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Acquisition and Divestiture Activity (Tables) | 6 Months Ended
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Jun. 30, 2021
Business Combinations [Abstract] |
Acquisition Consideration | The following table includes the preliminary fair value of the identifiable tangible and intangible assets and liabilities from BBVA: Table 35: Acquisition Consideration
|  | June 1, 2021
In millions |  | Fair Value
Fair value of acquisition consideration |  | $ | 11,480 |
Assets |  |
Cash and due from banks |  | $ | 969 |
Interest-earning deposits with banks |  | 13,313 |
Loans held for sale |  | 446 |
Investment securities – available for sale |  | 18,358 |
Net loans |  | 61,370 |
Equity investments |  | 723 |
Mortgage servicing rights |  | 35 |
Core deposit intangibles and other intangible assets |  | 399 |
Other |  | 3,531 |
Total assets |  | $ | 99,144 |
Liabilities |  |
Deposits |  | $ | 85,562 |
Borrowed funds |  | 2,449 |
Accrued expenses and other liabilities |  | 1,271 |
Total liabilities |  | $ | 89,282 |
Noncontrolling interests |  | 22 |
Less: Net assets |  | $ | 9,840 |
Goodwill |  | $ | 1,640 |
Fair Value and Unpaid Principal Balance of Loans Acquired | Table 36: Fair Value and Unpaid Principal Balance of Loans from the BBVA Acquisition
| June 1, 2021
In millions | Unpaid Principal Balance | Fair Value
Loans |  |
Commercial |  |
Commercial and industrial | $ | 29,864 |  | $ | 29,372 |
Commercial real estate | 10,632 |  | 10,250 |
Equipment lease financing | 48 |  | 48 |
Total commercial | 40,544 |  | 39,670 |
Consumer |  |
Residential real estate | 12,871 |  | 12,983 |
Home equity | 2,430 |  | 2,417 |
Automobile | 3,916 |  | 3,912 |
Credit card | 820 |  | 758 |
Other consumer | 1,688 |  | 1,630 |
Total consumer | 21,725 |  | 21,700 |
Total | $ | 62,269 |  | $ | 61,370 |
Intangible Assets | Other intangible assets from the BBVA acquisition, as of June 1, 2021 consisted of the following: Table 37: Intangible Assets
In millions | Fair Value | Weighted Life (years) | Amortization Method |
Residential mortgage servicing rights | $ | 35 |  | 5.5 | (a) |
Core deposits | $ | 283 |  | 10.0 | Accelerated |
Other | 116 |  | 9.8 | Straight-line |
Total core deposits and other | $ | 399 |  |  |  |
(a) Intangible asset accounted for at fair value.
BBVA Financial Results | The following table presents financial results of BBVA included in the Consolidated Statement of Income from the date of acquisition through June 30, 2021. Table 38: BBVA Financial Results
In millions | One month ended June 30, 2021 |
Net interest income | $ | 236 |  |
Noninterest income | $ | 80 |  |
Net income | $ | 153 |  |
Unaudited Pro Forma Results | Table 39: Unaudited Pro Forma Results
| Three months ended June 30 | Six months ended June 30 |
In millions | 2021 | 2020 | 2021 | 2020 |
Net interest income | $ | 2,984 |  | $ | 3,126 |  | $ | 5,975 |  | $ | 6,250 |  |
Noninterest income | $ | 2,258 |  | $ | 1,757 |  | $ | 4,354 |  | $ | 3,825 |  |
Net income | $ | 2,097 |  | $ | 3,327 |  | $ | 4,226 |  | $ | 851 |  |
PCD Loan Activity | Table 40: PCD Loan Activity
| June 1, 2021 |
In millions |
Principal Balance | $ | 10,253 |  |
ACL at acquisition | (1,161) |  |
Non-credit premium | 224 |  |
Purchase price | $ | 9,316 |  |
Consolidated Income Statement - Discontinued Operations | The following table summarizes the results from the discontinued operations of BlackRock included in the Consolidated Income Statement: Table 41: Consolidated Income Statement - Discontinued Operations
| Three months ended June 30 |  |  | Six months ended June 30 |
In millions | 2020 |  |  | 2020 |
Noninterest income | $ | 5,596 |  |  |  | $ | 5,777 |  |
Total revenue | 5,596 |  |  |  | 5,777 |  |
Income from discontinued operations before income taxes and noncontrolling interests | 5,596 |  |  |  | 5,777 |  |
Income taxes | 1,197 |  |  |  | 1,222 |  |
Net income from discontinued operations | $ | 4,399 |  |  |  | $ | 4,555 |  |
Consolidated Statement of Cash Flows - Discontinued Operations | The following table summarizes the cash flows of discontinued operations of BlackRock included in the Consolidated Statement of Cash Flows: Table 42: Consolidated Statement of Cash Flows - Discontinued Operations
| Six months ended June 30
In millions | 2020
Cash from discontinued operations |
Net cash provided (used) by operating activities of discontinued operations | $ | 74 |
Net cash provided by investing activities of discontinued operations | $ | 14,225 |

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