v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 899 $ 784 $ 680
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 72 72 132
Depreciation and amortization 116 124 140
Share-based compensation 35 33 33
Deferred income tax expense (benefit) 47 (7) (9)
Net decrease (increase) in trading securities (29) 13 22
Net decrease (increase) in loans held for sale 27 67 (40)
Change in other liabilities (90) 3 (299)
Change in other assets 66 94 169
Other, net (70) (35) 57
Net cash provided by operating activities 1,073 1,148 885
CASH FLOWS FROM INVESTING ACTIVITIES      
Net decrease (increase) in money market investments 681 (1,878) 1,736
Proceeds from maturities and paydowns of investment securities held-to-maturity 1,034 1,024 1,052
Purchases of investment securities held-to-maturity 0 (62) (41)
Proceeds from sales, maturities, and paydowns of investment securities available-for-sale 1,586 2,028 2,337
Purchases of investment securities available-for-sale (1,372) (907) (666)
Net change in loans and leases (1,255) (1,714) (2,103)
Purchases and sales of other noninterest-bearing investments 13 (46) 183
Purchases of premises and equipment (121) (97) (113)
Acquisition of California branches, net of cash acquired 191 0 0
Other, net (19) 12 (15)
Net cash provided by (used in) investing activities 738 (1,640) 2,370
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase (decrease) in deposits (1,236) 1,262 3,309
Net change in short-term funds borrowed (728) (547) (6,038)
Cash paid for preferred stock redemption 0 (374) 0
Proceeds from the issuance of long-term debt 498 496 0
Redemption of long-term debt 0 (88) (128)
Proceeds from the issuance of common stock 6 10 3
Dividends paid on common and preferred stock (267) (289) (282)
Bank common stock repurchased (41) (36) (51)
Other, net (11) (7) (9)
Net cash provided by (used in) financing activities (1,779) 427 (3,196)
Net increase (decrease) in cash and due from banks 32 (65) 59
Cash and due from banks at beginning of year 651 716 657
Cash and due from banks at end of year 683 651 716
Cash paid for interest 1,567 1,905 1,368
Net cash paid for income taxes 196 192 255
Noncash activities:      
Loans held for investment reclassified to loans held for sale, net 222 223 68
Trading securities reclassified to money market investments 0 0 395
Deposits acquired in purchase of California branches (at time of purchase) 657 0 0
Loans acquired in purchase of California branches, net (at time of purchase) $ 423 $ 0 $ 0