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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income        
Interest and fees on loans $ 2,353 $ 655 $ 3,370 $ 1,276
Interest on investment securities 120 89 227 172
Interest on deposits at banks 480 13 567 19
Total interest income 2,953 757 4,164 1,467
Interest expense        
Deposits 575 42 863 81
Borrowings 417 15 490 37
Total interest expense 992 57 1,353 118
Net interest income 1,961 700 2,811 1,349
Provision for credit losses 151 42 934 506
Net interest income after provision for credit losses 1,810 658 1,877 843
Noninterest income        
Rental income on operating lease equipment 238 213 471 421
Realized loss on sale of investment securities available for sale, net 0 0 (14) 0
Fair value adjustment on marketable equity securities, net (10) (6) (19) (3)
Bank-owned life insurance 2 9 7 17
Gain on sale of leasing equipment, net 4 5 8 11
Gain on acquisition 55 0 9,879 431
Gain on extinguishment of debt 0 0 0 6
Other noninterest income 32 26 68 42
Total noninterest income 658 424 10,917 1,274
Noninterest expense        
Depreciation on operating lease equipment 91 89 180 170
Maintenance and other operating lease expenses 56 47 112 90
Salaries and benefits 775 345 1,195 701
Net occupancy expense 64 48 114 96
Equipment expense 133 54 191 106
Professional fees 21 11 32 23
Third-party processing fees 54 26 84 50
FDIC insurance expense 22 9 40 21
Marketing expense 41 9 56 17
Acquisition-related expenses 205 34 233 169
Intangible asset amortization 18 6 23 12
Other noninterest expense 92 67 167 100
Total noninterest expense 1,572 745 2,427 1,555
Income before income taxes 896 337 10,367 562
Income tax (benefit) expense 214 82 167 36
Net income 682 255 10,200 526
Preferred stock dividends 15 17 29 24
Net income available to common stockholders, basic 667 238 10,171 502
Net income available to common shareholders, diluted $ 667 $ 238 $ 10,171 $ 502
Earnings per common share        
Earnings per common share, basic (in dollars per share) $ 45.90 $ 14.87 $ 700.10 $ 31.52
Earnings per common share, diluted (in dollars per share) $ 45.87 $ 14.86 $ 699.53 $ 31.48
Weighted average common shares outstanding        
Weighted average common shares outstanding, basic (in shares) 14,528,134 16,023,613 14,527,417 15,918,978
Weighted average common shares outstanding, diluted (in shares) 14,537,938 16,035,090 14,539,176 15,937,826
Fee income and other service charges        
Noninterest income        
Noninterest income $ 69 $ 37 $ 116 $ 71
Client investment fees        
Noninterest income        
Noninterest income 52 0 54 0
Wealth management services        
Noninterest income        
Noninterest income 51 37 91 72
International fees        
Noninterest income        
Noninterest income 32 2 36 4
Service charges on deposit accounts        
Noninterest income        
Noninterest income 44 28 68 55
Factoring commissions        
Noninterest income        
Noninterest income 20 27 39 54
Cardholder services, net        
Noninterest income        
Noninterest income 41 26 62 51
Merchant services, net        
Noninterest income        
Noninterest income 14 9 24 19
Insurance commissions        
Noninterest income        
Noninterest income $ 14 $ 11 $ 27 $ 23