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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest Income        
Interest and fees on loans and leases $ 3,377 $ 1,886 $ 7,153 $ 3,725
Interest on securities 444 300 938 602
Interest on other earning assets 67 20 223 52
Total interest income 3,888 2,206 8,314 4,379
Interest Expense        
Interest on deposits 201 273 622 526
Interest on long-term debt 211 193 483 385
Interest on other borrowings 28 50 111 82
Total interest expense 440 516 1,216 993
Net Interest Income 3,448 1,690 7,098 3,386
Provision for credit losses 844 172 1,737 327
Net Interest Income After Provision for Credit Losses 2,604 1,518 5,361 3,059
Noninterest Income        
Noninterest income 2,423 1,352 4,384 2,554
Noninterest Expense        
Personnel expense 2,008 1,120 3,980 2,207
Net occupancy expense 243 116 464 238
Professional fees and outside processing 289 84 536 170
Software expense 216 71 426 143
Equipment expense 120 68 236 133
Marketing and customer development 56 29 140 56
Operating lease depreciation 77 29 148 58
Loan-related expense 56 30 118 55
Amortization of intangibles 178 32 343 64
Regulatory costs 30 19 59 37
Merger-related and restructuring charges 209 23 316 103
Loss (gain) on early extinguishment of debt 235 0 235 0
Other expense 161 130 308 255
Total noninterest expense 3,878 1,751 7,309 3,519
Earnings        
Income before income taxes 1,149 1,119 2,436 2,094
Provision for income taxes 191 234 415 411
Net income 958 885 2,021 1,683
Noncontrolling interests 3 (1) 6 5
Dividends on preferred stock 53 44 127 87
Net income available to common shareholders $ 902 $ 842 $ 1,888 $ 1,591
Basic EPS $ 0.67 $ 1.10 $ 1.40 $ 2.08
Diluted EPS $ 0.67 $ 1.09 $ 1.39 $ 2.06
Basic weighted average shares outstanding (in shares) 1,347,512 765,958 1,345,942 765,052
Diluted weighted average shares outstanding (in shares) 1,355,834 774,603 1,356,809 774,329
Insurance income        
Noninterest Income        
Noninterest income $ 581 $ 566 $ 1,130 $ 1,076
Service charges on deposits        
Noninterest Income        
Noninterest income 202 181 507 352
Wealth management income        
Noninterest Income        
Noninterest income 289 172 621 335
Card and payment related fees        
Noninterest Income        
Noninterest income 171 139 358 267
Residential mortgage income        
Noninterest Income        
Noninterest income 341 91 586 140
Investment banking and trading income        
Noninterest Income        
Noninterest income 274 48 392 74
Operating lease income        
Noninterest Income        
Noninterest income 83 35 160 70
Income from bank-owned life insurance        
Noninterest Income        
Noninterest income 45 34 89 62
Lending related fees        
Noninterest Income        
Noninterest income 66 28 133 53
Commercial real estate related income        
Noninterest Income        
Noninterest income 49 22 93 36
Securities gains (losses)        
Noninterest Income        
Noninterest income 300 0 298 0
Other income (loss)        
Noninterest Income        
Noninterest income $ 22 $ 36 $ 17 $ 89