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Quarterly Results of Operations (unaudited)
The following is a summary of the quarterly results of operations, for the years ended December 31, 2019 and 2018:
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Three Months Ended |
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December 31, |
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September 30, |
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June 30, |
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March 31, |
(dollar amounts in millions, except per share data) |
2019 |
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2019 |
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2019 |
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2019 |
Interest income |
$ |
1,011 |
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$ |
1,052 |
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$ |
1,068 |
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$ |
1,070 |
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Interest expense |
231 |
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|
253 |
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|
256 |
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|
248 |
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Net interest income |
780 |
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|
799 |
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|
812 |
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|
822 |
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Provision for credit losses |
79 |
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|
82 |
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|
59 |
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|
67 |
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Noninterest income |
372 |
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|
389 |
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|
374 |
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|
319 |
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Noninterest expense |
701 |
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|
667 |
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|
700 |
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|
653 |
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Income before income taxes |
372 |
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|
439 |
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|
427 |
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|
421 |
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Provision for income taxes |
55 |
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|
67 |
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|
63 |
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|
63 |
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Net income |
317 |
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|
372 |
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|
364 |
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|
358 |
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Dividends on preferred shares |
19 |
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18 |
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|
18 |
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19 |
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Net income applicable to common shares |
$ |
298 |
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$ |
354 |
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$ |
346 |
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$ |
339 |
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Net income per common share — Basic |
$ |
0.29 |
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$ |
0.34 |
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$ |
0.33 |
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$ |
0.32 |
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Net income per common share — Diluted |
0.28 |
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|
0.34 |
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|
0.33 |
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|
0.32 |
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Three Months Ended |
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December 31, |
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September 30, |
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June 30, |
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March 31, |
(dollar amounts in millions, except per share data) |
2018 |
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2018 |
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2018 |
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2018 |
Interest income |
$ |
1,056 |
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$ |
1,007 |
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$ |
972 |
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$ |
914 |
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Interest expense |
223 |
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|
205 |
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|
188 |
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|
144 |
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Net interest income |
833 |
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|
802 |
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|
784 |
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|
770 |
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Provision for credit losses |
60 |
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|
53 |
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|
56 |
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|
66 |
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Noninterest income |
329 |
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|
342 |
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|
336 |
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|
314 |
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Noninterest expense |
711 |
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|
651 |
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|
652 |
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|
633 |
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Income before income taxes |
391 |
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|
440 |
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|
412 |
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|
385 |
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Provision (benefit) for income taxes |
57 |
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|
62 |
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57 |
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|
59 |
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Net income |
334 |
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|
378 |
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|
355 |
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|
326 |
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Dividends on preferred shares |
19 |
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|
18 |
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21 |
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|
12 |
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Net income applicable to common shares |
$ |
315 |
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$ |
360 |
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$ |
334 |
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$ |
314 |
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Net income per common share — Basic |
$ |
0.30 |
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$ |
0.33 |
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$ |
0.30 |
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$ |
0.29 |
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Net income per common share — Diluted |
0.29 |
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|
0.33 |
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|
0.30 |
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|
0.28 |
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