Parent Company Financial Statements

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Statements

Parent Company Financial Statements

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)	2025		2024		2023
Cash dividends from consolidated banking subsidiary	$	2,600	$	1,250	$	4,550
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities	316		58		320
Other, net	593		516		274
Total revenue	3,509		1,824		5,144
Interest expense	1,235		1,170		975
Other expenses	257		239		198
Total expenses	1,492		1,409		1,173
Income tax benefit	(209)		(232)		(224)
Income before equity in undistributed income of consolidated subsidiaries and unconsolidated entities	2,226		647		4,195
Equity in undistributed income (loss) of consolidated subsidiaries and unconsolidated entities:
Consolidated banking subsidiary	425		1,522		(2,464)
Consolidated non-banking subsidiaries and unconsolidated entities	294		518		213
Net income	$	2,945	$	2,687	$	1,944

Statement of Condition - Parent Company

	As of December 31,
(In millions)	2025		2024
Assets:
Interest-bearing deposits with consolidated banking subsidiary	$	627	$	438
Trading account assets	539		499
Investment securities available-for-sale	428		378
Investments in:
Consolidated banking subsidiary	28,919		27,504
Consolidated non-banking subsidiaries	11,584		10,487
Unconsolidated entities	104		114
Notes and other receivables from:
Consolidated banking subsidiary	142		170
Consolidated non-banking subsidiaries and unconsolidated entities	10,805		9,211
Other assets	218		127
Total assets	$	53,366	$	48,928
Liabilities:
Notes and other payables to:
Consolidated banking subsidiary	$	9	$	—
Consolidated non-banking subsidiaries and unconsolidated entities	2,082		2,063
Accrued expenses and other liabilities	679		652
Long-term debt	22,755		20,887
Total liabilities	25,525		23,602
Shareholders’ equity	27,841		25,326
Total liabilities and shareholders’ equity	$	53,366	$	48,928

Statement of Cash Flows - Parent Company

	Years Ended December 31,
(In millions)	2025		2024		2023
Net cash provided by operating activities	$	2,283	$	622	$	4,194
Investing Activities:
Net (decrease) increase in interest-bearing deposits with consolidated banking subsidiary	(189)		221		(199)
Proceeds from sales and maturities of available-for-sale securities	1,670		1,120		830
Purchases of available-for-sale securities	(1,701)		(1,204)		(836)
Investments in consolidated banking and non-banking subsidiaries	(11,102)		(9,330)		(10,784)
Sale or repayment of investment in consolidated banking and non-banking subsidiaries	9,100		7,875		7,920
Net cash used in investing activities	(2,222)		(1,318)		(3,069)
Financing Activities:
Proceeds from issuance of long-term debt, net of issuance costs	5,722		4,281		6,221
Payments for long-term debt	(4,100)		(2,000)		(2,500)
Proceeds from issuance of preferred stock, net of issuance costs	743		2,350		—
Payments for redemption of preferred stock	—		(1,500)		—
Repurchases of common stock	(1,200)		(1,319)		(3,781)
Repurchases of common stock for employee tax withholding	(106)		(83)		(95)
Payments for cash dividends	(1,120)		(1,033)		(970)
Net cash (used in) provided by financing activities	(61)		696		(1,125)
Net change	—		—		—
Cash and due from banks at beginning of year	—		—		—
Cash and due from banks at end of year	$	—	$	—	$	—