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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income        
Interest and fees on loans $ 655 $ 324 $ 1,276 $ 647
Interest on investment securities 89 36 172 66
Interest on deposits at banks 13 2 19 4
Total interest income 757 362 1,467 717
Interest expense        
Deposits 42 8 81 17
Borrowings 15 8 37 14
Total interest expense 57 16 118 31
Net interest income 700 346 1,349 686
(Benefit) provision for credit losses 42 (20) 506 (31)
Net interest income after provision for credit losses 658 366 843 717
Noninterest income        
Rental income on operating leases 213 0 421 0
Realized gain on sales of investment securities available for sale, net 0 16 0 25
Fair value adjustment on marketable equity securities, net (6) 12 (3) 28
Bank-owned life insurance 9 0 17 1
Gain on sales of leasing equipment, net 5 0 11 0
Gain on acquisition 0   431 0
Gain on extinguishment of debt 0 0 6 0
Other noninterest income 26 8 42 21
Total noninterest income 424 133 1,274 270
Noninterest expense        
Depreciation on operating lease equipment 89 0 170 0
Maintenance and other operating lease expenses 47 0 90 0
Salaries and benefits 341 188 693 372
Net occupancy expense 48 28 97 58
Equipment expense 54 29 106 59
Professional fees 15 4 31 8
Third-party processing fees 26 14 50 28
FDIC insurance expense 9 4 21 7
Marketing 9 2 17 4
Merger-related expenses 34 6 169 13
Intangible asset amortization 6 3 12 6
Other noninterest expense 67 22 99 42
Total noninterest expense 745 300 1,555 597
Income before income taxes 337 199 562 390
Income tax expense 82 46 36 90
Net income 255 153 526 300
Preferred stock dividends 17 5 24 9
Net income available to common stockholders, basic 238 148 502 291
Net income available to common shareholders, diluted $ 238 $ 148 $ 502 $ 291
Earnings per common share        
Earnings per common share, basic (in dollars per share) $ 14.87 $ 15.09 $ 31.52 $ 29.63
Earnings per common share, diluted (in dollars per share) $ 14.86 $ 15.09 $ 31.48 $ 29.63
Weighted average common shares outstanding        
Weighted average common shares outstanding, basic (in shares) 16,023,613 9,816,405 15,918,978 9,816,405
Weighted average common shares outstanding, diluted (in shares) 16,035,090 9,816,405 15,937,826 9,816,405
Fee income and other service charges        
Noninterest income        
Noninterest income $ 39 $ 10 $ 74 $ 21
Wealth management services        
Noninterest income        
Noninterest income 37 32 72 64
Service charges on deposit accounts        
Noninterest income        
Noninterest income 28 21 56 43
Factoring commissions        
Noninterest income        
Noninterest income 27 0 54 0
Cardholder services, net        
Noninterest income        
Noninterest income 26 22 51 42
Merchant services, net        
Noninterest income        
Noninterest income 9 8 19 17
Insurance commissions        
Noninterest income        
Noninterest income $ 11 $ 4 $ 23 $ 8