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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest Income        
Interest and Fee Income, Loans and Leases Held-in-portfolio $ 1,476 $ 1,338 $ 2,874 $ 2,628
Interest and fees on loans held for sale 24 21 45 46
Interest and Dividend Income, Securities, Available-for-sale [1],[2] 210 187 416 369
Trading account interest and other [2] 49 37 92 68
Total interest income 1,759 1,583 3,427 3,111
Interest Expense        
Interest Expense, Deposits 159 95 291 175
Interest Expense, Long-term Debt 83 70 157 139
Interest on other borrowings 29 15 51 28
Total interest expense 271 180 499 342
Net, interest income 1,488 1,403 [3],[4] 2,928 2,769 [5],[6]
Provision for Loan, Lease, and Other Losses 32 [7] 90 [3],[4],[8] 60 [9] 209 [5],[6],[10]
Interest Income (Expense), after Provision for Loan Loss 1,456 1,313 2,868 2,560
Noninterest Income        
Service charges on deposit accounts 144 [11] 151 [12] 289 [13] 299 [14]
Fees and Commissions, Other 93 [11] 103 [12] 179 [13] 198 [14]
Fees and Commissions, Credit and Debit Cards 85 [11] 87 [12] 166 [13] 169 [14]
Investment Banking Revenue 167 [11] 147 [12] 298 [13] 314 [14]
Trading Gain (Loss) 53 [11] 46 [12] 95 [13] 97 [14]
Fees and Commissions, Fiduciary and Trust Activities 75 [11] 76 [12] 150 [13] 151 [14]
Investment Advisory, Management and Administrative Fees 73 [11] 70 [12] 145 [13] 139 [14]
Fees and Commissions, Mortgage Banking 43 [11] 56 [12] 79 [13] 109 [14]
Servicing Fees, Net (40) [11] (44) [12] (95) [13] (102) [14]
commercial real estate related income 18 [11] 24 [12] 42 [13] 44 [14]
Gain (Loss) on Sale of Securities, Net 0 [11] 1 [12] 1 [13] 1 [14]
Noninterest Income, Other Operating Income 38 [11] 22 [12] 87 [13] 51 [14]
Total noninterest income 829 [11] 827 [3],[4],[12] 1,626 [13] 1,674 [5],[6],[14]
Noninterest Expense        
Employee compensation 714 710 1,422 1,427
Other Labor-related Expenses 88 86 234 221
Outside processing and software 227 204 433 409
Net occupancy expense 90 94 184 185
Federal Deposit Insurance Corporation Premium Expense 39 49 79 97
Marketing and Advertising Expense 40 42 81 84
Equipment Expense 44 43 84 83
Operating losses 17 19 23 51
Amortization 17 15 32 28
Other Noninterest Expense 114 126 235 268
Noninterest Expense 1,390 1,388 [3],[4] 2,807 2,853 [5],[6]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest 895 752 1,687 1,381
Income Tax Expense (Benefit) 171 222 318 381
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 724 530 [3],[4] 1,369 1,000 [5],[6]
Net Income (Loss) Attributable to Noncontrolling Interest 2 2 [3],[4] 4 5 [5],[6]
Net Income (Loss) Attributable to Parent 722 528 [3],[4] 1,365 995 [5],[6]
Dividends, Preferred Stock, Cash 25 23 55 [15] 39 [15]
Net Income (Loss) Available to Common Stockholders, Basic $ 697 $ 505 $ 1,310 $ 956
Earnings Per Share, Diluted $ 1.49 $ 1.03 $ 2.78 $ 1.94
Earnings Per Share, Basic 1.50 1.05 2.80 1.97
Common Stock, Dividends, Per Share, Declared $ 0.40 $ 0.26 $ 0.80 $ 0.52
Weighted Average Number of Shares Outstanding, Diluted 469,339 488,020 471,468 491,989
Weighted Average Number of Shares Outstanding, Basic 465,529 482,913 467,117 486,482
[1] Beginning January 1, 2018, the Company reclassified equity securities previously presented in Securities available for sale to Other assets on the Consolidated Balance Sheets and began presenting income associated with certain of these equity securities in Trading account interest and other on the Consolidated Statements of Income. For periods prior to January 1, 2018, income associated with these equity securities was presented in Interest on securities available for sale and has been reclassified to Trading account interest and other for comparability.
[2] Beginning January 1, 2018, the Company reclassified equity securities previously presented in Securities available for sale to Other assets on the Consolidated Balance Sheets and began presenting income associated with certain of these equity securities in Trading account interest and other. For periods prior to January 1, 2018, income associated with these equity securities was presented in Interest on securities available for sale and has been reclassified to Trading account interest and other for comparability.
[3] During the fourth quarter of 2017, the Company sold PAC, the results of which were previously reported within the Wholesale business segment. For all periods prior to January 1, 2018, PAC's financial results, including the gain on sale, have been transferred to Corporate Other for enhanced comparability of the Wholesale business segment excluding PAC.
[4] During the second quarter of 2018, certain of the Company's business banking clients were transferred from the Wholesale business segment to the Consumer business segment. For all periods prior to the second quarter of 2018, the corresponding financial results have been transferred to the Consumer business segment for comparability purposes.
[5] During the fourth quarter of 2017, the Company sold PAC, the results of which were previously reported within the Wholesale business segment. For all periods prior to January 1, 2018, PAC's financial results, including the gain on sale, have been transferred to Corporate Other for enhanced comparability of the Wholesale business segment excluding PAC.
[6] During the second quarter of 2018, certain of the Company's business banking clients were transferred from the Wholesale business segment to the Consumer business segment. For all periods prior to the second quarter of 2018, the corresponding financial results have been transferred to the Consumer business segment for comparability purposes.
[7] Provision for credit losses represents net charge-offs by segment combined with an allocation to the segments for the provision attributable to quarterly changes in the ALLL and unfunded commitment reserve balances.
[8] Provision for credit losses represents net charge-offs by segment combined with an allocation to the segments for the provision attributable to quarterly changes in the ALLL and unfunded commitment reserve balances.
[9] Provision/(benefit) for credit losses represents net charge-offs by segment combined with an allocation to the segments for the provision/(benefit) attributable to quarterly changes in the ALLL and unfunded commitment reserve balances.
[10] Provision for credit losses represents net charge-offs by segment combined with an allocation to the segments for the provision attributable to quarterly changes in the ALLL and unfunded commitment reserve balan
[11] Amounts are presented in accordance with ASC Topic 606, Revenue from Contracts with Customers, except for out of scope amounts.
[12] Amounts for periods prior to January 1, 2018 are presented in accordance with ASC Topic 605, Revenue Recognition, and have not been restated to conform with ASC Topic 606, Revenue from Contracts with Customers.
[13] Amounts are presented in accordance with ASC Topic 606, Revenue from Contracts with Customers, except for out of scope amounts.
[14] Amounts for periods prior to January 1, 2018 are presented in accordance with ASC Topic 605, Revenue Recognition, and have not been restated to conform with ASC Topic 606, Revenue from Contracts with Customers.
[15] For the six months ended June 30, 2018, dividends were $2,022 per share for both Series A and B Preferred Stock, $1,469 per share for Series E Preferred Stock, $2,813 per share for Series F Preferred Stock, $2,525 per share for Series G Preferred Stock, and $3,004 per share for Series H Preferred Stock.For the six months ended June 30, 2017, dividends were $2,022 per share for both Series A and B Preferred Stock, $2,938 per share for Series E Preferred Stock, $2,813 per share for Series F Preferred Stock, and $828 per share for Series G Preferred Stock.