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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities    
Net income $ 585 $ 374
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for credit losses 100 (10)
Deferred income tax expense (benefit) 1 157
Depreciation and amortization of premises and equipment 28 30
Amortization of intangible assets 24 26
Net other amortization and accretion 9 (15)
Net (increase) decrease in trading securities 860 1,343
Net (increase) decrease in derivatives (298) 558
Stock-based compensation expense 8 32
Securities (gains) losses, net (1) (6)
(Gain) loss on BOLI (3) (3)
Net (gains) losses on sale/disposal of fixed assets 0 (1)
Loans held for sale:    
Purchases and originations (1,286) (2,467)
Gross proceeds from settlements and sales 527 1,594
(Gain) loss due to fair value adjustments and other 16 42
Other operating activities, net (334) (136)
Total adjustments (349) 1,144
Net cash provided by operating activities 236 1,518
Investing Activities    
Proceeds from maturities of securities available for sale 451 760
Purchases of securities available for sale (221) (1,863)
Proceeds from prepayments of securities held to maturity 24 25
Proceeds from sales of premises and equipment 0 15
Purchases of premises and equipment (14) (19)
Proceeds from BOLI 5 6
Net (increase) decrease in loans and leases (3,215) (1,640)
Net (increase) decrease in interest-bearing deposits with banks (3,139) 5,432
Other investing activities, net 3 4
Net cash (used in) provided by investing activities (6,106) 2,720
Common stock:    
Stock options exercised 5 26
Cash dividends paid (167) (162)
Repurchase of shares (10) (10)
Preferred stock:    
Preferred stock issuance 0 494
Cash dividends paid - preferred stock - noncontrolling interest (8) (6)
Cash dividends paid - preferred stock (16) (16)
Net increase (decrease) in deposits 1,944 (4,345)
Net increase (decrease) in short-term borrowings 4,440 (171)
Repayment of term borrowing (450) 0
Increases (decreases) in restricted and secured term borrowings 8 9
Net cash provided by (used in) financing activities 5,746 (4,181)
Net increase (decrease) in cash and cash equivalents (124) 57
Cash and cash equivalents at beginning of period 1,543 1,788
Cash and cash equivalents at end of period 1,419 1,845
Supplemental Disclosures    
Total interest paid 530 71
Total taxes paid 37 10
Total taxes refunded 2 2
Transfer from loans to OREO 3 0
Transfer from loans HFS to trading securities 544 1,133
Preferred stock conversion to common stock $ 493 $ 0