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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income        
Interest and fees on loans and leases $ 617 $ 482 $ 1,553 $ 1,485
Interest and fees on loans held for sale 9 8 30 22
Interest on investment securities 46 31 123 88
Interest on trading securities 15 6 39 20
Interest on other earning assets 46 6 82 11
Total interest income 733 533 1,827 1,626
Interest expense        
Interest on deposits 43 20 72 67
Interest on trading liabilities 3 1 9 4
Interest on short-term borrowings 7 2 10 4
Interest on term borrowings 18 18 53 55
Total interest expense 71 41 144 130
Net interest income 662 492 1,683 1,496
Provision for credit losses 60 (85) 50 (245)
Net interest income after provision for credit losses 602 577 1,633 1,741
Noninterest income        
Fixed income 46 96 170 324
Deposit transactions and cash management 43 44 129 130
Brokerage, management fees and commissions 23 24 71 65
Mortgage banking and title income 9 34 65 126
Card and digital banking fees 21 21 64 59
Other service charges and fees 13 12 41 32
Trust services and investment management 11 13 36 39
Securities gains (losses), net 12 1 18 12
Deferred compensation income (3) 3 (24) 12
Loss on debt extinguishment 0 (23) 0 (23)
Other income 38 22 72 53
Total noninterest income 213 247 642 829
Noninterest expense        
Personnel expense 275 296 820 920
Net occupancy expense 32 33 96 103
Computer software 28 30 85 87
Operations services 22 24 65 59
Legal and professional fees 10 21 50 52
Contract employment and outsourcing 12 21 43 47
Amortization of intangible assets 13 14 39 42
Advertising and public relations 12 14 34 23
Equipment expense 11 12 34 35
Communications and delivery 10 9 28 28
Other expense 44 52 156 171
Total noninterest expense 469 526 1,450 1,567
Income (loss) before income taxes 346 298 825 1,003
Income tax expense 78 63 183 222
Net income 268 235 642 781
Net income attributable to noncontrolling interest 3 3 8 9
Net income attributable to controlling interest 265 232 634 772
Preferred stock dividends 8 8 24 29
Net income available to common shareholders $ 257 $ 224 $ 610 $ 743
Basic earnings per common share (in dollars per share) $ 0.48 $ 0.41 $ 1.14 $ 1.35
Diluted earnings per common share (in dollars per share) $ 0.45 $ 0.41 $ 1.08 $ 1.34
Weighted average common shares (in shares) 535,986 545,818 534,613 549,434
Diluted average common shares (in shares) 570,153 549,819 563,538 554,199