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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income        
Interest and fees on loans $ 2,422 $ 2,353 $ 4,776 $ 3,370
Interest on investment securities 330 120 612 227
Interest on deposits at banks 378 480 826 567
Total interest income 3,130 2,953 6,214 4,164
Interest expense        
Deposits 975 575 1,903 863
Borrowings 334 417 673 490
Total interest expense 1,309 992 2,576 1,353
Net interest income 1,821 1,961 3,638 2,811
Provision for credit losses 95 151 159 934
Net interest income after provision for credit losses 1,726 1,810 3,479 1,877
Noninterest income        
Rental income on operating lease equipment 259 238 514 471
Realized loss on sale of investment securities available for sale, net 0 0 0 (14)
Fair value adjustment on marketable equity securities, net (2) (10) (6) (19)
Gain on sale of leasing equipment, net 4 4 14 8
Gain on acquisition 0 55 0 9,879
Loss on extinguishment of debt 0 0 (2) 0
Other noninterest income 37 36 73 77
Total noninterest income 639 658 1,266 10,917
Noninterest expense        
Depreciation on operating lease equipment 98 91 194 180
Maintenance and other operating lease expenses 60 56 105 112
Salaries and benefits 745 775 1,489 1,195
Net occupancy expense 58 64 120 114
Equipment expense 126 133 240 191
Professional fees 24 20 49 31
Third-party processing fees 58 55 118 85
FDIC insurance expense 33 22 74 40
Marketing expense 18 41 32 56
Acquisition-related expenses 44 205 102 233
Intangible asset amortization 15 18 32 23
Other noninterest expense 107 92 207 167
Total noninterest expense 1,386 1,572 2,762 2,427
Income before income taxes 979 896 1,983 10,367
Income tax expense 272 214 545 167
Net income 707 682 1,438 10,200
Preferred stock dividends 16 15 31 29
Net income available to common stockholders, basic 691 667 1,407 10,171
Net income available to common shareholders, diluted $ 691 $ 667 $ 1,407 $ 10,171
Earnings per common share        
Basic (in dollars per share) $ 47.54 $ 45.90 $ 96.81 $ 700.10
Diluted (in dollars per share) $ 47.54 $ 45.87 $ 96.80 $ 699.53
Weighted average common shares outstanding        
Basic (in shares) 14,534,499 14,528,134 14,533,900 14,527,417
Diluted (in shares) 14,534,499 14,537,938 14,535,472 14,539,176
Fee income and other service charges        
Noninterest income        
Noninterest income $ 77 $ 70 $ 152 $ 117
Client investment fees        
Noninterest income        
Noninterest income 54 52 104 54
Wealth management services        
Noninterest income        
Noninterest income 52 51 103 91
International fees        
Noninterest income        
Noninterest income 30 29 58 33
Service charges on deposit accounts        
Noninterest income        
Noninterest income 44 44 88 68
Factoring commissions        
Noninterest income        
Noninterest income 19 20 36 39
Cardholder services, net        
Noninterest income        
Noninterest income 40 41 80 62
Merchant services, net        
Noninterest income        
Noninterest income 12 14 24 24
Insurance commissions        
Noninterest income        
Noninterest income $ 13 $ 14 $ 28 $ 27