v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 458.0 $ 436.9
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for credit losses 293.6 71.1
Depreciation and amortization 57.8 51.4
Stock-based compensation 22.1 26.5
Deferred income taxes (37.3) (46.9)
Amortization of net discounts for investment securities (8.3) (32.5)
Amortization of tax credit investments 32.1 34.1
Amortization of operating lease right of use asset 12.1 11.9
Amortization of net deferred loan fees and net purchase premiums (33.9) (38.7)
Purchases and originations of loans HFS (32,022.8) (26,746.0)
Proceeds from sales and payments on loans HFS and related securitization activities 30,965.5 25,009.0
Mortgage servicing rights capitalized upon sale of mortgage loans (588.8) (544.8)
Net losses (gains) on:    
Change in fair value of trading securities, loans HFS, mortgage servicing rights, and related derivatives 42.3 114.8
Fair value adjustments 3.6 4.6
Sale of investment securities (53.5) (13.5)
Other (32.6) 0.7
Other assets 67.1 (275.7)
Other liabilities (40.3) (74.6)
Net cash used in operating activities (863.3) (2,011.7)
Investment securities - AFS    
Purchases (9,021.8) (9,634.7)
Principal pay downs and maturities 1,667.6 3,567.6
Proceeds from sales 7,158.8 2,606.0
Investment securities - HTM    
Purchases (128.3) (51.2)
Principal pay downs and maturities 43.6 39.2
Equity securities carried at fair value    
Purchases (0.4) (0.4)
Redemptions 0.0 5.0
Proceeds from sales 10.7 22.0
Proceeds from sale of mortgage servicing rights and related holdbacks, net 470.2 518.8
Purchase of other investments (110.2) (143.5)
Proceeds from bank owned life insurance, net 0.0 0.6
Net increase in loans HFI (2,583.8) (2,446.9)
Purchase of premises, equipment, and other assets, net (43.5) (37.7)
Proceeds from sale of other repossessed assets 0.8 0.0
Net cash used in investing activities (2,536.3) (5,555.2)
Cash flows from financing activities:    
Net increase in deposits 4,713.3 4,762.2
Net proceeds from issuance of long-term debt 1,800.0 3,700.0
Payments on long-term debt (1,714.3) (3,437.4)
Net increase in short-term borrowings 1,136.7 1,029.6
Net proceeds from issuance of equity by a subsidiary 0.0 293.1
Cash paid for tax withholding on vested restricted stock and other (18.6) (11.7)
Common stock repurchases (52.6) 0.0
Cash dividends paid on common and preferred stock (98.3) (90.4)
Cash dividends paid to noncontrolling interest (14.2) (7.4)
Payment of contingent consideration (12.4) 0.0
Net cash provided by financing activities 5,739.6 6,238.0
Net increase (decrease) in cash and cash equivalents 2,340.0 (1,328.9)
Cash, cash equivalents, and restricted cash at beginning of period 3,595.9 4,095.6
Cash, cash equivalents, and restricted cash at end of period 5,935.9 2,766.7
Cash paid during the period for:    
Interest 860.4 921.0
Income taxes, net 80.4 28.7
Non-cash activities:    
Transfers of mortgage-backed securities in settlement of secured borrowings 229.5 1,052.2
Transfers of loans HFI to HFS, net of fair value loss adjustment [1] 117.4 130.7
Unsettled sales of AFS securities 15.2 198.6
Transfers of loans HFI to other assets acquired through foreclosure 25.8 176.1
Transfers of OREO properties to premises and equipment, net $ 38.7 $ 0.0
[1]
(1)Activity for the six months ended June 30, 2026 and 2025 excludes $39.1 million and $244.1 million, respectively, of loans transferred with an original designation of HFS, which sales activity was classified as operating cash flows.