Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statement of Income

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Consolidated Statement of Income (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Interest income        
Loans and leases $ 8,635 $ 9,060 $ 17,395 $ 18,238
Debt securities 2,124 2,548 4,121 5,097
Federal funds sold and securities borrowed or purchased under agreements to resell 297 319 562 634
Trading account assets 1,175 1,181 2,352 2,518
Other interest income 710 717 1,446 1,439
Total interest income 12,941 13,825 25,876 27,926
Interest expense        
Deposits 282 366 573 748
Short-term borrowings 763 809 1,372 1,558
Trading account liabilities 398 427 833 899
Long-term debt 1,485 1,674 3,000 3,508
Total interest expense 2,928 3,276 5,778 6,713
Net interest income 10,013 10,549 20,098 21,213
Noninterest income        
Card income 1,441 1,469 2,834 2,879
Service charges 1,866 1,837 3,692 3,636
Investment and brokerage services 3,291 3,143 6,560 6,170
Investment banking income 1,631 1,556 3,173 3,091
Equity investment income 357 680 1,141 1,243
Trading account profits 1,832 1,938 4,299 4,927
Mortgage banking income 527 1,178 939 2,441
Gains on sales of debt securities 382 457 759 525
Other income (loss) 407 (80) 818 (201)
Total noninterest income 11,734 [1] 12,178 [1] 24,215 [2] 24,711 [2]
Total revenue, net of interest expense 21,747 22,727 44,313 45,924
Provision for credit losses 411 [1] 1,211 [1] 1,420 [2] 2,924 [2]
Noninterest expense        
Personnel 8,306 8,531 18,055 18,422
Occupancy 1,079 1,109 2,194 2,263
Equipment 534 532 1,080 1,082
Marketing 450 437 892 866
Professional fees 626 694 1,184 1,343
Amortization of intangibles 235 [1] 274 [1] 474 [2] 550 [2]
Data processing 761 779 1,594 1,591
Telecommunications 324 411 694 820
Other general operating 6,226 3,251 14,612 8,581
Total noninterest expense 18,541 16,018 40,779 35,518
Income before income taxes 2,795 5,498 2,114 7,482
Income tax expense 504 1,486 99 1,987
Net income 2,291 [1] 4,012 [1] 2,015 [2] 5,495 [2]
Preferred stock dividends 256 441 494 814
Net income applicable to common shareholders $ 2,035 $ 3,571 $ 1,521 $ 4,681
Per common share information        
Earnings (in dollars per share) $ 0.19 $ 0.33 $ 0.14 $ 0.43
Diluted earnings (in dollars per share) $ 0.19 $ 0.32 $ 0.14 $ 0.42
Dividends paid (in dollars per share) $ 0.01 $ 0.01 $ 0.02 $ 0.02
Average common shares issued and outstanding (in thousands) 10,519,359 10,775,867 10,539,769 10,787,357
Average diluted common shares issued and outstanding (in thousands) 11,265,123 11,524,510 10,599,641 11,549,693
[1] There were no material intersegment revenues.
[2] (1) There were no material intersegment revenues.