Business Combinations (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of Net Assets Acquired

A summary of the net assets acquired and the estimated fair value adjustments resulting in the bargain purchase gain is as follows:

(in millions)	March 20, 2023
Net assets acquired before fair value adjustments	$	2,973
Fair value adjustments:
Loans	(727)
Core deposit and other intangibles	464
Certificates of deposit	27
Other net assets and liabilities	39
FDIC Equity Appreciation Instrument	(85)
Deferred tax liability	(690)
Bargain purchase gain on Signature Transaction	$	2,001

The following table provides a preliminary allocation of the consideration paid for the fair value of assets acquired and liabilities assumed from the Signature Transaction as of March 20, 2023:

(in millions)
Purchase Price consideration	$	85
Fair value of assets acquired:
Cash & cash equivalents	25,043
Loans held for sale	232
Loans held for investment:
Commercial and industrial	10,102
Commercial real estate	1,942
Consumer and other	174
Total loans held for investment	12,218
CDI and other intangible assets	464
Other assets	679
Total assets acquired	38,636
Fair value of liabilities assumed:
Deposits	33,568
Other liabilities	2,982
Total liabilities assumed	36,550
Fair value of net identifiable assets	2,086
Bargain purchase gain	$	2,001

Summary of Loans and Leases Purchased as Part of Acquisition

The following table provides a summary of loans and leases purchased as part of the Signature Transaction with credit deterioration and the associated credit loss reserve at acquisition:

(in millions)	Total
Par value (UPB)	$	633
ACL at acquisition	(13)
Non-credit (discount)	(96)
Fair value	$	524