XML 18 R8.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (327) $ 2,006
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Provision for credit losses 315 170
Amortization of intangibles 35 17
Depreciation 11 8
Amortization of discounts and premiums, net 49 (36)
Net gain on sales of loans (20) (20)
Gain on business acquisition 121 (2,001)
Goodwill Impairment 0 0
Stock-based compensation 6 9
Deferred tax expense (75) 11
Changes in operating assets and liabilities:    
(Increase) decrease in other assets (31) 112
(Decrease) increase in other liabilities (476) 2,697
Purchases of securities held for trading 0 (10)
Proceeds from sales of securities held for trading 0 10
Change in loans held for sale, net 98 62
Net cash (used in) provided by operating activities (294) 3,035
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from repayment of securities available for sale 627 664
Proceeds from sales of securities available for sale 123 1,233
Purchase of securities available for sale (812) (443)
Redemption of Federal Home Loan Bank stock 5 744
Purchases of Federal Home Loan Bank and Federal Reserve Bank stock (163) (833)
Proceeds from bank-owned life insurance, net 6 9
Net proceeds from sales of MSR's 61 0
Other changes in loans, net 2,151 (1,301)
Purchases of premises and equipment, net (38) (11)
Cash acquired in business acquisition 0 25,043
Net cash provided by investing activities 1,960 25,105
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net decrease in deposits (6,672) (7,496)
Net increase in short-term borrowed funds 2,959 2,400
Proceeds from long-term borrowed funds 10,800 0
Repayments of long-term borrowed funds (8,301) (2,375)
Net receipt (disbursement) of payments of loans serviced for others 10 (189)
Cash dividends paid on common stock (8) (8)
Cash dividends paid on preferred stock (35) (116)
Treasury stock repurchased 0 (9)
Proceeds from common stock and warrants issued 413 0
Proceeds from preferred stock issued 595 0
Payments relating to treasury shares received for restricted stock award tax payments (8) 0
Net cash used in financing activities (247) (7,793)
Net increase in cash, cash equivalents and restricted cash [1] 1,419 20,347
Beginning cash, cash equivalents and restricted cash [1] 11,609 2,082
Ending cash, cash equivalents and restricted cash [1] 13,028 22,429
Supplemental information:    
Cash paid for interest 777 489
Cash paid for income taxes 9 13
Non-cash investing and financing activities:    
Transfers to repossessed assets from loans 4 1
Securitization of loans to mortgage-backed securities available for sale 123 0
Transfer of loans from held for investment to held for sale 1,072 0
Business Combination:    
Fair value of tangible assets acquired 0 38,172
Intangible assets 0 464
Liabilities assumed 0 36,550
Issuance of FDIC Equity appreciation instrument 0 85
Restricted stock units    
Non-cash investing and financing activities:    
Shares issued for restricted stock awards $ 1 $ 27
[1] For further information on restricted cash, see Note 14 - Derivative and Hedging Activities