v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Jun. 30, 2025
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income $ 192 $ 215 $ 152 $ 87
Adjustments to reconcile net income to net cash provided by operating activities:        
Provision for credit losses 28     27
Change in cash surrender value of bank-owned life insurance (11)     (5)
Depreciation, amortization and accretion, net 21     21
Gain on sale of premises and equipment (1)     (3)
Additions to residential mortgage servicing rights carried at fair value (3)     (1)
Change in fair value of residential mortgage servicing rights carried at fair value (3)     4
Stock-based compensation 10     11
Net change in fair value of equity and other investments (11)     (12)
Gain on investment securities, net 0     (2)
Gain on sale of loans and leases, net (5)     (3)
Change in fair value of loans held for sale (15)     (1)
Origination of loans held for sale (171)     (136)
Proceeds from sales of loans held for sale 429     144
Change in other assets and liabilities:        
Net decrease in other assets 105     65
Net decrease in other liabilities (71)     (74)
Net cash provided by operating activities 494     122
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchases of investment securities available for sale (208)     0
Proceeds from investment securities available for sale 352     190
Purchases of restricted equity securities (81)     (27)
Redemption of restricted equity securities 72     52
Net change in loans and leases (142)     34
Proceeds from sales of loans and leases 128     4
Purchases of premises and equipment, net of proceeds from sales (17)     0
Proceeds from bank-owned life insurance death benefits 7     0
Purchase of bank-owned life insurance 0     (3)
Other 1     0
Net cash provided by investing activities 112     250
CASH FLOWS FROM FINANCING ACTIVITIES:        
Net (decrease) increase in deposit liabilities (722)     497
Net decrease in securities sold under agreements to repurchase (45)     (44)
Proceeds from borrowings 3,400     2,050
Repayment of borrowings (3,200)     (2,600)
Net proceeds from issuance of common stock under ESPP 2     1
Dividends paid on common stock (107)     (75)
Repurchase and retirement of common stock (215)     (7)
Net cash used in financing activities (887)     (178)
Net (decrease) increase in cash and cash equivalents (281)     194
Cash and cash equivalents, beginning of period 2,380   $ 2,072 1,878
Cash and cash equivalents, end of period 2,099 $ 2,380   2,072
Cash paid during the period for:        
Interest 227     221
Income taxes 2     1
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:        
Changes in unrealized gains and losses on investment securities available for sale, net of taxes (61)     96
Changes in unrealized gains and losses on junior subordinated debentures carried at fair value, net of taxes 3     8
Transfer of loans held for sale to loans held for investment $ 19     $ 3