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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest income:        
Interest and fees on loans $ 492 $ 514 $ 980 $ 1,046
Interest on money market investments 4 1 7 9
Interest on securities 74 80 145 161
Total interest income 570 595 1,132 1,216
Interest expense:        
Interest on deposits 7 23 16 74
Interest on short- and long-term borrowings 8 9 16 31
Total interest expense 15 32 32 105
Net interest income 555 563 1,100 1,111
Provision for loan losses (113) 161 (236) 401
Provision for unfunded lending commitments (10) 7 (19) 25
Total provision for credit losses (123) 168 (255) 426
Net interest income after provision for credit losses 678 395 1,355 685
Noninterest income:        
Commercial account fees 34 30 66 61
Card fees 24 19 45 39
Retail and business banking fees 18 15 35 33
Loan-related fees and income 21 27 46 53
Capital markets and foreign exchange fees 17 18 32 42
Wealth management fees 12 9 24 21
Other customer-related fees 13 12 24 22
Customer-related fees 139 130 272 271
Fair value and nonhedge derivative gain (loss) (5) (12) 13 (23)
Dividends and other investment income 8 3 15 11
Securities gains (losses), net 63 (4) 74 (9)
Total noninterest income 205 117 374 250
Noninterest expense:        
Salaries and employee benefits 272 267 560 540
Occupancy, net 33 32 66 65
Furniture, equipment and software, net 32 32 64 64
Other real estate expense, net 0 0 0 0
Credit-related expense 6 6 12 10
Professional and legal services 17 10 37 22
Advertising 4 3 9 6
FDIC premiums 6 7 13 12
Other 58 73 102 118
Total noninterest expense 428 430 863 837
Income before income taxes 455 82 866 98
Income taxes 101 16 190 18
Net income 354 66 676 80
Preferred stock dividends (9) (9) (17) (17)
Net earnings applicable to common shareholders $ 345 $ 57 $ 659 $ 63
Weighted average common shares outstanding during the period:        
Basic shares (in shares) 162,742 163,542 163,144 163,843
Diluted shares (in shares) 163,054 164,425 163,468 168,132
Net earnings per common share:        
Basic (in dollars per share) $ 2.08 $ 0.34 $ 3.98 $ 0.38
Diluted (in dollars per share) $ 2.08 $ 0.34 $ 3.98 $ 0.37