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Business Combinations (Tables) | 3 Months Ended
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Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions | The following table provides a preliminary purchase price allocation to the identifiable assets acquired and liabilities assumed at their estimated fair values as of the Merger Date: Purchase Price Consideration and Net Assets Acquired
dollars in millions, except shares issued and price per share | Purchase Price Allocation
Common share consideration |
Shares of Class A Common Stock issued | 6,140,010 |
Price per share on January 3, 2022 | $ | 859.76 |
Consideration for common stock | 5,279 |
Fair value consideration for preferred stock | 541 |
Consideration for stock-based compensation | 81 |
Cash in lieu of fractional shares and other consideration paid | 51 |
Purchase price consideration | $ | 5,952 |
Assets |
Cash and interest-earning deposits at banks | 3,060 |
Investment securities | 6,561 |
Assets held for sale | 59 |
Loans and leases | 32,714 |
Operating lease equipment | 7,838 |
Bank-owned life insurance | 1,202 |
Intangible assets | 143 |
Other assets | 2,198 |
Total assets acquired | $ | 53,775 |
Liabilities |
Deposits | 39,428 |
Borrowings | 4,536 |
Credit balances of factoring clients | 1,534 |
Other liabilities | 1,894 |
Total liabilities assumed | $ | 47,392 |
Fair value of net assets acquired | 6,383 |
Preliminary gain on acquisition | $ | 431 |
The following table presents the UPB and fair value of the loans and leases acquired by BancShares in the CIT Merger. The UPB for PCD loans and leases includes the PCD Gross-Up of $284 million as discussed further in Note 4 — Loans and Leases. Loans Acquired
| Loans and Leases
dollars in millions | UPB |  | Fair Value
Non-PCD loans and leases | $ | 29,542 |  |  | $ | 29,481 |
PCD loans and leases | 3,562 |  |  | 3,233 |
Total loans and leases | $ | 33,104 |  |  | $ | 32,714 |
Schedule of Valuation of Core Deposits | The following table presents the intangible asset recorded in conjunction with the CIT Merger related to the valuation of core deposits: Intangible Assets
dollars in millions | Fair Value |  | Estimated Useful Life |  | Amortization Method
Core deposit intangibles | $143 |  | 10 years |  | Straight-line
Schedule of Other Assets Acquired | The following table details other assets acquired: Other Assets
dollars in millions | Fair Value
Low-income housing tax credit and other equity method investments | $ | 777
Right of use assets | 327
Premises and equipment | 230
Fair value of derivative financial instruments | 209 |
Counterparty receivables | 133
Other | 522 |
Total other assets | $ | 2,198
Business Acquisition, Pro Forma Information |
| Three months ended March 31,
dollars in millions | 2022 |  | 2021
Interest income | $ | 710 |  |  | $ | 726 |
Noninterest income | 418 |  |  | 1,001 |
Net income | 335 |  |  | 417 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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