Segments (Tables)

6 Months Ended

Jun. 30, 2022

The following is a summary of operating segment information for the periods indicated:


Balance Sheet:	Consolidated Company		Commercial		Consumer Related		Corporate & Other
At June 30, 2022:	(in millions)
Assets:
Cash, cash equivalents, and investment securities	$	10,688	$	15	$	—	$	10,673
Loans held for sale	2,803		—		2,803		—
Loans, net of deferred fees and costs	48,572		29,448		19,124		—
Less: allowance for credit losses	(273)		(242)		(31)		—
Total loans	48,299		29,206		19,093		—
Other assets acquired through foreclosure, net	12		12		—		—
Goodwill and other intangible assets, net	695		294		401		—
Other assets	3,558		275		1,510		1,773
Total assets	$	66,055	$	29,802	$	23,807	$	12,446
Liabilities:
Deposits	$	53,712	$	29,482	$	19,690	$	4,540
Borrowings and qualifying debt	6,101		29		356		5,716
Other liabilities	1,283		235		300		748
Total liabilities	61,096		29,746		20,346		11,004
Allocated equity:	4,959		2,842		1,852		265
Total liabilities and stockholders' equity	$	66,055	$	32,588	$	22,198	$	11,269
Excess funds provided (used)	—		2,786		(1,609)		(1,177)




Income Statement:
Three Months Ended June 30, 2022:	(in millions)
Net interest income	$	525.0	$	370.5	$	219.4	$	(64.9)
Provision for (recovery of) credit losses	27.5		32.7		(5.2)		—
Net interest income (expense) after provision for credit losses	497.5		337.8		224.6		(64.9)
Non-interest income	95.0		18.0		74.6		2.4
Non-interest expense	268.9		115.9		139.1		13.9
Income (loss) before income taxes	323.6		239.9		160.1		(76.4)
Income tax expense (benefit)	63.4		57.3		38.1		(32.0)
Net income (loss)	$	260.2	$	182.6	$	122.0	$	(44.4)

Six Months Ended June 30, 2022:	(in millions)
Net interest income	$	974.5	$	705.3	$	402.7	$	(133.5)
Provision for (recovery of) credit losses	36.5		33.2		5.3		(2.0)
Net interest income (expense) after provision for credit losses	938.0		672.1		397.4		(131.5)
Non-interest income	201.3		34.9		153.8		12.6
Non-interest expense	517.5		230.4		264.1		23.0
Income (loss) before income taxes	621.8		476.6		287.1		(141.9)
Income tax expense (benefit)	121.5		113.4		68.5		(60.4)
Net income (loss)	$	500.3	$	363.2	$	218.6	$	(81.5)


Balance Sheet:	Consolidated Company		Commercial		Consumer Related		Corporate
At December 31, 2021:	(in millions)
Assets:
Cash, cash equivalents, and investment securities	$	8,057	$	13	$	82	$	7,962
Loans held for sale	5,635		—		5,635		—
Loans, net of deferred fees and costs	39,075		25,092		13,983		—
Less: allowance for credit losses	(252)		(226)		(26)		—
Total loans	38,823		24,866		13,957		—
Other assets acquired through foreclosure, net	12		12		—		—
Goodwill and other intangible assets, net	635		295		340		—
Other assets	2,821		254		1,278		1,289
Total assets	$	55,983	$	25,440	$	21,292	$	9,251
Liabilities:
Deposits	$	47,612	$	30,467	$	15,363	$	1,782
Borrowings and qualifying debt	2,398		—		353		2,045
Other liabilities	1,010		233		138		639
Total liabilities	51,020		30,700		15,854		4,466
Allocated equity:	4,963		2,588		1,596		779
Total liabilities and stockholders' equity	$	55,983	$	33,288	$	17,450	$	5,245
Excess funds provided (used)	—		7,848		(3,842)		(4,006)




Income Statements:
Three Months Ended June 30, 2021:	(in millions)
Net interest income	$	370.5	$	280.7	$	139.5	$	(49.7)
(Recovery of) provision for credit losses	(14.5)		(18.6)		7.2		(3.1)
Net interest income (expense) after provision for credit losses	385.0		299.3		132.3		(46.6)
Non-interest income	136.0		13.9		116.9		5.2
Non-interest expense	244.8		104.1		135.6		5.1
Income (loss) before income taxes	276.2		209.1		113.6		(46.5)
Income tax expense (benefit)	52.4		50.4		27.5		(25.5)
Net income (loss)	$	223.8	$	158.7	$	86.1	$	(21.0)

Six Months Ended June 30, 2021:	(in millions)
Net interest income	$	687.8	$	544.5	$	247.5	$	(104.2)
(Recovery of) provision for credit losses	(46.9)		(54.8)		8.9		(1.0)
Net interest income (expense) after provision for credit losses	734.7		599.3		238.6		(103.2)
Non-interest income	155.7		33.1		117.4		5.2
Non-interest expense	379.8		202.4		170.9		6.5
Income (loss) before income taxes	510.6		430.0		185.1		(104.5)
Income tax expense (benefit)	94.3		103.2		44.9		(53.8)
Net income (loss)	$	416.3	$	326.8	$	140.2	$	(50.7)