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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Loans, including loans held for sale $ 7,578 $ 6,205 $ 20,550 $ 17,812
Investment securities 499 317 1,336 1,078
Other 123 16 193 48
Total interest income 8,200 6,538 22,079 18,938
Interest expense:        
Deposits 689 228 1,200 734
Securitized debt obligations 120 29 214 89
Senior and subordinated notes 319 116 644 367
Other borrowings 69 9 104 27
Total interest expense 1,197 382 2,162 1,217
Net interest income 7,003 6,156 19,917 17,721
Provision (benefit) for credit losses 1,669 (342) 3,431 (2,325)
Net interest income after provision for credit losses 5,334 6,498 16,486 20,046
Non-interest income:        
Interchange fees, net 1,195 1,022 3,429 2,855
Service charges and other customer-related fees 415 407 1,230 1,143
Other 192 245 634 598
Total non-interest income 1,802 1,674 5,293 4,596
Non-interest expense:        
Salaries and associate benefits 2,187 1,852 6,159 5,480
Occupancy and equipment 502 481 1,496 1,476
Marketing 978 751 2,899 1,872
Professional services 471 358 1,326 991
Communications and data processing 349 319 1,027 936
Amortization of Intangible 17 5 45 16
Other 445 420 1,131 1,121
Total non-interest expense 4,949 4,186 14,083 11,892
Income (loss) from continuing operations before income taxes 2,187 3,986 7,696 12,750
Income tax provision (benefit) 493 882 1,568 2,782
Income from continuing operations, net of tax 1,694 3,104 6,128 9,968
Income (loss) from discontinued operations, net of tax 0 0 0 (3)
Net income 1,694 3,104 6,128 9,965
Dividends and undistributed earnings allocated to participating securities (21) (26) (74) (84)
Preferred stock dividends (57) (79) (171) (200)
Issuance cost for redeemed preferred stock 0 (12) 0 (12)
Net income available to common stockholders $ 1,616 $ 2,987 $ 5,883 $ 9,669
Basic earnings per common share:        
Net income from continuing operations $ 4.21 $ 6.81 $ 14.90 $ 21.53
Income (loss) from discontinued operations 0.00 0.00 0.00 (0.01)
Net income (loss) per basic common share 4.21 6.81 14.90 21.52
Diluted earnings per common share:        
Net income from continuing operations 4.20 6.78 14.84 21.45
Income (loss) from discontinued operations 0.00 0.00 0.00 (0.01)
Net income (loss) per diluted common share $ 4.20 $ 6.78 $ 14.84 $ 21.44