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Business Segments and Revenue from Contracts with Customers (Tables)
9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Schedule of Segment Results and Reconciliation The following table presents our business segment results for the three and nine months ended September 30, 2021 and 2020, selected balance sheet data as of September 30, 2021 and 2020, and a reconciliation of our total business segment results to our reported consolidated income from continuing operations, loans held for investment and deposits.
Table 12.1: Segment Results and Reconciliation
Three Months Ended September 30, 2021
(Dollars in millions)Credit CardConsumer Banking
Commercial Banking(1)
Other(1)
Consolidated Total
Net interest income (loss)$3,620 $2,159 $578 $(201)$6,156 
Non-interest income (loss)1,263 127 306 (22)1,674 
Total net revenue (loss)(2)
4,883 2,286 884 (223)7,830 
Provision (benefit) for credit losses(198)(91)(53)0 (342)
Non-interest expense2,424 1,186 459 117 4,186 
Income (loss) from continuing operations before income taxes2,657 1,191 478 (340)3,986 
Income tax provision (benefit)627 282 113 (140)882 
Income (loss) from continuing operations, net of tax$2,030 $909 $365 $(200)$3,104 
Loans held for investment$105,030 $77,112 $79,248 $0 $261,390 
Deposits0 252,387 43,347 10,204 305,938 
Nine Months Ended September 30, 2021
(Dollars in millions)Credit CardConsumer Banking
Commercial Banking(1)
Other(1)
Consolidated Total
Net interest income (loss)$10,209 $6,290 $1,558 $(336)$17,721 
Non-interest income (loss)3,545 412 803 (164)4,596 
Total net revenue (loss)(2)
13,754 6,702 2,361 (500)22,317 
Benefit for credit losses(1,325)(523)(475)(2)(2,325)
Non-interest expense6,822 3,426 1,295 349 11,892 
Income (loss) from continuing operations before income taxes8,257 3,799 1,541 (847)12,750 
Income tax provision (benefit)1,952 897 364 (431)2,782 
Income (loss) from continuing operations, net of tax$6,305 $2,902 $1,177 $(416)$9,968 
Loans held for investment$105,030 $77,112 $79,248 $0 $261,390 
Deposits0 252,387 43,347 10,204 305,938 
Three Months Ended September 30, 2020
(Dollars in millions)Credit CardConsumer Banking
Commercial Banking(1)
Other(1)
Consolidated Total
Net interest income (loss)$3,292 $1,904 $517 $(158)$5,555 
Non-interest income (loss)1,013 107 237 469 1,826 
Total net revenue (loss)(2)
4,305 2,011 754 311 7,381 
Provision (benefit) for credit losses450 (43)(74)(2)331 
Non-interest expense2,003 1,011 424 110 3,548 
Income (loss) from continuing operations before income taxes1,852 1,043 404 203 3,502 
Income tax provision438 247 95 316 1,096 
Income (loss) from continuing operations, net of tax$1,414 $796 $309 $(113)$2,406 
Loans held for investment$103,641 $68,688 $75,894 $$248,223 
Deposits249,684 36,783 19,258 305,725 
Nine Months Ended September 30, 2020
(Dollars in millions)Credit CardConsumer Banking
Commercial Banking(1)
Other(1)
Consolidated Total
Net interest income (loss)$10,363 $5,226 $1,526 $(75)$17,040 
Non-interest income2,769 330 655 392 4,146 
Total net revenue(2)
13,132 5,556 2,181 317 21,186 
Provision for credit losses7,096 1,693 1,209 10,000 
Non-interest expense6,180 3,038 1,261 568 11,047 
Income (loss) from continuing operations before income taxes(144)825 (289)(253)139 
Income tax provision (benefit)(34)195 (69)(102)(10)
Income (loss) from continuing operations, net of tax$(110)$630 $(220)$(151)$149 
Loans held for investment$103,641 $68,688 $75,894 $$248,223 
Deposits249,684 36,783 19,258 305,725 
__________
(1)Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category.
(2)Total net revenue was reduced by $123 million and $478 million in the three and nine months ended September 30, 2021, respectively, and $235 million and $942 million in the three and nine months ended September 30, 2020, respectively, for credit card finance charges and fees charged off as uncollectible.
Disaggregation of Revenue
The following table presents revenue from contracts with customers and a reconciliation to non-interest income by business segment for the three and nine months ended September 30, 2021 and 2020.
Table 12.2: Revenue from Contracts with Customers and Reconciliation to Segment Results
Three Months Ended September 30, 2021
(Dollars in millions)Credit CardConsumer Banking
Commercial Banking(1)
Other(1)
Consolidated Total
Contract revenue:
Interchange fees, net(2)
$930 $68 $24 $0 $1,022 
Service charges and other customer-related fees0 42 71 0 113 
Other98 17 1 0 116 
Total contract revenue1,028 127 96 0 1,251 
Revenue (reduction) from other sources235 0 210 (22)423 
Total non-interest income (loss)$1,263 $127 $306 $(22)$1,674 
Nine Months Ended September 30, 2021
(Dollars in millions)Credit CardConsumer Banking
Commercial Banking(1)
Other(1)
Consolidated Total
Contract revenue:
Interchange fees, net(2)
$2,598 $192 $65 $0 $2,855 
Service charges and other customer-related fees0 131 187 0 318 
Other262 55 3 0 320 
Total contract revenue2,860 378 255 0 3,493 
Revenue (reduction) from other sources685 34 548 (164)1,103 
Total non-interest income (loss)$3,545 $412 $803 $(164)$4,596 
Three Months Ended September 30, 2020
(Dollars in millions)Credit CardConsumer Banking
Commercial Banking(1)
Other(1)
Consolidated Total
Contract revenue:
Interchange fees, net(2)
$703 $54 $17 $$775 
Service charges and other customer-related fees42 50 92 
Other109 115 
Total contract revenue812 101 68 982 
Revenue from other sources201 169 468 844 
Total non-interest income$1,013 $107 $237 $469 $1,826 
Nine Months Ended September 30, 2020
(Dollars in millions)Credit CardConsumer Banking
Commercial Banking(1)
Other(1)
Consolidated Total
Contract revenue:
Interchange fees, net(2)
$2,003 $152 $45 $(1)$2,199 
Service charges and other customer-related fees137 124 (1)260 
Other236 27 265 
Total contract revenue2,239 316 171 (2)2,724 
Revenue from other sources530 14 484 394 1,422 
Total non-interest income$2,769 $330 $655 $392 $4,146 
________
(1)Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category.
(2)Interchange fees are presented net of customer reward expenses