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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
OPERATING ACTIVITIES    
Net income $ 784 $ 1,259
Adjustments to reconcile net income to net change in cash due to operating activities:    
Provision (benefit) for credit losses 219 (353)
Net change in loans held for sale 1,220 322
Depreciation, amortization and accretion 327 317
Deferred income taxes 78 199
Share-based compensation 52 35
Net gain on sales of assets (5) (7)
Net (increase) decrease in other assets (3,345) (2,129)
Net increase (decrease) in other liabilities 348 247
Net change due to operating activities (322) (110)
Investment securities:    
Purchases of debt securities available for sale (8,638) (6,413)
Proceeds from maturities and paydowns of debt securities available for sale 2,164 4,321
Proceeds from sales of debt securities available for sale 1,057 104
Proceeds from maturities and paydowns of debt securities held to maturity 502 530
Net (increase) decrease in interest-bearing deposits in banks (153) (95)
Acquisitions, net of cash acquired [1] (234) 0
Purchases of loans (979) (1,005)
Sales of loans 417 563
Net (increase) decrease in loans and leases (6,615) 939
Capital expenditures, net (56) (32)
Purchase of bank-owned life insurance (100) (500)
Other (727) (115)
Net change due to investing activities (13,362) (1,703)
FINANCING ACTIVITIES    
Net increase (decrease) in deposits 4,347 3,472
Net increase (decrease) in short-term borrowed funds 3,674 (183)
Proceeds from issuance of long-term borrowed funds 5,217 0
Repayments of long-term borrowed funds (1,756) (1,357)
Treasury stock purchased (2) (95)
Net proceeds from issuance of preferred stock 0 296
Dividends declared and paid to common stockholders (360) (335)
Dividends declared and paid to preferred stockholders (56) (55)
Premium paid to exchange debt 0 (1)
Payments of employee tax withholding for share-based compensation (24) (21)
Net change due to financing activities 11,040 1,721
Net change in cash and cash equivalents [2] (2,644) (92)
Cash and cash equivalents at beginning of period [2] 9,158 12,733
Cash and cash equivalents at end of period [2] 6,514 12,641
Non-cash items:    
Transfer of securities from available for sale to held to maturity 7,810 0
Investors Acquisition:    
Fair value of assets acquired, excluding cash and cash equivalents 27,171 0
Goodwill and other intangible assets 918 0
Fair value of liabilities assumed 24,966 0
Common stock issued 3,035 0
Replacement equity awards $ 19 $ 0
[1] Includes cash paid of $355 million to acquire Investors less $287 million in cash acquired, and $143 million and $23 million of cash paid for the HSBC transaction and acquisition of DH Capital, respectively, for the six months ended June 30, 2022. See Note 2 for more detailed information regarding these acquisitions.
[2] Cash and cash equivalents include cash and due from banks and interest-bearing cash and due from banks as reflected on the Consolidated Balance Sheets.