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Business Combination (Tables) - Flagstar | 12 Months Ended
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Dec. 31, 2022
Business Acquisition [Line Items] |
Summary of Fair Value of Assets Acquired and Liabilities and Equity Assumed | The following table provides a preliminary allocation of consideration paid for the fair value of assets acquired and liabilities and equity assumed from Flagstar as of December 1, 2022.
(in millions) |  |  |
Purchase price consideration | $ |  | 2,010 |
Fair value of assets acquired: |  |  |
Cash & cash equivalents |  |  | 331 |
Securities |  |  | 2,695 |
Loans held for sale |  |  | 1,257 |
Loans held for investment: |  |  |
One-to-four family first mortgage |  |  | 5,438 |
Commercial real estate |  |  | 3,891 |
Commercial and industrial |  |  | 6,523 |
Consumer and other |  |  | 2,156 |
Total loans held for investment |  |  | 18,008 |
CDI and other intangible assets |  |  | 292 |
Mortgage servicing rights |  |  | 1,012 |
Other assets |  |  | 2,158 |
Total assets acquired |  |  | 25,753 |
Fair value of liabilities assumed: |  |  |
Deposits |  |  | 15,995 |
Borrowings |  |  | 6,700 |
Other liabilities |  |  | 889 |
Total liabilities assumed |  |  | 23,584 |
Fair value of net identifiable assets |  |  | 2,169 |
Bargain purchase gain | $ |  | 159 |
Summary of Loans and Leases Purchased as Part of Acquisition | The following table provides a summary of loans and leases purchased as part of the Flagstar acquisition with credit deterioration and associated credit loss reserve at acquisition:
(in millions) |  | Total |
Par value (UPB) | $ |  | 1,950 |
ACL at acquisition |  |  | (51 | )
Non-credit (discount) |  |  | (33 | )
Fair value | $ |  | 1,866 |
Summary of Unaudited Pro Forma Financial Information | The following pro forma financial information presents the unaudited consolidated results of operations of the Company and Flagstar as if the Merger occurred as of January 1, 2021 with pro forma adjustments. The pro forma adjustments give effect to any change in interest income due to the accretion of the net discounts from the fair value adjustments of acquired loans, any change in interest expense due to the estimated net premium from the fair value adjustments to acquired time deposits and other debt, and the amortization of intangibles had the deposits been acquired as of January 1, 2021. The pro forma amounts for the twelve months ended December 31, 2022 and 2021 do not reflect the anticipated cost savings that have not yet been realized. Merger related expenses incurred by the Company during the twelve months ended December 31, 2022 and 2021 are reflected in the pro forma amounts. The pro forma information does not necessarily reflect the results of operations that would have occurred had the Company merged with Flagstar at the beginning of 2021.
|  | Twelve Months Ended |
|  | December 31, |
|  | (unaudited) |
(in millions) |  | 2022 |  |  | 2021 |
Net interest income | $ |  | 2,278 |  | $ |  | 2,208 |
Non-interest income |  |  | 650 |  |  |  | 1,105 |
Net income |  |  | 804 |  |  |  | 1,207 |
Net income available to common stockholders |  |  | 771 |  |  |  | 1,174 |

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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 https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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