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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income $ 1,108 $ 1,419
Adjustments to reconcile net income to net change due to operating activities:    
Provision (benefit) for credit losses 525 516
Net change in loans held for sale, at fair value 62 25
Depreciation, amortization and accretion 374 352
Deferred income tax expense (benefit) (50) (61)
Share-based compensation 76 73
Net gain on sale of assets (14) (19)
Net (increase) decrease in other assets (14) (732)
Net increase (decrease) in other liabilities (549) 718
Net change due to operating activities 1,518 2,291
Investment securities:    
Purchases of debt securities available for sale (6,497) (5,576)
Proceeds from maturities and paydowns of debt securities available for sale 2,112 1,481
Proceeds from sales of debt securities available for sale 2,080 2,429
Proceeds from maturities and paydowns of debt securities held to maturity 501 597
Net (increase) decrease in interest-bearing deposits in banks (243) (21)
Purchases of loans (517) 0
Sales of loans 186 2,628
Net (increase) decrease in loans and leases 3,860 3,790
Capital expenditures, net (74) (124)
Other (29) (181)
Net change due to investing activities 1,379 5,023
FINANCING ACTIVITIES    
Net increase (decrease) in deposits (2,154) (2,527)
Net increase (decrease) in short-term borrowed funds (490) 229
Proceeds from issuance of long-term borrowed funds 13,185 21,233
Repayments of long-term borrowed funds (12,741) (19,766)
Treasury stock purchased (825) (906)
Net proceeds from issuance of preferred stock 391 0
Redemption of preferred stock (300) 0
Dividends paid to common stockholders (581) (609)
Dividends paid to preferred stockholders (96) (89)
Other 1 (26)
Net change due to financing activities (3,610) (2,461)
Net change in cash and cash equivalents [1] (713) 4,853
Cash and cash equivalents at beginning of period [1] 11,628 10,547
Cash and cash equivalents at end of period [1] 10,915 15,400
Non-cash items:    
Transfer of loans from loans held for investment to loans held for sale 249 2,582
Loans securitized and transferred to AFS securities $ 181 $ 68
[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.