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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income        
Interest and fees on loans and leases $ 975 $ 877 $ 1,927 $ 1,683
Interest and fees on loans held for sale 9 14 17 24
Interest on investment securities 59 63 119 125
Interest on trading securities 21 18 42 38
Interest on other earning assets 29 43 60 64
Total interest income 1,093 1,015 2,165 1,934
Interest expense        
Interest on deposits 399 265 797 436
Interest on trading liabilities 7 2 12 5
Interest on short-term borrowings 41 99 70 136
Interest on term borrowings 17 19 33 39
Total interest expense 464 385 912 616
Net interest income 629 630 1,253 1,318
Provision for credit losses 55 50 105 100
Net interest income after provision for credit losses 574 580 1,148 1,218
Noninterest income        
Deposit transactions and cash management 44 45 88 87
Fixed income 40 30 92 69
Brokerage, management fees and commissions 25 22 49 44
Card and digital banking fees 20 21 38 40
Other service charges and fees 14 14 27 27
Trust services and investment management 12 12 24 24
Mortgage banking income 10 6 19 11
Gain on merger termination 0 225 0 225
Securities gains (losses), net 1 0 1 1
Other income 20 25 43 43
Total noninterest income 186 400 381 571
Noninterest expense        
Personnel expense 279 285 580 556
Net occupancy expense 31 30 62 61
Computer software 29 28 59 55
Operations services 23 22 45 44
Legal and professional fees 18 12 33 20
Deposit insurance expense 16 13 40 26
Contract employment and outsourcing 14 12 28 24
Advertising and public relations 14 17 22 31
Amortization of intangible assets 11 12 22 24
Equipment expense 11 10 22 21
Communications and delivery 8 9 16 18
Contributions 1 53 2 57
Other expense 45 52 84 96
Total noninterest expense 500 555 1,015 1,033
Income before income taxes 260 425 514 756
Income tax expense 56 96 113 171
Net income 204 329 401 585
Net income attributable to noncontrolling interest 5 4 10 9
Net income attributable to controlling interest 199 325 391 576
Preferred stock dividends 15 8 23 16
Net income available to common shareholders 184 317 368 560
Net income available to common shareholders $ 184 $ 317 $ 368 $ 560
Basic earnings per common share (in dollars per share) $ 0.34 $ 0.59 $ 0.67 $ 1.04
Diluted earnings per common share (in dollars per share) $ 0.34 $ 0.56 $ 0.67 $ 1.00
Weighted average common shares (in shares) 543,981 539,120 549,479 538,035
Diluted average common shares (in shares) 547,093 560,878 552,539 562,188