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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
INTEREST INCOME:        
Loans and leases $ 442 $ 376 $ 1,259 $ 1,145
Securities and money market investments 67 39 152 124
Total interest income 509 415 1,411 1,269
INTEREST EXPENSE:        
Interest-bearing checking and money market accounts 72 8 104 24
Savings accounts 15 7 33 20
Certificates of deposit 23 11 46 43
Borrowed funds 73 71 211 215
Total interest expense 183 97 394 302
Net interest income 326 318 1,017 967
Provision for credit losses 2 (1) 9 (1)
Net interest income after provision for credit losses 324 319 1,008 968
NON-INTEREST INCOME:        
Fee income 5 6 17 17
Bank-owned life insurance 10 7 24 22
Net loss on securities (1)   (2)  
Other 3 2 10 6
Total non-interest income 17 15 49 45
Operating expenses:        
Compensation and benefits 79 77 238 229
Occupancy and equipment 22 22 67 65
General and administrative 31 30 95 96
Total operating expenses 132 129 400 390
Merger-related expenses 4 6 15 16
Total non-interest expense 136 135 415 406
Income before income taxes 205 199 642 607
Income tax expense 53 50 164 161
Net income 152 149 478 446
Preferred stock dividends 8 9 25 25
Net income available to common shareholders $ 144 $ 140 $ 453 $ 421
Basic earnings per common share $ 0.31 $ 0.30 $ 0.96 $ 0.90
Diluted earnings per common share $ 0.30 $ 0.30 $ 0.96 $ 0.90
Net income $ 152 $ 149 $ 478 $ 446
Other comprehensive loss, net of tax:        
Change in net unrealized gain (loss) on securities available-for-sale net of tax of $67; $9 $217 and $34, respectively (176) (23) (567) (89)
Change in pension and post-retirement obligations, net of tax of$0; $0; $0 and $(1), respectively   1 (1) 3
Change in net unrealized (loss) gain on cash flow hedges, net of tax of $(11); $0; $(18) and $0, respectively 28 (2) 46 1
Reclassification adjustment for defined benefit pension plan,net of tax of $0; $0; $0 and $(1), respectively 1 1 2 4
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax $1; $(2); $(1) and $(4), respectively (2) 6 3 14
Total other comprehensive loss, net of tax (149) (17) (517) (67)
Total comprehensive income (loss), net of tax $ 3 $ 132 $ (39) $ 379