Business Combinations (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

The following table presents additional information on merger consideration:

(Dollars in millions, except per share data, shares in thousands)	Amount
Common stock issued	575,067
Share price on December 6, 2019	$	54.24
Fair value of consideration for outstanding common stock	$	31,192
Fair value of consideration for preferred stock	2,045
Consideration related to equity awards	309
Cash in lieu of fractional shares	1
Fair value of merger consideration	$	33,547

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table sets forth a preliminary allocation of merger consideration to the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed of SunTrust:

(Dollars in millions)	UPB		Fair Value
Fair value of merger consideration			$	33,547
Assets
Cash and due from banks			1,621
Interest-bearing deposits with banks			4,668
Securities borrowed or purchased under resale agreements			1,191
Trading assets			5,710
AFS securities			30,986
LHFS			3,741
Loans and leases:
Commercial and industrial	$	68,687	67,019
CRE	9,509		9,324
Commercial Construction	2,136		2,089
Commercial Leases	3,967		3,911
Mortgage Loans	28,191		26,899
Home Equity and Direct Lending	15,917		15,654
Indirect Auto	12,373		12,211
Indirect Other	4,678		4,466
Student Lending	6,867		6,678
Credit Card	2,518		2,504
PCI	3,652		3,227
Total loans and leases	$	158,495	153,982
Premises and equipment			1,587
CDI and other intangible assets			2,535
MSRs			1,605
Other assets			13,748
Total assets			221,374
Liabilities and Equity
Deposits			(170,633)
Short-term borrowings			(6,837)
Long-term debt			(19,457)
Other liabilities			(5,113)
Total liabilities			(202,040)
Noncontrolling interest			(108)
Less: Net assets			19,226
Goodwill			$	14,321

Business Acquisition, Pro Forma Information

The table also includes the amount of revenues and net income, excluding merger-related charges, included in 2019 results that is related to the operations of SunTrust for the period after the Merger.

(Dollars in millions)	SunTrust Results from December 7, 2019 to December 31, 2019		Unaudited Pro Forma Results for the Year End December 31,
			2019		2018
Net interest income	$	515	$	14,018	$	13,844
Noninterest income	217		8,528		8,114
Net income	251		5,972		6,249