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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating Activities    
Net income $ 546 $ 73
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for credit losses (160) 275
Deferred income tax expense (benefit) 23 (39)
Depreciation and amortization of premises and equipment 31 21
Amortization of intangible assets 28 11
Net other amortization and accretion (32) 8
Net (increase) decrease in derivatives 253 (369)
Stock-based compensation expense 21 10
Securities (gains) losses, net (11) 1
Net (gains) losses on sale/disposal of fixed assets 33 2
(Gain) loss on BOLI (2) (4)
Loans held for sale:    
Purchases and originations (2,804) (1,097)
Gross proceeds from settlements and sales 2,050 323
(Gain) loss due to fair value adjustments and other (69) 7
Other operating activities, net 1,108 275
Total adjustments 469 (576)
Net cash provided by (used in) operating activities 1,015 (503)
Investing Activities    
Proceeds from sales of securities available for sale 33 9
Proceeds from maturities of securities available for sale 1,175 572
Purchases of securities available for sale (1,647) (1,498)
Proceeds from sales of premises and equipment 4 2
Purchases of premises and equipment (26) (21)
Proceeds from BOLI 6 8
Net (increase) decrease in loans and leases 1,601 (1,649)
Net increase in interest-bearing deposits with banks (5,100) (2,653)
Other investing activities, net 8 4
Net cash used in investing activities (3,946) (5,226)
Common stock:    
Stock options exercised 25 4
Cash dividends paid (167) (92)
Repurchase of shares (126) (4)
Cancellation of common shares 0 (2)
Preferred stock issuance 145 145
Cash dividends paid - preferred stock - noncontrolling interest (6) (6)
Cash dividends paid - preferred stock (16) (3)
Net increase in deposits 3,304 5,330
Net increase (decrease) in short-term borrowings 48 (1,126)
Proceeds from issuance of term borrowings 0 1,242
Increases (decreases) in restricted and secured term borrowings 1 (6)
Net cash provided by financing activities 3,208 5,482
Net increase (decrease) in cash and cash equivalents 277 (247)
Cash and cash equivalents at beginning of period 1,648 1,267
Cash and cash equivalents at end of period 1,925 1,020
Supplemental Disclosures    
Total interest paid 98 125
Total taxes paid 173 6
Total taxes refunded 4 1
Transfer from loans to OREO 2 2
Transfer from loans HFS to trading securities 871 604
Transfer from loans to loans HFS $ (31) $ 0