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Business Combinations (Tables)

3 Months Ended

Mar. 31, 2024

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
Adjustments related to items identified subsequent to the initial reporting period as of March 20, 2023:
Measurement period adjustments, excluding taxes			(134)
Change in deferred tax liability			143
Bargain purchase gain on Signature Transaction, as adjusted			$	2,010

(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			(142)			24,901
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			(266)			413
Total assets acquired			38,636			(885)			37,751
Fair value of liabilities assumed:
Deposits			33,568			(61)			33,507
Other liabilities			2,982			(833)			2,149
Total liabilities assumed			36,550			(894)			35,656
Fair value of net identifiable assets			2,086			9			2,095
Bargain purchase gain			$	2,001		$	9		$	2,010

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

Summary Of Loans And Leases

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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

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