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Federal, State, and Local Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | The following table summarizes the components of the Company’s net deferred tax asset (liability) at December 31, 2023 and 2022:
| December 31, |  |  |  |  |  |  |  |
(in millions) | 2023 |  | 2022 |  |  |  |  |  |  |  |
Deferred Tax Assets: |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses on loans and leases | $ | 253 |  |  | $ | 102 |  |  |  |  |  |  |  |  |
Acquisition accounting and fair value adjustments on securities (including OTTI) | 188 |  | 227 |  |  |  |  |  |  |  |  |
Acquisition accounting and fair value adjustments on loans | — |  | 36 |  |  |  |  |  |  |  |  |
Capitalized loan costs |  |  | 46 |  |  |  |  |  |  |  |  |
Right of Use Liability | 32 |  | — |  |  |  |  |  |  |  |  |
Compensation and related benefit obligations | 30 |  | 23 |  |  |  |  |  |  |  |  |
Capitalized research and development costs | — |  | 10 |  |  |  |  |  |  |  |  |
Accrued Expenses | 19 |  | — |  |  |  |  |  |  |  |  |
Net operating loss carryforwards | 8 |  | 15 |  |  |  |  |  |  |  |  |
Other | 22 |  | 18 |  |  |  |  |  |  |  |  |
Gross deferred tax assets | 552 |  |  | 477 |  |  |  |  |  |  |  |  |
Valuation allowance | (5) |  |  | (5) |  |  |  |  |  |  |  |  |
Net deferred tax asset after valuation allowance | $ | 547 |  |  | $ | 472 |  |  |  |  |  |  |  |  |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |  |  |  |
Leases | $ | (492) |  |  | $ | (328) |  |  |  |  |  |  |  |  |
Mortgage servicing rights | (79) |  |  | (105) |  |  |  |  |  |  |  |  |
Premises and equipment | (44) |  |  | (18) |  |  |  |  |  |  |  |  |
Prepaid pension cost | (35) |  |  | (29) |  |  |  |  |  |  |  |  |
Fair value adjustments on loans | (210) |  |  | — |  |  |  |  |  |  |  |  |
Amortizable intangibles | (127) |  |  | (71) |  |  |  |  |  |  |  |  |
Acquisition accounting and fair value adjustments on deposits | (2) |  |  | (9) |  |  |  |  |  |  |  |  |
Right of Use Asset | (32) |  |  | — |  |  |  |  |  |  |  |  |
Deferred Loan fees | (13) |  |  | — |  |  |  |  |  |  |  |  |
Acquisition accounting and fair value adjustments on debt | (9) |  |  | (10) |  |  |  |  |  |  |  |  |
Other | (21) |  |  | (9) |  |  |  |  |  |  |  |  |
Gross deferred tax liabilities | $ | (1,064) |  |  | $ | (579) |  |  |  |  |  |  |  |  |
Net deferred tax liability | $ | (517) |  |  | $ | (107) |  |  |  |  |  |  |  |  |
Components of the Provision (Benefit) for Income Taxes | The following table summarizes the Company’s income tax expense for the years ended December 31, 2023, 2022, and 2021:
| December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Federal – current | $ | 156 |  |  | $ | 147 |  |  | $ | 188 |
State and local – current | 59 |  |  | 32 |  |  | 35 |
Total current | 215 |  |  | 179 |  |  | 223 |
Federal – deferred | (137) |  |  | (10) |  |  | (28) |
State and local – deferred | (49) |  |  | 7 |  |  | 15 |
Total deferred | (186) |  |  | (3) |  |  | (13) |
Income tax expense reported in net income | 29 |  |  | 176 |  |  | 210 |
Income tax expense reported in stockholders’ equity related to: |  |  |  |  |
Securities available-for-sale | 15 |  |  | (223) |  |  | (42) |
Pension liability adjustments | 6 |  |  | (6) |  |  | 10 |
Cash flow hedge | (14) |  |  | 23 |  |  | 9 |
Total income taxes | $ | 36 |  |  | $ | (30) |  |  | $ | 187 |
Summary of Differences Between the Effective Tax Rate and the Statutory Federal Tax Rate | The following table presents a reconciliation of statutory federal income tax expense (benefit) to combined actual income tax expense (benefit) reported in net income for the years ended December 31, 2023, 2022, and 2021:
| December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Statutory federal income tax at 21% | $ | (10) |  |  | $ | 174 |  |  | $ | 169 |
State and local income taxes, net of federal income tax effect | 8 |  |  | 31 |  |  | 40 |
Tax Exempt income | $ | (6) |  |  | $ | — |  |  | $ | — |
Non-taxable bargain gain | (447) |  |  | (33) |  |  | — |
Non-deductible goodwill impairment | $ | 509 |  |  | $ | — |  |  | $ | — |
Non-deductible FDIC deposit insurance premiums | 16 |  |  | 10 |  |  | 9 |
Effect of tax deductibility of deferred compensation | $ | (3) |  |  | $ | (3) |  |  | $ | (3) |
Non-taxable income and expense of BOLI | (9) |  |  | (7) |  |  | (6) |
Non-deductible merger expenses | $ | — |  |  | $ | 3 |  |  | $ | 3 |
Non-deductible compensation expense | 1 |  |  | 4 |  |  | — |
Federal tax credits | $ | (31) |  |  | $ | (1) |  |  | $ | — |
Adjustments relating to prior tax years | 2 |  |  | (1) |  |  | (1) |
Other, net | (1) |  |  | (1) |  |  | (1) |
Total income tax expense | $ | 29 |  |  | $ | 176 |  |  | $ | 210 |
Summary of Income Tax Contingencies | The following table summarizes changes in the liability for unrecognized gross tax benefits for the years ended December 31, 2023, 2022, and 2021:
| December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Uncertain tax positions at beginning of year | $ | 40 |  |  | $ | 39 |  |  | $ | 38 |
Additions for tax positions relating to current-year operations | 1 |  |  | 1 |  |  | 2 |
Additions for tax positions relating to prior tax years | 2 |  |  | — |  |  | 1 |
Subtractions for tax positions relating to prior tax years | (1) |  |  | — |  |  | (2) |
Uncertain tax positions at end of year | $ | 42 |  |  | $ | 40 |  |  | $ | 39 |

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