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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net income $ 1,608 $ 2,073 $ 2,319
Adjustments to reconcile net income to net change in cash due to operating activities:      
Provision (benefit) for credit losses 687 474 (411)
Net change in loans held for sale, at fair value 98 1,733 1,085
Depreciation, amortization and accretion 478 565 625
Deferred income tax expense (benefit) (242) 57 (429)
Share-based compensation 87 84 59
Net gain on sale of assets (28) (9) (11)
Net (increase) decrease in other assets 612 (1,894) (1,719)
Net increase (decrease) in other liabilities (339) 1,036 757
Net change due to operating activities 2,961 4,119 2,275
Investment securities:      
Purchases of debt securities available for sale (10,087) (10,776) (12,406)
Proceeds from maturities and paydowns of debt securities available for sale 2,001 3,422 7,810
Proceeds from sales of debt securities available for sale 2,941 1,178 790
Proceeds from maturities and paydowns of debt securities held to maturity 761 1,035 1,006
Net (increase) decrease in interest-bearing deposits in banks (102) 13 (10)
Acquisitions, net of cash acquired [1] 0 (255) (165)
Purchases of loans 0 (1,007) (3,778)
Sales of loans 2,793 2,677 934
Net (increase) decrease in loans and leases 7,174 (7,927) (3,177)
Capital expenditures, net (172) (126) (124)
Purchases of bank-owned life insurance 0 (100) (1,050)
Other (61) (771) (316)
Net change due to investing activities 5,248 (12,637) (10,486)
FINANCING ACTIVITIES      
Net increase (decrease) in deposits (3,382) 6,146 7,197
Net increase (decrease) in short-term borrowed funds 502 (95) (154)
Proceeds from issuance of long-term borrowed funds 25,983 24,617 0
Repayments of long-term borrowed funds (28,418) (19,691) (1,352)
Treasury stock purchased (906) (153) (295)
Net proceeds from issuance of preferred stock 0 0 296
Redemption of preferred stock 0 0 (250)
Dividends paid to common stockholders (808) (779) (670)
Dividends paid to preferred stockholders (120) (113) (113)
Premium paid to exchange debt 0 0 (1)
Other 21 (25) (22)
Net change due to financing activities (7,128) 9,907 4,636
Net change in cash and cash equivalents [2] 1,081 1,389 (3,575)
Cash and cash equivalents at beginning of period [2] 10,547 9,158 12,733
Cash and cash equivalents at end of period [2] 11,628 10,547 9,158
Supplemental disclosures:      
Interest paid 3,640 989 347
Income taxes paid 375 183 1,247
Non-cash items:      
Transfer of loans from portfolio to LHFS 2,617 0 0
Transfer of securities from AFS to HTM 0 8,563 0
Loans securitized and transferred to securities AFS 103 143 260
Investors Acquisition:      
Fair value of assets acquired, excluding cash and cash equivalents 0 27,113 0
Goodwill and other intangible assets 0 992 0
Fair value of liabilities assumed 0 24,982 0
Common stock issued 0 3,036 0
Replacement equity awards $ 0 $ 19 $ 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, LLC, respectively, for the year ended December 31, 2022.
[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