XML 14 R4.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
INTEREST INCOME:      
Loans and leases $ 1,193   $ 867
Securities and money market investments 320   167
Total interest income 1,513   1,034
INTEREST EXPENSE:      
Interest-bearing checking and money market accounts 232   157
Savings accounts 47   39
Certificates of deposit 291   87
Borrowed funds 319   196
Total interest expense 889   479
Net interest income 624   555
Provision for credit losses 315   170
Net interest income after provision for credit loan losses 309   385
NON-INTEREST INCOME:      
Fee income 34   27
Bank-owned life insurance 10   10
Net return on mortgage servicing rights 21   22
Net gain on loan sales and securitizations 20   20
Net Loan administration income 16   7
Bargain purchase gain (121)   2,001
Other 29   11
Total non-interest income 9   2,098
NON-INTEREST EXPENSE:      
Compensation and benefits 333   219
Occupancy and equipment 52   37
General and administrative 236   136
Total operating expense 621   392
Amortization of intangibles 35   17
Merger-related and restructuring expenses 43   67
Goodwill Impairment 0   0
Total non-interest expense 699   476
Income before income taxes (381)   2,007
Income tax expense (54)   1
Net (loss) income (327)   2,006
Preferred stock dividends 8 $ 8  
Net (loss) income available to common stockholders $ (335)   $ 1,998
Basic (in usd per share) $ (0.45)   $ 2.88
Diluted (in usd per share) $ (0.45)   $ 2.87
Net (loss) income $ (327)   $ 2,006
Other comprehensive (loss) income, net of tax:      
Change in net unrealized loss on securities available for sale, net of tax of $23 and $(21), respectively (70)   60
Change in pension and post-retirement obligations, net of tax of $(1) and $—, respectively 0   1
Change in net unrealized gain on cash flow hedges, net of tax of $(23) and $23, respectively 68   (67)
Reclassification adjustment for defined benefit pension plan, net of tax of $— and $(1), respectively 1   1
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax $6 and $2, respectively (17)   (4)
Total other comprehensive loss, net of tax (18)   (9)
Total comprehensive (loss) income, net of tax $ (345)   $ 1,997