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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest income    
Interest and fees on loans $ 1,017 $ 621
Interest on investment securities 107 83
Interest on deposits at banks 87 6
Total interest income 1,211 710
Interest expense    
Deposits 288 39
Borrowings 73 22
Total interest expense 361 61
Net interest income 850 649
Provision (benefit) for credit losses 783 464
Net interest income after provision for credit losses 67 185
Noninterest income    
Rental income on operating lease equipment 233 208
Realized loss on sale of investment securities available for sale, net (14) 0
Fair value adjustment on marketable equity securities, net (9) 3
Bank-owned life insurance 5 8
Gain on sale of leasing equipment, net 4 6
Gain on acquisition 9,824 431
Gain on extinguishment of debt 0 6
Other noninterest income 37 16
Total noninterest income 10,259 850
Noninterest expense    
Depreciation on operating lease equipment 89 81
Maintenance and other operating lease expenses 56 43
Salaries and benefits 420 356
Net occupancy expense 50 48
Equipment expense 58 52
Professional fees 12 12
Third-party processing fees 29 24
FDIC insurance expense 18 12
Marketing expense 15 8
Acquisition-related expenses 28 135
Intangible asset amortization 5 6
Other noninterest expense 75 33
Total noninterest expense 855 810
Income before income taxes 9,471 225
Income tax (benefit) expense (47) (46)
Net income 9,518 271
Preferred stock dividends 14 7
Net income available to common stockholders, basic 9,504 264
Net income available to common shareholders, diluted $ 9,504 $ 264
Earnings per common share    
Earnings per common share, basic (in dollars per share) $ 654.22 $ 16.70
Earnings per common share, diluted (in dollars per share) $ 653.64 $ 16.70
Weighted average common shares outstanding    
Weighted average common shares outstanding, basic (in shares) 14,526,693 15,779,153
Weighted average common shares outstanding, diluted (in shares) 14,539,709 15,779,153
Fee income and other service charges    
Noninterest income    
Noninterest income $ 50 $ 36
Wealth management services    
Noninterest income    
Noninterest income 42 35
Service charges on deposit accounts    
Noninterest income    
Noninterest income 24 27
Factoring commissions    
Noninterest income    
Noninterest income 19 27
Cardholder services, net    
Noninterest income    
Noninterest income 21 25
Merchant services, net    
Noninterest income    
Noninterest income 10 10
Insurance commissions    
Noninterest income    
Noninterest income $ 13 $ 12