Selected Quarterly Financial Information Selected Quarterly Financial Information

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information

(Dollars in millions, except per share data) (unaudited)	2015												2014
	Q4			Q3			Q2			Q1			Q4			Q3			Q2			Q1
Summarized results of operations:
Interest income	$	5,384		$	5,164		$	4,937		$	4,974		$	5,045		$	4,887		$	4,712		$	4,753
Interest expense	423			404			400			398			389			390			397			403
Net interest income	4,961			4,760			4,537			4,576			4,656			4,497			4,315			4,350
Provision for credit losses	1,380			1,092			1,129			935			1,109			993			704			735
Net interest income after provision for credit losses	3,581			3,668			3,408			3,641			3,547			3,504			3,611			3,615
Non-interest income	1,233			1,140			1,135			1,071			1,157			1,142			1,153			1,020
Non-interest expense	3,480			3,160			3,307			3,049			3,284			2,985			2,979			2,932
Income from continuing operations before income taxes	1,334			1,648			1,236			1,663			1,420			1,661			1,785			1,703
Income tax provision	426			530			384			529			450			536			581			579
Income from continuing operations, net of tax	908			1,118			852			1,134			970			1,125			1,204			1,124
Income (loss) from discontinued operations, net of tax	12			(4		)	11			19			29			(44		)	(10		)	30
Net income	920			1,114			863			1,153			999			1,081			1,194			1,154
Dividends and undistributed earnings allocated to participating securities(2)	(4		)	(6		)	(4		)	(6		)	(4		)	(5		)	(4		)	(5		)
Preferred stock dividends	(68		)	(29		)	(29		)	(32		)	(21		)	(20		)	(13		)	(13		)
Net income available to common stockholders	$	848		$	1,079		$	830		$	1,115		$	974		$	1,056		$	1,177		$	1,136
Per common share:
Basic earnings per common share:(2)
Net income from continuing operations	$	1.58		$	2.01		$	1.50		$	2.00		$	1.71		$	1.97		$	2.09		$	1.94
Income (loss) from discontinued operations	0.02			(0.01		)	0.02			0.03			0.05			(0.08		)	(0.02		)	0.05
Net income per basic common share	$	1.60		$	2.00		$	1.52		$	2.03		$	1.76		$	1.89		$	2.07		$	1.99
Diluted earnings per common share:(2)
Net income from continuing operations	$	1.56		$	1.99		$	1.48		$	1.97		$	1.68		$	1.94		$	2.06		$	1.91
Income (loss) from discontinued operations	0.02			(0.01		)	0.02			0.03			0.05			(0.08		)	(0.02		)	0.05
Net income per diluted common share	$	1.58		$	1.98		$	1.50		$	2.00		$	1.73		$	1.86		$	2.04		$	1.96
Weighted average common shares outstanding:
Basic common shares	530.8			540.6			545.6			550.2			554.3			559.9			567.5			571.0
Diluted common shares	536.3			546.3			552.0			557.2			561.8			567.9			577.6			580.3
Average balance sheet data:
Loans held for investment	$	220,052		$	211,227		$	206,337		$	205,194		$	203,436		$	199,422		$	194,996		$	193,722
Interest-earning assets	292,054			283,082			276,585			278,427			273,436			268,890			263,570			262,659
Total assets	323,354			313,822			307,206			309,401			304,153			298,913			294,089			293,551
Interest-bearing deposits	189,885			185,800			183,946			182,998			179,401			179,928			182,053			184,183
Total deposits	215,899			210,974			209,143			207,851			205,355			205,199			206,315			205,842
Borrowings	48,850			45,070			41,650			46,082			43,479			40,314			35,658			35,978
Total stockholders’ equity	48,712			48,456			47,255			46,397			45,576			44,827			43,767			42,859

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⁽¹⁾  As of January 1, 2015, we changed our accounting principle to move from a gross basis of presentation to a net basis, for presenting qualifying derivative assets and liabilities, as well as the related right to reclaim cash collateral or obligation to return cash collateral. See “Note 1—Summary of Significant Accounting Policies” for additional information. Prior period results have been recast to conform to this presentation.

^(2.)  Dividends and undistributed earnings allocated to participating securities, earnings per share, and preferred stock dividends are computed independently for each period. Accordingly, the sum of each quarter may not agree to the year-to-date total.