Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Income

v3.21.1
Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Interest and fee income:    
Loans and leases $ 752 $ 809
Available-for-sale securities    
Taxable 49 76
Tax-exempt 13 18
Held-to-maturity securities—taxable 42 59
Other securities—taxable 2 2
Other 11 11
Total interest income 869 975
Interest expense:    
Deposits 11 105
Short-term borrowings 0 12
Long-term debt (114) 68
Total interest expense (103) 185
Net interest income 972 790
Net interest income after provision for credit losses 1,032 349
Mortgage banking income 100 58
Service charges on deposit accounts 69 87
Card and payment processing income 65 58
Trust and investment management services 52 47
Capital markets fees 29 33
Insurance income 27 23
Bank owned life insurance income 16 16
Gain on sale of loans 3 8
Other noninterest income 34 31
Total noninterest income 395 361
Personnel costs 468 395
Outside data processing and other services 115 85
Equipment 46 41
Net occupancy 42 40
Professional services 17 11
Amortization of intangibles 10 11
Marketing 14 9
Deposit and other insurance expense 8 9
Other noninterest expense 73 51
Total noninterest expense 793 652
Income before income taxes 634 58
Provision for income taxes 102 10
Net income 532 48
Dividends on preferred shares 31 18
Net income applicable to common shares $ 501 $ 30
Average common shares—basic (in shares) 1,017,512 1,017,643
Average common shares—diluted (in shares) 1,041,003 1,034,576
Per common share:    
Net income—basic (in usd per share) $ 0.49 $ 0.03
Net income—diluted (in usd per share) $ 0.48 $ 0.03
Financing Receivable, Credit Loss, Expense (Reversal) $ (60) $ 441