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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest Income        
Interest and fees on loans and leases $ 1,315 $ 1,014 $ 3,377 $ 3,078
Interest on securities 414 266 1,077 809
Interest on other short-term investments 31 12 58 29
Total interest income 1,760 1,292 4,512 3,916
Interest Expense        
Interest on deposits 112 12 147 48
Interest on federal funds purchased 3 0 4 0
Interest on other short-term borrowings 43 0 56 1
Interest on long-term debt 104 91 273 293
Total interest expense 262 103 480 342
Net Interest Income 1,498 1,189 4,032 3,574
Provision for (benefit from) credit losses 158 (42) 383 (330)
Net Interest Income After Provision for (Benefit from) Credit Losses 1,340 1,231 3,649 3,904
Noninterest Income        
Service charges on deposits 143 152 449 445
Wealth and asset management revenue 141 147 430 436
Commercial banking revenue 134 152 406 465
Card and processing revenue 105 102 306 298
Leasing business revenue 60 78 179 226
Mortgage banking net revenue 69 86 152 235
Other noninterest income 59 120 195 211
Securities (losses) gains, net (38) (1) (84) 12
Securities losses, net – non-qualifying hedges on mortgage servicing rights (1) 0 (2) (2)
Total noninterest income 672 836 2,031 2,326
Noninterest Expense        
Compensation and benefits 605 627 1,900 1,971
Technology and communications 106 98 306 285
Net occupancy expense 74 79 225 235
Equipment expense 36 34 108 102
Leasing business expense 33 33 95 102
Marketing expense 35 29 87 72
Card and processing expense 21 19 59 70
Other noninterest expense 257 253 721 704
Total noninterest expense 1,167 1,172 3,501 3,541
Income Before Income Taxes 845 895 2,179 2,689
Applicable income tax expense 192 191 470 582
Net Income 653 704 1,709 2,107
Dividends on preferred stock 22 20 78 75
Net Income Available to Common Shareholders $ 631 $ 684 $ 1,631 $ 2,032
Shares Disclosures        
Earnings per share - basic (in dollars per share) $ 0.91 $ 0.98 $ 2.37 $ 2.87
Earnings per share - diluted (in dollars per share) $ 0.91 $ 0.97 $ 2.34 $ 2.83
Average common shares outstanding - basic (in shares) 689,278,078 697,457,483 688,617,910 706,845,513
Average common shares outstanding - diluted (in shares) 694,592,855 706,089,674 695,207,279 715,803,010