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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Interest and fees on loans $ 899 $ 831 $ 2,641 $ 2,348
Interest on money market investments 67 35 170 140
Interest on securities 138 144 420 419
Total interest income 1,104 1,010 3,231 2,907
Interest expense:        
Interest on deposits 403 366 1,169 668
Interest on short- and long-term borrowings 81 59 259 384
Total interest expense 484 425 1,428 1,052
Net interest income 620 585 1,803 1,855
Provision for credit losses:        
Provision for loan and lease losses 1 44 34 136
Provision for unfunded lending commitments 12 (3) (3) (4)
Total provision for credit losses 13 41 31 132
Net interest income after provision for credit losses 607 544 1,772 1,723
Noninterest income:        
Commercial account fees 46 43 135 131
Card fees 24 26 72 75
Retail and business banking fees 18 17 50 49
Loan-related fees and income 17 23 50 63
Capital markets fees 28 18 73 62
Wealth management fees 14 15 44 44
Other customer-related fees 14 15 42 46
Customer-related noninterest income 161 157 466 470
Fair value and nonhedge derivative income (3) 7 (3) 5
Dividends and other income (loss) 5 12 33 49
Securities gains (losses), net 9 4 11 5
Total noninterest income 172 180 507 529
Noninterest expense:        
Salaries and employee benefits 317 311 966 974
Technology, telecom, and information processing 66 62 194 175
Occupancy and equipment, net 40 42 119 122
Professional and legal services 14 16 47 45
Marketing and business development 12 10 35 35
Deposit insurance and regulatory expense 19 20 74 60
Credit-related expense 6 6 19 19
Other real estate expense, net 0 0 (1) 0
Other 28 29 84 86
Total noninterest expense 502 496 1,537 1,516
Income before income taxes 277 228 742 736
Income taxes 63 53 174 182
Net income 214 175 568 554
Preferred stock dividends (10) (7) (31) (22)
Net earnings applicable to common shareholders $ 204 $ 168 $ 537 $ 532
Weighted average common shares outstanding during the period:        
Basic shares (in shares) 147,138 147,648 147,197 147,784
Diluted shares (in shares) 147,150 147,653 147,202 147,794
Net earnings per common share:        
Basic (in dollars per share) $ 1.37 $ 1.13 $ 3.61 $ 3.57
Diluted (in dollars per share) $ 1.37 $ 1.13 $ 3.61 $ 3.57