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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net income $ 255 $ 198
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for credit losses 50 (40)
Deferred income tax expense (benefit) 6 38
Depreciation and amortization of premises and equipment 14 15
Amortization of intangible assets 12 13
Net other amortization and accretion 4 (10)
Net (increase) decrease in trading securities 375 514
Net (increase) decrease in derivatives (266) 395
Stock-based compensation expense 22 14
Securities (gains) losses, net 0 (6)
Loans held for sale:    
Purchases and originations (477) (1,511)
Gross proceeds from settlements and sales 293 920
(Gain) loss due to fair value adjustments and other 2 13
Other operating activities, net (359) 141
Total adjustments (324) 496
Net cash provided by (used in) operating activities (69) 694
Investing Activities    
Proceeds from maturities of securities available for sale 244 408
Purchases of securities available for sale (221) (1,492)
Proceeds from prepayments of securities held to maturity 10 11
Proceeds from sales of premises and equipment 0 4
Purchases of premises and equipment (5) (10)
Net (increase) decrease in loans and leases (949) (134)
Net (increase) decrease in interest-bearing deposits with banks (1,103) 1,359
Other investing activities, net 2 8
Net cash provided by (used in) investing activities (2,022) 154
Common stock:    
Stock options exercised 5 15
Cash dividends paid (83) (82)
Repurchase of shares (4) (2)
Preferred stock:    
Preferred stock issuance 0 494
Cash dividends paid - preferred stock - noncontrolling interest (4) (3)
Cash dividends paid - preferred stock (8) (8)
Net increase (decrease) in deposits (2,049) (781)
Net increase (decrease) in short-term borrowings 3,979 (405)
Increases (decreases) in term borrowings 8 1
Net cash provided by (used in) financing activities 1,844 (771)
Net increase (decrease) in cash and cash equivalents (247) 77
Cash and cash equivalents at beginning of period 1,543 1,788
Cash and cash equivalents at end of period 1,296 1,865
Supplemental Disclosures    
Total interest paid 200 19
Total taxes paid 3 2
Total taxes refunded 2 1
Transfer from loans to OREO 2 0
Transfer from loans HFS to trading securities $ 122 $ 736