FIRST CITIZENS BANCSHARES INC /DE/, 10-K filed on 2/23/2024
Annual Report
v3.24.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2023
Feb. 16, 2024
Jun. 30, 2023
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Document Transition Report false    
Entity File Number 001-16715    
Entity Registrant Name FIRST CITIZENS BANCSHARES INC /DE/    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 56-1528994    
Entity Address, Address Line One 4300 Six Forks Road    
Entity Address, City or Town Raleigh    
Entity Address, State or Province NC    
Entity Address, Postal Zip Code 27609    
City Area Code (919)    
Local Phone Number 716-7000    
Title of 12(g) Security Class B Common Stock, Par Value $1    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 14,258,285,207
Entity Central Index Key 0000798941    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this report.
    
Class A Common Stock, Par Value $1      
Document Information [Line Items]      
Title of 12(b) Security Class A Common Stock, Par Value $1    
Trading Symbol FCNCA    
Security Exchange Name NASDAQ    
Entity Common Stock, Shares Outstanding   13,519,430  
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A      
Document Information [Line Items]      
Title of 12(b) Security Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A    
Trading Symbol FCNCP    
Security Exchange Name NASDAQ    
5.625% Non-Cumulative Perpetual Preferred Stock, Series C      
Document Information [Line Items]      
Title of 12(b) Security 5.625% Non-Cumulative Perpetual Preferred Stock, Series C    
Trading Symbol FCNCO    
Security Exchange Name NASDAQ    
Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   1,005,185  
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Auditor Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Raleigh, NC
Auditor Firm ID 185
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Assets    
Cash and due from banks $ 908 $ 518
Interest-earning deposits at banks 33,609 5,025
Securities purchased under agreements to resell 473 0
Investment in marketable equity securities (cost of $75 at December 31, 2023 and $75 at December 31, 2022) 84 95
Investment securities available for sale (cost of $20,688 at December 31, 2023 and $9,967 at December 31, 2022), net of allowance for credit losses 19,936 8,995
Investment securities held to maturity (fair value of $8,503 at December 31, 2023 and $8,795 at December 31, 2022) 9,979 10,279
Assets held for sale 76 60
Loans and leases 133,302 70,781
Allowance for loan and lease losses (1,747) (922)
Loans and leases, net of allowance for loan and lease losses 131,555 69,859
Operating lease equipment, net 8,746 8,156
Premises and equipment, net 1,877 1,456
Goodwill 346 346
Other intangible assets, net 312 140
Other assets 5,857 4,369
Total assets 213,758 109,298
Deposits:    
Noninterest-bearing 39,799 24,922
Interest-bearing 106,055 64,486
Total deposits 145,854 89,408
Credit balances of factoring clients 1,089 995
Borrowings:    
Short-term borrowings 485 2,186
Long-term borrowings 37,169 4,459
Total borrowings 37,654 6,645
Other liabilities 7,906 2,588
Total liabilities 192,503 99,636
Stockholders’ equity    
Preferred stock - $0.01 par value (20,000,000 and 10,000,000 shares authorized at December 31, 2023 and December 31, 2022, respectively) 881 881
Additional paid in capital 4,108 4,109
Retained earnings 16,742 5,392
Accumulated other comprehensive loss (491) (735)
Total stockholders’ equity 21,255 9,662
Total liabilities and stockholders’ equity 213,758 109,298
Class A    
Stockholders’ equity    
Common stock: 14 14
Class B    
Stockholders’ equity    
Common stock: $ 1 $ 1
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Investment in marketable equity securities at cost $ 75 $ 75
Investment securities available for sale at cost 20,688 9,967
Investment securities held to maturity at fair value $ 8,503 $ 8,795
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 20,000,000 10,000,000
Class A    
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares authorized (in shares) 32,000,000 16,000,000
Common stock, shares issued (in shares) 13,514,933 13,501,017
Common stock, shares outstanding (in shares) 13,514,933 13,501,017
Class B    
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares authorized (in shares) 2,000,000 2,000,000
Common stock, shares issued (in shares) 1,005,185 1,005,185
Common stock, shares outstanding (in shares) 1,005,185 1,005,185
v3.24.0.1
Consolidated Statements of Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest income      
Interest and fees on loans $ 8,187 $ 2,953 $ 1,295
Interest on investment securities 648 354 145
Interest on deposits at banks 1,556 106 11
Total interest income 10,391 3,413 1,451
Interest expense      
Deposits 2,497 335 33
Borrowings 1,182 132 28
Total interest expense 3,679 467 61
Net interest income 6,712 2,946 1,390
Provision (benefit) for credit losses 1,375 645 (37)
Net interest income after provision for credit losses 5,337 2,301 1,427
Noninterest income      
Rental income on operating lease equipment 971 864 0
Realized (loss) gain on sale of investment securities available for sale, net (26) 0 33
Fair value adjustment on marketable equity securities, net (11) (3) 34
Bank-owned life insurance 8 32 3
Gain on sale of leasing equipment, net 20 15 0
Gain on acquisition 9,808 431 0
Gain on extinguishment of debt 0 7 0
Other noninterest income 120 97 36
Total noninterest income 12,075 2,136 508
Noninterest expense      
Depreciation on operating lease equipment 371 345 0
Maintenance and other operating lease expenses 222 189 0
Salaries and benefits 2,636 1,408 759
Net occupancy expense 244 191 117
Equipment expense 422 216 119
Professional fees 73 45 20
Third-party processing fees 203 103 60
FDIC insurance expense 158 31 14
Marketing expense 102 53 10
Acquisition-related expenses 470 231 29
Intangible asset amortization 57 23 12
Other noninterest expense 377 240 94
Total noninterest expense 5,335 3,075 1,234
Income before income taxes 12,077 1,362 701
Income tax expense 611 264 154
Net income 11,466 1,098 547
Preferred stock dividends 59 50 18
Net income available to common stockholders, basic 11,407 1,048 529
Net income available to common shareholders, diluted $ 11,407 $ 1,048 $ 529
Earnings per common share      
Basic (in dollars per share) $ 785.14 $ 67.47 $ 53.88
Diluted (in dollars per share) $ 784.51 $ 67.40 $ 53.88
Weighted average common shares outstanding      
Basic (in shares) 14,527,902 15,531,924 9,816,405
Diluted (in shares) 14,539,613 15,549,944 9,816,405
Fee income and other service charges      
Noninterest income      
Noninterest income $ 268 $ 155 $ 35
Client investment fees      
Noninterest income      
Noninterest income 157 0 0
Wealth management services      
Noninterest income      
Noninterest income 188 142 129
International fees      
Noninterest income      
Noninterest income 93 10 7
Service charges on deposit accounts      
Noninterest income      
Noninterest income 156 98 95
Factoring commissions      
Noninterest income      
Noninterest income 82 104 0
Cardholder services, net      
Noninterest income      
Noninterest income 139 102 87
Merchant services, net      
Noninterest income      
Noninterest income 48 35 33
Insurance commissions      
Noninterest income      
Noninterest income $ 54 $ 47 $ 16
v3.24.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income $ 11,466 $ 1,098 $ 547
Other comprehensive income (loss), net of tax      
Net unrealized gain (loss) on securities available for sale 162 (730) (88)
Net change in unrealized gain (loss) on securities available for sale transferred to securities held to maturity 1 1 (11)
Net change in defined benefit pension items 81 (16) 97
Other comprehensive income (loss), net of tax 244 (745) (2)
Total comprehensive income $ 11,710 $ 353 $ 545
v3.24.0.1
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Millions
Total
Class A
Class B
Series A
Series B
Series C
Preferred Stock
Preferred Stock
Series B
Preferred Stock
Series C
Common Stock
Class A
Common Stock
Class B
Additional Paid in Capital
Additional Paid in Capital
Class A
Retained Earnings
Retained Earnings
Class A
Retained Earnings
Class B
Retained Earnings
Series A
Retained Earnings
Series B
Retained Earnings
Series C
Accumulated Other Comprehensive Income (Loss)
Beginning balance, shareholders' equity at Dec. 31, 2020 $ 4,229           $ 340     $ 9 $ 1 $ 0   $ 3,867           $ 12
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Net income 547                         547            
Other comprehensive income (loss), net of tax (2)                                     (2)
Cash dividends declared   $ (16) $ (2)                       $ (16) $ (2)        
Preferred stock dividends declared (18)                         (18)            
Ending balance, shareholders' equity at Dec. 31, 2021 4,738           340     9 1 0   4,378           10
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Net income 1,098                         1,098            
Other comprehensive income (loss), net of tax (745)                                     (745)
Issued in CIT Merger 5,279       $ 334 $ 207   $ 334 $ 207 6   5,273                
Stock based compensation 75                     75                
Repurchased shares of Class A common stock   (1,240)               (1)     $ (1,239)              
Cash dividends declared   (32) (2)                       (32) (2)        
Preferred stock dividends declared       $ (19) (20) (11)                     $ (19) $ (20) $ (11)  
Ending balance, shareholders' equity at Dec. 31, 2022 9,662           881     14 1 4,109   5,392           (735)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Net income 11,466                         11,466            
Other comprehensive income (loss), net of tax 244                                     244
Stock based compensation (1)                     (1)                
Cash dividends declared   $ (53) $ (4)                       $ (53) $ (4)        
Preferred stock dividends declared       $ (18) $ (30) $ (11)                     $ (18) $ (30) $ (11)  
Ending balance, shareholders' equity at Dec. 31, 2023 $ 21,255           $ 881     $ 14 $ 1 $ 4,108   $ 16,742           $ (491)
v3.24.0.1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]      
Common share cash dividends declared (in dollars per share) $ 3.89 $ 2.16 $ 1.88
Repurchased number of shares of Class A common stock (in shares)   1,500,000  
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 11,466 $ 1,098 $ 547
Adjustments to reconcile net income to cash provided by operating activities:      
Provision (benefit) for credit losses 1,375 645 (37)
Deferred tax (benefit) expense (165) 206 (8)
Depreciation, amortization, and accretion, net (57) 533 143
Stock based compensation expense 5 19 0
Realized loss (gain) on sale of investment securities available for sale, net 26 0 (33)
Fair value adjustment on marketable equity securities, net 11 3 (34)
Loss (gain) on sale of loans, net 2 (22) (33)
Gain on sale of operating lease equipment, net (20) (15) 0
Loss on sale of premises and equipment, net 0 5 0
Gain on other real estate owned, net (4) (14) (1)
Gain on acquisition (9,808) (431) 0
Gain on extinguishment of debt 0 (7) 0
Origination of loans held for sale (740) (499) (1,123)
Proceeds from sale of loans held for sale 693 562 1,036
Impairment of premises and equipment and other assets 70 0 0
Net change in other assets 206 484 (733)
Net change in other liabilities (379) 260 5
Other operating activities (21) (36) (13)
Net cash provided by (used in) operating activities 2,660 2,791 (284)
CASH FLOWS FROM INVESTING ACTIVITIES      
Net decrease (increase) in interest-earning deposits at banks 5,416 6,965 (4,767)
Purchase of marketable equity securities 0 0 (2)
Proceeds from sales of investments in marketable equity securities 0 0 30
Purchases of investment securities available for sale (12,839) (1,985) (6,375)
Proceeds from maturities of investment securities available for sale 2,084 1,237 2,455
Proceeds from sales of investment securities available for sale 495 2 1,367
Purchases of investment securities held to maturity (213) (755) (1,401)
Proceeds from maturities of investment securities held to maturity 545 835 809
Net increase in securities purchased under agreements to resell (473) 0 0
Net decrease (increase) in loans 6,057 (5,344) 423
Proceeds from sales of loans 317 245 0
Net increase (decrease) in credit balances of factoring clients 94 (538) 0
Purchases of operating lease equipment (1,023) (771) 0
Proceeds from sales of operating lease equipment 243 95 0
Purchases of premises and equipment (405) (155) (107)
Proceeds from sales of premises and equipment 0 13 1
Proceeds from sales of other real estate owned 19 48 41
Cash acquired, net of cash paid as consideration for acquisition 810 134 0
Proceeds from surrender of bank-owned life insurance policies 1,094 157 0
Other investing activities 208 (108) (42)
Net cash provided by (used in) investing activities 2,429 75 (7,568)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase (decrease) in time deposits 5,634 568 (406)
Net (decrease) increase in demand and other interest-bearing deposits (5,369) (2,259) 8,382
Net change in securities sold under customer repurchase agreements 39 (153) (52)
Repayment of short-term borrowings (2,250) (1,355) 0
Proceeds from issuance of short-term borrowings 500 3,105 0
Repayment of long-term borrowings (13,120) (5,099) (54)
Proceeds from issuance of long-term borrowings 9,991 3,854 0
Repurchase of Class A common stock 0 (1,240) 0
Cash dividends paid (117) (83) (42)
Other financing activities (7) (24) 0
Net cash (used in) provided by financing activities (4,699) (2,686) 7,828
Change in cash and due from banks 390 180 (24)
Cash and due from banks at beginning of period 518 338 362
Cash and due from banks at end of period 908 518 338
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Interest 3,686 525 62
Income taxes 514 (551) 870
Significant non-cash investing and financing activities:      
Transfers of loans to other real estate 20 14 14
Transfers of premises and equipment to other real estate 6 19 14
Transfer of investment securities available for sale (from) to held to maturity 0 0 452
Dividends declared but not paid 0 1 0
Transfer of assets from held for investment to held for sale 336 188 88
Transfer of assets from held for sale to held for investment 14 21 4
Loans held for sale exchanged for investment securities 0 38 231
Commitments extended during the period on affordable housing investment credits 224 110 15
Purchase Money Note as consideration for SVBB Acquisition 35,808 0 0
Common Stock | Issued for Acquisition      
Significant non-cash investing and financing activities:      
Issuance of stock 0 5,279 0
Common Stock | Issued for Stock Based Compensation      
Significant non-cash investing and financing activities:      
Issuance of stock 0 81 0
Preferred Stock | Issued for Acquisition      
Significant non-cash investing and financing activities:      
Issuance of stock $ 0 $ 541 $ 0
v3.24.0.1
Significant Accounting Policies and Basis of Presentation
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

Nature of Operations
First Citizens BancShares, Inc. (the “Parent Company” and, when including all of its subsidiaries on a consolidated basis, “we,” “us,” “our,” “BancShares”) is a financial holding company organized under the laws of Delaware that conducts operations through its banking subsidiary, First-Citizens Bank & Trust Company (“FCB”), which is headquartered in Raleigh, North Carolina. BancShares and its subsidiaries operate a network of branches and offices, predominantly located in the Southeast, Mid-Atlantic, Midwest and Western United States. BancShares provides various types of commercial and consumer banking services, including lending, leasing and wealth management services. Deposit services include checking, savings, money market and time deposit accounts.

BASIS OF PRESENTATION

Principles of Consolidation and Basis of Presentation
The accounting and reporting policies of BancShares are in accordance with United States generally accepted accounting principles (“GAAP”) and general practices within the banking industry.

The consolidated financial statements of BancShares include the accounts of BancShares and its subsidiaries, certain partnership interests and variable interest entities (“VIEs”) where BancShares is the primary beneficiary, if applicable. All significant intercompany accounts and transactions are eliminated upon consolidation. Assets held in agency or fiduciary capacity are not included in the consolidated financial statements.

VIEs are legal entities that either do not have sufficient equity to finance their activities without the support from other parties or whose equity investors lack a controlling financial interest. BancShares has investments in certain partnerships and limited liability entities that have been evaluated and determined to be VIEs. Consolidation of a VIE is appropriate if a reporting entity holds a controlling financial interest in the VIE and is the primary beneficiary. BancShares is not the primary beneficiary and does not hold a controlling interest in the VIEs as we do not have the power to direct the activities that most significantly impact the VIEs’ economic performance. As such, assets and liabilities of these entities are not consolidated into the financial statements of BancShares. The recorded investment in these entities is reported within other assets. See Note 10—Variable Interest Entities and Note 11—Other Assets for additional information.

Reclassifications
In certain instances, amounts reported in the 2022 and 2021 consolidated financial statements have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported stockholders’ equity or net income.

Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions impact the amounts reported in the consolidated financial statements and accompanying notes and the disclosures provided, and actual results could differ from those estimates. The significant estimates related to the determination of the allowance for loan and lease losses (“ALLL”) and fair values of loans acquired in and the core deposit intangibles associated with a business combination are considered critical accounting estimates.

Business Combinations
BancShares accounts for business combinations using the acquisition method of accounting. Under this method, acquired assets and assumed liabilities are included with the acquirer’s accounts at their estimated fair value as of the date of acquisition, with any excess of purchase price over the fair values of the net assets acquired and any finite-lived intangible assets established in connection with the business combination recognized as goodwill. To the extent the fair value of identifiable net assets acquired exceeds the purchase price, a gain on acquisition is recognized. Acquisition-related costs are recognized as period expenses as incurred.

On March 27, 2023 (the “SVBB Acquisition Date”), FCB acquired substantially all loans and certain other assets and assumed all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A. (“SVBB”) from the Federal Deposit Insurance Corporation (the “FDIC”) pursuant to the terms of a purchase and assumption agreement (the “SVBB Purchase Agreement”) by and among FCB, the FDIC, and the FDIC, as receiver of SVBB (the “SVBB Acquisition”).
On January 3, 2022 (the “CIT Merger Date”), BancShares completed its merger (the “CIT Merger”) with CIT Group Inc. (“CIT”), pursuant to an Agreement and Plan of Merger, dated as of October 15, 2020, as amended by Amendment No. 1, dated as of September 30, 2021 (as amended, the “CIT Merger Agreement”).

Refer to Note 2—Business Combinations for additional information.

Reportable Segments
As of December 31, 2022, BancShares managed its business and reported its financial results in General Banking, Commercial Banking, and Rail segments. All other financial information is included in the “Corporate” component of segment disclosures. In conjunction with the SVBB Acquisition, BancShares added the Silicon Valley Banking segment (the “SVB segment”), which includes the assets acquired, liabilities assumed and related operations from the SVBB Acquisition. See Note 23—Business Segment Information for additional information.

SIGNIFICANT ACCOUNTING POLICIES

Interest-Earning Deposits at Banks
Interest-earning deposits at banks are primarily comprised of interest-bearing deposits with the Federal Reserve Bank (“FRB”) and other banks. Interest-earning deposits at banks have maturities of three months or less. The carrying value of interest-earning deposits at banks approximates its fair value due to its short-term nature.

Securities Purchased Under Agreement to Resell
Securities purchased under agreement to resell are accounted for as collateralized financing transactions as the terms of such purchase agreements do not qualify for sale accounting and are therefore recorded at the amount of cash advanced. The securities purchased under agreement to resell were collateralized by U.S. Treasury and U.S. agency mortgage-backed securities. Accrued interest receivables are recorded in other assets. Interest earned is recorded in interest income.

Investments

Debt Securities
BancShares classifies debt securities as held to maturity or available for sale. Debt securities are classified as held to maturity when BancShares has the intent and ability to hold the securities to maturity. held to maturity securities are reported at amortized cost. Debt securities classified as available for sale are reported at estimated fair value, with unrealized gains and losses, net of income taxes, reported in Accumulated Other Comprehensive Income (“AOCI”). Amortization of premiums and accretion of discounts for debt securities are recorded in interest income. Realized gains and losses from the sale of debt securities are included in noninterest income. BancShares performs pre-purchase due diligence and evaluates the credit risk of available for sale and held to maturity debt securities purchased directly into BancShares' portfolio or via acquisition. If securities have evidence of more than insignificant credit deterioration since issuance, they are designated as purchased credit deteriorated (“PCD”).

For available for sale debt securities, management performs a quarterly analysis of the investment portfolio to evaluate securities currently in an unrealized loss position for potential credit-related impairment. If BancShares intends to sell a security, or does not have the intent and ability to hold a security before recovering the amortized cost, the entirety of the unrealized loss is immediately recorded in earnings to the extent that it exceeds the associated allowance for credit losses previously established. For the remaining securities, an analysis is performed to determine if any portion of the unrealized loss recorded relates to credit impairment. If credit-related impairment exists, the amount is recorded through the allowance for credit losses and related provision. This review includes indicators such as changes in credit rating, delinquency, bankruptcy or other significant events impacting the issuer.

Debt securities are also classified as past due when the payment of principal and interest based upon contractual terms is 30 days delinquent or greater. Management reviews all debt securities with delinquent interest and immediately charges off any accrued interest determined to be uncollectible. See Note 3—Investment Securities for additional information.

Equity Securities
Investments in equity securities having readily determinable fair values are stated at fair value. Realized and unrealized gains and losses on these securities are included in noninterest income. Dividends on marketable equity securities are included in interest on investment securities.
Nonmarketable equity securities that do not meet the criteria to be accounted for under the equity method and that do not have readily determinable fair values are measured at cost under the measurement alternative with adjustments for impairment and observable price changes if applicable. Dividends from these investments are included in noninterest income. See Note 11—Other Assets for amounts of nonmarketable equity securities at December 31, 2023 and 2022.

BancShares evaluates its equity securities for impairment and recoverability of the recorded investment based on analysis of the facts and circumstances of each investment, including the profitability and asset quality of the issuer, dividend payment history and recent redemption experience. Impairment is assessed at each reporting period and if identified, is recognized in noninterest income.

Other Securities
Membership in the Federal Home Loan Bank (“FHLB”) network requires ownership of FHLB restricted stock. This stock is restricted as it may only be sold to the FHLB and all sales must be at par. Accordingly, the FHLB restricted stock is carried at cost, less any applicable impairment charges and is recorded within other assets. Additionally, BancShares holds shares of Visa Inc. (“Visa”) Class B common stock. See Note 3—Investment Securities and Note 11—Other Assets for additional information.

Affordable Housing Tax Credit and Other Unconsolidated Investments

Affordable Housing Tax Credit Investments
BancShares has investments in qualified affordable housing projects primarily for the purposes of fulfilling Community Reinvestment Act of 1977 (“CRA”) requirements and obtaining tax credits. These investments are accounted for using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received, and the net investment performance is recognized in the income statement as a component of income tax expense. All of our investments in qualified affordable housing projects are accounted for under the proportional amortization method.

Equity Method Investments
Under the equity method, we record our proportionate share of the profits or losses of the investment entity as an adjustment to the carrying value of the investment and as a component of other noninterest income. Dividends and distributions from these investments are recorded as reductions to the carrying value of the investments. These investments are evaluated for impairment, with impairment recorded when there is an other-than-temporary decline in value.

See Note 10—Variable Interest Entities and Note 11—Other Assets for additional information.

Assets Held for Sale
Assets held for sale (“AHFS”) primarily consists of commercial loans carried at the lower of the cost or fair value (“LOCOM”) and residential mortgage loans carried at fair value, as BancShares elected to apply the fair value option for mortgage loans originated with the intent to sell. AHFS also includes operating lease equipment held for sale, which is carried at LOCOM.

Loans and Leases
Originated loans for which management has the intent and ability to hold for the foreseeable future are classified as held for investment and carried at the principal amount outstanding net of any unearned income, charge-offs and unamortized fees and costs. Nonrefundable fees collected and certain direct costs incurred related to loan originations are deferred and recorded as an adjustment to loans outstanding. The net amount of the nonrefundable fees and costs is amortized to interest income over the contractual lives as an adjustment to yield using methods that approximate a constant yield, as applicable, or the straight-line method for revolving lines of credit.

BancShares extends credit to commercial customers through a variety of financing arrangements including term loans, revolving credit facilities, finance leases and operating leases. BancShares also extends credit through consumer loans, including residential mortgages and auto loans. Our loan classes as of December 31, 2023 are described below.

Commercial Loans and Leases
Commercial Construction – Commercial construction consists of loans to finance land for commercial development of real property and construction of multifamily apartments or other commercial properties. These loans are highly dependent on the supply and demand for commercial real estate (“CRE”) as well as the demand for newly constructed residential homes and lots acquired for development. Deterioration in demand could result in decreased collateral values, which could make repayments of outstanding loans difficult.
Owner Occupied Commercial Mortgage – Owner occupied commercial mortgage consists of loans to purchase or refinance owner occupied nonresidential properties. This includes office buildings, other commercial facilities and farmland. Commercial mortgages secured by owner occupied properties are primarily dependent on the ability of borrowers to achieve business results consistent with those projected at loan origination. While these loans are collateralized by real property in an effort to mitigate risk, it is possible the liquidation of collateral will not fully satisfy the obligation.

Non-owner Occupied Commercial Mortgage – Non-owner occupied commercial mortgage consists of loans to purchase or refinance investment nonresidential properties. This includes office buildings and other facilities rented or leased to unrelated parties, as well as farmland and multifamily properties. The primary risk associated with income producing commercial mortgage loans is the ability of the income-producing property that collateralizes the loan to produce adequate cash flow to service the debt. While these loans are collateralized by real property in an effort to mitigate risk, it is possible the liquidation of collateral will not fully satisfy the obligation.

Commercial and Industrial – Commercial and industrial (“C&I”) loans consist of loans or lines of credit to finance accounts receivable, inventory or other general business needs, and business credit cards. The primary risk associated with C&I loans is the ability of borrowers to achieve business results consistent with those projected at origination. Failure to achieve these projections presents risk that the borrower will be unable to service the debt consistent with the contractual terms of the loan.

Factoring – We provide factoring, receivable management, and secured financing to businesses (our clients, who are generally manufacturers or importers of goods) that operate in several industries, including apparel, textile, furniture, home furnishings and consumer electronics. Factoring entails the assumption of credit risk with respect to trade accounts receivable arising from the sale of goods by our clients to their customers (generally retailers) that have been factored (i.e., sold or assigned to the factor). The most prevalent risk in factoring transactions is customer credit risk, which relates to the financial inability of a customer to pay undisputed factored trade accounts receivable. Factoring receivables are primarily included in the C&I loan class.

Leases – Leases consists of finance lease arrangements for technology and office equipment and large and small industrial, medical, and transportation equipment.

Consumer Loans
Residential Mortgage – Consumer mortgage consists of loans to purchase, construct, or refinance the borrower’s primary dwelling, secondary residence or vacation home and are often secured by 1-4 family residential properties or undeveloped or partially developed land in anticipation of completing construction of a 1-4 family residential property. Significant and rapid declines in real estate values can result in borrowers having debt levels in excess of the current market value of the collateral. Delays in construction and development projects can cause cost overruns exceeding the borrower’s financial ability to complete the project. Such cost overruns can result in foreclosure of partially completed and unmarketable collateral.

Revolving Mortgage – Revolving mortgage consists of home equity lines of credit and other lines of credit or loans secured by first or second liens on the borrower’s primary residence. These loans are secured by both senior and junior liens on the residential real estate and are particularly susceptible to declining collateral values. This risk is elevated for loans secured by junior liens as a substantial decline in value could render the junior lien position effectively unsecured.

Consumer Auto – Consumer auto loans consist of installment loans to finance purchases of vehicles. These loans include direct auto loans originated in bank branches, as well as indirect auto loans originated through agreements with auto dealerships. The value of the underlying collateral within this class is at risk of potential rapid depreciation, which could result in unpaid balances in excess of the collateral, if any.

Consumer Other – Other consumer loans consist of loans to finance unsecured home improvements, student loans, and revolving lines of credit that can be secured or unsecured, including personal credit cards. The value of the underlying collateral within this class is at risk of potential rapid depreciation, which could result in unpaid balances in excess of the collateral.

SVB Loan Classes
SVB loan classes were added to reflect the loans acquired in the SVBB Acquisition. The SVB loan classes are described below.

Global Fund Banking – Global fund banking is the largest class of SVB loans and consists of capital call lines of credit, the repayment of which is dependent on the payment of capital calls by the underlying limited partner investors in funds managed by certain private equity and venture capital firms.
Investor Dependent – The investor dependent class includes loans made primarily to technology and life science/healthcare companies. These borrowers typically have modest or negative cash flows and rarely have an established record of profitable operations. Repayment of these loans may be dependent upon receipt by borrowers of additional equity financing from venture capital firms or other investors, or in some cases, a successful sale to a third-party or an initial public offering. The investor dependent loans are disaggregated into two classes:
•Early Stage – These include loans to pre-revenue, development-stage companies and companies that are in the early phases of commercialization, with revenues of up to $5 million.
•Growth Stage – These include loans to growth stage enterprises. Companies with revenues between $5 million and $15 million, or pre-revenue clinical-stage biotechnology companies, are considered to be mid-stage, and companies with revenues in excess of $15 million are considered to be later-stage.

Cash Flow Dependent and Innovation C&I – Cash flow dependent and innovation C&I loans are made primarily to technology and life science/healthcare companies that are not investor dependent. Repayment of these loans is not dependent on additional equity financing, a successful sale or an initial public offering.
•Cash Flow Dependent – Cash flow dependent loans are typically used to assist a select group of private equity sponsors with the acquisition of businesses, are larger in size and repayment is generally dependent upon the cash flows of the combined entities. Acquired companies are typically established, later-stage businesses of scale, and characterized by reasonable levels of leverage with loan structures that include meaningful financial covenants. The sponsor’s equity contribution is often 50 percent or more of the acquisition price.
•Innovation C&I – These include loans in innovation sectors such as technology and life science/healthcare industries. Innovation C&I loans are dependent on either the borrower’s cash flows or balance sheet for repayment. Cash flow dependent loans require the borrower to maintain cash flow from operations that is sufficient to service all debt. Borrowers must demonstrate normalized cash flow in excess of all fixed charges associated with operating the business. Balance sheet dependent loans include asset-backed loans and are structured to require constant current asset coverage (e.g., cash, cash equivalents, accounts receivable and, to a much lesser extent, inventory) in an amount that exceeds the outstanding debt. The repayment of these arrangements is dependent on the financial condition, and payment ability, of third parties with whom our clients do business.

Private Bank – Private banking includes loans to clients who are primarily private equity or venture capital professionals and executives in the innovation companies, as well as high net worth clients. We offer a customized suite of private banking services, including mortgages, home equity lines of credit, restricted and private stock loans, personal capital call lines of credit, lines of credit against liquid assets and other secured and unsecured lending products. In addition, we provide owner occupied commercial mortgages and real estate secured loans.

Commercial Real Estate – CRE consists generally of acquisition financing loans for commercial properties such as office buildings, retail properties, apartment buildings and industrial/warehouse space.

Other – The remaining smaller acquired portfolios are aggregated into this category. These include other C&I, premium wine and other acquired portfolios.
•Other C&I loans include working capital and revolving lines of credit, as well as term loans for equipment and fixed assets. These loans are primarily to clients that are not in the technology and life sciences/healthcare industries. Additionally, other C&I loans contain commercial tax-exempt loans to not-for-profit private schools, colleges, public charter schools and other not-for-profit organizations.
•Premium wine loans are made to wine producers, vineyards and wine industry or hospitality businesses across the Western United States. A large portion of these loans are secured by real estate collateral such as vineyards and wineries.
▪Other acquired portfolios consist primarily of construction and land loans for financing new developments as well as financing for improvements to existing buildings. These also include community development loans made as part of our responsibilities under CRA.

Acquired Loans and Leases
BancShares’ accounting methods for acquired loans and leases depends on whether or not the loans reflect more than insignificant credit deterioration since origination at the date of acquisition.
Non-Purchased Credit Deteriorated Loans and Leases
Non-Purchased Credit Deteriorated (“Non-PCD”) loans and leases do not reflect more than insignificant credit deterioration since origination at the date of acquisition. These loans are recorded at fair value and an increase to the ALLL is recorded with a corresponding increase to the provision for credit losses at the date of acquisition. The difference between fair value and the unpaid principal balance (“UPB”) at the acquisition date is amortized or accreted to interest income over the contractual life of the loan using the effective interest method.

Purchased Credit Deteriorated Loans and Leases
Purchased loans and leases that reflect a more than insignificant credit deterioration since origination at the date of acquisition are classified as PCD loans and leases. PCD loans and leases are recorded at acquisition date amortized cost, which is the purchase price or fair value in a business combination, plus BancShares' initial ALLL, which results in a gross up of the loan balance (the “PCD Gross-Up”). The initial ALLL for PCD loans and leases (the “Initial PCD ALLL”) is established through the PCD Gross-Up and there is no corresponding increase to the provision for credit losses. The difference between the UPB and the acquisition date amortized cost resulting from the PCD Gross-Up is amortized or accreted to interest income over the contractual life of the loan using the effective interest method. Refer to Note 5—Allowance for Loan and Lease Losses for additional information.

Past Due and Non-Accrual Loans and Leases
Loans and leases are classified as past due when the payment of principal and interest based upon contractual terms is 30 days or greater delinquent. Loans and leases are generally placed on nonaccrual when principal or interest becomes 90 days past due or when it is probable the principal or interest is not fully collectible. When loans are placed on nonaccrual, previously uncollected accrued interest is reversed from interest income and the ongoing accrual of interest is discontinued. All payments received thereafter are applied as a reduction of the outstanding balance until the account is collected, charged-off or returned to accrual status. Loans and leases are generally removed from nonaccrual status when they become current for a sustained period of time and there is no longer concern as to the collectability of principal and interest.

Troubled Debt Restructurings and Loan Modifications When a Borrower is Experiencing Financial Difficulty
Refer to discussion in the “Newly Adopted Accounting Standards” section of Note 1—Significant Accounting Policies and Basis of Presentation.

Loan Charge-Offs and Recoveries
Loan charge-offs are recorded after considering such factors as the borrower’s financial condition, the value of underlying collateral, guarantees, and the status of collection activities. Loan balances considered uncollectible are charged-off against the ALLL and deducted from the carrying value of the related loans. Consumer loans are subject to mandatory charge-off at specified delinquency dates in accordance with regulatory guidelines. The value of the underlying collateral for consumer loans is considered when determining the charge-off amount if repossession is reasonably assured and in process. See Note 4—Loans and Leases for additional information. Realized recoveries of amounts previously charged-off are credited to the ALLL.

Allowance for Loan and Lease Losses
The ALLL represents management’s best estimate of credit losses expected over the life of the loan or lease, adjusted for expected contractual payments and the impact of prepayment expectations. Estimates for loan and lease losses are determined by analyzing quantitative and qualitative components present as of the evaluation date using the current expected credit loss (“CECL”) methodology in accordance with Financial Accounting Standards Board Accounting Standard Codification (“ASC”) 326 Financial Instruments- Credit Losses. Adjustments to the ALLL are recorded with a corresponding entry to the provision or benefit for credit losses.

The ALLL is calculated based on a variety of considerations, including, but not limited to actual net loss history of the various loan and lease pools, delinquency trends, changes in forecasted economic conditions, loan growth, estimated loan life, and changes in portfolio credit quality. Loans and leases are segregated into pools with similar risk characteristics and each have a model that is utilized to estimate the ALLL. These ALLL models estimate the probability of obligor default (“PD”) and loss given default (“LGD”) for individual loans and leases within each risk pool based on historical loss experience, borrower characteristics, collateral type, forecasts of future economic conditions, expected future recoveries and other factors. The loan and lease level, undiscounted ALLL is calculated by applying the modeled PD and LGD to monthly forecasted loan and lease balances which are adjusted for contractual payments, prior defaults, and prepayments. Prepayment assumptions were developed through a review of BancShares’ historical prepayment activity and considered forecasts of future economic conditions. Forecasted LGDs are adjusted for expected recoveries. Model outputs may be adjusted through a qualitative assessment to reflect trends not captured within the models, which could include economic conditions, credit quality, concentrations, and significant policy and underwriting changes. Risk pools for estimating the ALLL are aggregated into commercial, consumer and SVB loan portfolios for reporting purposes in Note 5—Allowance for Loan and Lease Losses.
The ALLL models utilize economic variables, including unemployment, gross domestic product, home price index, CRE index, corporate profits, and credit spreads. These economic variables are based on macroeconomic scenario forecasts with a forecast horizon that covers the lives of the loan portfolios. Due to the inherent uncertainty in the macroeconomic forecasts, BancShares utilizes baseline, upside, and downside macroeconomic scenarios and weights the scenarios based on review of variable forecasts for each scenario and comparison to expectations.

When loans do not share risk characteristics similar to others in the pool, the ALLL is evaluated on an individual basis. Given that BancShares' CECL models are loan level models, the number of loans individually evaluated is not significant and consists primarily of loans greater than $500 thousand. A specific ALLL is established, or charge-off is recorded, for the difference between the excess amortized cost of loan and the estimated fair value of the loan, less estimated costs to sell.

Accrued Interest Receivable
BancShares' accounting policies and credit monitoring provide that uncollectible accrued interest is reversed or written off against interest income in a timely manner. Therefore, BancShares elected to not measure an ALLL for accrued interest receivable. Accrued interest receivable is recorded in other assets and is excluded from the amortized cost basis of loans, investment securities available for sale, and investment securities held to maturity.

Unfunded Commitments
A reserve for off-balance sheet exposures is established for unfunded commitments such as unfunded balances for existing lines of credit, deferred purchase agreements (“DPAs”), commitments to extend future credit, as well as both standby and commercial letters of credit, when there is a contractual obligation to extend credit and when this extension of credit is not unconditionally cancellable (i.e. commitment cannot be canceled at any time). We do not recognize an ALLL for commitments that are unconditionally cancellable at our discretion. These unfunded commitments are assessed to determine both the probability of funding as well as the expectation of future losses. BancShares estimates the expected funding amounts and applies its PD and LGD models to those expected funding amounts to estimate the reserve for off-balance sheet exposures. See Note 5—Allowance for Loan and Lease Losses for the provision for off-balance sheet credit exposure and Note 15—Other Liabilities for ending balances for the reserve for off-balance sheet credit exposure.

Leases

Lessor Arrangements
Operating lease equipment is carried at cost less accumulated depreciation. Operating lease equipment is depreciated to its estimated residual value using the straight-line method over the lease term or estimated useful life of the asset. Rail equipment has estimated useful lives of 40-50 years and the useful lives of other equipment are generally 3-10 years.

Where management’s intent is to sell the operating lease equipment and provided specific AHFS accounting criteria are met, the equipment is marked to LOCOM and classified as AHFS and depreciation is no longer recognized. Equipment received at the end of the lease to be sold is marked to LOCOM, with the adjustment recorded in other noninterest income. Initial direct costs are amortized over the lease term.

Sales-type and direct financing leases are carried at the aggregate of lease payments receivable and estimated residual value of the leased property, if applicable, less unearned income. Interest income is recognized over the term of the leases to achieve a constant periodic rate of return on the outstanding investment. Our finance lease activity primarily relates to leasing of new equipment with the equipment purchase price equal to fair value and therefore there is no selling profit or loss at lease commencement.

Lease components are separated from non-lease components that transfer a good or service to the customer; and the non-lease components in our lease contracts are accounted for in accordance with ASC 310 Receivables. BancShares utilizes the operating lease practical expedient for its Rail portfolio leases to not separate non-lease components of railcar maintenance services from associated lease components, and as a result rental income includes the maintenance non-lease component. This practical expedient is available when both of the following are met: (i) the timing and pattern of transfer of the non-lease components and associated lease component are the same and (ii) the lease component, if accounted for separately, would be classified as an operating lease.

We manage and evaluate residual risk by performing periodic reviews of estimated residual values and monitoring levels of residual realizations. A change in estimated operating lease residual values would result in a change in future depreciation expense. A change in estimated finance lease residual values during the lease term impacts the ALLL as the lessor considers both the lease receivable and the unguaranteed residual asset when determining the finance lease ALLL.
Impairment of Operating Lease Equipment
A review for impairment of our operating lease equipment is performed at least annually or when events or changes in circumstances indicate that the carrying amount of these long-lived assets may not be recoverable. Impairment of long-lived assets is determined by comparing the carrying amount to future undiscounted net cash flows expected to be generated. If a long-lived asset is impaired, the impairment is the amount by which the carrying amount exceeds the fair value of the long-lived asset. Depreciation expense is adjusted when the projected fair value is below the projected book value at the end of the depreciable life.

Lessee Arrangements
BancShares leases certain branch locations, administrative offices and equipment. Operating lease right of use assets (“ROU assets”) are included in other assets and the associated lease obligations are included in other liabilities. Finance leases are included in premises and equipment and other borrowings. See Note 13—Borrowings for additional information. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets; BancShares instead recognizes lease expense for these leases on a straight-line basis over the lease term.

ROU assets represent BancShares' right to use an underlying asset for the lease term and lease liabilities represent BancShares' corresponding obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets also include initial direct costs and pre-paid lease payments made less any lease incentives received. As most of BancShares' leases do not provide an implicit rate, BancShares uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is determined using secured rates for new FHLB advances under similar terms as the lease at inception.

Most leases include one or more options to renew. The exercise of lease renewal options is at BancShares' sole discretion. When it is reasonably certain BancShares will exercise its option to renew or extend the lease term, the option is included in calculating the value of the ROU asset and lease liability. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

BancShares determines if an arrangement is a lease at inception. BancShares’ lease agreements do not contain any material residual value guarantees or material restrictive covenants. BancShares does not lease any properties or facilities from any related party. See Note 6—Leases for additional information.

Goodwill and Other Intangible Assets
Goodwill is defined in the “Business Combinations” section of Note 1—Significant Accounting Policies and Basis of Presentation. BancShares’ evaluates goodwill for impairment annually as of July 31 (the “Annual Goodwill Impairment Test”), or more frequently if events occur or circumstances change that may trigger a decline in the value of the reporting unit or otherwise indicate that a potential impairment exists.

BancShares applied the acquisition method of accounting for the SVBB Acquisition and CIT Merger and the fair values of the net assets acquired and core deposit intangibles exceeded the purchase price for each transaction. Consequently, there was a gain on acquisition (and no goodwill) related to the SVBB Acquisition and the CIT Merger.

Other finite-lived intangible assets, such as core deposit intangibles, are initially recorded at fair value and are amortized over their average estimated useful lives. Intangible assets are evaluated for impairment when events or changes in circumstances indicate a potential impairment exists.

Refer to further discussion in Note 2—Business Combinations and Note 8—Goodwill and Core Deposit Intangibles.

Other Real Estate Owned
Other Real Estate Owned (“OREO”) includes foreclosed real estate property and closed branch properties. Foreclosed real estate property in OREO is initially recorded at the asset’s estimated fair value less costs to sell. Any excess in the recorded investment in the loan over the estimated fair value less costs to sell is charged-off against the ALLL at the time of foreclosure. If the estimated value of the OREO exceeds the recorded investment of the loan, the difference is recorded as a gain within other income.
OREO is subsequently carried at the lower of cost or market value less estimated selling costs and is evaluated at least annually. The periodic evaluations are generally based on the appraised value of the property and may include additional adjustments based upon management’s review of the valuation estimate and specific knowledge of the property. Routine maintenance costs, income and expenses related to the operation of the foreclosed asset, subsequent declines in market value and net gains or losses on disposal are included in collection and foreclosure-related expense.

Premises and Equipment
Premises and equipment are carried at cost less accumulated depreciation. Land is carried at cost. Depreciation expense is generally computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements and finance lease ROU assets are amortized on a straight-line basis over the lesser of the lease terms or the estimated useful lives of the assets. BancShares reviews premises and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and when an impairment loss is recognized the adjusted carrying amount will be its new cost basis to depreciate over the remaining useful life of the asset.

Derivative Assets and Liabilities
BancShares manages economic risk and exposure to interest rate and foreign currency risk through derivative transactions in over-the-counter markets with other financial institutions. BancShares also offers derivative products to its customers in order for them to manage their interest rate and currency risks. BancShares does not enter into derivative financial instruments for speculative purposes.

Derivatives utilized by BancShares may include swaps, forward settlement contracts, options contracts and risk participations. A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. Forward settlement contracts are agreements to buy or sell a quantity of a financial instrument, index, currency or commodity at a predetermined future date, and rate or price. An option contract is an agreement that gives the buyer the right, but not the obligation, to buy or sell an underlying asset from or to another party at a predetermined price or rate over a specific period of time. A risk participation is a financial guarantee, in exchange for a fee, that gives the buyer the right to be made whole in the event of a predefined default event.

BancShares documents, at inception, all relationships between hedging instruments and hedged items, as well as the risk management objectives and strategies for undertaking various hedges. Upon executing a derivative contract, BancShares designates the derivative as either a qualifying hedge or nonqualifying hedge (defined below). The designation may change based upon management’s reassessment of circumstances.

In order to manage its interest rate exposure, BancShares enters into fair value hedges of certain fixed rate debt. BancShares recognizes the changes in the fair values of the hedging instrument and hedged item in interest expense for borrowings in the Consolidated Statements of Income.

Derivatives not designated as hedging instruments (“nonqualifying hedges”) are presented in the Consolidated Balance Sheets in other assets or other liabilities, with resulting gains or losses and periodic interest settlements and other changes in fair value reported in other noninterest income.

BancShares provides interest rate derivative contracts to support the business requirements of its customers. The derivative contracts include interest rate swap agreements and interest rate cap and floor agreements wherein BancShares acts as a seller of these derivative contracts to its customers. To mitigate the market risk associated with these customer derivatives, BancShares enters into back-to-back positions with broker-dealers.

BancShares has both bought and sold credit protection in the form of participations in interest rate swaps (risk participations). These risk participations were entered into in the ordinary course of business to facilitate customer credit needs. Swap participations where BancShares has sold credit protection have maturities ranging between 2024 and 2048 and may require BancShares to make payment to the counterparty if the customer fails to make payment on any amounts due to the counterparty upon early termination of the swap transaction.

BancShares uses foreign currency forward contracts, interest rate swaps, and options to hedge interest rate and foreign currency risks arising from its asset and liability mix. These are treated as economic hedges.
All derivative instruments are recorded at their respective fair value. BancShares reports all derivatives on a gross basis in the Consolidated Balance Sheets and does not offset derivative assets and liabilities and cash collateral under master netting agreements except for swap contracts cleared by the Chicago Mercantile Exchange and LCH Clearnet. These swap contracts are accounted as “settled-to-market” and cash variation margin paid or received is characterized as settlement of the derivative exposure. Variation margin balances are offset against the corresponding derivative asset and liability balances on the balance sheet.

Fair value is based on dealer quotes, pricing models, discounted cash flow methodologies, or similar techniques for which the determination of fair value may require significant management judgment or estimation. Valuations of derivative assets and liabilities reflect the value of the instrument including BancShares’ and the counterparty’s credit risk.

BancShares is exposed to credit risk to the extent that the counterparty fails to perform under the terms of a derivative agreement. Losses related to credit risk are reflected in other noninterest income. BancShares manages this credit risk by requiring that all derivative transactions entered into as hedges be conducted with counterparties rated investment grade at the initial transaction by nationally recognized rating agencies, and by setting limits on the exposure with any individual counterparty. In addition, pursuant to the terms of the Credit Support Annexes between BancShares and its counterparties, BancShares may be required to post collateral or may be entitled to receive collateral in the form of cash or highly liquid securities depending on the valuation of the derivative instruments as measured on a daily basis. See Note 14—Derivative Financial Instruments for additional information.

Foreign Exchange Contracts
As a result of the SVBB Acquisition, FCB has foreign exchange forwards and swaps contracts with clients involved in foreign activities, either as the purchaser or seller, depending upon the clients’ needs. These are structured as back-to-back contracts to mitigate the risk of fluctuations in currency rates. The foreign exchange forward contracts are with correspondent banks to economically reduce our foreign exchange exposure related to certain foreign currency denominated instruments.

Equity Warrant Assets
In connection with negotiating credit facilities and certain other services, FCB may obtain rights that include an option to purchase a position in a client company's stock in the form of an equity warrant. The equity warrant assets are primarily in private, venture-backed companies in the technology and life science/healthcare industries and are generally categorized as Level 3 on the fair value hierarchy due to lack of direct observable pricing and a general lack of liquidity due to the private nature of the associated underlying company.

Mortgage Servicing Rights
Mortgage servicing rights (“MSRs”) represent the right to provide servicing under various loan servicing contracts when servicing is retained in connection with a loan sale or acquired in a business combination. MSRs are initially recorded at fair value and amortized in proportion to, and over the period of, the future net servicing income of the underlying loan. At each reporting period, MSRs are evaluated for impairment based upon the fair value of the rights as compared to the carrying value. See Note 9—Mortgage Servicing Rights for additional information.

Securities Sold Under Customer Repurchase Agreements
BancShares enters into sales of securities under agreements to repurchase which are treated as financings, with the obligation to repurchase securities sold reflected as short-term borrowings. See Note 13—Borrowings for additional information.

Fair Values

Fair Value Hierarchy
BancShares measures the fair value of its financial assets and liabilities in accordance with ASC 820 Fair Value Measurement, which defines fair value, establishes a consistent framework for measuring fair value and requires disclosures about fair value measurements. BancShares categorizes its financial instruments based on the significance of inputs to the valuation techniques according to the following three-tier fair value hierarchy:
•Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. Level 1 assets and liabilities include equity securities that are traded in an active exchange market.
•Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include certain commercial loans, debt and equity securities with quoted prices that are traded less frequently than exchange-traded instruments or using a third-party pricing service, borrowings, time deposits, deposits with no stated maturity, securities sold under customer repurchase agreements and derivative contracts whose values are determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data.
•Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments such as collateral dependent commercial and consumer loans, as well as loans held for sale, certain available for sale corporate securities and derivative contracts, such as equity warrants, whose values are determined using valuation models, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

See Note 16—Fair Value for additional information.

Per Share Data
Earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of Class A common stock, par value $1 (“Class A common stock”), and Class B common stock, par value $1 (“Class B common stock”), outstanding during each period. Diluted earnings per common share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding increased by the weighted-average potential impact of dilutive shares. BancShares’ potential dilutive instruments include unvested restricted stock units (“RSUs”). The dilutive effect is computed using the treasury stock method, which assumes the conversion of these instruments. However, in periods when there is a net loss, these shares would not be included in the diluted earnings per common share computation as the result would have an anti-dilutive effect. BancShares had no potential dilutive common shares outstanding prior to the CIT Merger and did not report diluted earnings per common share for prior periods. See Note 20—Earnings Per Common Share for additional information.

Income Taxes
Income taxes are accounted for using the asset and liability approach as prescribed in ASC 740, Income Taxes. Under this method, a deferred tax asset (“DTA”) or deferred tax liability (“DTL”) is determined based on the currently enacted tax rates applicable to the period in which the differences between the financial statement carrying amounts and tax basis of existing assets and liabilities are expected to be reported in BancShares’ income tax returns. The effect on deferred taxes of a change in tax rates is recognized in income in the period which includes the enactment date. BancShares has adopted the portfolio approach for purposes of releasing residual tax effects within AOCI.

BancShares has unrecognized tax benefits related to the uncertain portion of tax positions BancShares has taken or expects to take. The potential impact of current events on the estimates used to establish income tax expenses and income tax liabilities is continually monitored and evaluated. Income tax positions based on current tax law, positions taken by various tax auditors within the jurisdictions where income tax returns are filed, as well as potential or pending audits or assessments by such tax auditors are evaluated on a periodic basis. BancShares files a consolidated federal income tax return and various combined and separate company state tax returns.

As a result of the Inflation Reduction Act of 2022, effective for tax years beginning after December 31, 2022, BancShares is subject to a Corporate Alternative Minimum Tax (“CAMT”). BancShares treats CAMT that may be applicable to tax years beginning after December 31, 2022 as a period cost.

Refer to Note 21—Income Taxes for additional disclosures.

Bank-Owned Life Insurance (“BOLI”)
Banks can purchase life insurance policies on the lives of certain officers and employees and are the owner and beneficiary of the policies. These policies, known as BOLI, offset the cost of providing employee benefits. BancShares records BOLI at each policy’s respective cash surrender value (“CSV”), with changes in the CSV recorded as noninterest income in the Consolidated Statements of Income.
Stock-Based Compensation
BancShares did not have stock-based compensation awards prior to completion of the CIT Merger. Certain CIT employees received grants of RSUs (“CIT RSUs”) or performance stock unit awards (“CIT PSUs”). Upon completion of the CIT Merger and pursuant to the terms of the Merger Agreement, (i) the CIT RSUs and CIT PSUs converted into “BancShares RSUs” based on the 0.062 exchange ratio (the “Exchange Ratio”) and (ii) the BancShares RSUs became subject to the same terms and conditions (including vesting terms, payment timing and rights to receive dividend equivalents) applicable to the CIT RSUs and CIT PSUs, except that vesting for the converted CIT PSUs was no longer subject to any performance goals or metrics. The fair value of the BancShares RSUs was determined based on the closing share price of the Parent Company’s Class A common stock on the CIT Merger Date. The fair value of the BancShares RSUs is (i) included in the purchase price consideration for the portion related to employee services provided prior to completion of the CIT Merger and (ii) recognized in expenses for the portion related to employee services to be provided after completion of the CIT Merger. For “graded vesting” awards, each vesting tranche of the award is amortized separately as if each were a separate award. For “cliff vesting” awards, compensation expense is recognized over the requisite service period. BancShares recognizes the effect of forfeitures in compensation expense when they occur. In the event of involuntary termination of employees after the CIT Merger Date, vesting occurs on the employee termination date for BancShares RSUs subject to change in control provisions. Expenses related to stock-based compensation are included in acquisition-related expenses in the Consolidated Statements of Income. Stock-based compensation is discussed further in Note 22—Employee Benefit Plans.

Members of the CIT Board of Directors had RSU awards, stock settled annual awards, and deferred stock-settled annual awards (collectively, the “CIT Director Equity Awards”), which vested immediately upon the completion of the CIT Merger. The fair value of the CIT Director Equity Awards was determined based on the Exchange Ratio and the closing share price of the Class A common stock on the CIT Merger Date, and was included in the purchase price consideration disclosed in Note 2—Business Combinations.

Defined Benefit Pension Plans and Other Postretirement Benefits
BancShares has both funded and unfunded noncontributory defined benefit pension and postretirement plans covering certain employees. The calculation of the obligations and related expenses under the plans require the use of actuarial valuation methods and assumptions. Actuarial assumptions used in the determination of future values of plan assets and liabilities are subject to management judgment and may differ significantly if different assumptions are used. All assumptions are reviewed annually for appropriateness. The discount rate assumption used to measure the plan obligations is based on a yield curve developed from high-quality corporate bonds across a full maturity spectrum. The projected cash flows of the pension plans are discounted based on this yield curve, and a single discount rate is calculated to achieve the same present value. The assumed rate of future compensation increases is based on actual experience and future salary expectations. BancShares also estimates a long-term rate of return on pension plan assets used to estimate the future value of plan assets. In developing the long-term rate of return, BancShares considers such factors as the actual return earned on plan assets, historical returns on the various asset classes in the plans and projections of future returns on various asset classes. In conjunction with the CIT Merger, BancShares assumed the funded and unfunded noncontributory defined benefit pension and postretirement plans of CIT. The postretirement plans acquired were terminated during 2022. See Note 22—Employee Benefit Plans for disclosures related to the plans.

Revenue Recognition
Interest income on held for investment loans is recognized using the effective interest method or on a basis approximating a level rate of return over the life of the asset. Interest income includes components of accretion of the fair value discount on loans and lease receivables recorded in connection with purchase accounting adjustments, which are accreted using the effective interest method as a yield adjustment over the remaining contractual term of the loan and recorded in interest income. If the loan is subsequently classified as held for sale, accretion (amortization) of the discount (premium) will cease. Interest income on loans held for investment and held for sale is included in interest and fees on loans in the Consolidated Statements of Income.

Interest on investment securities and interest on interest-earning deposits at banks is recognized in interest income on an accrual basis. Amortization of premiums and accretion of discounts for investment securities are included in interest on investment securities. Dividends received from marketable equity securities are recognized within interest on investment securities.

BancShares generally acts in a principal capacity, on its own behalf, in its contracts with customers. In these transactions, BancShares recognizes revenues and the related costs to generate those revenues on a gross basis. In certain, circumstances, BancShares acts in an agent capacity, on behalf of the customers with other entities, and recognizes revenues and the related costs to provide BancShares' services on a net basis. BancShares acts as an agent when providing certain cardholder and merchant, insurance, investment management, and brokerage services.
Descriptions of BancShares' noninterest revenue-generating activities are broadly segregated as follows:

Rental income on operating lease equipment – Rental income is recognized on a straight-line basis over the lease term for lease contract fixed payments and is included in noninterest income. Rental income also includes variable lease income which is recognized as earned. The accrual of rental income on operating leases is suspended when the collection of substantially all rental payments is no longer probable and rental income for such leases is recognized when cash payments are received. In the period we conclude that collection of rental payments is no longer probable, accrued but uncollected rental revenue is reversed against rental income.

Fee income and other service charges – These include, but are not limited to, check cashing fees, international banking fees, internet banking fees, wire transfer fees, safe deposit fees, ATM income, as well as capital market-related fees and fees on lines and letters of credit. The performance obligation is fulfilled and revenue is recognized at the point in time the requested service is provided to the customer.

Client investment fees – These are earned from discretionary investment management and related transaction-based services. For discretionary investment management services, revenue is recognized monthly based on the clients’ assets under management. Transaction-based fees are earned on fixed income securities and repurchase agreements when transactions are executed. Amounts paid to third-party providers are not reflected in the transaction price because FCB is an agent for such services.

Wealth management services – These primarily represent sales commissions on various product offerings, transaction fees and trust and asset management fees. The performance obligation for wealth management services is the provision of services to place annuity products issued by the counterparty to investors and the provision of services to manage the client’s assets, including brokerage custodial and other management services. Revenue from wealth management services is recognized over the period in which services are performed, and is based on a percentage of the value of the assets under management/administration.

International fees – These primarily include foreign exchange fees. Foreign exchange fees represent the difference between foreign currency's purchase and sale price in spot contracts. These fees are recognized when contracts are executed with our clients. Fees related to other foreign exchange contracts are recognized outside the scope of ASC 606, Revenue from Contracts with Customers, because they are considered derivatives.

Service charges on deposit accounts – These deposit account-related fees represent monthly account maintenance and transaction-based service fees, such as overdraft fees, stop payment fees and charges for issuing cashier’s checks and money orders. For account maintenance services, revenue is recognized at the end of the statement period when BancShares' performance obligation has been satisfied. Other revenues from transaction-based services are recognized at a point in time when the performance obligation has been completed.

Factoring commissions – These are earned in the Commercial Banking segment and are driven by factoring volumes, principally in the retail sectors. Factoring commissions are charged as a percentage of the invoice amount of the receivables assigned to BancShares. The volume of factoring activity and the commission rates charged impact factoring commission income earned. Factoring commissions are deferred and recognized as income over time based on the underlying terms of the assigned receivables. See Commercial Loans and Leases section for additional commentary on factoring.

Cardholder and Merchant Services – These represent interchange fees from customer debit and credit card transactions earned when a cardholder engages in a transaction with a merchant as well as fees charged to merchants for providing them the ability to accept and process the debit and credit card transaction. Revenue is recognized when the performance obligation has been satisfied, which is upon completion of the card transaction. As BancShares is acting as an agent for the customer and transaction processor, costs associated with cardholder and merchant services transactions are netted against the fee income.

Insurance commissions – These include revenue from insurance on equipment leased to customers, which is recognized over the policy period. We also earn commissions on the issuance of insurance products and services. The commission performance obligation is generally satisfied upon the issuance of the insurance policy and revenue is recognized when the commission payment is remitted by the insurance carrier or policy holder depending on whether the billing is performed by BancShares or the carrier.

Gains on leasing equipment – These are recognized upon completion of sale (sale closing) and transfer of title. The gain is determined based on sales price less book carrying value (net of accumulated depreciation).
BOLI income – This reflects income earned on changes in the CSV of the BOLI policies and proceeds of insurance benefits upon an event of a claim.

Other – This consists of several forms of recurring revenue, such as FHLB dividends. For the remaining transactions, revenue is recognized when, or as, the performance obligation is satisfied. Other items include derivative gains and losses, gain on sales of other assets including OREO, fixed assets and loans, and non-marketable securities.

Newly Adopted Accounting Standards
BancShares adopted the following accounting standards as of January 1, 2023:

ASU 2022-01, Fair Value Hedging - Portfolio Layer Method - Issued March 2022

The amendments in this Accounting Standards Update (“ASU”) allow entities to designate multiple hedged layers of a single closed portfolio and expands the scope of the portfolio layer method to include non-prepayable financial assets. The ASU provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method. In addition, upon adoption the update permits a one-time reclassification of certain debt securities from the held-to-maturity category to the available-for-sale category if the portfolio layer hedging method is applied to those securities. Upon adoption, we did not make any one-time reclassifications. Adoption of this ASU did not have a material impact on BancShares’ consolidated financial statements and disclosures as BancShares did not have any hedged portfolios.

ASU 2022-02 Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures - Issued March 2022 (“ASU 2022-02”)

The amendments in this ASU: (i) eliminated the previous recognition and measurement guidance for troubled debt restructurings (“TDRs”), (ii) required new disclosures for loan modifications when a borrower is experiencing financial difficulty (the “Modification Disclosures”) and (iii) required disclosures of current period gross charge-offs by year of origination in the vintage disclosures (the “Gross Charge-off Vintage Disclosures”).

The Modification Disclosures apply to the following modification types: principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, or a combination thereof. Creditors are required to disclose the following by loan class: (i) amounts and relative percentages of each modification type, (ii) the financial effect of each modification type, (iii) the performance of the loan in the 12 months following the modification and (iv) qualitative information discussing how the modifications factored into the determination of the ALLL.

BancShares elected to apply the modified retrospective transition method for ALLL recognition and measurement. The adoption of this ASU did not result in a cumulative effect adjustment to retained earnings. The Modification Disclosures and Gross Charge-off Vintage Disclosures are applied prospectively beginning January 1, 2023.

For periods prior to adoption of ASU 2022-02, a loan was considered a TDR when both a modification to a borrower’s debt agreement was made and a concession was granted for economic or legal reasons related to a borrower’s financial difficulties that otherwise would not be granted. TDR concessions could include short-term deferrals of interest, modifications of payment terms or, in certain limited instances, forgiveness of principal or interest. TDR loans can be nonaccrual or accrual, depending on the individual facts and circumstances of the borrower. In circumstances where a portion of the loan balance was charged-off, the remaining balance was typically classified as nonaccrual.

See Note 4—Loans and Leases for TDR disclosures for historical periods prior to adoption of ASU 2022-02 and the Modification Disclosures and Gross Charge-off Vintage Disclosures for periods after ASU 2022-02 was adopted.
v3.24.0.1
Business Combinations
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
BUSINESS COMBINATIONS
NOTE 2 — BUSINESS COMBINATIONS

Silicon Valley Bridge Bank Acquisition
FCB completed the SVBB Acquisition on the SVBB Acquisition Date and acquired substantially all loans and certain other assets and assumed all customer deposits and certain other liabilities of SVBB in an FDIC-assisted transaction.

BancShares has determined that the SVBB Acquisition constitutes a business combination as defined by the ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their estimated fair values based on preliminary valuations as of March 27, 2023. The determination of estimated fair values required management to make certain estimates about discount rates, future expected cash flows, market conditions at the time of the SVBB Acquisition and other future events that are highly subjective in nature and may require adjustments.

FCB and the FDIC are awaiting conclusion of the customary final settlement process which could impact the fair value of certain other assets acquired and other liabilities assumed. We continue to review information relating to events or circumstances existing at the SVBB Acquisition Date that could impact the preliminary fair value estimates. Until management finalizes its fair value estimates for the acquired assets and assumed liabilities, the preliminary gain on acquisition can be updated for a period not to exceed one year following the SVBB Acquisition Date (the “Measurement Period”). We believe the preliminary fair value estimates of assets acquired and liabilities assumed, including the effects of Measurement Period adjustments, provide a reasonable basis for determining the preliminary fair values. The fair value measurements of certain other assets and liabilities are preliminary as we identify and assess information regarding the nature of these assets and liabilities and review the associated valuation assumptions and methodologies. The tax treatment of FDIC-assisted acquisitions is complex and subject to interpretations that may result in future adjustments of deferred taxes as of the SVBB Acquisition Date. As such, the amounts recorded for tax assets and liabilities are considered provisional as we continue to evaluate the nature and extent of permanent and temporary differences between the book and tax bases of the acquired assets and liabilities assumed, as well as the tax impact on the preliminary gain on acquisition.

Pursuant to the terms of the SVBB Purchase Agreement, FCB acquired assets with an estimated total fair value of approximately $107.54 billion as of the SVBB Acquisition Date, primarily including $68.47 billion of loans, net of the initial ALLL for PCD loans, and $35.31 billion of cash and interest-earning deposits at banks. FCB also assumed liabilities with an estimated total fair value of approximately $61.42 billion, primarily including $56.01 billion of customer deposits. The deposits were acquired without a premium and the assets were acquired at a discount of approximately $16.45 billion pursuant to the terms of the SVBB Purchase Agreement. Further details regarding the fair values of the acquired assets and assumed liabilities are provided in the “Fair Value Purchase Price Allocation” table below.

In connection with the SVBB Purchase Agreement, FCB also entered into a commercial shared loss agreement with the FDIC (the “Shared-Loss Agreement”). The Shared-Loss Agreement covered an estimated $60 billion of commercial loans (collectively, the “Covered Assets”) at the time of acquisition. The FDIC will reimburse FCB for 0% of losses of up to $5 billion with respect to Covered Assets and 50% of losses in excess of $5 billion with respect to Covered Assets (“FDIC Loss Sharing”) and FCB will reimburse the FDIC for 50% of recoveries related to such Covered Assets (“FCB reimbursement”). The Shared-Loss Agreement provides for FDIC Loss Sharing for five years and FCB reimbursement for eight years. The Shared-Loss Agreement extends to loans funded within one year of the SVBB Acquisition Date that were unfunded commitments to loans at the SVBB Acquisition Date. If certain conditions are met pursuant to the Shared-Loss Agreement, FCB has agreed to pay to the FDIC, 45 days after March 31, 2031 (or, if earlier, the time of disposition of all acquired assets pursuant to the Shared-Loss Agreement), a true-up amount up to $1.5 billion calculated using a formula set forth in the Shared-Loss Agreement. As noted below, preliminary estimates indicate there is no material value to attribute to the loss indemnification asset or true-up liability.
In connection with the SVBB Acquisition, FCB issued a five-year $35 billion note payable to the FDIC (the “Original Purchase Money Note”), and entered into binding terms and conditions for an up to $70 billion line of credit provided by the FDIC for related risks and liquidity purposes (the “Initial Liquidity Commitment”). At such time, FCB and the FDIC agreed to negotiate additional terms and documents augmenting and superseding the Original Purchase Money Note and Initial Liquidity Commitment, and on November 20, 2023, FCB and the FDIC entered into new financing agreements for those purposes. On November 20, 2023, the Original Purchase Money Note was amended and restated, dated as of March 27, 2023 and maturing March 27, 2028 (the “Purchase Money Note”), adjusting the principal amount to approximately $36.07 billion. FCB and the FDIC, as lender and as collateral agent, also entered into an Advance Facility Agreement, dated as of March 27, 2023, and effective as of November 20, 2023 (the “Advance Facility Agreement”), providing total advances available through March 27, 2025 of up to $70 billion (subject to the limits described below) solely to provide liquidity to offset deposit withdrawal or runoff of former SVBB deposit accounts and to fund the unfunded commercial lending commitments acquired in the SVBB Acquisition. Borrowings outstanding under the Advance Facility Agreement are limited to an amount equal to the value of loans and other collateral obtained from SVBB plus the value of any other unencumbered collateral agreed by the parties to serve as additional collateral, reduced by the amount of principal and accrued interest outstanding under the Purchase Money Note and the accrued interest on the Advance Facility Agreement. Interest on any outstanding principal amount accrues at a variable rate equal to the three-month weighted average of the Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 25 basis points (but in no event less than 0.00%). Obligations of FCB under the Advance Facility Agreement are subordinated to its obligations under the Purchase Money Note. See Pledged Assets section in Note 4—Loans and Leases.

Purchase Price Consideration for the SVBB Acquisition
As consideration for the SVBB Acquisition, FCB issued the Purchase Money Note with a principal amount of $36.07 billion (fair value of $35.81 billion). FCB pledged specified assets as collateral security for the Purchase Money Note and the Advance Facility Agreement, including loans purchased from the FDIC as receiver to SVBB, the related loan documents and collections, accounts established for collections and disbursements, any items credited thereto, such additional collateral (if any) as the parties may agree to in future, and proceeds thereof. The interest rate on the Purchase Money Note accrues at a rate of 3.50% per annum. There are no scheduled principal payments under the Purchase Money Note. FCB may voluntarily prepay principal under the Purchase Money Note without premium or penalty, twice per month. The principal amount of the Purchase Money Note is based on the carrying value of net assets acquired less the asset discount of $16.45 billion pursuant to the terms of the SVBB Purchase Agreement.

In addition, as part of the consideration for the SVBB Acquisition, BancShares issued a Cash Settled Value Appreciation Instrument to the FDIC (the “Value Appreciation Instrument”) in which FCB agreed to make a cash payment to the FDIC equal to the product of (i) 5 million and (ii) the excess amount by which the average volume weighted price of one share of Class A common stock, over the two Nasdaq trading days immediately prior to the date on which the Value Appreciation Instrument is exercised exceeds $582.55; provided that the settlement amount does not exceed $500 million. The Value Appreciation Instrument was exercisable by the holder thereof, in whole or in part, from and including March 27, 2023 to April 14, 2023. The FDIC exercised its right under the Value Appreciation Instrument on March 28, 2023 and a $500 million payment was made on April 4, 2023.
The following table provides the purchase price allocation to the identifiable assets acquired and liabilities assumed at their estimated fair values as of the SVBB Acquisition Date.

Fair Value Purchase Price Allocation
dollars in millionsFair Value Purchase Price Allocation as of March 27, 2023
Purchase price consideration
Purchase Money Note (1)
$35,808
Value Appreciation Instrument500
Purchase price consideration$36,308
Assets
Cash and due from banks$1,310 
Interest-earning deposits at banks34,001 
Investment securities available for sale385 
Loans and leases, net of the initial PCD ALLL68,468 
Affordable housing tax credit and other unconsolidated investments1,273 
Premises and equipment308 
Core deposit intangibles230 
Other assets1,564 
Total assets acquired$107,539 
Liabilities
Deposits$56,014 
Borrowings10 
Deferred tax liabilities3,364 
Other liabilities2,035 
Total liabilities assumed$61,423 
Fair value of net assets acquired46,116 
Preliminary gain on acquisition, after income taxes (2)
$9,808 
Preliminary gain on acquisition, before income taxes (2)
$13,172 
(1) The principal amount of the Purchase Money Note is the carrying value of net assets acquired of approximately $52.52 billion less the asset discount of $16.45 billion pursuant to the SVBB Purchase Agreement. The $35.81 billion above is net of a fair value discount of approximately $264 million.
(2) The difference between the preliminary gain on acquisition before and after taxes reflects the deferred tax liabilities recorded in the SVBB Acquisition, as presented above.

The preliminary gain on acquisition of $9.81 billion, net of income taxes of $3.36 billion, included in noninterest income represents the excess of the fair value of net assets acquired over the purchase price.

The following is a description of the methods used to determine the estimated fair values of the Purchase Money Note and significant assets acquired and liabilities assumed, as presented above.

Purchase Money Note
The fair value of the Purchase Money Note was estimated based on the income approach, which includes: (i) projecting cash flows over a certain discrete projection period and (ii) discounting those projected cash flows to present value at a rate of return that considers the relative risk of the cash flows and the time value of money.

Cash and interest-earning deposits at banks
For financial instruments with a short-term or no stated maturity, prevailing market rates and limited credit risk, carrying amounts approximate fair value.

Investment securities
Fair values for securities are based on quoted market prices, where available. If quoted market prices are not available, fair value estimates are based on observable inputs including quoted market prices for similar instruments, quoted market prices that are not in an active market or other inputs that are observable in the market. In the absence of observable inputs, fair value is estimated based on pricing models and/or discounted cash flow methodologies.
Loans
Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, remaining term of loan, credit quality ratings or scores, amortization status and current discount rate. Loans with similar risk characteristics were pooled together and treated in aggregate when applying various valuation techniques. The discount rates used for loans were based on an evaluation of current market rates for new originations of comparable loans and required rates of return for market participants to purchase similar assets, including adjustments for liquidity and credit quality when necessary.

BancShares’ accounting methods for acquired Non-PCD and PCD loans and leases are discussed in Note 1—Significant Accounting Policies and Basis of Presentation. The following table presents the UPB and fair value of the loans and leases acquired by BancShares in the SVBB Acquisition as of the SVBB Acquisition Date. The fair value of Non-PCD loans and leases was $66.42 billion, compared to the UPB of $68.72 billion, resulting in a discount of $2.30 billion that will be accreted into income over the contractual life of the applicable loan using the effective interest method.

Loans and Leases Acquired
dollars in millionsLoans and Leases
UPBFair Value
Non-PCD loans and leases$68,719 $66,422 
PCD loans and leases2,568 2,046 
Total loans and leases, before PCD gross-up$71,287 $68,468 

The following table summarizes PCD loans and leases that BancShares acquired in the SVBB Acquisition.

PCD Loans and Leases
dollars in millionsTotal PCD Loans from SVBB Acquisition
UPB$2,568 
Fair value2,046 
Total fair value discount522 
     Less: discount for loans with $0 fair value at SVBB Acquisition Date
26 
     Less: PCD gross-up220 
Non-credit discount (1)
$276 
(1) The non-credit discount of $276 million will be accreted into income over the contractual life of the applicable loan using the effective interest method.

Affordable housing tax credit investments
The fair values of the affordable housing tax credit investments were determined based on discounted cash flows. The cash flow projections considered tax credits and net cash flows from operating losses and tax depreciation. The discount rate was determined using observable market data points for similar investments.

Premises and equipment
Fair values for furniture and fixtures, computer software and other equipment were determined using the cost approach.

Core deposit intangibles
The following table presents the intangible asset recorded related to the valuation of core deposits:  

Intangible Asset
dollars in millionsFair ValueEstimated Useful LifeAmortization Method
Core deposit intangibles$230 8 yearsEffective yield
Certain core deposits were acquired as part of the SVBB Acquisition, which provide an additional source of funds for BancShares. The core deposit intangible represents the costs saved by BancShares by acquiring the core deposits rather than sourcing the funds elsewhere. This intangible was valued using the after tax cost savings method under the income approach. This method estimates the fair value by discounting to present value the favorable funding spread attributable to the core deposit balances over their estimated average remaining life. The valuation considered a dynamic approach to interest rates and alternative cost of funds. The favorable funding spread is calculated as the difference in the alternative cost of funds and the net deposit cost. Refer to further discussion in Note 8—Goodwill and Core Deposit Intangibles.
Other assets
The following table details other assets acquired:

Other Assets
dollars in millionsFair Value
Accrued interest receivable$431
Federal Home Loan Bank stock and Federal Reserve Bank stock320
Fair value of derivative financial instruments458
Other355 
Total other assets$1,564

The fair values of the derivative assets in the table above and derivative liabilities in the table below were valued using prices of financial instruments with similar characteristics and observable inputs. The fair value of accrued interest receivable and the remaining other assets was determined to approximate book value. Refer to further discussion in Note 14—Derivative Financial Instruments and Note 16—Fair Value.
Deposits
Acquired deposits were essentially all transactional deposits. Thus, we determined carrying amounts approximate fair value.

Deferred tax liability
The SVBB Acquisition is an asset acquisition for tax purposes and is therefore considered a taxable transaction. The deferred tax liability for the SVBB Acquisition was calculated by applying FCB’s deferred tax rate to the book and tax basis differences on the SVBB Acquisition Date for acquired assets and assumed liabilities. Deferred taxes were not recorded for the affordable housing tax credit investments in accordance with the proportional amortization method.

Other liabilities
The following table details other liabilities assumed:

dollars in millionsFair Value
Commitments to fund tax credit investments$715
Fair value of derivative financial instruments497 
Reserve for off-balance sheet credit exposures253 
Accrued interest payable109 
Other461 
Total other liabilities$2,035

The fair value of the liability representing our commitment for future capital contributions to the affordable housing tax credit investments was determined based on discounted cash flows. Projected cash flows for future capital contributions were discounted at a rate that represented FCB’s cost of debt.

Shared-Loss Agreement Intangibles
Preliminary estimates indicate there is no material value to attribute to the loss indemnification asset or true-up liability. This is primarily based on evaluation of historical loss experience and the credit quality of the portfolio.

Pro Forma Information - SVBB Acquisition
SVBB was only in operation from March 10 to March 27, 2023 and does not have historical financial information on which we could base pro forma information. Additionally, we did not acquire all assets or assume all liabilities of SVBB and an essential part of the SVBB Acquisition is the federal assistance governed by the SVBB Purchase Agreement and Shared-Loss Agreement, which is not reflected in the previous operations of SVBB. Therefore, it is impracticable to provide unaudited pro forma information on revenues and earnings for the SVBB Acquisition in accordance with ASC 805-10-50-2.

Net interest income, noninterest income and net income of $1.95 billion, $478 million and $530 million, respectively, from the SVB segment (see Note 23—Business Segment Information) were included in BancShares’ Consolidated Statement of Income from the SVBB Acquisition Date through December 31, 2023.
CIT Group Inc.
BancShares completed the CIT Merger on the CIT Merger Date. Pursuant to the CIT Merger Agreement, each share of CIT common stock, par value $0.01 per share (“CIT Common Stock”), issued and outstanding, except for certain shares of CIT Common Stock owned by CIT or BancShares, was converted into the right to receive 0.062 shares of Class A common stock, plus cash in lieu of fractional shares of Class A common stock. The Parent Company issued approximately 6.1 million shares of Class A common stock in connection with the consummation of the CIT Merger.

The CIT Merger has been accounted for as a business combination under the acquisition method of accounting. Accordingly, the assets acquired and liabilities assumed were recorded at their estimated fair values as of the CIT Merger Date. The following table provides the purchase price allocation to the identifiable assets acquired and liabilities assumed at their estimated fair values as of the CIT Merger Date:

Fair Value Purchase Price Allocation
dollars in millions, except shares issued and price per share Fair Value Purchase Price Allocation as of January 3, 2022
Common share consideration
     Shares of Class A common stock issued6,140,010 
     Price per share on January 3, 2022$859.76 
          Common stock consideration$5,279 
Preferred stock consideration541 
Stock-based compensation consideration81 
Cash in lieu of fractional shares and other consideration paid51 
Purchase price consideration$5,952 
Assets
Cash and interest-earning deposits at banks$3,060 
Investment securities6,561 
Assets held for sale59 
Loans and leases32,714 
Operating lease equipment7,838 
Bank-owned life insurance1,202 
Intangible assets143 
Other assets2,198 
Total assets acquired$53,775 
Liabilities
Deposits$39,428 
Borrowings4,536 
Credit balances of factoring clients1,534 
Other liabilities1,894 
Total liabilities assumed$47,392 
Fair value of net assets acquired6,383 
Gain on acquisition$431 

BancShares recorded a gain on acquisition of $431 million in noninterest income, representing the excess of the fair value of net assets acquired over the purchase price. The gain on acquisition was not taxable.

The following is a description of the methods used to determine the estimated fair values of significant assets acquired and liabilities assumed as presented above.

Cash and interest-earning deposits at banks
For financial instruments with a short-term or no stated maturity, prevailing market rates and limited credit risk, carrying amounts approximate fair value.

Investment securities
Fair values for investment securities were based on quoted market prices, where available. If quoted market prices were not available, fair value estimates were based on observable inputs including quoted market prices for similar instruments, quoted market prices that are not in an active market or other inputs that are observable in the market. In the absence of observable inputs, fair value was estimated based on pricing models and/or discounted cash flows methodologies.
Assets held for sale and loans and leases
Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, fixed or variable interest rate, remaining term, credit quality ratings or scores, amortization status and current discount rate. Selected larger, impaired loans were specifically reviewed to evaluate credit risk. Loans with similar risk characteristics were pooled together when applying various valuation techniques. The discount rates used for loans were based on an evaluation of current market rates for new originations of comparable loans and required rates of return for market participants to purchase similar assets, including adjustments for liquidity and credit quality when necessary.

BancShares’ accounting methods for acquired loans and leases are discussed in Note 1—Significant Accounting Policies and Basis of Presentation. The following table presents the UPB and fair value of the loans and leases acquired by BancShares in the CIT Merger. The UPB for PCD loans and leases includes the PCD Gross-Up of $272 million as discussed further in Note 4 — Loans and Leases.

Loans Acquired
dollars in millionsLoans and Leases
UPBFair Value
Non-PCD loans and leases$29,542 $29,481 
PCD loans and leases3,550 3,233 
Total loans and leases$33,092 $32,714 

Operating Lease Equipment
Operating lease equipment were comprised of two sub-groups: rail and non-rail equipment. Fair values for both were based on the cost approach where market values were not available. The sales approach was used to value rail assets where market information was available, or when replacement cost less depreciation was lower than the current market value. An intangible liability was recorded for net below market lease contracts rental rates, for which fair value was estimated using the income approach and market lease rates and other key inputs.

A discount was recorded for operating lease equipment, which includes railcars, locomotives and other equipment, to reduce it to fair value. This adjustment will reduce depreciation expense over the remaining useful lives of the equipment on a straight-line basis. The intangible liability (see Note 8—Goodwill and Core Deposit Intangibles) will be amortized, thereby increasing rental income (a component of noninterest income) over the remaining term of the lease agreements on a straight-line basis.

Bank Owned Life Insurance
The fair values of BOLI policies were determined by the policy administrator and calculated based on the net present value of investment cash flows. Expected premium payments, death benefits and expected mortality were considered in the net present value calculation. Based upon the administrator’s analysis and management’s review of the analysis, fair value was determined to equate to book value as of the merger date.

Intangible assets
The following table presents the intangible asset recorded in conjunction with the CIT Merger related to the valuation of core deposits:  

Intangible Assets
dollars in millionsFair ValueEstimated Useful LifeAmortization Method
Core deposit intangibles$14310 yearsStraight-line
Certain core deposits were acquired as part of the CIT Merger, which provide an additional source of funds for BancShares. The core deposit intangibles represent the costs saved by BancShares by acquiring the core deposits rather than sourcing the funds elsewhere. This intangible was valued using the income approach, after-tax cost savings method. This method estimates the fair value by discounting to present value the favorable funding spread attributable to the core deposit balances over their estimated average remaining life. The favorable funding spread is calculated as the difference in the alternative cost of funds and the net deposit cost. Refer to Note 8—Goodwill and Core Deposit Intangibles for further discussion.
Other assets
The following table details other assets acquired:

Other Assets
dollars in millions Fair Value
Low-income housing tax credits and other investments$777
Right of use assets327
Premises and equipment230
Fair value of derivative financial instruments209 
Counterparty receivables133
Other522 
Total other assets$2,198
The fair value of the investments in unconsolidated entities was valued using the income approach.

The ROU asset associated with real estate operating leases were measured at the same amount as the lease liability as adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms. The lease liability was measured at the present value of the remaining lease payments, as if the acquired lease were a new lease of the acquirer at the acquisition date and using BancShares incremental borrowing rate. The lease term was determined for individual leases based on management’s assessment of the probability of exercising the existing renewal, termination and/or purchase option.

Fair values for property, including leasehold improvements, furniture and fixtures, computer software and other digital equipment were determined using the cost approach. Certain tangible assets that are expected to be sold in the short term were reported at net book value. Real estate property, such as land and buildings, was valued using the sales comparison approach, where sales of comparable properties are adjusted for differences to estimate the value of each subject property. 

The fair values of the derivative financial instruments, as well as counterparty receivables, were valued using prices of financial instruments with similar characteristics and observable inputs.

Deposits
The fair values for time deposits were estimated using a discounted cash flow analysis whereby the contractual remaining cash flows were discounted using market rates currently being offered for time deposits of similar maturities. For transactional deposits, carrying amounts approximate fair value.

Borrowings
In connection with the CIT Merger, BancShares assumed the outstanding borrowings of CIT. The fair values of borrowings were estimated based on readily observable prices using reliable market sources.

Credit balances of Factoring Clients
Credit balance amounts represent short-term payables that are tied to the factoring receivables. Due to the short-term nature of these payables and given that amounts are settled at book value, it was determined that the carrying value is equivalent to fair value.

Other Liabilities
Other liabilities include items such as accounts payable and accrued liabilities, lease liabilities, current and deferred taxes, commitments to fund tax credit investments and other miscellaneous liabilities. The fair value of lease liabilities was measured using the present value of remaining lease payments, using BancShares’ discount rate at the merger date. The fair value of the remaining liabilities was determined to approximate book value. For all accrued liabilities and accounts payable, it was determined that the carrying value equals book value.

Unaudited Pro Forma Information
The amount of interest income, noninterest income and net income of $1.75 billion, $1.24 billion and $587 million, respectively, attributable to the acquisition of CIT were included in BancShares’ Consolidated Statement of Income for the year ended December 31, 2022. CIT’s interest income, noninterest income and net income noted above reflect management’s best estimates, based on information available at the reporting date.
The following table presents certain unaudited pro forma financial information for illustrative purposes only, for the year ended December 31, 2022 and 2021 as if CIT had been acquired on January 1, 2021. The unaudited estimated pro forma information combines the historical results of CIT and BancShares and includes certain pro forma adjustments. The key pro forma adjustments relate to the following items that were recognized in BancShares Consolidated Statement of Income for the year ended December 31, 2022, but were reflected in 2021 for the pro forma financial information: (i) provision for credit losses of $513 million related to the Non-PCD loans and leases and unfunded commitments; (ii) acquisition-related expenses of $231 million; (iii) estimated purchase accounting adjustment accretion and amortization related to fair value adjustments and intangibles associated with the CIT Merger; and (iv) $431 million gain on acquisition. BancShares expects to achieve operating cost savings and other business synergies as a result of the acquisition that are not reflected in the pro forma amounts that follow. The pro forma information should not be relied upon as being indicative of the historical results of operations that would have occurred had the acquisition taken place on January 1, 2021. Actual results may differ from the unaudited pro forma information presented below and the differences could be significant.

Selected Unaudited Pro Forma Financial Information for Consolidated BancShares
dollars in millionsYear Ended December 31,
20222021
Interest income$3,413 $2,867 
Noninterest income1,705 2,537 
Net income1,225 1,497 
v3.24.0.1
Investment Securities
 12 Months Ended
Dec. 31, 2023
Investments [Abstract]  
INVESTMENT SECURITIES
NOTE 3 — INVESTMENT SECURITIES

The following tables include the amortized cost and fair value of investment securities at December 31, 2023 and 2022.

Amortized Cost and Fair Value - Investment Securities
dollars in millions December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Investment securities available for sale
U.S. Treasury$10,554 $34 $(80)$10,508 
Government agency120 — (3)117 
Residential mortgage-backed securities7,154 72 (540)6,686 
Commercial mortgage-backed securities2,319 9 (197)2,131 
Corporate bonds529 — (47)482 
Municipal bonds12 — — 12 
Total investment securities available for sale$20,688 $115 $(867)$19,936 
Investment in marketable equity securities$75 $17 $(8)$84 
Investment securities held to maturity
U.S. Treasury$479 $— $(40)$439 
Government agency1,506 — (143)1,363 
Residential mortgage-backed securities4,205 — (644)3,561 
Commercial mortgage-backed securities3,489 — (614)2,875 
Supranational securities298 — (35)263 
Other2 — — 2 
Total investment securities held to maturity$9,979 $— $(1,476)$8,503 
Total investment securities$30,742 $132 $(2,351)$28,523 
December 31, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Investment securities available for sale
U.S. Treasury$2,035 $— $(137)$1,898 
Government agency164 — (2)162 
Residential mortgage-backed securities5,424 1 (630)4,795 
Commercial mortgage-backed securities1,774 — (170)1,604 
Corporate bonds570 — (34)536 
Total investment securities available for sale$9,967 $1 $(973)$8,995 
Investment in marketable equity securities$75 $21 $(1)$95 
Investment securities held to maturity
U.S. Treasury$474 $— $(50)$424 
Government agency1,548 — (186)1,362 
Residential mortgage-backed securities4,605 — (723)3,882 
Commercial mortgage-backed securities3,355 — (484)2,871 
Supranational securities295 — (41)254 
Other2 — — 2 
Total investment securities held to maturity$10,279 $— $(1,484)$8,795 
Total investment securities$20,321 $22 $(2,458)$17,885 

U.S. Treasury investments include Treasury bills and Notes issued by the U.S. Treasury. Investments in government agency securities represent securities issued by the Small Business Association (“SBA”), FHLB and other U.S. agencies. Investments in residential and commercial mortgage-backed securities represent securities issued by the Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation. Investments in corporate bonds represent positions in debt securities of other financial institutions. Municipal bonds are general obligation bonds. Investments in marketable equity securities represent positions in common stock of publicly traded financial institutions. Investments in supranational securities represent securities issued by the Supranational Entities and Multilateral Development Banks. Other held to maturity investments include certificates of deposit with other financial institutions.
BancShares also holds approximately 354,000 shares of Visa, Inc. (“Visa”) Class B common stock (Visa Class B common stock). Until the resolution of certain litigation, at which time the Visa Class B common stock will convert to publicly traded Visa Class A common stock, or the potential exchange of Visa Class B common stock for other marketable classes of Visa common stock, these shares are only transferable to other stockholders of Visa Class B common stock. As a result, there is limited transfer activity in private transactions between buyers and sellers. Given this limited trading activity and the continuing uncertainty regarding the likelihood, ultimate timing and eventual exchange of Visa Class B common stock for shares of Visa Class A common stock or other marketable classes of Visa common stock, these shares are not considered to have a readily determinable fair value and have no carrying value. BancShares continues to monitor the trading activity in Visa Class B common stock, the status of the resolution of certain litigation matters at Visa, and other potential exchange alternatives that would trigger the conversion of the Visa Class B common stock into Visa Class A common stock or other marketable classes of Visa common stock.

Accrued interest receivable for available for sale and held to maturity debt securities was excluded from the estimate for credit losses. At December 31, 2023, accrued interest receivable for available for sale and held to maturity debt securities was $87 million and $18 million, respectively. At December 31, 2022, accrued interest receivable for available for sale and held to maturity debt securities was $33 million and $19 million, respectively. During the year ended December 31, 2023 and 2022, there was no accrued interest that was deemed uncollectible and written off against interest income.

The following table provides the amortized cost and fair value by contractual maturity. Expected maturities will differ from contractual maturities on certain securities because borrowers and issuers may have the right to call or prepay obligations with or without prepayment penalties. Residential and commercial mortgage-backed and government agency securities are stated separately as they are not due at a single maturity date.

Maturities - Debt Securities
dollars in millionsDecember 31, 2023December 31, 2022
CostFair ValueCostFair Value
Investment securities available for sale
Non-amortizing securities maturing in:
One year or less$5,674 $5,658 $37 $37 
After one through five years4,996 4,959 2,068 1,928 
After five through 10 years408 369 483 455 
After 10 years17 16 17 14 
Government agency120 117 164 162 
Residential mortgage-backed securities7,154 6,686 5,424 4,795 
Commercial mortgage-backed securities2,319 2,131 1,774 1,604 
Total investment securities available for sale$20,688 $19,936 $9,967 $8,995 
Investment securities held to maturity
Non-amortizing securities maturing in:
One year or less$27 $26 $51 $51 
After one through five years1,636 1,508 1,479 1,328 
After five through 10 years622 533 789 663 
Residential mortgage-backed securities4,205 3,561 4,605 3,882 
Commercial mortgage-backed securities3,489 2,875 3,355 2,871 
Total investment securities held to maturity$9,979 $8,503 $10,279 $8,795 
The following table presents interest and dividend income on investment securities:

Interest and Dividends on Investment Securities
dollars in millionsYear Ended December 31,
202320222021
Interest income - taxable investment securities$642 $352 $143 
Interest income - nontaxable investment securities4 — — 
Dividend income - marketable equity securities2 2 2 
Interest on investment securities$648 $354 $145 

Fair value adjustment on marketable equity securities and net realized losses and gains on sales of investment securities available for sale are presented on the Consolidated Statements of Income. The following table presents the gross realized losses and gains on the sales of investment securities available for sale.

Realized Losses on Debt Securities Available For Sale
dollars in millionsYear Ended December 31,
202320222021
Gross realized gains on sales of investment securities available for sale$— $— $33 
Gross realized losses on sales of investment securities available for sale(26)— — 
Net realized (losses) gains on sales of investment securities available for sale$(26)$— $33 

The following table provides information regarding investment securities available for sale with unrealized losses:

Gross Unrealized Losses on Debt Securities Available For Sale
dollars in millionsDecember 31, 2023
Less than 12 months12 months or moreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Investment securities available for sale
U.S. Treasury$955 $— $1,919 $(80)$2,874 $(80)
Government agency23 — 94 (3)117 (3)
Residential mortgage-backed securities293 (3)4,073 (537)4,366 (540)
Commercial mortgage-backed securities157 (1)1,386 (196)1,543 (197)
Corporate bonds89 (9)393 (38)482 (47)
Total$1,517 $(13)$7,865 $(854)$9,382 $(867)
December 31, 2022
Less than 12 months12 months or moreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Investment securities available for sale
U.S. Treasury$403 $(27)$1,495 $(110)$1,898 $(137)
Government agency65 (1)62 (1)127 (2)
Residential mortgage-backed securities1,698 (165)3,001 (465)4,699 (630)
Commercial mortgage-backed securities836 (53)752 (117)1,588 (170)
Corporate bonds499 (30)37 (4)536 (34)
Total$3,501 $(276)$5,347 $(697)$8,848 $(973)

As of December 31, 2023, there were 483 investment securities available for sale with continuous unrealized losses for more than 12 months, of which 416 were government sponsored enterprise-issued mortgage-backed securities, government agency securities, or U.S. treasury securities and the remaining 67 were corporate bonds. BancShares has the ability and intent to retain these securities for a period of time sufficient to recover all unrealized losses. Given the consistently strong credit rating of the U.S. Treasury, and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, as of December 31, 2023, no allowance for credit loss was required. For corporate bonds, we analyzed the changes in interest rates relative to when the investment securities were purchased or acquired, and considered other factors including changes in credit ratings, delinquencies, and other macroeconomic factors. As a result of this analysis, we determined that one corporate bond carries an insignificant credit-related loss as of December 31, 2023, which is reflected in the provision for credit losses.
BancShares’ portfolio of held to maturity debt securities consists of mortgage-backed securities issued by government agencies and government sponsored entities, U.S. Treasury notes, unsecured bonds issued by government agencies and government sponsored entities, and securities issued by the Supranational Entities and Multilateral Development Banks. Given the consistently strong credit rating of the U.S. Treasury, the Supranational Entities & Multilateral Development Banks and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, as of December 31, 2023, no allowance for credit loss was required for held to maturity debt securities.

Investment securities having an aggregate carrying value of $3.77 billion at December 31, 2023, and $4.23 billion at December 31, 2022, were pledged as collateral to secure public funds on deposit and certain short-term borrowings, and for other purposes as required by law.

A security is considered past due once it is 30 days contractually past due under the terms of the agreement. There were no securities past due as of December 31, 2023 or 2022.

There were no debt securities held to maturity on nonaccrual status as of December 31, 2023 or December 31, 2022.
Certain investments held by BancShares are reported in other assets, including FHLB stock and nonmarketable securities without readily determinable fair values that are recorded at cost, and investments in qualified affordable housing projects, all of which are accounted for under the proportional amortization method. See Note 11—Other Assets for the balances.
v3.24.0.1
Loans and Leases
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
LOANS AND LEASES
NOTE 4 — LOANS AND LEASES

Unless otherwise noted, loans held for sale are not included in the following tables. Leases in the following tables include finance leases, but exclude operating lease equipment. Refer to Note 2—Business Combinations for discussion of the loans acquired in the SVBB Acquisition.

Loans by Class
dollars in millionsDecember 31, 2023December 31, 2022
Commercial
Commercial construction$3,465 $2,804 
Owner occupied commercial mortgage15,567 14,473 
Non-owner occupied commercial mortgage11,540 9,902 
Commercial and industrial27,072 24,105 
Leases2,054 2,171 
Total commercial59,698 53,455 
Consumer
Residential mortgage14,422 13,309 
Revolving mortgage2,007 1,951 
Consumer auto1,442 1,414 
Consumer other720 652 
Total consumer18,591 17,326 
SVB
Global fund banking25,553 — 
Investor dependent - early stage1,403 — 
Investor dependent - growth stage2,897 — 
Innovation C&I and cash flow dependent9,658 — 
Private Bank9,822 — 
CRE2,698 — 
Other2,982 — 
Total SVB55,013 — 
Total loans and leases$133,302 $70,781 

At December 31, 2023 and 2022, accrued interest receivable on loans included in other assets was $625 million and $203 million, respectively, and was excluded from the estimate of credit losses.

There was a discount on loans acquired in the SVBB Acquisition and CIT Merger because the fair value was lower than the UPB as further discussed in Note 2—Business Combinations. The discount on acquired loans is accreted to interest income over the contractual life of the loan using the effective interest method as further discussed in Note 1—Significant Accounting Policies and Basis of Presentation. Discount accretion income was $733 million, including $128 million for unfunded commitments, for the year ended December 31, 2023, and primarily related to the SVBB Acquisition.

The following table presents selected components of the amortized cost of loans, including the unamortized discount on acquired loans.

Components of Amortized Cost
dollars in millionsDecember 31, 2023December 31, 2022
Deferred (fees) costs, including unamortized costs and unearned fees on non-PCD loans$(72)$34
Net unamortized discount on acquired loans
Non-PCD$1,860$73
PCD17645 
Total net unamortized discount$2,036$118

The aging of the outstanding loans and leases by class at December 31, 2023 and 2022 is provided in the tables below. Loans and leases less than 30 days past due are considered current, as various grace periods allow borrowers to make payments within a stated period after the due date and remain in compliance with the respective agreement.
Loans and Leases - Delinquency Status
dollars in millionsDecember 31, 2023
30-59 Days
Past Due		60-89 Days
Past Due		90 Days or
Greater		Total
Past Due		CurrentTotal
Commercial
Commercial construction$43 $8 $2 $53 $3,412 $3,465 
Owner occupied commercial mortgage22 10 47 79 15,488 15,567 
Non-owner occupied commercial mortgage89 160 281 530 11,010 11,540 
Commercial and industrial164 48 112 324 26,748 27,072 
Leases55 15 21 91 1,963 2,054 
Total commercial373 241 463 1,077 58,621 59,698 
Consumer
Residential mortgage118 23 56 197 14,225 14,422 
Revolving mortgage14 3 11 28 1,979 2,007 
Consumer auto9 3 2 14 1,428 1,442 
Consumer other5 3 4 12 708 720 
Total consumer146 32 73 251 18,340 18,591 
SVB
Global fund banking— — — — 25,553 25,553 
Investor dependent - early stage10 12 9 31 1,372 1,403 
Investor dependent - growth stage5 2 7 14 2,883 2,897 
Innovation C&I and cash flow dependent27 3 40 70 9,588 9,658 
Private Bank30 11 17 58 9,764 9,822 
CRE10 28 2 40 2,658 2,698 
Other5 — 4 9 2,973 2,982 
Total SVB87 56 79 222 54,791 55,013 
Total loans and leases$606 $329 $615 $1,550 $131,752 $133,302 
December 31, 2022
30-59 Days
Past Due		60-89 Days
Past Due		90 Days or
Greater		Total
Past Due		CurrentTotal
Commercial
Commercial construction$50 $— $1 $51 $2,753 $2,804 
Owner occupied commercial mortgage29 5 25 59 14,414 14,473 
Non-owner occupied commercial mortgage76 144 11 231 9,671 9,902 
Commercial and industrial173 26 53 252 23,853 24,105 
Leases59 17 16 92 2,079 2,171 
Total commercial387 192 106 685 52,770 53,455 
Consumer
Residential mortgage73 16 52 141 13,168 13,309 
Revolving mortgage9 3 8 20 1,931 1,951 
Consumer auto7 1 1 9 1,405 1,414 
Consumer other4 2 3 9 643 652 
Total consumer93 22 64 179 17,147 17,326 
Total loans and leases$480 $214 $170 $864 $69,917 $70,781 
The amortized cost by class of loans and leases on nonaccrual status, and loans and leases greater than 90 days past due and still accruing at December 31, 2023 and 2022 are presented below.

Loans on Non-Accrual Status (1) (2)
dollars in millionsDecember 31, 2023December 31, 2022
Non-Accrual LoansLoans >
90 Days and
Accruing		Non-Accrual LoansLoans >
90 Days and
Accruing
Commercial
Commercial construction$2 $1 $48 $— 
Owner occupied commercial mortgage61 8 41 2 
Non-owner occupied commercial mortgage354 38 228 — 
Commercial and industrial193 56 184 41 
Leases31 7 28 7 
Total commercial641 110 529 50 
Consumer
Residential mortgage96 1 75 10 
Revolving mortgage20 — 18 — 
Consumer auto5 — 4 — 
Consumer other1 3 1 3 
Total consumer122 4 98 13 
SVB
Global fund banking— — — — 
Investor dependent - early stage37 2 — — 
Investor dependent - growth stage37 — — — 
Innovation C&I and cash flow dependent43 — — — 
Private Bank30 3 — — 
CRE58 — — — 
Other1 4 — — 
Total SVB206 9 — — 
Total loans and leases$969 $123 $627 $63 
(1)    Accrued interest that was reversed when the loan went to nonaccrual status was $10 million for the year ended December 31, 2023 and $4 million for the year ended December 31, 2022.
(2)    Nonaccrual loans for which there was no related ALLL totaled $138 million at December 31, 2023 and $63 million at December 31, 2022.

OREO and repossessed assets were $62 million as of December 31, 2023 and $47 million as of December 31, 2022.
Credit Quality Indicators
Loans and leases are monitored for credit quality on a recurring basis. Commercial loans and leases and consumer loans have different credit quality indicators as a result of the unique characteristics of the loan classes being evaluated. The credit quality indicators for commercial loans and leases are developed through a review of individual borrowers on an ongoing basis. Commercial loans are evaluated periodically with more frequent evaluations done on criticized loans. The indicators as of the date presented are based on the most recent assessment performed and are defined below:

Pass – A pass rated asset is not adversely classified because it does not display any of the characteristics for adverse classification.

Special mention – A special mention asset has potential weaknesses which deserve management’s close attention. If left uncorrected, such potential weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention assets are not adversely classified and do not warrant adverse classification.

Substandard – A substandard asset is inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. Assets classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These assets are characterized by the distinct possibility of loss if the deficiencies are not corrected.

Doubtful – An asset classified as doubtful has all the weaknesses inherent in an asset classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently existing facts, conditions and values.

Loss – Assets classified as loss are considered uncollectible and of such little value it is inappropriate to be carried as an asset. This classification is not necessarily equivalent to any potential for recovery or salvage value, but rather it is not appropriate to defer a full charge-off even though partial recovery may be affected in the future.

Ungraded – Ungraded loans represent loans not included in the individual credit grading process due to their relatively small balances or borrower type. The majority of ungraded loans at December 31, 2023 and 2022, relate to business credit cards. Business credit card loans are subject to automatic charge-off when they become 120 days past due in the same manner as unsecured consumer lines of credit.

The credit quality indicator for consumer loans is based on delinquency status of the borrower as of the date presented. As the borrower becomes more delinquent, the likelihood of loss increases. An exemption is applied to government guaranteed loans as the principal repayments are insured by the Federal Housing Administration and U.S. Department of Veterans Affairs and thus remain on accrual status regardless of delinquency status.
The following tables summarize the commercial and SVB loans disaggregated by year of origination and by risk rating. The consumer loan delinquency status by year of origination is also presented below. The tables reflect the amortized cost of the loans and include PCD loans.

Commercial Loans - Risk Classifications by Class
December 31, 2023
Risk Classification:Term Loans by Origination YearRevolving Converted to Term Loans
dollars in millions202320222021202020192018 & PriorRevolvingTotal
Commercial construction
Pass$1,011 $1,318 $589 $219 $52 $55 $36 $— $3,280 
Special Mention— — 2 49 46 — — — 97 
Substandard— 47 5 31 — 5 — — 88 
Doubtful— — — — — — — — — 
Ungraded— — — — — — — — — 
Total commercial construction1,011 1,365 596 299 98 60 36 — 3,465 
Owner occupied commercial mortgage
Pass2,439 2,840 3,087 2,708 1,579 2,099 177 — 14,929 
Special Mention31 17 24 27 43 70 1 — 213 
Substandard8 54 95 63 41 155 9 — 425 
Doubtful— — — — — — — — — 
Ungraded— — — — — — — — — 
Total owner occupied commercial mortgage2,478 2,911 3,206 2,798 1,663 2,324 187 — 15,567 
Non-owner occupied commercial mortgage
Pass2,631 2,526 1,641 1,391 883 1,181 43 — 10,296 
Special Mention8 41 33 88 168 73 9 — 420 
Substandard1 36 17 114 311 276 — — 755 
Doubtful— — — — 41 28 — — 69 
Ungraded— — — — — — — — — 
Total non-owner occupied commercial mortgage2,640 2,603 1,691 1,593 1,403 1,558 52 — 11,540 
Commercial and industrial
Pass8,069 4,573 2,945 1,395 879 937 6,033 19 24,850 
Special Mention105 134 144 89 69 21 194 — 756 
Substandard92 219 133 209 126 248 243 2 1,272 
Doubtful2 19 5 — 12 20 13 — 71 
Ungraded— — — — — — 123 — 123 
Total commercial and industrial8,268 4,945 3,227 1,693 1,086 1,226 6,606 21 27,072 
Leases
Pass732 499 290 209 91 35 — — 1,856 
Special Mention18 22 20 7 4 1 — — 72 
Substandard28 32 21 19 6 8 — — 114 
Doubtful3 4 3 1 1 — — — 12 
Ungraded— — — — — — — — — 
Total leases781 557 334 236 102 44 — — 2,054 
Total commercial$15,178 $12,381 $9,054 $6,619 $4,352 $5,212 $6,881 $21 $59,698 
SVB - Risk Classifications by Class
December 31, 2023
Risk Classification:Term Loans by Origination YearRevolving Converted to Term Loans
dollars in millions202320222021202020192018 & PriorRevolvingTotal
Global fund banking
Pass$453 $202 $40 $36 $14 $3 $24,702 $66 $25,516 
Special Mention— — — — — — — — — 
Substandard— 7 9 3 — — 18 — 37 
Doubtful— — — — — — — — — 
Ungraded— — — — — — — — — 
Total global fund banking453 209 49 39 14 3 24,720 66 25,553 
Investor dependent - early stage
Pass421 453 85 4 1 — 99 2 1,065 
Special Mention8 14 1 — — — — — 23 
Substandard40 138 51 3 — — 51 — 283 
Doubtful12 12 3 — — 1 4 — 32 
Ungraded— — — — — — — — — 
Total investor dependent - early stage481 617 140 7 1 1 154 2 1,403 
Investor dependent - growth stage
Pass1,034 967 217 25 8 2 198 5 2,456 
Special Mention6 25 — — — — — — 31 
Substandard66 192 83 7 1 — 27 — 376 
Doubtful— 12 20 — — — 2 — 34 
Ungraded— — — — — — — — — 
Total investor dependent - growth stage1,106 1,196 320 32 9 2 227 5 2,897 
Innovation C&I and cash flow dependent
Pass2,370 2,238 833 293 80 44 2,598 — 8,456 
Special Mention99 103 36 66 — — 92 — 396 
Substandard51 185 254 76 25 — 175 — 766 
Doubtful— — — — — 10 30 — 40 
Ungraded— — — — — — — — — 
Total innovation C&I and cash flow dependent2,520 2,526 1,123 435 105 54 2,895 — 9,658 
Private bank
Pass1,247 2,273 2,148 1,361 750 1,114 830 10 9,733 
Special Mention5 2 1 — 1 7 7 — 23 
Substandard10 — 3 5 3 37 5 2 65 
Doubtful— — — — 1 — — — 1 
Ungraded— — — — — — — — — 
Total private bank1,262 2,275 2,152 1,366 755 1,158 842 12 9,822 
CRE
Pass506 458 257 168 195 801 51 5 2,441 
Special Mention— 6 7 10 3 23 — — 49 
Substandard— 14 16 10 57 57 — — 154 
Doubtful— — 2 13 26 11 2 — 54 
Ungraded— — — — — — — — — 
Total CRE506 478 282 201 281 892 53 5 2,698 
Other
Pass458 625 438 251 176 377 435 42 2,802 
Special Mention— 11 12 32 — — — — 55 
Substandard— 52 8 8 4 31 21 1 125 
Doubtful— — — — — — — — — 
Ungraded— — — — — — — — — 
Total Other458 688 458 291 180 408 456 43 2,982 
Total SVB$6,786 $7,989 $4,524 $2,371 $1,345 $2,518 $29,347 $133 $55,013 
Consumer Loans - Delinquency Status by Class
December 31, 2023
Days Past Due:Term Loans by Origination YearRevolving Converted to Term Loans
dollars in millions202320222021202020192018 & PriorRevolvingTotal
Residential mortgage
Current$2,047 $3,522 $3,488 $1,895 $694 $2,571 $8 $— $14,225 
30-59 days4 13 14 6 7 74 — — 118 
60-89 days1 1 3 2 1 15 — — 23 
90 days or greater1 4 1 4 1 45 — — 56 
Total residential mortgage2,053 3,540 3,506 1,907 703 2,705 8 — 14,422 
Revolving mortgage
Current— — — — — — 1,903 76 1,979 
30-59 days— — — — — — 10 4 14 
60-89 days— — — — — — 1 2 3 
90 days or greater— — — — — — 6 5 11 
Total revolving mortgage— — — — — — 1,920 87 2,007 
Consumer auto
Current525 427 261 131 56 28 — — 1,428 
30-59 days1 3 2 1 1 1 — — 9 
60-89 days1 1 1 — — — — — 3 
90 days or greater— 1 1 — — — — — 2 
Total consumer auto527 432 265 132 57 29 — — 1,442 
Consumer other
Current158 103 52 8 4 16 367 — 708 
30-59 days1 1 — — — — 3 — 5 
60-89 days— — — — — 1 2 — 3 
90 days or greater— — — — — 2 2 — 4 
Total consumer other159 104 52 8 4 19 374 — 720 
Total consumer$2,739 $4,076 $3,823 $2,047 $764 $2,753 $2,302 $87 $18,591 
 
The following tables represent current credit quality indicators by origination year as of December 31, 2022:

Commercial Loans - Risk Classifications by Class
December 31, 2022
Risk Classification:Term Loans by Origination YearRevolving Converted to Term Loans
dollars in millions202220212020201920182017 & PriorRevolvingTotal
Commercial construction
Pass$1,140 $759 $511 $157 $27 $75 $42 $— $2,711 
Special Mention4 — 18 18 — — — — 40 
Substandard2 — — 43 — 5 — — 50 
Doubtful— — — 3 — — — — 3 
Ungraded— — — — — — — — — 
Total commercial construction1,146 759 529 221 27 80 42 — 2,804 
Owner occupied commercial mortgage
Pass2,773 3,328 2,966 1,825 1,048 1,867 177 — 13,984 
Special Mention33 14 32 33 18 49 2 — 181 
Substandard24 47 41 28 47 114 6 — 307 
Doubtful— — — — — 1 — — 1 
Ungraded— — — — — — — — — 
Total owner occupied commercial mortgage2,830 3,389 3,039 1,886 1,113 2,031 185 — 14,473 
Non-owner occupied commercial mortgage
Pass2,501 1,658 1,794 1,397 680 933 48 — 9,011 
Special Mention— 1 69 38 35 10 1 — 154 
Substandard3 11 68 324 58 236 — — 700 
Doubtful— — — 17 — 20 — — 37 
Ungraded— — — — — — — — — 
Total non-owner occupied commercial mortgage2,504 1,670 1,931 1,776 773 1,199 49 — 9,902 
Commercial and industrial
Pass7,695 4,145 2,035 1,533 872 845 5,252 29 22,406 
Special Mention87 153 79 63 52 23 40 — 497 
Substandard106 117 194 132 166 145 200 1 1,061 
Doubtful1 4 3 11 6 16 7 — 48 
Ungraded— — — — — — 93 — 93 
Total commercial and industrial7,889 4,419 2,311 1,739 1,096 1,029 5,592 30 24,105 
Leases
Pass718 466 389 216 80 108 — — 1,977 
Special Mention21 22 17 9 4 — — — 73 
Substandard32 32 27 12 7 1 — — 111 
Doubtful2 3 2 1 1 — — — 9 
Ungraded— — — — — 1 — — 1 
Total leases773 523 435 238 92 110 — — 2,171 
Total commercial$15,142 $10,760 $8,245 $5,860 $3,101 $4,449 $5,868 $30 $53,455 

 
Consumer Loans - Delinquency Status by Class
December 31, 2022
Days Past Due:Term Loans by Origination YearRevolving Converted to Term Loans
dollars in millions202220212020201920182017 & PriorRevolvingTotal
Residential mortgage
Current$3,485 $3,721 $2,097 $805 $413 $2,625 $22 $— $13,168 
30-59 days3 7 6 5 3 49 — — 73 
60-89 days1 1 2 — 1 11 — — 16 
90 days or greater— 1 1 2 2 46 — — 52 
Total residential mortgage3,489 3,730 2,106 812 419 2,731 22 — 13,309 
Revolving mortgage
Current— — — — — — 1,839 92 1,931 
30-59 days— — — — — — 5 4 9 
60-89 days— — — — — — 2 1 3 
90 days or greater— — — — — — 5 3 8 
Total revolving mortgage— — — — — — 1,851 100 1,951 
Consumer auto
Current599 398 216 111 59 22 — — 1,405 
30-59 days1 2 2 1 1 — — — 7 
60-89 days— 1 — — — — — — 1 
90 days or greater— 1 — — — — — — 1 
Total consumer auto600 402 218 112 60 22 — — 1,414 
Consumer other
Current160 82 13 6 2 19 361 — 643 
30-59 days— — — — — 1 3 — 4 
60-89 days— — — — — 1 1 — 2 
90 days or greater— — — — — 1 2 — 3 
Total consumer other160 82 13 6 2 22 367 — 652 
Total consumer$4,249 $4,214 $2,337 $930 $481 $2,775 $2,240 $100 $17,326 
Gross Charge-offs

Gross charge-off vintage disclosures by origination year and loan class are summarized in the following table for the year ended December 31, 2023:

Gross Charge-offs
Year Ended December 31, 2023
Term Loans by Origination YearRevolving Converted to Term Loans
dollars in millions202320222021202020192018 & PriorRevolvingTotal
Commercial
Owner occupied commercial mortgage$— $— $— $— $— $— $1 $— $1 
Non-owner occupied commercial mortgage— — — — 64 21 — — 85 
Commercial and industrial25 73 30 9 15 15 49 1 217 
Leases2 10 7 3 2 1 — — 25 
Total commercial27 83 37 12 81 37 50 1 328 
Consumer
Residential mortgage— — — — — 2 — — 2 
Consumer auto1 1 1 1 — — — — 4 
Consumer other7 1 1 — — — 13 — 22 
Total consumer8 2 2 1 — 2 13 — 28 
SVB
Investor dependent - early stage2 30 29 3 — — 11 — 75 
Investor dependent - growth stage22 37 25 12 — — 1 — 97 
Innovation C&I and cash flow dependent6 — — — — — 18 — 24 
CRE— — — — 2 — — — 2 
Other6 17 10 44 — 1 6 — 84 
Total SVB36 84 64 59 2 1 36 — 282 
Total loans and leases$71 $169 $103 $72 $83 $40 $99 $1 $638 

Loan Modifications for Borrowers Experiencing Financial Difficulties
On January 1, 2023, we adopted ASU 2022-02 as further discussed in Note 1—Significant Accounting Policies and Basis of Presentation. The Modification Disclosures required by ASU 2022-02 are included below.

As part of BancShares’ ongoing credit risk management practices, BancShares attempts to work with borrowers when necessary to extend or modify loan terms to better align with the borrowers’ current ability to repay. BancShares’ modifications granted to debtors experiencing financial difficulties typically take the form of term extensions, interest rate reductions, other-than-insignificant payment delays, principal forgiveness, or a combination thereof. Modifications are made in accordance with internal policies and guidelines to conform to regulatory guidance.
The following tables present loan modifications made to debtors experiencing financial difficulty, disaggregated by class and type of loan modification. The tables also include the weighted average term extensions, as well as the modification total relative to the total period-end amortized cost basis of loans in the respective loan class.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty (year ended December 31, 2023)
dollars in millions
Term Extension (1)
Other Than Insignificant Payment DelayInterest Rate Reduction
Amortized CostWeighted Average Term Extension (Months)Amortized CostWeighted Average Payment Delay (Months)Amortized CostWeighted Average Interest Rate Reduction
Commercial
Commercial construction$4 9$— — $— — %
Owner occupied commercial mortgage17 17— — 2 3.62 
Non-owner occupied commercial mortgage240 12— — — — 
Commercial and industrial102 209 7— — 
Leases— 16— — — — 
Total commercial363 149 72 3.62 
Consumer
Residential mortgage7 90— — — 1.63 
Revolving mortgage2 60— — — 1.74 
Consumer auto— 24— — — — 
Consumer other— 55— — — 9.65 
Total consumer9 84— — — 4.44 
SVB
Investor dependent - early stage3 417 5— — 
Investor dependent - growth stage8 928 5— — 
Innovation C&I and cash flow dependent72 4— — — — 
Private Bank4 11— — — — 
CRE14 9— — — — 
Other4 61 6 — — 
Total SVB105 646 5— — 
Total loans and leases$477 14$55 6$2 3.83 %
(1) Term extensions include modifications in which the balloon principal payment was deferred to a later date or the loan amortization period was extended.
Loan Modifications Made to Borrowers Experiencing Financial Difficulty (continued)
dollars in millions
Term Extension(1) and Interest Rate Reduction
Term Extension(1) and Other Than Insignificant Payment Delay
Other than Insignificant Payment Delay and Interest Rate Reduction
Amortized CostWeighted Average Term Extension (Months)Weighted Average Interest Rate ReductionAmortized CostWeighted Average Term Extension (Months)Weighted Average Payment Delay (Months)Amortized CostWeighted Average Payment Delay (Months)Weighted Average Interest Rate Reduction
Commercial
Commercial construction$— — — %$— — — $— — — %
Owner occupied commercial mortgage— 362.00 — — — — — — 
Non-owner occupied commercial mortgage40 12 3.00 — — — — — — 
Commercial and industrial5 262.04 — 28 16 — — — 
Leases— — — — — — — — — 
Total commercial45 132.90 — 28 16 — — — 
Consumer— — 
Residential mortgage3 623.31 — — — 3 6 5.25 
Revolving mortgage1 572.92 — — — — — — 
Consumer auto— 310.69 — — — — — — 
Consumer other— 360.25 — — — — — — 
Total consumer4 613.20 — — — 3 6 5.25 
SVB
Investor dependent - early stage— — — — 6 6 — — — 
Investor dependent - growth stage— — — — — — — — — 
Innovation C&I and cash flow dependent— — — 7 7 5 — — — 
Private Bank— — — — — — — — — 
CRE— — — — — — — — — 
Other— — — — 17 17 — — — 
Total SVB— — — 7 7 6 — — — 
Total loans and leases$49 182.93 %$7 8 6 $3 6 5.25 %

dollars in millions
Term Extension (1), Interest Rate Reduction, and Other than Insignificant Payment Delay
Total
Amortized CostWeighted Average Term Extension (Months)Weighted Average Interest Rate ReductionWeighted Average Payment Delay (Months)Amortized CostTotal as a % of Loan and Lease Class
Commercial
Commercial construction$— — — %— $4 0.11 %
Owner occupied commercial mortgage— — — — 19 0.12 
Non-owner occupied commercial mortgage— — — — 280 2.43 
Commercial and industrial— — — — 116 0.43 
Leases— — — — — — 
Total commercial— — — — 419 0.70 
Consumer— 
Residential mortgage— — — — 13 0.10 
Revolving mortgage— — — — 3 0.13 
Consumer auto— — — — — 0.01 
Consumer other— — — — — 0.03 
Total consumer— — — — 16 0.09 
SVB
Investor dependent - early stage6 12 1.00 6 26 1.88 
Investor dependent - growth stage— — — — 36 1.24 
Innovation C&I and cash flow dependent— — — — 79 0.81 
Private Bank— — — — 4 0.04 
CRE— — — — 14 0.53 
Other— — — — 5 0.16 
Total SVB6 12 1.00 6 164 0.30 
Total loans and leases$6 12 1.00 %6 $599 0.45 %
(1) Term extensions include modifications in which the balloon principal payment was deferred to a later date or the loan amortization period was extended
Borrowers experiencing financial difficulties are typically identified in our credit risk management process before loan modifications occur. An assessment of whether a borrower is experiencing financial difficulty is reassessed or performed on the date of a modification. Since the effect of most modifications made to borrowers experiencing financial difficulty is already included in the ALLL because of the measurement methodologies used to estimate the ALLL, a change to the ALLL is generally not recorded upon modification. Upon BancShares’ determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged off.

At December 31, 2023, there were $50 million of modified loans which defaulted subsequent to modification. Of this amount, $37 million related to one borrower within the Innovation C&I and cash flow dependent loan class.

The following tables present the amortized cost and performance of modified loans to borrowers experiencing financial difficulties. The period of delinquency is based on the number of days the scheduled payment is contractually past due.

Modified Loans Payment Status (year ended December 31, 2023)
dollars in millionsCurrent30–59 Days Past Due60–89 Days Past Due90 days or greater Past DueTotal
Commercial
Commercial construction$4 $— $— $— $4 
Owner occupied commercial mortgage17 1 — 1 19 
Non-owner occupied commercial mortgage280 — — — 280 
Commercial and industrial114 — 1 1 116 
Total commercial415 1 1 2 419 
Consumer
Residential mortgage11 — 1 1 13 
Revolving mortgage3 — — — 3 
Total consumer14 — 1 1 16 
SVB
Investor dependent - early stage22 — — 4 26 
Investor dependent - growth stage36 — — — 36 
Innovation C&I and cash flow dependent39 — — 40 79 
Private Bank4 — — — 4 
CRE14 — — — 14 
Other2 3 — — 5 
Total SVB117 3 — 44 164 
Total loans and leases$546 $4 $2 $47 $599 

At December 31, 2023, there were $13 million of commitments to lend additional funds to debtors experiencing financial difficulty for which the terms of the loan were modified.
TDRs Prior to Adoption of ASU 2022-02
The following includes TDR disclosures for historical periods prior to adoption of ASU 2022-02 as further discussed in Note 1—Significant Accounting Policies and Basis of Presentation.

The following table presents amortized cost of TDRs:

TDRs
dollars in millionsDecember 31, 2022
AccruingNon-AccruingTotal
Commercial
Commercial construction$2 $1 $3 
Owner occupied commercial mortgage46 9 55 
Non-owner occupied commercial mortgage24 30 54 
Commercial and industrial26 8 34 
Leases— 1 1 
Total commercial98 49 147 
Consumer
Residential mortgage33 17 50 
Revolving mortgage17 5 22 
Consumer auto2 — 2 
Consumer other— — — 
     Total consumer52 22 74 
Total TDRs$150 $71 $221 
The following table summarizes the loan restructurings during the year ended December 31, 2022 and 2021 that were designated as TDRs. BancShares defined payment default as movement of the TDR to nonaccrual status that was generally 90 days past due, in foreclosure or charge-off, whichever occurred first.

Restructurings
dollars in millions (except for number of loans)Year Ended December 31,
20222021
Number of LoansAmortized Cost at Period EndNumber of LoansAmortized Cost at Period End
Loans and leases
Interest only17 $39 20 $18 
Loan term extension128 26 129 16 
Below market rates86 9 177 20 
Discharge from bankruptcy106 5 128 10 
Total337 $79 454 $64 

There were $1.5 million commitments to lend additional funds to borrowers whose loan terms were modified in TDRs as of December 31, 2022.

After a loan was determined to be a TDR, BancShares continued to track its performance under its most recent restructured terms. TDRs that subsequently defaulted during the year ended December 31, 2022 and 2021, and were classified as TDRs during the applicable 12-month period preceding December 31, 2022 and 2021 were as follows:

TDR Defaults
dollars in millionsDecember 31, 2022December 31, 2021
TDR Defaults$6 $8 
Loans Pledged

The following table provides information regarding loans pledged as collateral for borrowing capacity through the FHLB of Atlanta, the FRB and FDIC as of December 31, 2023 and 2022.

Loans Pledged
dollars in millionsDecember 31, 2023December 31, 2022
FHLB of Atlanta
Lendable collateral value of pledged non-PCD loans$15,072 $14,918 
Less: Advances— 4,250 
Less: Letters of Credit1,450 1,450 
Available borrowing capacity$13,622 $9,218 
Pledged non-PCD loans (contractual balance)$25,370 $23,491 
FRB
Lendable collateral value of pledged non-PCD loans$5,115 $4,203 
Less: Advances— — 
Available borrowing capacity$5,115 $4,203 
Pledged non-PCD loans (contractual balance)$6,273 $5,697 
FDIC
Lendable collateral value of pledged loans$51,179 $— 
Less: Advances— — 
Less: Purchase Money Note36,072 — 
Available borrowing capacity$15,107 $— 
Pledged loans (contractual balance)$51,179 $— 

As a member of the FHLB, FCB can access financing based on an evaluation of its creditworthiness, statement of financial position, size and eligibility of collateral. FCB may at any time grant a security interest in, sell, convey or otherwise dispose of any of the assets used for collateral, provided that FCB is in compliance with the collateral maintenance requirement immediately following such disposition.

Under borrowing arrangements with the FRB of Richmond, BancShares has access to the FRB Discount Window on a secured basis. There were no outstanding borrowings with the FRB Discount Window at December 31, 2023 or 2022.

In connection with the SVBB Acquisition, FCB and the FDIC entered into financing agreements, including the five-year Purchase Money Note of approximately $36.07 billion, and the Advance Facility Agreement, providing total advances available through March 27, 2025 of up to $70 billion. Refer to Note 2—Business Combinations for further discussion of these agreements and related collateral requirements and limits on usage.
v3.24.0.1
Allowance for Loan and Lease Losses
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
ALLOWANCE FOR LOAN AND LEASE LOSSES
NOTE 5 — ALLOWANCE FOR LOAN AND LEASE LOSSES

The ALLL is reported as a separate line item on the Consolidated Balance Sheets, while the reserve for off-balance sheet credit exposure is included in other liabilities, presented in Note 15—Other Liabilities. The provision or benefit for credit losses related to (i) loans and leases (ii) off-balance sheet credit exposure, and (iii) investment securities available for sale is reported in the Consolidated Statements of Income as provision or benefit for credit losses.

The Initial PCD ALLL for the SVBB Acquisition and the CIT Merger were established through a PCD Gross-Up and there were no corresponding increases to the provision for credit losses. The PCD Gross-Ups are discussed further in Note 1—Significant Accounting Policies and Basis of Presentation.

The initial ALLL for Non-PCD loans and leases acquired in the SVBB Acquisition and the CIT Merger were established through corresponding increases to the provision for credit losses (the “day 2 provision for loan and lease losses”).

The initial reserve for off-balance sheet credit exposure acquired in the SVBB Acquisition and the CIT Merger were established through a corresponding increase to the provision for off-balance sheet credit exposure (the “day 2 provision for off-balance sheet credit exposure”).
The ALLL activity for loans and leases is summarized in the following table.

Allowance for Loan and Lease Losses
dollars in millionsYear Ended December 31, 2023Year Ended December 31, 2022
CommercialConsumerSVBTotalCommercialConsumerSVBTotal
Balance at beginning of period$789 $133 $— $922 $80 $98 $— $178 
Initial PCD ALLL— — 220 220 258 14 — 272 
Day 2 provision for loan and lease losses— — 462 462 432 22 — 454 
Provision (benefit) for loan and lease losses
541 27 135 703 101 (4)— 97 
Total provision for loan and lease losses541 27 597 1,165 533 18 — 551 
Charge-offs
(328)(28)(282)(638)(126)(20)— (146)
Recoveries44 14 20 78 44 23 — 67 
Balance at end of period$1,046 $146 $555 $1,747 $789 $133 $— $922 
Year Ended December 31, 2021
CommercialConsumerSVBTotal
Balance at beginning of period$92 $133 $— $225 
Benefit for loan and lease losses(7)(30)— (37)
Charge-offs(18)(18)— (36)
Recoveries13 13 — 26 
Balance at end of period$80 $98 $— $178 

The following table presents the components of the provision for credit losses:

Provision for Credit Losses
dollars in millionsYear Ended December 31,
202320222021
Day 2 provision for loan and lease losses$462 $454 $— 
Provision (benefit) for loan and lease losses
703 97 (37)
Total provision (benefit) for loan and lease losses1,165 551 (37)
Day 2 provision for off-balance sheet credit exposure254 59 — 
(Benefit) provision for off-balance sheet credit exposure(44)35 — 
Total provision for off-balance sheet credit exposure210 94 — 
Benefit for investment securities available for sale credit losses— — — 
Provision (benefit) for credit losses$1,375 $645 $(37)
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASES
NOTE 6 — LEASES

Lessee
BancShares leases primarily include administrative offices and bank locations. Substantially all of our lease liabilities relate to United States real estate leases under operating lease arrangements. Our real estate leases have remaining lease terms of up to 34 years. Our lease terms may include options to extend or terminate the lease, and our operating leases have renewal terms that can extend from 1 to 25 years. The options are included in the lease term when it is determined that it is reasonably certain the option will be exercised.
The following table presents supplemental balance sheet information and remaining weighted average lease terms and discount rates.

Supplemental Lease Information
dollars in millionsClassificationDecember 31, 2023December 31, 2022
Lease assets:
Operating lease ROU assetsOther assets$354 $345 
Finance leasesPremises and equipment9 7 
Total lease assets$363 $352 
Lease liabilities:
Operating leasesOther liabilities$396 $352 
Finance leasesOther borrowings9 7 
Total lease liabilities$405 $359 
Weighted-average remaining lease terms:
Operating leases8.1 years9.6 years
Finance leases15.4 years4.1 years
Weighted-average discount rate:
Operating leases2.70 %2.19 %
Finance leases3.52 2.34 

As of December 31, 2023, there were no leases that have not yet commenced that would have a material impact on BancShares’ consolidated financial statements.

The following table presents components of lease cost:

Components of Net Lease Cost
dollars in millionsYear Ended December 31,
Classification202320222021
Operating lease cost (1)
Occupancy Expense$64 $58 $14 
Finance lease ROU asset amortizationEquipment expense2 2 2 
Variable lease cost (2)
Occupancy Expense25 12 3 
Sublease income Occupancy Expense(3)(2)— 
Net lease cost (1), (2)
$88 $70 $19 
(1) In addition, approximately $34 million and $6 million related to subleases or closures of leased real estate were included in acquisition-related expenses in the Consolidated Statements of Income for the years ended December 31, 2023 and December 31, 2022, respectively.
(2) Includes short-term lease cost, which is not significant.

Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease term.

For finance leases, the ROU asset is amortized straight-line over the lease term as equipment expense and interest on the lease liability is recognized separately; however, interest on the lease liability was less than $1 million per year and is not presented in the table above.

Variable lease cost includes common area maintenance, property taxes, utilities, and other operating expenses related to leased premises recognized in the period in which the expense was incurred. Certain of our lease agreements also include rental payments adjusted periodically for inflation. While lease liabilities are not remeasured because of these changes, these adjustments are treated as variable lease costs and recognized in the period in which the expense is incurred.

Sublease income results from leasing excess building space that BancShares is no longer utilizing under operating leases, which have remaining lease terms of up to 13 years.
The following table presents supplemental cash flow information related to leases:

Supplemental Cash Flow Information
dollars in millionsYear Ended December 31,
202320222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$63 $54 $13 
Operating cash flows from finance leases— — — 
Financing cash flows from finance leases2 2 2 
ROU assets obtained in exchange for new operating lease liabilities (1)
69 19 7 
ROU assets obtained in exchange for new finance lease liabilities4 5 — 
(1) Net of lease modification events, which resulted in a decrease of $11 million in lease liabilities and ROU assets for the year ended December 31, 2023. Reductions for lease modifications were not significant for the year ended December 31, 2022.

The following table presents lease liability maturities at December 31, 2023:

Maturity of Lease Liabilities
dollars in millionsOperating LeasesFinance LeasesTotal
2024$65 $2 $67 
202567 2 69 
202662 2 64 
202752 1 53 
202838 — 38 
Thereafter155 6 161 
Total undiscounted lease payments$439 $13 $452 
Difference between undiscounted cash flows and discounted cash flows43 4 47 
Lease liabilities, at present value$396 $9 $405 

Lessor
BancShares leases equipment to commercial end-users under operating lease and finance lease arrangements. The majority of operating lease equipment is long-lived rail equipment, which is typically leased several times over its life. We also lease technology and office equipment, and large and small industrial, medical, and transportation equipment under both operating leases and finance leases.

Our Rail operating leases typically do not include purchase options. Many of our finance leases, and other equipment operating leases, offer the lessee the option to purchase the equipment at fair market value or for a nominal fixed purchase option. Many of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond the initial contractual term. Our leases typically do not include early termination options. Continued rent payments are due if leased equipment is not returned at the end of the lease.

The following table provides the net book value of operating lease equipment (net of accumulated depreciation of $658 million at December 31, 2023 and $296 million at December 31, 2022) by equipment type.

Operating Lease Equipment
dollars in millionsDecember 31, 2023December 31, 2022
Railcars and locomotives(1)
$7,966 $7,433 
Other equipment780 723 
Total(1)
$8,746 $8,156 
(1) Includes off-lease rail equipment of $253 million at December 31, 2023 and $457 million at December 31, 2022.
The following table presents the components of the finance lease net investment on a discounted basis:

Components of Net Investment in Finance Leases
dollars in millionsDecember 31, 2023December 31, 2022
Lease receivables$1,780 $1,786 
Unguaranteed residual assets262 317 
Total net investment in finance leases2,042 2,103 
Leveraged lease net investment(1)
13 68 
Total$2,055 $2,171 
(1) Leveraged leases are reported net of non-recourse debt of $5 million at December 31, 2023 and $11 million at December 31, 2022. Our leveraged lease arrangements commenced before the ASC 842, Leases, effective date of January 1, 2019, and continue to be reported under the leveraged lease accounting model. ASC 842 eliminated leveraged lease accounting for new leases and for existing leases modified on or after the standard’s effective date.

The table that follows presents lease income related to BancShares’ operating and finance leases:

Lease Income
dollars in millionsYear Ended December 31,
202320222021
Lease income – Operating leases$895 $796 $— 
Variable lease income – Operating leases (1)
76 68 — 
Rental income on operating leases971 864 — 
Interest income - Sales type and direct financing leases171 169 18 
Variable lease income included in Other noninterest income (2)
59 51 — 
Interest income - Leveraged leases12 20 — 
Total lease income$1,213 $1,104 $18 
(1)     Primarily includes per diem railcar operating lease rental income earned on a time or mileage usage basis.
(2) Includes leased equipment property tax reimbursements due from customers of $17 million for the years ended December 31, 2023 and 2022, and revenue related to insurance coverage on leased equipment of $42 million and $33 million for the years ended December 31, 2023 and 2022, respectively. There was no revenue related to property tax reimbursements due from customers or insurance coverage on leased equipment during 2021.

The following tables present lease payments due on non-cancellable operating leases and lease receivables due on finance leases at December 31, 2023. Excluded from these tables are variable lease payments, including rentals calculated based on asset usage levels, rentals from future renewal and re-leasing activity, and expected sales proceeds from remarketing equipment at lease expiration, all of which are components of lease profitability.

Maturity Analysis of Operating Lease Payments
dollars in millions
2024$786 
2025609 
2026449 
2027316 
2028189 
Thereafter408 
Total$2,757 

Maturity Analysis of Lease Receivable Payments - Sales Type and Direct Financing Leases
dollars in millions
2024$793 
2025579 
2026360 
2027198 
202879 
Thereafter26 
Total undiscounted lease receivables$2,035 
Difference between undiscounted cash flows and discounted cash flows255 
Lease receivables, at present value$1,780 
LEASES
NOTE 6 — LEASES

Lessee
BancShares leases primarily include administrative offices and bank locations. Substantially all of our lease liabilities relate to United States real estate leases under operating lease arrangements. Our real estate leases have remaining lease terms of up to 34 years. Our lease terms may include options to extend or terminate the lease, and our operating leases have renewal terms that can extend from 1 to 25 years. The options are included in the lease term when it is determined that it is reasonably certain the option will be exercised.
The following table presents supplemental balance sheet information and remaining weighted average lease terms and discount rates.

Supplemental Lease Information
dollars in millionsClassificationDecember 31, 2023December 31, 2022
Lease assets:
Operating lease ROU assetsOther assets$354 $345 
Finance leasesPremises and equipment9 7 
Total lease assets$363 $352 
Lease liabilities:
Operating leasesOther liabilities$396 $352 
Finance leasesOther borrowings9 7 
Total lease liabilities$405 $359 
Weighted-average remaining lease terms:
Operating leases8.1 years9.6 years
Finance leases15.4 years4.1 years
Weighted-average discount rate:
Operating leases2.70 %2.19 %
Finance leases3.52 2.34 

As of December 31, 2023, there were no leases that have not yet commenced that would have a material impact on BancShares’ consolidated financial statements.

The following table presents components of lease cost:

Components of Net Lease Cost
dollars in millionsYear Ended December 31,
Classification202320222021
Operating lease cost (1)
Occupancy Expense$64 $58 $14 
Finance lease ROU asset amortizationEquipment expense2 2 2 
Variable lease cost (2)
Occupancy Expense25 12 3 
Sublease income Occupancy Expense(3)(2)— 
Net lease cost (1), (2)
$88 $70 $19 
(1) In addition, approximately $34 million and $6 million related to subleases or closures of leased real estate were included in acquisition-related expenses in the Consolidated Statements of Income for the years ended December 31, 2023 and December 31, 2022, respectively.
(2) Includes short-term lease cost, which is not significant.

Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease term.

For finance leases, the ROU asset is amortized straight-line over the lease term as equipment expense and interest on the lease liability is recognized separately; however, interest on the lease liability was less than $1 million per year and is not presented in the table above.

Variable lease cost includes common area maintenance, property taxes, utilities, and other operating expenses related to leased premises recognized in the period in which the expense was incurred. Certain of our lease agreements also include rental payments adjusted periodically for inflation. While lease liabilities are not remeasured because of these changes, these adjustments are treated as variable lease costs and recognized in the period in which the expense is incurred.

Sublease income results from leasing excess building space that BancShares is no longer utilizing under operating leases, which have remaining lease terms of up to 13 years.
The following table presents supplemental cash flow information related to leases:

Supplemental Cash Flow Information
dollars in millionsYear Ended December 31,
202320222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$63 $54 $13 
Operating cash flows from finance leases— — — 
Financing cash flows from finance leases2 2 2 
ROU assets obtained in exchange for new operating lease liabilities (1)
69 19 7 
ROU assets obtained in exchange for new finance lease liabilities4 5 — 
(1) Net of lease modification events, which resulted in a decrease of $11 million in lease liabilities and ROU assets for the year ended December 31, 2023. Reductions for lease modifications were not significant for the year ended December 31, 2022.

The following table presents lease liability maturities at December 31, 2023:

Maturity of Lease Liabilities
dollars in millionsOperating LeasesFinance LeasesTotal
2024$65 $2 $67 
202567 2 69 
202662 2 64 
202752 1 53 
202838 — 38 
Thereafter155 6 161 
Total undiscounted lease payments$439 $13 $452 
Difference between undiscounted cash flows and discounted cash flows43 4 47 
Lease liabilities, at present value$396 $9 $405 

Lessor
BancShares leases equipment to commercial end-users under operating lease and finance lease arrangements. The majority of operating lease equipment is long-lived rail equipment, which is typically leased several times over its life. We also lease technology and office equipment, and large and small industrial, medical, and transportation equipment under both operating leases and finance leases.

Our Rail operating leases typically do not include purchase options. Many of our finance leases, and other equipment operating leases, offer the lessee the option to purchase the equipment at fair market value or for a nominal fixed purchase option. Many of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond the initial contractual term. Our leases typically do not include early termination options. Continued rent payments are due if leased equipment is not returned at the end of the lease.

The following table provides the net book value of operating lease equipment (net of accumulated depreciation of $658 million at December 31, 2023 and $296 million at December 31, 2022) by equipment type.

Operating Lease Equipment
dollars in millionsDecember 31, 2023December 31, 2022
Railcars and locomotives(1)
$7,966 $7,433 
Other equipment780 723 
Total(1)
$8,746 $8,156 
(1) Includes off-lease rail equipment of $253 million at December 31, 2023 and $457 million at December 31, 2022.
The following table presents the components of the finance lease net investment on a discounted basis:

Components of Net Investment in Finance Leases
dollars in millionsDecember 31, 2023December 31, 2022
Lease receivables$1,780 $1,786 
Unguaranteed residual assets262 317 
Total net investment in finance leases2,042 2,103 
Leveraged lease net investment(1)
13 68 
Total$2,055 $2,171 
(1) Leveraged leases are reported net of non-recourse debt of $5 million at December 31, 2023 and $11 million at December 31, 2022. Our leveraged lease arrangements commenced before the ASC 842, Leases, effective date of January 1, 2019, and continue to be reported under the leveraged lease accounting model. ASC 842 eliminated leveraged lease accounting for new leases and for existing leases modified on or after the standard’s effective date.

The table that follows presents lease income related to BancShares’ operating and finance leases:

Lease Income
dollars in millionsYear Ended December 31,
202320222021
Lease income – Operating leases$895 $796 $— 
Variable lease income – Operating leases (1)
76 68 — 
Rental income on operating leases971 864 — 
Interest income - Sales type and direct financing leases171 169 18 
Variable lease income included in Other noninterest income (2)
59 51 — 
Interest income - Leveraged leases12 20 — 
Total lease income$1,213 $1,104 $18 
(1)     Primarily includes per diem railcar operating lease rental income earned on a time or mileage usage basis.
(2) Includes leased equipment property tax reimbursements due from customers of $17 million for the years ended December 31, 2023 and 2022, and revenue related to insurance coverage on leased equipment of $42 million and $33 million for the years ended December 31, 2023 and 2022, respectively. There was no revenue related to property tax reimbursements due from customers or insurance coverage on leased equipment during 2021.

The following tables present lease payments due on non-cancellable operating leases and lease receivables due on finance leases at December 31, 2023. Excluded from these tables are variable lease payments, including rentals calculated based on asset usage levels, rentals from future renewal and re-leasing activity, and expected sales proceeds from remarketing equipment at lease expiration, all of which are components of lease profitability.

Maturity Analysis of Operating Lease Payments
dollars in millions
2024$786 
2025609 
2026449 
2027316 
2028189 
Thereafter408 
Total$2,757 

Maturity Analysis of Lease Receivable Payments - Sales Type and Direct Financing Leases
dollars in millions
2024$793 
2025579 
2026360 
2027198 
202879 
Thereafter26 
Total undiscounted lease receivables$2,035 
Difference between undiscounted cash flows and discounted cash flows255 
Lease receivables, at present value$1,780 
v3.24.0.1
Premises and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PREMISES AND EQUIPMENT
NOTE 7 — PREMISES AND EQUIPMENT

Major classifications of premises and equipment at December 31, 2023 and 2022 are summarized as follows:
dollars in millionsUseful Life (years)20232022
Landindefinite$403 $352 
Premises and leasehold improvements
3 - 30
1,609 1,458 
Furniture, equipment and software
3 - 15
1,260 840 
Total3,272 2,650 
Less accumulated depreciation and amortization1,395 1,194 
Premises and equipment, net$1,877 $1,456 
Depreciation and amortization expense was $225 million, $142 million, and $107 million for the years ended December 31, 2023, 2022 and 2021, respectively
v3.24.0.1
Goodwill and Core Deposit Intangibles
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND CORE DEPOSIT INTANGIBLES
NOTE 8 — GOODWILL AND CORE DEPOSIT INTANGIBLES

Goodwill
BancShares applied the acquisition method of accounting for the SVBB Acquisition and the CIT Merger. The fair value of the net assets acquired and core deposit intangibles exceeded the purchase prices for both acquisitions. Consequently, there was a gain on acquisition (and no goodwill) as discussed further in Note 2—Business Combinations.

BancShares had goodwill of $346 million at December 31, 2023 and 2022 that relates to business combinations completed prior to the SVBB Acquisition and the CIT Merger. All of the goodwill relates to the General Banking goodwill reporting unit.

BancShares’ evaluates goodwill for impairment during the Annual Goodwill Impairment Test, or more frequently if events occur or circumstances change that may trigger a decline in the value of the reporting unit or otherwise indicate that a potential impairment exists. There was no goodwill impairment during the years ended December 31, 2023, 2022, or 2021.

Core Deposit Intangibles
Core deposit intangibles represent the estimated fair value of core deposits and other customer relationships acquired. Core deposit intangibles are being amortized over their estimated useful life. The following tables summarize the activity for core deposit intangibles during the year ended December 31, 2023 and 2022:

Core Deposit Intangibles
dollars in millions20232022
Balance at January 1, net of accumulated amortization $140 $19 
Core deposit intangibles related to the SVBB Acquisition230 — 
Core deposit intangibles related to the CIT Merger— 143 
Amortization for the period(58)(22)
Balance at December 31, net of accumulated amortization$312 $140 
The following tables summarize the accumulated amortization balance for core deposit intangibles at December 31, 2023 and 2022:

Core Deposit Intangible Accumulated Amortization
dollars in millionsDecember 31, 2023December 31, 2022
Gross balance$501 $271 
Accumulated amortization(189)(131)
Balance, net of accumulated amortization$312 $140 

The following table summarizes the expected amortization expense as of December 31, 2023 in subsequent periods for core deposit intangibles:

Core Deposit Intangible Expected Amortization
dollars in millions
2024$63 
202554 
202646 
202739 
202834 
Thereafter76 
Balance, net of accumulated amortization$312 

Intangible Liability
An intangible liability of $52 million was recorded in other liabilities for net below market lessor lease contract rental rates related to the rail portfolio as a result of the CIT Merger. This lease intangible is being amortized on a straight-line basis over the lease term, thereby increasing rental income (a component of noninterest income) over the remaining term of the lease agreements.

The following tables summarize the activity for the intangible liability during the year ended December 31, 2023 and 2022:

Intangible Liability
dollars in millions20232022
Balance at January 1$36 $— 
Acquired in CIT Merger— 52 
Amortization(12)(16)
Balance at December 31, net of accumulated amortization$24 $36 
The following tables summarize the accumulated amortization balance for the intangible liability at December 31, 2023 and 2022:
Intangible Liability Accumulated Amortization
dollars in millionsDecember 31, 2023December 31, 2022
Gross balance$52 $52 
Accumulated amortization(28)(16)
Balance, net of accumulated amortization$24 $36 

The following table summarizes the expected amortization as of December 31, 2023 in subsequent periods for the intangible liability:

Intangible Liability
dollars in millions
2024$6 
20254 
20263 
20272 
20282 
Thereafter7 
Total$24 
v3.24.0.1
Mortgage Servicing Rights
 12 Months Ended
Dec. 31, 2023
Transfers and Servicing of Financial Assets [Abstract]  
Mortgage Servicing Rights
NOTE 9 — MORTGAGE SERVICING RIGHTS

BancShares originates certain residential mortgages loans to sell in the secondary market. BancShares’ portfolio of residential mortgage loans serviced for third parties was approximately $3.45 billion and $3.69 billion at December 31, 2023 and 2022, respectively. For certain loans, the originated loans are sold to third parties on a non-recourse basis with servicing rights retained. The retained servicing rights are recorded as a servicing asset and are reported in other assets. The associated amortization expense and any changes in the valuation allowance recognized were included as a reduction of mortgage income. MSRs are initially recorded at fair value and then carried at the lower of amortized cost or fair value.

Contractually specified mortgage servicing fees, late fees and ancillary fees earned are reported in mortgage income and were $9 million, $10 million, and $9 million for the year ended December 31, 2023, 2022 and 2021 respectively.

The following table presents changes in the servicing asset during the year ended December 31, 2023, 2022 and 2021:

Servicing Asset
dollars in millionsYear Ended December 31,
202320222021
Beginning balance$25 $23 $18 
Servicing rights originated4 4 11 
Servicing rights obtained in CIT Merger— 3 — 
Amortization(4)(6)(9)
Valuation allowance benefit— 1 3 
Ending balance$25 $25 $23 

The following table presents the activity in the servicing asset valuation allowance:

Servicing Asset Valuation Allowance
dollars in millionsYear Ended December 31,
202320222021
Beginning balance$— $1 $4 
Valuation allowance benefit— (1)(3)
Ending balance$— $— $1 

MSRs valuations are performed using a pooling methodology where loans with similar risk characteristics are grouped together and evaluated using discounted cash flows to estimate the present value of future earnings. Key economic assumptions used to value MSRs were as follows:

MSRs Valuation Assumptions
December 31, 2023December 31, 2022
Discount rate10.20 %9.62 %
Weighted average constant prepayment rate7.66 %6.76 %
Weighted average cost to service a loan$80 $81 
The fair value of MSRs are sensitive to changes in assumptions and is determined by estimating the present value of the asset’s future cash flows by utilizing discount rates, prepayment rates, and other inputs. The discount rates applied to the cash flows in the valuation of MSRs are market-based and provided on a pretax basis. The prepayment rate is derived from dynamic modeling, which is compared to actual prepayment rates annually for reasonableness. The average cost to service a loan is based on the number of loans serviced and the total costs to service the loans.
v3.24.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VARIABLE INTEREST ENTITIES NOTE 10 — VARIABLE INTEREST ENTITIES
Variable Interest Entities
Described below are the results of BancShares’ assessment of its variable interests in order to determine its current status with regard to being the VIE primary beneficiary. Refer to Note 1—Significant Accounting Policies and Basis of Presentation for additional information on accounting for VIEs and investments in qualified housing projects.

Consolidated VIEs
At December 31, 2023 and 2022, there were no consolidated VIEs.

Unconsolidated VIEs
Unconsolidated VIEs include limited partnership interests and joint ventures where BancShares’ involvement is limited to an investor interest and BancShares does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. 

The table below provides a summary of the assets and liabilities included on the Consolidated Balance Sheets associated with unconsolidated VIEs. The table also presents our maximum exposure to loss which consists of outstanding book basis and unfunded commitments for future investments, and represents potential losses that would be incurred under hypothetical circumstances, such that the value of BancShares’ interests and any associated collateral declines to zero and assuming no recovery. BancShares believes the possibility is remote under this hypothetical scenario; accordingly, this disclosure is not an indication of expected loss. As disclosed in Note 2—Business Combinations, the following tables as of December 31, 2023 include VIEs acquired in the SVBB Acquisition.

Unconsolidated VIEs Carrying Value
dollars in millionsDecember 31, 2023December 31, 2022
Affordable housing tax credit investments$1,887 $598 
Other tax credit equity investments3 5 
Total tax credit equity investments$1,890 $603 
Other unconsolidated investments162 159 
Total assets (maximum loss exposure) (2)
$2,052 $762 
Liabilities for commitments to tax credit investments (3)
$947 $295 
(1)    These investments provide tax benefits to investors in the form of tax deductions from operating losses and tax credits. During 2023, 2022, and 2021, BancShares recorded $169 million, $60 million, and $22 million, respectively, in tax provisions under the proportional amortization method. During 2023, 2022, and 2021, BancShares recognized total tax benefits of $176 million, $77 million, and $26 million, which included tax credits of $157 million, $60 million, and $22 million, respectively, recorded in income taxes. See Note 1 – Significant Accounting Policies and Basis of Presentation for additional information.
(2) Included in other assets.
(3)    Represents commitments to invest in qualified affordable housing investments and other investments qualifying for community reinvestment tax credits. These commitments are payable on demand and are included in other liabilities.
v3.24.0.1
Other Assets
 12 Months Ended
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER ASSETS
NOTE 11 — OTHER ASSETS

The following table includes the components of other assets. The increases from December 31, 2022 primarily reflect other assets associated with the SVBB Acquisition, as described in Note 2—Business Combinations.

Other Assets
dollars in millionsDecember 31, 2023December 31, 2022
Affordable housing tax credit and other unconsolidated investments (1)
$2,052 $762 
Accrued interest receivable832 329 
Fair value of derivative financial instruments640 159 
Pension assets474 343 
Right of use assets for operating leases, net354 345 
Income tax receivable209 275 
Counterparty receivables114 98 
Bank-owned life insurance105 586 
Nonmarketable equity securities103 58 
Other real estate owned58 47 
Mortgage servicing rights25 25 
Federal Home Loan Bank stock20 197 
Other (2)
871 1,145 
Total other assets$5,857 $4,369 
(1)    Refer to Note 10—Variable Interest Entities for additional information.
(2)    The balance at December 31, 2022 included $607 million related to bank-owned life insurance policies that were terminated, but not cash-settled. These items cash-settled during 2023.
v3.24.0.1
Deposits
 12 Months Ended
Dec. 31, 2023
Statistical Disclosure for Banks [Abstract]  
DEPOSITS
NOTE 12 — DEPOSITS

The following table provides detail on deposit types. Refer to Note 2—Business Combinations for discussion of the deposits assumed in the SVBB Acquisition.

Deposit Types
dollars in millionsDecember 31, 2023December 31, 2022
Noninterest-bearing demand$39,799 $24,922 
Checking with interest23,754 16,202 
Money market30,616 21,040 
Savings35,258 16,834 
Time16,427 10,410 
Total deposits$145,854 $89,408 
At December 31, 2023, the scheduled maturities of time deposits were:

Deposit Maturities
dollars in millions
Twelve months ended December 31,
2024$15,175 
20251,126 
202674 
202734 
202818 
Thereafter— 
Total time deposits$16,427 
Time deposits with a denomination of $250,000 or more were $4.16 billion and $2.22 billion at December 31, 2023 and 2022, respectively.
v3.24.0.1
Borrowings
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
BORROWINGS
NOTE 13 — BORROWINGS

Short-term Borrowings

Short-term borrowings at December 31, 2023 and 2022 include:
dollars in millions December 31, 2023December 31, 2022
Securities sold under customer repurchase agreements$485 $436 
Notes payable to FHLB of Atlanta at overnight SOFR plus spreads ranging from 0.19% to 0.20%.
— 1,750 
Total short-term borrowings$485 $2,186 

Securities Sold under Agreements to Repurchase
BancShares held $485 million and $436 million at December 31, 2023 and 2022, respectively, of securities sold under agreements to repurchase that have overnight contractual maturities and are collateralized by government agency securities.

BancShares utilizes securities sold under agreements to repurchase to facilitate the needs for collateralization of commercial customers and secure wholesale funding needs. Repurchase agreements are transactions whereby BancShares offers to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates BancShares to repurchase the security at an agreed upon date, repurchase price and interest rate. These agreements are recorded at the amount of cash received in connection with the transactions and are reflected as securities sold under customer repurchase agreements.

BancShares monitors collateral levels on a continuous basis and maintains records of each transaction specifically describing the applicable security and the counterparty’s fractional interest in that security, and segregates the security from general assets in accordance with regulations governing custodial holdings of securities. The primary risk with repurchase agreements is market risk associated with the investments securing the transactions, as additional collateral may be required based on fair value changes of the underlying investments. Securities pledged as collateral under repurchase agreements are maintained with safekeeping agents. The carrying value of investment securities pledged as collateral under repurchase agreements was $502 million and $496 million at December 31, 2023 and 2022, respectively.
Long-term Borrowings
Long-term borrowings at December 31, 2023 and 2022 include:

Long-term Borrowings
dollars in millionsMaturityDecember 31, 2023December 31, 2022
Parent Company:
Subordinated:
Fixed-to-Floating subordinated notes at 3.375%
March 2030$350 $350 
Junior subordinated debentures at 3-month LIBOR plus 2.25% (FCB/SC Capital Trust II) (2)
June 203420 20 
Junior subordinated debentures at 3-month LIBOR plus 1.75% (FCB/NC Capital Trust III)
June 2036— 88 
Subsidiaries:
Senior:
Senior unsecured fixed-to-floating rate notes at 3.929%
June 2024— 500 
Senior unsecured fixed-to-floating rate notes at 2.969%
September 2025316 315 
Fixed senior unsecured notes at 6.00%
April 203651 51 
Subordinated:
Fixed subordinated notes at 6.125%
March 2028404 400 
Fixed-to-Fixed subordinated notes at 4.125%
November 2029100 100 
Junior subordinated debentures at 3-month LIBOR plus 2.80% (Macon Capital Trust I)
March 2034— 14 
Junior subordinated debentures at 3-month LIBOR plus 2.85% (SCB Capital Trust I) (2)
April 203410 10 
Secured:
Notes payable to FHLB of Atlanta at overnight SOFR plus spreads ranging from 0.24% to 0.34%
Maturities through September 2025— 2,500 
Purchase Money Note to FDIC fixed at 3.50% (1)
March 202836,072 — 
Other secured financingsMaturities through January 2024— 18 
Capital lease obligationsMaturities through May 20579 7 
Unamortized issuance costs— (1)
Unamortized purchase accounting adjustments(163)87 
Total long-term borrowings$37,169 $4,459 
(1)    Issued in connection with the SVBB Acquisition and secured by collateral as discussed below and in Note 2—Business Combinations.
(2)    As of December 31, 2023, debt holders had received notice of the debt calls, but funds to settle the calls had not been disbursed.

Contractual maturities of long-term borrowings (borrowings with original maturities of more than one year) at December 31, 2023 are included in the following table.

Long-term Borrowings Maturities
dollars in millions
Year Ended December 31, (1)
2024$(34)
2025282 
2026(38)
2027(37)
202836,461 
Thereafter535 
Total long-term borrowings$37,169 
(1)    Amounts in this table include amortization and accretion of purchase accounting adjustments based on the scheduled periods of recognition.

Pledged Assets
Refer to the Loans Pledged section in Note 4—Loans and Leases for information on loans pledged as collateral to secure borrowings.
v3.24.0.1
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS
NOTE 14 — DERIVATIVE FINANCIAL INSTRUMENTS

Our derivatives that are designated as hedging instruments include interest rate swaps that we utilize to manage our interest rate exposure on certain fixed-rate borrowings included on our Consolidated Balances Sheets.

Our derivatives not designated as hedging instruments mainly include interest rate and foreign exchange contracts that our customers utilize to manage their risk management needs. We typically manage our exposure to these customer derivatives by entering into offsetting or “back-to-back” interest rate and foreign exchange contracts with third-party dealers.

Derivative instruments that are cleared through certain central counterparty clearing houses are settled-to-market and reported net of collateral positions as further discussed in Note 1—Significant Accounting Policies and Basis of Presentation.

The following table presents notional amounts and fair values of derivative financial instruments:

Notional Amount and Fair Value of Derivative Financial Instruments
dollars in millionsDecember 31, 2023December 31, 2022
Notional AmountAsset Fair ValueLiability Fair ValueNotional AmountAsset Fair ValueLiability Fair Value
Derivatives designated as hedging instruments (Qualifying hedges)
Interest rate contracts – fair value hedges (1) (4)
$815 $— $— $— $— $— 
Derivatives not designated as hedging instruments (Non-qualifying hedges)
Interest rate contracts (1) (4)
$24,548 $530 $(518)$18,173 $158 $(482)
Foreign exchange contracts (2)
9,142 104 (117)125 1 (4)
Other contracts (3)
983 6 (1)507 — — 
Total derivatives not designated as hedging instruments$34,673 640 (636)$18,805 159 (486)
Gross derivatives fair values presented in the Consolidated Balance Sheets640 (636)159 (486)
Less: Gross amounts offset in the Consolidated Balance Sheets— — — — 
Net amount presented in other assets and other liabilities in the Consolidated Balance Sheets640 (636)159 (486)
Less: Amounts subject to master netting agreements (5)
(97)97 (13)13 
Less: Cash collateral pledged (received) subject to master netting agreements (6)
(405)39 (124)— 
Total net derivative fair value$138 $(500)$22 $(473)
(1)    Fair value balances include accrued interest.
(2)    The foreign exchange contracts exclude foreign exchange spot contracts. The notional and net fair value amounts of these contracts were $179 million and $0 million, respectively, as of December 31, 2023, and $0 million for both notional and net fair value amounts as of December 31, 2022.
(3)    Other derivative contracts not designated as hedging instruments include risk participation agreements and equity warrants.
(4)    BancShares accounts for swap contracts cleared by the Chicago Mercantile Exchange and LCH Clearnet as “settled-to-market.” As a result, variation margin payments are characterized as settlement of the derivative exposure and variation margin balances are netted against the corresponding derivative mark-to-market balances. Gross amounts of recognized assets and liabilities were lowered by $66 million and $37 million, respectively, at December 31, 2023 which includes $4 million and $0 million relating to qualifying hedges, respectively. Gross amounts of recognized assets and liabilities were lowered by $376 million and $19 million, respectively at December 31, 2022.
(5)    BancShares’ derivative transactions are governed by International Swaps and Derivatives Association (“ISDA”) agreements that allow for net settlements of certain payments as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the two parties to the transaction. BancShares believes its ISDA agreements meet the definition of a master netting arrangement or similar agreement for purposes of the above disclosure.
(6)    In conjunction with the ISDA agreements described above, BancShares has entered into collateral arrangements with its counterparties, which provide for the exchange of cash depending on the change in the market valuation of the derivative contracts outstanding. Such collateral is available to be applied in settlement of the net balances upon an event of default of one of the counterparties. Collateral pledged or received is included in other assets or deposits, respectively.
Qualifying Hedges
The following table represents the impact of fair value hedges on the Consolidated Statements of Income.

Gains (Losses) on Qualifying Hedges
dollars in millionsYear Ended December 31,
Amounts Recognized202320222021
Recognized on derivativesInterest expense - borrowings$4 $— $— 
Recognized on hedged itemInterest expense - borrowings(5)— — 
Total qualifying hedges - income statement impact$(1)$— $— 

The following table presents the carrying value of hedged items and associated cumulative hedging adjustment related to fair value hedges.

dollars in millionsCumulative Fair Value Hedging Adjustment Included in the Carrying Value of Hedged Items
Carrying Value of Hedged ItemsCurrently DesignatedNo Longer Designated
December 31, 2023
Long-term borrowings$879 $5 $— 
December 31, 2022
Long-term borrowings$— $— $— 

Non-Qualifying Hedges
The following table presents gains of non-qualifying hedges recognized on the Consolidated Statements of Income.

Gains (Losses) on Non-Qualifying Hedges
dollars in millionsYear Ended December 31,
Amounts Recognized202320222021
Interest rate contractsOther noninterest income$32 $12 $— 
Foreign currency forward contractsOther noninterest income(8)20 — 
Other contractsOther noninterest income1 1 — 
Total non-qualifying hedges - income statement impact$25 $33 $— 
For further information on derivatives, refer to Note 1—Significant Accounting Policies and Basis of Presentation and Note 16—Fair Value.
v3.24.0.1
Other Liabilities
 12 Months Ended
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]  
OTHER LIABILITIES
NOTE 15 — OTHER LIABILITIES

The following table includes the components of other liabilities. Refer to Note 2—Business Combinations for discussion of the other liabilities assumed in the SVBB Acquisition.

Other Liabilities
dollars in millionsDecember 31, 2023December 31, 2022
Deferred taxes (1)
$3,579 $286 
Commitments to fund tax credit investments947 295 
Incentive plan liabilities676 267 
Fair value of derivative financial instruments636 486 
Accrued expenses and accounts payable397 275 
Lease liabilities396 352 
Reserve for off-balance sheet credit exposure316 106 
Accrued interest payable137 57 
Other822 464 
Total other liabilities$7,906 $2,588 
(1) Components of the deferred tax liability are detailed in Note 21 - Income Taxes.
v3.24.0.1
Fair Value
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE
NOTE 16 — FAIR VALUE

Fair Value Hierarchy
BancShares measures certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels.

Assets and liabilities are recorded at fair value according to a fair value hierarchy comprised of three levels. The levels are based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The level within the fair value hierarchy for an asset or liability is based on the lowest level of input significant to the fair value measurement with Level 1 inputs considered highest and Level 3 inputs considered lowest. A brief description of each input level follows:
•Level 1 inputs are quoted prices in active markets for identical assets and liabilities.
•Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices observable for the assets or liabilities and market corroborated inputs.
•Level 3 inputs are unobservable inputs for the asset or liability. These unobservable inputs and assumptions reflect the estimates market participants would use in pricing the asset or liability.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes BancShares’ assets and liabilities measured at estimated fair value on a recurring basis:

Assets and Liabilities Measured at Fair Value - Recurring Basis
dollars in millionsDecember 31, 2023
TotalLevel 1Level 2Level 3
Assets
Investment securities available for sale
U.S. Treasury$10,508 $— $10,508 $— 
Government agency117 — 117 — 
Residential mortgage-backed securities6,686 — 6,686 — 
Commercial mortgage-backed securities2,131 — 2,131 — 
Corporate bonds482 — 325 157 
Municipal bonds12 — 12 — 
Total investment securities available for sale$19,936 $— $19,779 $157 
Marketable equity securities84 36 48 — 
Loans held for sale38 — 38 — 
Derivative assets (1)
Interest rate contracts — qualifying hedges$— $— $— $— 
Interest rate contracts — non-qualifying hedges$530 $— $529 $1 
Foreign exchange contracts — non-qualifying hedges104 — 104 — 
Other derivative contracts — non-qualifying hedges6 — — 6 
Total non-qualifying hedge assets$640 $— $633 $7 
Total derivative assets$640 $— $633 $7 
Liabilities
Derivative liabilities (1)
Interest rate contracts — qualifying hedges$— $— $— $— 
Interest rate contracts — non-qualifying hedges$518 $— $518 $— 
Foreign exchange contracts — non-qualifying hedges117 — 117 — 
Other derivative contracts — non-qualifying hedges1 — — 1 
Total non-qualifying hedge liabilities$636 $— $635 $1 
Total derivative liabilities$636 $— $635 $1 

December 31, 2022
TotalLevel 1Level 2Level 3
Assets
Investment securities available for sale
U.S. Treasury$1,898 $— $1,898 $— 
Government agency162 — 162 — 
Residential mortgage-backed securities4,795 — 4,795 — 
Commercial mortgage-backed securities1,604 — 1,604 — 
Corporate bonds536 — 362 174 
Total investment securities available for sale$8,995 $— $8,821 $174 
Marketable equity securities95 32 63 — 
Loans held for sale4 — 4 — 
Derivative assets (1)
Interest rate contracts — non-qualifying hedges$158 $— $158 $— 
Foreign exchange contracts — non-qualifying hedges1 — 1 — 
Total derivative assets$159 $— $159 $— 
Liabilities
Derivative liabilities (1)
Interest rate contracts — non-qualifying hedges$482 $— $482 $— 
Foreign exchange contracts — non-qualifying hedges4 — 4 — 
Total derivative liabilities$486 $— $486 $— 
(1)     Derivative fair values include accrued interest.
The methods and assumptions used to estimate the fair value of each class of financial instruments measured at fair value on a recurring basis are as follows:

Investment securities available for sale. The fair value of U.S. Treasury, government agency, mortgage-backed securities, municipal bonds, and a portion of the corporate bonds are generally estimated using a third-party pricing service. To obtain an understanding of the processes and methodologies used, management reviews correspondence from the third-party pricing service. Management also performs a price variance analysis process to corroborate the reasonableness of prices. The third-party provider evaluates securities based on comparable investments with trades and market data and will utilize pricing models which use a variety of inputs, such as benchmark yields, reported trades, issuer spreads, benchmark securities, bids and offers as needed. These securities are generally classified as Level 2. The remaining corporate bonds held are generally measured at fair value based on indicative bids from broker-dealers using inputs that are not directly observable. These securities are classified as Level 3.

Marketable equity securities. Equity securities are measured at fair value using observable closing prices. The valuation also considers the amount of market activity by examining the trade volume of each security. Equity securities are classified as Level 1 if they are traded in an active market and as Level 2 if the observable closing price is from a less than active market.

Loans held for sale. Certain residential real estate loans originated for sale to investors are carried at fair value based on quoted market prices for similar types of loans. Accordingly, the inputs used to calculate fair value of originated residential real estate loans held for sale are considered Level 2 inputs.

Derivative Assets and Liabilities. Derivatives were valued using models that incorporate inputs depending on the type of derivative. Other than the fair value of equity warrants and credit derivatives, which were estimated using Level 3 inputs, most derivative instruments were valued using Level 2 inputs based on observed pricing for similar assets and liabilities and model-based valuation techniques for which all significant assumptions are observable in the market. See Note 14—Derivative Financial Instruments for notional amounts and fair values.

The following tables summarize information about significant unobservable inputs related to BancShares’ categories of Level 3 financial assets and liabilities measured on a recurring basis:

Quantitative Information About Level 3 Fair Value Measurements - Recurring Basis
dollars in millions
Financial InstrumentEstimated
Fair Value		Valuation
Technique(s)		Significant Unobservable Inputs
December 31, 2023
Assets
Corporate bonds$157 Indicative bid provided by brokerMultiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the issuer.
Interest rate & other derivative — non-qualifying hedges$7 Internal valuation modelMultiple factors, including but not limited to, private company valuation, illiquidity discount, and estimated life of the instrument.
Liabilities
Interest rate & other derivative — non-qualifying hedges$1 Internal valuation modelNot material
December 31, 2022
Assets
Corporate bonds$174 Indicative bid provided by brokerMultiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the issuer.
The following table summarizes the changes in estimated fair value for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):

Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities - Recurring Basis
dollars in millionsYear Ended December 31, 2023Year Ended December 31, 2022
Corporate BondsOther Derivative Assets — Non-QualifyingOther Derivative Liabilities — Non-QualifyingCorporate BondsOther Derivative Liabilities — Non-Qualifying
Beginning balance$174 $— $— $207 $— 
Purchases— 6 — — 1 
Changes in FV included in earnings— 1 — — (1)
Changes in FV included in comprehensive income(8)— — (19)— 
Transfers in— — 1 — — 
Transfers out— — — (14)— 
Maturity and settlements(9)— — — — 
Ending balance$157 $7 $1 $174 $— 

Fair Value Option
The following table summarizes the difference between the aggregate fair value and the UPB for residential mortgage loans originated for sale measured at fair value as of December 31, 2023 and 2022:

Aggregate Fair Value and UPB - Residential Mortgage Loans
dollars in millionsDecember 31, 2023
Fair ValueUnpaid Principal BalanceDifference
Originated loans held for sale$38 $37 $1 
December 31, 2022
Fair ValueUnpaid Principal BalanceDifference
Originated loans held for sale$4 $4 $— 

BancShares has elected the fair value option for residential mortgage loans originated for sale. This election reduces certain timing differences in the Consolidated Statements of Income and better aligns with the management of the portfolio from a business perspective. The changes in fair value were recorded as a component of mortgage income and included $0 million and a loss of $3 million for the year ended December 31, 2023 and 2022, respectively. Interest earned on loans held for sale is recorded within interest income on loans and leases in the Consolidated Statements of Income.

No originated loans held for sale were 90 or more days past due or on nonaccrual status as of December 31, 2023 or 2022.

Assets Measured at Estimated Fair Value on a Non-recurring Basis
Certain assets or liabilities are required to be measured at estimated fair value on a non-recurring basis subsequent to initial recognition. Generally, these adjustments are the result of LOCOM or other impairment accounting. The following table presents carrying value of assets measured at estimated fair value on a non-recurring basis for which gains and losses have been recorded in the periods. The gains and losses reflect amounts recorded for the respective periods, regardless of whether the asset is still held at period end.
Assets Measured at Fair Value - Non-recurring Basis
dollars in millionsFair Value Measurements
TotalLevel 1Level 2Level 3Total Gains (Losses)
December 31, 2023
Assets held for sale - loans$12 $— $— $12 $(4)
Loans - collateral dependent loans265 — — 265 (131)
Other real estate owned16 — — 16 4 
Total$293 $— $— $293 $(131)
December 31, 2022
Assets held for sale - loans$23 $— $— $23 $(1)
Loans - collateral dependent loans149 — — 149 (24)
Other real estate owned43 — — 43 14 
Mortgage servicing rights— — — — 1 
Total$215 $— $— $215 $(10)

Certain other assets are adjusted to their fair value on a non-recurring basis, including certain loans, OREO, and goodwill, which are periodically tested for impairment, and MSRs, which are carried at the lower of amortized cost or market. Most loans held for investment, deposits, and borrowings are not reported at fair value.

The methods and assumptions used to estimate the fair value of each class of financial instruments measured at fair value on a non-recurring basis are as follows:

Assets held for sale - loans. Loans held for investment subsequently transferred to held for sale are carried at the LOCOM. When available, the fair values for the transferred loans are based on quoted prices from the purchase commitments for the individual loans being transferred and are considered Level 1 inputs. The fair value of Level 2 assets was primarily estimated based on prices of recent trades of similar assets. For other loans held for sale, the fair value of Level 3 assets was primarily measured under the income approach using the discounted cash flow model based on Level 3 inputs including discount rate or the price of committed trades.

Loans - collateral dependent loans. The population of Level 3 loans measured at fair value on a non-recurring basis includes collateral-dependent loans evaluated individually. Collateral values are determined using appraisals or other third-party value estimates of the subject property discounted based on estimated selling costs, and adjustments for other external factors that may impact the marketability of the collateral.

Other real estate owned. OREO is carried at LOCOM. OREO asset valuations are determined by using appraisals or other third-party value estimates of the subject property with discounts, generally between 6% and 11%, applied for estimated selling costs and other external factors that may impact the marketability of the property. At December 31, 2023 and 2022, the weighted average discount applied was 8.59% and 9.31%, respectively. Changes to the value of the assets between scheduled valuation dates are monitored through continued communication with brokers and monthly reviews by the asset manager assigned to each asset. If there are any significant changes in the market or the subject property, valuations are adjusted or new appraisals are ordered to ensure the reported values reflect the most current information.

Mortgage servicing rights. MSRs are initially recorded at fair value and subsequently carried at the lower of amortized cost or market. Therefore, servicing rights are carried at fair value only when fair value is less than the amortized cost. The fair value of MSRs is determined using a pooling methodology. Similar loans are pooled together and a model which relies on discount rates, estimates of prepayment rates and the weighted average cost to service the loans is used to determine the fair value. The inputs used in the fair value measurement for MSRs are considered Level 3 inputs.
Financial Instruments Fair Value
The table below presents the carrying values and estimated fair values for financial instruments, excluding leases and certain other assets and liabilities for which these disclosures are not required.

Carrying Values and Fair Values of Financial Assets and Liabilities
dollars in millionsDecember 31, 2023
Estimated Fair Value
Carrying ValueLevel 1Level 2Level 3Total
Financial Assets
Cash and due from banks$908 $908 $— $— $908 
Interest-earning deposits at banks33,609 33,609 — — 33,609 
Securities purchased under agreements to resell473 — 473 — 473 
Investment in marketable equity securities84 36 48 — 84 
Investment securities available for sale19,936 — 19,779 157 19,936 
Investment securities held to maturity9,979 — 8,503 — 8,503 
Loans held for sale73 — 38 35 73 
Net loans129,545 — 1,479 125,217 126,696 
Accrued interest receivable832 — 832 — 832 
Federal Home Loan Bank stock20 — 20 — 20 
Mortgage servicing rights25 — — 42 42 
Derivative assets - qualifying hedges— — — — — 
Derivative assets - non-qualifying hedges640 — 633 7 640 
Financial Liabilities
Deposits with no stated maturity129,427 — 129,427 — 129,427 
Time deposits16,427 — 16,416 — 16,416 
Credit balances of factoring clients1,089 — — 1,089 1,089 
Securities sold under customer repurchase agreements485 — 485 — 485 
Long-term borrowings37,160 — 36,816 — 36,816 
Accrued interest payable137 — 137 — 137 
Derivative liabilities - qualifying hedges— — — — — 
Derivative liabilities - non-qualifying hedges636 — 635 1 636 
December 31, 2022
Estimated Fair Value
Carrying ValueLevel 1Level 2Level 3Total
Financial Assets
Cash and due from banks$518 $518 $— $— $518 
Interest-earning deposits at banks5,025 5,025 — — 5,025 
Investment in marketable equity securities95 32 63 — 95 
Investment securities available for sale8,995 — 8,821 174 8,995 
Investment securities held to maturity10,279 — 8,795 — 8,795 
Loans held for sale52 — 4 45 49 
Net loans67,720 — 1,679 62,633 64,312 
Accrued interest receivable329 — 329 — 329 
Federal Home Loan Bank stock197 — 197 — 197 
Mortgage servicing rights25 — — 47 47 
Derivative assets - non-qualifying hedges159 — 159 — 159 
Financial Liabilities
Deposits with no stated maturity78,798 — 78,798 — 78,798 
Time deposits10,610 — 10,504 — 10,504 
Credit balances of factoring clients995 — — 995 995 
Securities sold under customer repurchase agreements436 — 436 — 436 
Other short-term borrowings1,750 — 1,750 — 1,750 
Long-term borrowings4,452 — 4,312 18 4,330 
Accrued interest payable57 — 57 — 57 
Derivative liabilities - non-qualifying hedges486 — 486 — 486 
The methods and assumptions used to estimate the fair value of each class of financial instruments not discussed elsewhere are as follows:

Interest-earning Deposits at Banks. The carrying value of interest-earning deposits at banks approximates its fair value due to its short-term nature. The balance at December 31, 2023 included $211 million as a required minimum deposit under the Advanced Facility Agreement.

Net loans. The carrying value of net loans is net of the ALLL. Loans are generally valued by discounting expected cash flows using market inputs with adjustments based on cohort level assumptions for certain loan types as well as internally developed estimates at a business segment level. Due to the significance of the unobservable market inputs and assumptions, as well as the absence of a liquid secondary market for most loans, these loans are classified as Level 3. Certain loans are measured based on observable market prices sourced from external data providers and classified as Level 2. Nonaccrual loans are written down and reported at their estimated recovery value which approximates their fair value and classified as Level 3.

Securities Purchased Under Agreement to Resell. The fair value of securities purchased under agreement to resell equal the carrying value due to the short term nature, generally overnight, and therefore present an insignificant risk of change in fair value due to changes in market interest rate, and classified as Level 2.

Investment securities held to maturity. BancShares’ portfolio of held to maturity debt securities consists of mortgage-backed securities issued by government agencies and government sponsored entities, U.S. Treasury notes, unsecured bonds issued by government agencies and government sponsored entities, and securities issued by the Supranational Entities and Multilateral Development Banks. We primarily use prices obtained from pricing services to determine the fair value of securities, which are Level 2 inputs.

FHLB stock. The carrying amount of FHLB stock is a reasonable estimate of fair value, as these securities are not readily marketable and are evaluated for impairment based on the ultimate recoverability of the par value. BancShares considers positive and negative evidence, including the profitability and asset quality of the issuer, dividend payment history and recent redemption experience, when determining the ultimate recoverability of the par value. BancShares investment in FHLB stock is ultimately recoverable at par. The inputs used in the fair value measurement for the FHLB stock are considered Level 2 inputs.

Deposits. The estimated fair value of deposits with no stated maturity, such as demand deposit accounts, money market accounts, and savings accounts was the amount payable on demand at the reporting date. The fair value of time deposits was estimated based on a discounted cash flow technique using Level 2 inputs appropriate to the contractual maturity.

Credit balances of factoring clients. The impact of the time value of money from the unobservable discount rate for credit balances of factoring clients is inconsequential due to the short term nature of these balances, therefore, the fair value approximated carrying value, and the credit balances were classified as Level 3.

Short-term borrowed funds. Includes repurchase agreements and certain other short-term borrowings. The fair value approximates carrying value and are classified as Level 2.

Long-term borrowings. For certain long-term senior and subordinated unsecured borrowings, the fair values are sourced from a third-party pricing service. The fair values of other long-term borrowings are determined by discounting future cash flows using current interest rates for similar financial instruments. The inputs used in the fair value measurement for FHLB borrowings, senior and subordinated debentures, and other borrowings are classified as Level 2. The fair values of other secured borrowings are estimated based on unobservable inputs and therefore classified as Level 3.

For all other financial assets and financial liabilities, the carrying value is a reasonable estimate of the fair value as of December 31, 2023 and 2022. The carrying value and fair value for these assets and liabilities are equivalent because they are relatively short-term in nature and there is no interest rate or credit risk that would cause the fair value to differ from the carrying value. Cash and due from banks, and interest-earning deposits at banks, are classified on the fair value hierarchy as Level 1. Accrued interest receivable and accrued interest payable are classified as Level 2.
v3.24.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
STOCKHOLDERS' EQUITY
NOTE 17 — STOCKHOLDERS' EQUITY

A roll forward of common stock activity is presented in the following table:

Number of Shares of Common Stock
December 31, 2023December 31, 2022
OutstandingOutstanding
Class AClass BClass AClass B
Common stock - beginning of period13,501,017 1,005,185 8,811,220 1,005,185 
Common stock issuance - CIT Merger— — 6,140,010 — 
Restricted stock units vested, net of shares held to cover taxes13,916 — 49,787 — 
Shares purchased under authorized repurchase plan— — (1,500,000)— 
Common stock - end of period13,514,933 1,005,185 13,501,017 1,005,185 

Common Stock
The Parent Company has Class A Common Stock and Class B Common stock. Class A Common Stock have one vote per share, while shares of Class B common stock have 16 votes per share.

Restricted Stock Units
Refer to Note 22—Employee Benefit Plans for discussion of the BancShares RSUs.

Non-Cumulative Perpetual Preferred Stock

BancShares has Series A, Series B, and Series C preferred stock.

On March 12, 2020, BancShares issued and sold an aggregate of 13,800,000 depositary shares, each representing a 1/40th interest in a share of 5.375% non-cumulative perpetual preferred stock, series A preferred stock (equivalent to $1,000 per share of the Series A preferred stock) for a total of $345 million.

CIT Series A and CIT Series B preferred stock automatically converted into the right to receive one share of BancShares Series B preferred stock and BancShares Series C preferred stock, respectively.

The following table summarizes BancShares’ non-cumulative perpetual preferred stock.

Preferred Stock
dollars in millions, except per share and par value data
Preferred StockIssuance DateEarliest Redemption DatePar ValueShares Authorized, Issued and OutstandingLiquidation Preference Per ShareTotal Liquidation PreferenceDividend
Series AMarch 12, 2020March 15, 2025$0.01 345,000$1,000 $345 5.375%
Series B (1)
January 3, 2022January 4, 20270.01 325,0001,000 325
SOFR + 3.972%
Series CJanuary 3, 2022January 4, 20270.01 8,000,00025 2005.625%
(1) Beginning July 1, 2023, BancShares moved to Term SOFR plus a credit spread adjustment for its Series B Preferred Stock. The final dividend payment based on LIBOR occurred September 15, 2023.

Dividends on BancShares Series A, B, and C Preferred Stock (together, “BancShares Preferred Stock”) will be paid when, as, and if declared by the Board of Directors of the Parent Company, or a duly authorized committee thereof, to the extent that the Parent Company has lawfully available funds to pay dividends. If declared, dividends with respect to the BancShares Preferred Stock will accrue and be payable quarterly in arrears on March 15, June 15, September 15, and December 15 of each year. Dividends on the BancShares Preferred Stock will not be cumulative.
The Parent Company may redeem the BancShares Preferred Stock at its option, and subject to any required regulatory approval, at a redemption price equal to the “Liquidation Preference Per Share” in the table above, plus any declared and unpaid dividends to, but excluding, the redemption date, (i) in whole or in part, from time to time, on any dividend payment date on or after the “Earliest Redemption Date” in the table above, or (ii) in whole but not in part, at any time within 90 days following a regulatory capital treatment event.
Authorized Shares
On April 25, 2023 the Parent Company’s stockholders approved amendments to the Restated Certificate of Incorporation to increase the number of authorized shares of the Class A Common Stock from 16,000,000 shares to 32,000,000 shares and to increase the number of authorized shares of the Preferred Stock from 10,000,000 shares to 20,000,000.
v3.24.0.1
Accumulated Other Comprehensive (Loss) Income
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
NOTE 18 — ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

The following table details the components of Accumulated Other Comprehensive (Loss) Income (“AOCI”):

Components of Accumulated Other Comprehensive (Loss) Income
dollars in millionsDecember 31, 2023December 31, 2022
PretaxIncome
Taxes		Net of Income TaxesPretaxIncome
Taxes		Net of Income Taxes
Unrealized loss on securities available for sale$(752)$175 $(577)$(972)$233 $(739)
Unrealized loss on securities available for sale transferred to held to maturity(7)2 (5)(8)2 (6)
Defined benefit pension items122 (31)91 13 (3)10 
Total accumulated other comprehensive loss$(637)$146 $(491)$(967)$232 $(735)

The following table details the changes in the components of AOCI, net of income taxes:

Changes in Accumulated Other Comprehensive (Loss) Income by Component
dollars in millionsUnrealized (loss) gain on securities available for saleUnrealized (loss) gain on securities available for sale transferred to held to maturityNet change in defined benefit pension itemsTotal accumulated other comprehensive (loss) income
Balance as of December 31, 2022$(739)$(6)$10 $(735)
AOCI activity before reclassifications143 — 81 224 
Amounts reclassified from AOCI to earnings19 1 — 20 
Other comprehensive (loss) income for the period162 1 81 244 
Balance as of December 31, 2023$(577)$(5)$91 $(491)
Balance as of December 31, 2021$(9)$(7)$26 $10 
AOCI activity before reclassifications(730)— (25)(755)
Amounts reclassified from AOCI to earnings— 1 9 10 
Other comprehensive (loss) income for the period(730)1 (16)(745)
Balance as of December 31, 2022$(739)$(6)$10 $(735)
Other Comprehensive Income
The amounts included in the Condensed Consolidated Statements of Comprehensive Income are net of income taxes. The following table presents the pretax and after tax components of other comprehensive income:

Other Comprehensive Income (Loss) by Component

dollars in millionsYear Ended December 31,
20232022
PretaxIncome
Taxes		Net of Income TaxesPretaxIncome
Taxes		Net of Income TaxesIncome Statement Line Items
Unrealized gain (loss) on securities available for sale:
AOCI activity before reclassifications$194 $(51)$143 $(960)$230 $(730)
Amounts reclassified from AOCI to earnings26 (7)19 — — — 
$26 million realized loss on sales of investment securities available for sale
Other comprehensive income (loss) on securities available for sale$220 $(58)$162 $(960)$230 $(730)
Unrealized loss on securities available for sale transferred to held to maturity:
AOCI activity before reclassifications$— $— $— $— $— $— 
Amounts reclassified from AOCI to earnings1 — 1 1 — 1 Interest on investment securities
Other comprehensive income on securities available for sale transferred to held to maturity$1 $— $1 $1 $— $1 
Defined benefit pension items:
Actuarial gain (loss)$109 $(28)$81 $(33)$8 $(25)
Amounts reclassified from AOCI to earnings— — — 12 (3)9 Other noninterest expense
Other comprehensive income (loss) for defined benefit pension items$109 $(28)$81 $(21)$5 $(16)
Total other comprehensive income (loss)$330 $(86)$244 $(980)$235 $(745)
v3.24.0.1
Regulatory Capital
 12 Months Ended
Dec. 31, 2023
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
REGULATORY CAPITAL
NOTE 19 — REGULATORY CAPITAL

BancShares and FCB are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on BancShares’ Consolidated Financial Statements. Certain activities, such as the ability to undertake new business initiatives, including acquisitions, the access to and cost of funding for new business initiatives, the ability to pay dividends, the ability to repurchase shares or other capital instruments, the level of deposit insurance costs, and the level and nature of regulatory oversight, largely depend on a financial institution’s capital strength.

Federal banking agencies approved regulatory capital guidelines (“Basel III”) aimed at strengthening previous capital requirements for banking organizations. The following table includes the Basel III requirements for regulatory capital ratios.
Basel III MinimumsBasel III Conservation BuffersBasel III Requirements
Regulatory capital ratios
Total risk-based capital8.00 %2.50 %10.50 %
Tier 1 risk-based capital6.00 2.50 8.50 
Common equity Tier 14.50 2.50 7.00 
Tier 1 leverage4.00 — 4.00 
The FDIC also has Prompt Corrective Action (“PCA”) thresholds for regulatory capital ratios. The regulatory capital ratios for BancShares and FCB are calculated in accordance with the guidelines of the federal banking authorities. The regulatory capital ratios for BancShares and FCB exceed the Basel III requirements and the PCA well capitalized thresholds as of December 31, 2023 and 2022 as summarized in the following table.

dollars in millionsDecember 31, 2023December 31, 2022
Basel III RequirementsPCA well capitalized thresholdsAmountRatioAmountRatio
BancShares
Total risk-based capital10.50 %10.00 %$23,891 15.75 %$11,799 13.18 %
Tier 1 risk-based capital8.50 8.00 21,150 13.94 9,902 11.06 
Common equity Tier 17.00 6.50 20,270 13.36 9,021 10.08 
Tier 1 leverage4.00 5.00 21,150 9.83 9,902 8.99 
FCB
Total risk-based capital10.50 %10.00 %$23,600 15.56 %$11,627 12.99 %
Tier 1 risk-based capital8.50 8.00 21,227 13.99 10,186 11.38 
Common equity Tier 17.00 6.50 21,227 13.99 10,186 11.38 
Tier 1 leverage4.00 5.00 21,227 9.88 10,186 9.25 

As of December 31, 2023, BancShares and FCB had risk-based capital ratio conservation buffers of 7.75% and 7.56%, respectively, which are in excess of the Basel III conservation buffer of 2.50%. As of December 31, 2022, BancShares and FCB had risk-based capital ratio conservation buffers of 5.06% and 4.99%, respectively. The capital ratio conservation buffers represent the excess of the regulatory capital ratio as of December 31, 2023 and 2022 over the Basel III minimum for the ratio that is the binding constraint.

Additional Tier 1 capital for BancShares includes preferred stock discussed further in Note 17—Stockholders' Equity. Additional Tier 2 capital for BancShares and FCB primarily consists of qualifying ALLL and qualifying subordinated debt.

Dividend Restrictions
Dividends paid from FCB to the Parent Company are the primary source of funds available to the Parent Company for payment of dividends to its stockholders. The Board of Directors of FCB may approve distributions, including dividends, as it deems appropriate, subject to the requirements of the FDIC and the General Statutes of North Carolina, provided that the distributions do not reduce the regulatory capital ratios below the applicable requirements. FCB could have paid additional dividends to the Parent Company in the amount of $8.43 billion while continuing to meet the requirements for well capitalized banks at December 31, 2023. Dividends declared by FCB and paid to the Parent Company amounted to $367 million for the year ended December 31, 2023. Payment of dividends is made at the discretion of FCB’s Board of Directors and is contingent upon satisfactory earnings as well as projected capital needs.
v3.24.0.1
Earnings Per Common Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE
NOTE 20 — EARNINGS PER COMMON SHARE

The following table sets forth the computation of the basic and diluted earnings per common share:

Earnings per Common Share
dollars in millions, except per share data
Year Ended December 31,
202320222021
Net income$11,466 $1,098 $547 
Preferred stock dividends59 50 18 
Net income available to common stockholders$11,407 $1,048 $529 
Weighted average common shares outstanding
Basic shares outstanding14,527,902 15,531,924 9,816,405 
Stock-based awards11,711 18,020 — 
Diluted shares outstanding14,539,613 15,549,944 9,816,405 
Earnings per common share
Basic$785.14 $67.47 $53.88 
Diluted$784.51 $67.40 $53.88 
BancShares RSUs are discussed in Note 22—Employee Benefit Plans.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 21 — INCOME TAXES

The provision (benefit) for income taxes for the year ended December 31, 2023, 2022 and 2021 is comprised of the following:

Provision (Benefit) for Income Taxes
dollars in millionsYear ended December 31
202320222021
Current U.S. federal income tax provision$400 $58 $140 
Deferred U.S. federal income tax provision / (benefit)46 170 (6)
Total federal income tax provision446 228 134 
Current state and local income tax provision372 4 21 
Deferred state and local income tax (benefit) / provision(222)23 (1)
Total state and local income tax provision150 27 20 
Total non-U.S. income tax provision15 9 — 
Total provision for income taxes$611 $264 $154 

A reconciliation from the U.S. Federal statutory rate to BancShares’ actual effective income tax rate for the year ended December 31, 2023, 2022 and 2021 is presented below. Income tax expense (benefit) includes, if applicable, federal, state and foreign taxes.

Percentage of Pretax Income
dollars in millionsEffective Tax Rate
202320222021
Pretax IncomeIncome Tax Expense (Benefit)Percentage of Pretax IncomePretax IncomeIncome Tax Expense (Benefit)Percentage of Pretax IncomePretax IncomeIncome Tax Expense (Benefit)Percentage of Pretax Income
Federal income taxes and rate$12,077 $2,536 21.0 %$1,362 $286 21.0 %$701 $147 21.0 %
Increase (decrease) due to:
State and local income taxes, net of federal income tax benefit804 6.7 %53 3.9 %16 2.2 %
Gain on acquisition(2,703)(22.4)%(105)(7.7)%— — %
Domestic tax credits(26)(0.2)%(20)(1.5)%(5)(0.7)%
Effect of BOLI surrender(1)
— — %48 3.5 %— — %
Deferred tax liability adjustment11 0.1 %(8)(0.6)%— — %
Difference in tax rates applicable to non-U.S. earnings1 — %1 0.1 %— — %
Repayment of claim of right income— — %— — %(2)(0.3)%
Valuation allowances(40)(0.3)%(5)(0.4)%— — %
Other28 0.2 %14 1.1 %(2)(0.2)%
Provision for income taxes and effective tax rate$611 5.1 %$264 19.4 %$154 22.0 %
(1) Includes penalty taxes.
BancShares permanently reinvested eligible earnings of certain foreign subsidiaries and accordingly, does not accrue any U.S. or foreign taxes that would be due if those earnings were repatriated. As of December 31, 2023, this assertion resulted in an unrecognized net deferred tax liability of $18 million on reinvested earnings of $670 million.

The tax effects of temporary differences that give rise to deferred income tax assets and liabilities at December 31, 2023 and 2022 are presented below:


Components of Deferred Income Tax Assets and Liabilities
dollars in millions20232022
Deferred Tax Assets:
Net operating loss carry forwards$118 $358 
Basis difference in loans— 57 
Allowance for loan and lease losses542 252 
Accrued liabilities and reserves104 37 
Deferred compensation152 51 
Lease liabilities115 92 
Domestic tax credits21 176 
Mark to market adjustments21 28 
Capitalized costs75 15 
Net unrealized loss on investment securities available for sale235 275 
Other42 48 
Total gross deferred tax assets1,425 1,389 
Deferred Tax Liabilities:
Operating leases(1,729)(1,311)
Basis difference in loans(2,598)— 
Right of use assets for operating leases(110)(86)
Loans and direct financing leases(260)(43)
Deferred BOLI gain— (15)
Intangibles(56)(5)
Nonmarketable equity securities(14)(9)
Fixed assets(17)(6)
Pension assets(110)(54)
Prepaid expenses(14)(14)
Market discount accretion(33)(35)
Other(35)(27)
Total deferred tax liabilities(4,976)(1,605)
Total net deferred tax liability before valuation allowances(3,551)(216)
Less: valuation allowances(28)(70)
Net deferred tax liability after valuation allowances$(3,579)$(286)

Net Operating Loss Carryforwards and Valuation Adjustments
The SVBB Acquisition was an asset acquisition for tax purposes and is therefore considered a taxable transaction. The DTL of $3.36 billion for the SVBB Acquisition was calculated by applying FCB’s deferred tax rate to the book and tax basis differences on the SVBB Acquisition Date for acquired assets and assumed liabilities. Deferred taxes were not recorded for the affordable housing tax credit investments in accordance with the proportional amortization method.

As a result of the CIT Merger, BancShares’ net deferred tax liabilities increased by approximately $300 million. That amount included an increase to DTAs primarily from net operating losses, capitalized costs and tax credits net of deferred tax liabilities, primarily from operating leases.

As of December 31, 2023, BancShares has DTAs totaling $118 million on its global net operating losses (“NOLs”). This includes: (1) DTAs of $98 million relating to cumulative state NOLs of $1.73 billion, including amounts of reporting entities that file in multiple jurisdictions, and (2) DTAs of $20 million relating to cumulative non-U.S. NOLs of $85 million. The U.S. federal NOLs were expected to be fully utilized in 2023, while state NOLs will begin to expire in 2024 and non-US NOLs will begin to expire in 2041.
As of December 31, 2023, BancShares has DTAs of $21 million from its domestic tax credits. This includes: (1) DTAs of $16 million from federal tax credits, which are subject to the annual limitations set forth by the Internal Revenue Code Section 382 and (2) DTAs of $5 million from state tax credits. The federal tax credits begin to expire in 2033 and the state tax credits have an indefinite carryforward.

During 2023, management updated BancShares’ forecast of future U.S. state taxable income. The updated forecast continues to support a valuation allowance of $28 million on U.S. state DTAs relating to certain state NOLs as of December 31, 2023.

BancShares reduced a valuation allowance against certain non-U.S. reporting entities' net DTAs to an immaterial amount at December 31, 2023 from $3 million at December 31, 2022. The decrease was mainly related to the commencement of the liquidation process for the non-US entities associated with the valuation allowance. BancShares’ ability to recognize DTAs is evaluated on a quarterly basis to determine if there are any significant events that would affect our ability to utilize existing DTAs. If events are identified that affect our ability to utilize our DTAs, the respective valuation allowance may be adjusted accordingly.

Liabilities for Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits ("UTBs") is as follows:

Unrecognized Tax Benefits (1)
December 31, 2023December 31, 2022
dollars in millionsLiabilities for Unrecognized Tax BenefitsInterest / PenaltiesTotalTotal
Balance at beginning of period$27 $3 $30 $31 
Effect of CIT Merger— — — 6 
Additions for tax positions related to prior years4 1 5 1 
Reductions for tax positions of prior years— — — (2)
Expiration of statutes of limitations(2)— (2)(1)
Settlements(1)(1)(2)(5)
Balance at end of period$28 $3 $31 $30 
(1) Tabular rollforward does not present the comparable data for 2021, as activity for that year was not material.

BancShares recognizes tax benefits when it is more likely than not that the position will prevail, based solely on the technical merits under the tax law of the relevant jurisdiction. BancShares will recognize the tax benefit if the position meets this recognition threshold determined based on the largest amount of the benefit that is more than likely to be recognized.

During the year ended December 31, 2023, BancShares recorded a net increase in UTBs, including interest and penalties. The net increase primarily related to additions for tax positions related to prior years, partially offset by the expiration of statutes of limitations and settlements.

As of December 31, 2023, the accrued liability for interest and penalties is $3 million. BancShares recognizes accrued interest and penalties on UTBs in income tax expense.

BancShares has UTBs relating to uncertain state tax positions in North Carolina and other state jurisdictions resulting from tax filings submitted to the states. No tax benefit has been recorded for these uncertain tax positions in the consolidated financial statements. It is reasonably possible that these uncertain tax positions may be settled or resolved in the next twelve months. No reasonable estimate of the settlement or resolution can be made.

The entire $31 million of UTBs including interest and penalties at December 31, 2023, would lower BancShares’ effective tax rate, if realized. Management believes that it is reasonably possible the total potential liability before interest and penalties may be increased or decreased by $10 million within the next twelve months of the reporting date because of anticipated settlement with taxing authorities, resolution of open tax matters, and the expiration of various statutes of limitations.

Income Tax Audits
BancShares is subject to examinations by the U.S. Internal Revenue Service (“IRS”) and other taxing authorities in jurisdictions where BancShares has significant business operations. The tax years under examination vary by jurisdiction. BancShares does not expect completion of those audits to have a material impact on the firm’s financial condition, but it may be material to operating results for a particular period, depending, in part, on the operating results for that period.
The table below presents the earliest tax years that remain subject to examination by major jurisdiction.

JurisdictionDecember 31, 2023
U.S. Federal2020
New York State and City2015
North Carolina2019
California2017
Canada2016

BancShares and its subsidiaries are subject to examinations by the IRS and other taxing authorities in jurisdictions where BancShares has business operations for years ranging from 2012 through 2023. Management does not anticipate that the completion of these examinations will have a material impact on the firm’s financial condition, but it may be material to operating results for a particular period, depending, in part, on the operating results for that period.
v3.24.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS
NOTE 22 — EMPLOYEE BENEFIT PLANS

BancShares sponsors benefit plans for its qualifying employees and eligible former employees of First-Citizens Bancorporation, Inc. ("Bancorporation") and its former subsidiary, First-Citizens Bank & Trust Company, Inc. ("First-Citizens South"). Bancorporation merged with BancShares, Inc. on October 1, 2014 and First-Citizens South merged with FCB on January 1, 2015.

Certain benefit plans of CIT were assumed by BancShares upon closing of the CIT Merger. CIT sponsored both funded and unfunded noncontributory defined benefit pension and postretirement plans, executive retirement plans, and a 401(k) savings plan covering certain employees as further discussed below.

There were no benefit plans assumed in connection with the SVBB Acquisition.

The benefit plans include noncontributory defined benefit pension plans and 401(k) savings plans, which are qualified under the Internal Revenue Code. BancShares also maintains agreements with certain executives providing supplemental benefits paid upon death or separation from service at an agreed-upon age.

Retirement and Post-Retirement Plans
Pension Plans
BancShares sponsors three qualified noncontributory defined benefit pension plans (the “Pension Plans”), including the First-Citizens Bank & Trust Company and Adopting Related Employers Pension Plan (the “FCB Pension Plan”), the First-Citizens Bank & Trust Company, Inc. Pension Plan (the “First-Citizens South Pension Plan”), and a plan assumed upon completion of the CIT Merger (the “CIT Pension Plan”).

BancShares employees who were hired prior to April 1, 2007 and qualified under length of service and other requirements are covered by the FCB Pension Plan, which was closed to new participants as of April 1, 2007. There was no discretionary contribution made to the FCB Pension Plan during 2023 or 2022.

Certain legacy First-Citizens South employees that qualified under length of service and other requirements are covered by the First-Citizens South Pension Plan, which was closed to new participants as of September 1, 2007. There were no discretionary contributions made to the First-Citizens South Pension Plan during 2023 or 2022.

Participants in the FCB Pension Plan and First-Citizens South Pension Plan were fully vested after five years of service. Retirement benefits are based on years of service and highest annual compensation for five consecutive years during the last ten years of employment. BancShares assumed the CIT Pension Plan upon completion of the CIT Merger. There was no discretionary contribution made to the CIT Pension Plan during 2023 or 2022.

BancShares makes contributions to the Pension Plans in amounts between the minimum required for funding and the maximum amount deductible for federal income tax purposes. Management evaluates the need for its contributions to these plans on a periodic basis based upon numerous factors including, but not limited to, funded status, returns on plan assets, discount rates and the current economic environment.
Supplemental and Executive Retirement Plans
Upon completion of the CIT Merger, BancShares assumed a frozen U.S. non-contributory supplemental retirement plan (the “Supplemental Retirement Plan”) and an additional retirement plan for certain executives (the “Executive Retirement Plan”), which had been closed to new participants since 2006 and whose participants were all inactive. There were no discretionary contributions made to the Executive Retirement Plan or the Supplemental Retirement Plan in 2023 or 2022. Accumulated balances under the Executive Retirement Plan and the Supplemental Retirement Plan continue to receive periodic interest, subject to certain government limits. The interest credit was 3.9% and 1.9%, respectively, for the years ended December 31, 2023 and 2022.

Postretirement Benefit Plans
Upon completion of the CIT Merger, BancShares assumed four postretirement benefit plans (the “Postretirement Plans”) that provided healthcare and life insurance benefits to eligible retired employees. For most eligible retirees, healthcare was contributory and life insurance was non-contributory. The Postretirement Plans were funded on a “pay-as-you-go” basis. Certain Postretirement Plans were terminated during the first quarter of 2022 and BancShares recognized a reduction in other noninterest expense of approximately $27 million during 2022 related to obligations previously accrued.

Funding for Retirement and Postretirement Plans
The funding policy for the Pension Plans is to contribute an amount each year to meet all Employee Retirement Income Security Act (“ERISA”) minimum requirements, including amounts to meet quarterly funding requirements, avoid “at-risk” status and avoid any benefit restrictions. BancShares may also contribute additional voluntary amounts each year (up to the maximum tax-deductible amount) in order to achieve certain target funding levels in the plans, with consideration also given to current and future cash flow and tax positions. No contributions are currently expected for the year ending December 31, 2024. The tables and disclosures below address the following: (i) the Pension Plans, the Supplemental Retirement Plan, and the Executive Retirement Plan (the “Retirement Plans”) and (ii) the Postretirement Plans (collectively with the Retirement Plans, the “Plans”). The Supplemental and Executive Retirement Plans are unfunded. Therefore, the tables and disclosures below regarding plan assets apply to the Pension Plans, which are funded.
Obligations and Funded Status

The following table provides the changes in benefit obligations, assets and the funded status of the Plans at December 31, 2023 and 2022.
Obligations and Funded Status

Retirement PlansPostretirement Plans
(dollars in millions)2023202220232022
Change in benefit obligation
Projected benefit obligation at January 1$1,115 $1,056 $— $— 
Projected benefit obligation of acquired plans— 389 — 28 
Service cost9 14 — — 
Interest cost61 43 — — 
Actuarial loss (gain)50 (324)— — 
Benefits paid(66)(63)— (1)
Plan termination— — — (27)
Projected benefit obligation at December 311,169 1,115 — — 
Change in plan assets
Fair value of plan assets at January 11,404 1,345 — — 
Fair value of plan assets of acquired plans— 386 — — 
Actual return (loss) on plan assets245 (270)— — 
Employer contributions6 — — — 
Benefits paid(66)(57)— — 
Fair value of plan assets at December 311,589 1,404 — — 
Funded status at December 31$420 $289 $— $— 
Information for Retirement Plans with a benefit obligation in excess of plan assets
Projected and accumulated benefit obligations$54 $54 $— $— 
Reported in Consolidated Balance Sheets
Funded Pension Plans (other assets)474 343 — — 
Unfunded Supplemental and Executive Retirement Plans (other liabilities)(54)(54)— — 
Net funded status of Retirement Plans$420 $289 $— $— 

The following table details the amounts recognized in accumulated other comprehensive income, before income taxes, at December 31, 2023 and 2022. See Note 18—Accumulated Other Comprehensive (Loss) Income for additional information.
Retirement PlansPostretirement Plans
(dollars in millions)2023202220232022
Net actuarial gain$122 $13 $— $— 

The accumulated benefit obligation for the Plans at December 31, 2023 and 2022 was $1.12 billion and $1.07 billion, respectively. The Plans use a measurement date of December 31.
The following table shows the components of periodic benefit cost related to the Plans and changes in assets and benefit obligations of the Plans recognized in other comprehensive income, before income taxes, for the years ended December 31, 2023, 2022 and 2021. See Note 18—Accumulated Other Comprehensive (Loss) Income for additional information.

Net Periodic Benefit Costs and Other AmountsRetirement PlansPostretirement Plans
Year ended December 31Year ended December 31
(dollars in millions)20232022202120232022
Service cost$9 $14 $15 $— $— 
Interest cost61 43 30 — — 
Expected return on assets(85)(87)(78)— — 
Net prior service credit amortization— — — — (27)
Amortization of net actuarial loss— 12 27 — — 
Total net periodic benefit(15)(18)(6)— (27)
Current year actuarial (gain) loss (109)33 (98)— — 
Amortization of actuarial loss— (12)(27)— — 
Current year amortization of prior service cost— — — — 27 
Amortization of prior service cost— — — — (27)
Net (gain) loss recognized in other comprehensive income(109)21 (125)— — 
Total recognized in net periodic benefit cost and other comprehensive income$(124)$3 $(131)$— $(27)
The actuarial gain in 2023 was primarily due to return on assets greater than expected, partially offset by the impact of a decreased discount rate. The actuarial loss in 2022 was primarily due to lower than expected return on assets and higher interest crediting rate, partially offset by increased discount rates.

Service costs and the amortization of prior service costs are recorded in personnel expense, while interest cost, expected return on assets and the amortization of actuarial gains or losses are recorded in other noninterest expense.

The assumptions used to determine the benefit obligations at December 31, 2023 and 2022 are as follows:
Weighted Average AssumptionsRetirement PlansPostretirement Plans
2023202220232022
Discount rate5.17 %5.57 %N/AN/A
Rate of compensation increase5.60 5.60 N/AN/A
Interest crediting rate (1)
4.00 4.25 N/AN/A
(1) Specific to cash investments in the CIT Pension Plan.
The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2023, 2022 and 2021, are as follows:
Weighted Average AssumptionsRetirement PlansPostretirement Plans
20232022202120232022
Discount rate5.57 %3.03 %2.76 %4.56 %3.02 %
Rate of compensation increase5.60 5.60 5.60 N/AN/A
Expected long-term return on plan assets6.14 5.87 7.50 N/AN/A
Interest crediting rate (1)
4.25 1.50 N/AN/AN/A
(1) Specific to cash investments in the CIT Pension Plan.
The estimated discount rate, which represents the interest rate that could be obtained for a suitable investment used to fund the benefit obligations, is based on a yield curve developed from high-quality corporate bonds across a full maturity spectrum. The projected cash flows of the Pension Plans are discounted based on this yield curve and a single discount rate is calculated to achieve the same present value. The increase in discount rate from the prior year is reflective of the current market conditions.

The weighted average expected long-term rate of return on Pension Plans’ assets represents the average rate of return expected to be earned on the Pension Plans’ assets over the period the benefits included in the benefit obligation are to be paid. In developing the expected rate of return on the Pension Plans’ assets, historical and current returns, as well as investment allocation strategies, are considered.

Assets of the Pension Plans
For the Pension Plans, our primary total return objective is to achieve returns over the long term that will fund retirement liabilities and provide desired benefits of the Pension Plans in a manner that satisfies the fiduciary requirements of the ERISA. The Pension Plans’ assets have a long-term time horizon that runs concurrent with the average life expectancy of the participants. As such, the Pension Plans can assume a time horizon that extends well beyond a full market cycle and can assume a reasonable level of risk. It is expected, however, that both professional investment management and sufficient portfolio diversification will smooth volatility and help generate a consistent level of return. The investments are broadly diversified across global, economic and market risk factors in an attempt to reduce volatility and target multiple return sources. Within approved guidelines and restrictions, the investment manager has discretion over the timing and selection of individual investments. Depending on the investment type, Pension Plan assets may be held by the BancShares’ trust department or held by a third-party servicer.

Equity securities are measured at fair value using observable closing prices. These securities are classified as Level 1 as they are traded in an active market. Fixed income securities are generally estimated using a third-party pricing service. The third-party provider evaluates securities based on comparable investments with trades and market data and will utilize pricing models which use a variety of inputs, such as benchmark yields, reported trades, issuer spreads, benchmark securities, bids and offers as needed. These securities are generally classified as Level 2.

As of December 31, 2023, the CIT Pension Plan investments are similar to the FCB Pension Plan and First-Citizens South Pension Plan investments. As of December 31, 2022, the CIT Pension Plan assets were primarily concentrated in a common collective trust.

Investments in collective investment funds, limited partnerships and common collective trusts were measured using the net asset value per share practical expedient and are not required to be classified in the fair value hierarchy.

There were no direct investments in equity securities of BancShares included in the Pension Plans’ assets in any of the years presented.
The following tables summarize the fair values and fair value hierarchy for the assets of the Pension Plans at December 31, 2023 and 2022.

Fair Value MeasurementsDecember 31, 2023
dollars in millionsMarket ValueLevel 1Level 2Level 3
Not Classified (1)
Weighted Average Target Allocation Pension PlansActual %
of Plans'
Assets
Cash and equivalents$31 $31 $— $— $— 
—% - 5%
2 %
Equity securities
25% - 65%
45 %
Common and preferred stock134 134 — — — 
Mutual funds126 126 — — — 
Exchange traded funds459 459 — — — 
Fixed income
30% - 65%
50 %
U.S. government and government agency securities17 — 17 — — 
Corporate bonds15 — 15 — — 
Exchange traded funds13 13 — — — 
Collective investment funds (fixed income)753 — — — 753 
Alternative investments
—% - 30%
3 %
Limited partnerships41 — — — 41 
Total pension assets$1,589 $763 $32 $— $794 100 %
December 31, 2022
Market ValueLevel 1Level 2Level 3
Not Classified (1)
Weighted Average Target Allocation Pension PlansActual %
of Plans'
Assets
Cash and equivalents$25 $25 $— $— $— 
—% - 5%
2 %
Equity securities
25% - 60%
46 %
Common and preferred stock88 88 — — — 
Mutual funds181 181 — — — 
Exchange traded funds376 376 — — — 
Fixed income
25% - 60%
31 %
U.S. government and government agency securities198 — 198 — — 
Corporate bonds233 — 233 — — 
Alternative investments
—% - 30%
21 %
Common collective trust, measured at NAV302 — — — 302 
Limited partnerships1 — — — 1 
Total pension assets$1,404 $670 $431 $— $303 100 %
(1) These investments have been measured using the net asset value per share practical expedient and are not required to be classified in the above tables.

Cash Flows
The following table presents estimated future benefits projected to be paid for the next ten years from the Pension Plans’ assets or from BancShares’ general assets calculated using current actuarial assumptions. Actual benefit payments may differ from projected benefit payments.
Projected Benefits
dollars in millions
Retirement Plans
2024$78 
202581 
202683 
202787 
202888 
2029-2033426 
401(k) Savings Plans

BancShares sponsors two qualified defined contribution plans (the “401(k) plans”), which allow employees to voluntarily defer a pre-tax and/or post-tax portion of their compensation for retirement and receive employer matching contributions on a portion of their voluntary deferrals and, under one of the plans, additional profit-sharing contributions to their accounts. Employees are eligible to participate in one of the two 401(k) plans, depending on when they were first employed and, if they were first employed before we restructured our Pension Plans and 401(k) plans during 2007, depending on elections they made at that time.

Employees first hired prior to restructuring of the Pension Plans and 401(k) plans (and not rehired on or after January 1, 2015) who chose to continue to participate in their respective Pension Plan and “legacy” 401(k) plan are eligible to make deferrals and receive employer matching contributions under a legacy 401(k) plan (the “FCB Legacy 401(k) Plan”). Under the FCB Legacy 401(k) Plan, FCB matches participants’ deferrals in an amount equal to 100% of the first 3%, and 50% of the next 3%, of the participant's compensation that he or she defers, up to and including a maximum matching contribution of 4.5% of the participant’s eligible compensation.

Employees first hired prior to the plan restructuring who elected to participate in an “enhanced” 401(k) plan (now, the “FCB 401(k) Plan”) and associates first hired after the plan restructuring or rehired on or after January 1, 2015 (including former CIT and Silicon Valley Bank associates) may only participate in the FCB 401(k) Plan. Under the FCB 401(k) Plan, BancShares matches participants’ deferrals in an amount equal to 100% of the first 6% of the participant’s eligible compensation. The matching contribution immediately vests. In addition, BancShares may make a discretionary profit-sharing contribution under the FCB 401(k) Plan to each eligible participant’s account, without regard to the amount of the participant’s deferrals. Historically, this profit-sharing contribution has been equal to 3% of participants’ eligible compensation. The employer nonelective contribution vests after three years of service.

CIT sponsored a 401(k) plan (the “CIT 401(k) Plan”), which was assumed by BancShares upon completion of the CIT Merger. Under the CIT 401(k) Plan, BancShares matched 100% of the participants’ deferrals up to 4% of the participant’s eligible compensation. In January 2023, the CIT 401(k) Plan was merged into the FCB 401(k) Plan.

BancShares recognized expense related to contributions to all 401(k) plans of $114 million, $55 million, and $36 million during 2023, 2022 and 2021, respectively.

Additional Benefits for Executives, Directors, and Officers

BancShares has entered into contractual agreements with certain executives providing payments for a period of no more than ten years following separation from service occurring no earlier than an agreed-upon age. These agreements also provide a death benefit in the event a participant dies prior to separation from service or during the payment period following separation from service. BancShares has also assumed liability for contractual obligations to directors and officers of previously acquired entities.

The following table provides the accrued liability as of December 31, 2023 and 2022, and the changes in the accrued liability during the years then ended:
dollars in millions20232022
Accrued liability as of January 1$36 $39 
Accrued liability of acquired banks— 2 
Discount rate adjustment— (2)
Benefit expense and interest cost2 2 
Benefits paid(4)(5)
Benefits forfeited— — 
Accrued liability as of December 31$34 $36 
Discount rate at December 315.09 %4.67 %
Other Compensation Plans
BancShares offers various short-term and long-term incentive plans for certain employees. Compensation awarded under these plans may be based on defined formulas, performance criteria, or at the discretion of management. The incentive compensation programs were designed to motivate employees through a balanced approach of risk and reward for their contributions toward BancShares’ success. As of December 31, 2023 and 2022, the accrued liability for incentive compensation was $676 million and $267 million, respectively.

CIT had compensation awards that either converted to BancShares RSUs or immediately vested at completion of the CIT Merger as further described in the “Stock-Based Compensation” discussion in Note 1 — Significant Accounting Policies and Basis of Presentation. In February 2016, CIT adopted the CIT Group Inc. 2016 Omnibus Incentive Plan (the "2016 Plan"), which provided for grants of stock-based awards to employees, executive officers, and directors. The BancShares RSUs are the only outstanding awards subject to the terms of the 2016 Plan and no further awards will be made under the 2016 Plan. Compensation expense is recognized over the vesting period or the requisite service period, which is generally three years for BancShares RSUs, under the graded vesting method, whereby each vesting tranche of the award is amortized separately as if each were a separate award.

The following table presents the unvested BancShares RSUs at December 31, 2023 and 2022, which have vesting periods through 2024. There were no grants of stock-based compensation awards during 2023 or 2022. The fair value of RSUs that vested and settled in stock during 2023 and 2022 were $16 million and $64 million, respectively.

Stock-Settled Awards Outstanding
Stock-Settled Awards
share amounts in whole dollars
Number of Shares
Weighted Average Grant Date Value(1)
December 31, 2023
Unvested at beginning of period42,989 $859.76 
Forfeited / cancelled(643)859.76 
Vested / settled awards(22,091)859.76 
Unvested at end of period20,255 $859.76 
December 31, 2022
Unvested at beginning of period— $— 
Unvested CIT RSUs converted to BancShares RSUs at Merger Date116,958 859.76 
Unvested CIT PSUs converted to RSUs at Merger Date10,678 859.76 
Forfeited / cancelled(5,194)859.76 
Vested / settled awards(79,453)859.76 
Unvested at end of period42,989 $859.76 
(1) Represents the share price of BancShares as of the CIT Merger Date.
v3.24.0.1
Business Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION
NOTE 23 — BUSINESS SEGMENT INFORMATION

BancShares’ segments include General Banking, Commercial Banking, Silicon Valley Banking, and Rail. All other financial information not allocated to the segments is included in the “Corporate” component of the segment disclosures.

General Banking
The General Banking segment delivers products and services to consumers and businesses through our extensive network of branches and various digital channels. We offer a full suite of deposit products, loans (primarily residential mortgages and business and commercial loans), cash management, wealth management, payment services, and treasury services. Our wealth management products and services to individuals and institutional clients include brokerage, investment advisory, and trust services. We offer conforming and jumbo residential mortgage loans throughout the United States which are primarily originated through branches and retail referrals, employee referrals, internet leads, direct marketing and a correspondent lending channel. The General Banking segment offers nationwide digital banking, which is largely comprised of our internet banking platform, that delivers deposit products to consumers. The General Banking segment also includes a community association bank channel that supports deposit, cash management, and lending to homeowner associations and property management companies.

Revenue is generated from interest earned on loans and from fees for banking and advisory services. We primarily originate loans by utilizing our branch network and industry referrals, as well as direct digital marketing efforts. We derive our SBA loans through a network of SBA originators. We periodically purchase loans on a whole-loan basis. We also invest in community development that supports the construction of affordable housing in our communities in line with our CRA initiatives.

Commercial Banking
The Commercial Banking segment provides a range of lending, leasing, capital markets, asset management and other financial and advisory services, primarily to small and middle market companies in a wide range of industries including: energy; healthcare; tech media and telecom; asset-backed lending; capital finance; maritime; corporate banking; aerospace and defense; and sponsor finance. Loans offered are primarily senior secured loans collateralized by accounts receivable, inventory, machinery and equipment, transportation equipment and/or intangibles, and are often used for working capital, plant expansion, acquisitions, or recapitalizations. These loans include revolving lines of credit and term loans and, depending on the nature of the collateral, may be referred to as collateral-backed loans, asset-based loans or cash flow loans. We provide senior secured loans to developers and other CRE professionals. Additionally, we provide small business loans and leases, including both capital and operating leases, through a highly automated credit approval, documentation and funding process.

We provide factoring, receivable management, and secured financing to businesses that operate in several industries. These include: apparel, textile, furniture, home furnishings, and consumer electronics. Factoring entails the assumption of credit risk with respect to trade accounts receivable arising from the sale of goods from our factoring clients to their customers that have been factored (i.e., sold or assigned to the factor). Our factoring clients, which are generally manufacturers or importers of goods, are the counterparties on factoring, financing, or receivables purchasing agreements to sell trade receivables to us. Our factoring clients’ customers, which are generally retailers, are the account debtors and obligors on trade accounts receivable that have been factored.

Revenue is generated from: interest and fees on loans; rental income on operating lease equipment; fee income and other revenue from banking services and capital markets transactions; and commissions earned on factoring-related activities. We derive most of our commercial lending business through direct marketing to borrowers, lessees, manufacturers, vendors, and distributors. We also utilize referrals as a source for commercial lending business. We may periodically buy participations or syndications of loans and lines of credit and purchase loans on a whole-loan basis.
Silicon Valley Banking
The SVB segment offers products and services to commercial clients in key innovation markets, such as healthcare and technology industries, as well as to private equity and venture capital firms. The segment provides solutions to the financial needs of commercial clients through credit, treasury management, foreign exchange, trade finance and other services including capital call lines of credit. In addition, the segment offers private banking and wealth management and provides a range of personal financial solutions for consumers. Private banking and wealth management clients consist of private equity and venture capital professionals and executive leaders of the innovation companies they support and premium wine clients. The segment offers a customized suite of private banking services, including mortgages, home equity lines of credit, restricted and private stock loans, other secured and unsecured lending products and vineyard development loans, as well as planning-based financial strategies, wealth management, family office, financial planning, tax planning and trust services.
Revenue is primarily generated from interest earned on loans, and fees and other revenue from lending activities and banking services.
Deposit products include business and analysis checking accounts, money market accounts, multi-currency accounts, bank accounts, sweep accounts and positive pay services. Services are provided through online and mobile banking platforms, as well as branch locations.
Rail
The Rail segment offers customized leasing and financing solutions on a fleet of railcars and locomotives to railroads and shippers throughout North America. Railcar types include covered hopper cars used to ship grain and agricultural products, plastic pellets, sand, and cement; tank cars for energy products and chemicals; gondolas for coal, steel coil and mill service products; open-top hopper cars for coal and aggregates; boxcars for paper and auto parts; and centerbeams and flat cars for lumber. Revenue is generated primarily from rental income on operating lease equipment.

Corporate
Corporate includes all other financial information not allocated to the segments. Corporate includes interest income on investment securities and interest-earning deposits at banks; interest expense for corporate funding, including brokered deposits; funds transfer pricing allocations; gains or losses on sales of investment securities; fair value adjustments on marketable equity securities; income from bank-owned life insurance; portions of salaries and benefits expense; and acquisition-related expenses. Corporate also includes certain items related to accounting for business combinations, such as gains on acquisitions, day 2 provisions for credit losses, discount accretion income for acquired loans, and amortization of certain intangible assets.
Segment Results and Select Period End Balances

The following table presents the condensed income statement by segment:
Year Ended December 31, 2023
General BankingCommercial BankingSilicon Valley BankingRailCorporateTotal BancShares
Net interest income (expense)$2,433 $1,015 $1,946 $(143)$1,461 $6,712 
Provision for credit losses71 517 71 — 716 1,375 
Net interest income (expense) after provision for credit losses2,362 498 1,875 (143)745 5,337 
Noninterest income490 559 478 746 9,802 12,075 
Noninterest expense1,607 823 1,642 481 782 5,335 
Income before income taxes1,245 234 711 122 9,765 12,077 
Income tax expense (benefit)336 69 181 32 (7)611 
Net income$909 $165 $530 $90 $9,772 $11,466 
Select Period End Balances
Total assets$50,179 $31,826 $56,190 $8,199 $67,364 $213,758 
Loans and leases47,330 30,936 55,013 23 — 133,302 
Operating lease equipment, net— 780 — 7,966 — 8,746 
Deposits102,647 3,228 38,477 13 1,489 145,854 
Year Ended December 31, 2022
General BankingCommercial BankingSilicon Valley BankingRailCorporateTotal BancShares
Net interest income (expense)$1,947 $884 $— $(80)$195 $2,946 
Provision for credit losses11 121 — — 513 645 
Net interest income (expense) after provision for credit losses1,936 763 — (80)(318)2,301 
Noninterest income482 517 — 657 480 2,136 
Noninterest expense1,542 744 — 428 361 3,075 
Income (loss) before income taxes876 536 — 149 (199)1,362 
Income tax expense (benefit)214 128 — 37 (115)264 
Net income (loss)$662 $408 $— $112 $(84)$1,098 
Select Period End Balances
Total assets$45,802 $28,235 $— $7,647 $27,614 $109,298 
Loans and leases43,212 27,491 — 78 — 70,781 
Operating lease equipment, net— 723 — 7,433 — 8,156 
Deposits84,369 3,219 — 15 1,805 89,408 
Year Ended December 31, 2021
General BankingCommercial BankingSilicon Valley BankingRailCorporateTotal BancShares
Net interest income (expense)$1,447 $17 $— $— $(74)$1,390 
Benefit for credit losses(37)— — — — (37)
Net interest income (expense) after provision for credit losses1,484 17 — — (74)1,427 
Noninterest income433 — — — 75 508 
Noninterest expense1,179 3 — — 52 1,234 
Income (loss) before income taxes738 14 — — (51)701 
Income tax expense (benefit)162 3 — — (11)154 
Net income (loss)$576 $11 $— $— $(40)$547 
Select Period End Balances
Total assets$33,848 $552 $— $— $23,909 $58,309 
Loans and leases31,820 552 — — — 32,372 
Deposits51,344 62 — — — 51,406 
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
NOTE 24 — COMMITMENTS AND CONTINGENCIES

Commitments
To meet the financing needs of its customers, BancShares and its subsidiaries have financial instruments with off-balance sheet risk. These financial instruments involve elements of credit, interest rate or liquidity risk and include commitments to extend credit and standby letters of credit. December 31, 2023 includes balances related to the SVBB Acquisition and are included in financing commitments and letters of credit.

The accompanying table summarizes credit-related commitments and other purchase and funding commitments:
dollars in millionsDecember 31, 2023December 31, 2022
Financing Commitments
Financing assets (excluding leases)$57,567 $23,452 
Letters of Credit
Standby letters of credit2,412 436 
Other letters of credit103 44 
Deferred Purchase Agreements2,076 2,039 
Purchase and Funding Commitments (1)
685 941 
(1)    BancShares’ purchase and funding commitments relate to the equipment leasing businesses’ commitments to fund Rail’s railcar manufacturer purchase and upgrade commitments.

Financing Commitments
Commitments to extend credit are legally binding agreements to lend to customers. These commitments generally have fixed expiration dates or other termination clauses and may require payment of fees. Established credit standards control the credit risk exposure associated with these commitments. In some cases, BancShares requires collateral be pledged to secure the commitment, including cash deposits, securities and other assets.

Financing commitments, referred to as loan commitments or lines of credit, primarily reflect BancShares’ agreements to lend to its customers, subject to the customers’ compliance with contractual obligations. At December 31, 2023 and 2022, substantially all undrawn financing commitments were senior facilities. The undrawn and available financing commitments are primarily in the Silicon Valley Banking and Commercial Banking segments. Financing commitments also include $66 million and $66 million at December 31, 2023 and 2022, respectively, related to off-balance sheet commitments to fund equity investments. Commitments to fund equity investments are contingent on events that have yet to occur and may be subject to change.

As financing commitments may not be fully drawn, may expire unused, may be reduced or canceled at the customer’s request, and may require the customer to be in compliance with certain conditions, commitment amounts do not necessarily reflect actual future cash flow requirements.

The table above excludes uncommitted revolving credit facilities extended by Commercial Services to its clients for working capital purposes. In connection with these facilities, Commercial Services has the sole discretion throughout the duration of these facilities to determine the amount of credit that may be made available to its clients at any time and whether to honor any specific advance requests made by its clients under these credit facilities.

Letters of Credit
Standby letters of credit are commitments to pay the beneficiary thereof if drawn upon by the beneficiary upon satisfaction of the terms of the letter of credit. Those commitments are primarily issued to support public and private borrowing arrangements. To mitigate its risk, BancShares’ credit policies govern the issuance of standby letters of credit. The credit risk related to the issuance of these letters of credit is essentially the same as in extending loans to clients and, therefore, these letters of credit are collateralized when necessary. These financial instruments generate fees and involve, to varying degrees, elements of credit risk in excess of amounts recognized in the Consolidated Balance Sheets.
Deferred Purchase Agreements
A DPA is provided in conjunction with factoring, whereby a client is provided with credit protection for trade receivables without purchasing the receivables. The trade receivables terms generally require payment in 90 days or less. If the client’s customer is unable to pay an undisputed receivable solely as the result of credit risk, BancShares is then required to purchase the receivable from the client, less any borrowings for such client based on such defaulted receivable. The outstanding amount in the table above, less $143 million and $186 million at December 31, 2023 and 2022, respectively, of borrowings for such clients, is the maximum amount that BancShares would be required to pay under all DPAs. This maximum amount would only occur if all receivables subject to DPAs default in the manner described above, thereby requiring BancShares to purchase all such receivables from the DPA clients.
The table above includes $1.92 billion and $1.90 billion of DPA exposures at December 31, 2023 and 2022, respectively, related to receivables on which BancShares has assumed the credit risk. The table also includes $161 million and $138 million available under DPA credit line agreements provided at December 31, 2023 and 2022, respectively. The DPA credit line agreements specify a contractually committed amount of DPA credit protection and are cancellable by us only after a notice period, which is typically 90 days or less.

Litigation and Other Contingencies
The Parent Company and certain of its subsidiaries have been named as a defendant in legal actions arising from its normal business activities in which damages in various amounts are claimed. BancShares is also exposed to litigation risk relating to the prior business activities of banks from which assets were acquired and liabilities assumed.

BancShares is involved, and from time to time in the future may be involved, in a number of pending and threatened judicial, regulatory, and arbitration proceedings as well as proceedings, investigations, examinations and other actions brought or considered by governmental and self-regulatory agencies. These matters arise in connection with the ordinary conduct of BancShares’ business. At any given time, BancShares may also be in the process of responding to subpoenas, requests for documents, data and testimony relating to such matters and engaging in discussions to resolve the matters (all of the foregoing collectively being referred to as “Litigation”). While most Litigation relates to individual claims, BancShares may be subject to putative class action claims and similar broader claims and indemnification obligations.

In light of the inherent difficulty of predicting the outcome of Litigation matters and indemnification obligations, particularly when such matters are in their early stages or where the claimants seek indeterminate damages, BancShares cannot state with confidence what the eventual outcome of the pending Litigation will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines, or penalties related to each pending matter will be, if any. In accordance with applicable accounting guidance, BancShares’ establishes reserves for Litigation when those matters present loss contingencies as to which it is both probable that a loss will occur and the amount of such loss can reasonably be estimated. Based on currently available information, BancShares believes that the outcome of Litigation that is currently pending will not have a material adverse effect on BancShares’ financial condition, but may be material to BancShares’ operating results or cash flows for any particular period, depending in part on its operating results for that period. The actual results of resolving such matters may be substantially higher than the amounts reserved.

For certain Litigation matters in which BancShares is involved, BancShares is able to estimate a range of reasonably possible losses in excess of established reserves and insurance. For other matters for which a loss is probable or reasonably possible, such an estimate cannot be determined. For Litigation and other matters where losses are reasonably possible, management currently estimates an aggregate range of reasonably possible losses of up to $10 million in excess of any established reserves and any insurance we reasonably believe we will collect related to those matters. This estimate represents reasonably possible losses (in excess of established reserves and insurance) over the life of such Litigation, which may span a currently indeterminable number of years, and is based on information currently available as of December 31, 2023. The Litigation matters underlying the estimated range will change from time to time, and actual results may vary significantly from this estimate.

Those Litigation matters for which an estimate is not reasonably possible or as to which a loss does not appear to be reasonably possible, based on current information, are not included within this estimated range and, therefore, this estimated range does not represent BancShares’ maximum loss exposure.

The foregoing statements about BancShares’ Litigation are based on BancShares’ judgments, assumptions, and estimates and are necessarily subjective and uncertain. In the event of unexpected future developments, it is possible that the ultimate resolution of these cases, matters, and proceedings, if unfavorable, may be material to BancShares’ consolidated financial position in a particular period.
v3.24.0.1
Certain Relationships and Related Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
NOTE 25 — CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

CIT Northbridge Credit LLC (“Northbridge”) is an asset-based-lending joint venture between FCB and Allstate Insurance Company (“Allstate”) that extends credit in asset-based lending middle-market loans. FCB holds a 20% equity investment in Northbridge, and First Citizens Institutional Asset Management LLC, a subsidiary of FCB, acts as an investment advisor and servicer of the loan portfolio. Allstate is an 80% equity investor. FCB’s investment was $38 million and $43 million at December 31, 2023 and 2022, respectively, with the expectation of additional investment as the joint venture grows. Management fees were earned on loans under management. BancShares accounts for Northbridge under the equity method and recognized $6 million and $4 million in the Consolidated Statement of Income for the years ended December 31, 2023 and 2022, respectively, for its proportion of Northbridge’s net income.

BancShares has investments in qualified affordable housing projects primarily for the purposes of fulfilling CRA requirements and obtaining tax credits. These investments are accounted for using the proportional amortization method. BancShares also has investments in various trusts, partnerships, and limited liability corporations established in conjunction with structured financing transactions of equipment, power and infrastructure projects and workout transactions. BancShares’ interests in these entities were entered into in the ordinary course of business that are accounted for under the equity or cost methods. Refer to Note 10—Variable Interest Entities and Note 11—Other Assets for additional information.

The combination of investments in and loans to unconsolidated entities represents BancShares’ maximum exposure to loss, as BancShares does not provide guarantees or other forms of indemnification to unconsolidated entities.

BancShares has, and expects to have in the future, banking transactions in the ordinary course of business with directors, officers and their associates (“Related Persons”) and entities controlled by Related Persons.

For those identified as Related Persons as of December 31, 2023, the following table provides an analysis of changes in the loans outstanding during 2023 and 2022:
Year ended December 31
dollars in thousands20232022
Balance at January 1$171 $122 
New loans1,657 61 
Repayments(59)(12)
Balance at December 31$1,769 $171 

Unfunded loan commitments available to Related Persons were $2.3 million and $2.6 million as of December 31, 2023 and 2022, respectively.
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Parent Company Financial Statements
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
PARENT COMPANY FINANCIAL STATEMENTS
NOTE 26 — PARENT COMPANY FINANCIAL STATEMENTS
Parent Company
Condensed Balance Sheets
dollars in millionsDecember 31, 2023December 31, 2022
Assets
Cash and due from banks$200 $119 
Interest-earning deposits at banks5 3 
Investment in marketable equity securities82 93 
Investment in banking subsidiary21,324 9,935 
Investment in other subsidiaries50 34 
Other assets60 48 
Total assets$21,721 $10,232 
Liabilities and Stockholders' Equity
Subordinated debt$367 $454 
Borrowings due to banking subsidiary45 60 
Other liabilities54 56 
Total liabilities466 570 
Stockholders’ equity21,255 9,662 
Total liabilities and stockholders’ equity$21,721 $10,232 
Parent Company
Condensed Statements of Income
Year ended December 31
dollars in millions202320222021
Income
Dividends from banking subsidiary$367 $1,410 $173 
Other (loss) income(8)(2)36 
Total income359 1,408 209 
Expenses
Interest expense22 19 17 
Other expenses40 26 11 
Total expenses62 45 28 
Income before income taxes and equity in undistributed net income of subsidiaries297 1,363 181 
Income tax (benefit) expense(14)44 2 
Income before equity in undistributed net income of subsidiaries311 1,319 179 
Equity in undistributed (distributed) net income of subsidiaries11,155 (221)368 
Net income11,466 1,098 547 
Preferred stock dividends59 50 18 
Net income available to common stockholders$11,407 $1,048 $529 
Parent Company
Condensed Statements of Cash Flows
Year ended December 31
dollars in millions202320222021
OPERATING ACTIVITIES
Net income$11,466 $1,098 $547 
Adjustments to reconcile net income to cash provided by operating activities:
(Undistributed) distributed net income of subsidiaries(11,155)221 (368)
Deferred tax expense(5)48 — 
Net amortization of premiums and discounts— 1 1 
Fair value adjustment on marketable equity securities, net11 6 (34)
Stock based compensation expense5 19 — 
Net change in due to or from subsidiaries— — 4 
Net change in other assets(17)(3)7 
Net change in other liabilities3 (2)3 
Net cash provided by operating activities308 1,388 160 
INVESTING ACTIVITIES
Net (increase) decrease in interest-earning deposits at banks(2)3 (4)
Purchase of marketable equity securities— — (2)
Proceeds from sales of marketable equity securities— — 30 
Proceeds from sales, calls, and maturities of investment securities— — 2 
Net cash paid in acquisition— (51)— 
Net cash (used in) provided by investing activities(2)(48)26 
FINANCING ACTIVITIES
Repayment of other borrowings— (68)(20)
Repayment of subordinated debt(87)— — 
(Repayment) proceeds for borrowings due to banking subsidiary(15)20 — 
Repurchase of Class A common stock— (1,240)— 
Cash dividends paid(117)(83)(42)
Other financing activities(6)(24)— 
Net cash used in financing activities(225)(1,395)(62)
Net change in cash and due from banks81 (55)124 
Cash and due from banks at beginning of year119 174 50 
Cash and due from banks at end of year$200 $119 $174 
CASH PAYMENTS (REFUNDS) FOR:
Interest$23 $18 $17 
Income taxes470 (536)810 
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net income $ 11,466 $ 1,098 $ 547
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
Significant Accounting Policies and Basis of Presentation (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Basis of Presentation
Principles of Consolidation and Basis of Presentation
The accounting and reporting policies of BancShares are in accordance with United States generally accepted accounting principles (“GAAP”) and general practices within the banking industry.

The consolidated financial statements of BancShares include the accounts of BancShares and its subsidiaries, certain partnership interests and variable interest entities (“VIEs”) where BancShares is the primary beneficiary, if applicable. All significant intercompany accounts and transactions are eliminated upon consolidation. Assets held in agency or fiduciary capacity are not included in the consolidated financial statements.

VIEs are legal entities that either do not have sufficient equity to finance their activities without the support from other parties or whose equity investors lack a controlling financial interest. BancShares has investments in certain partnerships and limited liability entities that have been evaluated and determined to be VIEs. Consolidation of a VIE is appropriate if a reporting entity holds a controlling financial interest in the VIE and is the primary beneficiary. BancShares is not the primary beneficiary and does not hold a controlling interest in the VIEs as we do not have the power to direct the activities that most significantly impact the VIEs’ economic performance. As such, assets and liabilities of these entities are not consolidated into the financial statements of BancShares. The recorded investment in these entities is reported within other assets. See Note 10—Variable Interest Entities and Note 11—Other Assets for additional information.
Principles of Consolidation
Principles of Consolidation and Basis of Presentation
The accounting and reporting policies of BancShares are in accordance with United States generally accepted accounting principles (“GAAP”) and general practices within the banking industry.

The consolidated financial statements of BancShares include the accounts of BancShares and its subsidiaries, certain partnership interests and variable interest entities (“VIEs”) where BancShares is the primary beneficiary, if applicable. All significant intercompany accounts and transactions are eliminated upon consolidation. Assets held in agency or fiduciary capacity are not included in the consolidated financial statements.

VIEs are legal entities that either do not have sufficient equity to finance their activities without the support from other parties or whose equity investors lack a controlling financial interest. BancShares has investments in certain partnerships and limited liability entities that have been evaluated and determined to be VIEs. Consolidation of a VIE is appropriate if a reporting entity holds a controlling financial interest in the VIE and is the primary beneficiary. BancShares is not the primary beneficiary and does not hold a controlling interest in the VIEs as we do not have the power to direct the activities that most significantly impact the VIEs’ economic performance. As such, assets and liabilities of these entities are not consolidated into the financial statements of BancShares. The recorded investment in these entities is reported within other assets. See Note 10—Variable Interest Entities and Note 11—Other Assets for additional information.
Reclassifications
Reclassifications
In certain instances, amounts reported in the 2022 and 2021 consolidated financial statements have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported stockholders’ equity or net income.
Use of Estimates in the Preparation of Financial Statements
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions impact the amounts reported in the consolidated financial statements and accompanying notes and the disclosures provided, and actual results could differ from those estimates. The significant estimates related to the determination of the allowance for loan and lease losses (“ALLL”) and fair values of loans acquired in and the core deposit intangibles associated with a business combination are considered critical accounting estimates.
Business Combinations
Business Combinations
BancShares accounts for business combinations using the acquisition method of accounting. Under this method, acquired assets and assumed liabilities are included with the acquirer’s accounts at their estimated fair value as of the date of acquisition, with any excess of purchase price over the fair values of the net assets acquired and any finite-lived intangible assets established in connection with the business combination recognized as goodwill. To the extent the fair value of identifiable net assets acquired exceeds the purchase price, a gain on acquisition is recognized. Acquisition-related costs are recognized as period expenses as incurred.

On March 27, 2023 (the “SVBB Acquisition Date”), FCB acquired substantially all loans and certain other assets and assumed all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A. (“SVBB”) from the Federal Deposit Insurance Corporation (the “FDIC”) pursuant to the terms of a purchase and assumption agreement (the “SVBB Purchase Agreement”) by and among FCB, the FDIC, and the FDIC, as receiver of SVBB (the “SVBB Acquisition”).
On January 3, 2022 (the “CIT Merger Date”), BancShares completed its merger (the “CIT Merger”) with CIT Group Inc. (“CIT”), pursuant to an Agreement and Plan of Merger, dated as of October 15, 2020, as amended by Amendment No. 1, dated as of September 30, 2021 (as amended, the “CIT Merger Agreement”).
Reportable Segments
Reportable Segments
As of December 31, 2022, BancShares managed its business and reported its financial results in General Banking, Commercial Banking, and Rail segments. All other financial information is included in the “Corporate” component of segment disclosures. In conjunction with the SVBB Acquisition, BancShares added the Silicon Valley Banking segment (the “SVB segment”), which includes the assets acquired, liabilities assumed and related operations from the SVBB Acquisition. See Note 23—Business Segment Information for additional information.
Interest-Earning Deposits at Banks
Interest-Earning Deposits at Banks
Interest-earning deposits at banks are primarily comprised of interest-bearing deposits with the Federal Reserve Bank (“FRB”) and other banks. Interest-earning deposits at banks have maturities of three months or less. The carrying value of interest-earning deposits at banks approximates its fair value due to its short-term nature.
Securities Purchased Under Agreement to Resell and Securities Sold Under Customer Repurchase Agreements
Securities Purchased Under Agreement to Resell
Securities purchased under agreement to resell are accounted for as collateralized financing transactions as the terms of such purchase agreements do not qualify for sale accounting and are therefore recorded at the amount of cash advanced. The securities purchased under agreement to resell were collateralized by U.S. Treasury and U.S. agency mortgage-backed securities. Accrued interest receivables are recorded in other assets. Interest earned is recorded in interest income.
Securities Sold Under Customer Repurchase Agreements
BancShares enters into sales of securities under agreements to repurchase which are treated as financings, with the obligation to repurchase securities sold reflected as short-term borrowings.
Investments
Investments

Debt Securities
BancShares classifies debt securities as held to maturity or available for sale. Debt securities are classified as held to maturity when BancShares has the intent and ability to hold the securities to maturity. held to maturity securities are reported at amortized cost. Debt securities classified as available for sale are reported at estimated fair value, with unrealized gains and losses, net of income taxes, reported in Accumulated Other Comprehensive Income (“AOCI”). Amortization of premiums and accretion of discounts for debt securities are recorded in interest income. Realized gains and losses from the sale of debt securities are included in noninterest income. BancShares performs pre-purchase due diligence and evaluates the credit risk of available for sale and held to maturity debt securities purchased directly into BancShares' portfolio or via acquisition. If securities have evidence of more than insignificant credit deterioration since issuance, they are designated as purchased credit deteriorated (“PCD”).

For available for sale debt securities, management performs a quarterly analysis of the investment portfolio to evaluate securities currently in an unrealized loss position for potential credit-related impairment. If BancShares intends to sell a security, or does not have the intent and ability to hold a security before recovering the amortized cost, the entirety of the unrealized loss is immediately recorded in earnings to the extent that it exceeds the associated allowance for credit losses previously established. For the remaining securities, an analysis is performed to determine if any portion of the unrealized loss recorded relates to credit impairment. If credit-related impairment exists, the amount is recorded through the allowance for credit losses and related provision. This review includes indicators such as changes in credit rating, delinquency, bankruptcy or other significant events impacting the issuer.

Debt securities are also classified as past due when the payment of principal and interest based upon contractual terms is 30 days delinquent or greater. Management reviews all debt securities with delinquent interest and immediately charges off any accrued interest determined to be uncollectible. See Note 3—Investment Securities for additional information.

Equity Securities
Investments in equity securities having readily determinable fair values are stated at fair value. Realized and unrealized gains and losses on these securities are included in noninterest income. Dividends on marketable equity securities are included in interest on investment securities.
Nonmarketable equity securities that do not meet the criteria to be accounted for under the equity method and that do not have readily determinable fair values are measured at cost under the measurement alternative with adjustments for impairment and observable price changes if applicable. Dividends from these investments are included in noninterest income. See Note 11—Other Assets for amounts of nonmarketable equity securities at December 31, 2023 and 2022.

BancShares evaluates its equity securities for impairment and recoverability of the recorded investment based on analysis of the facts and circumstances of each investment, including the profitability and asset quality of the issuer, dividend payment history and recent redemption experience. Impairment is assessed at each reporting period and if identified, is recognized in noninterest income.

Other Securities
Membership in the Federal Home Loan Bank (“FHLB”) network requires ownership of FHLB restricted stock. This stock is restricted as it may only be sold to the FHLB and all sales must be at par. Accordingly, the FHLB restricted stock is carried at cost, less any applicable impairment charges and is recorded within other assets. Additionally, BancShares holds shares of Visa Inc. (“Visa”) Class B common stock. See Note 3—Investment Securities and Note 11—Other Assets for additional information.
Affordable Housing Tax Credit Investments
Affordable Housing Tax Credit Investments
BancShares has investments in qualified affordable housing projects primarily for the purposes of fulfilling Community Reinvestment Act of 1977 (“CRA”) requirements and obtaining tax credits. These investments are accounted for using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received, and the net investment performance is recognized in the income statement as a component of income tax expense. All of our investments in qualified affordable housing projects are accounted for under the proportional amortization method.
Equity Method Investments
Equity Method Investments
Under the equity method, we record our proportionate share of the profits or losses of the investment entity as an adjustment to the carrying value of the investment and as a component of other noninterest income. Dividends and distributions from these investments are recorded as reductions to the carrying value of the investments. These investments are evaluated for impairment, with impairment recorded when there is an other-than-temporary decline in value.
Assets Held for Sale
Assets Held for Sale
Assets held for sale (“AHFS”) primarily consists of commercial loans carried at the lower of the cost or fair value (“LOCOM”) and residential mortgage loans carried at fair value, as BancShares elected to apply the fair value option for mortgage loans originated with the intent to sell. AHFS also includes operating lease equipment held for sale, which is carried at LOCOM.
Loans and Leases
Loans and Leases
Originated loans for which management has the intent and ability to hold for the foreseeable future are classified as held for investment and carried at the principal amount outstanding net of any unearned income, charge-offs and unamortized fees and costs. Nonrefundable fees collected and certain direct costs incurred related to loan originations are deferred and recorded as an adjustment to loans outstanding. The net amount of the nonrefundable fees and costs is amortized to interest income over the contractual lives as an adjustment to yield using methods that approximate a constant yield, as applicable, or the straight-line method for revolving lines of credit.

BancShares extends credit to commercial customers through a variety of financing arrangements including term loans, revolving credit facilities, finance leases and operating leases. BancShares also extends credit through consumer loans, including residential mortgages and auto loans. Our loan classes as of December 31, 2023 are described below.

Commercial Loans and Leases
Commercial Construction – Commercial construction consists of loans to finance land for commercial development of real property and construction of multifamily apartments or other commercial properties. These loans are highly dependent on the supply and demand for commercial real estate (“CRE”) as well as the demand for newly constructed residential homes and lots acquired for development. Deterioration in demand could result in decreased collateral values, which could make repayments of outstanding loans difficult.
Owner Occupied Commercial Mortgage – Owner occupied commercial mortgage consists of loans to purchase or refinance owner occupied nonresidential properties. This includes office buildings, other commercial facilities and farmland. Commercial mortgages secured by owner occupied properties are primarily dependent on the ability of borrowers to achieve business results consistent with those projected at loan origination. While these loans are collateralized by real property in an effort to mitigate risk, it is possible the liquidation of collateral will not fully satisfy the obligation.

Non-owner Occupied Commercial Mortgage – Non-owner occupied commercial mortgage consists of loans to purchase or refinance investment nonresidential properties. This includes office buildings and other facilities rented or leased to unrelated parties, as well as farmland and multifamily properties. The primary risk associated with income producing commercial mortgage loans is the ability of the income-producing property that collateralizes the loan to produce adequate cash flow to service the debt. While these loans are collateralized by real property in an effort to mitigate risk, it is possible the liquidation of collateral will not fully satisfy the obligation.

Commercial and Industrial – Commercial and industrial (“C&I”) loans consist of loans or lines of credit to finance accounts receivable, inventory or other general business needs, and business credit cards. The primary risk associated with C&I loans is the ability of borrowers to achieve business results consistent with those projected at origination. Failure to achieve these projections presents risk that the borrower will be unable to service the debt consistent with the contractual terms of the loan.

Factoring – We provide factoring, receivable management, and secured financing to businesses (our clients, who are generally manufacturers or importers of goods) that operate in several industries, including apparel, textile, furniture, home furnishings and consumer electronics. Factoring entails the assumption of credit risk with respect to trade accounts receivable arising from the sale of goods by our clients to their customers (generally retailers) that have been factored (i.e., sold or assigned to the factor). The most prevalent risk in factoring transactions is customer credit risk, which relates to the financial inability of a customer to pay undisputed factored trade accounts receivable. Factoring receivables are primarily included in the C&I loan class.

Leases – Leases consists of finance lease arrangements for technology and office equipment and large and small industrial, medical, and transportation equipment.

Consumer Loans
Residential Mortgage – Consumer mortgage consists of loans to purchase, construct, or refinance the borrower’s primary dwelling, secondary residence or vacation home and are often secured by 1-4 family residential properties or undeveloped or partially developed land in anticipation of completing construction of a 1-4 family residential property. Significant and rapid declines in real estate values can result in borrowers having debt levels in excess of the current market value of the collateral. Delays in construction and development projects can cause cost overruns exceeding the borrower’s financial ability to complete the project. Such cost overruns can result in foreclosure of partially completed and unmarketable collateral.

Revolving Mortgage – Revolving mortgage consists of home equity lines of credit and other lines of credit or loans secured by first or second liens on the borrower’s primary residence. These loans are secured by both senior and junior liens on the residential real estate and are particularly susceptible to declining collateral values. This risk is elevated for loans secured by junior liens as a substantial decline in value could render the junior lien position effectively unsecured.

Consumer Auto – Consumer auto loans consist of installment loans to finance purchases of vehicles. These loans include direct auto loans originated in bank branches, as well as indirect auto loans originated through agreements with auto dealerships. The value of the underlying collateral within this class is at risk of potential rapid depreciation, which could result in unpaid balances in excess of the collateral, if any.

Consumer Other – Other consumer loans consist of loans to finance unsecured home improvements, student loans, and revolving lines of credit that can be secured or unsecured, including personal credit cards. The value of the underlying collateral within this class is at risk of potential rapid depreciation, which could result in unpaid balances in excess of the collateral.

SVB Loan Classes
SVB loan classes were added to reflect the loans acquired in the SVBB Acquisition. The SVB loan classes are described below.

Global Fund Banking – Global fund banking is the largest class of SVB loans and consists of capital call lines of credit, the repayment of which is dependent on the payment of capital calls by the underlying limited partner investors in funds managed by certain private equity and venture capital firms.
Investor Dependent – The investor dependent class includes loans made primarily to technology and life science/healthcare companies. These borrowers typically have modest or negative cash flows and rarely have an established record of profitable operations. Repayment of these loans may be dependent upon receipt by borrowers of additional equity financing from venture capital firms or other investors, or in some cases, a successful sale to a third-party or an initial public offering. The investor dependent loans are disaggregated into two classes:
•Early Stage – These include loans to pre-revenue, development-stage companies and companies that are in the early phases of commercialization, with revenues of up to $5 million.
•Growth Stage – These include loans to growth stage enterprises. Companies with revenues between $5 million and $15 million, or pre-revenue clinical-stage biotechnology companies, are considered to be mid-stage, and companies with revenues in excess of $15 million are considered to be later-stage.

Cash Flow Dependent and Innovation C&I – Cash flow dependent and innovation C&I loans are made primarily to technology and life science/healthcare companies that are not investor dependent. Repayment of these loans is not dependent on additional equity financing, a successful sale or an initial public offering.
•Cash Flow Dependent – Cash flow dependent loans are typically used to assist a select group of private equity sponsors with the acquisition of businesses, are larger in size and repayment is generally dependent upon the cash flows of the combined entities. Acquired companies are typically established, later-stage businesses of scale, and characterized by reasonable levels of leverage with loan structures that include meaningful financial covenants. The sponsor’s equity contribution is often 50 percent or more of the acquisition price.
•Innovation C&I – These include loans in innovation sectors such as technology and life science/healthcare industries. Innovation C&I loans are dependent on either the borrower’s cash flows or balance sheet for repayment. Cash flow dependent loans require the borrower to maintain cash flow from operations that is sufficient to service all debt. Borrowers must demonstrate normalized cash flow in excess of all fixed charges associated with operating the business. Balance sheet dependent loans include asset-backed loans and are structured to require constant current asset coverage (e.g., cash, cash equivalents, accounts receivable and, to a much lesser extent, inventory) in an amount that exceeds the outstanding debt. The repayment of these arrangements is dependent on the financial condition, and payment ability, of third parties with whom our clients do business.

Private Bank – Private banking includes loans to clients who are primarily private equity or venture capital professionals and executives in the innovation companies, as well as high net worth clients. We offer a customized suite of private banking services, including mortgages, home equity lines of credit, restricted and private stock loans, personal capital call lines of credit, lines of credit against liquid assets and other secured and unsecured lending products. In addition, we provide owner occupied commercial mortgages and real estate secured loans.

Commercial Real Estate – CRE consists generally of acquisition financing loans for commercial properties such as office buildings, retail properties, apartment buildings and industrial/warehouse space.

Other – The remaining smaller acquired portfolios are aggregated into this category. These include other C&I, premium wine and other acquired portfolios.
•Other C&I loans include working capital and revolving lines of credit, as well as term loans for equipment and fixed assets. These loans are primarily to clients that are not in the technology and life sciences/healthcare industries. Additionally, other C&I loans contain commercial tax-exempt loans to not-for-profit private schools, colleges, public charter schools and other not-for-profit organizations.
•Premium wine loans are made to wine producers, vineyards and wine industry or hospitality businesses across the Western United States. A large portion of these loans are secured by real estate collateral such as vineyards and wineries.
▪Other acquired portfolios consist primarily of construction and land loans for financing new developments as well as financing for improvements to existing buildings. These also include community development loans made as part of our responsibilities under CRA.

Acquired Loans and Leases
BancShares’ accounting methods for acquired loans and leases depends on whether or not the loans reflect more than insignificant credit deterioration since origination at the date of acquisition.
Non-Purchased Credit Deteriorated Loans and Leases
Non-Purchased Credit Deteriorated (“Non-PCD”) loans and leases do not reflect more than insignificant credit deterioration since origination at the date of acquisition. These loans are recorded at fair value and an increase to the ALLL is recorded with a corresponding increase to the provision for credit losses at the date of acquisition. The difference between fair value and the unpaid principal balance (“UPB”) at the acquisition date is amortized or accreted to interest income over the contractual life of the loan using the effective interest method.

Purchased Credit Deteriorated Loans and Leases
Purchased loans and leases that reflect a more than insignificant credit deterioration since origination at the date of acquisition are classified as PCD loans and leases. PCD loans and leases are recorded at acquisition date amortized cost, which is the purchase price or fair value in a business combination, plus BancShares' initial ALLL, which results in a gross up of the loan balance (the “PCD Gross-Up”). The initial ALLL for PCD loans and leases (the “Initial PCD ALLL”) is established through the PCD Gross-Up and there is no corresponding increase to the provision for credit losses. The difference between the UPB and the acquisition date amortized cost resulting from the PCD Gross-Up is amortized or accreted to interest income over the contractual life of the loan using the effective interest method. Refer to Note 5—Allowance for Loan and Lease Losses for additional information.

Past Due and Non-Accrual Loans and Leases
Loans and leases are classified as past due when the payment of principal and interest based upon contractual terms is 30 days or greater delinquent. Loans and leases are generally placed on nonaccrual when principal or interest becomes 90 days past due or when it is probable the principal or interest is not fully collectible. When loans are placed on nonaccrual, previously uncollected accrued interest is reversed from interest income and the ongoing accrual of interest is discontinued. All payments received thereafter are applied as a reduction of the outstanding balance until the account is collected, charged-off or returned to accrual status. Loans and leases are generally removed from nonaccrual status when they become current for a sustained period of time and there is no longer concern as to the collectability of principal and interest.

Troubled Debt Restructurings and Loan Modifications When a Borrower is Experiencing Financial Difficulty
Refer to discussion in the “Newly Adopted Accounting Standards” section of Note 1—Significant Accounting Policies and Basis of Presentation.

Loan Charge-Offs and Recoveries
Loan charge-offs are recorded after considering such factors as the borrower’s financial condition, the value of underlying collateral, guarantees, and the status of collection activities. Loan balances considered uncollectible are charged-off against the ALLL and deducted from the carrying value of the related loans. Consumer loans are subject to mandatory charge-off at specified delinquency dates in accordance with regulatory guidelines. The value of the underlying collateral for consumer loans is considered when determining the charge-off amount if repossession is reasonably assured and in process. See Note 4—Loans and Leases for additional information. Realized recoveries of amounts previously charged-off are credited to the ALLL.
Allowance for Loan and Lease Losses
Allowance for Loan and Lease Losses
The ALLL represents management’s best estimate of credit losses expected over the life of the loan or lease, adjusted for expected contractual payments and the impact of prepayment expectations. Estimates for loan and lease losses are determined by analyzing quantitative and qualitative components present as of the evaluation date using the current expected credit loss (“CECL”) methodology in accordance with Financial Accounting Standards Board Accounting Standard Codification (“ASC”) 326 Financial Instruments- Credit Losses. Adjustments to the ALLL are recorded with a corresponding entry to the provision or benefit for credit losses.

The ALLL is calculated based on a variety of considerations, including, but not limited to actual net loss history of the various loan and lease pools, delinquency trends, changes in forecasted economic conditions, loan growth, estimated loan life, and changes in portfolio credit quality. Loans and leases are segregated into pools with similar risk characteristics and each have a model that is utilized to estimate the ALLL. These ALLL models estimate the probability of obligor default (“PD”) and loss given default (“LGD”) for individual loans and leases within each risk pool based on historical loss experience, borrower characteristics, collateral type, forecasts of future economic conditions, expected future recoveries and other factors. The loan and lease level, undiscounted ALLL is calculated by applying the modeled PD and LGD to monthly forecasted loan and lease balances which are adjusted for contractual payments, prior defaults, and prepayments. Prepayment assumptions were developed through a review of BancShares’ historical prepayment activity and considered forecasts of future economic conditions. Forecasted LGDs are adjusted for expected recoveries. Model outputs may be adjusted through a qualitative assessment to reflect trends not captured within the models, which could include economic conditions, credit quality, concentrations, and significant policy and underwriting changes. Risk pools for estimating the ALLL are aggregated into commercial, consumer and SVB loan portfolios for reporting purposes in Note 5—Allowance for Loan and Lease Losses.
The ALLL models utilize economic variables, including unemployment, gross domestic product, home price index, CRE index, corporate profits, and credit spreads. These economic variables are based on macroeconomic scenario forecasts with a forecast horizon that covers the lives of the loan portfolios. Due to the inherent uncertainty in the macroeconomic forecasts, BancShares utilizes baseline, upside, and downside macroeconomic scenarios and weights the scenarios based on review of variable forecasts for each scenario and comparison to expectations.

When loans do not share risk characteristics similar to others in the pool, the ALLL is evaluated on an individual basis. Given that BancShares' CECL models are loan level models, the number of loans individually evaluated is not significant and consists primarily of loans greater than $500 thousand. A specific ALLL is established, or charge-off is recorded, for the difference between the excess amortized cost of loan and the estimated fair value of the loan, less estimated costs to sell.

Accrued Interest Receivable
BancShares' accounting policies and credit monitoring provide that uncollectible accrued interest is reversed or written off against interest income in a timely manner. Therefore, BancShares elected to not measure an ALLL for accrued interest receivable. Accrued interest receivable is recorded in other assets and is excluded from the amortized cost basis of loans, investment securities available for sale, and investment securities held to maturity.

Unfunded Commitments
A reserve for off-balance sheet exposures is established for unfunded commitments such as unfunded balances for existing lines of credit, deferred purchase agreements (“DPAs”), commitments to extend future credit, as well as both standby and commercial letters of credit, when there is a contractual obligation to extend credit and when this extension of credit is not unconditionally cancellable (i.e. commitment cannot be canceled at any time). We do not recognize an ALLL for commitments that are unconditionally cancellable at our discretion. These unfunded commitments are assessed to determine both the probability of funding as well as the expectation of future losses. BancShares estimates the expected funding amounts and applies its PD and LGD models to those expected funding amounts to estimate the reserve for off-balance sheet exposures. See Note 5—Allowance for Loan and Lease Losses for the provision for off-balance sheet credit exposure and Note 15—Other Liabilities for ending balances for the reserve for off-balance sheet credit exposure.
Lessor Arrangements
Lessor Arrangements
Operating lease equipment is carried at cost less accumulated depreciation. Operating lease equipment is depreciated to its estimated residual value using the straight-line method over the lease term or estimated useful life of the asset. Rail equipment has estimated useful lives of 40-50 years and the useful lives of other equipment are generally 3-10 years.

Where management’s intent is to sell the operating lease equipment and provided specific AHFS accounting criteria are met, the equipment is marked to LOCOM and classified as AHFS and depreciation is no longer recognized. Equipment received at the end of the lease to be sold is marked to LOCOM, with the adjustment recorded in other noninterest income. Initial direct costs are amortized over the lease term.

Sales-type and direct financing leases are carried at the aggregate of lease payments receivable and estimated residual value of the leased property, if applicable, less unearned income. Interest income is recognized over the term of the leases to achieve a constant periodic rate of return on the outstanding investment. Our finance lease activity primarily relates to leasing of new equipment with the equipment purchase price equal to fair value and therefore there is no selling profit or loss at lease commencement.

Lease components are separated from non-lease components that transfer a good or service to the customer; and the non-lease components in our lease contracts are accounted for in accordance with ASC 310 Receivables. BancShares utilizes the operating lease practical expedient for its Rail portfolio leases to not separate non-lease components of railcar maintenance services from associated lease components, and as a result rental income includes the maintenance non-lease component. This practical expedient is available when both of the following are met: (i) the timing and pattern of transfer of the non-lease components and associated lease component are the same and (ii) the lease component, if accounted for separately, would be classified as an operating lease.
We manage and evaluate residual risk by performing periodic reviews of estimated residual values and monitoring levels of residual realizations. A change in estimated operating lease residual values would result in a change in future depreciation expense. A change in estimated finance lease residual values during the lease term impacts the ALLL as the lessor considers both the lease receivable and the unguaranteed residual asset when determining the finance lease ALLL.
Impairment of Operating Lease Equipment
Impairment of Operating Lease Equipment
A review for impairment of our operating lease equipment is performed at least annually or when events or changes in circumstances indicate that the carrying amount of these long-lived assets may not be recoverable. Impairment of long-lived assets is determined by comparing the carrying amount to future undiscounted net cash flows expected to be generated. If a long-lived asset is impaired, the impairment is the amount by which the carrying amount exceeds the fair value of the long-lived asset. Depreciation expense is adjusted when the projected fair value is below the projected book value at the end of the depreciable life.
Lessee Arrangements
Lessee Arrangements
BancShares leases certain branch locations, administrative offices and equipment. Operating lease right of use assets (“ROU assets”) are included in other assets and the associated lease obligations are included in other liabilities. Finance leases are included in premises and equipment and other borrowings. See Note 13—Borrowings for additional information. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets; BancShares instead recognizes lease expense for these leases on a straight-line basis over the lease term.

ROU assets represent BancShares' right to use an underlying asset for the lease term and lease liabilities represent BancShares' corresponding obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets also include initial direct costs and pre-paid lease payments made less any lease incentives received. As most of BancShares' leases do not provide an implicit rate, BancShares uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is determined using secured rates for new FHLB advances under similar terms as the lease at inception.

Most leases include one or more options to renew. The exercise of lease renewal options is at BancShares' sole discretion. When it is reasonably certain BancShares will exercise its option to renew or extend the lease term, the option is included in calculating the value of the ROU asset and lease liability. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.
BancShares determines if an arrangement is a lease at inception. BancShares’ lease agreements do not contain any material residual value guarantees or material restrictive covenants. BancShares does not lease any properties or facilities from any related party.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill is defined in the “Business Combinations” section of Note 1—Significant Accounting Policies and Basis of Presentation. BancShares’ evaluates goodwill for impairment annually as of July 31 (the “Annual Goodwill Impairment Test”), or more frequently if events occur or circumstances change that may trigger a decline in the value of the reporting unit or otherwise indicate that a potential impairment exists.

BancShares applied the acquisition method of accounting for the SVBB Acquisition and CIT Merger and the fair values of the net assets acquired and core deposit intangibles exceeded the purchase price for each transaction. Consequently, there was a gain on acquisition (and no goodwill) related to the SVBB Acquisition and the CIT Merger.

Other finite-lived intangible assets, such as core deposit intangibles, are initially recorded at fair value and are amortized over their average estimated useful lives. Intangible assets are evaluated for impairment when events or changes in circumstances indicate a potential impairment exists.
Other Real Estate Owned
Other Real Estate Owned
Other Real Estate Owned (“OREO”) includes foreclosed real estate property and closed branch properties. Foreclosed real estate property in OREO is initially recorded at the asset’s estimated fair value less costs to sell. Any excess in the recorded investment in the loan over the estimated fair value less costs to sell is charged-off against the ALLL at the time of foreclosure. If the estimated value of the OREO exceeds the recorded investment of the loan, the difference is recorded as a gain within other income.
OREO is subsequently carried at the lower of cost or market value less estimated selling costs and is evaluated at least annually. The periodic evaluations are generally based on the appraised value of the property and may include additional adjustments based upon management’s review of the valuation estimate and specific knowledge of the property. Routine maintenance costs, income and expenses related to the operation of the foreclosed asset, subsequent declines in market value and net gains or losses on disposal are included in collection and foreclosure-related expense.
Premises and Equipment
Premises and Equipment
Premises and equipment are carried at cost less accumulated depreciation. Land is carried at cost. Depreciation expense is generally computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements and finance lease ROU assets are amortized on a straight-line basis over the lesser of the lease terms or the estimated useful lives of the assets. BancShares reviews premises and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and when an impairment loss is recognized the adjusted carrying amount will be its new cost basis to depreciate over the remaining useful life of the asset.
Derivative Assets and Liabilities
Derivative Assets and Liabilities
BancShares manages economic risk and exposure to interest rate and foreign currency risk through derivative transactions in over-the-counter markets with other financial institutions. BancShares also offers derivative products to its customers in order for them to manage their interest rate and currency risks. BancShares does not enter into derivative financial instruments for speculative purposes.

Derivatives utilized by BancShares may include swaps, forward settlement contracts, options contracts and risk participations. A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. Forward settlement contracts are agreements to buy or sell a quantity of a financial instrument, index, currency or commodity at a predetermined future date, and rate or price. An option contract is an agreement that gives the buyer the right, but not the obligation, to buy or sell an underlying asset from or to another party at a predetermined price or rate over a specific period of time. A risk participation is a financial guarantee, in exchange for a fee, that gives the buyer the right to be made whole in the event of a predefined default event.

BancShares documents, at inception, all relationships between hedging instruments and hedged items, as well as the risk management objectives and strategies for undertaking various hedges. Upon executing a derivative contract, BancShares designates the derivative as either a qualifying hedge or nonqualifying hedge (defined below). The designation may change based upon management’s reassessment of circumstances.

In order to manage its interest rate exposure, BancShares enters into fair value hedges of certain fixed rate debt. BancShares recognizes the changes in the fair values of the hedging instrument and hedged item in interest expense for borrowings in the Consolidated Statements of Income.

Derivatives not designated as hedging instruments (“nonqualifying hedges”) are presented in the Consolidated Balance Sheets in other assets or other liabilities, with resulting gains or losses and periodic interest settlements and other changes in fair value reported in other noninterest income.

BancShares provides interest rate derivative contracts to support the business requirements of its customers. The derivative contracts include interest rate swap agreements and interest rate cap and floor agreements wherein BancShares acts as a seller of these derivative contracts to its customers. To mitigate the market risk associated with these customer derivatives, BancShares enters into back-to-back positions with broker-dealers.

BancShares has both bought and sold credit protection in the form of participations in interest rate swaps (risk participations). These risk participations were entered into in the ordinary course of business to facilitate customer credit needs. Swap participations where BancShares has sold credit protection have maturities ranging between 2024 and 2048 and may require BancShares to make payment to the counterparty if the customer fails to make payment on any amounts due to the counterparty upon early termination of the swap transaction.

BancShares uses foreign currency forward contracts, interest rate swaps, and options to hedge interest rate and foreign currency risks arising from its asset and liability mix. These are treated as economic hedges.
All derivative instruments are recorded at their respective fair value. BancShares reports all derivatives on a gross basis in the Consolidated Balance Sheets and does not offset derivative assets and liabilities and cash collateral under master netting agreements except for swap contracts cleared by the Chicago Mercantile Exchange and LCH Clearnet. These swap contracts are accounted as “settled-to-market” and cash variation margin paid or received is characterized as settlement of the derivative exposure. Variation margin balances are offset against the corresponding derivative asset and liability balances on the balance sheet.

Fair value is based on dealer quotes, pricing models, discounted cash flow methodologies, or similar techniques for which the determination of fair value may require significant management judgment or estimation. Valuations of derivative assets and liabilities reflect the value of the instrument including BancShares’ and the counterparty’s credit risk.

BancShares is exposed to credit risk to the extent that the counterparty fails to perform under the terms of a derivative agreement. Losses related to credit risk are reflected in other noninterest income. BancShares manages this credit risk by requiring that all derivative transactions entered into as hedges be conducted with counterparties rated investment grade at the initial transaction by nationally recognized rating agencies, and by setting limits on the exposure with any individual counterparty. In addition, pursuant to the terms of the Credit Support Annexes between BancShares and its counterparties, BancShares may be required to post collateral or may be entitled to receive collateral in the form of cash or highly liquid securities depending on the valuation of the derivative instruments as measured on a daily basis. See Note 14—Derivative Financial Instruments for additional information.

Foreign Exchange Contracts
As a result of the SVBB Acquisition, FCB has foreign exchange forwards and swaps contracts with clients involved in foreign activities, either as the purchaser or seller, depending upon the clients’ needs. These are structured as back-to-back contracts to mitigate the risk of fluctuations in currency rates. The foreign exchange forward contracts are with correspondent banks to economically reduce our foreign exchange exposure related to certain foreign currency denominated instruments.

Equity Warrant Assets
In connection with negotiating credit facilities and certain other services, FCB may obtain rights that include an option to purchase a position in a client company's stock in the form of an equity warrant. The equity warrant assets are primarily in private, venture-backed companies in the technology and life science/healthcare industries and are generally categorized as Level 3 on the fair value hierarchy due to lack of direct observable pricing and a general lack of liquidity due to the private nature of the associated underlying company.
Mortgage Servicing Rights
Mortgage Servicing Rights
Mortgage servicing rights (“MSRs”) represent the right to provide servicing under various loan servicing contracts when servicing is retained in connection with a loan sale or acquired in a business combination. MSRs are initially recorded at fair value and amortized in proportion to, and over the period of, the future net servicing income of the underlying loan. At each reporting period, MSRs are evaluated for impairment based upon the fair value of the rights as compared to the carrying value. See Note 9—Mortgage Servicing Rights for additional information.
Fair Values
Fair Values

Fair Value Hierarchy
BancShares measures the fair value of its financial assets and liabilities in accordance with ASC 820 Fair Value Measurement, which defines fair value, establishes a consistent framework for measuring fair value and requires disclosures about fair value measurements. BancShares categorizes its financial instruments based on the significance of inputs to the valuation techniques according to the following three-tier fair value hierarchy:
•Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. Level 1 assets and liabilities include equity securities that are traded in an active exchange market.
•Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include certain commercial loans, debt and equity securities with quoted prices that are traded less frequently than exchange-traded instruments or using a third-party pricing service, borrowings, time deposits, deposits with no stated maturity, securities sold under customer repurchase agreements and derivative contracts whose values are determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data.
•Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments such as collateral dependent commercial and consumer loans, as well as loans held for sale, certain available for sale corporate securities and derivative contracts, such as equity warrants, whose values are determined using valuation models, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
Per Share Data
Per Share Data
Earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of Class A common stock, par value $1 (“Class A common stock”), and Class B common stock, par value $1 (“Class B common stock”), outstanding during each period. Diluted earnings per common share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding increased by the weighted-average potential impact of dilutive shares. BancShares’ potential dilutive instruments include unvested restricted stock units (“RSUs”). The dilutive effect is computed using the treasury stock method, which assumes the conversion of these instruments. However, in periods when there is a net loss, these shares would not be included in the diluted earnings per common share computation as the result would have an anti-dilutive effect. BancShares had no potential dilutive common shares outstanding prior to the CIT Merger and did not report diluted earnings per common share for prior periods.
Income Taxes
Income Taxes
Income taxes are accounted for using the asset and liability approach as prescribed in ASC 740, Income Taxes. Under this method, a deferred tax asset (“DTA”) or deferred tax liability (“DTL”) is determined based on the currently enacted tax rates applicable to the period in which the differences between the financial statement carrying amounts and tax basis of existing assets and liabilities are expected to be reported in BancShares’ income tax returns. The effect on deferred taxes of a change in tax rates is recognized in income in the period which includes the enactment date. BancShares has adopted the portfolio approach for purposes of releasing residual tax effects within AOCI.

BancShares has unrecognized tax benefits related to the uncertain portion of tax positions BancShares has taken or expects to take. The potential impact of current events on the estimates used to establish income tax expenses and income tax liabilities is continually monitored and evaluated. Income tax positions based on current tax law, positions taken by various tax auditors within the jurisdictions where income tax returns are filed, as well as potential or pending audits or assessments by such tax auditors are evaluated on a periodic basis. BancShares files a consolidated federal income tax return and various combined and separate company state tax returns.
As a result of the Inflation Reduction Act of 2022, effective for tax years beginning after December 31, 2022, BancShares is subject to a Corporate Alternative Minimum Tax (“CAMT”). BancShares treats CAMT that may be applicable to tax years beginning after December 31, 2022 as a period cost.
Bank-Owned Life Insurance (“BOLI”)
Bank-Owned Life Insurance (“BOLI”)
Banks can purchase life insurance policies on the lives of certain officers and employees and are the owner and beneficiary of the policies. These policies, known as BOLI, offset the cost of providing employee benefits. BancShares records BOLI at each policy’s respective cash surrender value (“CSV”), with changes in the CSV recorded as noninterest income in the Consolidated Statements of Income.
Share-Based Compensation
Stock-Based Compensation
BancShares did not have stock-based compensation awards prior to completion of the CIT Merger. Certain CIT employees received grants of RSUs (“CIT RSUs”) or performance stock unit awards (“CIT PSUs”). Upon completion of the CIT Merger and pursuant to the terms of the Merger Agreement, (i) the CIT RSUs and CIT PSUs converted into “BancShares RSUs” based on the 0.062 exchange ratio (the “Exchange Ratio”) and (ii) the BancShares RSUs became subject to the same terms and conditions (including vesting terms, payment timing and rights to receive dividend equivalents) applicable to the CIT RSUs and CIT PSUs, except that vesting for the converted CIT PSUs was no longer subject to any performance goals or metrics. The fair value of the BancShares RSUs was determined based on the closing share price of the Parent Company’s Class A common stock on the CIT Merger Date. The fair value of the BancShares RSUs is (i) included in the purchase price consideration for the portion related to employee services provided prior to completion of the CIT Merger and (ii) recognized in expenses for the portion related to employee services to be provided after completion of the CIT Merger. For “graded vesting” awards, each vesting tranche of the award is amortized separately as if each were a separate award. For “cliff vesting” awards, compensation expense is recognized over the requisite service period. BancShares recognizes the effect of forfeitures in compensation expense when they occur. In the event of involuntary termination of employees after the CIT Merger Date, vesting occurs on the employee termination date for BancShares RSUs subject to change in control provisions. Expenses related to stock-based compensation are included in acquisition-related expenses in the Consolidated Statements of Income. Stock-based compensation is discussed further in Note 22—Employee Benefit Plans.

Members of the CIT Board of Directors had RSU awards, stock settled annual awards, and deferred stock-settled annual awards (collectively, the “CIT Director Equity Awards”), which vested immediately upon the completion of the CIT Merger. The fair value of the CIT Director Equity Awards was determined based on the Exchange Ratio and the closing share price of the Class A common stock on the CIT Merger Date, and was included in the purchase price consideration disclosed in Note 2—Business Combinations.
Defined Benefit Pension Plans and Other Postretirement Benefits
Defined Benefit Pension Plans and Other Postretirement Benefits
BancShares has both funded and unfunded noncontributory defined benefit pension and postretirement plans covering certain employees. The calculation of the obligations and related expenses under the plans require the use of actuarial valuation methods and assumptions. Actuarial assumptions used in the determination of future values of plan assets and liabilities are subject to management judgment and may differ significantly if different assumptions are used. All assumptions are reviewed annually for appropriateness. The discount rate assumption used to measure the plan obligations is based on a yield curve developed from high-quality corporate bonds across a full maturity spectrum. The projected cash flows of the pension plans are discounted based on this yield curve, and a single discount rate is calculated to achieve the same present value. The assumed rate of future compensation increases is based on actual experience and future salary expectations. BancShares also estimates a long-term rate of return on pension plan assets used to estimate the future value of plan assets. In developing the long-term rate of return, BancShares considers such factors as the actual return earned on plan assets, historical returns on the various asset classes in the plans and projections of future returns on various asset classes. In conjunction with the CIT Merger, BancShares assumed the funded and unfunded noncontributory defined benefit pension and postretirement plans of CIT. The postretirement plans acquired were terminated during 2022.
Revenue Recognition
Revenue Recognition
Interest income on held for investment loans is recognized using the effective interest method or on a basis approximating a level rate of return over the life of the asset. Interest income includes components of accretion of the fair value discount on loans and lease receivables recorded in connection with purchase accounting adjustments, which are accreted using the effective interest method as a yield adjustment over the remaining contractual term of the loan and recorded in interest income. If the loan is subsequently classified as held for sale, accretion (amortization) of the discount (premium) will cease. Interest income on loans held for investment and held for sale is included in interest and fees on loans in the Consolidated Statements of Income.

Interest on investment securities and interest on interest-earning deposits at banks is recognized in interest income on an accrual basis. Amortization of premiums and accretion of discounts for investment securities are included in interest on investment securities. Dividends received from marketable equity securities are recognized within interest on investment securities.

BancShares generally acts in a principal capacity, on its own behalf, in its contracts with customers. In these transactions, BancShares recognizes revenues and the related costs to generate those revenues on a gross basis. In certain, circumstances, BancShares acts in an agent capacity, on behalf of the customers with other entities, and recognizes revenues and the related costs to provide BancShares' services on a net basis. BancShares acts as an agent when providing certain cardholder and merchant, insurance, investment management, and brokerage services.
Descriptions of BancShares' noninterest revenue-generating activities are broadly segregated as follows:

Rental income on operating lease equipment – Rental income is recognized on a straight-line basis over the lease term for lease contract fixed payments and is included in noninterest income. Rental income also includes variable lease income which is recognized as earned. The accrual of rental income on operating leases is suspended when the collection of substantially all rental payments is no longer probable and rental income for such leases is recognized when cash payments are received. In the period we conclude that collection of rental payments is no longer probable, accrued but uncollected rental revenue is reversed against rental income.

Fee income and other service charges – These include, but are not limited to, check cashing fees, international banking fees, internet banking fees, wire transfer fees, safe deposit fees, ATM income, as well as capital market-related fees and fees on lines and letters of credit. The performance obligation is fulfilled and revenue is recognized at the point in time the requested service is provided to the customer.

Client investment fees – These are earned from discretionary investment management and related transaction-based services. For discretionary investment management services, revenue is recognized monthly based on the clients’ assets under management. Transaction-based fees are earned on fixed income securities and repurchase agreements when transactions are executed. Amounts paid to third-party providers are not reflected in the transaction price because FCB is an agent for such services.

Wealth management services – These primarily represent sales commissions on various product offerings, transaction fees and trust and asset management fees. The performance obligation for wealth management services is the provision of services to place annuity products issued by the counterparty to investors and the provision of services to manage the client’s assets, including brokerage custodial and other management services. Revenue from wealth management services is recognized over the period in which services are performed, and is based on a percentage of the value of the assets under management/administration.

International fees – These primarily include foreign exchange fees. Foreign exchange fees represent the difference between foreign currency's purchase and sale price in spot contracts. These fees are recognized when contracts are executed with our clients. Fees related to other foreign exchange contracts are recognized outside the scope of ASC 606, Revenue from Contracts with Customers, because they are considered derivatives.

Service charges on deposit accounts – These deposit account-related fees represent monthly account maintenance and transaction-based service fees, such as overdraft fees, stop payment fees and charges for issuing cashier’s checks and money orders. For account maintenance services, revenue is recognized at the end of the statement period when BancShares' performance obligation has been satisfied. Other revenues from transaction-based services are recognized at a point in time when the performance obligation has been completed.

Factoring commissions – These are earned in the Commercial Banking segment and are driven by factoring volumes, principally in the retail sectors. Factoring commissions are charged as a percentage of the invoice amount of the receivables assigned to BancShares. The volume of factoring activity and the commission rates charged impact factoring commission income earned. Factoring commissions are deferred and recognized as income over time based on the underlying terms of the assigned receivables. See Commercial Loans and Leases section for additional commentary on factoring.

Cardholder and Merchant Services – These represent interchange fees from customer debit and credit card transactions earned when a cardholder engages in a transaction with a merchant as well as fees charged to merchants for providing them the ability to accept and process the debit and credit card transaction. Revenue is recognized when the performance obligation has been satisfied, which is upon completion of the card transaction. As BancShares is acting as an agent for the customer and transaction processor, costs associated with cardholder and merchant services transactions are netted against the fee income.

Insurance commissions – These include revenue from insurance on equipment leased to customers, which is recognized over the policy period. We also earn commissions on the issuance of insurance products and services. The commission performance obligation is generally satisfied upon the issuance of the insurance policy and revenue is recognized when the commission payment is remitted by the insurance carrier or policy holder depending on whether the billing is performed by BancShares or the carrier.

Gains on leasing equipment – These are recognized upon completion of sale (sale closing) and transfer of title. The gain is determined based on sales price less book carrying value (net of accumulated depreciation).
BOLI income – This reflects income earned on changes in the CSV of the BOLI policies and proceeds of insurance benefits upon an event of a claim.

Other – This consists of several forms of recurring revenue, such as FHLB dividends. For the remaining transactions, revenue is recognized when, or as, the performance obligation is satisfied. Other items include derivative gains and losses, gain on sales of other assets including OREO, fixed assets and loans, and non-marketable securities.
Newly Adopted Accounting Standards
Newly Adopted Accounting Standards
BancShares adopted the following accounting standards as of January 1, 2023:

ASU 2022-01, Fair Value Hedging - Portfolio Layer Method - Issued March 2022

The amendments in this Accounting Standards Update (“ASU”) allow entities to designate multiple hedged layers of a single closed portfolio and expands the scope of the portfolio layer method to include non-prepayable financial assets. The ASU provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method. In addition, upon adoption the update permits a one-time reclassification of certain debt securities from the held-to-maturity category to the available-for-sale category if the portfolio layer hedging method is applied to those securities. Upon adoption, we did not make any one-time reclassifications. Adoption of this ASU did not have a material impact on BancShares’ consolidated financial statements and disclosures as BancShares did not have any hedged portfolios.

ASU 2022-02 Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures - Issued March 2022 (“ASU 2022-02”)

The amendments in this ASU: (i) eliminated the previous recognition and measurement guidance for troubled debt restructurings (“TDRs”), (ii) required new disclosures for loan modifications when a borrower is experiencing financial difficulty (the “Modification Disclosures”) and (iii) required disclosures of current period gross charge-offs by year of origination in the vintage disclosures (the “Gross Charge-off Vintage Disclosures”).

The Modification Disclosures apply to the following modification types: principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, or a combination thereof. Creditors are required to disclose the following by loan class: (i) amounts and relative percentages of each modification type, (ii) the financial effect of each modification type, (iii) the performance of the loan in the 12 months following the modification and (iv) qualitative information discussing how the modifications factored into the determination of the ALLL.

BancShares elected to apply the modified retrospective transition method for ALLL recognition and measurement. The adoption of this ASU did not result in a cumulative effect adjustment to retained earnings. The Modification Disclosures and Gross Charge-off Vintage Disclosures are applied prospectively beginning January 1, 2023.

For periods prior to adoption of ASU 2022-02, a loan was considered a TDR when both a modification to a borrower’s debt agreement was made and a concession was granted for economic or legal reasons related to a borrower’s financial difficulties that otherwise would not be granted. TDR concessions could include short-term deferrals of interest, modifications of payment terms or, in certain limited instances, forgiveness of principal or interest. TDR loans can be nonaccrual or accrual, depending on the individual facts and circumstances of the borrower. In circumstances where a portion of the loan balance was charged-off, the remaining balance was typically classified as nonaccrual.

See Note 4—Loans and Leases for TDR disclosures for historical periods prior to adoption of ASU 2022-02 and the Modification Disclosures and Gross Charge-off Vintage Disclosures for periods after ASU 2022-02 was adopted.
v3.24.0.1
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Acquisitions
The following table provides the purchase price allocation to the identifiable assets acquired and liabilities assumed at their estimated fair values as of the SVBB Acquisition Date.

Fair Value Purchase Price Allocation
dollars in millionsFair Value Purchase Price Allocation as of March 27, 2023
Purchase price consideration
Purchase Money Note (1)
$35,808
Value Appreciation Instrument500
Purchase price consideration$36,308
Assets
Cash and due from banks$1,310 
Interest-earning deposits at banks34,001 
Investment securities available for sale385 
Loans and leases, net of the initial PCD ALLL68,468 
Affordable housing tax credit and other unconsolidated investments1,273 
Premises and equipment308 
Core deposit intangibles230 
Other assets1,564 
Total assets acquired$107,539 
Liabilities
Deposits$56,014 
Borrowings10 
Deferred tax liabilities3,364 
Other liabilities2,035 
Total liabilities assumed$61,423 
Fair value of net assets acquired46,116 
Preliminary gain on acquisition, after income taxes (2)
$9,808 
Preliminary gain on acquisition, before income taxes (2)
$13,172 
(1) The principal amount of the Purchase Money Note is the carrying value of net assets acquired of approximately $52.52 billion less the asset discount of $16.45 billion pursuant to the SVBB Purchase Agreement. The $35.81 billion above is net of a fair value discount of approximately $264 million.
(2) The difference between the preliminary gain on acquisition before and after taxes reflects the deferred tax liabilities recorded in the SVBB Acquisition, as presented above.
Loans and Leases Acquired
dollars in millionsLoans and Leases
UPBFair Value
Non-PCD loans and leases$68,719 $66,422 
PCD loans and leases2,568 2,046 
Total loans and leases, before PCD gross-up$71,287 $68,468 

The following table summarizes PCD loans and leases that BancShares acquired in the SVBB Acquisition.

PCD Loans and Leases
dollars in millionsTotal PCD Loans from SVBB Acquisition
UPB$2,568 
Fair value2,046 
Total fair value discount522 
     Less: discount for loans with $0 fair value at SVBB Acquisition Date
26 
     Less: PCD gross-up220 
Non-credit discount (1)
$276 
(1) The non-credit discount of $276 million will be accreted into income over the contractual life of the applicable loan using the effective interest method.
The following table provides the purchase price allocation to the identifiable assets acquired and liabilities assumed at their estimated fair values as of the CIT Merger Date:
Fair Value Purchase Price Allocation
dollars in millions, except shares issued and price per share Fair Value Purchase Price Allocation as of January 3, 2022
Common share consideration
     Shares of Class A common stock issued6,140,010 
     Price per share on January 3, 2022$859.76 
          Common stock consideration$5,279 
Preferred stock consideration541 
Stock-based compensation consideration81 
Cash in lieu of fractional shares and other consideration paid51 
Purchase price consideration$5,952 
Assets
Cash and interest-earning deposits at banks$3,060 
Investment securities6,561 
Assets held for sale59 
Loans and leases32,714 
Operating lease equipment7,838 
Bank-owned life insurance1,202 
Intangible assets143 
Other assets2,198 
Total assets acquired$53,775 
Liabilities
Deposits$39,428 
Borrowings4,536 
Credit balances of factoring clients1,534 
Other liabilities1,894 
Total liabilities assumed$47,392 
Fair value of net assets acquired6,383 
Gain on acquisition$431 
The following table presents the UPB and fair value of the loans and leases acquired by BancShares in the CIT Merger. The UPB for PCD loans and leases includes the PCD Gross-Up of $272 million as discussed further in Note 4 — Loans and Leases.
Loans Acquired
dollars in millionsLoans and Leases
UPBFair Value
Non-PCD loans and leases$29,542 $29,481 
PCD loans and leases3,550 3,233 
Total loans and leases$33,092 $32,714 
Schedule of Valuation of Core Deposits
The following table presents the intangible asset recorded related to the valuation of core deposits:  

Intangible Asset
dollars in millionsFair ValueEstimated Useful LifeAmortization Method
Core deposit intangibles$230 8 yearsEffective yield
The following table presents the intangible asset recorded in conjunction with the CIT Merger related to the valuation of core deposits:  

Intangible Assets
dollars in millionsFair ValueEstimated Useful LifeAmortization Method
Core deposit intangibles$14310 yearsStraight-line
Schedule of Other Assets Acquired and Other Liabilities Assumed
The following table details other assets acquired:

Other Assets
dollars in millionsFair Value
Accrued interest receivable$431
Federal Home Loan Bank stock and Federal Reserve Bank stock320
Fair value of derivative financial instruments458
Other355 
Total other assets$1,564
The following table details other liabilities assumed:

dollars in millionsFair Value
Commitments to fund tax credit investments$715
Fair value of derivative financial instruments497 
Reserve for off-balance sheet credit exposures253 
Accrued interest payable109 
Other461 
Total other liabilities$2,035
The following table details other assets acquired:

Other Assets
dollars in millions Fair Value
Low-income housing tax credits and other investments$777
Right of use assets327
Premises and equipment230
Fair value of derivative financial instruments209 
Counterparty receivables133
Other522 
Total other assets$2,198
Business Acquisition, Pro Forma Information Actual results may differ from the unaudited pro forma information presented below and the differences could be significant.
Selected Unaudited Pro Forma Financial Information for Consolidated BancShares
dollars in millionsYear Ended December 31,
20222021
Interest income$3,413 $2,867 
Noninterest income1,705 2,537 
Net income1,225 1,497 
v3.24.0.1
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2023
Investments [Abstract]  
Schedule of Amortized Cost and Fair Value of Investment Securities
The following tables include the amortized cost and fair value of investment securities at December 31, 2023 and 2022.

Amortized Cost and Fair Value - Investment Securities
dollars in millions December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Investment securities available for sale
U.S. Treasury$10,554 $34 $(80)$10,508 
Government agency120 — (3)117 
Residential mortgage-backed securities7,154 72 (540)6,686 
Commercial mortgage-backed securities2,319 9 (197)2,131 
Corporate bonds529 — (47)482 
Municipal bonds12 — — 12 
Total investment securities available for sale$20,688 $115 $(867)$19,936 
Investment in marketable equity securities$75 $17 $(8)$84 
Investment securities held to maturity
U.S. Treasury$479 $— $(40)$439 
Government agency1,506 — (143)1,363 
Residential mortgage-backed securities4,205 — (644)3,561 
Commercial mortgage-backed securities3,489 — (614)2,875 
Supranational securities298 — (35)263 
Other2 — — 2 
Total investment securities held to maturity$9,979 $— $(1,476)$8,503 
Total investment securities$30,742 $132 $(2,351)$28,523 
December 31, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Investment securities available for sale
U.S. Treasury$2,035 $— $(137)$1,898 
Government agency164 — (2)162 
Residential mortgage-backed securities5,424 1 (630)4,795 
Commercial mortgage-backed securities1,774 — (170)1,604 
Corporate bonds570 — (34)536 
Total investment securities available for sale$9,967 $1 $(973)$8,995 
Investment in marketable equity securities$75 $21 $(1)$95 
Investment securities held to maturity
U.S. Treasury$474 $— $(50)$424 
Government agency1,548 — (186)1,362 
Residential mortgage-backed securities4,605 — (723)3,882 
Commercial mortgage-backed securities3,355 — (484)2,871 
Supranational securities295 — (41)254 
Other2 — — 2 
Total investment securities held to maturity$10,279 $— $(1,484)$8,795 
Total investment securities$20,321 $22 $(2,458)$17,885 
Schedule of Investment Securities Maturity Information
The following table provides the amortized cost and fair value by contractual maturity. Expected maturities will differ from contractual maturities on certain securities because borrowers and issuers may have the right to call or prepay obligations with or without prepayment penalties. Residential and commercial mortgage-backed and government agency securities are stated separately as they are not due at a single maturity date.

Maturities - Debt Securities
dollars in millionsDecember 31, 2023December 31, 2022
CostFair ValueCostFair Value
Investment securities available for sale
Non-amortizing securities maturing in:
One year or less$5,674 $5,658 $37 $37 
After one through five years4,996 4,959 2,068 1,928 
After five through 10 years408 369 483 455 
After 10 years17 16 17 14 
Government agency120 117 164 162 
Residential mortgage-backed securities7,154 6,686 5,424 4,795 
Commercial mortgage-backed securities2,319 2,131 1,774 1,604 
Total investment securities available for sale$20,688 $19,936 $9,967 $8,995 
Investment securities held to maturity
Non-amortizing securities maturing in:
One year or less$27 $26 $51 $51 
After one through five years1,636 1,508 1,479 1,328 
After five through 10 years622 533 789 663 
Residential mortgage-backed securities4,205 3,561 4,605 3,882 
Commercial mortgage-backed securities3,489 2,875 3,355 2,871 
Total investment securities held to maturity$9,979 $8,503 $10,279 $8,795 
Schedule of Interest and Dividends on Investment Securities
The following table presents interest and dividend income on investment securities:

Interest and Dividends on Investment Securities
dollars in millionsYear Ended December 31,
202320222021
Interest income - taxable investment securities$642 $352 $143 
Interest income - nontaxable investment securities4 — — 
Dividend income - marketable equity securities2 2 2 
Interest on investment securities$648 $354 $145 
Schedule of Realized Gain (Loss) The following table presents the gross realized losses and gains on the sales of investment securities available for sale.
Realized Losses on Debt Securities Available For Sale
dollars in millionsYear Ended December 31,
202320222021
Gross realized gains on sales of investment securities available for sale$— $— $33 
Gross realized losses on sales of investment securities available for sale(26)— — 
Net realized (losses) gains on sales of investment securities available for sale$(26)$— $33 
Schedule of Unrealized Loss on Available-for-sale Securities
The following table provides information regarding investment securities available for sale with unrealized losses:

Gross Unrealized Losses on Debt Securities Available For Sale
dollars in millionsDecember 31, 2023
Less than 12 months12 months or moreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Investment securities available for sale
U.S. Treasury$955 $— $1,919 $(80)$2,874 $(80)
Government agency23 — 94 (3)117 (3)
Residential mortgage-backed securities293 (3)4,073 (537)4,366 (540)
Commercial mortgage-backed securities157 (1)1,386 (196)1,543 (197)
Corporate bonds89 (9)393 (38)482 (47)
Total$1,517 $(13)$7,865 $(854)$9,382 $(867)
December 31, 2022
Less than 12 months12 months or moreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Investment securities available for sale
U.S. Treasury$403 $(27)$1,495 $(110)$1,898 $(137)
Government agency65 (1)62 (1)127 (2)
Residential mortgage-backed securities1,698 (165)3,001 (465)4,699 (630)
Commercial mortgage-backed securities836 (53)752 (117)1,588 (170)
Corporate bonds499 (30)37 (4)536 (34)
Total$3,501 $(276)$5,347 $(697)$8,848 $(973)
v3.24.0.1
Loans and Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Loans by Class Refer to Note 2—Business Combinations for discussion of the loans acquired in the SVBB Acquisition.
Loans by Class
dollars in millionsDecember 31, 2023December 31, 2022
Commercial
Commercial construction$3,465 $2,804 
Owner occupied commercial mortgage15,567 14,473 
Non-owner occupied commercial mortgage11,540 9,902 
Commercial and industrial27,072 24,105 
Leases2,054 2,171 
Total commercial59,698 53,455 
Consumer
Residential mortgage14,422 13,309 
Revolving mortgage2,007 1,951 
Consumer auto1,442 1,414 
Consumer other720 652 
Total consumer18,591 17,326 
SVB
Global fund banking25,553 — 
Investor dependent - early stage1,403 — 
Investor dependent - growth stage2,897 — 
Innovation C&I and cash flow dependent9,658 — 
Private Bank9,822 — 
CRE2,698 — 
Other2,982 — 
Total SVB55,013 — 
Total loans and leases$133,302 $70,781 
Schedule of Amortized Cost of Loans
The following table presents selected components of the amortized cost of loans, including the unamortized discount on acquired loans.

Components of Amortized Cost
dollars in millionsDecember 31, 2023December 31, 2022
Deferred (fees) costs, including unamortized costs and unearned fees on non-PCD loans$(72)$34
Net unamortized discount on acquired loans
Non-PCD$1,860$73
PCD17645 
Total net unamortized discount$2,036$118
Schedule of Loans and Leases Delinquency Status and Nonaccrual Status
The aging of the outstanding loans and leases by class at December 31, 2023 and 2022 is provided in the tables below. Loans and leases less than 30 days past due are considered current, as various grace periods allow borrowers to make payments within a stated period after the due date and remain in compliance with the respective agreement.
Loans and Leases - Delinquency Status
dollars in millionsDecember 31, 2023
30-59 Days
Past Due		60-89 Days
Past Due		90 Days or
Greater		Total
Past Due		CurrentTotal
Commercial
Commercial construction$43 $8 $2 $53 $3,412 $3,465 
Owner occupied commercial mortgage22 10 47 79 15,488 15,567 
Non-owner occupied commercial mortgage89 160 281 530 11,010 11,540 
Commercial and industrial164 48 112 324 26,748 27,072 
Leases55 15 21 91 1,963 2,054 
Total commercial373 241 463 1,077 58,621 59,698 
Consumer
Residential mortgage118 23 56 197 14,225 14,422 
Revolving mortgage14 3 11 28 1,979 2,007 
Consumer auto9 3 2 14 1,428 1,442 
Consumer other5 3 4 12 708 720 
Total consumer146 32 73 251 18,340 18,591 
SVB
Global fund banking— — — — 25,553 25,553 
Investor dependent - early stage10 12 9 31 1,372 1,403 
Investor dependent - growth stage5 2 7 14 2,883 2,897 
Innovation C&I and cash flow dependent27 3 40 70 9,588 9,658 
Private Bank30 11 17 58 9,764 9,822 
CRE10 28 2 40 2,658 2,698 
Other5 — 4 9 2,973 2,982 
Total SVB87 56 79 222 54,791 55,013 
Total loans and leases$606 $329 $615 $1,550 $131,752 $133,302 
December 31, 2022
30-59 Days
Past Due		60-89 Days
Past Due		90 Days or
Greater		Total
Past Due		CurrentTotal
Commercial
Commercial construction$50 $— $1 $51 $2,753 $2,804 
Owner occupied commercial mortgage29 5 25 59 14,414 14,473 
Non-owner occupied commercial mortgage76 144 11 231 9,671 9,902 
Commercial and industrial173 26 53 252 23,853 24,105 
Leases59 17 16 92 2,079 2,171 
Total commercial387 192 106 685 52,770 53,455 
Consumer
Residential mortgage73 16 52 141 13,168 13,309 
Revolving mortgage9 3 8 20 1,931 1,951 
Consumer auto7 1 1 9 1,405 1,414 
Consumer other4 2 3 9 643 652 
Total consumer93 22 64 179 17,147 17,326 
Total loans and leases$480 $214 $170 $864 $69,917 $70,781 
The amortized cost by class of loans and leases on nonaccrual status, and loans and leases greater than 90 days past due and still accruing at December 31, 2023 and 2022 are presented below.

Loans on Non-Accrual Status (1) (2)
dollars in millionsDecember 31, 2023December 31, 2022
Non-Accrual LoansLoans >
90 Days and
Accruing		Non-Accrual LoansLoans >
90 Days and
Accruing
Commercial
Commercial construction$2 $1 $48 $— 
Owner occupied commercial mortgage61 8 41 2 
Non-owner occupied commercial mortgage354 38 228 — 
Commercial and industrial193 56 184 41 
Leases31 7 28 7 
Total commercial641 110 529 50 
Consumer
Residential mortgage96 1 75 10 
Revolving mortgage20 — 18 — 
Consumer auto5 — 4 — 
Consumer other1 3 1 3 
Total consumer122 4 98 13 
SVB
Global fund banking— — — — 
Investor dependent - early stage37 2 — — 
Investor dependent - growth stage37 — — — 
Innovation C&I and cash flow dependent43 — — — 
Private Bank30 3 — — 
CRE58 — — — 
Other1 4 — — 
Total SVB206 9 — — 
Total loans and leases$969 $123 $627 $63 
(1)    Accrued interest that was reversed when the loan went to nonaccrual status was $10 million for the year ended December 31, 2023 and $4 million for the year ended December 31, 2022.
(2)    Nonaccrual loans for which there was no related ALLL totaled $138 million at December 31, 2023 and $63 million at December 31, 2022.
The following tables present the amortized cost and performance of modified loans to borrowers experiencing financial difficulties. The period of delinquency is based on the number of days the scheduled payment is contractually past due.

Modified Loans Payment Status (year ended December 31, 2023)
dollars in millionsCurrent30–59 Days Past Due60–89 Days Past Due90 days or greater Past DueTotal
Commercial
Commercial construction$4 $— $— $— $4 
Owner occupied commercial mortgage17 1 — 1 19 
Non-owner occupied commercial mortgage280 — — — 280 
Commercial and industrial114 — 1 1 116 
Total commercial415 1 1 2 419 
Consumer
Residential mortgage11 — 1 1 13 
Revolving mortgage3 — — — 3 
Total consumer14 — 1 1 16 
SVB
Investor dependent - early stage22 — — 4 26 
Investor dependent - growth stage36 — — — 36 
Innovation C&I and cash flow dependent39 — — 40 79 
Private Bank4 — — — 4 
CRE14 — — — 14 
Other2 3 — — 5 
Total SVB117 3 — 44 164 
Total loans and leases$546 $4 $2 $47 $599 
Schedule of Loans Disaggregated by Year of Origination and by Risk Rating
The following tables summarize the commercial and SVB loans disaggregated by year of origination and by risk rating. The consumer loan delinquency status by year of origination is also presented below. The tables reflect the amortized cost of the loans and include PCD loans.

Commercial Loans - Risk Classifications by Class
December 31, 2023
Risk Classification:Term Loans by Origination YearRevolving Converted to Term Loans
dollars in millions202320222021202020192018 & PriorRevolvingTotal
Commercial construction
Pass$1,011 $1,318 $589 $219 $52 $55 $36 $— $3,280 
Special Mention— — 2 49 46 — — — 97 
Substandard— 47 5 31 — 5 — — 88 
Doubtful— — — — — — — — — 
Ungraded— — — — — — — — — 
Total commercial construction1,011 1,365 596 299 98 60 36 — 3,465 
Owner occupied commercial mortgage
Pass2,439 2,840 3,087 2,708 1,579 2,099 177 — 14,929 
Special Mention31 17 24 27 43 70 1 — 213 
Substandard8 54 95 63 41 155 9 — 425 
Doubtful— — — — — — — — — 
Ungraded— — — — — — — — — 
Total owner occupied commercial mortgage2,478 2,911 3,206 2,798 1,663 2,324 187 — 15,567 
Non-owner occupied commercial mortgage
Pass2,631 2,526 1,641 1,391 883 1,181 43 — 10,296 
Special Mention8 41 33 88 168 73 9 — 420 
Substandard1 36 17 114 311 276 — — 755 
Doubtful— — — — 41 28 — — 69 
Ungraded— — — — — — — — — 
Total non-owner occupied commercial mortgage2,640 2,603 1,691 1,593 1,403 1,558 52 — 11,540 
Commercial and industrial
Pass8,069 4,573 2,945 1,395 879 937 6,033 19 24,850 
Special Mention105 134 144 89 69 21 194 — 756 
Substandard92 219 133 209 126 248 243 2 1,272 
Doubtful2 19 5 — 12 20 13 — 71 
Ungraded— — — — — — 123 — 123 
Total commercial and industrial8,268 4,945 3,227 1,693 1,086 1,226 6,606 21 27,072 
Leases
Pass732 499 290 209 91 35 — — 1,856 
Special Mention18 22 20 7 4 1 — — 72 
Substandard28 32 21 19 6 8 — — 114 
Doubtful3 4 3 1 1 — — — 12 
Ungraded— — — — — — — — — 
Total leases781 557 334 236 102 44 — — 2,054 
Total commercial$15,178 $12,381 $9,054 $6,619 $4,352 $5,212 $6,881 $21 $59,698 
SVB - Risk Classifications by Class
December 31, 2023
Risk Classification:Term Loans by Origination YearRevolving Converted to Term Loans
dollars in millions202320222021202020192018 & PriorRevolvingTotal
Global fund banking
Pass$453 $202 $40 $36 $14 $3 $24,702 $66 $25,516 
Special Mention— — — — — — — — — 
Substandard— 7 9 3 — — 18 — 37 
Doubtful— — — — — — — — — 
Ungraded— — — — — — — — — 
Total global fund banking453 209 49 39 14 3 24,720 66 25,553 
Investor dependent - early stage
Pass421 453 85 4 1 — 99 2 1,065 
Special Mention8 14 1 — — — — — 23 
Substandard40 138 51 3 — — 51 — 283 
Doubtful12 12 3 — — 1 4 — 32 
Ungraded— — — — — — — — — 
Total investor dependent - early stage481 617 140 7 1 1 154 2 1,403 
Investor dependent - growth stage
Pass1,034 967 217 25 8 2 198 5 2,456 
Special Mention6 25 — — — — — — 31 
Substandard66 192 83 7 1 — 27 — 376 
Doubtful— 12 20 — — — 2 — 34 
Ungraded— — — — — — — — — 
Total investor dependent - growth stage1,106 1,196 320 32 9 2 227 5 2,897 
Innovation C&I and cash flow dependent
Pass2,370 2,238 833 293 80 44 2,598 — 8,456 
Special Mention99 103 36 66 — — 92 — 396 
Substandard51 185 254 76 25 — 175 — 766 
Doubtful— — — — — 10 30 — 40 
Ungraded— — — — — — — — — 
Total innovation C&I and cash flow dependent2,520 2,526 1,123 435 105 54 2,895 — 9,658 
Private bank
Pass1,247 2,273 2,148 1,361 750 1,114 830 10 9,733 
Special Mention5 2 1 — 1 7 7 — 23 
Substandard10 — 3 5 3 37 5 2 65 
Doubtful— — — — 1 — — — 1 
Ungraded— — — — — — — — — 
Total private bank1,262 2,275 2,152 1,366 755 1,158 842 12 9,822 
CRE
Pass506 458 257 168 195 801 51 5 2,441 
Special Mention— 6 7 10 3 23 — — 49 
Substandard— 14 16 10 57 57 — — 154 
Doubtful— — 2 13 26 11 2 — 54 
Ungraded— — — — — — — — — 
Total CRE506 478 282 201 281 892 53 5 2,698 
Other
Pass458 625 438 251 176 377 435 42 2,802 
Special Mention— 11 12 32 — — — — 55 
Substandard— 52 8 8 4 31 21 1 125 
Doubtful— — — — — — — — — 
Ungraded— — — — — — — — — 
Total Other458 688 458 291 180 408 456 43 2,982 
Total SVB$6,786 $7,989 $4,524 $2,371 $1,345 $2,518 $29,347 $133 $55,013 
Consumer Loans - Delinquency Status by Class
December 31, 2023
Days Past Due:Term Loans by Origination YearRevolving Converted to Term Loans
dollars in millions202320222021202020192018 & PriorRevolvingTotal
Residential mortgage
Current$2,047 $3,522 $3,488 $1,895 $694 $2,571 $8 $— $14,225 
30-59 days4 13 14 6 7 74 — — 118 
60-89 days1 1 3 2 1 15 — — 23 
90 days or greater1 4 1 4 1 45 — — 56 
Total residential mortgage2,053 3,540 3,506 1,907 703 2,705 8 — 14,422 
Revolving mortgage
Current— — — — — — 1,903 76 1,979 
30-59 days— — — — — — 10 4 14 
60-89 days— — — — — — 1 2 3 
90 days or greater— — — — — — 6 5 11 
Total revolving mortgage— — — — — — 1,920 87 2,007 
Consumer auto
Current525 427 261 131 56 28 — — 1,428 
30-59 days1 3 2 1 1 1 — — 9 
60-89 days1 1 1 — — — — — 3 
90 days or greater— 1 1 — — — — — 2 
Total consumer auto527 432 265 132 57 29 — — 1,442 
Consumer other
Current158 103 52 8 4 16 367 — 708 
30-59 days1 1 — — — — 3 — 5 
60-89 days— — — — — 1 2 — 3 
90 days or greater— — — — — 2 2 — 4 
Total consumer other159 104 52 8 4 19 374 — 720 
Total consumer$2,739 $4,076 $3,823 $2,047 $764 $2,753 $2,302 $87 $18,591 
 
The following tables represent current credit quality indicators by origination year as of December 31, 2022:

Commercial Loans - Risk Classifications by Class
December 31, 2022
Risk Classification:Term Loans by Origination YearRevolving Converted to Term Loans
dollars in millions202220212020201920182017 & PriorRevolvingTotal
Commercial construction
Pass$1,140 $759 $511 $157 $27 $75 $42 $— $2,711 
Special Mention4 — 18 18 — — — — 40 
Substandard2 — — 43 — 5 — — 50 
Doubtful— — — 3 — — — — 3 
Ungraded— — — — — — — — — 
Total commercial construction1,146 759 529 221 27 80 42 — 2,804 
Owner occupied commercial mortgage
Pass2,773 3,328 2,966 1,825 1,048 1,867 177 — 13,984 
Special Mention33 14 32 33 18 49 2 — 181 
Substandard24 47 41 28 47 114 6 — 307 
Doubtful— — — — — 1 — — 1 
Ungraded— — — — — — — — — 
Total owner occupied commercial mortgage2,830 3,389 3,039 1,886 1,113 2,031 185 — 14,473 
Non-owner occupied commercial mortgage
Pass2,501 1,658 1,794 1,397 680 933 48 — 9,011 
Special Mention— 1 69 38 35 10 1 — 154 
Substandard3 11 68 324 58 236 — — 700 
Doubtful— — — 17 — 20 — — 37 
Ungraded— — — — — — — — — 
Total non-owner occupied commercial mortgage2,504 1,670 1,931 1,776 773 1,199 49 — 9,902 
Commercial and industrial
Pass7,695 4,145 2,035 1,533 872 845 5,252 29 22,406 
Special Mention87 153 79 63 52 23 40 — 497 
Substandard106 117 194 132 166 145 200 1 1,061 
Doubtful1 4 3 11 6 16 7 — 48 
Ungraded— — — — — — 93 — 93 
Total commercial and industrial7,889 4,419 2,311 1,739 1,096 1,029 5,592 30 24,105 
Leases
Pass718 466 389 216 80 108 — — 1,977 
Special Mention21 22 17 9 4 — — — 73 
Substandard32 32 27 12 7 1 — — 111 
Doubtful2 3 2 1 1 — — — 9 
Ungraded— — — — — 1 — — 1 
Total leases773 523 435 238 92 110 — — 2,171 
Total commercial$15,142 $10,760 $8,245 $5,860 $3,101 $4,449 $5,868 $30 $53,455 

 
Consumer Loans - Delinquency Status by Class
December 31, 2022
Days Past Due:Term Loans by Origination YearRevolving Converted to Term Loans
dollars in millions202220212020201920182017 & PriorRevolvingTotal
Residential mortgage
Current$3,485 $3,721 $2,097 $805 $413 $2,625 $22 $— $13,168 
30-59 days3 7 6 5 3 49 — — 73 
60-89 days1 1 2 — 1 11 — — 16 
90 days or greater— 1 1 2 2 46 — — 52 
Total residential mortgage3,489 3,730 2,106 812 419 2,731 22 — 13,309 
Revolving mortgage
Current— — — — — — 1,839 92 1,931 
30-59 days— — — — — — 5 4 9 
60-89 days— — — — — — 2 1 3 
90 days or greater— — — — — — 5 3 8 
Total revolving mortgage— — — — — — 1,851 100 1,951 
Consumer auto
Current599 398 216 111 59 22 — — 1,405 
30-59 days1 2 2 1 1 — — — 7 
60-89 days— 1 — — — — — — 1 
90 days or greater— 1 — — — — — — 1 
Total consumer auto600 402 218 112 60 22 — — 1,414 
Consumer other
Current160 82 13 6 2 19 361 — 643 
30-59 days— — — — — 1 3 — 4 
60-89 days— — — — — 1 1 — 2 
90 days or greater— — — — — 1 2 — 3 
Total consumer other160 82 13 6 2 22 367 — 652 
Total consumer$4,249 $4,214 $2,337 $930 $481 $2,775 $2,240 $100 $17,326 
Schedule of Troubled Debt Restructuring
Gross charge-off vintage disclosures by origination year and loan class are summarized in the following table for the year ended December 31, 2023:

Gross Charge-offs
Year Ended December 31, 2023
Term Loans by Origination YearRevolving Converted to Term Loans
dollars in millions202320222021202020192018 & PriorRevolvingTotal
Commercial
Owner occupied commercial mortgage$— $— $— $— $— $— $1 $— $1 
Non-owner occupied commercial mortgage— — — — 64 21 — — 85 
Commercial and industrial25 73 30 9 15 15 49 1 217 
Leases2 10 7 3 2 1 — — 25 
Total commercial27 83 37 12 81 37 50 1 328 
Consumer
Residential mortgage— — — — — 2 — — 2 
Consumer auto1 1 1 1 — — — — 4 
Consumer other7 1 1 — — — 13 — 22 
Total consumer8 2 2 1 — 2 13 — 28 
SVB
Investor dependent - early stage2 30 29 3 — — 11 — 75 
Investor dependent - growth stage22 37 25 12 — — 1 — 97 
Innovation C&I and cash flow dependent6 — — — — — 18 — 24 
CRE— — — — 2 — — — 2 
Other6 17 10 44 — 1 6 — 84 
Total SVB36 84 64 59 2 1 36 — 282 
Total loans and leases$71 $169 $103 $72 $83 $40 $99 $1 $638 
The following tables present loan modifications made to debtors experiencing financial difficulty, disaggregated by class and type of loan modification. The tables also include the weighted average term extensions, as well as the modification total relative to the total period-end amortized cost basis of loans in the respective loan class.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty (year ended December 31, 2023)
dollars in millions
Term Extension (1)
Other Than Insignificant Payment DelayInterest Rate Reduction
Amortized CostWeighted Average Term Extension (Months)Amortized CostWeighted Average Payment Delay (Months)Amortized CostWeighted Average Interest Rate Reduction
Commercial
Commercial construction$4 9$— — $— — %
Owner occupied commercial mortgage17 17— — 2 3.62 
Non-owner occupied commercial mortgage240 12— — — — 
Commercial and industrial102 209 7— — 
Leases— 16— — — — 
Total commercial363 149 72 3.62 
Consumer
Residential mortgage7 90— — — 1.63 
Revolving mortgage2 60— — — 1.74 
Consumer auto— 24— — — — 
Consumer other— 55— — — 9.65 
Total consumer9 84— — — 4.44 
SVB
Investor dependent - early stage3 417 5— — 
Investor dependent - growth stage8 928 5— — 
Innovation C&I and cash flow dependent72 4— — — — 
Private Bank4 11— — — — 
CRE14 9— — — — 
Other4 61 6 — — 
Total SVB105 646 5— — 
Total loans and leases$477 14$55 6$2 3.83 %
(1) Term extensions include modifications in which the balloon principal payment was deferred to a later date or the loan amortization period was extended.
Loan Modifications Made to Borrowers Experiencing Financial Difficulty (continued)
dollars in millions
Term Extension(1) and Interest Rate Reduction
Term Extension(1) and Other Than Insignificant Payment Delay
Other than Insignificant Payment Delay and Interest Rate Reduction
Amortized CostWeighted Average Term Extension (Months)Weighted Average Interest Rate ReductionAmortized CostWeighted Average Term Extension (Months)Weighted Average Payment Delay (Months)Amortized CostWeighted Average Payment Delay (Months)Weighted Average Interest Rate Reduction
Commercial
Commercial construction$— — — %$— — — $— — — %
Owner occupied commercial mortgage— 362.00 — — — — — — 
Non-owner occupied commercial mortgage40 12 3.00 — — — — — — 
Commercial and industrial5 262.04 — 28 16 — — — 
Leases— — — — — — — — — 
Total commercial45 132.90 — 28 16 — — — 
Consumer— — 
Residential mortgage3 623.31 — — — 3 6 5.25 
Revolving mortgage1 572.92 — — — — — — 
Consumer auto— 310.69 — — — — — — 
Consumer other— 360.25 — — — — — — 
Total consumer4 613.20 — — — 3 6 5.25 
SVB
Investor dependent - early stage— — — — 6 6 — — — 
Investor dependent - growth stage— — — — — — — — — 
Innovation C&I and cash flow dependent— — — 7 7 5 — — — 
Private Bank— — — — — — — — — 
CRE— — — — — — — — — 
Other— — — — 17 17 — — — 
Total SVB— — — 7 7 6 — — — 
Total loans and leases$49 182.93 %$7 8 6 $3 6 5.25 %

dollars in millions
Term Extension (1), Interest Rate Reduction, and Other than Insignificant Payment Delay
Total
Amortized CostWeighted Average Term Extension (Months)Weighted Average Interest Rate ReductionWeighted Average Payment Delay (Months)Amortized CostTotal as a % of Loan and Lease Class
Commercial
Commercial construction$— — — %— $4 0.11 %
Owner occupied commercial mortgage— — — — 19 0.12 
Non-owner occupied commercial mortgage— — — — 280 2.43 
Commercial and industrial— — — — 116 0.43 
Leases— — — — — — 
Total commercial— — — — 419 0.70 
Consumer— 
Residential mortgage— — — — 13 0.10 
Revolving mortgage— — — — 3 0.13 
Consumer auto— — — — — 0.01 
Consumer other— — — — — 0.03 
Total consumer— — — — 16 0.09 
SVB
Investor dependent - early stage6 12 1.00 6 26 1.88 
Investor dependent - growth stage— — — — 36 1.24 
Innovation C&I and cash flow dependent— — — — 79 0.81 
Private Bank— — — — 4 0.04 
CRE— — — — 14 0.53 
Other— — — — 5 0.16 
Total SVB6 12 1.00 6 164 0.30 
Total loans and leases$6 12 1.00 %6 $599 0.45 %
(1) Term extensions include modifications in which the balloon principal payment was deferred to a later date or the loan amortization period was extended
The following table presents amortized cost of TDRs:

TDRs
dollars in millionsDecember 31, 2022
AccruingNon-AccruingTotal
Commercial
Commercial construction$2 $1 $3 
Owner occupied commercial mortgage46 9 55 
Non-owner occupied commercial mortgage24 30 54 
Commercial and industrial26 8 34 
Leases— 1 1 
Total commercial98 49 147 
Consumer
Residential mortgage33 17 50 
Revolving mortgage17 5 22 
Consumer auto2 — 2 
Consumer other— — — 
     Total consumer52 22 74 
Total TDRs$150 $71 $221 
The following table summarizes the loan restructurings during the year ended December 31, 2022 and 2021 that were designated as TDRs. BancShares defined payment default as movement of the TDR to nonaccrual status that was generally 90 days past due, in foreclosure or charge-off, whichever occurred first.

Restructurings
dollars in millions (except for number of loans)Year Ended December 31,
20222021
Number of LoansAmortized Cost at Period EndNumber of LoansAmortized Cost at Period End
Loans and leases
Interest only17 $39 20 $18 
Loan term extension128 26 129 16 
Below market rates86 9 177 20 
Discharge from bankruptcy106 5 128 10 
Total337 $79 454 $64 
TDRs that subsequently defaulted during the year ended December 31, 2022 and 2021, and were classified as TDRs during the applicable 12-month period preceding December 31, 2022 and 2021 were as follows:
TDR Defaults
dollars in millionsDecember 31, 2022December 31, 2021
TDR Defaults$6 $8 
Schedule of Loans Pledged as Collateral
The following table provides information regarding loans pledged as collateral for borrowing capacity through the FHLB of Atlanta, the FRB and FDIC as of December 31, 2023 and 2022.

Loans Pledged
dollars in millionsDecember 31, 2023December 31, 2022
FHLB of Atlanta
Lendable collateral value of pledged non-PCD loans$15,072 $14,918 
Less: Advances— 4,250 
Less: Letters of Credit1,450 1,450 
Available borrowing capacity$13,622 $9,218 
Pledged non-PCD loans (contractual balance)$25,370 $23,491 
FRB
Lendable collateral value of pledged non-PCD loans$5,115 $4,203 
Less: Advances— — 
Available borrowing capacity$5,115 $4,203 
Pledged non-PCD loans (contractual balance)$6,273 $5,697 
FDIC
Lendable collateral value of pledged loans$51,179 $— 
Less: Advances— — 
Less: Purchase Money Note36,072 — 
Available borrowing capacity$15,107 $— 
Pledged loans (contractual balance)$51,179 $— 
v3.24.0.1
Allowance for Loan and Lease Losses (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Allowance for Loan and Lease Losses
The ALLL activity for loans and leases is summarized in the following table.

Allowance for Loan and Lease Losses
dollars in millionsYear Ended December 31, 2023Year Ended December 31, 2022
CommercialConsumerSVBTotalCommercialConsumerSVBTotal
Balance at beginning of period$789 $133 $— $922 $80 $98 $— $178 
Initial PCD ALLL— — 220 220 258 14 — 272 
Day 2 provision for loan and lease losses— — 462 462 432 22 — 454 
Provision (benefit) for loan and lease losses
541 27 135 703 101 (4)— 97 
Total provision for loan and lease losses541 27 597 1,165 533 18 — 551 
Charge-offs
(328)(28)(282)(638)(126)(20)— (146)
Recoveries44 14 20 78 44 23 — 67 
Balance at end of period$1,046 $146 $555 $1,747 $789 $133 $— $922 
Year Ended December 31, 2021
CommercialConsumerSVBTotal
Balance at beginning of period$92 $133 $— $225 
Benefit for loan and lease losses(7)(30)— (37)
Charge-offs(18)(18)— (36)
Recoveries13 13 — 26 
Balance at end of period$80 $98 $— $178 

The following table presents the components of the provision for credit losses:

Provision for Credit Losses
dollars in millionsYear Ended December 31,
202320222021
Day 2 provision for loan and lease losses$462 $454 $— 
Provision (benefit) for loan and lease losses
703 97 (37)
Total provision (benefit) for loan and lease losses1,165 551 (37)
Day 2 provision for off-balance sheet credit exposure254 59 — 
(Benefit) provision for off-balance sheet credit exposure(44)35 — 
Total provision for off-balance sheet credit exposure210 94 — 
Benefit for investment securities available for sale credit losses— — — 
Provision (benefit) for credit losses$1,375 $645 $(37)
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Operating and Finance Lease Assets and Liabilities
The following table presents supplemental balance sheet information and remaining weighted average lease terms and discount rates.

Supplemental Lease Information
dollars in millionsClassificationDecember 31, 2023December 31, 2022
Lease assets:
Operating lease ROU assetsOther assets$354 $345 
Finance leasesPremises and equipment9 7 
Total lease assets$363 $352 
Lease liabilities:
Operating leasesOther liabilities$396 $352 
Finance leasesOther borrowings9 7 
Total lease liabilities$405 $359 
Weighted-average remaining lease terms:
Operating leases8.1 years9.6 years
Finance leases15.4 years4.1 years
Weighted-average discount rate:
Operating leases2.70 %2.19 %
Finance leases3.52 2.34 
Schedule of Net Lease Cost
The following table presents components of lease cost:

Components of Net Lease Cost
dollars in millionsYear Ended December 31,
Classification202320222021
Operating lease cost (1)
Occupancy Expense$64 $58 $14 
Finance lease ROU asset amortizationEquipment expense2 2 2 
Variable lease cost (2)
Occupancy Expense25 12 3 
Sublease income Occupancy Expense(3)(2)— 
Net lease cost (1), (2)
$88 $70 $19 
(1) In addition, approximately $34 million and $6 million related to subleases or closures of leased real estate were included in acquisition-related expenses in the Consolidated Statements of Income for the years ended December 31, 2023 and December 31, 2022, respectively.
(2) Includes short-term lease cost, which is not significant.
Schedule of Supplemental Cash Flow Information
The following table presents supplemental cash flow information related to leases:

Supplemental Cash Flow Information
dollars in millionsYear Ended December 31,
202320222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$63 $54 $13 
Operating cash flows from finance leases— — — 
Financing cash flows from finance leases2 2 2 
ROU assets obtained in exchange for new operating lease liabilities (1)
69 19 7 
ROU assets obtained in exchange for new finance lease liabilities4 5 — 
(1) Net of lease modification events, which resulted in a decrease of $11 million in lease liabilities and ROU assets for the year ended December 31, 2023. Reductions for lease modifications were not significant for the year ended December 31, 2022.
Schedule of Operating Lease Liability Maturities
The following table presents lease liability maturities at December 31, 2023:

Maturity of Lease Liabilities
dollars in millionsOperating LeasesFinance LeasesTotal
2024$65 $2 $67 
202567 2 69 
202662 2 64 
202752 1 53 
202838 — 38 
Thereafter155 6 161 
Total undiscounted lease payments$439 $13 $452 
Difference between undiscounted cash flows and discounted cash flows43 4 47 
Lease liabilities, at present value$396 $9 $405 
Schedule of Finance Lease Liability Maturities
The following table presents lease liability maturities at December 31, 2023:

Maturity of Lease Liabilities
dollars in millionsOperating LeasesFinance LeasesTotal
2024$65 $2 $67 
202567 2 69 
202662 2 64 
202752 1 53 
202838 — 38 
Thereafter155 6 161 
Total undiscounted lease payments$439 $13 $452 
Difference between undiscounted cash flows and discounted cash flows43 4 47 
Lease liabilities, at present value$396 $9 $405 
Schedule of Net Book Value of Assets Subject to Leases
The following table provides the net book value of operating lease equipment (net of accumulated depreciation of $658 million at December 31, 2023 and $296 million at December 31, 2022) by equipment type.

Operating Lease Equipment
dollars in millionsDecember 31, 2023December 31, 2022
Railcars and locomotives(1)
$7,966 $7,433 
Other equipment780 723 
Total(1)
$8,746 $8,156 
(1) Includes off-lease rail equipment of $253 million at December 31, 2023 and $457 million at December 31, 2022.
Schedule of Net Investment In Finance Leases
The following table presents the components of the finance lease net investment on a discounted basis:

Components of Net Investment in Finance Leases
dollars in millionsDecember 31, 2023December 31, 2022
Lease receivables$1,780 $1,786 
Unguaranteed residual assets262 317 
Total net investment in finance leases2,042 2,103 
Leveraged lease net investment(1)
13 68 
Total$2,055 $2,171 
(1) Leveraged leases are reported net of non-recourse debt of $5 million at December 31, 2023 and $11 million at December 31, 2022. Our leveraged lease arrangements commenced before the ASC 842, Leases, effective date of January 1, 2019, and continue to be reported under the leveraged lease accounting model. ASC 842 eliminated leveraged lease accounting for new leases and for existing leases modified on or after the standard’s effective date.
Schedule of Operating Lease Income
The table that follows presents lease income related to BancShares’ operating and finance leases:

Lease Income
dollars in millionsYear Ended December 31,
202320222021
Lease income – Operating leases$895 $796 $— 
Variable lease income – Operating leases (1)
76 68 — 
Rental income on operating leases971 864 — 
Interest income - Sales type and direct financing leases171 169 18 
Variable lease income included in Other noninterest income (2)
59 51 — 
Interest income - Leveraged leases12 20 — 
Total lease income$1,213 $1,104 $18 
(1)     Primarily includes per diem railcar operating lease rental income earned on a time or mileage usage basis.
(2) Includes leased equipment property tax reimbursements due from customers of $17 million for the years ended December 31, 2023 and 2022, and revenue related to insurance coverage on leased equipment of $42 million and $33 million for the years ended December 31, 2023 and 2022, respectively. There was no revenue related to property tax reimbursements due from customers or insurance coverage on leased equipment during 2021.
Schedule of Maturity Analysis of Operating Lease Payments
The following tables present lease payments due on non-cancellable operating leases and lease receivables due on finance leases at December 31, 2023. Excluded from these tables are variable lease payments, including rentals calculated based on asset usage levels, rentals from future renewal and re-leasing activity, and expected sales proceeds from remarketing equipment at lease expiration, all of which are components of lease profitability.

Maturity Analysis of Operating Lease Payments
dollars in millions
2024$786 
2025609 
2026449 
2027316 
2028189 
Thereafter408 
Total$2,757 
Schedule of Maturity Analysis of Sales-type and Direct Financing Leases
Maturity Analysis of Lease Receivable Payments - Sales Type and Direct Financing Leases
dollars in millions
2024$793 
2025579 
2026360 
2027198 
202879 
Thereafter26 
Total undiscounted lease receivables$2,035 
Difference between undiscounted cash flows and discounted cash flows255 
Lease receivables, at present value$1,780 
v3.24.0.1
Premises and Equipment (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Premises and Equipment
Major classifications of premises and equipment at December 31, 2023 and 2022 are summarized as follows:
dollars in millionsUseful Life (years)20232022
Landindefinite$403 $352 
Premises and leasehold improvements
3 - 30
1,609 1,458 
Furniture, equipment and software
3 - 15
1,260 840 
Total3,272 2,650 
Less accumulated depreciation and amortization1,395 1,194 
Premises and equipment, net$1,877 $1,456 
v3.24.0.1
Goodwill and Core Deposit Intangibles (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Core Deposit Intangible Assets The following tables summarize the activity for core deposit intangibles during the year ended December 31, 2023 and 2022:
Core Deposit Intangibles
dollars in millions20232022
Balance at January 1, net of accumulated amortization $140 $19 
Core deposit intangibles related to the SVBB Acquisition230 — 
Core deposit intangibles related to the CIT Merger— 143 
Amortization for the period(58)(22)
Balance at December 31, net of accumulated amortization$312 $140 
The following tables summarize the accumulated amortization balance for core deposit intangibles at December 31, 2023 and 2022:

Core Deposit Intangible Accumulated Amortization
dollars in millionsDecember 31, 2023December 31, 2022
Gross balance$501 $271 
Accumulated amortization(189)(131)
Balance, net of accumulated amortization$312 $140 
Schedule of Core Deposit Intangible Assets, Future Amortization Expense
The following table summarizes the expected amortization expense as of December 31, 2023 in subsequent periods for core deposit intangibles:

Core Deposit Intangible Expected Amortization
dollars in millions
2024$63 
202554 
202646 
202739 
202834 
Thereafter76 
Balance, net of accumulated amortization$312 
Schedule of Finite-Lived Intangible Liabilities
The following tables summarize the activity for the intangible liability during the year ended December 31, 2023 and 2022:

Intangible Liability
dollars in millions20232022
Balance at January 1$36 $— 
Acquired in CIT Merger— 52 
Amortization(12)(16)
Balance at December 31, net of accumulated amortization$24 $36 
The following tables summarize the accumulated amortization balance for the intangible liability at December 31, 2023 and 2022:
Intangible Liability Accumulated Amortization
dollars in millionsDecember 31, 2023December 31, 2022
Gross balance$52 $52 
Accumulated amortization(28)(16)
Balance, net of accumulated amortization$24 $36 
Schedule of Finite-Lived Intangible Liabilities, Future Amortization Expense
The following table summarizes the expected amortization as of December 31, 2023 in subsequent periods for the intangible liability:

Intangible Liability
dollars in millions
2024$6 
20254 
20263 
20272 
20282 
Thereafter7 
Total$24 
v3.24.0.1
Mortgage Servicing Rights (Tables)
 12 Months Ended
Dec. 31, 2023
Transfers and Servicing of Financial Assets [Abstract]  
Schedule of Changes in Servicing Assets
The following table presents changes in the servicing asset during the year ended December 31, 2023, 2022 and 2021:

Servicing Asset
dollars in millionsYear Ended December 31,
202320222021
Beginning balance$25 $23 $18 
Servicing rights originated4 4 11 
Servicing rights obtained in CIT Merger— 3 — 
Amortization(4)(6)(9)
Valuation allowance benefit— 1 3 
Ending balance$25 $25 $23 
Schedule of Activity in Servicing Asset Valuation Allowance
The following table presents the activity in the servicing asset valuation allowance:

Servicing Asset Valuation Allowance
dollars in millionsYear Ended December 31,
202320222021
Beginning balance$— $1 $4 
Valuation allowance benefit— (1)(3)
Ending balance$— $— $1 
Schedule of Servicing Asset Key Economic Assumptions
MSRs valuations are performed using a pooling methodology where loans with similar risk characteristics are grouped together and evaluated using discounted cash flows to estimate the present value of future earnings. Key economic assumptions used to value MSRs were as follows:

MSRs Valuation Assumptions
December 31, 2023December 31, 2022
Discount rate10.20 %9.62 %
Weighted average constant prepayment rate7.66 %6.76 %
Weighted average cost to service a loan$80 $81 
v3.24.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The table below provides a summary of the assets and liabilities included on the Consolidated Balance Sheets associated with unconsolidated VIEs. The table also presents our maximum exposure to loss which consists of outstanding book basis and unfunded commitments for future investments, and represents potential losses that would be incurred under hypothetical circumstances, such that the value of BancShares’ interests and any associated collateral declines to zero and assuming no recovery. BancShares believes the possibility is remote under this hypothetical scenario; accordingly, this disclosure is not an indication of expected loss. As disclosed in Note 2—Business Combinations, the following tables as of December 31, 2023 include VIEs acquired in the SVBB Acquisition.

Unconsolidated VIEs Carrying Value
dollars in millionsDecember 31, 2023December 31, 2022
Affordable housing tax credit investments$1,887 $598 
Other tax credit equity investments3 5 
Total tax credit equity investments$1,890 $603 
Other unconsolidated investments162 159 
Total assets (maximum loss exposure) (2)
$2,052 $762 
Liabilities for commitments to tax credit investments (3)
$947 $295 
(1)    These investments provide tax benefits to investors in the form of tax deductions from operating losses and tax credits. During 2023, 2022, and 2021, BancShares recorded $169 million, $60 million, and $22 million, respectively, in tax provisions under the proportional amortization method. During 2023, 2022, and 2021, BancShares recognized total tax benefits of $176 million, $77 million, and $26 million, which included tax credits of $157 million, $60 million, and $22 million, respectively, recorded in income taxes. See Note 1 – Significant Accounting Policies and Basis of Presentation for additional information.
(2) Included in other assets.
(3)    Represents commitments to invest in qualified affordable housing investments and other investments qualifying for community reinvestment tax credits. These commitments are payable on demand and are included in other liabilities.
v3.24.0.1
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
The following table includes the components of other assets. The increases from December 31, 2022 primarily reflect other assets associated with the SVBB Acquisition, as described in Note 2—Business Combinations.

Other Assets
dollars in millionsDecember 31, 2023December 31, 2022
Affordable housing tax credit and other unconsolidated investments (1)
$2,052 $762 
Accrued interest receivable832 329 
Fair value of derivative financial instruments640 159 
Pension assets474 343 
Right of use assets for operating leases, net354 345 
Income tax receivable209 275 
Counterparty receivables114 98 
Bank-owned life insurance105 586 
Nonmarketable equity securities103 58 
Other real estate owned58 47 
Mortgage servicing rights25 25 
Federal Home Loan Bank stock20 197 
Other (2)
871 1,145 
Total other assets$5,857 $4,369 
(1)    Refer to Note 10—Variable Interest Entities for additional information.
(2)    The balance at December 31, 2022 included $607 million related to bank-owned life insurance policies that were terminated, but not cash-settled. These items cash-settled during 2023.
v3.24.0.1
Deposits (Tables)
 12 Months Ended
Dec. 31, 2023
Statistical Disclosure for Banks [Abstract]  
Schedule of Deposit Liabilities Type
The following table provides detail on deposit types. Refer to Note 2—Business Combinations for discussion of the deposits assumed in the SVBB Acquisition.

Deposit Types
dollars in millionsDecember 31, 2023December 31, 2022
Noninterest-bearing demand$39,799 $24,922 
Checking with interest23,754 16,202 
Money market30,616 21,040 
Savings35,258 16,834 
Time16,427 10,410 
Total deposits$145,854 $89,408 
Schedule of Time Deposit Maturities
At December 31, 2023, the scheduled maturities of time deposits were:

Deposit Maturities
dollars in millions
Twelve months ended December 31,
2024$15,175 
20251,126 
202674 
202734 
202818 
Thereafter— 
Total time deposits$16,427 
v3.24.0.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Short-term Borrowings
Short-term borrowings at December 31, 2023 and 2022 include:
dollars in millions December 31, 2023December 31, 2022
Securities sold under customer repurchase agreements$485 $436 
Notes payable to FHLB of Atlanta at overnight SOFR plus spreads ranging from 0.19% to 0.20%.
— 1,750 
Total short-term borrowings$485 $2,186 
Schedule of Long-term Borrowings
Long-term borrowings at December 31, 2023 and 2022 include:

Long-term Borrowings
dollars in millionsMaturityDecember 31, 2023December 31, 2022
Parent Company:
Subordinated:
Fixed-to-Floating subordinated notes at 3.375%
March 2030$350 $350 
Junior subordinated debentures at 3-month LIBOR plus 2.25% (FCB/SC Capital Trust II) (2)
June 203420 20 
Junior subordinated debentures at 3-month LIBOR plus 1.75% (FCB/NC Capital Trust III)
June 2036— 88 
Subsidiaries:
Senior:
Senior unsecured fixed-to-floating rate notes at 3.929%
June 2024— 500 
Senior unsecured fixed-to-floating rate notes at 2.969%
September 2025316 315 
Fixed senior unsecured notes at 6.00%
April 203651 51 
Subordinated:
Fixed subordinated notes at 6.125%
March 2028404 400 
Fixed-to-Fixed subordinated notes at 4.125%
November 2029100 100 
Junior subordinated debentures at 3-month LIBOR plus 2.80% (Macon Capital Trust I)
March 2034— 14 
Junior subordinated debentures at 3-month LIBOR plus 2.85% (SCB Capital Trust I) (2)
April 203410 10 
Secured:
Notes payable to FHLB of Atlanta at overnight SOFR plus spreads ranging from 0.24% to 0.34%
Maturities through September 2025— 2,500 
Purchase Money Note to FDIC fixed at 3.50% (1)
March 202836,072 — 
Other secured financingsMaturities through January 2024— 18 
Capital lease obligationsMaturities through May 20579 7 
Unamortized issuance costs— (1)
Unamortized purchase accounting adjustments(163)87 
Total long-term borrowings$37,169 $4,459 
(1)    Issued in connection with the SVBB Acquisition and secured by collateral as discussed below and in Note 2—Business Combinations.
(2)    As of December 31, 2023, debt holders had received notice of the debt calls, but funds to settle the calls had not been disbursed.
Schedule of Maturities of Long-term Debt
Contractual maturities of long-term borrowings (borrowings with original maturities of more than one year) at December 31, 2023 are included in the following table.

Long-term Borrowings Maturities
dollars in millions
Year Ended December 31, (1)
2024$(34)
2025282 
2026(38)
2027(37)
202836,461 
Thereafter535 
Total long-term borrowings$37,169 
(1)    Amounts in this table include amortization and accretion of purchase accounting adjustments based on the scheduled periods of recognition.
v3.24.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments, Offsetting Assets
The following table presents notional amounts and fair values of derivative financial instruments:

Notional Amount and Fair Value of Derivative Financial Instruments
dollars in millionsDecember 31, 2023December 31, 2022
Notional AmountAsset Fair ValueLiability Fair ValueNotional AmountAsset Fair ValueLiability Fair Value
Derivatives designated as hedging instruments (Qualifying hedges)
Interest rate contracts – fair value hedges (1) (4)
$815 $— $— $— $— $— 
Derivatives not designated as hedging instruments (Non-qualifying hedges)
Interest rate contracts (1) (4)
$24,548 $530 $(518)$18,173 $158 $(482)
Foreign exchange contracts (2)
9,142 104 (117)125 1 (4)
Other contracts (3)
983 6 (1)507 — — 
Total derivatives not designated as hedging instruments$34,673 640 (636)$18,805 159 (486)
Gross derivatives fair values presented in the Consolidated Balance Sheets640 (636)159 (486)
Less: Gross amounts offset in the Consolidated Balance Sheets— — — — 
Net amount presented in other assets and other liabilities in the Consolidated Balance Sheets640 (636)159 (486)
Less: Amounts subject to master netting agreements (5)
(97)97 (13)13 
Less: Cash collateral pledged (received) subject to master netting agreements (6)
(405)39 (124)— 
Total net derivative fair value$138 $(500)$22 $(473)
(1)    Fair value balances include accrued interest.
(2)    The foreign exchange contracts exclude foreign exchange spot contracts. The notional and net fair value amounts of these contracts were $179 million and $0 million, respectively, as of December 31, 2023, and $0 million for both notional and net fair value amounts as of December 31, 2022.
(3)    Other derivative contracts not designated as hedging instruments include risk participation agreements and equity warrants.
(4)    BancShares accounts for swap contracts cleared by the Chicago Mercantile Exchange and LCH Clearnet as “settled-to-market.” As a result, variation margin payments are characterized as settlement of the derivative exposure and variation margin balances are netted against the corresponding derivative mark-to-market balances. Gross amounts of recognized assets and liabilities were lowered by $66 million and $37 million, respectively, at December 31, 2023 which includes $4 million and $0 million relating to qualifying hedges, respectively. Gross amounts of recognized assets and liabilities were lowered by $376 million and $19 million, respectively at December 31, 2022.
(5)    BancShares’ derivative transactions are governed by International Swaps and Derivatives Association (“ISDA”) agreements that allow for net settlements of certain payments as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the two parties to the transaction. BancShares believes its ISDA agreements meet the definition of a master netting arrangement or similar agreement for purposes of the above disclosure.
(6)    In conjunction with the ISDA agreements described above, BancShares has entered into collateral arrangements with its counterparties, which provide for the exchange of cash depending on the change in the market valuation of the derivative contracts outstanding. Such collateral is available to be applied in settlement of the net balances upon an event of default of one of the counterparties. Collateral pledged or received is included in other assets or deposits, respectively.
Schedule of Derivative Instruments, Offsetting Liabilities
The following table presents notional amounts and fair values of derivative financial instruments:

Notional Amount and Fair Value of Derivative Financial Instruments
dollars in millionsDecember 31, 2023December 31, 2022
Notional AmountAsset Fair ValueLiability Fair ValueNotional AmountAsset Fair ValueLiability Fair Value
Derivatives designated as hedging instruments (Qualifying hedges)
Interest rate contracts – fair value hedges (1) (4)
$815 $— $— $— $— $— 
Derivatives not designated as hedging instruments (Non-qualifying hedges)
Interest rate contracts (1) (4)
$24,548 $530 $(518)$18,173 $158 $(482)
Foreign exchange contracts (2)
9,142 104 (117)125 1 (4)
Other contracts (3)
983 6 (1)507 — — 
Total derivatives not designated as hedging instruments$34,673 640 (636)$18,805 159 (486)
Gross derivatives fair values presented in the Consolidated Balance Sheets640 (636)159 (486)
Less: Gross amounts offset in the Consolidated Balance Sheets— — — — 
Net amount presented in other assets and other liabilities in the Consolidated Balance Sheets640 (636)159 (486)
Less: Amounts subject to master netting agreements (5)
(97)97 (13)13 
Less: Cash collateral pledged (received) subject to master netting agreements (6)
(405)39 (124)— 
Total net derivative fair value$138 $(500)$22 $(473)
(1)    Fair value balances include accrued interest.
(2)    The foreign exchange contracts exclude foreign exchange spot contracts. The notional and net fair value amounts of these contracts were $179 million and $0 million, respectively, as of December 31, 2023, and $0 million for both notional and net fair value amounts as of December 31, 2022.
(3)    Other derivative contracts not designated as hedging instruments include risk participation agreements and equity warrants.
(4)    BancShares accounts for swap contracts cleared by the Chicago Mercantile Exchange and LCH Clearnet as “settled-to-market.” As a result, variation margin payments are characterized as settlement of the derivative exposure and variation margin balances are netted against the corresponding derivative mark-to-market balances. Gross amounts of recognized assets and liabilities were lowered by $66 million and $37 million, respectively, at December 31, 2023 which includes $4 million and $0 million relating to qualifying hedges, respectively. Gross amounts of recognized assets and liabilities were lowered by $376 million and $19 million, respectively at December 31, 2022.
(5)    BancShares’ derivative transactions are governed by International Swaps and Derivatives Association (“ISDA”) agreements that allow for net settlements of certain payments as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the two parties to the transaction. BancShares believes its ISDA agreements meet the definition of a master netting arrangement or similar agreement for purposes of the above disclosure.
(6)    In conjunction with the ISDA agreements described above, BancShares has entered into collateral arrangements with its counterparties, which provide for the exchange of cash depending on the change in the market valuation of the derivative contracts outstanding. Such collateral is available to be applied in settlement of the net balances upon an event of default of one of the counterparties. Collateral pledged or received is included in other assets or deposits, respectively.
Schedule of Qualifying and Non-Qualifying Hedges
The following table represents the impact of fair value hedges on the Consolidated Statements of Income.

Gains (Losses) on Qualifying Hedges
dollars in millionsYear Ended December 31,
Amounts Recognized202320222021
Recognized on derivativesInterest expense - borrowings$4 $— $— 
Recognized on hedged itemInterest expense - borrowings(5)— — 
Total qualifying hedges - income statement impact$(1)$— $— 

The following table presents the carrying value of hedged items and associated cumulative hedging adjustment related to fair value hedges.

dollars in millionsCumulative Fair Value Hedging Adjustment Included in the Carrying Value of Hedged Items
Carrying Value of Hedged ItemsCurrently DesignatedNo Longer Designated
December 31, 2023
Long-term borrowings$879 $5 $— 
December 31, 2022
Long-term borrowings$— $— $— 
The following table presents gains of non-qualifying hedges recognized on the Consolidated Statements of Income.

Gains (Losses) on Non-Qualifying Hedges
dollars in millionsYear Ended December 31,
Amounts Recognized202320222021
Interest rate contractsOther noninterest income$32 $12 $— 
Foreign currency forward contractsOther noninterest income(8)20 — 
Other contractsOther noninterest income1 1 — 
Total non-qualifying hedges - income statement impact$25 $33 $— 
v3.24.0.1
Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]  
Schedule of Other Liabilities
The following table includes the components of other liabilities. Refer to Note 2—Business Combinations for discussion of the other liabilities assumed in the SVBB Acquisition.

Other Liabilities
dollars in millionsDecember 31, 2023December 31, 2022
Deferred taxes (1)
$3,579 $286 
Commitments to fund tax credit investments947 295 
Incentive plan liabilities676 267 
Fair value of derivative financial instruments636 486 
Accrued expenses and accounts payable397 275 
Lease liabilities396 352 
Reserve for off-balance sheet credit exposure316 106 
Accrued interest payable137 57 
Other822 464 
Total other liabilities$7,906 $2,588 
(1) Components of the deferred tax liability are detailed in Note 21 - Income Taxes.
v3.24.0.1
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table summarizes BancShares’ assets and liabilities measured at estimated fair value on a recurring basis:

Assets and Liabilities Measured at Fair Value - Recurring Basis
dollars in millionsDecember 31, 2023
TotalLevel 1Level 2Level 3
Assets
Investment securities available for sale
U.S. Treasury$10,508 $— $10,508 $— 
Government agency117 — 117 — 
Residential mortgage-backed securities6,686 — 6,686 — 
Commercial mortgage-backed securities2,131 — 2,131 — 
Corporate bonds482 — 325 157 
Municipal bonds12 — 12 — 
Total investment securities available for sale$19,936 $— $19,779 $157 
Marketable equity securities84 36 48 — 
Loans held for sale38 — 38 — 
Derivative assets (1)
Interest rate contracts — qualifying hedges$— $— $— $— 
Interest rate contracts — non-qualifying hedges$530 $— $529 $1 
Foreign exchange contracts — non-qualifying hedges104 — 104 — 
Other derivative contracts — non-qualifying hedges6 — — 6 
Total non-qualifying hedge assets$640 $— $633 $7 
Total derivative assets$640 $— $633 $7 
Liabilities
Derivative liabilities (1)
Interest rate contracts — qualifying hedges$— $— $— $— 
Interest rate contracts — non-qualifying hedges$518 $— $518 $— 
Foreign exchange contracts — non-qualifying hedges117 — 117 — 
Other derivative contracts — non-qualifying hedges1 — — 1 
Total non-qualifying hedge liabilities$636 $— $635 $1 
Total derivative liabilities$636 $— $635 $1 

December 31, 2022
TotalLevel 1Level 2Level 3
Assets
Investment securities available for sale
U.S. Treasury$1,898 $— $1,898 $— 
Government agency162 — 162 — 
Residential mortgage-backed securities4,795 — 4,795 — 
Commercial mortgage-backed securities1,604 — 1,604 — 
Corporate bonds536 — 362 174 
Total investment securities available for sale$8,995 $— $8,821 $174 
Marketable equity securities95 32 63 — 
Loans held for sale4 — 4 — 
Derivative assets (1)
Interest rate contracts — non-qualifying hedges$158 $— $158 $— 
Foreign exchange contracts — non-qualifying hedges1 — 1 — 
Total derivative assets$159 $— $159 $— 
Liabilities
Derivative liabilities (1)
Interest rate contracts — non-qualifying hedges$482 $— $482 $— 
Foreign exchange contracts — non-qualifying hedges4 — 4 — 
Total derivative liabilities$486 $— $486 $— 
(1)     Derivative fair values include accrued interest.
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables summarize information about significant unobservable inputs related to BancShares’ categories of Level 3 financial assets and liabilities measured on a recurring basis:

Quantitative Information About Level 3 Fair Value Measurements - Recurring Basis
dollars in millions
Financial InstrumentEstimated
Fair Value		Valuation
Technique(s)		Significant Unobservable Inputs
December 31, 2023
Assets
Corporate bonds$157 Indicative bid provided by brokerMultiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the issuer.
Interest rate & other derivative — non-qualifying hedges$7 Internal valuation modelMultiple factors, including but not limited to, private company valuation, illiquidity discount, and estimated life of the instrument.
Liabilities
Interest rate & other derivative — non-qualifying hedges$1 Internal valuation modelNot material
December 31, 2022
Assets
Corporate bonds$174 Indicative bid provided by brokerMultiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the issuer.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table summarizes the changes in estimated fair value for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):

Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities - Recurring Basis
dollars in millionsYear Ended December 31, 2023Year Ended December 31, 2022
Corporate BondsOther Derivative Assets — Non-QualifyingOther Derivative Liabilities — Non-QualifyingCorporate BondsOther Derivative Liabilities — Non-Qualifying
Beginning balance$174 $— $— $207 $— 
Purchases— 6 — — 1 
Changes in FV included in earnings— 1 — — (1)
Changes in FV included in comprehensive income(8)— — (19)— 
Transfers in— — 1 — — 
Transfers out— — — (14)— 
Maturity and settlements(9)— — — — 
Ending balance$157 $7 $1 $174 $— 
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table summarizes the changes in estimated fair value for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):

Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities - Recurring Basis
dollars in millionsYear Ended December 31, 2023Year Ended December 31, 2022
Corporate BondsOther Derivative Assets — Non-QualifyingOther Derivative Liabilities — Non-QualifyingCorporate BondsOther Derivative Liabilities — Non-Qualifying
Beginning balance$174 $— $— $207 $— 
Purchases— 6 — — 1 
Changes in FV included in earnings— 1 — — (1)
Changes in FV included in comprehensive income(8)— — (19)— 
Transfers in— — 1 — — 
Transfers out— — — (14)— 
Maturity and settlements(9)— — — — 
Ending balance$157 $7 $1 $174 $— 
Schedule of Fair Value Option
The following table summarizes the difference between the aggregate fair value and the UPB for residential mortgage loans originated for sale measured at fair value as of December 31, 2023 and 2022:

Aggregate Fair Value and UPB - Residential Mortgage Loans
dollars in millionsDecember 31, 2023
Fair ValueUnpaid Principal BalanceDifference
Originated loans held for sale$38 $37 $1 
December 31, 2022
Fair ValueUnpaid Principal BalanceDifference
Originated loans held for sale$4 $4 $— 
Schedule of Fair Value, Assets Measured on Nonrecurring Basis The following table presents carrying value of assets measured at estimated fair value on a non-recurring basis for which gains and losses have been recorded in the periods. The gains and losses reflect amounts recorded for the respective periods, regardless of whether the asset is still held at period end.
Assets Measured at Fair Value - Non-recurring Basis
dollars in millionsFair Value Measurements
TotalLevel 1Level 2Level 3Total Gains (Losses)
December 31, 2023
Assets held for sale - loans$12 $— $— $12 $(4)
Loans - collateral dependent loans265 — — 265 (131)
Other real estate owned16 — — 16 4 
Total$293 $— $— $293 $(131)
December 31, 2022
Assets held for sale - loans$23 $— $— $23 $(1)
Loans - collateral dependent loans149 — — 149 (24)
Other real estate owned43 — — 43 14 
Mortgage servicing rights— — — — 1 
Total$215 $— $— $215 $(10)
Schedule of Carrying Values and Estimated Fair Values for Financial Instruments
The table below presents the carrying values and estimated fair values for financial instruments, excluding leases and certain other assets and liabilities for which these disclosures are not required.

Carrying Values and Fair Values of Financial Assets and Liabilities
dollars in millionsDecember 31, 2023
Estimated Fair Value
Carrying ValueLevel 1Level 2Level 3Total
Financial Assets
Cash and due from banks$908 $908 $— $— $908 
Interest-earning deposits at banks33,609 33,609 — — 33,609 
Securities purchased under agreements to resell473 — 473 — 473 
Investment in marketable equity securities84 36 48 — 84 
Investment securities available for sale19,936 — 19,779 157 19,936 
Investment securities held to maturity9,979 — 8,503 — 8,503 
Loans held for sale73 — 38 35 73 
Net loans129,545 — 1,479 125,217 126,696 
Accrued interest receivable832 — 832 — 832 
Federal Home Loan Bank stock20 — 20 — 20 
Mortgage servicing rights25 — — 42 42 
Derivative assets - qualifying hedges— — — — — 
Derivative assets - non-qualifying hedges640 — 633 7 640 
Financial Liabilities
Deposits with no stated maturity129,427 — 129,427 — 129,427 
Time deposits16,427 — 16,416 — 16,416 
Credit balances of factoring clients1,089 — — 1,089 1,089 
Securities sold under customer repurchase agreements485 — 485 — 485 
Long-term borrowings37,160 — 36,816 — 36,816 
Accrued interest payable137 — 137 — 137 
Derivative liabilities - qualifying hedges— — — — — 
Derivative liabilities - non-qualifying hedges636 — 635 1 636 
December 31, 2022
Estimated Fair Value
Carrying ValueLevel 1Level 2Level 3Total
Financial Assets
Cash and due from banks$518 $518 $— $— $518 
Interest-earning deposits at banks5,025 5,025 — — 5,025 
Investment in marketable equity securities95 32 63 — 95 
Investment securities available for sale8,995 — 8,821 174 8,995 
Investment securities held to maturity10,279 — 8,795 — 8,795 
Loans held for sale52 — 4 45 49 
Net loans67,720 — 1,679 62,633 64,312 
Accrued interest receivable329 — 329 — 329 
Federal Home Loan Bank stock197 — 197 — 197 
Mortgage servicing rights25 — — 47 47 
Derivative assets - non-qualifying hedges159 — 159 — 159 
Financial Liabilities
Deposits with no stated maturity78,798 — 78,798 — 78,798 
Time deposits10,610 — 10,504 — 10,504 
Credit balances of factoring clients995 — — 995 995 
Securities sold under customer repurchase agreements436 — 436 — 436 
Other short-term borrowings1,750 — 1,750 — 1,750 
Long-term borrowings4,452 — 4,312 18 4,330 
Accrued interest payable57 — 57 — 57 
Derivative liabilities - non-qualifying hedges486 — 486 — 486 
v3.24.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Common Stock Outstanding Roll Forward
A roll forward of common stock activity is presented in the following table:

Number of Shares of Common Stock
December 31, 2023December 31, 2022
OutstandingOutstanding
Class AClass BClass AClass B
Common stock - beginning of period13,501,017 1,005,185 8,811,220 1,005,185 
Common stock issuance - CIT Merger— — 6,140,010 — 
Restricted stock units vested, net of shares held to cover taxes13,916 — 49,787 — 
Shares purchased under authorized repurchase plan— — (1,500,000)— 
Common stock - end of period13,514,933 1,005,185 13,501,017 1,005,185 
Schedule of Preferred Stock and Depositary Shares
The following table summarizes BancShares’ non-cumulative perpetual preferred stock.

Preferred Stock
dollars in millions, except per share and par value data
Preferred StockIssuance DateEarliest Redemption DatePar ValueShares Authorized, Issued and OutstandingLiquidation Preference Per ShareTotal Liquidation PreferenceDividend
Series AMarch 12, 2020March 15, 2025$0.01 345,000$1,000 $345 5.375%
Series B (1)
January 3, 2022January 4, 20270.01 325,0001,000 325
SOFR + 3.972%
Series CJanuary 3, 2022January 4, 20270.01 8,000,00025 2005.625%
(1) Beginning July 1, 2023, BancShares moved to Term SOFR plus a credit spread adjustment for its Series B Preferred Stock. The final dividend payment based on LIBOR occurred September 15, 2023.
v3.24.0.1
Accumulated Other Comprehensive (Loss) Income (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive (Loss) Income
The following table details the components of Accumulated Other Comprehensive (Loss) Income (“AOCI”):

Components of Accumulated Other Comprehensive (Loss) Income
dollars in millionsDecember 31, 2023December 31, 2022
PretaxIncome
Taxes		Net of Income TaxesPretaxIncome
Taxes		Net of Income Taxes
Unrealized loss on securities available for sale$(752)$175 $(577)$(972)$233 $(739)
Unrealized loss on securities available for sale transferred to held to maturity(7)2 (5)(8)2 (6)
Defined benefit pension items122 (31)91 13 (3)10 
Total accumulated other comprehensive loss$(637)$146 $(491)$(967)$232 $(735)

The following table details the changes in the components of AOCI, net of income taxes:

Changes in Accumulated Other Comprehensive (Loss) Income by Component
dollars in millionsUnrealized (loss) gain on securities available for saleUnrealized (loss) gain on securities available for sale transferred to held to maturityNet change in defined benefit pension itemsTotal accumulated other comprehensive (loss) income
Balance as of December 31, 2022$(739)$(6)$10 $(735)
AOCI activity before reclassifications143 — 81 224 
Amounts reclassified from AOCI to earnings19 1 — 20 
Other comprehensive (loss) income for the period162 1 81 244 
Balance as of December 31, 2023$(577)$(5)$91 $(491)
Balance as of December 31, 2021$(9)$(7)$26 $10 
AOCI activity before reclassifications(730)— (25)(755)
Amounts reclassified from AOCI to earnings— 1 9 10 
Other comprehensive (loss) income for the period(730)1 (16)(745)
Balance as of December 31, 2022$(739)$(6)$10 $(735)
The following table presents the pretax and after tax components of other comprehensive income:
Other Comprehensive Income (Loss) by Component

dollars in millionsYear Ended December 31,
20232022
PretaxIncome
Taxes		Net of Income TaxesPretaxIncome
Taxes		Net of Income TaxesIncome Statement Line Items
Unrealized gain (loss) on securities available for sale:
AOCI activity before reclassifications$194 $(51)$143 $(960)$230 $(730)
Amounts reclassified from AOCI to earnings26 (7)19 — — — 
$26 million realized loss on sales of investment securities available for sale
Other comprehensive income (loss) on securities available for sale$220 $(58)$162 $(960)$230 $(730)
Unrealized loss on securities available for sale transferred to held to maturity:
AOCI activity before reclassifications$— $— $— $— $— $— 
Amounts reclassified from AOCI to earnings1 — 1 1 — 1 Interest on investment securities
Other comprehensive income on securities available for sale transferred to held to maturity$1 $— $1 $1 $— $1 
Defined benefit pension items:
Actuarial gain (loss)$109 $(28)$81 $(33)$8 $(25)
Amounts reclassified from AOCI to earnings— — — 12 (3)9 Other noninterest expense
Other comprehensive income (loss) for defined benefit pension items$109 $(28)$81 $(21)$5 $(16)
Total other comprehensive income (loss)$330 $(86)$244 $(980)$235 $(745)
v3.24.0.1
Regulatory Capital (Tables)
 12 Months Ended
Dec. 31, 2023
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Schedule of Compliance with Regulatory Capital Requirements The following table includes the Basel III requirements for regulatory capital ratios.
Basel III MinimumsBasel III Conservation BuffersBasel III Requirements
Regulatory capital ratios
Total risk-based capital8.00 %2.50 %10.50 %
Tier 1 risk-based capital6.00 2.50 8.50 
Common equity Tier 14.50 2.50 7.00 
Tier 1 leverage4.00 — 4.00 
The regulatory capital ratios for BancShares and FCB exceed the Basel III requirements and the PCA well capitalized thresholds as of December 31, 2023 and 2022 as summarized in the following table.
dollars in millionsDecember 31, 2023December 31, 2022
Basel III RequirementsPCA well capitalized thresholdsAmountRatioAmountRatio
BancShares
Total risk-based capital10.50 %10.00 %$23,891 15.75 %$11,799 13.18 %
Tier 1 risk-based capital8.50 8.00 21,150 13.94 9,902 11.06 
Common equity Tier 17.00 6.50 20,270 13.36 9,021 10.08 
Tier 1 leverage4.00 5.00 21,150 9.83 9,902 8.99 
FCB
Total risk-based capital10.50 %10.00 %$23,600 15.56 %$11,627 12.99 %
Tier 1 risk-based capital8.50 8.00 21,227 13.99 10,186 11.38 
Common equity Tier 17.00 6.50 21,227 13.99 10,186 11.38 
Tier 1 leverage4.00 5.00 21,227 9.88 10,186 9.25 
v3.24.0.1
Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Common Share
The following table sets forth the computation of the basic and diluted earnings per common share:

Earnings per Common Share
dollars in millions, except per share data
Year Ended December 31,
202320222021
Net income$11,466 $1,098 $547 
Preferred stock dividends59 50 18 
Net income available to common stockholders$11,407 $1,048 $529 
Weighted average common shares outstanding
Basic shares outstanding14,527,902 15,531,924 9,816,405 
Stock-based awards11,711 18,020 — 
Diluted shares outstanding14,539,613 15,549,944 9,816,405 
Earnings per common share
Basic$785.14 $67.47 $53.88 
Diluted$784.51 $67.40 $53.88 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
The provision (benefit) for income taxes for the year ended December 31, 2023, 2022 and 2021 is comprised of the following:

Provision (Benefit) for Income Taxes
dollars in millionsYear ended December 31
202320222021
Current U.S. federal income tax provision$400 $58 $140 
Deferred U.S. federal income tax provision / (benefit)46 170 (6)
Total federal income tax provision446 228 134 
Current state and local income tax provision372 4 21 
Deferred state and local income tax (benefit) / provision(222)23 (1)
Total state and local income tax provision150 27 20 
Total non-U.S. income tax provision15 9 — 
Total provision for income taxes$611 $264 $154 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation from the U.S. Federal statutory rate to BancShares’ actual effective income tax rate for the year ended December 31, 2023, 2022 and 2021 is presented below. Income tax expense (benefit) includes, if applicable, federal, state and foreign taxes.

Percentage of Pretax Income
dollars in millionsEffective Tax Rate
202320222021
Pretax IncomeIncome Tax Expense (Benefit)Percentage of Pretax IncomePretax IncomeIncome Tax Expense (Benefit)Percentage of Pretax IncomePretax IncomeIncome Tax Expense (Benefit)Percentage of Pretax Income
Federal income taxes and rate$12,077 $2,536 21.0 %$1,362 $286 21.0 %$701 $147 21.0 %
Increase (decrease) due to:
State and local income taxes, net of federal income tax benefit804 6.7 %53 3.9 %16 2.2 %
Gain on acquisition(2,703)(22.4)%(105)(7.7)%— — %
Domestic tax credits(26)(0.2)%(20)(1.5)%(5)(0.7)%
Effect of BOLI surrender(1)
— — %48 3.5 %— — %
Deferred tax liability adjustment11 0.1 %(8)(0.6)%— — %
Difference in tax rates applicable to non-U.S. earnings1 — %1 0.1 %— — %
Repayment of claim of right income— — %— — %(2)(0.3)%
Valuation allowances(40)(0.3)%(5)(0.4)%— — %
Other28 0.2 %14 1.1 %(2)(0.2)%
Provision for income taxes and effective tax rate$611 5.1 %$264 19.4 %$154 22.0 %
(1) Includes penalty taxes.
Schedule of Components of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to deferred income tax assets and liabilities at December 31, 2023 and 2022 are presented below:


Components of Deferred Income Tax Assets and Liabilities
dollars in millions20232022
Deferred Tax Assets:
Net operating loss carry forwards$118 $358 
Basis difference in loans— 57 
Allowance for loan and lease losses542 252 
Accrued liabilities and reserves104 37 
Deferred compensation152 51 
Lease liabilities115 92 
Domestic tax credits21 176 
Mark to market adjustments21 28 
Capitalized costs75 15 
Net unrealized loss on investment securities available for sale235 275 
Other42 48 
Total gross deferred tax assets1,425 1,389 
Deferred Tax Liabilities:
Operating leases(1,729)(1,311)
Basis difference in loans(2,598)— 
Right of use assets for operating leases(110)(86)
Loans and direct financing leases(260)(43)
Deferred BOLI gain— (15)
Intangibles(56)(5)
Nonmarketable equity securities(14)(9)
Fixed assets(17)(6)
Pension assets(110)(54)
Prepaid expenses(14)(14)
Market discount accretion(33)(35)
Other(35)(27)
Total deferred tax liabilities(4,976)(1,605)
Total net deferred tax liability before valuation allowances(3,551)(216)
Less: valuation allowances(28)(70)
Net deferred tax liability after valuation allowances$(3,579)$(286)
Schedule of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits ("UTBs") is as follows:

Unrecognized Tax Benefits (1)
December 31, 2023December 31, 2022
dollars in millionsLiabilities for Unrecognized Tax BenefitsInterest / PenaltiesTotalTotal
Balance at beginning of period$27 $3 $30 $31 
Effect of CIT Merger— — — 6 
Additions for tax positions related to prior years4 1 5 1 
Reductions for tax positions of prior years— — — (2)
Expiration of statutes of limitations(2)— (2)(1)
Settlements(1)(1)(2)(5)
Balance at end of period$28 $3 $31 $30 
(1) Tabular rollforward does not present the comparable data for 2021, as activity for that year was not material.
Summary of Income Tax Audits
The table below presents the earliest tax years that remain subject to examination by major jurisdiction.

JurisdictionDecember 31, 2023
U.S. Federal2020
New York State and City2015
North Carolina2019
California2017
Canada2016
v3.24.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Changes in Projected Benefit Obligations, Plan Assets And Funded Status
The following table provides the changes in benefit obligations, assets and the funded status of the Plans at December 31, 2023 and 2022.
Obligations and Funded Status

Retirement PlansPostretirement Plans
(dollars in millions)2023202220232022
Change in benefit obligation
Projected benefit obligation at January 1$1,115 $1,056 $— $— 
Projected benefit obligation of acquired plans— 389 — 28 
Service cost9 14 — — 
Interest cost61 43 — — 
Actuarial loss (gain)50 (324)— — 
Benefits paid(66)(63)— (1)
Plan termination— — — (27)
Projected benefit obligation at December 311,169 1,115 — — 
Change in plan assets
Fair value of plan assets at January 11,404 1,345 — — 
Fair value of plan assets of acquired plans— 386 — — 
Actual return (loss) on plan assets245 (270)— — 
Employer contributions6 — — — 
Benefits paid(66)(57)— — 
Fair value of plan assets at December 311,589 1,404 — — 
Funded status at December 31$420 $289 $— $— 
Information for Retirement Plans with a benefit obligation in excess of plan assets
Projected and accumulated benefit obligations$54 $54 $— $— 
Reported in Consolidated Balance Sheets
Funded Pension Plans (other assets)474 343 — — 
Unfunded Supplemental and Executive Retirement Plans (other liabilities)(54)(54)— — 
Net funded status of Retirement Plans$420 $289 $— $— 
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income
The following table details the amounts recognized in accumulated other comprehensive income, before income taxes, at December 31, 2023 and 2022. See Note 18—Accumulated Other Comprehensive (Loss) Income for additional information.
Retirement PlansPostretirement Plans
(dollars in millions)2023202220232022
Net actuarial gain$122 $13 $— $— 
Schedule of Net Benefit Costs
The following table shows the components of periodic benefit cost related to the Plans and changes in assets and benefit obligations of the Plans recognized in other comprehensive income, before income taxes, for the years ended December 31, 2023, 2022 and 2021. See Note 18—Accumulated Other Comprehensive (Loss) Income for additional information.

Net Periodic Benefit Costs and Other AmountsRetirement PlansPostretirement Plans
Year ended December 31Year ended December 31
(dollars in millions)20232022202120232022
Service cost$9 $14 $15 $— $— 
Interest cost61 43 30 — — 
Expected return on assets(85)(87)(78)— — 
Net prior service credit amortization— — — — (27)
Amortization of net actuarial loss— 12 27 — — 
Total net periodic benefit(15)(18)(6)— (27)
Current year actuarial (gain) loss (109)33 (98)— — 
Amortization of actuarial loss— (12)(27)— — 
Current year amortization of prior service cost— — — — 27 
Amortization of prior service cost— — — — (27)
Net (gain) loss recognized in other comprehensive income(109)21 (125)— — 
Total recognized in net periodic benefit cost and other comprehensive income$(124)$3 $(131)$— $(27)
Schedule of Defined Benefit Plan Assumptions
The assumptions used to determine the benefit obligations at December 31, 2023 and 2022 are as follows:
Weighted Average AssumptionsRetirement PlansPostretirement Plans
2023202220232022
Discount rate5.17 %5.57 %N/AN/A
Rate of compensation increase5.60 5.60 N/AN/A
Interest crediting rate (1)
4.00 4.25 N/AN/A
(1) Specific to cash investments in the CIT Pension Plan.
The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2023, 2022 and 2021, are as follows:
Weighted Average AssumptionsRetirement PlansPostretirement Plans
20232022202120232022
Discount rate5.57 %3.03 %2.76 %4.56 %3.02 %
Rate of compensation increase5.60 5.60 5.60 N/AN/A
Expected long-term return on plan assets6.14 5.87 7.50 N/AN/A
Interest crediting rate (1)
4.25 1.50 N/AN/AN/A
(1) Specific to cash investments in the CIT Pension Plan.
Schedule of Fair Value and Allocation of Plan Assets
The following tables summarize the fair values and fair value hierarchy for the assets of the Pension Plans at December 31, 2023 and 2022.

Fair Value MeasurementsDecember 31, 2023
dollars in millionsMarket ValueLevel 1Level 2Level 3
Not Classified (1)
Weighted Average Target Allocation Pension PlansActual %
of Plans'
Assets
Cash and equivalents$31 $31 $— $— $— 
—% - 5%
2 %
Equity securities
25% - 65%
45 %
Common and preferred stock134 134 — — — 
Mutual funds126 126 — — — 
Exchange traded funds459 459 — — — 
Fixed income
30% - 65%
50 %
U.S. government and government agency securities17 — 17 — — 
Corporate bonds15 — 15 — — 
Exchange traded funds13 13 — — — 
Collective investment funds (fixed income)753 — — — 753 
Alternative investments
—% - 30%
3 %
Limited partnerships41 — — — 41 
Total pension assets$1,589 $763 $32 $— $794 100 %
December 31, 2022
Market ValueLevel 1Level 2Level 3
Not Classified (1)
Weighted Average Target Allocation Pension PlansActual %
of Plans'
Assets
Cash and equivalents$25 $25 $— $— $— 
—% - 5%
2 %
Equity securities
25% - 60%
46 %
Common and preferred stock88 88 — — — 
Mutual funds181 181 — — — 
Exchange traded funds376 376 — — — 
Fixed income
25% - 60%
31 %
U.S. government and government agency securities198 — 198 — — 
Corporate bonds233 — 233 — — 
Alternative investments
—% - 30%
21 %
Common collective trust, measured at NAV302 — — — 302 
Limited partnerships1 — — — 1 
Total pension assets$1,404 $670 $431 $— $303 100 %
(1) These investments have been measured using the net asset value per share practical expedient and are not required to be classified in the above tables.
Schedule of Expected Benefit Payments
The following table presents estimated future benefits projected to be paid for the next ten years from the Pension Plans’ assets or from BancShares’ general assets calculated using current actuarial assumptions. Actual benefit payments may differ from projected benefit payments.
Projected Benefits
dollars in millions
Retirement Plans
2024$78 
202581 
202683 
202787 
202888 
2029-2033426 
Schedule of Accrued Liabilities
The following table provides the accrued liability as of December 31, 2023 and 2022, and the changes in the accrued liability during the years then ended:
dollars in millions20232022
Accrued liability as of January 1$36 $39 
Accrued liability of acquired banks— 2 
Discount rate adjustment— (2)
Benefit expense and interest cost2 2 
Benefits paid(4)(5)
Benefits forfeited— — 
Accrued liability as of December 31$34 $36 
Discount rate at December 315.09 %4.67 %
Schedule of Nonvested Restricted Stock Units Activity
The following table presents the unvested BancShares RSUs at December 31, 2023 and 2022, which have vesting periods through 2024. There were no grants of stock-based compensation awards during 2023 or 2022. The fair value of RSUs that vested and settled in stock during 2023 and 2022 were $16 million and $64 million, respectively.

Stock-Settled Awards Outstanding
Stock-Settled Awards
share amounts in whole dollars
Number of Shares
Weighted Average Grant Date Value(1)
December 31, 2023
Unvested at beginning of period42,989 $859.76 
Forfeited / cancelled(643)859.76 
Vested / settled awards(22,091)859.76 
Unvested at end of period20,255 $859.76 
December 31, 2022
Unvested at beginning of period— $— 
Unvested CIT RSUs converted to BancShares RSUs at Merger Date116,958 859.76 
Unvested CIT PSUs converted to RSUs at Merger Date10,678 859.76 
Forfeited / cancelled(5,194)859.76 
Vested / settled awards(79,453)859.76 
Unvested at end of period42,989 $859.76 
(1) Represents the share price of BancShares as of the CIT Merger Date.
v3.24.0.1
Business Segment Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table presents the condensed income statement by segment:
Year Ended December 31, 2023
General BankingCommercial BankingSilicon Valley BankingRailCorporateTotal BancShares
Net interest income (expense)$2,433 $1,015 $1,946 $(143)$1,461 $6,712 
Provision for credit losses71 517 71 — 716 1,375 
Net interest income (expense) after provision for credit losses2,362 498 1,875 (143)745 5,337 
Noninterest income490 559 478 746 9,802 12,075 
Noninterest expense1,607 823 1,642 481 782 5,335 
Income before income taxes1,245 234 711 122 9,765 12,077 
Income tax expense (benefit)336 69 181 32 (7)611 
Net income$909 $165 $530 $90 $9,772 $11,466 
Select Period End Balances
Total assets$50,179 $31,826 $56,190 $8,199 $67,364 $213,758 
Loans and leases47,330 30,936 55,013 23 — 133,302 
Operating lease equipment, net— 780 — 7,966 — 8,746 
Deposits102,647 3,228 38,477 13 1,489 145,854 
Year Ended December 31, 2022
General BankingCommercial BankingSilicon Valley BankingRailCorporateTotal BancShares
Net interest income (expense)$1,947 $884 $— $(80)$195 $2,946 
Provision for credit losses11 121 — — 513 645 
Net interest income (expense) after provision for credit losses1,936 763 — (80)(318)2,301 
Noninterest income482 517 — 657 480 2,136 
Noninterest expense1,542 744 — 428 361 3,075 
Income (loss) before income taxes876 536 — 149 (199)1,362 
Income tax expense (benefit)214 128 — 37 (115)264 
Net income (loss)$662 $408 $— $112 $(84)$1,098 
Select Period End Balances
Total assets$45,802 $28,235 $— $7,647 $27,614 $109,298 
Loans and leases43,212 27,491 — 78 — 70,781 
Operating lease equipment, net— 723 — 7,433 — 8,156 
Deposits84,369 3,219 — 15 1,805 89,408 
Year Ended December 31, 2021
General BankingCommercial BankingSilicon Valley BankingRailCorporateTotal BancShares
Net interest income (expense)$1,447 $17 $— $— $(74)$1,390 
Benefit for credit losses(37)— — — — (37)
Net interest income (expense) after provision for credit losses1,484 17 — — (74)1,427 
Noninterest income433 — — — 75 508 
Noninterest expense1,179 3 — — 52 1,234 
Income (loss) before income taxes738 14 — — (51)701 
Income tax expense (benefit)162 3 — — (11)154 
Net income (loss)$576 $11 $— $— $(40)$547 
Select Period End Balances
Total assets$33,848 $552 $— $— $23,909 $58,309 
Loans and leases31,820 552 — — — 32,372 
Deposits51,344 62 — — — 51,406 
v3.24.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Fair Value, Off-balance Sheet Risks
The accompanying table summarizes credit-related commitments and other purchase and funding commitments:
dollars in millionsDecember 31, 2023December 31, 2022
Financing Commitments
Financing assets (excluding leases)$57,567 $23,452 
Letters of Credit
Standby letters of credit2,412 436 
Other letters of credit103 44 
Deferred Purchase Agreements2,076 2,039 
Purchase and Funding Commitments (1)
685 941 
(1)    BancShares’ purchase and funding commitments relate to the equipment leasing businesses’ commitments to fund Rail’s railcar manufacturer purchase and upgrade commitments.
v3.24.0.1
Certain Relationships and Related Transactions (Tables)
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
For those identified as Related Persons as of December 31, 2023, the following table provides an analysis of changes in the loans outstanding during 2023 and 2022:
Year ended December 31
dollars in thousands20232022
Balance at January 1$171 $122 
New loans1,657 61 
Repayments(59)(12)
Balance at December 31$1,769 $171 
v3.24.0.1
Parent Company Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Balance Sheet
Parent Company
Condensed Balance Sheets
dollars in millionsDecember 31, 2023December 31, 2022
Assets
Cash and due from banks$200 $119 
Interest-earning deposits at banks5 3 
Investment in marketable equity securities82 93 
Investment in banking subsidiary21,324 9,935 
Investment in other subsidiaries50 34 
Other assets60 48 
Total assets$21,721 $10,232 
Liabilities and Stockholders' Equity
Subordinated debt$367 $454 
Borrowings due to banking subsidiary45 60 
Other liabilities54 56 
Total liabilities466 570 
Stockholders’ equity21,255 9,662 
Total liabilities and stockholders’ equity$21,721 $10,232 
Schedule of Condensed Statements of Income
Parent Company
Condensed Statements of Income
Year ended December 31
dollars in millions202320222021
Income
Dividends from banking subsidiary$367 $1,410 $173 
Other (loss) income(8)(2)36 
Total income359 1,408 209 
Expenses
Interest expense22 19 17 
Other expenses40 26 11 
Total expenses62 45 28 
Income before income taxes and equity in undistributed net income of subsidiaries297 1,363 181 
Income tax (benefit) expense(14)44 2 
Income before equity in undistributed net income of subsidiaries311 1,319 179 
Equity in undistributed (distributed) net income of subsidiaries11,155 (221)368 
Net income11,466 1,098 547 
Preferred stock dividends59 50 18 
Net income available to common stockholders$11,407 $1,048 $529 
Schedule of Condensed Statements of Cash Flows
Parent Company
Condensed Statements of Cash Flows
Year ended December 31
dollars in millions202320222021
OPERATING ACTIVITIES
Net income$11,466 $1,098 $547 
Adjustments to reconcile net income to cash provided by operating activities:
(Undistributed) distributed net income of subsidiaries(11,155)221 (368)
Deferred tax expense(5)48 — 
Net amortization of premiums and discounts— 1 1 
Fair value adjustment on marketable equity securities, net11 6 (34)
Stock based compensation expense5 19 — 
Net change in due to or from subsidiaries— — 4 
Net change in other assets(17)(3)7 
Net change in other liabilities3 (2)3 
Net cash provided by operating activities308 1,388 160 
INVESTING ACTIVITIES
Net (increase) decrease in interest-earning deposits at banks(2)3 (4)
Purchase of marketable equity securities— — (2)
Proceeds from sales of marketable equity securities— — 30 
Proceeds from sales, calls, and maturities of investment securities— — 2 
Net cash paid in acquisition— (51)— 
Net cash (used in) provided by investing activities(2)(48)26 
FINANCING ACTIVITIES
Repayment of other borrowings— (68)(20)
Repayment of subordinated debt(87)— — 
(Repayment) proceeds for borrowings due to banking subsidiary(15)20 — 
Repurchase of Class A common stock— (1,240)— 
Cash dividends paid(117)(83)(42)
Other financing activities(6)(24)— 
Net cash used in financing activities(225)(1,395)(62)
Net change in cash and due from banks81 (55)124 
Cash and due from banks at beginning of year119 174 50 
Cash and due from banks at end of year$200 $119 $174 
CASH PAYMENTS (REFUNDS) FOR:
Interest$23 $18 $17 
Income taxes470 (536)810 
v3.24.0.1
Significant Accounting Policies and Basis of Presentation (Details)
$ / shares in Units, $ in Thousands
Dec. 31, 2023
USD ($)
renewalOption
$ / shares
Dec. 31, 2022
$ / shares
Jan. 03, 2022
Significant Accounting Policies and Basis of Presentation [Line Items]      
Lessee, operating lease, options to renew | renewalOption 1    
Allowance for credit loss, individually evaluated loans, threshold | $ $ 500    
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Other assets Other assets  
Class A      
Significant Accounting Policies and Basis of Presentation [Line Items]      
Common stock, par value (in dollars per share) $ 1 $ 1  
Class B      
Significant Accounting Policies and Basis of Presentation [Line Items]      
Common stock, par value (in dollars per share) $ 1 $ 1  
CIT Group Inc. | Class A      
Significant Accounting Policies and Basis of Presentation [Line Items]      
Common stock, terms of conversion, conversion ratio     0.062
Rail Equipment | Minimum      
Significant Accounting Policies and Basis of Presentation [Line Items]      
Useful Life (years) 40 years    
Rail Equipment | Maximum      
Significant Accounting Policies and Basis of Presentation [Line Items]      
Useful Life (years) 50 years    
Other Equipment | Minimum      
Significant Accounting Policies and Basis of Presentation [Line Items]      
Useful Life (years) 3 years    
Other Equipment | Maximum      
Significant Accounting Policies and Basis of Presentation [Line Items]      
Useful Life (years) 10 years    
v3.24.0.1
Business Combinations - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Apr. 04, 2023
USD ($)
Mar. 27, 2023
USD ($)
$ / shares
shares
Jan. 03, 2022
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
Business Acquisition [Line Items]            
Net interest income       $ 6,712 $ 2,946 $ 1,390
Noninterest income       12,075 2,136 508
Net income       11,466 1,098 547
Gain on acquisition       9,808 431 0
Initial PCD ALLL     $ 272 220    
Acquisition-related expenses       470 231 29
Operating Segments | Silicon Valley Bridge Bank Segment            
Business Acquisition [Line Items]            
Net interest income       1,946 0 0
Noninterest income       478 0 0
Net income       $ 530 0 $ 0
Operating Segments | CIT Group Inc.            
Business Acquisition [Line Items]            
Net interest income         1,750  
Noninterest income         1,240  
Net income         587  
FDIC Credit Facility            
Business Acquisition [Line Items]            
FDIC advances, maximum amount available   $ 70,000        
Purchase Money Note            
Business Acquisition [Line Items]            
Debt instrument, term   5 years        
Principal amount   $ 36,070        
Notes payable, fair value disclosure   35,810        
SVB            
Business Acquisition [Line Items]            
Total assets acquired   107,539        
Loans and leases   68,468        
Cash and interest-earning deposits at banks   35,310        
Total liabilities assumed   61,423        
Deposits   56,014        
Assets acquired, discount   16,450        
Business combination, financing receivable acquired, amount covered by share-loss agreement   $ 60,000        
Business combination, financing receivable acquired, amount covered by share-loss agreement, coverage percentage for loss up to $5 billion   0.00%        
Business combination, financing receivable acquired, amount covered by share-loss agreement, coverage percentage for loss in excess of $5 billion   $ 5,000        
Business combination, financing receivable acquired, above threshold amount covered by share-loss agreement, percentage   50.00%        
Share-Loss Agreement, reimbursement percentage   50.00%        
Share-Loss Agreement, term   5 years        
Share-Loss Agreement, reimbursement term   8 years        
Loans funded after acquisition date, loss share term   1 year        
Share-Loss Agreement, true-up payment term   45 days        
True-up amount   $ 1,500        
Cash settled value appreciation instrument issued and issuable (in shares) | shares   5,000,000        
Number of trading days   2 days        
Cash settled value appreciation instrument, threshold amount (in dollars per share) | $ / shares   $ 582.55        
Cash settled value appreciation instrument, maximum amount   $ 500        
Payment to acquire business, value appreciation instrument exercised $ 500          
Preliminary gain on acquisition, after income taxes   9,808        
Deferred tax liabilities   3,364        
UPB   71,287        
Purchase accounting adjustment of discount   2,300        
Gain on acquisition   13,172        
SVB | Non-PCD            
Business Acquisition [Line Items]            
Loans and leases acquired, FV   66,420        
UPB   $ 68,719        
SVB | FDIC Credit Facility            
Business Acquisition [Line Items]            
FHLB, advances, interest rate   0.00%        
SVB | Secured Debt | FDIC Credit Facility | Secured Overnight Financing Rate            
Business Acquisition [Line Items]            
Basis spread on variable rate   0.25%        
SVB | Purchase Money Note            
Business Acquisition [Line Items]            
Debt instrument, term   5 years        
Debt instrument, face amount   $ 35,000        
SVB | Purchase Money Note | Secured Debt            
Business Acquisition [Line Items]            
Debt instrument, stated interest rate   3.50%        
CIT Group Inc.            
Business Acquisition [Line Items]            
Total assets acquired     53,775      
Loans and leases     32,714      
Cash and interest-earning deposits at banks     3,060      
Total liabilities assumed     47,392      
Deposits     39,428      
Deferred tax liabilities     300      
UPB     33,092      
Gain on acquisition     431   431  
CIT Group Inc. | Provision For Credit Losses            
Business Acquisition [Line Items]            
Net income         $ 513  
CIT Group Inc. | Non-PCD            
Business Acquisition [Line Items]            
UPB     $ 29,542      
Class A            
Business Acquisition [Line Items]            
Common stock, par value (in dollars per share) | $ / shares       $ 1 $ 1  
Class A | CIT Group Inc.            
Business Acquisition [Line Items]            
Common stock, terms of conversion, conversion ratio     0.062      
Business acquisition, equity interest Issued or issuable (in shares) | shares     6,140,010      
CIT Group Inc.            
Business Acquisition [Line Items]            
Common stock, par value (in dollars per share) | $ / shares     $ 0.01      
v3.24.0.1
Business Combinations - Schedule of Business Acquisitions - SVBB Acquisition (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 27, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Liabilities        
Preliminary gain on acquisition, before income taxes   $ 9,808 $ 431 $ 0
SVB        
Purchase price consideration        
Purchase Money Note $ 35,808      
Value Appreciation Instrument 500      
Purchase price consideration 36,308      
Assets        
Cash and due from banks 1,310      
Interest-earning deposits at banks 34,001      
Investment securities 385      
Loans and leases, net of the initial PCD ALLL 68,468      
Affordable housing tax credit and other unconsolidated investments 1,273      
Premises and equipment 308      
Other assets 1,564      
Total assets acquired 107,539      
Liabilities        
Deposits 56,014      
Borrowings 10      
Deferred tax liabilities 3,364      
Other liabilities 2,035      
Total liabilities assumed 61,423      
Fair value of net assets acquired 46,116      
Preliminary gain on acquisition, after income taxes 9,808      
Preliminary gain on acquisition, before income taxes 13,172      
Book value of net assets acquired 52,520      
Business combination asset acquired, discount 16,450      
Purchase Money Note, fair value discount 264      
SVB | Core deposit intangibles        
Assets        
Core deposit intangibles $ 230      
v3.24.0.1
Business Combinations - Schedule of Unpaid Balance and Fair Value of the Acquired Loan Portfolio (Details) - USD ($)
$ in Millions
Mar. 27, 2023
Jan. 03, 2022
SVB    
Business Acquisition [Line Items]    
UPB $ 71,287  
Loans and Leases, FV 68,468  
SVB | Non-PCD    
Business Acquisition [Line Items]    
UPB 68,719  
Loans and Leases, FV 66,422  
SVB | PCD    
Business Acquisition [Line Items]    
UPB 2,568  
Loans and Leases, FV $ 2,046  
CIT Group Inc.    
Business Acquisition [Line Items]    
UPB   $ 33,092
Loans and Leases, FV   32,714
CIT Group Inc. | Non-PCD    
Business Acquisition [Line Items]    
UPB   29,542
Loans and Leases, FV   29,481
CIT Group Inc. | PCD    
Business Acquisition [Line Items]    
UPB   3,550
Loans and Leases, FV   $ 3,233
v3.24.0.1
Business Combinations - Schedule of PCD Loans and Leases Acquired (Details) - SVB
$ in Millions
Mar. 27, 2023
USD ($)
Business Acquisition [Line Items]  
UPB $ 71,287
Fair value 68,468
PCD  
Business Acquisition [Line Items]  
UPB 2,568
Fair value 2,046
Total fair value discount 522
Discount for loans fair value at acquisition date 0
Less: discount for loans with $0 fair value at SVBB Acquisition Date 26
Less: PCD gross-up 220
PCD discount $ 276
v3.24.0.1
Business Combinations - Schedule of Valuation of Core Deposits (Details) - USD ($)
$ in Millions
Mar. 27, 2023
Jan. 03, 2022
CIT Group Inc.    
Business Acquisition [Line Items]    
Fair Value   $ 143
Core deposit intangibles | SVB    
Business Acquisition [Line Items]    
Fair Value $ 230  
Estimated Useful Life 8 years  
Core deposit intangibles | CIT Group Inc.    
Business Acquisition [Line Items]    
Fair Value   $ 143
Estimated Useful Life   10 years
v3.24.0.1
Business Combinations - Schedule of Other Assets Acquired (Details) - USD ($)
$ in Millions
Mar. 27, 2023
Jan. 03, 2022
SVB    
Business Acquisition [Line Items]    
Low-income housing tax credits and other investments $ 1,273  
Premises and equipment 308  
Accrued interest receivable 431  
Federal Home Loan Bank stock and Federal Reserve Bank stock 320  
Fair value of derivative financial instruments 458  
Other 355  
Total other assets $ 1,564  
CIT Group Inc.    
Business Acquisition [Line Items]    
Low-income housing tax credits and other investments   $ 777
Premises and equipment   230
Federal Home Loan Bank stock and Federal Reserve Bank stock   327
Fair value of derivative financial instruments   209
Counterparty receivables   133
Other   522
Total other assets   $ 2,198
v3.24.0.1
Business Combinations - Schedule of Other Liabilities Assumed (Details) - SVB
$ in Millions
Mar. 27, 2023
USD ($)
Business Acquisition [Line Items]  
Commitments to fund tax credit investments $ 715
Fair value of derivative financial instruments 497
Reserve for off-balance sheet credit exposures 253
Accrued interest payable 109
Other 461
Other liabilities $ 2,035
v3.24.0.1
Business Combinations - Schedule of Business Acquisitions - CIT Acquisition (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Jan. 03, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Liabilities        
Gain on acquisition   $ 9,808 $ 431 $ 0
CIT Group Inc.        
Business Acquisition [Line Items]        
Stock-based compensation consideration $ 81      
Cash in lieu of fractional shares and other consideration paid 51      
Purchase price consideration 5,952      
Assets        
Cash and interest-earning deposits at banks 3,060      
Investment securities 6,561      
Assets held for sale 59      
Loans and leases 32,714      
Operating lease equipment 7,838      
Bank-owned life insurance 1,202      
Intangible assets 143      
Other assets 2,198      
Total assets acquired 53,775      
Liabilities        
Deposits 39,428      
Borrowings 4,536      
Credit balances of factoring clients 1,534      
Other liabilities 1,894      
Total liabilities assumed 47,392      
Fair value of net assets acquired 6,383      
Gain on acquisition $ 431   $ 431  
CIT Group Inc. | Class A        
Business Acquisition [Line Items]        
Shares of Class A common stock issued (in shares) 6,140,010      
Price per share on January 3, 2022 (in dollars per share) $ 859.76      
Equity consideration $ 5,279      
CIT Group Inc. | Preferred Stock        
Business Acquisition [Line Items]        
Equity consideration $ 541      
v3.24.0.1
Business Combinations - Schedule of Business Acquisition, Pro Forma Information (Details) - CIT Group Inc. - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Business Acquisition [Line Items]    
Business acquisition, pro forma net income (loss) $ 1,225 $ 1,497
Interest income    
Business Acquisition [Line Items]    
Business acquisition, pro forma revenue 3,413 2,867
Noninterest income    
Business Acquisition [Line Items]    
Business acquisition, pro forma revenue $ 1,705 $ 2,537
v3.24.0.1
Investment Securities - Schedule of Amortized Cost and Fair Value of Investment Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Investment securities available for sale    
Amortized Cost $ 20,688 $ 9,967
Gross Unrealized Gains 115 1
Gross Unrealized Losses (867) (973)
Investment securities available for sale 19,936 8,995
Investment in marketable equity securities    
Amortized Cost 75 75
Gross Unrealized Gains 17 21
Gross Unrealized Losses (8) (1)
Fair Value 84 95
Investment securities held to maturity    
Amortized Cost 9,979 10,279
Gross Unrealized Gains 0 0
Gross Unrealized Losses (1,476) (1,484)
Fair Value 8,503 8,795
Total investment securities    
Amortized Cost 30,742 20,321
Gross Unrealized Gains 132 22
Gross Unrealized Losses (2,351) (2,458)
Fair Value 28,523 17,885
U.S. Treasury    
Investment securities available for sale    
Amortized Cost 10,554 2,035
Gross Unrealized Gains 34 0
Gross Unrealized Losses (80) (137)
Investment securities available for sale 10,508 1,898
Investment securities held to maturity    
Amortized Cost 479 474
Gross Unrealized Gains 0 0
Gross Unrealized Losses (40) (50)
Fair Value 439 424
Government agency    
Investment securities available for sale    
Amortized Cost 120 164
Gross Unrealized Gains 0 0
Gross Unrealized Losses (3) (2)
Investment securities available for sale 117 162
Investment securities held to maturity    
Amortized Cost 1,506 1,548
Gross Unrealized Gains 0 0
Gross Unrealized Losses (143) (186)
Fair Value 1,363 1,362
Residential mortgage-backed securities    
Investment securities available for sale    
Amortized Cost 7,154 5,424
Gross Unrealized Gains 72 1
Gross Unrealized Losses (540) (630)
Investment securities available for sale 6,686 4,795
Investment securities held to maturity    
Amortized Cost 4,205 4,605
Gross Unrealized Gains 0 0
Gross Unrealized Losses (644) (723)
Fair Value 3,561 3,882
Commercial mortgage-backed securities    
Investment securities available for sale    
Amortized Cost 2,319 1,774
Gross Unrealized Gains 9 0
Gross Unrealized Losses (197) (170)
Investment securities available for sale 2,131 1,604
Investment securities held to maturity    
Amortized Cost 3,489 3,355
Gross Unrealized Gains 0 0
Gross Unrealized Losses (614) (484)
Fair Value 2,875 2,871
Corporate bonds    
Investment securities available for sale    
Amortized Cost 529 570
Gross Unrealized Gains 0 0
Gross Unrealized Losses (47) (34)
Investment securities available for sale 482 536
Municipal bonds    
Investment securities available for sale    
Amortized Cost 12  
Gross Unrealized Gains 0  
Gross Unrealized Losses 0  
Investment securities available for sale 12  
Supranational securities    
Investment securities held to maturity    
Amortized Cost 298 295
Gross Unrealized Gains 0 0
Gross Unrealized Losses (35) (41)
Fair Value 263 254
Other    
Investment securities held to maturity    
Amortized Cost 2 2
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value $ 2 $ 2
v3.24.0.1
Investment Securities - Narrative (Details)
shares in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
security
shares
Dec. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
security
shares
Dec. 31, 2022
USD ($)
Schedule of Investments [Line Items]        
Debt securities, available-for-sale, accrued Interest $ 87,000,000 $ 33,000,000 $ 87,000,000 $ 33,000,000
Debt Securities, held-to-maturity, accrued interest 18,000,000 19,000,000 18,000,000 19,000,000
Write off of accrued interest receivable $ 0 0 $ 0 0
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, number of positions | security 483   483  
Debt securities, held-to-maturity, threshold period past due 30 days   30 days  
Securities past due $ 9,979,000,000 10,279,000,000 $ 9,979,000,000 10,279,000,000
Held-to-maturity securities, nonaccrual 0 0 0 0
Total Past Due        
Schedule of Investments [Line Items]        
Securities past due 0 0 0 0
Asset Pledged as Collateral        
Schedule of Investments [Line Items]        
Investment securities, aggregate carrying value, pledged as collateral $ 3,770,000,000 $ 4,230,000,000 $ 3,770,000,000 $ 4,230,000,000
Visa, Inc | Class B        
Schedule of Investments [Line Items]        
Investment owned (in shares) | shares 354   354  
Residential Mortgage Backed Securities or Government Agency Securities        
Schedule of Investments [Line Items]        
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, number of positions | security 416   416  
Corporate Bonds        
Schedule of Investments [Line Items]        
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, number of positions | security 67   67  
Number of debt securities | security 1   1  
v3.24.0.1
Investment Securities - Schedule of Investment Securities Maturity Information (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Investment securities available for sale    
Non-amortizing securities maturing in one year or less, cost $ 5,674 $ 37
Non-amortizing securities maturing in after one through five years, cost 4,996 2,068
Non-amortizing securities maturing in after five through 10 years, cost 408 483
Non-amortizing securities maturing in after 10 years, cost 17 17
Amortized Cost 20,688 9,967
Non-amortizing securities maturing in one year or less, fair value 5,658 37
Non-amortizing securities maturing in after one through five years, fair value 4,959 1,928
Non-amortizing securities maturing in after five through 10 years, fair value 369 455
Non-amortizing securities maturing in after 10 years, fair value 16 14
Investment securities available for sale, fair value 19,936 8,995
Investment securities held to maturity    
Non-amortizing securities maturing in one year or less, cost 27 51
Non-amortizing securities maturing in after one through five years, cost 1,636 1,479
Non-amortizing securities maturing in after five through 10 years, cost 622 789
Amortized Cost 9,979 10,279
Non-amortizing securities maturing in one year or less, fair value 26 51
Non-amortizing securities maturing in after one through five years, fair value 1,508 1,328
Non-amortizing securities maturing in after five through 10 years, fair value 533 663
Investment securities held to maturity, cost, fair value 8,503 8,795
Government agency    
Investment securities available for sale    
Without single maturity date, cost 120 164
Without single maturity date, fair value 117 162
Residential mortgage-backed securities    
Investment securities available for sale    
Without single maturity date, cost 7,154 5,424
Without single maturity date, fair value 6,686 4,795
Investment securities held to maturity    
Without single maturity date, cost 4,205 4,605
Without single maturity date, fair value 3,561 3,882
Commercial mortgage-backed securities    
Investment securities available for sale    
Without single maturity date, cost 2,319 1,774
Without single maturity date, fair value 2,131 1,604
Investment securities held to maturity    
Without single maturity date, cost 3,489 3,355
Without single maturity date, fair value $ 2,875 $ 2,871
v3.24.0.1
Investment Securities - Schedule of Interest and Dividends on Investment Securities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investments [Abstract]      
Interest income - taxable investment securities $ 642 $ 352 $ 143
Interest income - nontaxable investment securities 4 0 0
Dividend income - marketable equity securities 2 2 2
Interest on investment securities $ 648 $ 354 $ 145
v3.24.0.1
Investment Securities - Schedule of Realized Gain (Loss) From Available-for-sale Securities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investments [Abstract]      
Gross realized gains on sales of investment securities available for sale $ 0 $ 0 $ 33
Gross realized losses on sales of investment securities available for sale (26) 0 0
Net realized (losses) gains on sales of investment securities available for sale $ (26) $ 0 $ 33
v3.24.0.1
Investment Securities - Schedule of Unrealized Losses (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Investment securities available for sale    
Investment securities available for sale, less than 12 months, fair value $ 1,517 $ 3,501
Investment securities available for sale, less than 12 months, unrealized losses (13) (276)
Investment securities available for sale, 12 months or more, fair value 7,865 5,347
Investment securities available for sale, 12 months or more, unrealized losses (854) (697)
Investment securities available for sale, fair value 9,382 8,848
Investment securities available for sale, unrealized losses (867) (973)
U.S. Treasury    
Investment securities available for sale    
Investment securities available for sale, less than 12 months, fair value 955 403
Investment securities available for sale, less than 12 months, unrealized losses 0 (27)
Investment securities available for sale, 12 months or more, fair value 1,919 1,495
Investment securities available for sale, 12 months or more, unrealized losses (80) (110)
Investment securities available for sale, fair value 2,874 1,898
Investment securities available for sale, unrealized losses (80) (137)
Government agency    
Investment securities available for sale    
Investment securities available for sale, less than 12 months, fair value 23 65
Investment securities available for sale, less than 12 months, unrealized losses 0 (1)
Investment securities available for sale, 12 months or more, fair value 94 62
Investment securities available for sale, 12 months or more, unrealized losses (3) (1)
Investment securities available for sale, fair value 117 127
Investment securities available for sale, unrealized losses (3) (2)
Residential mortgage-backed securities    
Investment securities available for sale    
Investment securities available for sale, less than 12 months, fair value 293 1,698
Investment securities available for sale, less than 12 months, unrealized losses (3) (165)
Investment securities available for sale, 12 months or more, fair value 4,073 3,001
Investment securities available for sale, 12 months or more, unrealized losses (537) (465)
Investment securities available for sale, fair value 4,366 4,699
Investment securities available for sale, unrealized losses (540) (630)
Commercial mortgage-backed securities    
Investment securities available for sale    
Investment securities available for sale, less than 12 months, fair value 157 836
Investment securities available for sale, less than 12 months, unrealized losses (1) (53)
Investment securities available for sale, 12 months or more, fair value 1,386 752
Investment securities available for sale, 12 months or more, unrealized losses (196) (117)
Investment securities available for sale, fair value 1,543 1,588
Investment securities available for sale, unrealized losses (197) (170)
Corporate Bonds    
Investment securities available for sale    
Investment securities available for sale, less than 12 months, fair value 89 499
Investment securities available for sale, less than 12 months, unrealized losses (9) (30)
Investment securities available for sale, 12 months or more, fair value 393 37
Investment securities available for sale, 12 months or more, unrealized losses (38) (4)
Investment securities available for sale, fair value 482 536
Investment securities available for sale, unrealized losses $ (47) $ (34)
v3.24.0.1
Loans and Leases - Schedule of Loans by Class (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases $ 133,302 $ 70,781 $ 32,372
Commercial      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 59,698 53,455  
Commercial | Commercial construction      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 3,465 2,804  
Commercial | Owner occupied commercial mortgage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 15,567 14,473  
Commercial | Non-owner occupied commercial mortgage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 11,540 9,902  
Commercial | Commercial and industrial      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 27,072 24,105  
Commercial | Leases      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2,054 2,171  
Consumer      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 18,591 17,326  
Consumer | Residential mortgage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 14,422 13,309  
Consumer | Revolving mortgage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2,007 1,951  
Consumer | Consumer auto      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 1,442 1,414  
Consumer | Consumer other      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 720 652  
SVB      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 55,013 0  
SVB | Global fund banking      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 25,553 0  
SVB | Investor dependent - early stage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 1,403 0  
SVB | Investor dependent - growth stage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2,897 0  
SVB | Innovation C&I and cash flow dependent      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 9,658 0  
SVB | Private Bank      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 9,822 0  
SVB | CRE      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2,698 0  
SVB | Other      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases $ 2,982 $ 0  
v3.24.0.1
Loans and Leases - Narrative (Details) - USD ($)
 12 Months Ended
Mar. 27, 2023
Dec. 31, 2023
Dec. 31, 2022
Receivables [Abstract]      
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]   Other assets Other assets
Financing receivable, accrued interest receivable   $ 625,000,000 $ 203,000,000
Financing receivable, threshold period past due   30 days  
Mortgage servicing rights   $ 62,000,000 47,000,000
Financing receivable, troubled debt restructuring, commitment to lend   13,000,000 1,500,000
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing receivable, amortization of purchase discount   733,000,000  
Modified loans that subsequently defaulted   50,000,000  
Purchase Money Note      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Debt instrument, term 5 years    
Notes payable $ 36,070,000,000.00    
Other secured financings | Federal Reserve Bank of Richmond | Secured Debt      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Long-term line of credit   0 $ 0
Innovation C&I and cash flow dependent      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Modified loans that subsequently defaulted   37,000,000  
Unfunded Loan Commitment      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing receivable, amortization of purchase discount   $ 128,000,000  
FDIC Credit Facility      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
FDIC advances, maximum amount available $ 70,000,000,000    
v3.24.0.1
Loans and Leases - Schedule of Amortized Cost of Loans (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total net unamortized discount $ 2,036 $ 118
Non-PCD    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Deferred (fees) costs, including unamortized costs and unearned fees on non-PCD loans (72) 34
Total net unamortized discount 1,860 73
PCD    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total net unamortized discount $ 176 $ 45
v3.24.0.1
Loans and Leases - Schedule of Loans and Leases Delinquency Status (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases $ 133,302 $ 70,781 $ 32,372
Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 1,550 864  
30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 606 480  
60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 329 214  
90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 615 170  
Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 131,752 69,917  
Commercial      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 59,698 53,455  
Commercial | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 1,077 685  
Commercial | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 373 387  
Commercial | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 241 192  
Commercial | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 463 106  
Commercial | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 58,621 52,770  
Commercial | Commercial construction      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 3,465 2,804  
Commercial | Commercial construction | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 53 51  
Commercial | Commercial construction | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 43 50  
Commercial | Commercial construction | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 8 0  
Commercial | Commercial construction | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2 1  
Commercial | Commercial construction | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 3,412 2,753  
Commercial | Owner occupied commercial mortgage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 15,567 14,473  
Commercial | Owner occupied commercial mortgage | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 79 59  
Commercial | Owner occupied commercial mortgage | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 22 29  
Commercial | Owner occupied commercial mortgage | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 10 5  
Commercial | Owner occupied commercial mortgage | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 47 25  
Commercial | Owner occupied commercial mortgage | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 15,488 14,414  
Commercial | Non-owner occupied commercial mortgage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 11,540 9,902  
Commercial | Non-owner occupied commercial mortgage | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 530 231  
Commercial | Non-owner occupied commercial mortgage | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 89 76  
Commercial | Non-owner occupied commercial mortgage | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 160 144  
Commercial | Non-owner occupied commercial mortgage | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 281 11  
Commercial | Non-owner occupied commercial mortgage | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 11,010 9,671  
Commercial | Commercial and industrial      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 27,072 24,105  
Commercial | Commercial and industrial | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 324 252  
Commercial | Commercial and industrial | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 164 173  
Commercial | Commercial and industrial | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 48 26  
Commercial | Commercial and industrial | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 112 53  
Commercial | Commercial and industrial | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 26,748 23,853  
Commercial | Leases      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2,054 2,171  
Commercial | Leases | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 91 92  
Commercial | Leases | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 55 59  
Commercial | Leases | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 15 17  
Commercial | Leases | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 21 16  
Commercial | Leases | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 1,963 2,079  
Consumer      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 18,591 17,326  
Consumer | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 251 179  
Consumer | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 146 93  
Consumer | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 32 22  
Consumer | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 73 64  
Consumer | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 18,340 17,147  
Consumer | Residential mortgage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 14,422 13,309  
Consumer | Residential mortgage | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 197 141  
Consumer | Residential mortgage | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 118 73  
Consumer | Residential mortgage | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 23 16  
Consumer | Residential mortgage | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 56 52  
Consumer | Residential mortgage | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 14,225 13,168  
Consumer | Revolving mortgage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2,007 1,951  
Consumer | Revolving mortgage | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 28 20  
Consumer | Revolving mortgage | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 14 9  
Consumer | Revolving mortgage | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 3 3  
Consumer | Revolving mortgage | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 11 8  
Consumer | Revolving mortgage | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 1,979 1,931  
Consumer | Consumer auto      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 1,442 1,414  
Consumer | Consumer auto | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 14 9  
Consumer | Consumer auto | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 9 7  
Consumer | Consumer auto | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 3 1  
Consumer | Consumer auto | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2 1  
Consumer | Consumer auto | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 1,428 1,405  
Consumer | Consumer other      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 720 652  
Consumer | Consumer other | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 12 9  
Consumer | Consumer other | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 5 4  
Consumer | Consumer other | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 3 2  
Consumer | Consumer other | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 4 3  
Consumer | Consumer other | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 708 643  
SVB      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 55,013 0  
SVB | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 222    
SVB | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 87    
SVB | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 56    
SVB | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 79    
SVB | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 54,791    
SVB | Global fund banking      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 25,553 0  
SVB | Global fund banking | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 0    
SVB | Global fund banking | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 0    
SVB | Global fund banking | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 0    
SVB | Global fund banking | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 0    
SVB | Global fund banking | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 25,553    
SVB | Investor dependent - early stage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 1,403 0  
SVB | Investor dependent - early stage | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 31    
SVB | Investor dependent - early stage | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 10    
SVB | Investor dependent - early stage | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 12    
SVB | Investor dependent - early stage | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 9    
SVB | Investor dependent - early stage | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 1,372    
SVB | Investor dependent - growth stage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2,897 0  
SVB | Investor dependent - growth stage | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 14    
SVB | Investor dependent - growth stage | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 5    
SVB | Investor dependent - growth stage | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2    
SVB | Investor dependent - growth stage | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 7    
SVB | Investor dependent - growth stage | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2,883    
SVB | Innovation C&I and cash flow dependent      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 9,658 0  
SVB | Innovation C&I and cash flow dependent | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 70    
SVB | Innovation C&I and cash flow dependent | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 27    
SVB | Innovation C&I and cash flow dependent | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 3    
SVB | Innovation C&I and cash flow dependent | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 40    
SVB | Innovation C&I and cash flow dependent | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 9,588    
SVB | Private Bank      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 9,822 0  
SVB | Private Bank | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 58    
SVB | Private Bank | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 30    
SVB | Private Bank | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 11    
SVB | Private Bank | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 17    
SVB | Private Bank | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 9,764    
SVB | CRE      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2,698 0  
SVB | CRE | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 40    
SVB | CRE | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 10    
SVB | CRE | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 28    
SVB | CRE | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2    
SVB | CRE | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2,658    
SVB | Other      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2,982 $ 0  
SVB | Other | Total Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 9    
SVB | Other | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 5    
SVB | Other | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 0    
SVB | Other | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 4    
SVB | Other | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases $ 2,973    
v3.24.0.1
Loans and Leases - Schedule of Nonaccrual Status (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans $ 969 $ 627
Loans > 90 Days and Accruing 123 63
Financing receivable, accrued interest reversed to nonaccrual status 10 4
Financing receivable, nonaccrual without allowance for credit loss 138 63
Commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 641 529
Loans > 90 Days and Accruing 110 50
Commercial | Commercial construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 2 48
Loans > 90 Days and Accruing 1 0
Commercial | Owner occupied commercial mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 61 41
Loans > 90 Days and Accruing 8 2
Commercial | Non-owner occupied commercial mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 354 228
Loans > 90 Days and Accruing 38 0
Commercial | Commercial and industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 193 184
Loans > 90 Days and Accruing 56 41
Commercial | Leases    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 31 28
Loans > 90 Days and Accruing 7 7
Consumer    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 122 98
Loans > 90 Days and Accruing 4 13
Consumer | Residential mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 96 75
Loans > 90 Days and Accruing 1 10
Consumer | Revolving mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 20 18
Loans > 90 Days and Accruing 0 0
Consumer | Consumer auto    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 5 4
Loans > 90 Days and Accruing 0 0
Consumer | Consumer other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 1 1
Loans > 90 Days and Accruing 3 3
SVB    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 206 0
Loans > 90 Days and Accruing 9 0
SVB | Global fund banking    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 0 0
Loans > 90 Days and Accruing 0 0
SVB | Investor dependent - early stage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 37 0
Loans > 90 Days and Accruing 2 0
SVB | Investor dependent - growth stage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 37 0
Loans > 90 Days and Accruing 0 0
SVB | Innovation C&I and cash flow dependent    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 43 0
Loans > 90 Days and Accruing 0 0
SVB | Private Bank    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 30 0
Loans > 90 Days and Accruing 3 0
SVB | CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 58 0
Loans > 90 Days and Accruing 0 0
SVB | Other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-Accrual Loans 1 0
Loans > 90 Days and Accruing $ 4 $ 0
v3.24.0.1
Loans and Leases - Schedule of Loans Disaggregated by Year of Origination and by Risk Rating (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases $ 133,302 $ 70,781 $ 32,372
Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 131,752 69,917  
30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 606 480  
60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 329 214  
90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 615 170  
Commercial      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 15,178 15,142  
Term loans by origination year, year two 12,381 10,760  
Term loans by origination year, year three 9,054 8,245  
Term loans by origination year, year four 6,619 5,860  
Term loans by origination year, year five 4,352 3,101  
Term loans by origination year, more than five years before current fiscal year 5,212 4,449  
Revolving 6,881 5,868  
Revolving Converted to Term Loans 21 30  
Total loans and leases 59,698 53,455  
Commercial | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 58,621 52,770  
Commercial | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 373 387  
Commercial | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 241 192  
Commercial | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 463 106  
Commercial | Commercial construction      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 1,011 1,146  
Term loans by origination year, year two 1,365 759  
Term loans by origination year, year three 596 529  
Term loans by origination year, year four 299 221  
Term loans by origination year, year five 98 27  
Term loans by origination year, more than five years before current fiscal year 60 80  
Revolving 36 42  
Revolving Converted to Term Loans 0 0  
Total loans and leases 3,465 2,804  
Commercial | Commercial construction | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 3,412 2,753  
Commercial | Commercial construction | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 43 50  
Commercial | Commercial construction | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 8 0  
Commercial | Commercial construction | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2 1  
Commercial | Commercial construction | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 1,011 1,140  
Term loans by origination year, year two 1,318 759  
Term loans by origination year, year three 589 511  
Term loans by origination year, year four 219 157  
Term loans by origination year, year five 52 27  
Term loans by origination year, more than five years before current fiscal year 55 75  
Revolving 36 42  
Revolving Converted to Term Loans 0 0  
Total loans and leases 3,280 2,711  
Commercial | Commercial construction | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 4  
Term loans by origination year, year two 0 0  
Term loans by origination year, year three 2 18  
Term loans by origination year, year four 49 18  
Term loans by origination year, year five 46 0  
Term loans by origination year, more than five years before current fiscal year 0 0  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 97 40  
Commercial | Commercial construction | Substandard      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 2  
Term loans by origination year, year two 47 0  
Term loans by origination year, year three 5 0  
Term loans by origination year, year four 31 43  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 5 5  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 88 50  
Commercial | Commercial construction | Doubtful      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 0  
Term loans by origination year, year two 0 0  
Term loans by origination year, year three 0 0  
Term loans by origination year, year four 0 3  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 0 0  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 0 3  
Commercial | Commercial construction | Ungraded      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 0  
Term loans by origination year, year two 0 0  
Term loans by origination year, year three 0 0  
Term loans by origination year, year four 0 0  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 0 0  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 0 0  
Commercial | Owner occupied commercial mortgage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 2,478 2,830  
Term loans by origination year, year two 2,911 3,389  
Term loans by origination year, year three 3,206 3,039  
Term loans by origination year, year four 2,798 1,886  
Term loans by origination year, year five 1,663 1,113  
Term loans by origination year, more than five years before current fiscal year 2,324 2,031  
Revolving 187 185  
Revolving Converted to Term Loans 0 0  
Total loans and leases 15,567 14,473  
Commercial | Owner occupied commercial mortgage | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 15,488 14,414  
Commercial | Owner occupied commercial mortgage | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 22 29  
Commercial | Owner occupied commercial mortgage | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 10 5  
Commercial | Owner occupied commercial mortgage | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 47 25  
Commercial | Owner occupied commercial mortgage | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 2,439 2,773  
Term loans by origination year, year two 2,840 3,328  
Term loans by origination year, year three 3,087 2,966  
Term loans by origination year, year four 2,708 1,825  
Term loans by origination year, year five 1,579 1,048  
Term loans by origination year, more than five years before current fiscal year 2,099 1,867  
Revolving 177 177  
Revolving Converted to Term Loans 0 0  
Total loans and leases 14,929 13,984  
Commercial | Owner occupied commercial mortgage | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 31 33  
Term loans by origination year, year two 17 14  
Term loans by origination year, year three 24 32  
Term loans by origination year, year four 27 33  
Term loans by origination year, year five 43 18  
Term loans by origination year, more than five years before current fiscal year 70 49  
Revolving 1 2  
Revolving Converted to Term Loans 0 0  
Total loans and leases 213 181  
Commercial | Owner occupied commercial mortgage | Substandard      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 8 24  
Term loans by origination year, year two 54 47  
Term loans by origination year, year three 95 41  
Term loans by origination year, year four 63 28  
Term loans by origination year, year five 41 47  
Term loans by origination year, more than five years before current fiscal year 155 114  
Revolving 9 6  
Revolving Converted to Term Loans 0 0  
Total loans and leases 425 307  
Commercial | Owner occupied commercial mortgage | Doubtful      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 0  
Term loans by origination year, year two 0 0  
Term loans by origination year, year three 0 0  
Term loans by origination year, year four 0 0  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 0 1  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 0 1  
Commercial | Owner occupied commercial mortgage | Ungraded      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 0  
Term loans by origination year, year two 0 0  
Term loans by origination year, year three 0 0  
Term loans by origination year, year four 0 0  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 0 0  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 0 0  
Commercial | Non-owner occupied commercial mortgage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 2,640 2,504  
Term loans by origination year, year two 2,603 1,670  
Term loans by origination year, year three 1,691 1,931  
Term loans by origination year, year four 1,593 1,776  
Term loans by origination year, year five 1,403 773  
Term loans by origination year, more than five years before current fiscal year 1,558 1,199  
Revolving 52 49  
Revolving Converted to Term Loans 0 0  
Total loans and leases 11,540 9,902  
Commercial | Non-owner occupied commercial mortgage | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 11,010 9,671  
Commercial | Non-owner occupied commercial mortgage | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 89 76  
Commercial | Non-owner occupied commercial mortgage | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 160 144  
Commercial | Non-owner occupied commercial mortgage | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 281 11  
Commercial | Non-owner occupied commercial mortgage | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 2,631 2,501  
Term loans by origination year, year two 2,526 1,658  
Term loans by origination year, year three 1,641 1,794  
Term loans by origination year, year four 1,391 1,397  
Term loans by origination year, year five 883 680  
Term loans by origination year, more than five years before current fiscal year 1,181 933  
Revolving 43 48  
Revolving Converted to Term Loans 0 0  
Total loans and leases 10,296 9,011  
Commercial | Non-owner occupied commercial mortgage | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 8 0  
Term loans by origination year, year two 41 1  
Term loans by origination year, year three 33 69  
Term loans by origination year, year four 88 38  
Term loans by origination year, year five 168 35  
Term loans by origination year, more than five years before current fiscal year 73 10  
Revolving 9 1  
Revolving Converted to Term Loans 0 0  
Total loans and leases 420 154  
Commercial | Non-owner occupied commercial mortgage | Substandard      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 1 3  
Term loans by origination year, year two 36 11  
Term loans by origination year, year three 17 68  
Term loans by origination year, year four 114 324  
Term loans by origination year, year five 311 58  
Term loans by origination year, more than five years before current fiscal year 276 236  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 755 700  
Commercial | Non-owner occupied commercial mortgage | Doubtful      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 0  
Term loans by origination year, year two 0 0  
Term loans by origination year, year three 0 0  
Term loans by origination year, year four 0 17  
Term loans by origination year, year five 41 0  
Term loans by origination year, more than five years before current fiscal year 28 20  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 69 37  
Commercial | Non-owner occupied commercial mortgage | Ungraded      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 0  
Term loans by origination year, year two 0 0  
Term loans by origination year, year three 0 0  
Term loans by origination year, year four 0 0  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 0 0  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 0 0  
Commercial | Commercial and industrial      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 8,268 7,889  
Term loans by origination year, year two 4,945 4,419  
Term loans by origination year, year three 3,227 2,311  
Term loans by origination year, year four 1,693 1,739  
Term loans by origination year, year five 1,086 1,096  
Term loans by origination year, more than five years before current fiscal year 1,226 1,029  
Revolving 6,606 5,592  
Revolving Converted to Term Loans 21 30  
Total loans and leases 27,072 24,105  
Commercial | Commercial and industrial | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 26,748 23,853  
Commercial | Commercial and industrial | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 164 173  
Commercial | Commercial and industrial | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 48 26  
Commercial | Commercial and industrial | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 112 53  
Commercial | Commercial and industrial | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 8,069 7,695  
Term loans by origination year, year two 4,573 4,145  
Term loans by origination year, year three 2,945 2,035  
Term loans by origination year, year four 1,395 1,533  
Term loans by origination year, year five 879 872  
Term loans by origination year, more than five years before current fiscal year 937 845  
Revolving 6,033 5,252  
Revolving Converted to Term Loans 19 29  
Total loans and leases 24,850 22,406  
Commercial | Commercial and industrial | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 105 87  
Term loans by origination year, year two 134 153  
Term loans by origination year, year three 144 79  
Term loans by origination year, year four 89 63  
Term loans by origination year, year five 69 52  
Term loans by origination year, more than five years before current fiscal year 21 23  
Revolving 194 40  
Revolving Converted to Term Loans 0 0  
Total loans and leases 756 497  
Commercial | Commercial and industrial | Substandard      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 92 106  
Term loans by origination year, year two 219 117  
Term loans by origination year, year three 133 194  
Term loans by origination year, year four 209 132  
Term loans by origination year, year five 126 166  
Term loans by origination year, more than five years before current fiscal year 248 145  
Revolving 243 200  
Revolving Converted to Term Loans 2 1  
Total loans and leases 1,272 1,061  
Commercial | Commercial and industrial | Doubtful      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 2 1  
Term loans by origination year, year two 19 4  
Term loans by origination year, year three 5 3  
Term loans by origination year, year four 0 11  
Term loans by origination year, year five 12 6  
Term loans by origination year, more than five years before current fiscal year 20 16  
Revolving 13 7  
Revolving Converted to Term Loans 0 0  
Total loans and leases 71 48  
Commercial | Commercial and industrial | Ungraded      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 0  
Term loans by origination year, year two 0 0  
Term loans by origination year, year three 0 0  
Term loans by origination year, year four 0 0  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 0 0  
Revolving 123 93  
Revolving Converted to Term Loans 0 0  
Total loans and leases 123 93  
Commercial | Leases      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 781 773  
Term loans by origination year, year two 557 523  
Term loans by origination year, year three 334 435  
Term loans by origination year, year four 236 238  
Term loans by origination year, year five 102 92  
Term loans by origination year, more than five years before current fiscal year 44 110  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 2,054 2,171  
Commercial | Leases | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 1,963 2,079  
Commercial | Leases | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 55 59  
Commercial | Leases | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 15 17  
Commercial | Leases | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 21 16  
Commercial | Leases | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 732 718  
Term loans by origination year, year two 499 466  
Term loans by origination year, year three 290 389  
Term loans by origination year, year four 209 216  
Term loans by origination year, year five 91 80  
Term loans by origination year, more than five years before current fiscal year 35 108  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 1,856 1,977  
Commercial | Leases | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 18 21  
Term loans by origination year, year two 22 22  
Term loans by origination year, year three 20 17  
Term loans by origination year, year four 7 9  
Term loans by origination year, year five 4 4  
Term loans by origination year, more than five years before current fiscal year 1 0  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 72 73  
Commercial | Leases | Substandard      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 28 32  
Term loans by origination year, year two 32 32  
Term loans by origination year, year three 21 27  
Term loans by origination year, year four 19 12  
Term loans by origination year, year five 6 7  
Term loans by origination year, more than five years before current fiscal year 8 1  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 114 111  
Commercial | Leases | Doubtful      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 3 2  
Term loans by origination year, year two 4 3  
Term loans by origination year, year three 3 2  
Term loans by origination year, year four 1 1  
Term loans by origination year, year five 1 1  
Term loans by origination year, more than five years before current fiscal year 0 0  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 12 9  
Commercial | Leases | Ungraded      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 0  
Term loans by origination year, year two 0 0  
Term loans by origination year, year three 0 0  
Term loans by origination year, year four 0 0  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 0 1  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 0 1  
SVB      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 6,786    
Term loans by origination year, year two 7,989    
Term loans by origination year, year three 4,524    
Term loans by origination year, year four 2,371    
Term loans by origination year, year five 1,345    
Term loans by origination year, more than five years before current fiscal year 2,518    
Revolving 29,347    
Revolving Converted to Term Loans 133    
Total loans and leases 55,013 0  
SVB | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 54,791    
SVB | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 87    
SVB | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 56    
SVB | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 79    
SVB | Global fund banking      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 453    
Term loans by origination year, year two 209    
Term loans by origination year, year three 49    
Term loans by origination year, year four 39    
Term loans by origination year, year five 14    
Term loans by origination year, more than five years before current fiscal year 3    
Revolving 24,720    
Revolving Converted to Term Loans 66    
Total loans and leases 25,553 0  
SVB | Global fund banking | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 25,553    
SVB | Global fund banking | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 0    
SVB | Global fund banking | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 0    
SVB | Global fund banking | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 0    
SVB | Global fund banking | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 453    
Term loans by origination year, year two 202    
Term loans by origination year, year three 40    
Term loans by origination year, year four 36    
Term loans by origination year, year five 14    
Term loans by origination year, more than five years before current fiscal year 3    
Revolving 24,702    
Revolving Converted to Term Loans 66    
Total loans and leases 25,516    
SVB | Global fund banking | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 0    
Term loans by origination year, year three 0    
Term loans by origination year, year four 0    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 0    
Revolving Converted to Term Loans 0    
Total loans and leases 0    
SVB | Global fund banking | Substandard      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 7    
Term loans by origination year, year three 9    
Term loans by origination year, year four 3    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 18    
Revolving Converted to Term Loans 0    
Total loans and leases 37    
SVB | Global fund banking | Doubtful      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 0    
Term loans by origination year, year three 0    
Term loans by origination year, year four 0    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 0    
Revolving Converted to Term Loans 0    
Total loans and leases 0    
SVB | Global fund banking | Ungraded      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 0    
Term loans by origination year, year three 0    
Term loans by origination year, year four 0    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 0    
Revolving Converted to Term Loans 0    
Total loans and leases 0    
SVB | Investor dependent - early stage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 481    
Term loans by origination year, year two 617    
Term loans by origination year, year three 140    
Term loans by origination year, year four 7    
Term loans by origination year, year five 1    
Term loans by origination year, more than five years before current fiscal year 1    
Revolving 154    
Revolving Converted to Term Loans 2    
Total loans and leases 1,403 0  
SVB | Investor dependent - early stage | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 1,372    
SVB | Investor dependent - early stage | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 10    
SVB | Investor dependent - early stage | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 12    
SVB | Investor dependent - early stage | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 9    
SVB | Investor dependent - early stage | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 421    
Term loans by origination year, year two 453    
Term loans by origination year, year three 85    
Term loans by origination year, year four 4    
Term loans by origination year, year five 1    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 99    
Revolving Converted to Term Loans 2    
Total loans and leases 1,065    
SVB | Investor dependent - early stage | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 8    
Term loans by origination year, year two 14    
Term loans by origination year, year three 1    
Term loans by origination year, year four 0    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 0    
Revolving Converted to Term Loans 0    
Total loans and leases 23    
SVB | Investor dependent - early stage | Substandard      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 40    
Term loans by origination year, year two 138    
Term loans by origination year, year three 51    
Term loans by origination year, year four 3    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 51    
Revolving Converted to Term Loans 0    
Total loans and leases 283    
SVB | Investor dependent - early stage | Doubtful      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 12    
Term loans by origination year, year two 12    
Term loans by origination year, year three 3    
Term loans by origination year, year four 0    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 1    
Revolving 4    
Revolving Converted to Term Loans 0    
Total loans and leases 32    
SVB | Investor dependent - early stage | Ungraded      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 0    
Term loans by origination year, year three 0    
Term loans by origination year, year four 0    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 0    
Revolving Converted to Term Loans 0    
Total loans and leases 0    
SVB | Investor dependent - growth stage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 1,106    
Term loans by origination year, year two 1,196    
Term loans by origination year, year three 320    
Term loans by origination year, year four 32    
Term loans by origination year, year five 9    
Term loans by origination year, more than five years before current fiscal year 2    
Revolving 227    
Revolving Converted to Term Loans 5    
Total loans and leases 2,897 0  
SVB | Investor dependent - growth stage | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2,883    
SVB | Investor dependent - growth stage | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 5    
SVB | Investor dependent - growth stage | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2    
SVB | Investor dependent - growth stage | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 7    
SVB | Investor dependent - growth stage | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 1,034    
Term loans by origination year, year two 967    
Term loans by origination year, year three 217    
Term loans by origination year, year four 25    
Term loans by origination year, year five 8    
Term loans by origination year, more than five years before current fiscal year 2    
Revolving 198    
Revolving Converted to Term Loans 5    
Total loans and leases 2,456    
SVB | Investor dependent - growth stage | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 6    
Term loans by origination year, year two 25    
Term loans by origination year, year three 0    
Term loans by origination year, year four 0    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 0    
Revolving Converted to Term Loans 0    
Total loans and leases 31    
SVB | Investor dependent - growth stage | Substandard      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 66    
Term loans by origination year, year two 192    
Term loans by origination year, year three 83    
Term loans by origination year, year four 7    
Term loans by origination year, year five 1    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 27    
Revolving Converted to Term Loans 0    
Total loans and leases 376    
SVB | Investor dependent - growth stage | Doubtful      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 12    
Term loans by origination year, year three 20    
Term loans by origination year, year four 0    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 2    
Revolving Converted to Term Loans 0    
Total loans and leases 34    
SVB | Investor dependent - growth stage | Ungraded      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 0    
Term loans by origination year, year three 0    
Term loans by origination year, year four 0    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 0    
Revolving Converted to Term Loans 0    
Total loans and leases 0    
SVB | Innovation C&I and cash flow dependent      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 2,520    
Term loans by origination year, year two 2,526    
Term loans by origination year, year three 1,123    
Term loans by origination year, year four 435    
Term loans by origination year, year five 105    
Term loans by origination year, more than five years before current fiscal year 54    
Revolving 2,895    
Revolving Converted to Term Loans 0    
Total loans and leases 9,658 0  
SVB | Innovation C&I and cash flow dependent | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 9,588    
SVB | Innovation C&I and cash flow dependent | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 27    
SVB | Innovation C&I and cash flow dependent | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 3    
SVB | Innovation C&I and cash flow dependent | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 40    
SVB | Innovation C&I and cash flow dependent | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 2,370    
Term loans by origination year, year two 2,238    
Term loans by origination year, year three 833    
Term loans by origination year, year four 293    
Term loans by origination year, year five 80    
Term loans by origination year, more than five years before current fiscal year 44    
Revolving 2,598    
Revolving Converted to Term Loans 0    
Total loans and leases 8,456    
SVB | Innovation C&I and cash flow dependent | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 99    
Term loans by origination year, year two 103    
Term loans by origination year, year three 36    
Term loans by origination year, year four 66    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 92    
Revolving Converted to Term Loans 0    
Total loans and leases 396    
SVB | Innovation C&I and cash flow dependent | Substandard      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 51    
Term loans by origination year, year two 185    
Term loans by origination year, year three 254    
Term loans by origination year, year four 76    
Term loans by origination year, year five 25    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 175    
Revolving Converted to Term Loans 0    
Total loans and leases 766    
SVB | Innovation C&I and cash flow dependent | Doubtful      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 0    
Term loans by origination year, year three 0    
Term loans by origination year, year four 0    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 10    
Revolving 30    
Revolving Converted to Term Loans 0    
Total loans and leases 40    
SVB | Innovation C&I and cash flow dependent | Ungraded      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 0    
Term loans by origination year, year three 0    
Term loans by origination year, year four 0    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 0    
Revolving Converted to Term Loans 0    
Total loans and leases 0    
SVB | Private Bank      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 1,262    
Term loans by origination year, year two 2,275    
Term loans by origination year, year three 2,152    
Term loans by origination year, year four 1,366    
Term loans by origination year, year five 755    
Term loans by origination year, more than five years before current fiscal year 1,158    
Revolving 842    
Revolving Converted to Term Loans 12    
Total loans and leases 9,822 0  
SVB | Private Bank | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 9,764    
SVB | Private Bank | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 30    
SVB | Private Bank | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 11    
SVB | Private Bank | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 17    
SVB | Private Bank | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 1,247    
Term loans by origination year, year two 2,273    
Term loans by origination year, year three 2,148    
Term loans by origination year, year four 1,361    
Term loans by origination year, year five 750    
Term loans by origination year, more than five years before current fiscal year 1,114    
Revolving 830    
Revolving Converted to Term Loans 10    
Total loans and leases 9,733    
SVB | Private Bank | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 5    
Term loans by origination year, year two 2    
Term loans by origination year, year three 1    
Term loans by origination year, year four 0    
Term loans by origination year, year five 1    
Term loans by origination year, more than five years before current fiscal year 7    
Revolving 7    
Revolving Converted to Term Loans 0    
Total loans and leases 23    
SVB | Private Bank | Substandard      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 10    
Term loans by origination year, year two 0    
Term loans by origination year, year three 3    
Term loans by origination year, year four 5    
Term loans by origination year, year five 3    
Term loans by origination year, more than five years before current fiscal year 37    
Revolving 5    
Revolving Converted to Term Loans 2    
Total loans and leases 65    
SVB | Private Bank | Doubtful      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 0    
Term loans by origination year, year three 0    
Term loans by origination year, year four 0    
Term loans by origination year, year five 1    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 0    
Revolving Converted to Term Loans 0    
Total loans and leases 1    
SVB | Private Bank | Ungraded      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 0    
Term loans by origination year, year three 0    
Term loans by origination year, year four 0    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 0    
Revolving Converted to Term Loans 0    
Total loans and leases 0    
SVB | CRE      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 506    
Term loans by origination year, year two 478    
Term loans by origination year, year three 282    
Term loans by origination year, year four 201    
Term loans by origination year, year five 281    
Term loans by origination year, more than five years before current fiscal year 892    
Revolving 53    
Revolving Converted to Term Loans 5    
Total loans and leases 2,698 0  
SVB | CRE | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2,658    
SVB | CRE | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 10    
SVB | CRE | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 28    
SVB | CRE | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2    
SVB | CRE | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 506    
Term loans by origination year, year two 458    
Term loans by origination year, year three 257    
Term loans by origination year, year four 168    
Term loans by origination year, year five 195    
Term loans by origination year, more than five years before current fiscal year 801    
Revolving 51    
Revolving Converted to Term Loans 5    
Total loans and leases 2,441    
SVB | CRE | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 6    
Term loans by origination year, year three 7    
Term loans by origination year, year four 10    
Term loans by origination year, year five 3    
Term loans by origination year, more than five years before current fiscal year 23    
Revolving 0    
Revolving Converted to Term Loans 0    
Total loans and leases 49    
SVB | CRE | Substandard      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 14    
Term loans by origination year, year three 16    
Term loans by origination year, year four 10    
Term loans by origination year, year five 57    
Term loans by origination year, more than five years before current fiscal year 57    
Revolving 0    
Revolving Converted to Term Loans 0    
Total loans and leases 154    
SVB | CRE | Doubtful      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 0    
Term loans by origination year, year three 2    
Term loans by origination year, year four 13    
Term loans by origination year, year five 26    
Term loans by origination year, more than five years before current fiscal year 11    
Revolving 2    
Revolving Converted to Term Loans 0    
Total loans and leases 54    
SVB | CRE | Ungraded      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 0    
Term loans by origination year, year three 0    
Term loans by origination year, year four 0    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 0    
Revolving Converted to Term Loans 0    
Total loans and leases 0    
SVB | Other      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 458    
Term loans by origination year, year two 688    
Term loans by origination year, year three 458    
Term loans by origination year, year four 291    
Term loans by origination year, year five 180    
Term loans by origination year, more than five years before current fiscal year 408    
Revolving 456    
Revolving Converted to Term Loans 43    
Total loans and leases 2,982 0  
SVB | Other | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 2,973    
SVB | Other | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 5    
SVB | Other | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 0    
SVB | Other | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 4    
SVB | Other | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 458    
Term loans by origination year, year two 625    
Term loans by origination year, year three 438    
Term loans by origination year, year four 251    
Term loans by origination year, year five 176    
Term loans by origination year, more than five years before current fiscal year 377    
Revolving 435    
Revolving Converted to Term Loans 42    
Total loans and leases 2,802    
SVB | Other | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 11    
Term loans by origination year, year three 12    
Term loans by origination year, year four 32    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 0    
Revolving Converted to Term Loans 0    
Total loans and leases 55    
SVB | Other | Substandard      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 52    
Term loans by origination year, year three 8    
Term loans by origination year, year four 8    
Term loans by origination year, year five 4    
Term loans by origination year, more than five years before current fiscal year 31    
Revolving 21    
Revolving Converted to Term Loans 1    
Total loans and leases 125    
SVB | Other | Doubtful      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 0    
Term loans by origination year, year three 0    
Term loans by origination year, year four 0    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 0    
Revolving Converted to Term Loans 0    
Total loans and leases 0    
SVB | Other | Ungraded      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0    
Term loans by origination year, year two 0    
Term loans by origination year, year three 0    
Term loans by origination year, year four 0    
Term loans by origination year, year five 0    
Term loans by origination year, more than five years before current fiscal year 0    
Revolving 0    
Revolving Converted to Term Loans 0    
Total loans and leases 0    
Consumer      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 2,739 4,249  
Term loans by origination year, year two 4,076 4,214  
Term loans by origination year, year three 3,823 2,337  
Term loans by origination year, year four 2,047 930  
Term loans by origination year, year five 764 481  
Term loans by origination year, more than five years before current fiscal year 2,753 2,775  
Revolving 2,302 2,240  
Revolving Converted to Term Loans 87 100  
Total loans and leases 18,591 17,326  
Consumer | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 18,340 17,147  
Consumer | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 146 93  
Consumer | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 32 22  
Consumer | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total loans and leases 73 64  
Consumer | Residential mortgage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 2,053 3,489  
Term loans by origination year, year two 3,540 3,730  
Term loans by origination year, year three 3,506 2,106  
Term loans by origination year, year four 1,907 812  
Term loans by origination year, year five 703 419  
Term loans by origination year, more than five years before current fiscal year 2,705 2,731  
Revolving 8 22  
Revolving Converted to Term Loans 0 0  
Total loans and leases 14,422 13,309  
Consumer | Residential mortgage | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 2,047 3,485  
Term loans by origination year, year two 3,522 3,721  
Term loans by origination year, year three 3,488 2,097  
Term loans by origination year, year four 1,895 805  
Term loans by origination year, year five 694 413  
Term loans by origination year, more than five years before current fiscal year 2,571 2,625  
Revolving 8 22  
Revolving Converted to Term Loans 0 0  
Total loans and leases 14,225 13,168  
Consumer | Residential mortgage | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 4 3  
Term loans by origination year, year two 13 7  
Term loans by origination year, year three 14 6  
Term loans by origination year, year four 6 5  
Term loans by origination year, year five 7 3  
Term loans by origination year, more than five years before current fiscal year 74 49  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 118 73  
Consumer | Residential mortgage | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 1 1  
Term loans by origination year, year two 1 1  
Term loans by origination year, year three 3 2  
Term loans by origination year, year four 2 0  
Term loans by origination year, year five 1 1  
Term loans by origination year, more than five years before current fiscal year 15 11  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 23 16  
Consumer | Residential mortgage | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 1 0  
Term loans by origination year, year two 4 1  
Term loans by origination year, year three 1 1  
Term loans by origination year, year four 4 2  
Term loans by origination year, year five 1 2  
Term loans by origination year, more than five years before current fiscal year 45 46  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 56 52  
Consumer | Revolving mortgage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 0  
Term loans by origination year, year two 0 0  
Term loans by origination year, year three 0 0  
Term loans by origination year, year four 0 0  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 0 0  
Revolving 1,920 1,851  
Revolving Converted to Term Loans 87 100  
Total loans and leases 2,007 1,951  
Consumer | Revolving mortgage | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 0  
Term loans by origination year, year two 0 0  
Term loans by origination year, year three 0 0  
Term loans by origination year, year four 0 0  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 0 0  
Revolving 1,903 1,839  
Revolving Converted to Term Loans 76 92  
Total loans and leases 1,979 1,931  
Consumer | Revolving mortgage | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 0  
Term loans by origination year, year two 0 0  
Term loans by origination year, year three 0 0  
Term loans by origination year, year four 0 0  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 0 0  
Revolving 10 5  
Revolving Converted to Term Loans 4 4  
Total loans and leases 14 9  
Consumer | Revolving mortgage | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 0  
Term loans by origination year, year two 0 0  
Term loans by origination year, year three 0 0  
Term loans by origination year, year four 0 0  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 0 0  
Revolving 1 2  
Revolving Converted to Term Loans 2 1  
Total loans and leases 3 3  
Consumer | Revolving mortgage | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 0  
Term loans by origination year, year two 0 0  
Term loans by origination year, year three 0 0  
Term loans by origination year, year four 0 0  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 0 0  
Revolving 6 5  
Revolving Converted to Term Loans 5 3  
Total loans and leases 11 8  
Consumer | Consumer auto      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 527 600  
Term loans by origination year, year two 432 402  
Term loans by origination year, year three 265 218  
Term loans by origination year, year four 132 112  
Term loans by origination year, year five 57 60  
Term loans by origination year, more than five years before current fiscal year 29 22  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 1,442 1,414  
Consumer | Consumer auto | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 525 599  
Term loans by origination year, year two 427 398  
Term loans by origination year, year three 261 216  
Term loans by origination year, year four 131 111  
Term loans by origination year, year five 56 59  
Term loans by origination year, more than five years before current fiscal year 28 22  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 1,428 1,405  
Consumer | Consumer auto | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 1 1  
Term loans by origination year, year two 3 2  
Term loans by origination year, year three 2 2  
Term loans by origination year, year four 1 1  
Term loans by origination year, year five 1 1  
Term loans by origination year, more than five years before current fiscal year 1 0  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 9 7  
Consumer | Consumer auto | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 1 0  
Term loans by origination year, year two 1 1  
Term loans by origination year, year three 1 0  
Term loans by origination year, year four 0 0  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 0 0  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 3 1  
Consumer | Consumer auto | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 0  
Term loans by origination year, year two 1 1  
Term loans by origination year, year three 1 0  
Term loans by origination year, year four 0 0  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 0 0  
Revolving 0 0  
Revolving Converted to Term Loans 0 0  
Total loans and leases 2 1  
Consumer | Consumer other      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 159 160  
Term loans by origination year, year two 104 82  
Term loans by origination year, year three 52 13  
Term loans by origination year, year four 8 6  
Term loans by origination year, year five 4 2  
Term loans by origination year, more than five years before current fiscal year 19 22  
Revolving 374 367  
Revolving Converted to Term Loans 0 0  
Total loans and leases 720 652  
Consumer | Consumer other | Current      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 158 160  
Term loans by origination year, year two 103 82  
Term loans by origination year, year three 52 13  
Term loans by origination year, year four 8 6  
Term loans by origination year, year five 4 2  
Term loans by origination year, more than five years before current fiscal year 16 19  
Revolving 367 361  
Revolving Converted to Term Loans 0 0  
Total loans and leases 708 643  
Consumer | Consumer other | 30-59 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 1 0  
Term loans by origination year, year two 1 0  
Term loans by origination year, year three 0 0  
Term loans by origination year, year four 0 0  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 0 1  
Revolving 3 3  
Revolving Converted to Term Loans 0 0  
Total loans and leases 5 4  
Consumer | Consumer other | 60-89 Days Past Due      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 0  
Term loans by origination year, year two 0 0  
Term loans by origination year, year three 0 0  
Term loans by origination year, year four 0 0  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 1 1  
Revolving 2 1  
Revolving Converted to Term Loans 0 0  
Total loans and leases 3 2  
Consumer | Consumer other | 90 Days or Greater      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Term loans by origination year, year one 0 0  
Term loans by origination year, year two 0 0  
Term loans by origination year, year three 0 0  
Term loans by origination year, year four 0 0  
Term loans by origination year, year five 0 0  
Term loans by origination year, more than five years before current fiscal year 2 1  
Revolving 2 2  
Revolving Converted to Term Loans 0 0  
Total loans and leases $ 4 $ 3  
v3.24.0.1
Loans and Leases - Schedule of Loans Charge-offs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total $ 638 $ 146 $ 36
Principal Forgiveness      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
2023 71    
2022 169    
2021 103    
2020 72    
2019 83    
2018 & Prior 40    
Revolving 99    
Revolving Converted to Term Loans 1    
Total 638    
Commercial      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total 328 126 18
Commercial | Principal Forgiveness      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
2023 27    
2022 83    
2021 37    
2020 12    
2019 81    
2018 & Prior 37    
Revolving 50    
Revolving Converted to Term Loans 1    
Total 328    
Commercial | Owner occupied commercial mortgage | Principal Forgiveness      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
2023 0    
2022 0    
2021 0    
2020 0    
2019 0    
2018 & Prior 0    
Revolving 1    
Revolving Converted to Term Loans 0    
Total 1    
Commercial | Non-owner occupied commercial mortgage | Principal Forgiveness      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
2023 0    
2022 0    
2021 0    
2020 0    
2019 64    
2018 & Prior 21    
Revolving 0    
Revolving Converted to Term Loans 0    
Total 85    
Commercial | Commercial and industrial | Principal Forgiveness      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
2023 25    
2022 73    
2021 30    
2020 9    
2019 15    
2018 & Prior 15    
Revolving 49    
Revolving Converted to Term Loans 1    
Total 217    
Commercial | Leases | Principal Forgiveness      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
2023 2    
2022 10    
2021 7    
2020 3    
2019 2    
2018 & Prior 1    
Revolving 0    
Revolving Converted to Term Loans 0    
Total 25    
Consumer      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total 28 20 18
Consumer | Principal Forgiveness      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
2023 8    
2022 2    
2021 2    
2020 1    
2019 0    
2018 & Prior 2    
Revolving 13    
Revolving Converted to Term Loans 0    
Total 28    
Consumer | Residential mortgage | Principal Forgiveness      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
2023 0    
2022 0    
2021 0    
2020 0    
2019 0    
2018 & Prior 2    
Revolving 0    
Revolving Converted to Term Loans 0    
Total 2    
Consumer | Consumer auto | Principal Forgiveness      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
2023 1    
2022 1    
2021 1    
2020 1    
2019 0    
2018 & Prior 0    
Revolving 0    
Revolving Converted to Term Loans 0    
Total 4    
Consumer | Consumer other | Principal Forgiveness      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
2023 7    
2022 1    
2021 1    
2020 0    
2019 0    
2018 & Prior 0    
Revolving 13    
Revolving Converted to Term Loans 0    
Total 22    
SVB      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total 282 $ 0 $ 0
SVB | Principal Forgiveness      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
2023 36    
2022 84    
2021 64    
2020 59    
2019 2    
2018 & Prior 1    
Revolving 36    
Revolving Converted to Term Loans 0    
Total 282    
SVB | Investor dependent - early stage | Principal Forgiveness      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
2023 2    
2022 30    
2021 29    
2020 3    
2019 0    
2018 & Prior 0    
Revolving 11    
Revolving Converted to Term Loans 0    
Total 75    
SVB | Investor dependent - growth stage | Principal Forgiveness      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
2023 22    
2022 37    
2021 25    
2020 12    
2019 0    
2018 & Prior 0    
Revolving 1    
Revolving Converted to Term Loans 0    
Total 97    
SVB | Innovation C&I and cash flow dependent | Principal Forgiveness      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
2023 6    
2022 0    
2021 0    
2020 0    
2019 0    
2018 & Prior 0    
Revolving 18    
Revolving Converted to Term Loans 0    
Total 24    
SVB | CRE | Principal Forgiveness      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
2023 0    
2022 0    
2021 0    
2020 0    
2019 2    
2018 & Prior 0    
Revolving 0    
Revolving Converted to Term Loans 0    
Total 2    
SVB | Other | Principal Forgiveness      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
2023 6    
2022 17    
2021 10    
2020 44    
2019 0    
2018 & Prior 1    
Revolving 6    
Revolving Converted to Term Loans 0    
Total $ 84    
v3.24.0.1
Loans and Leases - Schedule of Loan Modifications (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 599
Weighted Average Interest Rate Reduction   0.45%
Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 477
Weighted Average Term Extension (Months) 14 months  
Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   55
Weighted Average Payment Delay (Months) 6 months  
Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 2
Weighted Average Interest Rate Reduction   3.83%
Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 49
Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 18 months  
Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   2.93%
Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 7
Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 8 months  
Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 6 months  
Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 3
Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 6 months  
Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   5.25%
Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 6
Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 12 months  
Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   1.00%
Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 6 months  
Commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 419
Weighted Average Interest Rate Reduction   0.70%
Commercial | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 363
Weighted Average Term Extension (Months) 14 months  
Commercial | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   9
Weighted Average Payment Delay (Months) 7 months  
Commercial | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 2
Weighted Average Interest Rate Reduction   3.62%
Commercial | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 45
Commercial | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 13 months  
Commercial | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   2.90%
Commercial | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 28 months  
Commercial | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 16 months  
Commercial | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Commercial | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Commercial | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Commercial | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Commercial construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 4
Weighted Average Interest Rate Reduction   0.11%
Commercial | Commercial construction | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 4
Weighted Average Term Extension (Months) 9 months  
Commercial | Commercial construction | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   0
Weighted Average Payment Delay (Months) 0 months  
Commercial | Commercial construction | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   0.00%
Commercial | Commercial construction | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Commercial construction | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Commercial construction | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Commercial | Commercial construction | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Commercial construction | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Commercial construction | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Commercial | Commercial construction | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Commercial construction | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Commercial | Commercial construction | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Commercial | Commercial construction | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Commercial construction | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Commercial construction | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Commercial | Commercial construction | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Owner occupied commercial mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 19
Weighted Average Interest Rate Reduction   0.12%
Commercial | Owner occupied commercial mortgage | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 17
Weighted Average Term Extension (Months) 17 months  
Commercial | Owner occupied commercial mortgage | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   0
Weighted Average Payment Delay (Months) 0 months  
Commercial | Owner occupied commercial mortgage | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 2
Weighted Average Interest Rate Reduction   3.62%
Commercial | Owner occupied commercial mortgage | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Owner occupied commercial mortgage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 36 months  
Commercial | Owner occupied commercial mortgage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   2.00%
Commercial | Owner occupied commercial mortgage | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Owner occupied commercial mortgage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Owner occupied commercial mortgage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Commercial | Owner occupied commercial mortgage | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Owner occupied commercial mortgage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Commercial | Owner occupied commercial mortgage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Commercial | Owner occupied commercial mortgage | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Owner occupied commercial mortgage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Owner occupied commercial mortgage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Commercial | Owner occupied commercial mortgage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Non-owner occupied commercial mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 280
Weighted Average Interest Rate Reduction   2.43%
Commercial | Non-owner occupied commercial mortgage | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 240
Weighted Average Term Extension (Months) 12 months  
Commercial | Non-owner occupied commercial mortgage | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   0
Weighted Average Payment Delay (Months) 0 months  
Commercial | Non-owner occupied commercial mortgage | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   0.00%
Commercial | Non-owner occupied commercial mortgage | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 40
Commercial | Non-owner occupied commercial mortgage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 12 months  
Commercial | Non-owner occupied commercial mortgage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   3.00%
Commercial | Non-owner occupied commercial mortgage | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Non-owner occupied commercial mortgage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Non-owner occupied commercial mortgage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Commercial | Non-owner occupied commercial mortgage | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Non-owner occupied commercial mortgage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Commercial | Non-owner occupied commercial mortgage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Commercial | Non-owner occupied commercial mortgage | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Non-owner occupied commercial mortgage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Non-owner occupied commercial mortgage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Commercial | Non-owner occupied commercial mortgage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Commercial and industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 116
Weighted Average Interest Rate Reduction   0.43%
Commercial | Commercial and industrial | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 102
Weighted Average Term Extension (Months) 20 months  
Commercial | Commercial and industrial | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   9
Weighted Average Payment Delay (Months) 7 months  
Commercial | Commercial and industrial | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   0.00%
Commercial | Commercial and industrial | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 5
Commercial | Commercial and industrial | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 26 months  
Commercial | Commercial and industrial | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   2.04%
Commercial | Commercial and industrial | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Commercial and industrial | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 28 months  
Commercial | Commercial and industrial | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 16 months  
Commercial | Commercial and industrial | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Commercial and industrial | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Commercial | Commercial and industrial | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Commercial | Commercial and industrial | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Commercial and industrial | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Commercial and industrial | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Commercial | Commercial and industrial | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Leases    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   0.00%
Commercial | Leases | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Term Extension (Months) 16 months  
Commercial | Leases | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   0
Weighted Average Payment Delay (Months) 0 months  
Commercial | Leases | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   0.00%
Commercial | Leases | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Leases | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Leases | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Commercial | Leases | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Leases | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Leases | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Commercial | Leases | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Leases | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Commercial | Leases | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Commercial | Leases | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Commercial | Leases | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Commercial | Leases | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Commercial | Leases | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Consumer    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 16
Weighted Average Interest Rate Reduction   0.09%
Consumer | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 9
Weighted Average Term Extension (Months) 84 months  
Consumer | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   0
Weighted Average Payment Delay (Months) 0 months  
Consumer | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   4.44%
Consumer | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 4
Consumer | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 61 months  
Consumer | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   3.20%
Consumer | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Consumer | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Consumer | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Consumer | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 3
Consumer | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 6 months  
Consumer | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   5.25%
Consumer | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Consumer | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Consumer | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Consumer | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Consumer | Residential mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 13
Weighted Average Interest Rate Reduction   0.10%
Consumer | Residential mortgage | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 7
Weighted Average Term Extension (Months) 90 months  
Consumer | Residential mortgage | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   0
Weighted Average Payment Delay (Months) 0 months  
Consumer | Residential mortgage | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   1.63%
Consumer | Residential mortgage | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 3
Consumer | Residential mortgage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 62 months  
Consumer | Residential mortgage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   3.31%
Consumer | Residential mortgage | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Consumer | Residential mortgage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Consumer | Residential mortgage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Consumer | Residential mortgage | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 3
Consumer | Residential mortgage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 6 months  
Consumer | Residential mortgage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   5.25%
Consumer | Residential mortgage | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Consumer | Residential mortgage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Consumer | Residential mortgage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Consumer | Residential mortgage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Consumer | Revolving mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 3
Weighted Average Interest Rate Reduction   0.13%
Consumer | Revolving mortgage | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 2
Weighted Average Term Extension (Months) 60 months  
Consumer | Revolving mortgage | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   0
Weighted Average Payment Delay (Months) 0 months  
Consumer | Revolving mortgage | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   1.74%
Consumer | Revolving mortgage | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 1
Consumer | Revolving mortgage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 57 months  
Consumer | Revolving mortgage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   2.92%
Consumer | Revolving mortgage | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Consumer | Revolving mortgage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Consumer | Revolving mortgage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Consumer | Revolving mortgage | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Consumer | Revolving mortgage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Consumer | Revolving mortgage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Consumer | Revolving mortgage | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Consumer | Revolving mortgage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Consumer | Revolving mortgage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Consumer | Revolving mortgage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Consumer | Consumer auto    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   0.01%
Consumer | Consumer auto | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Term Extension (Months) 24 months  
Consumer | Consumer auto | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   0
Weighted Average Payment Delay (Months) 0 months  
Consumer | Consumer auto | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   0.00%
Consumer | Consumer auto | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Consumer | Consumer auto | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 31 months  
Consumer | Consumer auto | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.69%
Consumer | Consumer auto | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Consumer | Consumer auto | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Consumer | Consumer auto | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Consumer | Consumer auto | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Consumer | Consumer auto | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Consumer | Consumer auto | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Consumer | Consumer auto | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Consumer | Consumer auto | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Consumer | Consumer auto | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Consumer | Consumer auto | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Consumer | Consumer other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   0.03%
Consumer | Consumer other | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Term Extension (Months) 55 months  
Consumer | Consumer other | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   0
Weighted Average Payment Delay (Months) 0 months  
Consumer | Consumer other | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   9.65%
Consumer | Consumer other | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Consumer | Consumer other | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 36 months  
Consumer | Consumer other | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.25%
Consumer | Consumer other | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Consumer | Consumer other | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Consumer | Consumer other | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Consumer | Consumer other | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Consumer | Consumer other | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
Consumer | Consumer other | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Consumer | Consumer other | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Consumer | Consumer other | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
Consumer | Consumer other | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
Consumer | Consumer other | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 164
Weighted Average Interest Rate Reduction   0.30%
SVB | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 105
Weighted Average Term Extension (Months) 6 months  
SVB | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   46
Weighted Average Payment Delay (Months) 5 months  
SVB | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   0.00%
SVB | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 7
SVB | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 7 months  
SVB | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 6 months  
SVB | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
SVB | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 6
SVB | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 12 months  
SVB | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   1.00%
SVB | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 6 months  
SVB | Investor dependent - early stage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 26
Weighted Average Interest Rate Reduction   1.88%
SVB | Investor dependent - early stage | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 3
Weighted Average Term Extension (Months) 4 months  
SVB | Investor dependent - early stage | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   17
Weighted Average Payment Delay (Months) 5 months  
SVB | Investor dependent - early stage | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   0.00%
SVB | Investor dependent - early stage | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Investor dependent - early stage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | Investor dependent - early stage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | Investor dependent - early stage | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Investor dependent - early stage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 6 months  
SVB | Investor dependent - early stage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 6 months  
SVB | Investor dependent - early stage | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Investor dependent - early stage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
SVB | Investor dependent - early stage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | Investor dependent - early stage | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 6
SVB | Investor dependent - early stage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 12 months  
SVB | Investor dependent - early stage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   1.00%
SVB | Investor dependent - early stage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 6 months  
SVB | Investor dependent - growth stage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 36
Weighted Average Interest Rate Reduction   1.24%
SVB | Investor dependent - growth stage | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 8
Weighted Average Term Extension (Months) 9 months  
SVB | Investor dependent - growth stage | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   28
Weighted Average Payment Delay (Months) 5 months  
SVB | Investor dependent - growth stage | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   0.00%
SVB | Investor dependent - growth stage | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Investor dependent - growth stage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | Investor dependent - growth stage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | Investor dependent - growth stage | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Investor dependent - growth stage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | Investor dependent - growth stage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
SVB | Investor dependent - growth stage | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Investor dependent - growth stage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
SVB | Investor dependent - growth stage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | Investor dependent - growth stage | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Investor dependent - growth stage | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | Investor dependent - growth stage | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | Investor dependent - growth stage | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | Innovation C&I and cash flow dependent    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 79
Weighted Average Interest Rate Reduction   0.81%
SVB | Innovation C&I and cash flow dependent | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 72
Weighted Average Term Extension (Months) 4 months  
SVB | Innovation C&I and cash flow dependent | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   0
Weighted Average Payment Delay (Months) 0 months  
SVB | Innovation C&I and cash flow dependent | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   0.00%
SVB | Innovation C&I and cash flow dependent | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Innovation C&I and cash flow dependent | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | Innovation C&I and cash flow dependent | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | Innovation C&I and cash flow dependent | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 7
SVB | Innovation C&I and cash flow dependent | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 7 months  
SVB | Innovation C&I and cash flow dependent | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 5 months  
SVB | Innovation C&I and cash flow dependent | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Innovation C&I and cash flow dependent | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
SVB | Innovation C&I and cash flow dependent | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | Innovation C&I and cash flow dependent | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Innovation C&I and cash flow dependent | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | Innovation C&I and cash flow dependent | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | Innovation C&I and cash flow dependent | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | Private Bank    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 4
Weighted Average Interest Rate Reduction   0.04%
SVB | Private Bank | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 4
Weighted Average Term Extension (Months) 11 months  
SVB | Private Bank | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   0
Weighted Average Payment Delay (Months) 0 months  
SVB | Private Bank | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   0.00%
SVB | Private Bank | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Private Bank | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | Private Bank | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | Private Bank | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Private Bank | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | Private Bank | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
SVB | Private Bank | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Private Bank | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
SVB | Private Bank | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | Private Bank | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Private Bank | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | Private Bank | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | Private Bank | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | CRE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 14
Weighted Average Interest Rate Reduction   0.53%
SVB | CRE | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 14
Weighted Average Term Extension (Months) 9 months  
SVB | CRE | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   0
Weighted Average Payment Delay (Months) 0 months  
SVB | CRE | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   0.00%
SVB | CRE | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | CRE | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | CRE | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | CRE | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | CRE | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | CRE | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
SVB | CRE | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | CRE | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
SVB | CRE | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | CRE | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | CRE | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | CRE | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | CRE | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | Other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 5
Weighted Average Interest Rate Reduction   0.16%
SVB | Other | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 4
Weighted Average Term Extension (Months) 6 months  
SVB | Other | Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   1
Weighted Average Payment Delay (Months) 6 months  
SVB | Other | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
Weighted Average Interest Rate Reduction   0.00%
SVB | Other | Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Other | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | Other | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | Other | Term Extension and Other Than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Other | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 17 months  
SVB | Other | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 17 months  
SVB | Other | Other than Insignificant Payment Delay And Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Other | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Payment Delay (Months) 0 months  
SVB | Other | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | Other | Term Extension, Interest Rate Reduction, and Other than Insignificant Payment Delay    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amortized Cost   $ 0
SVB | Other | Weighted Average Term Extension (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
SVB | Other | Weighted Average Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Interest Rate Reduction   0.00%
SVB | Other | Weighted Average Payment Delay (Months)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted Average Term Extension (Months) 0 months  
v3.24.0.1
Loans and Leases - Schedule of Loans Modified, Past Due (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases $ 599
Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 546
30-59 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 4
60-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 2
90 Days or Greater  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 47
Commercial  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 419
Commercial | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 415
Commercial | 30-59 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 1
Commercial | 60-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 1
Commercial | 90 Days or Greater  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 2
Commercial | Commercial construction  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 4
Commercial | Commercial construction | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 4
Commercial | Commercial construction | 30-59 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
Commercial | Commercial construction | 60-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
Commercial | Commercial construction | 90 Days or Greater  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
Commercial | Owner occupied commercial mortgage  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 19
Commercial | Owner occupied commercial mortgage | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 17
Commercial | Owner occupied commercial mortgage | 30-59 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 1
Commercial | Owner occupied commercial mortgage | 60-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
Commercial | Owner occupied commercial mortgage | 90 Days or Greater  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 1
Commercial | Non-owner occupied commercial mortgage  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 280
Commercial | Non-owner occupied commercial mortgage | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 280
Commercial | Non-owner occupied commercial mortgage | 30-59 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
Commercial | Non-owner occupied commercial mortgage | 60-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
Commercial | Non-owner occupied commercial mortgage | 90 Days or Greater  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
Commercial | Commercial and industrial  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 116
Commercial | Commercial and industrial | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 114
Commercial | Commercial and industrial | 30-59 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
Commercial | Commercial and industrial | 60-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 1
Commercial | Commercial and industrial | 90 Days or Greater  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 1
Consumer  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 16
Consumer | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 14
Consumer | 30-59 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
Consumer | 60-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 1
Consumer | 90 Days or Greater  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 1
Consumer | Residential mortgage  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 13
Consumer | Residential mortgage | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 11
Consumer | Residential mortgage | 30-59 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
Consumer | Residential mortgage | 60-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 1
Consumer | Residential mortgage | 90 Days or Greater  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 1
Consumer | Revolving mortgage  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 3
Consumer | Revolving mortgage | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 3
Consumer | Revolving mortgage | 30-59 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
Consumer | Revolving mortgage | 60-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
Consumer | Revolving mortgage | 90 Days or Greater  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
SVB  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 164
SVB | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 117
SVB | 30-59 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 3
SVB | 60-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
SVB | 90 Days or Greater  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 44
SVB | Investor dependent - early stage  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 26
SVB | Investor dependent - early stage | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 22
SVB | Investor dependent - early stage | 30-59 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
SVB | Investor dependent - early stage | 60-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
SVB | Investor dependent - early stage | 90 Days or Greater  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 4
SVB | Investor dependent - growth stage  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 36
SVB | Investor dependent - growth stage | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 36
SVB | Investor dependent - growth stage | 30-59 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
SVB | Investor dependent - growth stage | 60-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
SVB | Investor dependent - growth stage | 90 Days or Greater  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
SVB | Innovation C&I and cash flow dependent  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 79
SVB | Innovation C&I and cash flow dependent | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 39
SVB | Innovation C&I and cash flow dependent | 30-59 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
SVB | Innovation C&I and cash flow dependent | 60-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
SVB | Innovation C&I and cash flow dependent | 90 Days or Greater  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 40
SVB | Private Bank  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 4
SVB | Private Bank | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 4
SVB | Private Bank | 30-59 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
SVB | Private Bank | 60-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
SVB | Private Bank | 90 Days or Greater  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
SVB | CRE  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 14
SVB | CRE | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 14
SVB | CRE | 30-59 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
SVB | CRE | 60-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
SVB | CRE | 90 Days or Greater  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
SVB | Other  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 5
SVB | Other | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 2
SVB | Other | 30-59 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 3
SVB | Other | 60-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases 0
SVB | Other | 90 Days or Greater  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Total loans and leases $ 0
v3.24.0.1
Loans and Leases - Schedule of Troubled Debt Restructuring (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Accruing $ 150
Non-Accruing 71
Total 221
Commercial  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Accruing 98
Non-Accruing 49
Total 147
Commercial | Commercial construction  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Accruing 2
Non-Accruing 1
Total 3
Commercial | Owner occupied commercial mortgage  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Accruing 46
Non-Accruing 9
Total 55
Commercial | Non-owner occupied commercial mortgage  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Accruing 24
Non-Accruing 30
Total 54
Commercial | Commercial and industrial  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Accruing 26
Non-Accruing 8
Total 34
Commercial | Leases  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Accruing 0
Non-Accruing 1
Total 1
Consumer  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Accruing 52
Non-Accruing 22
Total 74
Consumer | Residential mortgage  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Accruing 33
Non-Accruing 17
Total 50
Consumer | Revolving mortgage  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Accruing 17
Non-Accruing 5
Total 22
Consumer | Consumer auto  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Accruing 2
Non-Accruing 0
Total 2
Consumer | Consumer other  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Accruing 0
Non-Accruing 0
Total $ 0
v3.24.0.1
Loans and Leases - Schedule of Troubled Debt Restructuring Modifications (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
loan
Dec. 31, 2021
USD ($)
loan
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Number of Loans | loan 337 454
Amortized Cost at Period End | $ $ 79 $ 64
Interest only    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Number of Loans | loan 17 20
Amortized Cost at Period End | $ $ 39 $ 18
Loan term extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Number of Loans | loan 128 129
Amortized Cost at Period End | $ $ 26 $ 16
Below market rates    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Number of Loans | loan 86 177
Amortized Cost at Period End | $ $ 9 $ 20
Discharge from bankruptcy    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Number of Loans | loan 106 128
Amortized Cost at Period End | $ $ 5 $ 10
v3.24.0.1
Loans and Leases - Schedule of Troubled Debt that Defaulted Subsequently (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Receivables [Abstract]    
Troubled debt restructuring, subsequently defaulted $ 6 $ 8
v3.24.0.1
Loans and Leases - Schedule of Loans Pledged as Collateral (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
FHLB of Atlanta      
Pledged non-PCD loans (contractual balance) $ 133,302 $ 70,781 $ 32,372
FHLB of Atlanta | Non-PCD | Asset Pledged as Collateral      
FHLB of Atlanta      
Lendable collateral value of pledged non-PCD loans 15,072 14,918  
Less: Advances 0 4,250  
Less: Letters of Credit 1,450 1,450  
Available borrowing capacity 13,622 9,218  
Pledged non-PCD loans (contractual balance) 25,370 23,491  
FRB | Non-PCD | Asset Pledged as Collateral      
FHLB of Atlanta      
Pledged non-PCD loans (contractual balance) 6,273 5,697  
FRB      
Lendable collateral value of pledged non-PCD loans 5,115 4,203  
Less: Advances 0 0  
Available borrowing capacity 5,115 4,203  
FDIC | Asset Pledged as Collateral      
FHLB of Atlanta      
Pledged non-PCD loans (contractual balance) 51,179 0  
FDIC      
Lendable collateral value of pledged loans 51,179 0  
Less: Advances 0 0  
Less: Purchase Money Note 36,072 0  
Available borrowing capacity $ 15,107 $ 0  
v3.24.0.1
Allowance for Loan and Lease Losses - Schedule of Allowance for Loan and Lease Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 03, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance for loan and lease losses, beginning balance   $ 922 $ 178 $ 225
Initial PCD ALLL $ 272 220    
Day 2 provision for loan and lease losses   462 454 0
Provision for credit losses - loans and leases   703 97  
(Benefit) for credit losses - loans and leases       (37)
Total provision for loan and lease losses   1,165 551 (37)
Charge-offs   (638) (146) (36)
Recoveries   78 67 26
Allowance for loan and lease losses, ending balance   1,747 922 178
Commercial        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance for loan and lease losses, beginning balance   789 80 92
Initial PCD ALLL   0 258  
Day 2 provision for loan and lease losses   0 432  
Provision for credit losses - loans and leases   541 101  
(Benefit) for credit losses - loans and leases       (7)
Total provision for loan and lease losses   541 533  
Charge-offs   (328) (126) (18)
Recoveries   44 44 13
Allowance for loan and lease losses, ending balance   1,046 789 80
Consumer        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance for loan and lease losses, beginning balance   133 98 133
Initial PCD ALLL   0 14  
Day 2 provision for loan and lease losses   0 22  
Provision for credit losses - loans and leases   27    
(Benefit) for credit losses - loans and leases     (4) (30)
Total provision for loan and lease losses   27 18  
Charge-offs   (28) (20) (18)
Recoveries   14 23 13
Allowance for loan and lease losses, ending balance   146 133 98
SVB        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance for loan and lease losses, beginning balance   0 0 0
Initial PCD ALLL   220 0  
Day 2 provision for loan and lease losses   462 0  
Provision for credit losses - loans and leases   135 0  
(Benefit) for credit losses - loans and leases       0
Total provision for loan and lease losses   597 0  
Charge-offs   (282) 0 0
Recoveries   20 0 0
Allowance for loan and lease losses, ending balance   $ 555 $ 0 $ 0
v3.24.0.1
Allowance for Loan and Lease Losses - Schedule of Components of Credit Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Receivables [Abstract]      
Day 2 provision for loan and lease losses $ 462 $ 454 $ 0
Provision for credit losses - loans and leases 703 97  
(Benefit) for credit losses - loans and leases     (37)
Total provision for loan and lease losses 1,165 551 (37)
Day 2 provision for off-balance sheet credit exposure 254 59 0
(Benefit) provision for off-balance sheet credit exposure (44) 35 0
Total provision for off-balance sheet credit exposure 210 94 0
Benefit for investment securities available for sale credit losses 0   0
Provision (benefit) for credit losses $ 1,375 $ 645 $ (37)
v3.24.0.1
Leases - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Lessee, Lease, Description [Line Items]  
Interest on the lease liability is (less than $1 million) $ 1
Minimum  
Lessee, Lease, Description [Line Items]  
Operating leases have renewal terms 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Lessee, operating lease, term of contract (up to) 34 years
Operating leases have renewal terms 25 years
Maximum | Excessive Building Space No Longer Utilizing  
Lessee, Lease, Description [Line Items]  
Lessee, operating lease, term of contract (up to) 13 years
v3.24.0.1
Leases- Schedule of Operating and Finance Lease Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Lease assets:    
Operating lease ROU assets $ 354 $ 345
Finance leases $ 9 $ 7
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Premises and equipment, net Premises and equipment, net
Total lease assets $ 363 $ 352
Lease liabilities:    
Operating leases $ 396 $ 352
Operating Lease, Liability, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Finance leases $ 9 $ 7
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other Borrowings Other Borrowings
Total lease liabilities $ 405 $ 359
Weighted-average remaining lease terms:    
Operating leases 8 years 1 month 6 days 9 years 7 months 6 days
Finance leases 15 years 4 months 24 days 4 years 1 month 6 days
Weighted-average discount rate:    
Operating leases 2.70% 2.19%
Finance leases 3.52% 2.34%
v3.24.0.1
Leases - Schedule of Net Lease Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Operating lease cost $ 64 $ 58 $ 14
Finance lease ROU asset amortization 2 2 2
Variable lease cost 25 12 3
Sublease income (3) (2) 0
Net lease cost 88 70 19
Lessee, Lease, Description [Line Items]      
Operating lease cost 64 58 $ 14
Acquisition-related Expenses      
Leases [Abstract]      
Operating lease cost 34 6  
Lessee, Lease, Description [Line Items]      
Operating lease cost $ 34 $ 6  
v3.24.0.1
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 63 $ 54 $ 13
Operating cash flows from finance leases 0 0 0
Financing cash flows from finance leases 2 2 2
ROU assets obtained in exchange for new operating lease liabilities 69 19 7
ROU assets obtained in exchange for new finance lease liabilities 4 $ 5 $ 0
Decrease of lease liabilities and ROU assets $ 11    
v3.24.0.1
Leases - Schedule of Lease Liability Maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Operating Leases    
2024 $ 65  
2025 67  
2026 62  
2027 52  
2028 38  
Thereafter 155  
Total undiscounted lease payments 439  
Difference between undiscounted cash flows and discounted cash flows 43  
Lease liabilities, at present value 396 $ 352
Finance Leases    
2024 2  
2025 2  
2026 2  
2027 1  
2028 0  
Thereafter 6  
Total undiscounted lease payments 13  
Difference between undiscounted cash flows and discounted cash flows 4  
Lease liabilities, at present value 9 $ 7
Total    
2024 67  
2025 69  
2026 64  
2027 53  
2028 38  
Thereafter 161  
Total undiscounted lease payments 452  
Difference between undiscounted cash flows and discounted cash flows 47  
Lease liabilities, at present value $ 405  
v3.24.0.1
Leases - Schedule of Net Book Value of Assets Subject to Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]    
Lessor asset under operating lease, accumulated depreciation $ 658 $ 296
Operating lease equipment, net 8,746 8,156
Railcars and locomotives    
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]    
Operating lease equipment, net 7,966 7,433
Other equipment    
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]    
Operating lease equipment, net 780 723
Off-lease rail equipment    
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]    
Operating lease equipment, net $ 253 $ 457
v3.24.0.1
Leases - Schedule of Net Investment In Finance Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Lease receivables $ 1,780 $ 1,786
Unguaranteed residual assets 262 317
Total net investment in finance leases 2,042 2,103
Leveraged lease net investment 13 68
Total 2,055 2,171
Leveraged lease, non-recourse debt $ 5 $ 11
v3.24.0.1
Leases - Schedule of Operating Lease Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Lease income – Operating leases $ 895 $ 796 $ 0
Variable lease income – Operating leases 76 68 0
Rental income on operating leases 971 864 0
Interest income - Sales type and direct financing leases 171 169 18
Variable lease income included in Other noninterest income 59 51 0
Interest income - Leveraged leases 12 20 0
Total lease income 1,213 1,104 $ 18
Property tax reimbursement due from customer 17 17  
Variable lease, income related to insurance coverage $ 42 $ 33  
v3.24.0.1
Leases - Schedule of Maturity Analysis of Operating Lease Payments (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Leases [Abstract]  
2024 $ 786
2025 609
2026 449
2027 316
2028 189
Thereafter 408
Total $ 2,757
v3.24.0.1
Leases - Sales-type and Direct Financing Leases, Lease Receivable Maturity (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Leases [Abstract]  
2024 $ 793
2025 579
2026 360
2027 198
2028 79
Thereafter 26
Total undiscounted lease receivables 2,035
Difference between undiscounted cash flows and discounted cash flows 255
Lease receivables, at present value $ 1,780
v3.24.0.1
Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Total $ 3,272 $ 2,650
Less accumulated depreciation and amortization 1,395 1,194
Premises and equipment, net 1,877 1,456
Land    
Property, Plant and Equipment [Line Items]    
Total 403 352
Premises and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total $ 1,609 1,458
Premises and leasehold improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Useful Life (years) 3 years  
Premises and leasehold improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Useful Life (years) 30 years  
Furniture, equipment and software    
Property, Plant and Equipment [Line Items]    
Total $ 1,260 $ 840
Furniture, equipment and software | Minimum    
Property, Plant and Equipment [Line Items]    
Useful Life (years) 3 years  
Furniture, equipment and software | Maximum    
Property, Plant and Equipment [Line Items]    
Useful Life (years) 15 years  
v3.24.0.1
Premises and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Abstract]      
Depreciation and amortization expense $ 225 $ 142 $ 107
v3.24.0.1
Goodwill and Core Deposit Intangibles - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill $ 346,000,000 $ 346,000,000  
Goodwill impairment 0 0 $ 0
Below market lease, gross $ 52,000,000 $ 52,000,000  
v3.24.0.1
Goodwill and Core Deposit Intangibles - Schedule of Changes in Core Deposit Intangibles (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Finite-lived Intangible Assets [Roll Forward]      
Amortization for the period $ (57) $ (23) $ (12)
Core deposit intangibles      
Finite-lived Intangible Assets [Roll Forward]      
Core deposit intangibles, beginning balance 140 19  
Amortization for the period (58) (22)  
Core deposit intangibles, ending balance 312 140 $ 19
Core deposit intangibles | SVB      
Finite-lived Intangible Assets [Roll Forward]      
Core deposit intangibles related to the Acquisition/Merger 230 0  
Core deposit intangibles | CIT Group Inc.      
Finite-lived Intangible Assets [Roll Forward]      
Core deposit intangibles related to the Acquisition/Merger $ 0 $ 143  
v3.24.0.1
Goodwill and Core Deposit Intangibles - Schedule of Gross Carrying Amount and Accumulated Amortization of Core Deposit Intangibles (Details) - Core deposit intangibles - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross balance $ 501 $ 271  
Accumulated amortization (189) (131)  
Balance, net of accumulated amortization $ 312 $ 140 $ 19
v3.24.0.1
Goodwill and Core Deposit Intangibles - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - Core deposit intangibles - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]      
2024 $ 63    
2025 54    
2026 46    
2027 39    
2028 34    
Thereafter 76    
Balance, net of accumulated amortization $ 312 $ 140 $ 19
v3.24.0.1
Goodwill and Core Deposit Intangibles - Schedule of Changes in Intangible Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Finite-lived Intangible Liabilities [Roll Forward]    
Balance at January 1 $ 36 $ 0
Amortization (12) (16)
Balance at December 31, net of accumulated amortization 24 36
CIT Group Inc.    
Finite-lived Intangible Liabilities [Roll Forward]    
Acquired in CIT Merger $ 0 $ 52
v3.24.0.1
Goodwill and Core Deposit Intangibles - Schedule of Intangible Liability Accumulated Amortization of (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]      
Gross balance $ 52 $ 52  
Accumulated amortization (28) (16)  
Balance, net of accumulated amortization $ 24 $ 36 $ 0
v3.24.0.1
Goodwill and Core Deposit Intangibles - Schedule of Finite-Lived Intangible Liabilities, Future Amortization Expense (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]      
2024 $ 6    
2025 4    
2026 3    
2027 2    
2028 2    
Thereafter 7    
Balance, net of accumulated amortization $ 24 $ 36 $ 0
v3.24.0.1
Mortgage Servicing Rights - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Transfers and Servicing [Abstract]      
Financing receivables serviced for third parties $ 3,450 $ 3,690  
Contractually specified servicing fee, late fee, and ancillary fee earned in exchange for servicing financial asset $ 9 $ 10 $ 9
v3.24.0.1
Mortgage Servicing Rights - Schedule of Changes in Servicing Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Servicing Asset at Amortized Cost, Balance [Roll Forward]      
Beginning balance $ 25 $ 23 $ 18
Servicing rights originated 4 4 11
Servicing rights obtained in CIT Merger 0 3 0
Amortization (4) (6) (9)
Valuation allowance benefit 0 1 3
Ending balance $ 25 $ 25 $ 23
v3.24.0.1
Mortgage Servicing Rights - Schedule of Activity in Servicing Asset Valuation Allowance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]      
Beginning balance $ 0 $ 1 $ 4
Valuation allowance benefit 0 (1) (3)
Ending balance $ 0 $ 0 $ 1
v3.24.0.1
Mortgage Servicing Rights - Schedule of Servicing Asset Key Economic Assumptions (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Transfers and Servicing of Financial Assets [Abstract]    
Discount rate 10.20% 9.62%
Weighted average constant prepayment rate 7.66% 6.76%
Weighted average cost to service a loan $ 80 $ 81
v3.24.0.1
Variable Interest Entities - Narrative (Details) - entity
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Variable interest entity, consolidated, number of entities 0 0
v3.24.0.1
Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Variable Interest Entity [Line Items]      
Total assets $ 213,758 $ 109,298 $ 58,309
Liabilities 192,503 99,636  
Variable Interest Entity, Not Primary Beneficiary      
Variable Interest Entity [Line Items]      
Total assets 2,052 762  
Amortization method qualified affordable housing project investments, tax provision 169 60 22
Affordable housing tax credits and other tax benefits, amount 176 77 26
Affordable housing tax credits, amount 157 60 $ 22
Variable Interest Entity, Not Primary Beneficiary | Total tax credit equity investments      
Variable Interest Entity [Line Items]      
Total assets 1,890 603  
Variable Interest Entity, Not Primary Beneficiary | Affordable housing tax credit investments      
Variable Interest Entity [Line Items]      
Total assets 1,887 598  
Variable Interest Entity, Not Primary Beneficiary | Other tax credit equity investments      
Variable Interest Entity [Line Items]      
Total assets 3 5  
Variable Interest Entity, Not Primary Beneficiary | Other unconsolidated investments      
Variable Interest Entity [Line Items]      
Total assets 162 159  
Variable Interest Entity, Not Primary Beneficiary | Commitments to tax credit investments      
Variable Interest Entity [Line Items]      
Liabilities $ 947 $ 295  
v3.24.0.1
Other Assets - Components of Other Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]        
Affordable housing tax credit and other unconsolidated investments $ 2,052 $ 762    
Accrued interest receivable 832 329    
Fair value of derivative financial instruments 640 159    
Pension assets 474 343    
Right of use assets for operating leases, net 354 345    
Income tax receivable 209 275    
Counterparty receivables 114 98    
Bank-owned life insurance 105 586    
Nonmarketable equity securities 103 58    
Other real estate owned 58 47    
Mortgage servicing rights 25 25 $ 23 $ 18
Federal Home Loan Bank stock 20 197    
Other 871 1,145    
Total other assets $ 5,857 4,369    
Other Assets, Miscellaneous        
Other Assets [Line Items]        
Bank owned life insurance, amount terminated but not cash-settled   $ 607    
v3.24.0.1
Deposits - Schedule of Deposit Liabilities Type (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statistical Disclosure for Banks [Abstract]      
Noninterest-bearing $ 39,799 $ 24,922  
Checking with interest 23,754 16,202  
Money market 30,616 21,040  
Savings 35,258 16,834  
Time 16,427 10,410  
Total deposits $ 145,854 $ 89,408 $ 51,406
v3.24.0.1
Deposits - Schedule of Time Deposit Maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Statistical Disclosure for Banks [Abstract]    
2024 $ 15,175  
2025 1,126  
2026 74  
2027 34  
2028 18  
Thereafter 0  
Total time deposits $ 16,427 $ 10,410
v3.24.0.1
Deposits - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Statistical Disclosure for Banks [Abstract]    
Time deposits with a denomination of $250,000 or more $ 4,160 $ 2,220
v3.24.0.1
Borrowings - Schedule of Short-term Borrowings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
Securities sold under customer repurchase agreements $ 485 $ 436
Notes payable to FHLB of Atlanta at overnight SOFR plus spreads ranging from 0.19% to 0.20%. 0 1,750
Total short-term borrowings $ 485 $ 2,186
Short-Term Notes Payable | Secured Overnight Financing Rate | Minimum    
Short-term Debt [Line Items]    
Basis spread on variable rate 0.19%  
Short-Term Notes Payable | Secured Overnight Financing Rate | Maximum    
Short-term Debt [Line Items]    
Basis spread on variable rate 0.20%  
v3.24.0.1
Borrowings - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Securities sold under customer repurchase agreements $ 485 $ 436
Asset Pledged as Collateral | Securities Assets    
Debt Instrument [Line Items]    
Securities sold under customer repurchase agreements $ 502 $ 496
v3.24.0.1
Borrowings - Schedule of Long-term Borrowings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Capital lease obligations $ 9 $ 7
Unamortized issuance costs 0 (1)
Unamortized purchase accounting adjustments (163) 87
Total long-term borrowings $ 37,169 4,459
Parent | Fixed-to-Floating subordinated notes at 3.375% | Subordinated Debt    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate 3.375%  
Long-term debt, gross $ 350 350
Parent | Junior subordinated debentures at 3-month LIBOR plus 2.25% (FCB/SC Capital Trust II) (2) | Subordinated Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 20 20
Parent | Junior subordinated debentures at 3-month LIBOR plus 2.25% (FCB/SC Capital Trust II) (2) | Subordinated Debt | London Interbank Offered Rate (LIBOR)    
Debt Instrument [Line Items]    
Basis spread on variable rate 2.25%  
Parent | Junior subordinated debentures at 3-month LIBOR plus 1.75% (FCB/NC Capital Trust III) | Subordinated Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 0 88
Parent | Junior subordinated debentures at 3-month LIBOR plus 1.75% (FCB/NC Capital Trust III) | Subordinated Debt | London Interbank Offered Rate (LIBOR)    
Debt Instrument [Line Items]    
Basis spread on variable rate 1.75%  
Subsidiaries: | Senior unsecured fixed-to-floating rate notes at 3.929% | Senior Notes    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate 3.929%  
Long-term debt, gross $ 0 500
Subsidiaries: | Senior unsecured fixed-to-floating rate notes at 2.969% | Senior Notes    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate 2.969%  
Long-term debt, gross $ 316 315
Subsidiaries: | Fixed senior unsecured notes at 6.00% | Senior Notes    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate 6.00%  
Long-term debt, gross $ 51 51
Subsidiaries: | Fixed subordinated notes at 6.125% | Subordinated Debt    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate 6.125%  
Long-term debt, gross $ 404 400
Subsidiaries: | Fixed-to-Fixed subordinated notes at 4.125% | Subordinated Debt    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate 4.125%  
Long-term debt, gross $ 100 100
Subsidiaries: | Junior subordinated debentures at 3-month LIBOR plus 2.80% (Macon Capital Trust I) | Subordinated Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 0 14
Subsidiaries: | Junior subordinated debentures at 3-month LIBOR plus 2.80% (Macon Capital Trust I) | Subordinated Debt | London Interbank Offered Rate (LIBOR)    
Debt Instrument [Line Items]    
Basis spread on variable rate 2.80%  
Subsidiaries: | Junior subordinated debentures at 3-month LIBOR plus 2.85% (SCB Capital Trust I) (2) | Subordinated Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 10 10
Subsidiaries: | Junior subordinated debentures at 3-month LIBOR plus 2.85% (SCB Capital Trust I) (2) | Subordinated Debt | London Interbank Offered Rate (LIBOR)    
Debt Instrument [Line Items]    
Basis spread on variable rate 2.85%  
Subsidiaries: | Notes payable to FHLB of Atlanta at overnight SOFR plus spreads ranging from 0.24% to 0.34% | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 0 2,500
Subsidiaries: | Notes payable to FHLB of Atlanta at overnight SOFR plus spreads ranging from 0.24% to 0.34% | Secured Debt | Secured Overnight Financing Rate | Minimum    
Debt Instrument [Line Items]    
Basis spread on variable rate 0.24%  
Subsidiaries: | Notes payable to FHLB of Atlanta at overnight SOFR plus spreads ranging from 0.24% to 0.34% | Secured Debt | Secured Overnight Financing Rate | Maximum    
Debt Instrument [Line Items]    
Basis spread on variable rate 0.34%  
Subsidiaries: | Fixed senior unsecured notes at 3.50% | Secured Debt    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate 3.50%  
Long-term debt, gross $ 36,072 0
Subsidiaries: | Other secured financings | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 0 $ 18
v3.24.0.1
Borrowings - Schedule of Maturities of Long-term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
2024 $ (34)  
2025 282  
2026 (38)  
2027 (37)  
2028 36,461  
Thereafter 535  
Total long-term borrowings $ 37,169 $ 4,459
v3.24.0.1
Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Asset Fair Value    
Asset Fair Value $ 640 $ 159
Less: Gross amounts offset in the Consolidated Balance Sheets, Asset Fair Value 0 0
Derivative assets 640 159
Less: Amounts subject to master netting agreements, Asset Fair Value (97) (13)
Less: Cash collateral pledged (received) subject to master netting agreements (405) (124)
Total net derivative fair value, Asset Fair Value 138 22
Liability Fair Value    
Liability Fair Value (636) (486)
Less: Gross amounts offset in the Consolidated Balance Sheets, Liability Fair Value 0 0
Derivative liability (636) (486)
Less: Amounts subject to master netting agreements, Asset Liability Value 97 13
Less: Cash collateral pledged(received) subject to master netting agreements 39 0
Total net derivative fair value, Liability Fair Value (500) (473)
Variation margin, amount reducing derivative asset 66 376
Variation margin, amount reducing derivative liability 37 19
Qualifying Hedges    
Liability Fair Value    
Derivative instruments and hedges, assets 4  
Derivative instruments and hedges, liabilities 0  
Qualifying Hedges | Interest rate contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 815 0
Asset Fair Value    
Asset Fair Value 0 0
Liability Fair Value    
Liability Fair Value 0 0
Non-qualifying Hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 34,673 18,805
Asset Fair Value    
Asset Fair Value 640 159
Liability Fair Value    
Liability Fair Value (636) (486)
Non-qualifying Hedges | Interest rate contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 24,548 18,173
Asset Fair Value    
Asset Fair Value 530 158
Liability Fair Value    
Liability Fair Value (518) (482)
Non-qualifying Hedges | Foreign currency forward contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 9,142 125
Asset Fair Value    
Asset Fair Value 104 1
Liability Fair Value    
Liability Fair Value (117) (4)
Non-qualifying Hedges | Foreign exchange spot contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 179 0
Liability Fair Value    
Net fair value 0 0
Non-qualifying Hedges | Other contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional Amount 983 507
Asset Fair Value    
Asset Fair Value 6 0
Liability Fair Value    
Liability Fair Value $ (1) $ 0
v3.24.0.1
Derivative Financial Instruments - Schedule of Derivative Instruments Qualifying Hedges (Details) - Qualifying Hedges - Interest rate contracts - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Recognized on derivatives $ 4 $ 0 $ 0
Recognized on hedged item (5) 0 0
Total qualifying hedges - income statement impact $ (1) $ 0 $ 0
v3.24.0.1
Derivative Financial Instruments - Fair Value Hedges (Details) - Long-term borrowings - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]    
Carrying Value of Hedged Items $ 879 $ 0
Currently Designated    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Cumulative Fair Value Hedging Adjustment Included in the Carrying Value of Hedged Items 5 0
No Longer Designated    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Cumulative Fair Value Hedging Adjustment Included in the Carrying Value of Hedged Items $ 0 $ 0
v3.24.0.1
Derivative Financial Instruments - Schedule of Derivative Instruments Non-Qualifying Hedges (Details) - Non-qualifying Hedges - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gains (losses) of non-qualifying hedges $ 25 $ 33 $ 0
Interest rate contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gains (losses) of non-qualifying hedges 32 12 0
Foreign currency forward contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gains (losses) of non-qualifying hedges (8) 20 0
Other contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gains (losses) of non-qualifying hedges $ 1 $ 1 $ 0
v3.24.0.1
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Other Liabilities Disclosure [Abstract]    
Deferred taxes $ 3,579 $ 286
Commitments to fund tax credit investments 947 295
Incentive plan liabilities 676 267
Fair value of derivative financial instruments 636 486
Accrued expenses and accounts payable 397 275
Lease liabilities 396 352
Reserve for off-balance sheet credit exposure 316 106
Accrued interest payable 137 57
Other 822 464
Total other liabilities $ 7,906 $ 2,588
v3.24.0.1
Fair Value - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale $ 19,936 $ 8,995
Marketable equity securities 84 95
Total derivative assets 640 159
Total derivative liabilities 636 486
Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 19,936 8,995
Loans held for sale 73 49
Qualifying Hedges | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 0  
Total derivative liabilities 0  
Non-qualifying Hedges | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 640 159
Total derivative liabilities 636 486
Level 1 | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 0 0
Loans held for sale 0 0
Level 1 | Qualifying Hedges | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 0  
Total derivative liabilities 0  
Level 1 | Non-qualifying Hedges | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 2 | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 19,779 8,821
Loans held for sale 38 4
Level 2 | Qualifying Hedges | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 0  
Total derivative liabilities 0  
Level 2 | Non-qualifying Hedges | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 633 159
Total derivative liabilities 635 486
Level 3 | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 157 174
Loans held for sale 35 45
Level 3 | Qualifying Hedges | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 0  
Total derivative liabilities 0  
Level 3 | Non-qualifying Hedges | Estimated Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 7 0
Total derivative liabilities 1 0
U.S. Treasury    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 10,508 1,898
Residential mortgage-backed securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 6,686 4,795
Commercial mortgage-backed securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 2,131 1,604
Municipal bonds    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 12  
Fair Value, Recurring    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 19,936 8,995
Marketable equity securities 84 95
Loans held for sale 38 4
Total derivative assets 640 159
Total derivative liabilities 636 486
Fair Value, Recurring | Non-qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 640  
Total derivative liabilities 636  
Fair Value, Recurring | Interest rate contracts | Qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 0  
Total derivative liabilities 0  
Fair Value, Recurring | Interest rate contracts | Non-qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 530 158
Total derivative liabilities 518 482
Fair Value, Recurring | Foreign exchange contract | Non-qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 104 1
Total derivative liabilities 117 4
Fair Value, Recurring | Other derivative | Non-qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 6  
Total derivative liabilities 1  
Fair Value, Recurring | Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 0 0
Marketable equity securities 36 32
Loans held for sale 0 0
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Recurring | Level 1 | Non-qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 0  
Total derivative liabilities 0  
Fair Value, Recurring | Level 1 | Interest rate contracts | Qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 0  
Total derivative liabilities 0  
Fair Value, Recurring | Level 1 | Interest rate contracts | Non-qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Recurring | Level 1 | Foreign exchange contract | Non-qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Recurring | Level 1 | Other derivative | Non-qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 0  
Total derivative liabilities 0  
Fair Value, Recurring | Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 19,779 8,821
Marketable equity securities 48 63
Loans held for sale 38 4
Total derivative assets 633 159
Total derivative liabilities 635 486
Fair Value, Recurring | Level 2 | Non-qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 633  
Total derivative liabilities 635  
Fair Value, Recurring | Level 2 | Interest rate contracts | Qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 0  
Total derivative liabilities 0  
Fair Value, Recurring | Level 2 | Interest rate contracts | Non-qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 529 158
Total derivative liabilities 518 482
Fair Value, Recurring | Level 2 | Foreign exchange contract | Non-qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 104 1
Total derivative liabilities 117 4
Fair Value, Recurring | Level 2 | Other derivative | Non-qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 0  
Total derivative liabilities 0  
Fair Value, Recurring | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 157 174
Marketable equity securities 0 0
Loans held for sale 0 0
Total derivative assets 7 0
Total derivative liabilities 1 0
Fair Value, Recurring | Level 3 | Non-qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 7  
Total derivative liabilities 1  
Fair Value, Recurring | Level 3 | Interest rate contracts | Qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 0  
Total derivative liabilities 0  
Fair Value, Recurring | Level 3 | Interest rate contracts | Non-qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 1 0
Total derivative liabilities 0 0
Fair Value, Recurring | Level 3 | Foreign exchange contract | Non-qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Recurring | Level 3 | Other derivative | Non-qualifying Hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total derivative assets 6  
Total derivative liabilities 1  
Fair Value, Recurring | U.S. Treasury    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 10,508 1,898
Fair Value, Recurring | U.S. Treasury | Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 0 0
Fair Value, Recurring | U.S. Treasury | Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 10,508 1,898
Fair Value, Recurring | U.S. Treasury | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 0 0
Fair Value, Recurring | Government agency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 117 162
Fair Value, Recurring | Government agency | Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 0 0
Fair Value, Recurring | Government agency | Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 117 162
Fair Value, Recurring | Government agency | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 0 0
Fair Value, Recurring | Residential mortgage-backed securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 6,686 4,795
Fair Value, Recurring | Residential mortgage-backed securities | Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 0 0
Fair Value, Recurring | Residential mortgage-backed securities | Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 6,686 4,795
Fair Value, Recurring | Residential mortgage-backed securities | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 0 0
Fair Value, Recurring | Commercial mortgage-backed securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 2,131 1,604
Fair Value, Recurring | Commercial mortgage-backed securities | Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 0 0
Fair Value, Recurring | Commercial mortgage-backed securities | Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 2,131 1,604
Fair Value, Recurring | Commercial mortgage-backed securities | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 0 0
Fair Value, Recurring | Corporate Bonds    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 482 536
Fair Value, Recurring | Corporate Bonds | Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 0 0
Fair Value, Recurring | Corporate Bonds | Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 325 362
Fair Value, Recurring | Corporate Bonds | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 157 $ 174
Fair Value, Recurring | Municipal bonds    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 12  
Fair Value, Recurring | Municipal bonds | Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 0  
Fair Value, Recurring | Municipal bonds | Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale 12  
Fair Value, Recurring | Municipal bonds | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment securities available for sale $ 0  
v3.24.0.1
Fair Value - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Corporate bonds $ 19,936 $ 8,995
Interest rate & other derivative — non-qualifying hedges 640 159
Fair value of derivative financial instruments 636 486
Fair Value, Recurring    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Corporate bonds 19,936 8,995
Interest rate & other derivative — non-qualifying hedges 640 159
Fair value of derivative financial instruments 636 486
Fair Value, Recurring | Corporate Bonds    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Corporate bonds 482 536
Fair Value, Recurring | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Corporate bonds 157 174
Interest rate & other derivative — non-qualifying hedges 7 0
Fair value of derivative financial instruments 1 0
Fair Value, Recurring | Level 3 | Corporate Bonds    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Corporate bonds 157 $ 174
Fair Value, Recurring | Level 3 | Interest Rate and Other Derivative    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Interest rate & other derivative — non-qualifying hedges 7  
Fair value of derivative financial instruments $ 1  
v3.24.0.1
Fair Value - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Fair Value, Recurring - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Other Derivative Liabilities — Non-Qualifying    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 0 $ 0
Purchases 0 1
Changes in FV included in earnings 0 (1)
Changes in FV included in comprehensive income 0 0
Transfers in 1 0
Transfers out 0 0
Maturity and settlements 0 0
Ending balance 1 0
Corporate Bonds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 174 207
Purchases 0 0
Changes in FV included in earnings 0 0
Changes in FV included in comprehensive income (8) (19)
Transfers in 0 0
Transfers out 0 (14)
Maturity and settlements (9) 0
Ending balance 157 174
Other Derivative Assets — Non-Qualifying    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 0  
Purchases 6  
Changes in FV included in earnings 1  
Changes in FV included in comprehensive income 0  
Transfers in 0  
Transfers out 0  
Maturity and settlements 0  
Ending balance $ 7 $ 0
v3.24.0.1
Fair Value - Schedule of Fair Value Option (Details) - Originated loans held for sale - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans held for sale $ 38 $ 4
Unpaid Principal Balance 37 4
Difference $ 1 $ 0
v3.24.0.1
Fair Value - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Fair Value Disclosures [Abstract]    
Fair value, option, changes in fair value, gain (loss) $ 0 $ (3,000,000)
Fair Value, option, loans held as assets, aggregate amount in nonaccrual status 0 0
Fair value, option, loans held as assets, 90 days or more past due 0 $ 0
Minimum deposit $ 211,000,000  
Measurement Input, Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.0859 0.0931
Minimum | Measurement Input, Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.06  
Maximum | Measurement Input, Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.11  
v3.24.0.1
Fair Value - Schedule of Fair Value, Assets Measured on Nonrecurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Estimated Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale $ 73 $ 49
Loans - collateral dependent loans 126,696 64,312
Mortgage servicing rights 42 47
Level 1 | Estimated Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale 0 0
Loans - collateral dependent loans 0 0
Mortgage servicing rights 0 0
Level 2 | Estimated Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale 38 4
Loans - collateral dependent loans 1,479 1,679
Mortgage servicing rights 0 0
Level 3 | Estimated Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale 35 45
Loans - collateral dependent loans 125,217 62,633
Mortgage servicing rights 42 47
Fair Value, Nonrecurring | Estimated Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale 12 23
Loans - collateral dependent loans 265 149
Other real estate owned 16 43
Mortgage servicing rights   0
Fair Value Measurements 293 215
Fair Value, Nonrecurring | Changes Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale (4) (1)
Loans - collateral dependent loans (131) (24)
Other real estate owned 4 14
Mortgage servicing rights   1
Fair Value Measurements (131) (10)
Fair Value, Nonrecurring | Level 1 | Estimated Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale 0 0
Loans - collateral dependent loans 0 0
Other real estate owned 0 0
Mortgage servicing rights   0
Fair Value Measurements 0 0
Fair Value, Nonrecurring | Level 2 | Estimated Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale 0 0
Loans - collateral dependent loans 0 0
Other real estate owned 0 0
Mortgage servicing rights   0
Fair Value Measurements 0 0
Fair Value, Nonrecurring | Level 3 | Estimated Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale 12 23
Loans - collateral dependent loans 265 149
Other real estate owned 16 43
Mortgage servicing rights   0
Fair Value Measurements $ 293 $ 215
v3.24.0.1
Fair Value - Schedule of Carrying Values and Estimated Fair Values for Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Financial Assets    
Investment in marketable equity securities $ 84 $ 95
Investment securities available for sale 19,936 8,995
Investment securities held to maturity 9,979 10,279
Interest rate & other derivative — non-qualifying hedges 640 159
Financial Liabilities    
Fair value of derivative financial instruments 636 486
Carrying Value    
Financial Assets    
Cash and due from banks 908 518
Interest-earning deposits at banks 33,609 5,025
Securities purchased under agreements to resell 473  
Investment in marketable equity securities 84 95
Investment securities available for sale 19,936 8,995
Investment securities held to maturity 9,979 10,279
Loans held for sale 73 52
Net loans 129,545 67,720
Accrued interest receivable 832 329
Federal Home Loan Bank stock 20 197
Mortgage servicing rights 25 25
Financial Liabilities    
Deposits with no stated maturity 129,427 78,798
Time deposits 16,427 10,610
Credit balances of factoring clients 1,089 995
Securities sold under customer repurchase agreements 485 436
Other short-term debt   1,750
Long-term borrowings 37,160 4,452
Accrued interest payable 137 57
Carrying Value | Qualifying Hedges    
Financial Assets    
Interest rate & other derivative — non-qualifying hedges 0  
Financial Liabilities    
Fair value of derivative financial instruments 0  
Carrying Value | Non-qualifying Hedges    
Financial Assets    
Interest rate & other derivative — non-qualifying hedges 640 159
Financial Liabilities    
Fair value of derivative financial instruments 636 486
Estimated Fair Value    
Financial Assets    
Cash and due from banks 908 518
Interest-earning deposits at banks 33,609 5,025
Securities purchased under agreements to resell 473  
Investment in marketable equity securities 84 95
Investment securities available for sale 19,936 8,995
Investment securities held to maturity 8,503 8,795
Loans held for sale 73 49
Net loans 126,696 64,312
Accrued interest receivable 832 329
Federal Home Loan Bank stock 20 197
Mortgage servicing rights 42 47
Financial Liabilities    
Deposits with no stated maturity 129,427 78,798
Time deposits 16,416 10,504
Credit balances of factoring clients 1,089 995
Securities sold under customer repurchase agreements 485 436
Other short-term debt   1,750
Long-term borrowings 36,816 4,330
Accrued interest payable 137 57
Estimated Fair Value | Level 1    
Financial Assets    
Cash and due from banks 908 518
Interest-earning deposits at banks 33,609 5,025
Securities purchased under agreements to resell 0  
Investment in marketable equity securities 36 32
Investment securities available for sale 0 0
Investment securities held to maturity 0 0
Loans held for sale 0 0
Net loans 0 0
Accrued interest receivable 0 0
Federal Home Loan Bank stock 0 0
Mortgage servicing rights 0 0
Financial Liabilities    
Deposits with no stated maturity 0 0
Time deposits 0 0
Credit balances of factoring clients 0 0
Securities sold under customer repurchase agreements 0 0
Other short-term debt   0
Long-term borrowings 0 0
Accrued interest payable 0 0
Estimated Fair Value | Level 2    
Financial Assets    
Cash and due from banks 0 0
Interest-earning deposits at banks 0 0
Securities purchased under agreements to resell 473  
Investment in marketable equity securities 48 63
Investment securities available for sale 19,779 8,821
Investment securities held to maturity 8,503 8,795
Loans held for sale 38 4
Net loans 1,479 1,679
Accrued interest receivable 832 329
Federal Home Loan Bank stock 20 197
Mortgage servicing rights 0 0
Financial Liabilities    
Deposits with no stated maturity 129,427 78,798
Time deposits 16,416 10,504
Credit balances of factoring clients 0 0
Securities sold under customer repurchase agreements 485 436
Other short-term debt   1,750
Long-term borrowings 36,816 4,312
Accrued interest payable 137 57
Estimated Fair Value | Level 3    
Financial Assets    
Cash and due from banks 0 0
Interest-earning deposits at banks 0 0
Securities purchased under agreements to resell 0  
Investment in marketable equity securities 0 0
Investment securities available for sale 157 174
Investment securities held to maturity 0 0
Loans held for sale 35 45
Net loans 125,217 62,633
Accrued interest receivable 0 0
Federal Home Loan Bank stock 0 0
Mortgage servicing rights 42 47
Financial Liabilities    
Deposits with no stated maturity 0 0
Time deposits 0 0
Credit balances of factoring clients 1,089 995
Securities sold under customer repurchase agreements 0 0
Other short-term debt   0
Long-term borrowings 0 18
Accrued interest payable 0 0
Estimated Fair Value | Qualifying Hedges    
Financial Assets    
Interest rate & other derivative — non-qualifying hedges 0  
Financial Liabilities    
Fair value of derivative financial instruments 0  
Estimated Fair Value | Qualifying Hedges | Level 1    
Financial Assets    
Interest rate & other derivative — non-qualifying hedges 0  
Financial Liabilities    
Fair value of derivative financial instruments 0  
Estimated Fair Value | Qualifying Hedges | Level 2    
Financial Assets    
Interest rate & other derivative — non-qualifying hedges 0  
Financial Liabilities    
Fair value of derivative financial instruments 0  
Estimated Fair Value | Qualifying Hedges | Level 3    
Financial Assets    
Interest rate & other derivative — non-qualifying hedges 0  
Financial Liabilities    
Fair value of derivative financial instruments 0  
Estimated Fair Value | Non-qualifying Hedges    
Financial Assets    
Interest rate & other derivative — non-qualifying hedges 640 159
Financial Liabilities    
Fair value of derivative financial instruments 636 486
Estimated Fair Value | Non-qualifying Hedges | Level 1    
Financial Assets    
Interest rate & other derivative — non-qualifying hedges 0 0
Financial Liabilities    
Fair value of derivative financial instruments 0 0
Estimated Fair Value | Non-qualifying Hedges | Level 2    
Financial Assets    
Interest rate & other derivative — non-qualifying hedges 633 159
Financial Liabilities    
Fair value of derivative financial instruments 635 486
Estimated Fair Value | Non-qualifying Hedges | Level 3    
Financial Assets    
Interest rate & other derivative — non-qualifying hedges 7 0
Financial Liabilities    
Fair value of derivative financial instruments $ 1 $ 0
v3.24.0.1
Stockholders' Equity - Schedule of Common Stock Outstanding Roll Forward (Details) - shares
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Increase (Decrease) In Common Stock [Roll Forward]      
Shares purchased under authorized repurchase plan (in shares)     (1,500,000)
Class A      
Increase (Decrease) In Common Stock [Roll Forward]      
Common stock beginning balance (in shares)   13,501,017 8,811,220
Common stock issuance - CIT Merger (in shares) 0   6,140,010
Restricted stock units vested, net of shares held to cover taxes (in shares)   13,916 49,787
Shares purchased under authorized repurchase plan (in shares) 0   (1,500,000)
Common stock ending balance (in shares) 13,501,017 13,514,933 13,501,017
Class B      
Increase (Decrease) In Common Stock [Roll Forward]      
Common stock beginning balance (in shares)   1,005,185 1,005,185
Common stock issuance - CIT Merger (in shares)   0 0
Restricted stock units vested, net of shares held to cover taxes (in shares)   0 0
Shares purchased under authorized repurchase plan (in shares)   0 0
Common stock ending balance (in shares) 1,005,185 1,005,185 1,005,185
v3.24.0.1
Stockholders' Equity - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Mar. 12, 2020
USD ($)
$ / shares
shares
Dec. 31, 2023
shares
Apr. 25, 2023
shares
Apr. 24, 2023
shares
Dec. 31, 2022
shares
Jan. 03, 2022
Class of Stock [Line Items]            
Depositary shares, shares issued (in shares) 13,800,000          
Depository Shares, percentage of preferred stock 0.025          
Depository shares, equivalent value per preferred share | $ / shares $ 1,000          
Depositary shares, shares issued, value | $ $ 345          
Preferred stock, shares authorized (in shares)   20,000,000 20,000,000 10,000,000 10,000,000  
Class A            
Class of Stock [Line Items]            
Common stock, voting right per share   1        
Common stock, shares authorized (in shares)   32,000,000 32,000,000 16,000,000 16,000,000  
Class B            
Class of Stock [Line Items]            
Common stock, voting right per share   16        
Common stock, shares authorized (in shares)   2,000,000     2,000,000  
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A            
Class of Stock [Line Items]            
Dividend 5.375% 5.375%        
Preferred stock, shares authorized (in shares)   345,000        
Series B Preferred Stock            
Class of Stock [Line Items]            
Preferred stock, shares authorized (in shares)   325,000        
Series B Preferred Stock | CIT Group Inc.            
Class of Stock [Line Items]            
Common stock, terms of conversion, conversion ratio           1
Series C Preferred Stock            
Class of Stock [Line Items]            
Dividend   5.625%        
Preferred stock, shares authorized (in shares)   8,000,000        
Series C Preferred Stock | CIT Group Inc.            
Class of Stock [Line Items]            
Common stock, terms of conversion, conversion ratio           1
v3.24.0.1
Stockholders' Equity - Schedule of Preferred Stock and Depositary Shares (Details) - USD ($)
 12 Months Ended
Mar. 12, 2020
Dec. 31, 2023
Apr. 25, 2023
Apr. 24, 2023
Dec. 31, 2022
Class of Stock [Line Items]          
Preferred stock, par value (in dollars per share)   $ 0.01     $ 0.01
Preferred stock, shares authorized (in shares)   20,000,000 20,000,000 10,000,000 10,000,000
Series A Preferred Stock          
Class of Stock [Line Items]          
Preferred stock, par value (in dollars per share)   $ 0.01      
Preferred stock, shares authorized (in shares)   345,000      
Preferred stock, shares issued (in shares)   345,000      
Preferred stock, shares outstanding (in shares)   345,000      
Liquidation preference per share (in dollars per share)   $ 1,000      
Total Liquidation Preference   $ 345,000,000      
Dividend 5.375% 5.375%      
Series B Preferred Stock          
Class of Stock [Line Items]          
Preferred stock, par value (in dollars per share)   $ 0.01      
Preferred stock, shares authorized (in shares)   325,000      
Preferred stock, shares issued (in shares)   325,000      
Preferred stock, shares outstanding (in shares)   325,000      
Liquidation preference per share (in dollars per share)   $ 1,000      
Total Liquidation Preference   $ 325,000,000      
Series B Preferred Stock | Secured Overnight Financing Rate          
Class of Stock [Line Items]          
Dividend, basis spread on variable rate   3.972%      
Series C Preferred Stock          
Class of Stock [Line Items]          
Preferred stock, par value (in dollars per share)   $ 0.01      
Preferred stock, shares authorized (in shares)   8,000,000      
Preferred stock, shares issued (in shares)   8,000,000      
Preferred stock, shares outstanding (in shares)   8,000,000      
Liquidation preference per share (in dollars per share)   $ 25      
Total Liquidation Preference   $ 200,000,000      
Dividend   5.625%      
v3.24.0.1
Accumulated Other Comprehensive (Loss) Income - Schedule of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Pretax $ (637) $ (967)
Income Taxes 146 232
Net of Income Taxes (491) (735)
Unrealized loss on securities available for sale    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Pretax (752) (972)
Income Taxes 175 233
Net of Income Taxes (577) (739)
Unrealized loss on securities available for sale transferred to held to maturity    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Pretax (7) (8)
Income Taxes 2 2
Net of Income Taxes (5) (6)
Defined benefit pension items    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Pretax 122 13
Income Taxes (31) (3)
Net of Income Taxes $ 91 $ 10
v3.24.0.1
Accumulated Other Comprehensive (Loss) Income - Schedule of Changes in Components of AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance, shareholders' equity $ 9,662 $ 4,738 $ 4,229
AOCI activity before reclassifications 224 (755)  
Amounts reclassified from AOCI to earnings 20 10  
Other comprehensive income (loss), net of tax 244 (745) (2)
Ending balance, shareholders' equity 21,255 9,662 4,738
Total accumulated other comprehensive (loss) income      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance, shareholders' equity (735) 10 12
Other comprehensive income (loss), net of tax 244 (745) (2)
Ending balance, shareholders' equity (491) (735) 10
Unrealized loss on securities available for sale      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance, shareholders' equity (739) (9)  
AOCI activity before reclassifications 143 (730)  
Amounts reclassified from AOCI to earnings 19 0  
Other comprehensive income (loss), net of tax 162 (730)  
Ending balance, shareholders' equity (577) (739) (9)
Unrealized loss on securities available for sale transferred to held to maturity      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance, shareholders' equity (6) (7)  
AOCI activity before reclassifications 0 0  
Amounts reclassified from AOCI to earnings 1 1  
Other comprehensive income (loss), net of tax 1 1  
Ending balance, shareholders' equity (5) (6) (7)
Defined benefit pension items      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance, shareholders' equity 10 26  
AOCI activity before reclassifications 81 (25)  
Amounts reclassified from AOCI to earnings 0 9  
Other comprehensive income (loss), net of tax 81 (16)  
Ending balance, shareholders' equity $ 91 $ 10 $ 26
v3.24.0.1
Accumulated Other Comprehensive (Loss) Income - Schedule of Pretax and After-tax Components of Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI activity before reclassification, net amount $ 224 $ (755)  
Net realized (losses) gains on sales of investment securities available for sale 26 0 $ (33)
Benefit for investment securities available for sale credit losses 0   0
Amounts reclassified from AOCI to earnings, Net Amount 20 10  
Other comprehensive income (loss) on securities available for sale, gross amount 330 (980)  
Other comprehensive loss on securities available for sale, gross amount, tax (86) 235  
Other comprehensive income (loss), net of tax 244 (745) $ (2)
Unrealized gain (loss) on securities available for sale:      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI activity before reclassification, gross amount 194 (960)  
AOCI activity before reclassification, tax (51) 230  
AOCI activity before reclassification, net amount 143 (730)  
Other comprehensive income (loss) on securities available for sale, gross amount 220 (960)  
Other comprehensive loss on securities available for sale, gross amount, tax (58) 230  
Other comprehensive income (loss), net of tax 162 (730)  
Unrealized gain (loss) on securities available for sale: | Realized loss on sale of investment securities available for sale      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Amounts reclassified from AOCI to earnings, gross amount 26 0  
Amounts reclassified from AOCI to earnings, tax (7) 0  
Amounts reclassified from AOCI to earnings, Net Amount 19 0  
Unrealized loss on securities available for sale transferred to held to maturity      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI activity before reclassification, gross amount 0 0  
AOCI activity before reclassification, tax 0 0  
AOCI activity before reclassification, net amount 0 0  
Amounts reclassified from AOCI to earnings, Net Amount 1 1  
Other comprehensive income (loss) on securities available for sale, gross amount 1 1  
Other comprehensive loss on securities available for sale, gross amount, tax 0 0  
Other comprehensive income (loss), net of tax 1 1  
Unrealized loss on securities available for sale transferred to held to maturity | Interest on investment securities      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Amounts reclassified from AOCI to earnings, gross amount 1 1  
Amounts reclassified from AOCI to earnings, tax 0 0  
Amounts reclassified from AOCI to earnings, Net Amount 1 1  
Defined benefit pension items      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI activity before reclassification, gross amount 109 (33)  
AOCI activity before reclassification, tax (28) 8  
AOCI activity before reclassification, net amount 81 (25)  
Amounts reclassified from AOCI to earnings, Net Amount 0 9  
Other comprehensive income (loss) on securities available for sale, gross amount 109 (21)  
Other comprehensive loss on securities available for sale, gross amount, tax (28) 5  
Other comprehensive income (loss), net of tax 81 (16)  
Defined benefit pension items | Other noninterest expense      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Amounts reclassified from AOCI to earnings, gross amount 0 12  
Amounts reclassified from AOCI to earnings, tax 0 (3)  
Amounts reclassified from AOCI to earnings, Net Amount $ 0 $ 9  
v3.24.0.1
Regulatory Capital - Schedule of Regulatory Capital Ratio (Details)
Dec. 31, 2023
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Basel III Minimums, Total risk-based capital 0.0800
Basel III Minimums, Tier 1 risk-based capital 0.0600
Basel III Minimums, Common equity Tier 1 0.0450
Basel III Minimums, Tier 1 leverage 0.0400
Basel III Requirements, Total risk-based capital 0.1050
Basel III Requirements, Tier 1 risk-based capital 0.0850
Basel III Requirements, Common equity Tier 1 0.0700
Basel III Requirements, Tier 1 leverage 0.0400
v3.24.0.1
Regulatory Capital - Schedule of Basel III Requirements and the PCA well-capitalized Thresholds (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basel III Requirements, Total risk-based capital 0.1050  
Basel III Requirements, Tier 1 risk-based capital 0.0850  
Basel III Requirements, Common equity Tier 1 0.0700  
Basel III Requirements, Tier 1 leverage 0.0400  
PCA well-capitalized thresholds, Total risk-based capital 0.1000  
PCA well-capitalized thresholds, Tier 1 risk-based capital 0.0800  
PCA well-capitalized thresholds, Common equity Tier 1 0.0650  
PCA well-capitalized thresholds, Tier 1 leverage 0.0500  
Total risk-based capital, amount $ 23,891 $ 11,799
Tier 1 risk-based capital, amount 21,150 9,902
Common equity Tier 1, amount 20,270 9,021
Tier 1 leverage, amount $ 21,150 $ 9,902
Total risk-based capital, Ratio 0.1575 0.1318
Tier 1 risk-based capital, Ratio 0.1394 0.1106
Common equity Tier 1, Ratio 0.1336 0.1008
Tier 1 leverage, Ratio 0.0983 0.0899
FCB    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basel III Requirements, Total risk-based capital 0.1050  
Basel III Requirements, Tier 1 risk-based capital 0.0850  
Basel III Requirements, Common equity Tier 1 0.0700  
Basel III Requirements, Tier 1 leverage 0.0400  
PCA well-capitalized thresholds, Total risk-based capital 0.1000  
PCA well-capitalized thresholds, Tier 1 risk-based capital 0.0800  
PCA well-capitalized thresholds, Common equity Tier 1 0.0650  
PCA well-capitalized thresholds, Tier 1 leverage 0.0500  
Total risk-based capital, amount $ 23,600 $ 11,627
Tier 1 risk-based capital, amount 21,227 10,186
Common equity Tier 1, amount 21,227 10,186
Tier 1 leverage, amount $ 21,227 $ 10,186
Total risk-based capital, Ratio 0.1556 0.1299
Tier 1 risk-based capital, Ratio 0.1399 0.1138
Common equity Tier 1, Ratio 0.1399 0.1138
Tier 1 leverage, Ratio 0.0988 0.0925
v3.24.0.1
Regulatory Capital - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Capital conservation buffer 7.75% 5.06%
FCB    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Capital conservation buffer 7.56% 4.99%
Dividend restrictions, additional maximum amount of distribution $ 8,430  
Payments of dividends $ 367  
v3.24.0.1
Earnings Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]      
Net income $ 11,466 $ 1,098 $ 547
Preferred stock dividends 59 50 18
Net income available to common stockholders, basic 11,407 1,048 529
Net income available to common shareholders, diluted $ 11,407 $ 1,048 $ 529
Weighted average common shares outstanding      
Basic shares outstanding (in shares) 14,527,902 15,531,924 9,816,405
Stock-based award (in shares) 11,711 18,020 0
Diluted shares outstanding (in shares) 14,539,613 15,549,944 9,816,405
Earnings per common share, basic (in dollars per share) $ 785.14 $ 67.47 $ 53.88
Earnings per common share, diluted (in dollars per share) $ 784.51 $ 67.40 $ 53.88
v3.24.0.1
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Current U.S. federal income tax provision $ 400 $ 58 $ 140
Deferred U.S. federal income tax provision / (benefit) 46 170 (6)
Total federal income tax provision 446 228 134
Current state and local income tax provision 372 4 21
Deferred state and local income tax (benefit) / provision (222) 23 (1)
Total state and local income tax provision 150 27 20
Total non-U.S. income tax provision 15 9 0
Total provision for income taxes $ 611 $ 264 $ 154
v3.24.0.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Pretax Income $ 12,077 $ 1,362 $ 701
Income Tax Expense (Benefit)      
Federal income taxes and rate 2,536 286 147
State and local income taxes, net of federal income tax benefit 804 53 16
Gain on acquisition (2,703) (105) 0
Domestic tax credits (26) (20) (5)
Effect of BOLI surrender 0 48 0
Deferred tax liability adjustment 11 (8) 0
Difference in tax rates applicable to non-U.S. earnings 1 1 0
Repayment of claim of right income 0 0 (2)
Valuation allowances (40) (5) 0
Other 28 14 (2)
Total provision for income taxes $ 611 $ 264 $ 154
Percentage of Pretax Income      
Federal income taxes and rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax benefit 6.70% 3.90% 2.20%
Gain on acquisition (22.40%) (7.70%) 0.00%
Domestic tax credits (0.20%) (1.50%) (0.70%)
Effect of BOLI surrender 0.00% 3.50% 0.00%
Deferred tax liability adjustment 0.10% (0.60%) 0.00%
Difference in tax rates applicable to non-U.S. earnings 0.00% 0.10% 0.00%
Repayment of claim of right income 0.00% 0.00% (0.30%)
Valuation allowances (0.30%) (0.40%) 0.00%
Other 0.20% 1.10% (0.20%)
Provision for income taxes and effective tax rate 5.10% 19.40% 22.00%
v3.24.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Jan. 03, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]        
Amount of unrecognized deferred tax liability, reinvested earnings of foreign subsidiaries $ 18      
Reinvested earnings of foreign subsidiaries 670      
Operating Loss Carryforwards [Line Items]        
Net operating loss carry forwards 118 $ 358    
Domestic tax credits 21 176    
Deferred tax assets, valuation allowance 28 70    
Unrecognized tax benefits, income tax penalties and interest accrued 3      
Unrecognized tax benefits 31 30   $ 31
Decrease in unrecognized tax benefits is reasonably possible 10      
CIT Group Inc.        
Operating Loss Carryforwards [Line Items]        
Deferred tax liabilities     $ 300  
Domestic Tax Authority | Internal Revenue Service (IRS)        
Operating Loss Carryforwards [Line Items]        
Domestic tax credits 16      
State and Local Jurisdiction        
Operating Loss Carryforwards [Line Items]        
Net operating loss carry forwards 98      
Operating loss carryforwards 1,730      
Domestic tax credits 5      
Deferred tax assets, valuation allowance 28      
Foreign Tax Authority        
Operating Loss Carryforwards [Line Items]        
Net operating loss carry forwards 20      
Operating loss carryforwards $ 85      
Deferred tax assets, valuation allowance   $ 3    
v3.24.0.1
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Deferred Tax Assets:    
Net operating loss carry forwards $ 118 $ 358
Basis difference in loans 0 57
Allowance for loan and lease losses 542 252
Accrued liabilities and reserves 104 37
Deferred compensation 152 51
Lease liabilities 115 92
Domestic tax credits 21 176
Mark to market adjustments 21 28
Capitalized costs 75 15
Net unrealized loss on investment securities available for sale 235 275
Other 42 48
Total gross deferred tax assets 1,425 1,389
Deferred Tax Liabilities:    
Operating leases (1,729) (1,311)
Basis difference in loans (2,598) 0
Right of use assets for operating leases (110) (86)
Loans and direct financing leases (260) (43)
Deferred BOLI gain 0 (15)
Intangibles (56) (5)
Nonmarketable equity securities (14) (9)
Fixed assets (17) (6)
Pension assets (110) (54)
Prepaid expenses (14) (14)
Market discount accretion (33) (35)
Other (35) (27)
Total deferred tax liabilities (4,976) (1,605)
Total net deferred tax liability before valuation allowances (3,551) (216)
Less: valuation allowances (28) (70)
Net deferred tax liability after valuation allowances $ (3,579) $ (286)
v3.24.0.1
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Balance at beginning of period $ 30 $ 31
Additions for tax positions related to prior years 5 1
Reductions for tax positions of prior years 0 (2)
Expiration of statutes of limitations (2) (1)
Settlements (2) (5)
Balance at end of period 31 30
CIT Group Inc.    
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Effect of CIT Merger 0 6
Liabilities for Unrecognized Tax Benefits    
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Balance at beginning of period 27  
Additions for tax positions related to prior years 4  
Reductions for tax positions of prior years 0  
Expiration of statutes of limitations (2)  
Settlements (1)  
Balance at end of period 28 27
Liabilities for Unrecognized Tax Benefits | CIT Group Inc.    
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Effect of CIT Merger 0  
Interest / Penalties    
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Balance at beginning of period 3  
Additions for tax positions related to prior years 1  
Reductions for tax positions of prior years 0  
Expiration of statutes of limitations 0  
Settlements (1)  
Balance at end of period 3 $ 3
Interest / Penalties | CIT Group Inc.    
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Effect of CIT Merger $ 0  
v3.24.0.1
Employee Benefit Plans - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
defined_benefit_plan
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Jan. 03, 2022
retirement_plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of defined benefit pension plans | defined_benefit_plan 3      
Interest crediting rate 4.25% 1.50%    
Pension assets $ 474,000,000 $ 343,000,000    
Defined benefit plan, accumulated benefit obligation 1,120,000,000 1,070,000,000.00    
Defined contribution plan, cost $ 114,000,000 55,000,000 $ 36,000,000  
Deferred compensation arrangement with individual, maximum contractual term 10 years      
Incentive plan liabilities $ 676,000,000 267,000,000    
Postretirement Plans        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employer contributions 0 0    
Number of retirement plans assumed | retirement_plan       4
Plan termination 0 27,000,000    
BancShares Pension Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employer contributions $ 0 0    
Vesting period 5 years      
Number of consecutive years 5 years      
Calculation of postretirement benefits, term 10 years      
Bancorporation Pension Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employer contributions $ 0 0    
Vesting period 5 years      
Number of consecutive years 5 years      
Calculation of postretirement benefits, term 10 years      
CIT Pension Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employer contributions $ 0 0    
Supplemental and Executive Retirement Plans        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employer contributions $ 0 $ 0    
Interest crediting rate 3.90% 1.90%    
401(k) Contribution Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of defined benefit pension plans | defined_benefit_plan 2      
FCB Legacy 401(k) Plan | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Defined contribution plan, employer matching contribution, percent of employees' gross pay 4.50%      
FCB 401(k) Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Defined contribution plan, employer matching contribution, percent of match 100.00%      
Defined contribution plan, employer non-elective contribution, vesting period 3 years      
FCB 401(k) Plan | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Defined contribution plan, employer matching contribution, percent of employees' gross pay 6.00%      
CIT 401(k) Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Defined contribution plan, employer matching contribution, percent of match 100.00%      
CIT 401(k) Plan | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Defined contribution plan, employer matching contribution, percent of employees' gross pay 4.00%      
Defined Contribution Plan, Employer Matching Contribution, First Portion | FCB Legacy 401(k) Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Defined contribution plan, employer matching contribution, percent of match 100.00%      
Defined contribution plan, employer matching contribution, percent of employees' gross pay 3.00%      
Defined Contribution Plan, Employer Matching Contribution, Next Portion | FCB Legacy 401(k) Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Defined contribution plan, employer matching contribution, percent of match 50.00%      
Defined contribution plan, employer matching contribution, percent of employees' gross pay 3.00%      
Defined Contribution Plan, Employer Matching Contribution, Minimum Contribution | FCB 401(k) Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Defined contribution plan, employer matching contribution, percent of employees' gross pay 3.00%      
RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs vesting period 3 years      
RSUs vested and settled in period, fair value $ 16,000,000 $ 64,000,000    
v3.24.0.1
Employee Benefit Plans - Schedule of Changes in Projected Benefit Obligations, Plan Assets and Funded Status (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Change in plan assets      
Plan assets at beginning of period $ 1,404    
Plan assets at end of period 1,589 $ 1,404  
Reported in Consolidated Balance Sheets      
Pension assets 474 343  
Retirement Plans      
Change in benefit obligation      
Benefit obligation at beginning of period 1,115 1,056  
Projected benefit obligation of acquired plans 0 389  
Service cost 9 14 $ 15
Interest cost 61 43 30
Actuarial loss (gain) 50 (324)  
Benefits paid (66) (63)  
Plan termination 0 0  
Benefit obligation at end of period 1,169 1,115 1,056
Change in plan assets      
Plan assets at beginning of period 1,404 1,345  
Fair value of plan assets of acquired plans 0 386  
Actual return (loss) on plan assets 245 (270)  
Employer contributions 6 0  
Benefits paid (66) (57)  
Plan assets at end of period 1,589 1,404 1,345
Funded status at December 31 420 289  
Information for Retirement Plans with a benefit obligation in excess of plan assets      
Projected and accumulated benefit obligations 54 54  
Reported in Consolidated Balance Sheets      
Net funded status of Retirement Plans 420 289  
Retirement Plans | Other Assets      
Reported in Consolidated Balance Sheets      
Pension assets 474 343  
Retirement Plans | Other Liabilities      
Reported in Consolidated Balance Sheets      
Unfunded Supplemental and Executive Retirement Plans (other liabilities) (54) (54)  
Postretirement Plans      
Change in benefit obligation      
Benefit obligation at beginning of period 0 0  
Projected benefit obligation of acquired plans 0 28  
Service cost 0 0  
Interest cost 0 0  
Actuarial loss (gain) 0 0  
Benefits paid 0 (1)  
Plan termination 0 (27)  
Benefit obligation at end of period 0 0 0
Change in plan assets      
Plan assets at beginning of period 0 0  
Fair value of plan assets of acquired plans 0 0  
Actual return (loss) on plan assets 0 0  
Employer contributions 0 0  
Benefits paid 0 0  
Plan assets at end of period 0 0 $ 0
Funded status at December 31 0 0  
Information for Retirement Plans with a benefit obligation in excess of plan assets      
Projected and accumulated benefit obligations 0 0  
Reported in Consolidated Balance Sheets      
Net funded status of Retirement Plans 0 0  
Postretirement Plans | Other Assets      
Reported in Consolidated Balance Sheets      
Pension assets 0 0  
Postretirement Plans | Other Liabilities      
Reported in Consolidated Balance Sheets      
Unfunded Supplemental and Executive Retirement Plans (other liabilities) $ 0 $ 0  
v3.24.0.1
Employee Benefit Plans - Schedule of Amounts Recognized in Other Comprehensive Income (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Retirement Plans    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net actuarial gain $ 122 $ 13
Postretirement Plans    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net actuarial gain $ 0 $ 0
v3.24.0.1
Employee Benefit Plans - Schedule of Net Benefit Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Retirement Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost $ 9 $ 14 $ 15
Interest cost 61 43 30
Expected return on assets (85) (87) (78)
Net prior service credit amortization 0 0 0
Amortization of net actuarial loss 0 12 27
Total net periodic benefit (15) (18) (6)
Current year actuarial (gain) loss (109) 33 (98)
Amortization of actuarial loss 0 (12) (27)
Current year amortization of prior service cost 0 0 0
Amortization of prior service cost 0 0 0
Net (gain) loss recognized in other comprehensive income (109) 21 (125)
Total recognized in net periodic benefit cost and other comprehensive income (124) 3 $ (131)
Postretirement Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost 0 0  
Interest cost 0 0  
Expected return on assets 0 0  
Net prior service credit amortization 0 (27)  
Amortization of net actuarial loss 0 0  
Total net periodic benefit 0 (27)  
Current year actuarial (gain) loss 0 0  
Amortization of actuarial loss 0 0  
Current year amortization of prior service cost 0 27  
Amortization of prior service cost 0 (27)  
Net (gain) loss recognized in other comprehensive income 0 0  
Total recognized in net periodic benefit cost and other comprehensive income $ 0 $ (27)  
v3.24.0.1
Employee Benefit Plans - Schedule of Defined Benefit Plan Benefit Obligation Assumptions (Details) - Retirement Plans
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Discount rate 5.17% 5.57%
Rate of compensation increase 5.60% 5.60%
Interest crediting rate 4.00% 4.25%
v3.24.0.1
Employee Benefit Plans - Schedule of Defined Benefit Plan Net Periodic Benefit Cost Assumptions (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Interest crediting rate 4.25% 1.50%  
Retirement Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Discount rate 5.57% 3.03% 2.76%
Rate of compensation increase 5.60% 5.60% 5.60%
Expected long-term return on plan assets 6.14% 5.87% 7.50%
Postretirement Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Discount rate 4.56% 3.02%  
v3.24.0.1
Employee Benefit Plans - Schedule of Fair Value and Allocation of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets $ 1,589 $ 1,404
Actual % of Plans' Assets 100.00% 100.00%
Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets $ 763 $ 670
Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 32 431
Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Fair Value Measured at Net Asset Value    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 794 303
Cash and equivalents    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets $ 31 $ 25
Actual % of Plans' Assets 2.00% 2.00%
Cash and equivalents | Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Target Allocation Pension Plans 0.00% 0.00%
Cash and equivalents | Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Target Allocation Pension Plans 5.00% 5.00%
Cash and equivalents | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets $ 31 $ 25
Cash and equivalents | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Cash and equivalents | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets $ 0 $ 0
Equity securities    
Defined Benefit Plan Disclosure [Line Items]    
Actual % of Plans' Assets 45.00% 46.00%
Equity securities | Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Target Allocation Pension Plans 25.00% 25.00%
Equity securities | Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Target Allocation Pension Plans 65.00% 60.00%
Common and preferred stock    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets $ 134 $ 88
Common and preferred stock | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 134 88
Common and preferred stock | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Common and preferred stock | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Mutual funds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 126 181
Mutual funds | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 126 181
Mutual funds | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Mutual funds | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Exchange traded funds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 459 376
Exchange traded funds | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 459 376
Exchange traded funds | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Exchange traded funds | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets $ 0 $ 0
Fixed income    
Defined Benefit Plan Disclosure [Line Items]    
Actual % of Plans' Assets 50.00% 31.00%
Fixed income | Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Target Allocation Pension Plans 30.00% 25.00%
Fixed income | Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Target Allocation Pension Plans 65.00% 60.00%
U.S. government and government agency securities    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets $ 17 $ 198
U.S. government and government agency securities | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
U.S. government and government agency securities | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 17 198
U.S. government and government agency securities | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Corporate bonds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 15 233
Corporate bonds | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Corporate bonds | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 15 233
Corporate bonds | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 $ 0
Exchange traded funds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 13  
Exchange traded funds | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 13  
Exchange traded funds | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0  
Exchange traded funds | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0  
Collective investment funds (fixed income)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 753  
Collective investment funds (fixed income) | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0  
Collective investment funds (fixed income) | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0  
Collective investment funds (fixed income) | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0  
Collective investment funds (fixed income) | Fair Value Measured at Net Asset Value    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets $ 753  
Alternative investments    
Defined Benefit Plan Disclosure [Line Items]    
Actual % of Plans' Assets 3.00% 21.00%
Alternative investments | Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Target Allocation Pension Plans 0.00% 0.00%
Alternative investments | Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Target Allocation Pension Plans 30.00% 30.00%
Common collective trust, measured at NAV    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets   $ 302
Common collective trust, measured at NAV | Fair Value Measured at Net Asset Value    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets   302
Limited partnerships    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets $ 41 1
Limited partnerships | Fair Value Measured at Net Asset Value    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets $ 41 $ 1
v3.24.0.1
Employee Benefit Plans - Schedule of Expected Benefit Payments (Details) - Retirement Plans
$ in Millions
Dec. 31, 2023
USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
2024 $ 78
2025 81
2026 83
2027 87
2028 88
2029-2033 $ 426
v3.24.0.1
Employee Benefit Plans - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]    
Benefits forfeited $ 0 $ 0
Additional Benefits for Executives, Directors, and Officers    
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]    
Beginning balance 36 39
Accrued liability of acquired banks 0 2
Discount rate adjustment 0 (2)
Benefit expense and interest cost 2 2
Benefits paid (4) (5)
Ending balance $ 34 $ 36
Discount rate at December 31 5.09% 4.67%
v3.24.0.1
Employee Benefit Plans - Schedule of Nonvested Restricted Stock Units Activity (Details) - RSUs - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Number of Shares    
Beginning balance (in shares) 42,989 0
Unvested CIT RSUs converted to BancShares RSUs at Merger Date (in shares)   116,958
Unvested CIT PSUs converted to BancShares RSUs at Merger Date (in shares)   10,678
Forfeited (in shares) (643) (5,194)
Ending balance (in shares) 20,255 42,989
Weighted Average Grant Date Value    
Beginning balance (in dollars per share) $ 859.76 $ 0
Unvested CIT RSUs converted to BancShares RSUs at Merger Date (in dollars per share)   859.76
Unvested CIT PSUs converted to RSUs at Merger Date (in dollars per share)   859.76
Forfeited (in dollars per share) 859.76 859.76
Ending balance (in dollars per share) $ 859.76 $ 859.76
Restricted Stock Unit, Settled Awards    
Number of Shares    
Vested (in shares) (22,091) (79,453)
Weighted Average Grant Date Value    
Vested (in dollars per share) $ 859.76 $ 859.76
v3.24.0.1
Business Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Net interest income (expense) $ 6,712 $ 2,946 $ 1,390
Provision for credit losses 1,375 645 (37)
Net interest income after provision for credit losses 5,337 2,301 1,427
Noninterest income 12,075 2,136 508
Noninterest expense 5,335 3,075 1,234
Income before income taxes 12,077 1,362 701
Income tax expense (benefit) 611 264 154
Net income 11,466 1,098 547
Total assets 213,758 109,298 58,309
Loans and leases 133,302 70,781 32,372
Operating lease equipment, net 8,746 8,156  
Deposits 145,854 89,408 51,406
Operating Segments | General Banking      
Segment Reporting Information [Line Items]      
Net interest income (expense) 2,433 1,947 1,447
Provision for credit losses 71 11 (37)
Net interest income after provision for credit losses 2,362 1,936 1,484
Noninterest income 490 482 433
Noninterest expense 1,607 1,542 1,179
Income before income taxes 1,245 876 738
Income tax expense (benefit) 336 214 162
Net income 909 662 576
Total assets 50,179 45,802 33,848
Loans and leases 47,330 43,212 31,820
Operating lease equipment, net 0 0  
Deposits 102,647 84,369 51,344
Operating Segments | Commercial Banking      
Segment Reporting Information [Line Items]      
Net interest income (expense) 1,015 884 17
Provision for credit losses 517 121 0
Net interest income after provision for credit losses 498 763 17
Noninterest income 559 517 0
Noninterest expense 823 744 3
Income before income taxes 234 536 14
Income tax expense (benefit) 69 128 3
Net income 165 408 11
Total assets 31,826 28,235 552
Loans and leases 30,936 27,491 552
Operating lease equipment, net 780 723  
Deposits 3,228 3,219 62
Operating Segments | Silicon Valley Banking      
Segment Reporting Information [Line Items]      
Net interest income (expense) 1,946 0 0
Provision for credit losses 71 0 0
Net interest income after provision for credit losses 1,875 0 0
Noninterest income 478 0 0
Noninterest expense 1,642 0 0
Income before income taxes 711 0 0
Income tax expense (benefit) 181 0 0
Net income 530 0 0
Total assets 56,190 0 0
Loans and leases 55,013 0 0
Operating lease equipment, net 0 0  
Deposits 38,477 0 0
Operating Segments | Rail      
Segment Reporting Information [Line Items]      
Net interest income (expense) (143) (80) 0
Provision for credit losses 0 0 0
Net interest income after provision for credit losses (143) (80) 0
Noninterest income 746 657 0
Noninterest expense 481 428 0
Income before income taxes 122 149 0
Income tax expense (benefit) 32 37 0
Net income 90 112 0
Total assets 8,199 7,647 0
Loans and leases 23 78 0
Operating lease equipment, net 7,966 7,433  
Deposits 13 15 0
Corporate      
Segment Reporting Information [Line Items]      
Net interest income (expense) 1,461 195 (74)
Provision for credit losses 716 513 0
Net interest income after provision for credit losses 745 (318) (74)
Noninterest income 9,802 480 75
Noninterest expense 782 361 52
Income before income taxes 9,765 (199) (51)
Income tax expense (benefit) (7) (115) (11)
Net income 9,772 (84) (40)
Total assets 67,364 27,614 23,909
Loans and leases 0 0 0
Operating lease equipment, net 0 0  
Deposits $ 1,489 $ 1,805 $ 0
v3.24.0.1
Commitments and Contingencies - Schedule of Fair Value, Off-balance Sheet Risks (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Financing assets (excluding leases)    
Other Commitments [Line Items]    
Credit related commitments $ 57,567 $ 23,452
Standby letters of credit    
Other Commitments [Line Items]    
Credit related commitments 2,412 436
Other letters of credit    
Other Commitments [Line Items]    
Credit related commitments 103 44
Deferred Purchase Agreements    
Other Commitments [Line Items]    
Credit related commitments 2,076 2,039
Lessor commitments    
Other Commitments [Line Items]    
Credit related commitments $ 685 $ 941
v3.24.0.1
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Other Commitments [Line Items]    
Deferred purchase agreement, borrowings by client $ 143 $ 186
Deferred purchase agreement, receivables with credit risk 1,920 1,900
Deferred purchase agreement, line of credit facility, maximum borrowing capacity 161 138
Loss contingency (up to) 10  
Off-Balance Sheet Commitment    
Other Commitments [Line Items]    
Credit related commitments $ 66 $ 66
v3.24.0.1
Certain Relationships and Related Transactions - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Related Party Transaction [Line Items]      
Loans and leases $ 133,302.0 $ 70,781.0 $ 32,372.0
Unfunded Loan Commitment | Related Persons      
Related Party Transaction [Line Items]      
Loans and leases 2.3 2.6  
CIT Northbridge Credit LLC      
Related Party Transaction [Line Items]      
Income from equity method investments 6.0 $ 4.0  
CIT Group Inc. | CIT Northbridge Credit LLC      
Related Party Transaction [Line Items]      
Equity method investment, ownership percentage   20.00%  
Equity method investments $ 38.0 $ 43.0  
Allstate Insurance Company and Subsidiary | CIT Northbridge Credit LLC      
Related Party Transaction [Line Items]      
Noncontrolling interest, ownership percentage by parent   80.00%  
v3.24.0.1
Certain Relationships and Related Transactions - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Loans and Leases Receivable, Related Parties [Roll Forward]    
Balance at January 1 $ 171 $ 122
New loans 1,657 61
Repayments (59) (12)
Balance at December 31 $ 1,769 $ 171
v3.24.0.1
Parent Company Financial Statements - Schedule of Condensed Balance Sheet (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Assets        
Cash and due from banks $ 908 $ 518    
Interest-earning deposits at banks 33,609 5,025    
Investment in marketable equity securities 84 95    
Other assets 5,857 4,369    
Total assets 213,758 109,298 $ 58,309  
Liabilities        
Other liabilities 7,906 2,588    
Total liabilities 192,503 99,636    
Stockholders’ equity 21,255 9,662 $ 4,738 $ 4,229
Total liabilities and stockholders’ equity 213,758 109,298    
Parent        
Assets        
Cash and due from banks 200 119    
Interest-earning deposits at banks 5 3    
Investment in marketable equity securities 82 93    
Investment in banking subsidiary 21,324 9,935    
Investment in other subsidiaries 50 34    
Other assets 60 48    
Total assets 21,721 10,232    
Liabilities        
Subordinated debt 367 454    
Borrowings due to banking subsidiary 45 60    
Other liabilities 54 56    
Total liabilities 466 570    
Stockholders’ equity 21,255 9,662    
Total liabilities and stockholders’ equity $ 21,721 $ 10,232    
v3.24.0.1
Parent Company Financial Statements - Schedule of Condensed Statements of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Expenses      
Interest expense $ 3,679 $ 467 $ 61
Other expenses 377 240 94
Income tax (benefit) expense 611 264 154
Net income 11,466 1,098 547
Preferred stock dividends 59 50 18
Net income available to common stockholders, basic 11,407 1,048 529
Net income available to common shareholders, diluted 11,407 1,048 529
Parent      
Income      
Dividends from banking subsidiary 367 1,410 173
Other (loss) income (8) (2) 36
Total income 359 1,408 209
Expenses      
Interest expense 22 19 17
Other expenses 40 26 11
Total expenses 62 45 28
Income before income taxes and equity in undistributed net income of subsidiaries 297 1,363 181
Income tax (benefit) expense (14) 44 2
Income before equity in undistributed net income of subsidiaries 311 1,319 179
Equity in undistributed (distributed) net income of subsidiaries 11,155 (221) 368
Net income 11,466 1,098 547
Preferred stock dividends 59 50 18
Net income available to common stockholders, basic 11,407 1,048 529
Net income available to common shareholders, diluted $ 11,407 $ 1,048 $ 529
v3.24.0.1
Parent Company Financial Statements - Schedule of Condensed Statements of Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 11,466 $ 1,098 $ 547
Adjustments to reconcile net income to cash provided by operating activities:      
Deferred tax (benefit) expense (165) 206 (8)
Fair value adjustment on marketable equity securities, net 11 3 (34)
Stock based compensation expense 5 19 0
Net change in other assets 206 484 (733)
Net change in other liabilities (379) 260 5
Net cash provided by (used in) operating activities 2,660 2,791 (284)
CASH FLOWS FROM INVESTING ACTIVITIES      
Net decrease (increase) in interest-earning deposits at banks 5,416 6,965 (4,767)
Purchase of marketable equity securities 0 0 (2)
Proceeds from sales of investments in marketable equity securities 0 0 30
Net cash provided by (used in) investing activities 2,429 75 (7,568)
CASH FLOWS FROM FINANCING ACTIVITIES      
Repurchase of Class A common stock 0 (1,240) 0
Cash dividends paid (117) (83) (42)
Other financing activities (7) (24) 0
Net cash (used in) provided by financing activities (4,699) (2,686) 7,828
Change in cash and due from banks 390 180 (24)
Cash and due from banks at beginning of period 518 338 362
Cash and due from banks at end of period 908 518 338
CASH PAYMENTS (REFUNDS) FOR:      
Income taxes 514 (551) 870
Parent      
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income 11,466 1,098 547
Adjustments to reconcile net income to cash provided by operating activities:      
(Undistributed) distributed net income of subsidiaries (11,155) 221 (368)
Deferred tax (benefit) expense (5) 48 0
Net amortization of premiums and discounts 0 1 1
Fair value adjustment on marketable equity securities, net 11 6 (34)
Stock based compensation expense 5 19 0
Net change in due to or from subsidiaries 0 0 4
Net change in other assets (17) (3) 7
Net change in other liabilities 3 (2) 3
Net cash provided by (used in) operating activities 308 1,388 160
CASH FLOWS FROM INVESTING ACTIVITIES      
Net decrease (increase) in interest-earning deposits at banks (2) 3 (4)
Purchase of marketable equity securities 0 0 (2)
Proceeds from sales of investments in marketable equity securities 0 0 30
Proceeds from sales, calls, and maturities of investment securities 0 0 2
Net cash paid in acquisition 0 (51) 0
Net cash provided by (used in) investing activities (2) (48) 26
CASH FLOWS FROM FINANCING ACTIVITIES      
Repayment of other borrowings 0 (68) (20)
Repayment of subordinated debt (87) 0 0
(Repayment) proceeds for borrowings due to banking subsidiary (15) 20 0
Repurchase of Class A common stock 0 (1,240) 0
Cash dividends paid (117) (83) (42)
Other financing activities (6) (24) 0
Net cash (used in) provided by financing activities (225) (1,395) (62)
Change in cash and due from banks 81 (55) 124
Cash and due from banks at beginning of period 119 174 50
Cash and due from banks at end of period 200 119 174
CASH PAYMENTS (REFUNDS) FOR:      
Interest 23 18 17
Income taxes $ 470 $ (536) $ 810