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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities      
Net income $ 857 $ 452 $ 557
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Provision for credit losses 503 45 8
Deferred income tax expense (benefit) (18) 14 104
Depreciation and amortization of premises and equipment 52 44 47
Amortization of intangible assets 40 25 26
Net other amortization and accretion (30) (3) (14)
Net (increase) decrease in derivatives (223) (134) 42
Purchase accounting gain (533) 0 0
Stock-based compensation expense 32 22 23
Securities (gains) losses, net 6 0 (213)
Net (gains) losses on sale/disposal of fixed assets 8 22 (1)
(Gain) loss on BOLI (5) (5) (4)
Loans held for sale:      
Purchases and originations (4,710) (2,075) (2,345)
Gross proceeds from settlements and sales 2,907 818 919
(Gain) loss due to fair value adjustments and other (81) (7) 20
Other operating activities, net 1,367 1,612 1,065
Total adjustments (685) 378 (323)
Net cash provided by (used in) operating activities 172 830 234
Investing Activities      
Proceeds from sales of securities available for sale 629 192 21
Proceeds from maturities of securities available for sale 4,099 800 676
Purchases of securities available for sale (4,740) (630) (473)
Proceeds from sales of premises and equipment 12 20 30
Purchases of premises and equipment (58) (49) (48)
Proceeds from sales and pay down of loans classified as held to maturity 0 20 50
Proceeds from BOLI 12 14 13
Net (increase) decrease in loans and leases (819) (3,570) 105
Net (increase) decrease in interest-bearing deposits with banks (6,187) 795 (92)
Cash (paid) received for acquisitions, net 2,071 0 (46)
Other investing activities, net 14 18 244
Net cash provided by (used in) investing activities (4,967) (2,390) 480
Common stock:      
Stock options exercised 7 9 5
Cash dividends paid (222) (171) (139)
Repurchase of shares (a) [1] (4) (134) (105)
Cancellation of common shares (7) 0 0
Preferred stock issuance 144 0 0
Cash dividends paid - preferred stock - noncontrolling interest (12) (11) (12)
Cash dividends paid - preferred stock (17) (6) (6)
Net increase (decrease) in deposits 7,143 (253) 2,093
Net increase (decrease) in short-term borrowings (1,529) 2,384 (2,549)
Proceeds from issuance of term borrowings 1,249 0 0
Payments/maturities on term borrowings (1,570) (406) (69)
Increases (decreases) in restricted and secured term borrowings (6) 10 21
Net cash provided by (used in) financing activities 5,176 1,422 (761)
Net increase (decrease) in cash and cash equivalents 381 (138) (47)
Cash and cash equivalents at beginning of period 1,267 1,405 1,452
Cash and cash equivalents at end of period 1,648 1,267 1,405
Supplemental Disclosures      
Total interest paid 261 411 308
Total taxes paid 105 71 43
Total taxes refunded 36 28 48
Transfer from loans to OREO 2 9 12
Transfer from loans HFS to trading securities 1,742 1,321 1,389
Transfer from loans to loans HFS $ 9 $ 31 $ 0
[1] 2019 and 2018 include $130 million and $99 million, respectively, repurchased under share repurchase programs.