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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income        
Interest and fees on loans and leases $ 941 $ 617 $ 2,624 $ 1,553
Interest and fees on loans held for sale 15 9 40 30
Interest on investment securities 62 54 186 137
Interest on trading securities 19 15 57 39
Interest on other earning assets 43 38 107 68
Total interest income 1,080 733 3,014 1,827
Interest expense        
Interest on deposits 409 43 845 72
Interest on trading liabilities 3 3 8 9
Interest on short-term borrowings 46 7 182 10
Interest on term borrowings 17 18 56 53
Total interest expense 475 71 1,091 144
Net interest income 605 662 1,923 1,683
Provision for credit losses 110 60 210 50
Net interest income after provision for credit losses 495 602 1,713 1,633
Noninterest income        
Deposit transactions and cash management 46 43 133 129
Fixed income 28 46 97 170
Brokerage, management fees and commissions 21 23 66 71
Card and digital banking fees 20 21 61 64
Other service charges and fees 14 13 41 41
Trust services and investment management 12 11 35 36
Mortgage banking and title income 7 9 18 65
Deferred compensation income 0 (3) 11 (24)
Gain on merger termination 0 0 225 0
Securities gains (losses), net 0 12 1 18
Other income 25 38 57 72
Total noninterest income 173 213 745 642
Noninterest expense        
Personnel expense 266 275 821 820
Net occupancy expense 30 32 92 96
Computer software 26 28 82 85
Operations services 21 22 65 65
Advertising and public relations 16 12 47 34
Deposit insurance expense 14 8 40 23
Legal and professional fees 13 10 33 50
Contract employment and outsourcing 12 12 36 43
Amortization of intangible assets 12 13 36 39
Equipment expense 11 11 32 34
Communications and delivery 8 10 27 28
Contributions 3 3 60 5
Other expense 42 33 137 128
Total noninterest expense 474 469 1,508 1,450
Income (loss) before income taxes 194 346 950 825
Income tax expense 52 78 223 183
Net income 142 268 727 642
Net income attributable to noncontrolling interest 5 3 14 8
Net income attributable to controlling interest 137 265 713 634
Preferred stock dividends 8 8 24 24
Net income available to common shareholders 129 257 689 610
Net income available to common shareholders $ 129 $ 257 $ 689 $ 610
Basic earnings per common share (in dollars per share) $ 0.23 $ 0.48 $ 1.26 $ 1.14
Diluted earnings per common share (in dollars per share) $ 0.23 $ 0.45 $ 1.23 $ 1.08
Weighted average common shares (in shares) 558,559 535,986 544,952 534,613
Diluted average common shares (in shares) 561,421 570,153 561,930 563,538