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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest income    
Interest and fees on loans $ 621 $ 323
Interest on investment securities 83 30
Other interest and dividends 6 2
Total interest income 710 355
Interest expense    
Deposits 39 9
Borrowings 22 6
Total interest expense 61 15
Net interest income 649 340
Provision (benefit) for credit losses 464 (11)
Net interest income after provision for credit losses 185 351
Noninterest income    
Rental income on operating leases 208 0
Gains on leasing equipment, net 6 0
Realized gains on investment securities available for sale, net 0 9
Marketable equity securities gains, net 3 16
Gain on acquisition 431 0
Gain on extinguishment of debt 6 0
Other noninterest income 38 20
Total noninterest income 850 137
Noninterest expense    
Depreciation on operating lease equipment 81 0
Maintenance and other operating lease expenses 43 0
Salaries and benefits 352 184
Net occupancy expense 49 30
Equipment expense 52 30
Third-party processing fees 24 14
FDIC insurance expense 12 3
Merger-related expenses 135 7
Intangible asset amortization 6 3
Other noninterest expense 56 26
Total noninterest expense 810 297
Income before income taxes 225 191
Income tax (benefit) expense (46) 44
Net income 271 147
Preferred stock dividends 7 4
Net income available to common stockholders, basic 264 143
Net income available to common shareholders, diluted $ 264 $ 143
Earnings per common share    
Earnings per common share, basic (in dollars per share) $ 16.70 $ 14.53
Earnings per common share, diluted (in dollars per share) $ 16.70 $ 14.53
Weighted average common shares outstanding    
Weighted average common shares outstanding, basic (in shares) 15,779,153 9,816,405
Weighted average common shares outstanding, diluted (in shares) 15,779,153 9,816,405
Fee income and other revenue    
Noninterest income    
Noninterest income $ 33 $ 9
Wealth management services    
Noninterest income    
Noninterest income 35 32
Service charges on deposit accounts    
Noninterest income    
Noninterest income 28 22
Factoring commissions    
Noninterest income    
Noninterest income 27 0
Cardholder services, net    
Noninterest income    
Noninterest income 25 20
Merchant services, net    
Noninterest income    
Noninterest income $ 10 $ 9