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Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 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, as initially reported | $ | 2,001 |
Measurement period adjustments, excluding taxes | 53 |
Change in deferred tax liability | 88 |
Bargain purchase gain on Signature Transaction, as adjusted | $ | 2,142 |
The Company and the FDIC are engaged in ongoing discussions and settlement payments have been made that have impacted certain assets acquired or certain liabilities assumed by the Company on March 20, 2023 and are included as measurement period adjustments in the table below.
(in millions) | As Initially Reported | Measurement Period Adjustments | As Adjusted
Purchase Price consideration | $ | 85 |  | $ | — |  | $ | 85 |
Fair value of assets acquired: |  |  |
Cash & cash equivalents | 25,043 |  | — |  | 25,043 |
Loans held for sale | 232 |  | — |  | 232 |
Loans held for investment: |  |  |
Commercial and industrial | 10,102 |  | (214) |  | 9,888 |
Commercial real estate | 1,942 |  | (262) |  | 1,680 |
Consumer and other | 174 |  | (1) |  | 173 |
Total loans held for investment | 12,218 |  | (477) |  | 11,741 |
CDI and other intangible assets | 464 |  | — |  | 464 |
Other assets | 679 |  | (169) |  | 510 |
Total assets acquired | 38,636 |  | (646) |  | 37,990 |
Fair value of liabilities assumed: |  |  |
Deposits | 33,568 |  | — |  | 33,568 |
Other liabilities | 2,982 |  | (787) |  | 2,195 |
Total liabilities assumed | 36,550 |  | (787) |  | 35,763 |
Fair value of net identifiable assets | 2,086 |  | 141 |  | 2,227 |
Bargain purchase gain | $ | 2,001 |  | $ | 141 |  | $ | 2,142 |
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) | $ | 583 |
ACL at acquisition | (13) |
Non-credit (discount) | (76) |
Fair value | $ | 494 |

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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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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