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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income        
Interest and fees on loans $ 2,426 $ 785 $ 5,796 $ 2,061
Interest on investment securities 180 90 407 262
Interest on deposits at banks 504 31 1,071 50
Total interest income 3,110 906 7,274 2,373
Interest expense        
Deposits 769 78 1,632 159
Borrowings 351 33 841 70
Total interest expense 1,120 111 2,473 229
Net interest income 1,990 795 4,801 2,144
(Benefit) provision for credit losses 192 60 1,126 566
Net interest income after provision for credit losses 1,798 735 3,675 1,578
Noninterest income        
Rental income on operating lease equipment 248 219 719 640
Realized loss on sale of investment securities available for sale, net (12) 0 (26) 0
Fair value adjustment on marketable equity securities, net (1) (2) (20) (5)
Bank-owned life insurance 1 8 8 25
Gain on sale of leasing equipment, net 10 2 18 13
Gain on acquisition 12 0 9,891 431
Gain on extinguishment of debt 0 1 0 7
Other noninterest income 21 37 89 79
Total noninterest income 615 433 11,532 1,707
Noninterest expense        
Depreciation on operating lease equipment 95 87 275 257
Maintenance and other operating lease expenses 51 52 163 142
Salaries and benefits 727 353 1,922 1,054
Net occupancy expense 65 47 179 143
Equipment expense 117 55 308 161
Professional fees 12 11 44 34
Third-party processing fees 54 27 138 77
FDIC insurance expense 36 5 76 26
Marketing expense 25 15 81 32
Acquisition-related expenses 121 33 354 202
Intangible asset amortization 17 5 40 17
Other noninterest expense 96 70 263 170
Total noninterest expense 1,416 760 3,843 2,315
Income before income taxes 997 408 11,364 970
Income tax expense 245 93 412 129
Net income 752 315 10,952 841
Preferred stock dividends 15 12 44 36
Net income available to common stockholders, basic 737 303 10,908 805
Net income available to common shareholders, diluted $ 737 $ 303 $ 10,908 $ 805
Earnings per common share        
Basic (in dollars per share) $ 50.71 $ 19.27 $ 750.79 $ 50.76
Diluted (in dollars per share) $ 50.67 $ 19.25 $ 750.19 $ 50.70
Weighted average common shares outstanding        
Basic (in shares) 14,528,310 15,711,976 14,527,718 15,849,219
Diluted (in shares) 14,539,133 15,727,993 14,539,383 15,867,314
Fee income and other service charges        
Noninterest income        
Noninterest income $ 70 $ 41 $ 185 $ 112
Client investment fees        
Noninterest income        
Noninterest income 52 0 106 0
Wealth management services        
Noninterest income        
Noninterest income 49 35 140 107
International fees        
Noninterest income        
Noninterest income 34 3 71 7
Service charges on deposit accounts        
Noninterest income        
Noninterest income 44 21 112 76
Factoring commissions        
Noninterest income        
Noninterest income 21 24 60 78
Cardholder services, net        
Noninterest income        
Noninterest income 41 25 103 76
Merchant services, net        
Noninterest income        
Noninterest income 12 8 36 27
Insurance commissions        
Noninterest income        
Noninterest income $ 13 $ 11 $ 40 $ 34