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Business Combinations (Tables)
 12 Months Ended
Dec. 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.

Fair Value Purchase Price Allocation
dollars in millionsFair Value Purchase Price Allocation as of March 27, 2023
Purchase price consideration
Purchase Money Note (1)
$35,808
Value Appreciation Instrument500
Purchase price consideration$36,308
Assets
Cash and due from banks$1,310 
Interest-earning deposits at banks34,001 
Investment securities available for sale385 
Loans and leases, net of the initial PCD ALLL68,468 
Affordable housing tax credit and other unconsolidated investments1,273 
Premises and equipment308 
Core deposit intangibles230 
Other assets1,564 
Total assets acquired$107,539 
Liabilities
Deposits$56,014 
Borrowings10 
Deferred tax liabilities3,364 
Other liabilities2,035 
Total liabilities assumed$61,423 
Fair value of net assets acquired46,116 
Preliminary gain on acquisition, after income taxes (2)
$9,808 
Preliminary gain on acquisition, before income taxes (2)
$13,172 
(1) The principal amount of the Purchase Money Note is the carrying value of net assets acquired of approximately $52.52 billion less the asset discount of $16.45 billion pursuant to the SVBB Purchase Agreement. The $35.81 billion above is net of a fair value discount of approximately $264 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 and Leases Acquired
dollars in millionsLoans and Leases
UPBFair Value
Non-PCD loans and leases$68,719 $66,422 
PCD loans and leases2,568 2,046 
Total loans and leases, before PCD gross-up$71,287 $68,468 

The following table summarizes PCD loans and leases that BancShares acquired in the SVBB Acquisition.

PCD Loans and Leases
dollars in millionsTotal PCD Loans from SVBB Acquisition
UPB$2,568 
Fair value2,046 
Total fair value discount522 
     Less: discount for loans with $0 fair value at SVBB Acquisition Date
26 
     Less: PCD gross-up220 
Non-credit discount (1)
$276 
(1) The non-credit discount of $276 million will be accreted into income over the contractual life of the applicable loan using the effective interest method.
The following table provides the purchase price allocation to the identifiable assets acquired and liabilities assumed at their estimated fair values as of the CIT Merger Date:
Fair Value Purchase Price Allocation
dollars in millions, except shares issued and price per share Fair Value Purchase Price Allocation as of January 3, 2022
Common share consideration
     Shares of Class A common stock issued6,140,010 
     Price per share on January 3, 2022$859.76 
          Common stock consideration$5,279 
Preferred stock consideration541 
Stock-based compensation consideration81 
Cash in lieu of fractional shares and other consideration paid51 
Purchase price consideration$5,952 
Assets
Cash and interest-earning deposits at banks$3,060 
Investment securities6,561 
Assets held for sale59 
Loans and leases32,714 
Operating lease equipment7,838 
Bank-owned life insurance1,202 
Intangible assets143 
Other assets2,198 
Total assets acquired$53,775 
Liabilities
Deposits$39,428 
Borrowings4,536 
Credit balances of factoring clients1,534 
Other liabilities1,894 
Total liabilities assumed$47,392 
Fair value of net assets acquired6,383 
Gain on acquisition$431 
The following table presents the UPB and fair value of the loans and leases acquired by BancShares in the CIT Merger. The UPB for PCD loans and leases includes the PCD Gross-Up of $272 million as discussed further in Note 4 — Loans and Leases.
Loans Acquired
dollars in millionsLoans and Leases
UPBFair Value
Non-PCD loans and leases$29,542 $29,481 
PCD loans and leases3,550 3,233 
Total loans and leases$33,092 $32,714 
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 millionsFair ValueEstimated Useful LifeAmortization Method
Core deposit intangibles$230 8 yearsEffective yield
The following table presents the intangible asset recorded in conjunction with the CIT Merger related to the valuation of core deposits:  

Intangible Assets
dollars in millionsFair ValueEstimated Useful LifeAmortization Method
Core deposit intangibles$14310 yearsStraight-line
Schedule of Other Assets Acquired and Other Liabilities Assumed
The following table details other assets acquired:

Other Assets
dollars in millionsFair Value
Accrued interest receivable$431
Federal Home Loan Bank stock and Federal Reserve Bank stock320
Fair value of derivative financial instruments458
Other355 
Total other assets$1,564
The following table details other liabilities assumed:

dollars in millionsFair Value
Commitments to fund tax credit investments$715
Fair value of derivative financial instruments497 
Reserve for off-balance sheet credit exposures253 
Accrued interest payable109 
Other461 
Total other liabilities$2,035
The following table details other assets acquired:

Other Assets
dollars in millions Fair Value
Low-income housing tax credits and other investments$777
Right of use assets327
Premises and equipment230
Fair value of derivative financial instruments209 
Counterparty receivables133
Other522 
Total other assets$2,198
Business Acquisition, Pro Forma Information Actual results may differ from the unaudited pro forma information presented below and the differences could be significant.
Selected Unaudited Pro Forma Financial Information for Consolidated BancShares
dollars in millionsYear Ended December 31,
20222021
Interest income$3,413 $2,867 
Noninterest income1,705 2,537 
Net income1,225 1,497