Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest and fee income:      
Loans and leases $ 3,541 $ 3,305 $ 2,838
Available-for-sale securities      
Taxable 295 279 283
Tax-exempt 83 97 77
Held-to-maturity securities-taxable 218 211 193
Other securities-taxable 16 25 20
Other interest income 48 32 22
Total interest income 4,201 3,949 3,433
Interest expense      
Deposits 585 391 180
Short-term borrowings 54 48 25
Long-term debt 349 321 226
Total interest expense 988 760 431
Net interest income 3,213 3,189 3,002
Provision for credit losses 287 235 201
Net interest income after provision for credit losses 2,926 2,954 2,801
Service charges on deposit accounts 372 364 353
Card and payment processing income 246 224 206
Trust and investment management services 178 171 156
Mortgage banking income 167 108 131
Capital markets fees 123 108 90
Insurance income 88 82 81
Bank owned life insurance income 66 67 67
Gain on sale of loans and leases 55 55 56
Net (losses) gains on sales of securities (24) (21) 0
Impairment losses recognized in earnings on available-for-sale securities (a) 0 0 (4)
Other noninterest income 183 163 171
Total noninterest income 1,454 1,321 1,307
Personnel costs 1,654 1,559 1,524
Outside data processing and other services 346 294 313
Equipment 163 164 171
Net occupancy 159 184 212
Professional services 54 60 69
Amortization of intangibles 49 53 56
Marketing 37 53 60
Deposit and other insurance expense 34 63 78
Other noninterest expense 225 217 231
Total noninterest expense 2,721 2,647 2,714
Income before income taxes 1,659 1,628 1,394
Provision for income taxes 248 235 208
Net income 1,411 1,393 1,186
Dividends on preferred shares 74 70 76
Net income available to common shareholders $ 1,337 $ 1,323 $ 1,110
Average common shares—basic (in shares) 1,038,840 1,081,542 1,084,686
Average common shares—diluted (in shares) 1,056,079 1,105,985 1,136,186
Per common share:      
Net income - basic (in USD per share) $ 1.29 $ 1.22 $ 1.02
Net income - diluted (in USD per share) $ 1.27 $ 1.20 $ 1.00
Impairment losses on available-for-sale securities:      
Total OTTI losses $ 0 $ 0 $ (4)
Noncredit-related portion of loss recognized in other comprehensive income 0 0 0
Impairment losses recognized in earnings on available-for-sale securities $ 0 $ 0 $ (4)