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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income        
Interest and fees on loans $ 785 $ 320 $ 2,061 $ 967
Interest on investment securities 90 40 262 106
Interest on deposits at banks 31 3 50 7
Total interest income 906 363 2,373 1,080
Interest expense        
Deposits 78 8 159 25
Borrowings 33 8 70 22
Total interest expense 111 16 229 47
Net interest income 795 347 2,144 1,033
(Benefit) provision for credit losses 60 (1) 566 (32)
Net interest income after provision for credit losses 735 348 1,578 1,065
Noninterest income        
Rental income on operating leases 219 0 640 0
Realized gain on sale of investment securities available for sale, net 0 8 0 33
Fair value adjustment on marketable equity securities, net (2) 3 (5) 31
Bank-owned life insurance 8 1 25 2
Gain on sale of leasing equipment, net 2 0 13 0
Gain on acquisition 0 0 431 0
Gain on extinguishment of debt 1 0 7 0
Other noninterest income 37 8 79 29
Total noninterest income 433 124 1,707 394
Noninterest expense        
Depreciation on operating lease equipment 87 0 257 0
Maintenance and other operating lease expenses 52 0 142 0
Salaries and benefits 351 194 1,044 566
Net occupancy expense 47 29 144 87
Equipment expense 55 30 161 89
Professional fees 13 5 44 13
Third-party processing fees 27 16 77 44
FDIC insurance expense 5 3 26 10
Marketing 15 3 32 7
Merger-related expenses 33 7 202 20
Intangible asset amortization 5 3 17 9
Other noninterest expense 70 24 169 66
Total noninterest expense 760 314 2,315 911
Income before income taxes 408 158 970 548
Income tax expense 93 34 129 124
Net income 315 124 841 424
Preferred stock dividends 12 5 36 14
Net income available to common stockholders, basic 303 119 805 410
Net income available to common shareholders, diluted $ 303 $ 119 $ 805 $ 410
Earnings per common share        
Earnings per common share, basic (in dollars per share) $ 19.27 $ 12.17 $ 50.76 $ 41.79
Earnings per common share, diluted (in dollars per share) $ 19.25 $ 12.17 $ 50.70 $ 41.79
Weighted average common shares outstanding        
Weighted average common shares outstanding, basic (in shares) 15,711,976 9,816,405 15,849,219 9,816,405
Weighted average common shares outstanding, diluted (in shares) 15,727,993 9,816,405 15,867,314 9,816,405
Fee income and other service charges        
Noninterest income        
Noninterest income $ 44 $ 10 $ 118 $ 31
Wealth management services        
Noninterest income        
Noninterest income 35 32 107 96
Service charges on deposit accounts        
Noninterest income        
Noninterest income 21 26 77 69
Factoring commissions        
Noninterest income        
Noninterest income 24 0 78 0
Cardholder services, net        
Noninterest income        
Noninterest income 25 23 76 65
Merchant services, net        
Noninterest income        
Noninterest income 8 9 27 26
Insurance commissions        
Noninterest income        
Noninterest income $ 11 $ 4 $ 34 $ 12