Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities      
Net income $ 1,393 $ 1,186 $ 712
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Provision for credit losses 235 201 191
Depreciation and amortization 493 413 380
Share-based compensation expense 78 92 66
Deferred income tax expense 63 168 165
Net (losses) gains on sales of securities (21) 0 2
Impairment losses recognized in earnings on available-for-sale securities 0 4 2
Net change in:      
Trading account securities (11) 47 (96)
Loans held for sale (301) 12 (123)
Other assets (235) (420) (96)
Other liabilities 22 233 4
Other, net (32) 18 12
Net cash provided by (used in) operating activities 1,726 1,954 1,215
Investing activities      
Change in interest bearing deposits in banks 90 39 26
Cash paid for acquisition of a business, net of cash received (15) 0 (133)
Proceeds from:      
Maturities and calls of available-for-sale securities 2,109 1,994 2,346
Maturities and calls of held-to-maturity securities 743 1,054 1,212
Sales of available-for-sale securities 1,419 2,490 6,154
Maturities, calls, and sales of other securities 42 (48) (233)
Purchases of available-for-sale securities (2,485) (5,429) (10,905)
Purchases of held-to-maturity securities (338) (1,356) 0
Purchases of other securities (7) 11 17
Net proceeds from sales of portfolio loans 697 603 2,981
Net loan and lease activity, excluding sales and purchases (5,333) (3,680) (3,951)
Purchases of premises and equipment (110) (194) (120)
Purchases of loans and leases (542) (405) (411)
Net cash paid for branch divestiture 0 0 480
Other, net 67 55 52
Net cash provided by (used in) investing activities (3,663) (4,866) (3,445)
Financing activities      
Increase (decrease) in deposits 7,733 1,433 (292)
Increase (decrease) in short-term borrowings (3,025) 1,371 1,900
Net proceeds from issuance of long-term debt 2,229 1,891 2,128
Maturity/redemption of long-term debt (2,798) (948) (1,275)
Dividends paid on preferred stock (70) (76) (54)
Dividends paid on common stock (514) (349) (245)
Repurchases of common stock (939) (260) 0
Net proceeds from issuance of preferred stock 495 0 585
Payments related to tax-withholding for share based compensation awards (27) (26) 0
Other, net 5 11 21
Net cash provided by (used for) financing activities 3,089 3,047 2,768
Increase (decrease) in cash and cash equivalents 1,152 135 538
Cash and cash equivalents at beginning of period 1,520 1,385 847
Cash and cash equivalents at end of period 2,672 1,520 1,385
Supplemental disclosures:      
Interest paid 742 409 241
Income taxes (refunded) paid (52) 84 5
Non-cash activities:      
Common stock issued to acquire FirstMerit 0 0 2,767
Preferred stock issued to acquire FirstMerit 0 0 104
Loans transferred to held-for-sale from portfolio 818 660 3,437
Loans transferred to portfolio from held-for-sale 51 12 482
Transfer of loans to OREO 20 29 79
Transfer of securities from held-to-maturity to available-for-sale 2,707 993 2,870
Transfer of securities from available-for-sale to held-to-maturity $ 2,833 $ 0 $ 0