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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest income    
Interest and fees on loans and leases $ 952 $ 806
Interest and fees on loans held for sale 9 11
Interest on investment securities 60 62
Interest on trading securities 20 20
Interest on other earning assets 32 21
Total interest income 1,073 920
Interest expense    
Interest on deposits 398 171
Interest on trading liabilities 5 3
Interest on short-term borrowings 28 38
Interest on term borrowings 17 20
Total interest expense 448 232
Net interest income 625 688
Provision for credit losses 50 50
Net interest income after provision for credit losses 575 638
Noninterest income    
Fixed income 52 39
Deposit transactions and cash management 44 42
Brokerage, management fees and commissions 24 22
Card and digital banking fees 19 20
Other service charges and fees 13 13
Trust services and investment management 11 11
Mortgage banking income 9 5
Other income 22 19
Total noninterest income 194 171
Noninterest expense    
Personnel expense 301 271
Net occupancy expense 31 31
Computer software 30 28
Deposit insurance expense 24 12
Operations services 21 22
Legal and professional fees 14 8
Contract employment and outsourcing 13 12
Amortization of intangible assets 11 12
Equipment expense 11 11
Advertising and public relations 8 14
Communications and delivery 8 9
Other expense 43 48
Total noninterest expense 515 478
Income before income taxes 254 331
Income tax expense 57 76
Net income 197 255
Net income attributable to noncontrolling interest 5 4
Net income attributable to controlling interest 192 251
Preferred stock dividends 8 8
Net income available to common shareholders 184 243
Net income available to common shareholders $ 184 $ 243
Basic earnings per common share (in dollars per share) $ 0.33 $ 0.45
Diluted earnings per common share (in dollars per share) $ 0.33 $ 0.43
Weighted average common shares (in shares) 554,977 536,938
Diluted average common shares (in shares) 557,873 571,991