Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Statements of Balance Sheets

Following are statements of the parent company:

Balance Sheets	December 31,
(Dollars in millions)	2020		2019
Assets:
Cash	$	827	$	369
Notes receivable	3		3
Investments in subsidiaries:
Bank	8,176		5,039
Non-bank	88		18
Other assets	274		171
Total assets	$	9,368	$	5,600
Liabilities and equity:
Accrued employee benefits and other liabilities	$	322	$	177
Term borrowings	1,034		642
Total liabilities	1,356		819
Total equity	8,012		4,781
Total liabilities and equity	$	9,368	$	5,600

Statements of Income

Statements of Income	Year Ended December 31,
(Dollars in millions)	2020		2019		2018
Dividend income:
Bank	$	180	$	345	$	420
Non-bank	—		1		1
Total dividend income	180		346		421
Other income	—		1		—
Total income	180		347		421
Provision (provision credit) for credit losses	—		(1)		—
Interest expense - term borrowings	39		31		31
Compensation, employee benefits and other expense	54		53		54
Total expense	93		83		85
Income before income taxes	87		264		336
Income tax benefit	(18)		(19)		(39)
Income before equity in undistributed net income of subsidiaries	105		283		375
Equity in undistributed net income (loss) of subsidiaries:
Bank	736		160		171
Non-bank	4		(2)		(1)
Net income attributable to the controlling interest	$	845	$	441	$	545

Statements of Cash Flows

Statements of Cash Flows
(Dollars in millions)	2020		2019		2018
Operating activities:
Net income	$	845	$	441	$	545
Less undistributed net income of subsidiaries	740		158		170
Income before undistributed net income of subsidiaries	105		283		375
Adjustments to reconcile income to net cash provided by operating activities:
Depreciation, amortization, and other	—		(1)		—
(Gain) loss on derivative transactions	4		—		—
Deferred income tax expense	5		4		3
Stock-based compensation expense	32		22		23
Other operating activities, net	21		28		7
Total adjustments	62		53		33
Net cash provided by operating activities	167		336		408
Investing activities:
Proceeds from sales and prepayments of securities	—		1		—
Purchases of securities	(5)		—		—
(Investment in) return on subsidiary	(2)		—		2
Cash received (paid for) business combination, net	103		—		(40)
Net cash provided by (used in) investing activities	96		1		(38)
Financing activities:
Proceeds from issuance of preferred stock	144		—		—
Cash dividends paid - preferred stock	(17)		(6)		(6)
Common stock:
Stock options exercised	7		9		4
Cash dividends paid	(222)		(171)		(139)
Repurchase of shares	(4)		(134)		(105)
Proceeds from issuance of term borrowings	795		—		—
Repayment of term borrowings	(500)		—		(45)
Other financing activities, net	(8)		—		—
Net cash provided by (used in) financing activities	195		(302)		(291)
Net increase in cash and cash equivalents	458		35		79
Cash and cash equivalents at beginning of year	369		334		255
Cash and cash equivalents at end of year	$	827	$	369	$	334
Total interest paid	$	33	$	29	$	29
Income taxes received from subsidiaries	33		43		49