Business Combinations (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions

The following table provides the purchase price allocation to the identifiable assets acquired and liabilities assumed at their estimated fair values as of the SVBB Acquisition Date:

Purchase Price Consideration; Unaudited Statement of Assets Acquired and Liabilities Assumed

dollars in millions	Fair Value Purchase Price Allocation as of March 27, 2023
Purchase price consideration
Purchase Money Note (1)	$	35,150
Value Appreciation Instrument	500
Purchase price consideration	$	35,650
Assets
Cash and due from banks	1,347
Interest-earning deposits at banks	33,932
Investment securities	122
Loans and leases	68,503
Affordable housing tax credit investments	1,134
Core deposit intangibles	230
Other assets	1,332
Total assets acquired	$	106,600
Liabilities
Deposits	55,959
Borrowings	10
Deferred tax liabilities	3,310
Other liabilities	1,847
Total liabilities assumed	$	61,126
Fair value of net assets acquired	45,474
Preliminary gain on acquisition, after income taxes (2)	$	9,824
Preliminary gain on acquisition, before income taxes (2)	$	13,134

(1) The principal amount of the Purchase Money Note is the book value of net assets acquired of approximately $51.82 billion less the asset discount of $16.45 billion pursuant to the SVBB Purchase Agreement. The $35.15 billion above is net of a fair value discount of approximately $220 million.

(2) The difference between the preliminary gain on acquisition before and after taxes reflects the deferred tax liabilities recorded in the SVBB Acquisition, as presented above.

Loans Acquired

dollars in millions	Loans and Leases
	UPB		Fair Value
Non-PCD loans and leases	$	68,742	$	66,473
PCD loans and leases	2,529		2,030
Total loans and leases	$	71,271	$	68,503

The following table provides the purchase price allocation to the identifiable assets acquired and liabilities assumed at their estimated fair values as of the Merger Date:

Purchase Price Consideration and Net Assets Acquired

dollars in millions, except shares issued and price per share	Purchase Price Allocation
Common share consideration
Shares of Class A Common Stock issued	6,140,010
Price per share on January 3, 2022	$	859.76
Common stock consideration	$	5,279
Preferred stock consideration	541
Stock-based compensation consideration	81
Cash in lieu of fractional shares and other consideration paid	51
Purchase price consideration	$	5,952
Assets
Cash and interest-earning deposits at banks	$	3,060
Investment securities	6,561
Assets held for sale	59
Loans and leases	32,714
Operating lease equipment	7,838
Bank-owned life insurance	1,202
Intangible assets	143
Other assets	2,198
Total assets acquired	$	53,775
Liabilities
Deposits	$	39,428
Borrowings	4,536
Credit balances of factoring clients	1,534
Other liabilities	1,894
Total liabilities assumed	$	47,392
Fair value of net assets acquired	6,383
Gain on acquisition	$	431

Schedule of Valuation of Core Deposits

The following table presents the intangible asset recorded related to the valuation of core deposits:  

Intangible Asset

dollars in millions	Fair Value		Estimated Useful Life	Amortization Method
Core deposit intangibles	$	230	8 years	Effective Yield

Schedule of Other Assets Acquired and Other Liabilities Assumed

The following table details other assets acquired:

Other Assets

dollars in millions	Fair Value
Accrued interest receivable	$	412
Fair value of derivative financial instruments, net	197
Premises and equipment	286
Other	437
Total other assets	$	1,332

Other liabilities

The following table details other liabilities assumed:

dollars in millions	Fair Value
Fair value of derivative financial instruments, net	$	333
Accrued interest payable	113
Commitments to fund tax credit investments	716
Other	685
Total other liabilities	$	1,847