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Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Fair Value of the Identifiable Tangible and Intangible Assets and Liabilities
The following table includes the fair value of consideration transferred and the fair value of the identifiable tangible and intangible assets and liabilities from MUB:
December 1, 2022 (Dollars in Millions)
Acquisition consideration
Cash$5,500 
Market value of shares of common stock2,014 
Total consideration transferred at acquisition close date7,514 
Discounted liability to MUFG(a)
2,944 
Total$10,458 
Fair Value of MUB assets and liabilities
Assets
Cash and due from banks$17,754 
Investment securities22,725 
Loans held for sale2,220 
Loans53,395 
Less allowance for loan losses(463)
Net loans52,932 
Premises and equipment646 
Other intangible assets (excluding goodwill)2,808 
Other assets4,764 
Total assets$103,849 
Liabilities
Deposits$86,110 
Short-term borrowings4,777 
Long-term debt2,584 
Other liabilities2,243 
Total liabilities95,714 
Less: Net assets$8,135 
Goodwill$2,323 
(a)Represents $3.5 billion of noninterest-bearing additional cash held by MUB upon close of the acquisition to be delivered to MUFG on or prior to December 1, 2027, discounted at the Company’s 5-year unsecured borrowing rate as of the acquisition date, per authoritative accounting guidance.
Fair Value and Unpaid Principal Balance of the Loans
The following table includes the fair value and unpaid principal balance of the loans from the MUB acquisition:
December 1, 2022 (Dollars in Millions)
Unpaid Principal Balance
Fair Value
Commercial$11,771 $11,366 
Commercial real estate14,397 13,737 
Residential mortgages28,256 26,247 
Credit card299 212 
Other retail1,397 1,370 
Total loans$56,120 $52,932 
Other Intangible Assets Acquired
Other intangible assets from the MUB acquisition, as of December 1, 2022, consisted of the following:
(Dollars in Millions)Weighted-Average Estimated Life
Amortization Method
Fair Value
Mortgage servicing rights—(a)$147 
Core deposit benefits10 yearsAccelerated2,635
Other11 yearsAccelerated26 
Total other intangible assets (excluding goodwill)$2,808 
(a) Mortgage servicing rights are recorded at fair value and are not amortized.
Financial Results Included in the Consolidated Statement of Income
The following table presents financial results of MUB included in the Consolidated Statement of Income from the date of acquisition through December 31, 2022.
(Dollars in Millions)One Month Ended December 31, 2022
Net interest income$255 
Noninterest income(38)
(a)
Net income (loss)(562)
(a)Includes realized losses on investment securities sold.
Pro Forma Information The pro forma information does not necessarily reflect the results that would have occurred had the Company acquired MUB on January 1, 2021.
Year Ended December 31 (Dollars in Millions)20222021
Net interest income$17,541 $14,958 
Noninterest income10,068 11,071 
Net income7,184 7,187 
Purchase Price of PCD Loans Acquired
The following table provides information about the determination of the purchase price of PCD loans at the acquisition date:
December 1, 2022 (Dollars in Millions)
Principal balance$5,097 
Allowance for credit losses at acquisition(463)
Non-credit discount(213)
Purchase price$4,421