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 $ 686 $ 414
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses (4) 17
Depreciation and amortization 57 57
Share-based compensation 24 23
Deferred income tax expense 18 31
Net increase in trading securities (255) (145)
Net decrease (increase) in loans held for sale 569 (55)
Change in other liabilities 29 (183)
Change in other assets 18 (9)
Net gains on equity securities (264) (15)
Other, net (33) (18)
Net cash provided by operating activities 845 117
CASH FLOWS FROM INVESTING ACTIVITIES    
Net decrease in money market investments 1,081 1,382
Proceeds from maturities and paydowns of investment securities held-to-maturity 498 540
Purchases of investment securities held-to-maturity 0 (27)
Proceeds from sales, maturities, and paydowns of investment securities available-for-sale 509 956
Purchases of investment securities available-for-sale (597) (777)
Net change in loans and leases (1,982) (1,033)
Purchases and sales of other noninterest-bearing investments 68 (132)
Purchases of premises and equipment (58) (58)
Acquisition of California branches, net of cash acquired 0 191
Other, net 221 (12)
Net cash provided by (used in) investing activities (260) 1,030
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase (decrease) in deposits 964 (3,080)
Net change in short-term borrowed funds (1,653) 2,240
Proceeds from the issuance of long-term debt 498 0
Proceeds from the issuance of common stock 17 4
Dividends paid on common and preferred stock (136) (131)
Bank common stock repurchased (152) (41)
Other, net (13) (10)
Net cash used in financing activities (475) (1,018)
Net increase in cash and due from banks 110 129
Cash and due from banks at beginning of period 683 651
Cash and due from banks at end of period 793 780
Cash paid for interest 668 829
Net cash paid for income taxes 123 114
Noncash activities:    
Loans held for investment reclassified to loans held for sale, net 508 63
Deposits acquired in purchase of California branches (at time of purchase) 0 657
Loans acquired in purchase of California branches, net (at time of purchase) $ 0 $ 423