XML 31 R5.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest income:      
Interest and fees on loans $ 3,196 $ 2,112 $ 1,935
Interest on money market investments 188 81 21
Interest on securities 563 512 311
Total interest income 3,947 2,705 2,267
Interest expense:      
Interest on deposits 1,063 70 30
Interest on short- and long-term borrowings 446 115 29
Total interest expense 1,509 185 59
Net interest income 2,438 2,520 2,208
Provision for loan losses 148 101 (258)
Provision for unfunded lending commitments (16) 21 (18)
Total provision for credit losses 132 122 (276)
Net interest income after provision for credit losses 2,306 2,398 2,484
Noninterest income:      
Commercial account fees 174 159 137
Card fees 101 104 95
Retail and business banking fees 66 73 74
Loan-related fees and income 79 80 95
Capital markets fees 81 83 70
Wealth management fees 58 55 50
Other customer-related fees 61 60 54
Customer-related noninterest income 620 614 575
Fair value and nonhedge derivative income (loss) (4) 16 14
Dividends and other income 57 17 43
Securities gains (losses), net 4 (15) 71
Total noninterest income 677 632 703
Noninterest expense:      
Salaries and employee benefits 1,275 1,235 1,127
Technology, telecom, and information processing 240 209 199
Occupancy and equipment, net 160 152 153
Professional and legal services 62 57 72
Marketing and business development 46 39 43
Deposit insurance and regulatory expense 169 50 34
Credit-related expense 26 30 26
Other real estate expense, net 0 1 0
Other 119 105 87
Total noninterest expense 2,097 1,878 1,741
Income before income taxes 886 1,152 1,446
Income taxes 206 245 317
Net income 680 907 1,129
Preferred stock dividends (32) (29) (29)
Net earnings applicable to common shareholders $ 648 $ 878 $ 1,100
Weighted average common shares outstanding during the year:      
Basic shares (in shares) 147,748 150,064 159,913
Diluted shares (in shares) 147,756 150,271 160,234
Net earnings per common share:      
Basic (in dollars per share) $ 4.35 $ 5.80 $ 6.80
Diluted (in dollars per share) $ 4.35 $ 5.79 $ 6.79