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Interim Consolidated Statements of Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income:        
Loans $ 654 $ 472 $ 1,224 $ 903
Investment securities:        
Taxable 562 251 1,073 475
Non-taxable 35 24 70 45
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 23 4 29 7
Total interest income 1,274 751 2,396 1,430
Interest expense:        
Deposits 77 12 99 22
Borrowings 30 11 48 20
Total interest expense 107 23 147 42
Net interest income 1,167 728 2,249 1,388
Provision for credit losses 196 35 207 54
Net interest income after provision for credit losses 971 693 2,042 1,334
Noninterest income:        
Gains/(loss) on investment securities, net (157) 305 (72) 472
Gains on equity warrant assets, net 17 122 80 344
Client investment fees 83 15 118 35
Wealth management and trust fees 22 0 44 0
Foreign exchange fees 69 67 142 124
Credit card fees 40 31 77 59
Deposit service charges 32 28 62 53
Lending related fees 26 18 45 34
Letters of credit and standby letters of credit fees 14 13 28 26
Investment banking revenue 125 103 218 245
Commissions 24 17 49 41
Other 67 42 88 72
Total noninterest income 362 761 879 1,505
Noninterest expense:        
Compensation and benefits 502 425 1,086 870
Professional services 132 97 238 178
Premises and equipment 60 37 118 70
Net occupancy 26 17 49 35
Business development and travel 27 3 41 7
FDIC and state assessments 16 10 32 20
Merger-related charges 16 19 32 19
Other 69 45 125 90
Total noninterest expense 848 653 1,721 1,289
Income before income tax expense 485 801 1,200 1,550
Income tax expense 132 173 314 360
Net income before noncontrolling interests and dividends 353 628 886 1,190
Net (income)/loss attributable to noncontrolling interests 20 (113) 2 (138)
Preferred stock dividends (40) (13) (83) (18)
Net income available to common stockholders $ 333 $ 502 $ 805 $ 1,034
Earnings per common share—basic (dollars per share) $ 5.65 $ 9.23 $ 13.68 $ 19.40
Earnings per common share—diluted (dollars per share) $ 5.60 $ 9.09 $ 13.52 $ 19.10