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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
INTEREST INCOME:        
Loans and leases $ 1,251 $ 442 $ 3,279 $ 1,259
Securities and money market investments 261 67 765 152
Total interest income 1,512 509 4,044 1,411
INTEREST EXPENSE:        
Interest-bearing checking and money market accounts 268 72 657 104
Savings accounts 43 15 122 33
Certificates of deposit 180 23 436 46
Borrowed funds 139 73 492 211
Total interest expense 630 183 1,707 394
Net interest income 882 326 2,337 1,017
Provision for (recovery of) credit losses 62 2 281 9
Net interest income after provision for credit loan losses 820 324 2,056 1,008
NON-INTEREST INCOME:        
Fee income 58 5 133 17
Bank-owned life insurance 11 10 32 24
Net (loss) on securities 0 (1) (1) (2)
Net return on mortgage servicing rights 23 0 70 0
Net gain on loan sales and securitizations 28 0 73 0
Net Loan administration income 19 0 65 0
Bargain purchase gain 0 0 2,142 0
Other 21 3 46 10
Total non-interest income 160 17 2,560 49
NON-INTEREST EXPENSE:        
Compensation and benefits 346 79 854 238
Occupancy and equipment 55 22 142 67
General and administrative 184 31 496 95
Total operating expense 585 132 1,492 400
Amortization of intangibles 36 0 90 0
Merger-related and restructuring expenses 91 4 267 15
Total non-interest expense 712 136 1,849 415
Income before income taxes 268 205 2,767 642
Income tax expense 61 53 141 164
Net income 207 152 2,626 478
Preferred stock dividends 8 8 25 25
Net income available to common stockholders $ 199 $ 144 $ 2,601 $ 453
Basic (in usd per share) $ 0.27 $ 0.31 $ 3.62 $ 0.96
Diluted (in usd per share) $ 0.27 $ 0.30 $ 3.61 $ 0.96
Net income $ 207 $ 152 $ 2,626 $ 478
Other comprehensive loss, net of tax:        
Change in net unrealized loss on securities available for sale, net of tax of $69; $67; $84 and $217, respectively (195) (176) (237) (567)
Change in pension and post-retirement obligations, net of tax of $—; $—; $(1) and $—, respectively 0 0 2 (1)
Change in net unrealized gain on cash flow hedges, net of tax of $(17); $(11); $(26) and $(18), respectively 47 28 72 46
Reclassification adjustment for defined benefit pension plan, net of tax of $—; $—; $— and $—, respectively 1 1 2 2
Reclassification adjustment for net (loss) gain on cash flow hedges included in net income, net of tax $2; $1; $5 and $(1), respectively (6) (2) (14) 3
Total other comprehensive loss, net of tax (153) (149) (175) (517)
Total comprehensive income (loss), net of tax $ 54 $ 3 $ 2,451 $ (39)