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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income        
Interest and fees on loans $ 2,430 $ 2,426 $ 7,206 $ 5,796
Interest on investment securities 358 180 970 407
Interest on deposits at banks 350 504 1,176 1,071
Total interest income 3,138 3,110 9,352 7,274
Interest expense        
Deposits 1,004 769 2,907 1,632
Borrowings 338 351 1,011 841
Total interest expense 1,342 1,120 3,918 2,473
Net interest income 1,796 1,990 5,434 4,801
Provision for credit losses 117 192 276 1,126
Net interest income after provision for credit losses 1,679 1,798 5,158 3,675
Noninterest income        
Rental income on operating lease equipment 262 248 776 719
Realized gain (loss) on sale of investment securities, net 4 (12) 4 (26)
Fair value adjustment on marketable equity securities, net 9 (1) 3 (20)
Gain on sale of leasing equipment, net 5 10 19 18
Gain on acquisition 0 12 0 9,891
Loss on extinguishment of debt 0 0 (2) 0
Other noninterest income 19 25 92 102
Total noninterest income 650 615 1,916 11,532
Noninterest expense        
Depreciation on operating lease equipment 99 95 293 275
Maintenance and other operating lease expenses 59 51 164 163
Salaries and benefits 788 727 2,277 1,922
Net occupancy expense 62 65 182 179
Equipment expense 128 117 368 308
Professional fees 42 12 91 43
Third-party processing fees 55 54 173 139
FDIC insurance expense 31 36 105 76
Marketing expense 20 22 52 78
Acquisition-related expenses 46 121 148 354
Intangible asset amortization 15 17 47 40
Other noninterest expense 111 99 318 266
Total noninterest expense 1,456 1,416 4,218 3,843
Income before income taxes 873 997 2,856 11,364
Income tax expense 234 245 779 412
Net income 639 752 2,077 10,952
Preferred stock dividends 15 15 46 44
Net income available to common stockholders, basic 624 737 2,031 10,908
Net income available to common shareholders, diluted $ 624 $ 737 $ 2,031 $ 10,908
Earnings per common share        
Basic (in dollars per share) $ 43.42 $ 50.71 $ 140.27 $ 750.79
Diluted (in dollars per share) $ 43.42 $ 50.67 $ 140.26 $ 750.19
Weighted average common shares outstanding        
Basic (in shares) 14,375,974 14,528,310 14,480,874 14,527,718
Diluted (in shares) 14,375,974 14,539,133 14,481,919 14,539,383
Fee income and other service charges        
Noninterest income        
Noninterest income $ 81 $ 71 $ 233 $ 188
Client investment fees        
Noninterest income        
Noninterest income 55 52 159 106
Wealth management services        
Noninterest income        
Noninterest income 54 49 157 140
International fees        
Noninterest income        
Noninterest income 29 30 87 63
Service charges on deposit accounts        
Noninterest income        
Noninterest income 45 44 133 112
Factoring commissions        
Noninterest income        
Noninterest income 19 21 55 60
Cardholder services, net        
Noninterest income        
Noninterest income 42 41 122 103
Merchant services, net        
Noninterest income        
Noninterest income 12 12 36 36
Insurance commissions        
Noninterest income        
Noninterest income $ 14 $ 13 $ 42 $ 40