Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.20.4
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Interest and fee income:      
Loans and leases $ 3,085 $ 3,541 $ 3,305
Available-for-sale securities      
Taxable 237 295 279
Tax-exempt 61 83 97
Held-to-maturity securities-taxable 215 218 211
Other securities-taxable 6 16 25
Other interest income 43 48 32
Total interest income 3,647 4,201 3,949
Interest expense      
Deposits 197 585 391
Short-term borrowings 13 54 48
Long-term debt 213 349 321
Total interest expense 423 988 760
Net interest income 3,224 3,213 3,189
Provision for credit losses 1,048 287 235
Net interest income after provision for credit losses 2,176 2,926 2,954
Mortgage banking income 366 167 108
Service charges on deposit accounts 301 372 364
Card and payment processing income 248 246 224
Trust and investment management services 189 178 171
Capital markets fees 125 123 108
Insurance income 97 88 82
Bank owned life insurance income 64 66 67
Gain on sale of loans 42 55 55
Net (losses) gains on sales of securities (1) (24) (21)
Other noninterest income 160 183 163
Total noninterest income 1,591 1,454 1,321
Personnel costs 1,692 1,654 1,559
Outside data processing and other services 384 346 294
Equipment 180 163 164
Net occupancy 158 159 184
Professional services 55 54 60
Amortization of intangibles 41 49 53
Marketing 38 37 53
Deposit and other insurance expense 32 34 63
Other noninterest expense 215 225 217
Total noninterest expense 2,795 2,721 2,647
Income before income taxes 972 1,659 1,628
Provision for income taxes 155 248 235
Net income 817 1,411 1,393
Dividends on preferred shares 100 74 70
Net income available to common shareholders $ 717 $ 1,337 $ 1,323
Average common shares—basic (in shares) 1,017,117 1,038,840 1,081,542
Average common shares—diluted (in shares) 1,032,683 1,056,079 1,105,985
Per common share:      
Net income - basic (in USD per share) $ 0.71 $ 1.29 $ 1.22
Net income - diluted (in USD per share) $ 0.69 $ 1.27 $ 1.20