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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest Income:        
Loans and leases $ 376 $ 380 $ 1,145 $ 1,154
Securities and money market investments 39 38 124 128
Total interest income 415 418 1,269 1,282
Interest Expense:        
Interest-bearing checking and money market accounts 8 9 24 48
Savings accounts 7 8 20 25
Certificates of deposit 11 44 43 189
Borrowed funds 71 75 215 228
Total interest expense 97 136 302 490
Net interest income 318 282 967 792
(Recovery of) provision for credit losses (1) 13 (1) 51
Net interest income after (recovery of) provision for credit losses 319 269 968 741
Non-Interest Income:        
Fee income 6 5 17 16
Bank-owned life insurance 7 7 22 24
Net gain on securities 0 0 0 1
Other 2 2 6 5
Total non-interest income 15 14 45 46
Operating expenses:        
Compensation and benefits 77 74 229 229
Occupancy and equipment 22 24 65 63
General and administrative 30 31 96 86
Total operating expenses 129 129 390 378
Merger-related expenses 6 0 16 0
Total non-interest expense 135 129 406 378
Income before income taxes 199 154 607 409
Income tax expense 50 38 161 88
Net income 149 116 446 321
Preferred stock dividends 9 9 25 25
Net income available to common shareholders $ 140 $ 107 $ 421 $ 296
Basic earnings per common share $ 0.30 $ 0.23 $ 0.90 $ 0.63
Diluted earnings per common share $ 0.30 $ 0.23 $ 0.90 $ 0.63
Net income $ 149 $ 116 $ 446 $ 321
Other comprehensive gain (loss), net of tax:        
Change in net unrealized gain (loss) on securities available for sale, net of tax of $9; $0; $34 and ($16) respectively (23) 1 (89) 43
Change in pension and post-retirement obligations, net of tax of $0; $0; ($1) and $0, respectively 1 0 3 0
Change in net unrealized gain (loss) on cash flow hedges, net of tax of $0; $1; $0 and $16, respectively (2) (1) 1 (43)
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $0; $0; $0 and $0, respectively 0 0 0 0
Reclassification adjustment for defined benefit pension plan, net of tax of $0; $0; ($1) and ($1), respectively 1 1 4 4
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax of ($2); ($1); ($4) and ($2), respectively 6 4 14 4
Total other comprehensive gain (loss), net of tax (17) 5 (67) 8
Total comprehensive income, net of tax $ 132 $ 121 $ 379 $ 329