Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Income

v3.19.2
Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest and fee income:        
Loans and leases $ 903 $ 810 $ 1,804 $ 1,566
Available-for-sale securities        
Taxable 72 71 148 141
Tax-exempt 21 24 43 47
Held-to-maturity securities—taxable 56 53 110 107
Other securities—taxable 4 7 10 13
Other 12 7 23 12
Total interest income 1,068 972 2,138 1,886
Interest expense:        
Deposits 150 87 295 147
Short-term borrowings 19 14 33 33
Subordinated notes and other long-term debt 87 87 176 152
Total interest expense 256 188 504 332
Net interest income 812 784 1,634 1,554
Provision for credit losses 59 56 126 122
Net interest income after provision for credit losses 753 728 1,508 1,432
Service charges on deposit accounts 92 91 179 177
Cards and payment processing income 63 56 119 109
Trust and investment management services 43 42 87 86
Mortgage banking income 34 28 55 54
Capital markets fees 34 26 56 47
Insurance income 23 21 44 42
Bank Owned Life Insurance Income 15 17 31 32
Gain (Loss) on Sales of Loans, Net 13 15 26 23
Net (losses) gains on sales of securities (2) 0 (2) 0
Noninterest Income, Other Operating Income 59 40 98 80
Total noninterest income 374 336 693 650
Personnel costs 428 396 822 772
Outside data processing and other services 89 69 170 142
Net occupancy 38 35 80 76
Equipment 40 38 80 78
Deposit and other insurance expense 8 18 16 36
Professional services 12 15 24 26
Marketing 11 18 18 26
Amortization of intangibles 12 13 25 27
Other noninterest expense 62 50 118 102
Total noninterest expense 700 652 1,353 1,285
Income before income taxes 427 412 848 797
Provision for income taxes 63 57 126 116
Net income 364 355 722 681
Dividends on preferred shares 18 21 37 33
Net income applicable to common shares $ 346 $ 334 $ 685 $ 648
Average common shares—basic (in shares) 1,044,802 1,103,337 1,045,899 1,093,587
Average common shares—diluted (in shares) 1,060,280 1,122,612 1,062,959 1,123,646
Per common share:        
Net income—basic (in usd per share) $ 0.33 $ 0.30 $ 0.66 $ 0.59
Net income—diluted (in usd per share) $ 0.33 $ 0.30 $ 0.64 $ 0.58