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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
INTEREST INCOME:    
Loans and leases $ 393 $ 383
Securities and money market investments 36 40
Total interest income 429 423
INTEREST EXPENSE:    
Interest-bearing checking and money market accounts 8 9
Savings accounts 8 6
Certificates of deposit 11 18
Borrowed funds 70 72
Total interest expense 97 105
Net interest income 332 318
Provision for credit losses (2) 4
Net interest income after provision for credit losses 334 314
NON-INTEREST INCOME:    
Fee income 6 5
Bank-owned life insurance 7 7
Net loss on securities (1)  
Other 2 2
Total non-interest income 14 14
Operating expenses:    
Compensation and benefits 80 78
Occupancy and equipment 23 21
General and administrative 31 33
Total operating expenses 134 132
Merger-related expenses 7
Total non-interest expense 141 132
Income before income taxes 207 196
Income tax expense 52 51
Net income 155 145
Preferred stock dividends 8 8
Net income available to common shareholders $ 147 $ 137
Basic earnings per common share $ 0.31 $ 0.29
Diluted earnings per common share $ 0.31 $ 0.29
Net income $ 155 $ 145
Other comprehensive income (loss), net of tax:    
Change in net unrealized gain (loss) on securities available-for-sale, net of tax of $82; and $41, respectively (215) (108)
Change in pension and post-retirement obligations, net of tax of $0; and $(1), respectively   (3)
Change in net unrealized (loss) gain on cash flow hedges, net of tax of $(4); and $(1), respectively 12 3
Reclassification adjustment for defined benefit pension plan net of tax of $0; and $0, respectively   1
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax $(2); and $(2), respectively 4 4
Total other comprehensive income (loss), net of tax (199) (97)
Total comprehensive income, net of tax $ (44) $ 48