Parent Company Only Financial Statements (Tables) - Parent Company


	December 31
	2025		2024
	(In millions)
Assets
Interest-bearing deposits in other banks	$	726	$	2,420

Debt securities available for sale	19		20
Premises and equipment, net	43		45
Investments in subsidiaries:
Banks	20,311		18,407
Non-banks	579		515
	20,890		18,922
Other assets	336		274
Total assets	$	22,014	$	21,681
Liabilities and Shareholders’ Equity

Long-term borrowings	$	2,637	$	3,495
Other liabilities	334		307
Total liabilities	2,971		3,802
Shareholders’ equity:
Preferred stock	1,369		1,715
Common stock	9		9
Additional paid-in capital	10,366		11,394
Retained earnings	10,205		9,060
Treasury stock, at cost	(1,371)		(1,371)
Accumulated other comprehensive income (loss), net	(1,535)		(2,928)
Total shareholders’ equity	19,043		17,879
Total liabilities and shareholders’ equity	$	22,014	$	21,681

Statements of Income


	Year Ended December 31
	2025		2024		2023
	(In millions)
Income:
Dividends received from subsidiaries	$	1,816	$	2,095	$	1,609
Interest from subsidiaries	100		43		1
Other	8		10		7
	1,924		2,148		1,617
Expenses:
Salaries and employee benefits	17		76		65
Interest expense	180		177		134
Equipment and software expense	5		6		(2)
Other	72		80		70
	274		339		267
Income before income taxes and equity in undistributed earnings of subsidiaries	1,650		1,809		1,350
Income tax (benefit) expense	8		(41)		(43)





Income before equity in undistributed earnings of subsidiaries and preferred stock dividends	1,642		1,850		1,393
Equity in undistributed earnings of subsidiaries:
Banks	450		(42)		644
Non-banks	64		85		37
	514		43		681
Net income	2,156		1,893		2,074
Preferred stock dividends and other	(95)		(119)		(98)
Net income available to common shareholders	$	2,061	$	1,774	$	1,976

Statements of Cash Flows


	Year Ended December 31
	2025		2024		2023
	(In millions)
Operating activities:
Net income	$	2,156	$	1,893	$	2,074
Adjustments to reconcile net cash from operating activities:
Equity in undistributed earnings of subsidiaries	(514)		(43)		(681)
Provision for (benefit from) deferred income taxes	44		(6)		(4)
Depreciation, amortization and accretion, net	3		3		2
Loss on sale of assets	—		—		(6)


Net change in operating assets and liabilities:
Other assets	(112)		28		(11)
Other liabilities	25		28		(9)
Other	38		37		74
Net cash from operating activities	1,640		1,940		1,439
Investing activities:
(Investment in) / repayment of investment in subsidiaries	(7)		(1,675)		(8)
Proceeds from sales and maturities of debt securities available for sale	9		21		13
Purchases of debt securities available for sale	(9)		(20)		(11)



Other, net	(7)		(2)		(21)
Net cash from investing activities	(14)		(1,676)		(27)
Financing activities:

Proceeds from long-term borrowings	—		1,740		—
Payments on long-term borrowings	(900)		(100)		—
Cash dividends on common stock	(912)		(890)		(787)
Cash dividends on preferred stock	(91)		(104)		(98)
Net proceeds from issuance of preferred stock	—		489		—
Payment for redemption of preferred stock	(350)		(500)		—
Repurchases of common stock	(1,067)		(348)		(252)

Net cash from financing activities	(3,320)		287		(1,137)
Net change in cash and cash equivalents	(1,694)		551		275
Cash and cash equivalents at beginning of year	2,420		1,869		1,594
Cash and cash equivalents at end of year	$	726	$	2,420	$	1,869