Business Combinations (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Net Assets Acquired

A summary of the bargain purchase gain is as follows:

(in millions)
Net assets acquired as of March 20, 2023 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, as initially reported	$	2,001
Adjustments related to items identified subsequent to the initial reporting period as of March 20, 2023:
Measurement period adjustments, excluding taxes	$	(134)
Change in deferred tax liability	143
Bargain purchase gain on Signature Transaction, as adjusted	$	2,010

The incremental changes are included as measurement period adjustments in the table below.

(in millions)	As Initially Reported		Measurement Period Adjustments		As Adjusted
Purchase Price consideration	$	85			$	85
Fair value of assets acquired:
Cash & cash equivalents	25,043		(142)		24,901
Loans held for sale	232				232
Loans held for investment:
Commercial and industrial	10,102		(214)		9,888
Commercial real estate	1,942		(262)		1,680
Consumer and other	174		(1)		173
Total loans held for investment	$	12,218	$	(477)	$	11,741
CDI and other intangible assets	464		—		464
Other assets	679		(266)		413
Total assets acquired	$	38,636	$	(885)	$	37,751
Fair value of liabilities assumed:
Deposits	33,568		(61)		33,507
Other liabilities	2,982		(833)		2,149
Total liabilities assumed	$	36,550	$	(894)	$	35,656
Fair value of net identifiable assets	2,086		9		2,095
Bargain purchase gain	$	2,001	$	9	$	2,010

The following table provides an allocation of consideration paid for the fair value of assets acquired and liabilities and equity assumed from Flagstar Bancorp as of December 1, 2022.

(in millions)	December 1, 2022
Purchase Price consideration	$	2,010
Fair value of assets acquired:
Cash & cash equivalents	331
Securities	2,695
Loans held for sale	1,257
Loans held for investment:
One-to-four family first mortgage	5,438
Commercial and industrial	3,891
Commercial real estate	6,523
Consumer and other	2,156
Total loans held for investment	18,008
CDI and other intangible assets	292
Mortgage servicing rights	1,012
Other assets	2,158
Total assets acquired	25,753
Fair value of liabilities assumed:
Deposits	15,995
Borrowings	6,700
Other liabilities	889
Total liabilities assumed	23,584
Fair value of net identifiable assets	2,169
Bargain purchase gain	$	159

Schedule 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)	$	583
Allowance for credit losses at acquisition	(13)
Non-credit (discount)	(76)
Fair value	$	494

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

(in millions)	Total
Par value (UPB)	$	1,950
Allowance for credit losses at acquisition	(51)
Non-credit (discount)	(33)
Fair value	$	1,866

Schedule of Pro Forma Information

	Year Ended December 31,
	(unaudited)
(in millions)	2022
Net interest income	$	2,278
Non-interest income	650
Net income	804
Net income available to common stockholders	$	771