Parent company financial statements

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent company financial statements

26. Parent company financial statements

Condensed Balance Sheet

	December 31,
(Dollars in millions)	2023		2022
Assets
Cash in subsidiary bank	$	176	$	130
Due from consolidated bank subsidiaries:
Money-market savings		3,223		1,690
Current income tax receivable		5		4
Total due from consolidated bank subsidiaries		3,228		1,694
Investments in consolidated subsidiaries:
Banks		26,290		25,005
Other		391		380
Investments in trust preferred entities (note 20)		22		22
Other assets		100		93
Total assets	$	30,207	$	27,324
Liabilities
Accrued expenses and other liabilities	$	152	$	172
Long-term borrowings		3,098		1,834
Total liabilities		3,250		2,006
Shareholders’ equity		26,957		25,318
Total liabilities and shareholders’ equity	$	30,207	$	27,324

Condensed Statement of Income

	Year Ended December 31,
(Dollars in millions, except per share)	2023			2022			2021
Income
Dividends from consolidated subsidiaries	$	2,041		$	2,508		$	1,025
Income from Bayview Lending Group LLC		20			30			30
Other income		6			(7	)		3
Total income		2,067			2,531			1,058
Expense
Interest on short-term borrowings		—			6			—
Interest on long-term borrowings		182			57			24
Other expense		40			50			36
Total expense		222			113			60
Income before income taxes and equity in    undistributed income of subsidiaries		1,845			2,418			998
Income tax credits		49			22			6
Income before equity in undistributed income of    subsidiaries		1,894			2,440			1,004
Equity in undistributed income of subsidiaries
Net income of subsidiaries		2,888			2,060			1,880
Less: dividends received		(2,041	)		(2,508	)		(1,025	)
Equity in undistributed income of subsidiaries		847			(448	)		855
Net income	$	2,741		$	1,992		$	1,859
Net income per common share
Basic	$	15.85		$	11.59		$	13.81
Diluted		15.79			11.53			13.80

Condensed Statement of Cash Flows

	Year Ended December 31,
(Dollars in millions)	2023			2022			2021
Cash flows from operating activities
Net income	$	2,741		$	1,992		$	1,859
Adjustments to reconcile net income to net cash provided    by operating activities:
Equity in undistributed income of subsidiaries		(847	)		448			(855	)
Provision for deferred income taxes		(5	)		7			10
Net change in accrued income and expense		32			8			(23	)
Net cash provided by operating activities		1,921			2,455			991
Cash flows from investing activities
Net investment in consolidated subsidiaries		(1	)		54			(199	)
Acquisition, net of cash consideration		—			538			—
Other, net		(41	)		24			(3	)
Net cash provided (used) by investing activities		(42	)		616			(202	)
Cash flows from financing activities
Repayment of short-term borrowings assumed in acquisition		—			(500	)		—
Proceeds from long-term borrowings		1,998			499			—
Payments on long-term borrowings		(750	)		—			—
Purchases of treasury stock		(594	)		(1,800	)		—
Dividends paid — common		(868	)		(784	)		(580	)
Dividends paid — preferred		(100	)		(97	)		(68	)
Proceeds from issuance of Series I preferred stock		—			—			495
Other, net		14			2			(7	)
Net cash used by financing activities		(300	)		(2,680	)		(160	)
Net increase in cash and cash equivalents		1,579			391			629
Cash and cash equivalents at beginning of year		1,820			1,429			800
Cash and cash equivalents at end of year	$	3,399		$	1,820		$	1,429
Supplemental disclosure of cash flow information
Interest received during the year	$	6		$	1		$	1
Interest paid during the year		135			49			20
Income taxes received during the year		43			28			53