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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
INTEREST INCOME:        
Loans and leases $ 424 $ 386 $ 817 $ 769
Securities and money market investments 49 45 85 85
Total interest income 473 431 902 854
INTEREST EXPENSE:        
Interest-bearing checking and money market accounts 24 7 32 16
Savings accounts 10 7 18 13
Certificates of deposit 12 14 23 32
Borrowed funds 68 72 138 144
Total interest expense 114 100 211 205
Net interest income 359 331 691 649
Provision for credit losses 9 (4) 7  
Net interest income after provision for credit losses 350 335 684 649
NON-INTEREST INCOME:        
Fee income 6 6 12 11
Bank-owned life insurance 7 8 14 15
Net loss on securities     (1)  
Other 5 2 7 4
Total non-interest income 18 16 32 30
Operating expenses:        
Compensation and benefits 79 74 159 152
Occupancy and equipment 22 22 45 43
General and administrative 33 33 64 66
Total operating expenses 134 129 268 261
Merger-related expenses 4 10 11 10
Total non-interest expense 138 139 279 271
Income before income taxes 230 212 437 408
Income tax expense 59 60 111 111
Net income 171 152 326 297
Preferred stock dividends 8 8 16 16
Net income available to common shareholders $ 163 $ 144 $ 310 $ 281
Basic earnings per common share $ 0.34 $ 0.30 $ 0.66 $ 0.60
Diluted earnings per common share $ 0.34 $ 0.30 $ 0.66 $ 0.60
Net income $ 171 $ 152 $ 326 $ 297
Other comprehensive income (loss), net of tax:        
Change in net unrealized gain (loss) on securities available-for-sale net of tax of $68; ($16); $150 and $25, respectively (176) 42 (391) (66)
Change in pension and post-retirement obligations, net of tax of$0; $0; $0 and ($1), respectively (1) (1) (1) 2
Change in net unrealized (loss) gain on cash flow hedges, net of tax of $(3); $0; $(7) and ($1), respectively 6   18 3
Reclassification adjustment for defined benefit pension plan,net of tax of $0; ($1); $0 and ($1), respectively 1 2 1 3
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax $0; $(2); $(2) and ($3), respectively 1 4 5 8
Total other comprehensive income (loss), net of tax (169) 47 (368) (50)
Total comprehensive income (loss), net of tax $ 2 $ 199 $ (42) $ 247