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Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
INTEREST INCOME:        
Loans and leases $ 1,061 $ 1,251 $ 3,421 $ 3,279
Securities and money market investments 473 261 1,174 765
Total interest income 1,534 1,512 4,595 4,044
INTEREST EXPENSE:        
Interest-bearing checking and money market accounts 218 268 664 657
Savings accounts 110 43 221 122
Certificates of deposit 372 180 1,000 436
Borrowed funds 324 139 1,019 492
Total interest expense 1,024 630 2,904 1,707
Net interest income 510 882 1,691 2,337
Provision for credit losses 242 62 947 281
Net interest income after provision for credit loan losses 268 820 744 2,056
NON-INTEREST INCOME:        
Fee income 42 58 117 133
Bank-owned life insurance 10 11 32 32
Net (loss) on securities 0 0 0 (1)
Net return on mortgage servicing rights 34 23 74 70
Net gain on loan sales and securitizations 5 28 43 73
Net loan administration (loss) income (8) 19 3 65
Bargain purchase gain 0 0 (121) 2,142
Other 30 21 88 46
Total non-interest income 113 160 236 2,560
NON-INTEREST EXPENSE:        
Compensation and benefits 316 346 961 854
FDIC insurance 98 19 239 56
Occupancy and equipment 59 55 163 142
General and administrative 188 165 557 440
Total operating expense 661 585 1,920 1,492
Intangible asset amortization 37 36 105 90
Merger-related and restructuring expenses 18 91 95 267
Total non-interest expense 716 712 2,120 1,849
(Loss) income before income taxes (335) 268 (1,140) 2,767
Income tax (benefit) expense (55) 61 (210) 141
Net (loss) income (280) 207 (930) 2,626
Preferred stock dividends 9 8 27 25
Net (loss) income attributable to common stockholders $ (289) $ 199 $ (957) $ 2,601
Basic (loss) earnings per common share (in usd per share) [1] $ (0.79) $ 0.82 $ (3.16) $ 10.86
Diluted (loss) earnings per common share (in usd per share) [1] $ (0.79) $ 0.81 $ (3.16) $ 10.84
Net (loss) income $ (280) $ 207 $ (930) $ 2,626
Other comprehensive (loss) income, net of tax:        
Change in net unrealized loss on securities available for sale, net of tax of $(71); $69; $(40) and $84 206 (195) 113 (237)
Change in pension and post-retirement obligations, net of tax of $1; $—; $— and $(1) 1 0 (1) 2
Change in net unrealized gain on cash flow hedges, net of tax of $—; $(17); $(36) and $(26) (1) 47 106 72
Reclassification adjustment for defined benefit pension plan, net of tax of $(1); $—; $(1) and $— 0 1 2 2
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax of $5; $2; $15 and $5 (13) (6) (42) (14)
Total other comprehensive loss, net of tax 193 (153) 178 (175)
Total comprehensive (loss) income, net of tax $ (87) $ 54 $ (752) $ 2,451
[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 1 - Organization and Basis of Presentation.