v3.22.4
Parent Company Only Financial Statements (Tables) - Parent Company [Member]
 12 Months Ended
Dec. 31, 2022
Schedule of Condensed Balance Sheet Balance Sheets
December 31
 20222021
 (In millions)
Assets
Interest-bearing deposits in other banks$1,594 $1,543 
Debt securities available for sale21 20 
Premises and equipment, net28 36 
Investments in subsidiaries:
Banks15,676 18,237 
Non-banks385 343 
16,061 18,580 
Other assets275 280 
Total assets$17,979 $20,459 
Liabilities and Shareholders’ Equity
Long-term borrowings$1,786 $1,909 
Other liabilities242 224 
Total liabilities2,028 2,133 
Shareholders’ equity:
Preferred stock1,659 1,659 
Common stock10 10 
Additional paid-in capital11,988 12,189 
Retained earnings 7,004 5,550 
Treasury stock, at cost(1,371)(1,371)
Accumulated other comprehensive income, net(3,343)289 
Total shareholders’ equity15,947 18,326 
Noncontrolling interest4 — 
Total equity15,951 18,326 
Total liabilities and shareholders’ equity$17,979 $20,459 
Schedule of Condensed Income Statement
Statements of Income
 Year Ended December 31
 202220212020
 (In millions)
Income:
Dividends received from subsidiaries$1,351 $2,250 $280 
Interest from subsidiaries4 8 8 
Other(3)22 53 
1,352 2,280 341 
Expenses:
Salaries and employee benefits64 61 56 
Interest expense86 68 93 
Equipment and software expense4 4 4 
Other62 96 79 
216 229 232 
Income before income taxes and equity in undistributed earnings of subsidiaries1,136 2,051 109 
Income tax benefit(36)(43)(36)
Income before equity in undistributed earnings of subsidiaries and preferred stock dividends1,172 2,094 145 
Equity in undistributed earnings of subsidiaries:
Banks1,066 372 905 
Non-banks7 55 44 
1,073 427 949 
Net income2,245 2,521 1,094 
Preferred stock dividends(99)(121)(103)
Net income available to common shareholders$2,146 $2,400 $991 
Schedule of Condensed Cash Flow Statement
Statements of Cash Flows
 Year Ended December 31
 202220212020
 (In millions)
Operating activities:
Net income$2,245 $2,521 $1,094 
Adjustments to reconcile net cash from operating activities:
Equity in undistributed earnings of subsidiaries(1,073)(427)(949)
Provision for (benefit from) deferred income taxes(3)(21)29 
Depreciation, amortization and accretion, net2 3 3 
Loss on sale of assets— — 1 
Loss on early extinguishment of debt— 20 14 
Net change in operating assets and liabilities:
Other assets12 61 3 
Other liabilities(27)1 — 
Other(89)(51)44 
Net cash from operating activities1,067 2,107 239 
Investing activities:
(Investment in) / repayment of investment in subsidiaries(23)(21)— 
Proceeds from sales and maturities of debt securities available for sale8 5 4 
Purchases of debt securities available for sale(9)(3)(4)
Net cash from investing activities(24)(19)— 
Financing activities:
Proceeds from long-term borrowings— 646 748 
Payments on long-term borrowings— (1,424)(1,039)
Cash dividends on common stock(663)(608)(595)
Cash dividends on preferred stock(99)(108)(103)
Net proceeds from issuance of preferred stock— 390 346 
Payment for redemption of preferred stock— (500)— 
Repurchases of common stock(230)(467)— 
Other— — (5)
Net cash from financing activities(992)(2,071)(648)
Net change in cash and cash equivalents51 17 (409)
Cash and cash equivalents at beginning of year1,543 1,526 1,935 
Cash and cash equivalents at end of year$1,594 $1,543 $1,526