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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net income $ 334 $ 511
Adjustments to reconcile net income to net change due to operating activities:    
Provision (benefit) for credit losses 171 168
Net change in loans held for sale, at fair value 171 (81)
Depreciation, amortization and accretion 102 118
Deferred income tax expense (benefit) 0 (63)
Share-based compensation 34 33
Net gain on sale of assets (5) (5)
Net (increase) decrease in other assets (47) (372)
Net increase (decrease) in other liabilities (206) 845
Net change due to operating activities 554 1,154
Investment securities:    
Purchases of debt securities available for sale (3,057) (1,223)
Proceeds from maturities and paydowns of debt securities available for sale 593 423
Proceeds from sales of debt securities available for sale 692 1,395
Proceeds from maturities and paydowns of debt securities held to maturity 150 182
Net (increase) decrease in interest-bearing deposits in banks 13 (17)
Purchases of loans (345) 0
Sales of loans 107 315
Net (increase) decrease in loans and leases 2,873 696
Capital expenditures, net (10) (52)
Other 23 (227)
Net change due to investing activities 1,039 1,492
FINANCING ACTIVITIES    
Net increase (decrease) in deposits (914) (8,530)
Net increase (decrease) in short-term borrowed funds (496) 1,015
Proceeds from issuance of long-term borrowed funds 5,765 5,710
Repayments of long-term borrowed funds (5,437) (2,752)
Treasury stock purchased (300) (400)
Dividends paid to common stockholders (197) (205)
Dividends paid to preferred stockholders (31) (33)
Other (12) (24)
Net change due to financing activities (1,622) (5,219)
Net change in cash and cash equivalents [1] (29) (2,573)
Cash and cash equivalents at beginning of period [1] 11,628 10,547
Cash and cash equivalents at end of period [1] 11,599 7,974
Non-cash items:    
Transfer of loans from loans held for investment to loans held for sale $ 107 $ 0
[1] 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.