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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income $ 485 $ 439 $ 405
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities:      
Depreciation, amortization and accretion 78 73 10
Provision for credit losses 72 64 1
Deferred tax expense (benefit) (6) 11 15
Net securities losses 67 0 0
Loans originated for sale (1,114) (1,042) (2,034)
Loans sold 1,071 1,239 1,946
Net gain on sale of loans (5) (38) (53)
Net change in:      
Interest receivable (34) (42) 14
Interest payable 38 21 (3)
Bank owned life insurance, excluding purchases (7) (6) 3
Other, net (222) 499 226
Net cash flows provided by (used in) operating activities 423 1,218 530
Investing Activities      
Net change in loans and leases, excluding sales and transfers (2,442) (2,831) 558
Debt securities available for sale:      
Purchases (1,008) (880) (1,683)
Sales 581 459 0
Maturities/payments 517 735 1,634
Debt securities held to maturity:      
Purchases (190) (1,200) (1,448)
Maturities/payments 369 569 844
Increase in premises and equipment (88) (95) (58)
Net cash received in business acquisitions 0 188 0
Net cash flows provided by (used in) investing activities (2,261) (3,055) (153)
Financing Activities      
Demand (non-interest-bearing and interest-bearing) and savings accounts (2,662) (108) 3,406
Time deposits 2,600 366 (802)
Short-term borrowings 1,134 (179) (267)
Proceeds from issuance of long-term borrowings 1,230 381 25
Repayment of long-term borrowings (352) (231) (438)
Repurchases of common stock (36) (43) (43)
Cash dividends paid:      
Preferred stock (8) (8) (8)
Common stock (174) (171) (156)
Other, net 8 11 16
Net cash flows provided by (used in) financing activities 1,740 18 1,733
Net Increase (Decrease) in Cash and Cash Equivalents (98) (1,819) 2,110
Cash and cash equivalents at beginning of year 1,674 3,493 1,383
Cash and Cash Equivalents at End of Year $ 1,576 $ 1,674 $ 3,493