v3.20.4
Parent Company Only Financial Statements (Tables) - Parent Company [Member]
 12 Months Ended
Dec. 31, 2020
Schedule of Condensed Balance Sheet Balance Sheets
December 31
 20202019
 (In millions)
Assets
Interest-bearing deposits in other banks$1,526 $1,935 
Loans to subsidiaries20 20 
Debt securities available for sale22 21 
Premises and equipment, net38 41 
Investments in subsidiaries:
Banks18,872 16,939 
Non-banks250 207 
19,122 17,146 
Other assets313 295 
Total assets$21,041 $19,458 
Liabilities and Shareholders’ Equity
Long-term borrowings$2,718 $2,950 
Other liabilities212 213 
Total liabilities2,930 3,163 
Shareholders’ equity:
Preferred stock1,656 1,310 
Common stock10 10 
Additional paid-in capital12,731 12,685 
Retained earnings 3,770 3,751 
Treasury stock, at cost(1,371)(1,371)
Accumulated other comprehensive income (loss), net1,315 (90)
Total shareholders’ equity18,111 16,295 
Total liabilities and shareholders’ equity$21,041 $19,458 
Schedule of Condensed Income Statement
Statements of Income
 Year Ended December 31
 202020192018
 (In millions)
Income:
Dividends received from subsidiaries$280 $1,675 $2,190 
Interest from subsidiaries8 4 3 
Other53 7 7 
341 1,686 2,200 
Expenses:
Salaries and employee benefits56 54 52 
Interest93 153 123 
Furniture and equipment expense4 5 4 
Other79 84 76 
232 296 255 
Income before income taxes and equity in undistributed earnings of subsidiaries109 1,390 1,945 
Income tax benefit(36)(68)(64)
Income from continuing operations145 1,458 2,009 
Discontinued operations:
Income (loss) from discontinued operations before income taxes— — 271 
Income tax expense— — 80 
Income (loss) from discontinued operations, net of tax— — 191 
Income before equity in undistributed earnings of subsidiaries and preferred dividends145 1,458 2,200 
Equity in undistributed earnings of subsidiaries:
Banks905 110 (454)
Non-banks44 14 13 
949 124 (441)
Net income1,094 1,582 1,759 
Preferred stock dividends(103)(79)(64)
Net income available to common shareholders$991 $1,503 $1,695 
Schedule of Condensed Cash Flow Statement
Statements of Cash Flows
 Year Ended December 31
 202020192018
 (In millions)
Operating activities:
Net income$1,094 $1,582 $1,759 
Adjustments to reconcile net cash from operating activities:
Equity in undistributed earnings of subsidiaries(949)(124)441 
Provision for deferred income taxes29 20 8 
Depreciation, amortization and accretion, net3 4 3 
Loss on sale of assets1 — — 
Loss on early extinguishment of debt14 16 — 
(Gain) on sale of business— — (281)
Net change in operating assets and liabilities:
Other assets3 18 (35)
Other liabilities— (7)(8)
Other44 102 23 
Net cash from operating activities239 1,611 1,910 
Investing activities:
(Investment in) / repayment of investment in subsidiaries— (18)146 
Proceeds from sales and maturities of debt securities available for sale4 5 8 
Purchases of debt securities available for sale(4)(6)(10)
Proceeds from disposition of business, net of cash transferred— — 357 
Net cash from investing activities— (19)501 
Financing activities:
Net change in short-term borrowings— — (101)
Proceeds from long-term borrowings748 500 500 
Payments on long-term borrowings(1,039)(751)— 
Cash dividends on common stock(595)(577)(452)
Cash dividends on preferred stock(103)(79)(64)
Net proceeds from issuance of preferred stock346 490 — 
Repurchase of common stock— (1,101)(2,122)
Other(5)(2)(2)
Net cash from financing activities(648)(1,520)(2,241)
Net change in cash and cash equivalents(409)72 170 
Cash and cash equivalents at beginning of year1,935 1,863 1,693 
Cash and cash equivalents at end of year$1,526 $1,935 $1,863