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Interim Consolidated Statements of Income - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income:        
Loans $ 519 $ 369 $ 1,422 $ 1,117
Investment securities:        
Taxable 332 156 807 452
Non-taxable 28 15 73 42
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 5 3 12 23
Total interest income 884 543 2,314 1,634
Interest expense:        
Deposits 19 8 41 51
Borrowings 13 7 33 18
Total interest expense 32 15 74 69
Net interest income 852 528 2,240 1,565
Provision for credit losses 21 (52) 75 258
Net interest income after provision for credit losses 831 580 2,165 1,307
Noninterest income:        
Gains on investment securities, net 189 190 661 271
Gains on equity warrant assets, net 147 54 491 94
Client investment fees 20 32 55 107
Wealth management and trust fees 22 0 22 0
Foreign exchange fees 65 44 189 128
Credit card fees 34 23 93 72
Deposit service charges 29 22 82 67
Lending related fees 21 13 55 38
Letters of credit and standby letters of credit fees 13 12 39 35
Investment banking revenue 90 92 335 281
Commissions 17 16 58 49
Other 25 49 97 76
Total noninterest income 672 547 2,177 1,218
Noninterest expense:        
Compensation and benefits 548 327 1,418 903
Professional services 104 67 282 170
Premises and equipment 54 31 124 85
Net occupancy 25 19 60 56
Business development and travel 6 2 13 19
FDIC and state assessments 13 7 33 19
Merger-related charges 83 0 102 0
Other 46 38 136 118
Total noninterest expense 879 491 2,168 1,370
Income before income tax expense 624 636 2,174 1,155
Income tax expense 149 162 509 300
Net income before noncontrolling interests 475 474 1,665 855
Net income attributable to noncontrolling interests (88) (28) (226) (40)
Preferred stock dividends (22) (4) (40) (12)
Net income available to common stockholders $ 365 $ 442 $ 1,399 $ 803
Earnings per common share—basic (dollars per share) $ 6.33 $ 8.53 $ 25.54 $ 15.55
Earnings per common share—diluted (dollars per share) $ 6.24 $ 8.47 $ 25.16 $ 15.46