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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Net Assets Acquired | A summary of the bargain purchase gain is as follows:
(in millions) |
Net assets acquired as of March 20, 2023 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 |
The incremental changes are included as measurement period adjustments in the table below.
(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 |
The following table provides an allocation of consideration paid for the fair value of assets acquired and liabilities and equity assumed from Flagstar Bancorp as of December 1, 2022.
(in millions) | December 1, 2022
Purchase Price consideration | $ | 2,010 |
Fair value of assets acquired: |
Cash & cash equivalents | 331 |
Securities | 2,695 |
Loans held for sale | 1,257 |
Loans held for investment: |
One-to-four family first mortgage | 5,438 |
Commercial and industrial | 3,891 |
Commercial real estate | 6,523 |
Consumer and other | 2,156 |
Total loans held for investment | 18,008 |
CDI and other intangible assets | 292 |
Mortgage servicing rights | 1,012 |
Other assets | 2,158 |
Total assets acquired | 25,753 |
Fair value of liabilities assumed: |
Deposits | 15,995 |
Borrowings | 6,700 |
Other liabilities | 889 |
Total liabilities assumed | 23,584 |
Fair value of net identifiable assets | 2,169 |
Bargain purchase gain | $ | 159 |
Schedule 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 |
Allowance for credit losses at acquisition | (13) |
Non-credit (discount) | (76) |
Fair value | $ | 494 |
The following table provides a summary of loans and leases purchased as part of the Flagstar Bancorp acquisition with credit deterioration and the associated credit loss reserve at acquisition:
(in millions) | Total
Par value (UPB) | $ | 1,950 |
Allowance for credit losses at acquisition | (51) |
Non-credit (discount) | (33) |
Fair value | $ | 1,866 |
Schedule of Pro Forma Information |
| Year Ended December 31,
| (unaudited)
(in millions) | 2022
Net interest income | $ | 2,278 |
Non-interest income | 650 |
Net income | 804 |
Net income available to common stockholders | $ | 771 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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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 + Details
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