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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES      
Net income $ 2,073 $ 2,319 $ 1,057
Adjustments to reconcile net income to net change in cash due to operating activities:      
Provision (benefit) for credit losses 474 (411) 1,616
Net change in loans held for sale 1,733 1,085 32
Depreciation, amortization and accretion 565 625 578
Deferred income taxes 57 (429) (238)
Share-based compensation 84 59 48
Net gain on sale of assets (9) (11) (4)
Net (increase) decrease in other assets (1,894) (1,719) (3,979)
Net increase (decrease) in other liabilities 1,036 757 1,001
Net change due to operating activities 4,119 2,275 111
Investment securities:      
Purchases of debt securities available for sale (10,776) (12,406) (9,271)
Proceeds from maturities and paydowns of debt securities available for sale 3,422 7,810 6,943
Proceeds from sales of debt securities available for sale 1,178 790 585
Proceeds from maturities and paydowns of debt securities held to maturity 1,035 1,006 897
Net (increase) decrease in interest-bearing deposits in banks 13 (10) (9)
Acquisitions, net of cash acquired [1] (255) (165) (3)
Purchases of loans (1,007) (3,778) (3,315)
Sales of loans 2,677 934 3,014
Net (increase) decrease in loans and leases (7,927) (3,177) (4,794)
Capital expenditures, net (126) (124) (118)
Purchases of bank-owned life insurance (100) (1,050) 0
Other (771) (316) (65)
Net change due to investing activities (12,637) (10,486) (6,136)
FINANCING ACTIVITIES      
Net increase (decrease) in deposits 6,146 7,197 21,851
Net increase (decrease) in short-term borrowed funds (95) (154) (39)
Proceeds from issuance of long-term borrowed funds 24,617 0 8,323
Repayments of long-term borrowed funds (19,691) (1,352) (14,022)
Treasury stock purchased (153) (295) (270)
Net proceeds from issuance of preferred stock 0 296 395
Redemption of preferred stock 0 (250) 0
Dividends declared and paid to common stockholders (779) (670) (672)
Dividends declared and paid to preferred stockholders (113) (113) (98)
Premium paid to exchange debt 0 (1) (80)
Payments of employee tax withholding for share-based compensation (25) (22) (16)
Net change due to financing activities 9,907 4,636 15,372
Net change in cash and cash equivalents [2] 1,389 (3,575) 9,347
Cash and cash equivalents at beginning of period [2] 9,158 12,733 3,386
Cash and cash equivalents at end of period [2] 10,547 9,158 12,733
Supplemental disclosures:      
Interest paid 989 347 837
Income taxes paid 183 1,247 261
Non-cash items:      
Transfer of securities from available for sale to held to maturity 8,563 0 813
Loans securitized and transferred to securities available for sale 143 260 956
Loans securitized and transferred to securities held to maturity 0 0 111
Stock issued for share-based compensation plans 77 43 30
Stock issued for Employee Stock Purchase Plan 24 22 19
Investors Acquisition:      
Fair value of assets acquired, excluding cash and cash equivalents 27,113 0 0
Goodwill and other intangible assets 992 0 0
Fair value of liabilities assumed 24,982 0 0
Common stock issued 3,036 0 0
Replacement equity awards $ 19 $ 0 $ 0
[1] Primarily 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 year ended December 31, 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