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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities    
Net income $ 162 $ 195
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities:    
Depreciation, amortization and accretion 35 2
Provision for credit losses 24 5
Deferred tax expense (benefit) 8 3
Loans originated for sale (613) (1,099)
Loans sold 774 1,107
Net gain on sale of loans (30) (32)
Net change in:    
Interest receivable (4) 6
Interest payable 1 (2)
Bank owned life insurance, excluding purchases (1) 1
Other, net 336 114
Net cash flows provided by (used in) operating activities 692 300
Investing Activities    
Net change in loans and leases, excluding sales and transfers (1,275) 381
Debt securities available for sale:    
Purchases (773) (854)
Sales 287 0
Maturities/payments 430 1,161
Debt securities held to maturity:    
Purchases (636) (725)
Maturities/payments 354 453
Increase in premises and equipment (50) (32)
Net cash received in business acquisition 75 0
Net cash flows provided by (used in) investing activities (1,588) 384
Financing Activities    
Demand (non-interest bearing and interest bearing) and savings accounts (40) 1,807
Time deposits (36) (461)
Short-term borrowings (160) (153)
Proceeds from issuance of long-term borrowings 11 12
Repayment of long-term borrowings (214) (218)
Repurchases of common stock (43) (36)
Cash dividends paid:    
Preferred stock (4) (4)
Common stock (86) (78)
Other, net 4 8
Net cash flows provided by (used in) financing activities (568) 877
Net Increase in Cash and Cash Equivalents (1,464) 1,561
Cash and cash equivalents at beginning of period 3,493 1,383
Cash and Cash Equivalents at End of Period $ 2,029 $ 2,944