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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
INTEREST INCOME:      
Loans and leases $ 1,525 $ 1,542 $ 1,553
Securities and money market investments 164 166 252
Total interest income 1,689 1,708 1,805
INTEREST EXPENSE:      
Interest-bearing checking and money market accounts 31 57 174
Savings accounts 28 32 36
Certificates of deposit 55 217 320
Borrowed funds 286 302 318
Total interest expense 400 608 848
Net interest income 1,289 1,100 957
Provision for credit losses 3 62 7
Net interest income after provision for credit loan losses 1,286 1,038 950
NON-INTEREST INCOME:      
Fee income 23 22 29
Bank-owned life insurance 29 32 28
Net gain on securities   1 8
Other 9 6 19
Total non-interest income 61 61 84
Operating expenses:      
Compensation and benefits 303 301 302
Occupancy and equipment 88 86 89
General and administrative 127 124 120
Total operating expenses 518 511 511
Merger-related expenses 23    
Total non-interest expense 541 511 511
Income before income taxes 806 588 523
Income tax expense 210 77 128
Net income 596 511 395
Preferred stock dividends 33 33 33
Net income available to common shareholders $ 563 $ 478 $ 362
Basic earnings per common share $ 1.20 $ 1.02 $ 0.77
Diluted earnings per common share $ 1.20 $ 1.02 $ 0.77
Net income $ 596 $ 511 $ 395
Other comprehensive income (loss), net of tax:      
Change in net unrealized gain (loss) on securities available for sale, net of tax of $42; $(16); and $(18), respectively (112) 42 46
Change in pension and post-retirement obligations, net of tax of $x; $2 and $(2) 6 (5) 5
Change in net unrealized (loss) gain on cash flow hedges, net of tax of $(2); $16 and $-, respectively 23 (42) 1
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $-; $-; and $2, respectively   (1) (4)
Reclassification adjustment for defined benefit pension plan, net of tax of $(2); $(2) and $(2), respectively 5 5 7
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax $(7); $(3) and $-, respectively 18 8  
Total other comprehensive income (loss), net of tax (60) 7 55
Total comprehensive income, net of tax $ 536 $ 518 $ 450