense (benefit)	16		2		(5)
Fair value adjustment on marketable equity securities, net	(22)		(13)		11
Stock based compensation expense	—		—		5
Realized gain on sale of investment securities, net	—		(6)		—
Net change in other assets	(13)		(15)		(17)
Net change in other liabilities	18		(5)		3
Other operating activities	2		3		—
Net cash provided by operating activities	1,567		2,157		308
INVESTING ACTIVITIES
Net (increase) decrease in interest-earning deposits at banks	(3)		4		(2)
Purchase of marketable equity securities	—		(6)		—
Proceeds from sale of marketable equity securities	1		15		—
Note receivable from banking subsidiary	200		(200)		—
Other investing activities	(359)		(23)		—
Net cash used in investing activities	(161)		(210)		(2)
FINANCING ACTIVITIES
Repayment of long-term borrowings	(350)		(17)		(87)
Repayment of borrowings due to banking subsidiary	(44)		(1)		(15)
Net proceeds from issuance of long-term borrowings	1,838		—		—
Net proceeds from preferred stock issuance	494		—		—
Repurchase of Class A common stock	(3,027)		(1,648)		—
Cash dividends paid	(161)		(158)		(117)
Other financing activities	—		(13)		(6)
Net cash used in financing activities	(1,250)		(1,837)		(225)
Net change in cash and due from banks	156		110		81
Cash and due from banks at beginning of year	310		200		119
Cash and due from banks at end of year	$	466	$	310	$	200
CASH PAYMENTS (REFUNDS) FOR:
Interest	$	51	$	15	$	23
Income taxes	—		(1)		470