Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Income

v3.20.2
Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest and fee income:        
Loans and leases $ 764 $ 889 $ 2,327 $ 2,692
Available-for-sale securities        
Taxable 50 74 191 222
Tax-exempt 15 20 47 64
Held-to-maturity securities—taxable 51 54 169 164
Other securities—taxable 1 3 4 13
Other 11 12 31 35
Total interest income 892 1,052 2,769 3,190
Interest expense:        
Deposits 31 154 182 449
Short-term borrowings 0 13 13 46
Long-term debt 44 86 175 262
Total interest expense 75 253 370 757
Net interest income 817 799 2,399 2,433
Provision for credit losses 177 82 945 208
Net interest income after provision for credit losses 640 717 1,454 2,225
Service charges on deposit accounts 76 98 223 277
Card and payment processing income 66 64 183 183
Trust and investment management services 48 44 140 131
Mortgage banking income 122 54 277 109
Capital markets fees 27 36 91 92
Insurance income 24 20 72 64
Bank owned life insurance income 17 18 49 49
Gain on sale of loans and leases 13 13 30 39
Net (losses) gains on sales of securities 0 0 (1) (2)
Other noninterest income 37 42 118 140
Total noninterest income 430 389 1,182 1,082
Personnel costs 453 406 1,267 1,228
Outside data processing and other services 98 87 273 257
Equipment 44 41 132 121
Net occupancy 40 38 119 118
Professional services 12 16 34 40
Amortization of intangibles 10 12 31 37
Marketing 9 10 23 28
Deposit and other insurance expense 6 8 24 24
Other noninterest expense 40 49 136 167
Total noninterest expense 712 667 2,039 2,020
Income before income taxes 358 439 597 1,287
Provision for income taxes 55 67 96 193
Net income 303 372 501 1,094
Dividends on preferred shares 28 18 65 55
Net income applicable to common shares $ 275 $ 354 $ 436 $ 1,039
Average common shares—basic (in shares) 1,017,253 1,034,940 1,017,052 1,042,246
Average common shares—diluted (in shares) 1,031,460 1,051,273 1,031,573 1,059,064
Per common share:        
Net income—basic (in usd per share) $ 0.27 $ 0.34 $ 0.43 $ 1.00
Net income—diluted (in usd per share) $ 0.27 $ 0.34 $ 0.42 $ 0.98