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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INTEREST INCOME:        
Loans and leases $ 1,161 $ 424 $ 2,028 $ 817
Securities and money market investments 337 49 504 85
Total interest income 1,498 473 2,532 902
INTEREST EXPENSE:        
Interest-bearing checking and money market accounts 232 24 389 32
Savings accounts 40 10 79 18
Certificates of deposit 169 12 256 23
Borrowed funds 157 68 353 138
Total interest expense 598 114 1,077 211
Net interest income 900 359 1,455 691
Provision for (recovery of) credit losses 49 9 219 7
Net interest income after provision for credit loan losses 851 350 1,236 684
NON-INTEREST INCOME:        
Fee income 48 6 75 12
Bank-owned life insurance 11 7 21 14
Net (loss) on securities (1) 0 (1) (1)
Net return on mortgage servicing rights 25 0 47 0
Net gain on loan sales and securitizations 25 0 45 0
Net Loan administration income 39 0 46 0
Bargain purchase gain 141 0 2,142 0
Other 14 5 25 7
Total non-interest income 302 18 2,400 32
NON-INTEREST EXPENSE:        
Compensation and benefits 289 79 508 159
Occupancy and equipment 50 22 87 45
General and administrative 176 33 312 64
Total operating expense 515 134 907 268
Amortization of intangibles 37 0 54 0
Merger-related and restructuring expenses 109 4 176 11
Total non-interest expense 661 138 1,137 279
Income before income taxes 492 230 2,499 437
Income tax expense 79 59 80 111
Net income 413 171 2,419 326
Preferred stock dividends 8 8 16 16
Net income available to common stockholders $ 405 $ 163 $ 2,403 $ 310
Basic (in usd per share) $ 0.55 $ 0.34 $ 3.37 $ 0.66
Diluted (in usd per share) $ 0.55 $ 0.34 $ 3.37 $ 0.66
Net income $ 413 $ 171 $ 2,419 $ 326
Other comprehensive loss, net of tax:        
Change in net unrealized loss on securities available for sale, net of tax of $36; $68; $15 and $150;, respectively (102) (176) (42) (391)
Change in pension and post-retirement obligations, net of tax of $(1); $0; $(1) and $0;, respectively 1 (1) 2 (1)
Change in net unrealized gain on cash flow hedges, net of tax of $(32); $(3); $(9) and $(7);, respectively 92 6 25 18
Reclassification adjustment for defined benefit pension plan, net of tax of $1; $0; $0 and $0;, respectively 0 1 1 1
Reclassification adjustment for net (loss) gain on cash flow hedges included in net income, net of tax $1; $0; $3 and $(2);, respectively (4) 1 (8) 5
Total other comprehensive loss, net of tax (13) (169) (22) (368)
Total comprehensive income (loss), net of tax $ 400 $ 2 $ 2,397 $ (42)