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CONDENSED CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenue:        
Interest income $ 409 $ 560 $ 852 $ 1,115
Interest expense (21) (70) (64) (133)
Net interest income 388 490 788 982
Gains (losses) on securities and other, net 23 (64) 43 (53)
Other revenue 11 12 24 24
Total non-interest income 328 195 635 458
Total net revenue 716 685 1,423 1,440
Provision (benefit) for credit losses (1) (8) 5 (20)
Non-interest expense:        
Compensation and benefits 176 168 344 332
Advertising and market development 64 48 120 102
Clearing and servicing 47 32 91 62
Professional services 30 26 53 48
Occupancy and equipment 37 32 73 64
Communications 35 29 64 44
Depreciation and amortization 24 21 47 42
FDIC insurance premiums 3 4 7 8
Amortization of other intangibles 15 15 30 30
Restructuring and acquisition-related activities 2 0 18 0
Other non-interest expenses 20 23 51 41
Total non-interest expense 453 398 898 773
Income before income tax expense 264 295 520 687
Income tax expense 68 76 143 178
Net income 196 219 377 509
Preferred stock dividends 0 0 20 20
Net income available to common stockholders $ 196 $ 219 $ 357 $ 489
Basic earnings per common share (in dollars per share) $ 0.89 $ 0.90 $ 1.61 $ 2.00
Diluted earnings per common share (in dollars per share) $ 0.88 $ 0.90 $ 1.61 $ 2.00
Basic (in thousands) 221,438 243,007 221,866 244,620
Diluted (in thousands) 221,693 243,465 222,218 245,190
Commissions [Member]        
Non-interest Income        
Revenue $ 89 $ 121 $ 160 $ 243
Fees and service charges [Member]        
Non-interest Income        
Revenue $ 205 $ 126 $ 408 $ 244