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Business Combinations (Tables) | 3 Months Ended
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Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Summary of Net Assets Acquired | A summary of the net assets acquired and the estimated fair value adjustments resulting in the bargain purchase gain is as follows:
(in millions) | March 20, 2023
Net assets acquired before fair value adjustments | $ | 2,973 |
Fair value adjustments: |
Loans | (727) |
Core deposit and other intangibles | 464 |
Certificates of deposit | 27 |
Other net assets and liabilities | 39 |
FDIC Equity Appreciation Instrument | (85) |
Deferred tax liability | (690) |
Bargain purchase gain on Signature Transaction | $ | 2,001 |
The following table provides a preliminary allocation of the consideration paid for the fair value of assets acquired and liabilities assumed from the Signature Transaction as of March 20, 2023:
(in millions) |
Purchase Price consideration | $ | 85 |
Fair value of assets acquired: |
Cash & cash equivalents | 25,043 |
Loans held for sale | 232 |
Loans held for investment: |
Commercial and industrial | 10,102 |
Commercial real estate | 1,942 |
Consumer and other | 174 |
Total loans held for investment | 12,218 |
CDI and other intangible assets | 464 |
Other assets | 679 |
Total assets acquired | 38,636 |
Fair value of liabilities assumed: |
Deposits | 33,568 |
Other liabilities | 2,982 |
Total liabilities assumed | 36,550 |
Fair value of net identifiable assets | 2,086 |
Bargain purchase gain | $ | 2,001 |
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 Signature Transaction with credit deterioration and the associated credit loss reserve at acquisition:
(in millions) | Total
Par value (UPB) | $ | 633 |
ACL at acquisition | (13) |
Non-credit (discount) | (96) |
Fair value | $ | 524 |

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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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