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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES    
Net income $ 271 $ 147
Adjustments to reconcile net income to cash provided by operating activities:    
Provision (benefit) for credit losses 464 (11)
Deferred tax (benefit) expense (61) 9
Depreciation, amortization, and accretion, net 126 34
Stock based compensation expense 12 0
Realized gains on investment securities available for sale, net 0 (9)
Marketable equity securities gains, net (3) (16)
Net gain on sales of loans (8) (9)
Gain on sales of premises and equipment (1) 0
Net gains on other real estate owned (2) (1)
Gain on acquisition (431) 0
Gain on extinguishment of debt (6) 0
Net change in assets held for sale (183) (15)
Net change in other assets 365 42
Net change in other liabilities 66 (38)
Other operating activities (209) (7)
Net cash provided by operating activities 400 126
CASH FLOWS FROM INVESTING ACTIVITIES    
Net change in loans (295) (404)
Purchases of investment securities available for sale (810) (1,738)
Purchases of investment securities held to maturity 0 (207)
Proceeds from maturities of investment securities available for sale 330 1,079
Proceeds from maturities of investment securities held to maturity 283 206
Proceeds from sales of investment securities available for sale 0 352
Proceeds from sales of marketable equity securities 0 1
Net decrease (increase) in interest earning deposits at banks 2,705 (3,241)
Net change in securities purchased under resale agreements 0 0
Proceeds from sales of other real estate owned 11 10
Proceeds from sales of loans 260 0
Proceeds from sales of premises and equipment 19 1
Purchases of premises and equipment (241) (25)
Acquisition, net of cash acquired 134 0
Other investing activities (14) (24)
Net cash (used in) provided by investing activities 2,382 (3,990)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in time deposits (833) (159)
Net change in demand and other interest-bearing deposits 1,275 4,059
Net increase in short-term borrowings 27 39
Repayment of long-term borrowings 3,031 18
Proceeds from issuance of long-term borrowings 1 0
Cash dividends paid (14) (9)
Other financing activities (22) 0
Net cash (used in) provided by financing activities (2,597) 3,912
Change in cash and due from banks 185 48
Cash and due from banks at beginning of period 338 362
Cash and due from banks at end of period 523 410
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest 122 20
Income taxes (1) 0
Significant non-cash investing and financing activities:    
Transfers of loans to other real estate 1 2
Transfers of premises and equipment to other real estate 4 5
Dividends declared but not paid 1 5
Transfer of assets from held for investment to held for sale 22 44
Transfer of assets from held for sale to held for investment 1 0
Loans held for sale exchanged for investment securities 38 64
Commitments extended during the period on affordable housing investment credits 0 4
Common Stock | Issued for Acquisition    
Issuance of stock 5,279 0
Common Stock | Issued for Stock Based Compensation    
Issuance of stock 71 0
Preferred Stock | Issued for Acquisition    
Issuance of stock $ 541 $ 0