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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest Income        
Interest and fees on loans and leases $ 1,115 $ 1,336 $ 2,350 $ 2,479
Interest on securities 283 290 566 571
Interest on other short-term investments 5 10 12 19
Total interest income 1,403 1,636 2,928 3,069
Interest Expense        
Interest on deposits 83 243 248 449
Interest on federal funds purchased 0 8 2 20
Interest on other short-term borrowings 2 9 8 14
Interest on long-term debt 118 131 241 259
Total interest expense 203 391 499 742
Net Interest Income 1,200 1,245 2,429 2,327
Provision for credit losses 485 85 1,125 175
Net Interest Income After Provision for Credit Losses 715 1,160 1,304 2,152
Noninterest Income:        
Service charges on deposits [1] 122 143 270 274
Commercial banking revenue [1] 137 107 261 209
Wealth and asset management revenue [1] 120 122 255 234
Mortgage banking net revenue [1] 99 63 219 119
Card and processing revenue [1] 82 92 167 171
Leasing business revenue [1] 57 76 131 108
Other noninterest income [1] 12 47 18 616
Securities (losses) gains, net [1] 21 8 (3) 25
Securities gains, net – non-qualifying hedges on MSRs [1] 0 2 3 5
Total noninterest income [1] 650 660 1,321 1,761
Noninterest expense:        
Compensation and benefits [1] 627 641 1,274 1,251
Technology and communications [1] 90 136 183 219
Net occupancy expense [1] 82 88 164 164
Leasing business expense [1] 33 38 68 57
Equipment expense [1] 32 33 64 63
Card and processing expense [1] 29 34 60 64
Marketing expense [1] 20 41 51 77
Other noninterest expense [1] 208 232 457 446
Total noninterest expense [1] 1,121 1,243 2,321 2,341
Income Before Income Taxes 244 577 304 1,572
Applicable income tax expense 49 124 61 344
Net Income 195 453 243 1,228
Dividends on preferred stock 32 26 50 41
Net Income Available to Common Shareholders $ 163 $ 427 $ 193 $ 1,187
Shares Disclosures        
Earnings per share - basic (in dollars per share) $ 0.23 $ 0.57 $ 0.27 $ 1.68
Earnings per share - diluted (in dollars per share) $ 0.23 $ 0.57 $ 0.27 $ 1.66
Average common shares outstanding - basic (in shares) 714,766,570 738,051,421 714,161,131 699,766,962
Average common shares outstanding - diluted (in shares) 717,571,890 747,749,591 718,967,293 709,430,194
[1] During the first quarter of 2020, certain noninterest income and noninterest expense line items were reclassified to better align disclosures to business activities. These reclassifications were retrospectively applied to all prior periods presented. Total noninterest income and noninterest expense did not change as a result of these reclassifications.