Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Consolidated Balance Sheet of Parent Company Only

Balance Sheets (in millions) December 31	2021		2020
Assets
Cash and cash equivalents	$	295	$	380
Other assets	15		10
Investment in bank subsidiary	5,246		5,064
Investments in and advances to non-bank subsidiaries	461		371
Total Assets	$	6,017	$	5,825
Liabilities
Other liabilities	$	41	$	40
Advances from affiliates	197		197
Long-term borrowings	621		621
Subordinated notes:
Short-term	7		7
Long-term	1		1
Total Liabilities	867		866
Stockholders’ Equity	5,150		4,959
Total Liabilities and Stockholders’ Equity	$	6,017	$	5,825

Statements of Income of Parent Company Only

Statements of Income (in millions) Year Ended December 31	2021		2020		2019
Income
Dividend income from subsidiaries:
Bank	$	215	$	300	$	179
Non-bank	5		4		2
	220		304		181
Interest income	13		6		—
Total Income	233		310		181
Expenses
Interest expense	25		25		19
Other expenses	17		18		18
Total Expenses	42		43		37
Income Before Taxes and Equity in Undistributed Income of Subsidiaries	191		267		144
Income tax benefit	7		7		7
	198		274		151
Equity in undistributed income (loss) of subsidiaries:
Bank	207		15		236
Non-bank	—		(3)		—
Net Income	$	405	$	286	$	387

Statements of Cash Flows of Parent Company Only

Statements of Cash Flows (in millions) Year Ended December 31	2021		2020		2019
Operating Activities
Net income	$	405	$	286	$	387
Adjustments to reconcile net income to net cash flows from operating activities:
Undistributed earnings from subsidiaries	(207)		(12)		(236)
Other, net	(2)		13		2
Net cash flows provided by operating activities	196		287		153
Investing Activities
Net increase in advances to subsidiaries	(78)		—		—
Payment for further investment in subsidiaries	(12)		(270)		(47)
Net cash flows used in investing activities	(90)		(270)		(47)
Financing Activities
Decrease in long-term debt	(2)		(4)		(77)
Increase in long-term debt	2		302		121
Other, net	(27)		(21)		12
Cash dividends paid:
Preferred stock	(8)		(8)		(8)
Common stock	(156)		(157)		(157)
Net cash flows provided by (used in) financing activities	(191)		112		(109)
Net Increase (Decrease) in Cash and Cash Equivalents	(85)		129		(3)
Cash and cash equivalents at beginning of year	380		251		254
Cash and Cash Equivalents at End of Year	$	295	$	380	$	251
Cash paid during the year for:
Interest	$	25	$	26	$	20