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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income:        
Interest and fees on loans $ 484 $ 505 $ 1,464 $ 1,551
Interest on money market investments 7 2 14 11
Interest on securities 78 74 223 235
Total interest income 569 581 1,701 1,797
Interest expense:        
Interest on deposits 7 18 23 92
Interest on short- and long-term borrowings 7 8 23 40
Total interest expense 14 26 46 132
Net interest income 555 555 1,655 1,665
Provision for loan losses (45) 45 (281) 446
Provision for unfunded lending commitments (1) 10 (20) 35
Total provision for credit losses (46) 55 (301) 481
Net interest income after provision for credit losses 601 500 1,956 1,184
Noninterest income:        
Commercial account fees 34 32 100 93
Card fees 25 21 70 61
Retail and business banking fees 20 17 55 50
Loan-related fees and income 27 32 73 84
Capital markets and foreign exchange fees 17 16 49 58
Wealth management fees 13 10 37 32
Other customer-related fees 15 11 39 33
Customer-related fees 151 139 423 411
Fair value and nonhedge derivative gain (loss) 2 8 15 (15)
Dividends and other investment income 9 6 24 17
Securities gains (losses), net (23) 4 51 (5)
Total noninterest income 139 157 513 408
Noninterest expense:        
Salaries and employee benefits 285 269 845 810
Occupancy, net 33 33 99 97
Furniture, equipment and software, net 31 32 95 97
Other real estate expense, net 0 0 0 0
Credit-related expense 7 6 19 16
Professional and legal services 16 12 53 34
Advertising 4 7 13 13
FDIC premiums 5 7 18 18
Other 48 76 150 194
Total noninterest expense 429 442 1,292 1,279
Income before income taxes 311 215 1,177 313
Income taxes 71 40 261 58
Net income 240 175 916 255
Preferred stock dividends (6) (8) (23) (25)
Net earnings applicable to common shareholders $ 234 $ 167 $ 893 $ 230
Weighted average common shares outstanding during the period:        
Basic shares (in shares) 160,221 163,608 162,159 163,764
Diluted shares (in shares) 160,480 163,779 162,460 166,029
Net earnings per common share:        
Basic (in dollars per share) $ 1.45 $ 1.01 $ 5.44 $ 1.40
Diluted (in dollars per share) $ 1.45 $ 1.01 $ 5.43 $ 1.38