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Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST INCOME:        
Loans and leases $ 1,167 $ 1,161 $ 2,360 $ 2,028
Securities and money market investments 381 337 701 504
Total interest income 1,548 1,498 3,061 2,532
INTEREST EXPENSE:        
Interest-bearing checking and money market accounts 214 232 446 389
Savings accounts 64 40 111 79
Certificates of deposit 337 169 628 256
Borrowed funds 376 157 695 353
Total interest expense 991 598 1,880 1,077
Net interest income 557 900 1,181 1,455
Provision for credit losses 390 49 705 219
Net interest income after provision for credit loan losses 167 851 476 1,236
NON-INTEREST INCOME:        
Fee income 41 48 75 75
Bank-owned life insurance 12 11 22 21
Net (loss) on securities 0 (1) 0 (1)
Net return on mortgage servicing rights 19 25 40 47
Net gain on loan sales and securitizations 18 25 38 45
Net loan administration (loss) income (5) 39 11 46
Bargain purchase gain 0 141 (121) 2,142
Other 29 14 58 25
Total non-interest income 114 302 123 2,400
NON-INTEREST EXPENSE:        
Compensation and benefits 312 289 645 508
FDIC insurance 91 15 141 37
Occupancy and equipment 52 50 104 87
General and administrative 183 161 369 275
Total operating expense 638 515 1,259 907
Intangible asset amortization 33 37 68 54
Merger-related and restructuring expenses 34 109 77 176
Total non-interest expense 705 661 1,404 1,137
(Loss) income before income taxes (424) 492 (805) 2,499
Income tax (benefit) expense (101) 79 (155) 80
Net (loss) income (323) 413 (650) 2,419
Preferred stock dividends 10 8 18 16
Net (loss) income available to common stockholders $ (333) $ 405 $ (668) $ 2,403
Basic (loss) earnings per common share (in usd per share) [1] $ (1.14) $ 1.66 $ (2.48) $ 10.12
Diluted (loss) earnings per common share (in usd per share) [1] $ (1.14) $ 1.66 $ (2.48) $ 10.10
Net (loss) income $ (323) $ 413 $ (650) $ 2,419
Other comprehensive (loss) income, net of tax:        
Change in net unrealized loss on securities available for sale, net of tax of $8; $36; $31 and $15 (23) (102) (93) (42)
Change in pension and post-retirement obligations, net of tax of $0; $(1); $(1) and $(1) (2) 1 (2) 2
Change in net unrealized gain on cash flow hedges, net of tax of $(13); $(32); $(36) and $(9) 39 92 107 25
Reclassification adjustment for defined benefit pension plan, net of tax of $0; $1; $0 and $0 1 0 2 1
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax of $4; $1; $10 and $3 (12) (4) (29) (8)
Total other comprehensive loss, net of tax 3 (13) (15) (22)
Total comprehensive (loss) income, net of tax $ (320) $ 400 $ (665) $ 2,397
[1] On June 27, 2024, the Company announced a 1 for 3 reverse stock split, effective July 11, 2024. This reverse stock split is reflected retroactively in all periods presented. See Note 19 - Subsequent Events.