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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income (loss) $ 83 $ 902
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Provision for credit losses 296 387
Depreciation, amortization, and accretion, net 68 121
Increase in cash surrender value of corporate-owned life insurance (86) (80)
Stock-based compensation expense 76 90
Deferred income taxes (benefit) (138) (36)
Proceeds from sales of loans held for sale 5,099 6,728
Originations of loans held for sale, net of repayments (5,711) (6,556)
Net losses (gains) on sales of loans held for sale (84) (99)
Net losses (gains) on leased equipment (8) (6)
Net securities and other investments losses (gains) 948 7
Net losses (gains) on sales of fixed assets (4) 11
Net change in:    
Trading account assets (262) (496)
Accrued income and other assets 224 325
Accrued expense and other liabilities (780) 361
Other operating activities, net (784) 207
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (1,063) 1,866
INVESTING ACTIVITIES    
Net decrease (increase) in short-term investments, excluding acquisitions (11,979) (5,439)
Purchases of securities available for sale (12,562) (1,178)
Proceeds from sales of securities available for sale 15,898 1,400
Proceeds from prepayments and maturities of securities available for sale 1,758 2,351
Proceeds from prepayments and maturities of held-to-maturity securities 881 1,046
Purchases of held-to-maturity securities 0 (1,179)
Net decrease (increase) in other investments 130 (55)
Net decrease (increase) in loans, excluding acquisitions, sales and transfers 6,962 3,788
Proceeds from sales of portfolio loans 156 117
Proceeds from corporate-owned life insurance 90 68
Purchases of premises, equipment, and software (42) (99)
Proceeds from sales of premises and equipment 12 5
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 1,304 825
FINANCING ACTIVITIES    
Net increase (decrease) in deposits 4,766 1,696
Net increase (decrease) in short-term borrowings (688) (5,950)
Net proceeds from issuance of long-term debt 1,565 5,240
Payments on long-term debt (5,649) (2,952)
Repurchases of long-term debt 0 (92)
Open market Common Share repurchases 0 (38)
Employee equity compensation program Common Share repurchases (27) (34)
Net proceeds from reissuance of Common Shares 5 1
Net proceeds from Scotiabank investment 811 0
Cash dividends paid (689) (683)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 94 (2,812)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS 335 (121)
CASH AND DUE FROM BANKS AT BEGINNING OF PERIOD 941 887
CASH AND DUE FROM BANKS AT END OF PERIOD 1,276 766
Additional disclosures relative to cash flows:    
Interest paid 3,112 2,137
Income taxes paid (refunded) 69 155
Noncash items:    
Reduction of secured borrowing and related collateral 3 5
Loans transferred to portfolio from held for sale 123 177
Loans transferred to held for sale from portfolio 3 19
Loans transferred to OREO 4 7
ABS risk retentions $ 6 $ 7