Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Cash Flows

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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities      
Net income $ 28,147 $ 18,232 $ 17,822
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 3,282 3,396 3,597
Gains on sales of debt securities (154) (255) (490)
Depreciation and premises improvements amortization 1,525 1,482 1,511
Amortization of intangibles 538 621 730
Net amortization of premium/discount on debt securities 1,824 2,251 3,134
Deferred income taxes 3,041 8,175 5,793
Stock-based compensation 1,729 1,649 1,367
Loans held-for-sale:      
Originations and purchases (28,071) (43,506) (33,107)
Proceeds from sales and paydowns of loans originally classified as held for sale and instruments from related securitization activities 28,972 40,548 32,588
Net change in:      
Trading and derivative instruments (23,673) (14,663) (2,635)
Other assets 11,920 (20,090) (14,103)
Accrued expenses and other liabilities 13,010 4,673 (35)
Other operating activities, net (2,570) 7,351 1,105
Net cash provided by operating activities 39,520 9,864 17,277
Net change in:      
Time deposits placed and other short-term investments 3,659 (1,292) (2,117)
Federal funds sold and securities borrowed or purchased under agreements to resell (48,384) (14,523) (5,742)
Debt securities carried at fair value:      
Proceeds from sales 5,117 73,353 71,547
Proceeds from paydowns and maturities 78,513 93,874 108,592
Purchases (76,640) (166,975) (189,061)
Held-to-maturity debt securities:      
Proceeds from paydowns and maturities 18,789 16,653 18,677
Purchases (35,980) (25,088) (39,899)
Loans and leases:      
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities 21,365 11,996 18,787
Purchases (4,629) (6,846) (12,283)
Other changes in loans and leases, net (31,292) (41,104) (31,194)
Other investing activities, net (1,986) 8,411 408
Net cash used in investing activities (71,468) (51,541) (62,285)
Net change in:      
Deposits 71,931 48,611 63,675
Federal funds purchased and securities loaned or sold under agreements to repurchase 10,070 7,024 (4,000)
Short-term borrowings (12,478) 8,538 (4,014)
Long-term debt:      
Proceeds from issuance 64,278 53,486 35,537
Retirement (53,046) (49,480) (51,623)
Preferred stock:      
Proceeds from issuance 4,515 0 2,947
Redemption (4,512) 0 0
Common stock repurchased (20,094) (12,814) (5,112)
Cash dividends paid (6,895) (5,700) (4,194)
Other financing activities, net (651) (397) (63)
Net cash provided by financing activities 53,118 49,268 33,153
Effect of exchange rate changes on cash and cash equivalents (1,200) 2,105 240
Net increase (decrease) in cash and cash equivalents 19,970 9,696 (11,615)
Cash and cash equivalents at January 1 157,434 147,738 159,353
Cash and cash equivalents at December 31 177,404 157,434 147,738
Supplemental cash flow disclosures      
Interest paid 19,087 12,852 10,510
Income taxes paid, net $ 2,470 $ 3,235 $ 1,043