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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES    
Net income $ 841 $ 424
Adjustments to reconcile net income to cash provided by (used in) operating activities:    
Provision (benefit) for credit losses 566 (32)
Deferred tax expense 80 9
Depreciation, amortization, and accretion, net 399 102
Stock based compensation expense 17 0
Realized gain on sales of investment securities available for sale, net 0 (33)
Fair value adjustment on marketable equity securities, net 5 (31)
Gain on sale of loans, net (16) (27)
Gain on sale of operating lease equipment, net (10) 0
Loss on sale of premises and equipment, net 1 0
Gain on other real estate owned, net (13) (3)
Gain on acquisition (431) 0
Gain on extinguishment of debt (7) 0
Origination of loans held for sale (320) (861)
Proceeds from sale of loans held for sale 388 808
Net change in other assets 84 (747)
Net change in other liabilities 216 (11)
Other operating activities (29) (9)
Net cash provided by (used in) operating activities 1,771 (411)
CASH FLOWS FROM INVESTING ACTIVITIES    
Net decrease (increase) in interest-earning deposits at banks 5,817 (5,528)
Purchases of marketable equity securities 0 (2)
Proceeds from sales of investments in marketable equity securities 0 1
Purchases of investment securities available for sale (1,813) (3,621)
Proceeds from maturities of investment securities available for sale 927 1,968
Proceeds from sales of investment securities available for sale 0 1,367
Purchases of investment securities held to maturity 0 (1,199)
Proceeds from maturities of investment securities held to maturity 699 606
Net change in loans (4,648) 275
Proceeds from sales of loans 173 0
Purchases of operating lease equipment (464) 0
Proceeds from sales of operating lease equipment 58 0
Purchases of premises and equipment (81) (72)
Proceeds from sales of premises and equipment 13 1
Proceeds from sales of other real estate owned 38 30
Acquisition, net of cash acquired 134 0
Other investing activities (67) (35)
Net cash provided by (used in) investing activities 786 (6,209)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in time deposits (1,741) (314)
Net change in demand and other interest-bearing deposits (1,831) 6,949
Net change in securities sold under customer repurchase agreements (11) 22
Repayment of short-term borrowings (450) 0
Proceeds from issuance of short-term borrowings 3,000 0
Repayment of long-term borrowings (3,740) (29)
Proceeds from issuance of long-term borrowings 3,253 0
Repurchase of Class A common stock (792) 0
Cash dividends paid (58) (32)
Other financing activities (44) 0
Net cash (used in) provided by financing activities (2,414) 6,596
Change in cash and due from banks 143 (24)
Cash and due from banks at beginning of period 338 362
Cash and due from banks at end of period 481 338
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest 315 49
Income taxes (12) 871
Significant non-cash investing and financing activities:    
Transfers of loans to other real estate 13 8
Transfers of premises and equipment to other real estate 18 9
Dividends declared but not paid 1 0
Transfer of assets from held for investment to held for sale 98 73
Transfer of assets from held for sale to held for investment 19 2
Loans held for sale exchanged for investment securities 38 177
Commitments extended during the period on affordable housing investment credits 55 15
Common Stock | Issued for Acquisition    
Issuance of stock 5,279 0
Common Stock | Issued for Stock Based Compensation    
Issuance of stock 81 0
Preferred Stock | Issued for Acquisition    
Issuance of stock $ 541 $ 0