Parent Company Financial Statements

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

The following tables present the financial statements of the Parent Company without consolidation of its banking and non-banking subsidiaries, as of and for the years indicated:

Statement of Income - Parent Company


	Years Ended December 31,
(In millions)	2024		2023		2022
Cash dividends from consolidated banking subsidiary	$	1,250	$	4,550	$	1,500
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities	58		320		198
Other, net	516		274		69
Total revenue	1,824		5,144		1,767
Interest expense	1,170		975		426
Other expenses	239		198		93
Total expenses	1,409		1,173		519
Income tax (benefit)	(232)		(224)		(121)
Income (loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities	647		4,195		1,369

Equity in undistributed income (loss) of consolidated subsidiaries and unconsolidated entities:
Consolidated banking subsidiary	1,522		(2,464)		1,275
Consolidated non-banking subsidiaries and unconsolidated entities	518		213		130
Net income	$	2,687	$	1,944	$	2,774

Statement of Condition - Parent Company


	As of December 31,
(In millions)	2024		2023
Assets:
Interest-bearing deposits with consolidated banking subsidiary	$	438	$	659
Trading account assets	499		454
Investment securities available-for-sale	378		279
Investments in:
Consolidated banking subsidiary	27,504		25,391
Consolidated non-banking subsidiaries	10,487		10,055
Unconsolidated entities	114		111
Notes and other receivables from:
Consolidated banking subsidiary	170		2
Consolidated non-banking subsidiaries and unconsolidated entities	9,211		6,816
Other assets	127		230
Total assets	$	48,928	$	43,997
Liabilities:
Notes and other payables to:
Consolidated banking subsidiary	$	—	$	68
Consolidated non-banking subsidiaries and unconsolidated entities	2,063		896
Accrued expenses and other liabilities	652		615
Long-term debt	20,887		18,619
Total liabilities	23,602		20,198
Shareholders’ equity	25,326		23,799
Total liabilities and shareholders’ equity	$	48,928	$	43,997

Statement of Cash Flows - Parent Company


	Years Ended December 31,
(In millions)	2024		2023		2022
Net cash provided by (used in) operating activities	$	622	$	4,194	$	1,608
Investing Activities:
Net increase (decrease) in interest-bearing deposits with consolidated banking subsidiary	221		(199)		22
Proceeds from sales and maturities of available-for-sale securities	1,120		830		780
Purchases of available-for-sale securities	(1,204)		(836)		(886)
Investments in consolidated banking and non-banking subsidiaries	(9,330)		(10,784)		(16,252)
Sale or repayment of investment in consolidated banking and non-banking subsidiaries	7,875		7,920		15,092


Net cash used in investing activities	(1,318)		(3,069)		(1,244)
Financing Activities:


Proceeds from issuance of long-term debt, net of issuance costs	4,281		6,221		3,731
Payments for long-term debt	(2,000)		(2,500)		(1,500)
Proceeds from issuance of preferred stock, net of issuance costs	2,350		—		—
Payments for redemption of preferred stock	(1,500)		—		—

Repurchases of common stock	(1,319)		(3,781)		(1,500)
Repurchases of common stock for employee tax withholding	(83)		(95)		(123)
Payments for cash dividends	(1,033)		(970)		(972)
Net cash provided by (used in) financing activities	696		(1,125)		(364)
Net change	—		—		—
Cash and due from banks at beginning of year	—		—		—
Cash and due from banks at end of year	$	—	$	—	$	—