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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net income $ 1,509 $ 1,608 $ 2,073
Adjustments to reconcile net income to net change due to operating activities:      
Provision (benefit) for credit losses 687 687 474
Net change in loans held for sale (24) 98 1,733
Depreciation, amortization and accretion 498 478 565
Deferred income tax expense (benefit) (177) (242) 57
Share-based compensation 97 87 84
Net gain on sale of assets (18) (28) (9)
Net (increase) decrease in other assets (261) 612 (1,894)
Net increase (decrease) in other liabilities (310) (339) 1,036
Net change due to operating activities 2,001 2,961 4,119
Investment securities:      
Purchases of debt securities available for sale (9,755) (10,087) (10,776)
Proceeds from maturities and paydowns of debt securities available for sale 3,304 2,001 3,422
Proceeds from sales of debt securities available for sale 3,619 2,941 1,178
Proceeds from maturities and paydowns of debt securities held to maturity 662 761 1,035
Net (increase) decrease in interest-bearing deposits in banks (230) (102) 13
Acquisitions, net of cash acquired [1] 0 0 (255)
Purchases of loans (655) 0 (1,007)
Sales of loans 207 2,793 2,677
Net (increase) decrease in loans and leases 6,050 7,174 (7,927)
Capital expenditures, net (122) (172) (126)
Purchases of bank-owned life insurance 0 0 (100)
Other (93) (61) (771)
Net change due to investing activities 2,987 5,248 (12,637)
FINANCING ACTIVITIES      
Net increase (decrease) in deposits (2,566) (3,382) 6,146
Net increase (decrease) in short-term borrowed funds (505) 502 (95)
Proceeds from issuance of long-term borrowed funds 13,185 25,983 24,617
Repayments of long-term borrowed funds (14,286) (28,418) (19,691)
Treasury stock purchased (1,050) (906) (153)
Net proceeds from issuance of preferred stock 392 0 0
Redemption of preferred stock (300) 0 0
Dividends paid to common stockholders (769) (808) (779)
Dividends paid to preferred stockholders (134) (120) (113)
Other 18 21 (25)
Net change due to financing activities (6,015) (7,128) 9,907
Net change in cash and cash equivalents [2] (1,027) 1,081 1,389
Cash and cash equivalents at beginning of period [2] 11,628 10,547 9,158
Cash and cash equivalents at end of period [2] 10,601 11,628 10,547
Supplemental disclosures:      
Interest paid 4,375 3,640 989
Income taxes paid 208 375 183
Non-cash items:      
Transfer of loans from loans held for investment to LHFS 299 2,617 0
Transfer of securities from AFS to HTM 0 0 8,563
Loans securitized and transferred to AFS securities 329 103 143
Investors Acquisition:      
Fair value of assets acquired, excluding cash and cash equivalents 0 0 27,113
Goodwill and other intangible assets 0 0 992
Fair value of liabilities assumed 0 0 24,982
Common stock issued 0 0 3,036
Replacement equity awards $ 0 $ 0 $ 19
[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