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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest Income        
Interest and fees on loans and leases $ 1,831 $ 1,081 $ 3,545 $ 2,062
Interest on securities 437 369 876 663
Interest on other short-term investments 102 14 162 27
Total interest income 2,370 1,464 4,583 2,752 Close
Interest Expense        
Interest on deposits 655 25 1,133 36
Interest on federal funds purchased 5 1 10 1
Interest on other short-term borrowings 90 12 147 13
Interest on long-term debt 163 87 319 168
Total interest expense 913 125 1,609 218 Close
Net Interest Income 1,457 1,339 2,974 2,534 Close
Provision for credit losses 177 179 341 224 Close
Net Interest Income After Provision for Credit Losses 1,280 1,160 2,633 2,310
Noninterest Income        
Commercial banking revenue 146 137 307 272
Wealth and asset management revenue 143 140 289 289
Service charges on deposits 144 154 281 306
Card and processing revenue 106 105 206 201
Mortgage banking net revenue 59 31 127 83
Leasing business revenue 47 56 104 118
Other noninterest income 74 85 97 138
Securities gains (losses), net 7 (32) 11 (47)
Securities losses, net – non-qualifying hedges on mortgage servicing rights 0 0 0 (1)
Total noninterest income 726 676 1,422 1,359 Close
Noninterest Expense        
Compensation and benefits 650 584 1,407 1,295
Technology and communications 114 98 232 199
Net occupancy expense 83 75 164 152
Equipment expense 36 36 73 72
Leasing business expense 31 31 65 63
Marketing expense 31 28 60 52
Card and processing expense 20 20 42 38
Other noninterest expense 266 240 519 463
Total noninterest expense 1,231 1,112 2,562 2,334 CloseClose
Income Before Income Taxes 775 724 1,493 1,335 CloseClose
Total NonInterest Income Expenses -505.0 -436.0 -1140.0 -975.0 0.0 Close
Applicable income tax expense 174 162 334 279
Net Income 601 562 1,159 1,056 Close
Dividends on preferred stock 39 36 62 56
Net Income Available to Common Shareholders $ 562 $ 526 $ 1,097 $ 1,000
Shares Disclosures        
Earnings per share - basic (in dollars per share) $ 0.82 $ 0.76 $ 1.60 $ 1.45
Earnings per share - diluted (in dollars per share) $ 0.82 $ 0.76 $ 1.59 $ 1.44
Average common shares outstanding - basic (in shares) 684,028,603 689,018,541 684,023,063 688,282,355
Average common shares outstanding - diluted (in shares) 686,385,938 694,804,715 687,967,395 695,519,583