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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES    
Net income $ 601 $ 1,341
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 1,492 283
Net change in loans held for sale (655) (697)
Depreciation, amortization and accretion 413 432
Amortization of intangibles 6 8
Deferred income taxes (251) (41)
Share-based compensation 34 44
Net gain on sales of:    
Debt securities (4) (21)
Premises and equipment 0 (6)
Increase in other assets (2,960) (506)
Increase in other liabilities 569 133
Net cash (used in) provided by operating activities (755) 970
Investment securities:    
Purchases of debt securities available for sale (5,547) (4,633)
Proceeds from maturities and paydowns of debt securities available for sale 4,583 2,728
Proceeds from sales of debt securities available for sale 48 1,495
Proceeds from maturities and paydowns of debt securities held to maturity 629 280
Net decrease in equity securities, at fair value 0 136
Net decrease in equity securities, at cost 202 100
Net increase in interest-bearing deposits in banks (31) (10)
Acquisitions, net of cash acquired (3) (129)
Net increase in loans and leases (5,303) (1,534)
Capital expenditures, net 1 (47)
Other (78) (172)
Net cash used in investing activities (5,499) (1,786)
FINANCING ACTIVITIES    
Net increase in deposits 17,608 5,139
Net decrease in short-term borrowed funds (43) (244)
Proceeds from issuance of long-term borrowed funds 8,323 7,300
Repayments of long-term borrowed funds (13,258) (10,556)
Treasury stock purchased (270) (820)
Net proceeds from issuance of preferred stock 395 293
Dividends declared and paid to common stockholders (504) (459)
Dividends declared and paid to preferred stockholders (73) (48)
Premium paid to exchange subordinated debt (80) 0
Payments of employee tax withholding for share-based compensation (14) (21)
Net cash provided by financing activities 12,084 584
(Decrease) increase in cash and cash equivalents [1] 5,830 (232)
Cash and cash equivalents at beginning of period [1] 3,386 4,074
Cash and cash equivalents at end of period [1] $ 9,216 $ 3,842
[1] Cash and cash equivalents includes cash and due from banks and interest-bearing cash and due from banks as reflected on the Consolidated Balance Sheets.