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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities    
Net income $ 727 $ 642
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for credit losses 210 50
Deferred income tax expense (benefit) 23 167
Depreciation and amortization of premises and equipment 41 45
Amortization of intangible assets 36 39
Net other amortization and accretion 14 (3)
Net (increase) decrease in trading securities 1,063 1,728
Net (increase) decrease in derivatives (289) 822
Stock-based compensation expense 21 53
Securities (gains) losses, net (1) (18)
Loans held for sale:    
Purchases and originations (1,834) (3,184)
Gross proceeds from settlements and sales 860 2,050
(Gain) loss due to fair value adjustments and other 32 78
Other operating activities, net 31 (183)
Total adjustments 207 1,644
Net cash provided by operating activities 934 2,286
Investing Activities    
Proceeds from maturities of securities available for sale 678 1,080
Purchases of securities available for sale (228) (2,457)
Purchases of securities held to maturity 0 (712)
Proceeds from prepayments of securities held to maturity 40 40
Proceeds from sales of premises and equipment 1 17
Purchases of premises and equipment (23) (22)
Net (increase) decrease in loans and leases (3,784) (2,471)
Net (increase) decrease in interest-bearing deposits with banks (533) 11,666
Other investing activities, net 16 14
Net cash (used in) provided by investing activities (3,833) 7,155
Common stock:    
Stock options exercised 5 30
Cash dividends paid (251) (243)
Repurchase of shares (10) (12)
Preferred stock:    
Preferred stock issuance 0 494
Cash dividends paid - preferred stock - noncontrolling interest (12) (9)
Cash dividends paid - preferred stock (24) (24)
Net increase (decrease) in deposits 3,526 (8,880)
Net increase (decrease) in short-term borrowings 1 (707)
Repayment of term borrowing (450) 0
Increases (decreases) in restricted and secured term borrowings 9 5
Net cash provided by (used in) financing activities 2,794 (9,346)
Net increase (decrease) in cash and cash equivalents (105) 95
Cash and cash equivalents at beginning of period 1,543 1,788
Cash and cash equivalents at end of period 1,438 1,883
Supplemental Disclosures    
Total interest paid 961 127
Total taxes paid 122 11
Total taxes refunded 15 4
Transfer from loans to OREO 3 3
Transfer from loans HFS to trading securities 919 1,548
Preferred stock conversion to common stock $ 493 $ 0