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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest income    
Interest and fees on loans $ 2,354 $ 1,017
Interest on investment securities 282 107
Interest on deposits at banks 448 87
Total interest income 3,084 1,211
Interest expense    
Deposits 928 288
Borrowings 339 73
Total interest expense 1,267 361
Net interest income 1,817 850
Provision for credit losses 64 783
Net interest income after provision for credit losses 1,753 67
Noninterest income    
Rental income on operating lease equipment 255 233
Realized loss on sale of investment securities available for sale, net 0 (14)
Fair value adjustment on marketable equity securities, net (4) (9)
Gain on sale of leasing equipment, net 10 4
Gain on acquisition 0 9,824
Loss on extinguishment of debt (2) 0
Other noninterest income 36 41
Total noninterest income 627 10,259
Noninterest expense    
Depreciation on operating lease equipment 96 89
Maintenance and other operating lease expenses 45 56
Salaries and benefits 744 420
Net occupancy expense 62 50
Equipment expense 114 58
Professional fees 25 11
Third-party processing fees 60 30
FDIC insurance expense 41 18
Marketing expense 14 15
Acquisition-related expenses 58 28
Intangible asset amortization 17 5
Other noninterest expense 100 75
Total noninterest expense 1,376 855
Income before income taxes 1,004 9,471
Income tax expense (benefit) 273 (47)
Net income 731 9,518
Preferred stock dividends 15 14
Net income available to common stockholders, basic 716 9,504
Net income available to common shareholders, diluted $ 716 $ 9,504
Earnings per common share    
Basic (in dollars per share) $ 49.27 $ 654.22
Diluted (in dollars per share) $ 49.26 $ 653.64
Weighted average common shares outstanding    
Basic (in shares) 14,533,302 14,526,693
Diluted (in shares) 14,536,442 14,539,709
Fee income and other service charges    
Noninterest income    
Noninterest income $ 75 $ 47
Client investment fees    
Noninterest income    
Noninterest income 50 2
Wealth management services    
Noninterest income    
Noninterest income 51 40
International fees    
Noninterest income    
Noninterest income 28 4
Service charges on deposit accounts    
Noninterest income    
Noninterest income 44 24
Factoring commissions    
Noninterest income    
Noninterest income 17 19
Cardholder services, net    
Noninterest income    
Noninterest income 40 21
Merchant services, net    
Noninterest income    
Noninterest income 12 10
Insurance commissions    
Noninterest income    
Noninterest income $ 15 $ 13