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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities    
Net income $ 434 $ 300
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities:    
Depreciation, amortization and accretion 61 54
Provision for credit losses 58 36
Deferred tax expense (benefit) 3 9
Loans originated for sale (839) (836)
Loans sold 821 1,011
Net (gain) loss on sale of loans (1) (29)
Net change in:    
Interest receivable (32) (19)
Interest payable 29 4
Bank owned life insurance, excluding purchases (7) (4)
Other, net (84) 515
Net cash flows provided by operating activities 443 1,041
Investing Activities    
Net change in loans and leases, excluding sales and transfers (1,917) (2,012)
Debt securities available for sale:    
Purchases (262) (919)
Sales 0 287
Maturities/payments 359 598
Debt securities held to maturity:    
Purchases (104) (845)
Maturities/payments 271 481
Increase in premises and equipment (71) (78)
Net cash received in business acquisition 0 75
Net cash flows used in investing activities (1,724) (2,413)
Financing Activities    
Demand (non-interest bearing and interest bearing) and savings accounts (2,335) 517
Time deposits 2,178 (180)
Short-term borrowings 694 (155)
Proceeds from issuance of long-term borrowings 1,226 367
Repayment of long-term borrowings (351) (223)
Repurchases of common stock (37) (43)
Cash dividends paid:    
Preferred stock (6) (6)
Common stock (130) (129)
Other, net 5 7
Net cash flows provided by financing activities 1,244 155
Net Decrease in Cash and Cash Equivalents (37) (1,217)
Cash and cash equivalents at beginning of period 1,674 3,493
Cash and Cash Equivalents at End of Period $ 1,637 $ 2,276