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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 and leases $ 482 $ 557 $ 1,485 $ 1,190
Interest and fees on loans held for sale 8 8 22 22
Interest on investment securities 31 26 88 78
Interest on trading securities 6 6 20 28
Interest on other earning assets 6 1 11 5
Total interest income 533 598 1,626 1,323
Interest expense        
Interest on deposits 20 42 67 122
Interest on trading liabilities 1 1 4 5
Interest on short-term borrowings 2 1 4 12
Interest on term borrowings 18 22 55 44
Total interest expense 41 66 130 183
Net interest income 492 532 1,496 1,140
Provision for credit losses (85) 227 (245) 502
Net interest income after provision for credit losses 577 305 1,741 638
Noninterest income        
Fixed income 96 111 324 319
Deposit transactions and cash management 44 42 130 103
Mortgage banking and title income 34 66 126 72
Brokerage, management fees and commissions 24 18 65 47
Bankcard income 15 10 40 24
Trust services and investment management 13 12 39 27
Securities gains (losses), net 1 (1) 12 (2)
Purchase accounting gain 0 532 (1) 532
Loss on debt extinguishment (23) 0 (23) 0
Other income 43 33 117 82
Total noninterest income 247 823 829 1,204
Noninterest expense        
Personnel expense 296 329 920 713
Net occupancy expense 33 39 103 80
Computer software 30 26 87 58
Operations services 24 16 59 39
Legal and professional fees 21 43 52 65
Contract employment and outsourcing 21 6 47 16
Amortization of intangible assets 14 15 42 25
Equipment expense 12 12 35 29
Communications and delivery 9 10 28 21
Contributions 6 39 12 40
Other expense 60 52 182 124
Total noninterest expense 526 587 1,567 1,210
Income before income taxes 298 541 1,003 632
Income tax expense 63 2 222 20
Net income 235 539 781 612
Net income attributable to noncontrolling interest 3 3 9 8
Net income attributable to controlling interest 232 536 772 604
Preferred stock dividends 8 13 29 16
Net income available to common shareholders $ 224 $ 523 $ 743 $ 588
Basic earnings per common share (in dollars per share) $ 0.41 $ 0.95 $ 1.35 $ 1.50
Diluted earnings per common share (in dollars per share) $ 0.41 $ 0.95 $ 1.34 $ 1.50
Weighted average common shares (in shares) 545,818 549,690 549,434 391,699
Diluted average common shares (in shares) 549,819 550,846 554,199 392,713