Acquisition and Divestiture Activity (Tables)

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Acquisition Consideration

The following table includes the preliminary fair value of the identifiable tangible and intangible assets and liabilities from BBVA:

Table 35: Acquisition Consideration

	June 1, 2021
In millions	Fair Value
Fair value of acquisition consideration	$	11,480
Assets
Cash and due from banks	$	969
Interest-earning deposits with banks	13,313
Loans held for sale	446
Investment securities – available for sale	18,358
Net loans	61,370
Equity investments	723
Mortgage servicing rights	35
Core deposit intangibles and other intangible assets	399
Other	3,531
Total assets	$	99,144
Liabilities
Deposits	$	85,562
Borrowed funds	2,449
Accrued expenses and other liabilities	1,271
Total liabilities	$	89,282
Noncontrolling interests	22
Less: Net assets	$	9,840
Goodwill	$	1,640

Fair Value and Unpaid Principal Balance of Loans Acquired

Table 36: Fair Value and Unpaid Principal Balance of Loans from the BBVA Acquisition

	June 1, 2021
In millions	Unpaid Principal Balance		Fair Value
Loans
Commercial
Commercial and industrial	$	29,864	$	29,372
Commercial real estate	10,632		10,250
Equipment lease financing	48		48
Total commercial	40,544		39,670
Consumer
Residential real estate	12,871		12,983
Home equity	2,430		2,417
Automobile	3,916		3,912
Credit card	820		758
Other consumer	1,688		1,630
Total consumer	21,725		21,700
Total	$	62,269	$	61,370

Intangible Assets

Other intangible assets from the BBVA acquisition, as of June 1, 2021 consisted of the following:

Table 37: Intangible Assets

In millions	Fair Value		Weighted Life (years)	Amortization Method
Residential mortgage servicing rights	$	35	5.5	(a)
Core deposits	$	283	10.0	Accelerated
Other	116		9.8	Straight-line
Total core deposits and other	$	399

(a) Intangible asset accounted for at fair value.

BBVA Financial Results

The following table presents financial results of BBVA included in the Consolidated Statement of Income from the date of acquisition through June 30, 2021.

Table 38: BBVA Financial Results

In millions	One month ended June 30, 2021
Net interest income	$	236
Noninterest income	$	80
Net income	$	153

Unaudited Pro Forma Results

Table 39: Unaudited Pro Forma Results

	Three months ended June 30				Six months ended June 30
In millions	2021		2020		2021		2020
Net interest income	$	2,984	$	3,126	$	5,975	$	6,250
Noninterest income	$	2,258	$	1,757	$	4,354	$	3,825
Net income	$	2,097	$	3,327	$	4,226	$	851

PCD Loan Activity

Table 40: PCD Loan Activity

	June 1, 2021
In millions
Principal Balance	$	10,253
ACL at acquisition	(1,161)
Non-credit premium	224
Purchase price	$	9,316

Consolidated Income Statement - Discontinued Operations

The following table summarizes the results from the discontinued operations of BlackRock included in the Consolidated Income Statement:

Table 41: Consolidated Income Statement - Discontinued Operations

	Three months ended June 30		Six months ended June 30
In millions	2020		2020
Noninterest income	$	5,596	$	5,777
Total revenue	5,596		5,777
Income from discontinued operations before income taxes and noncontrolling interests	5,596		5,777
Income taxes	1,197		1,222
Net income from discontinued operations	$	4,399	$	4,555

Consolidated Statement of Cash Flows - Discontinued Operations

The following table summarizes the cash flows of discontinued operations of BlackRock included in the Consolidated Statement of Cash Flows:

Table 42: Consolidated Statement of Cash Flows - Discontinued Operations

	Six months ended June 30
In millions	2020
Cash from discontinued operations
Net cash provided (used) by operating activities of discontinued operations	$	74
Net cash provided by investing activities of discontinued operations	$	14,225