Annual report pursuant to Section 13 and 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
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Interest income      
Loans and leases $ 44,966 $ 50,996 $ 48,703
Debt securities 9,521 11,667 12,947
Federal funds sold and securities borrowed or purchased under agreements to resell 2,147 1,832 2,894
Trading account assets 5,961 6,841 7,944
Other interest income 3,641 4,161 5,428
Total interest income 66,236 75,497 77,916
Interest expense      
Deposits 3,002 3,997 7,807
Short-term borrowings 4,599 3,699 5,512
Trading account liabilities 2,212 2,571 2,075
Long-term debt 11,807 13,707 15,413
Total interest expense 21,620 23,974 30,807
Net interest income 44,616 51,523 47,109
Noninterest income      
Card income 7,184 8,108 8,353
Service charges 8,094 9,390 11,038
Investment and brokerage services 11,826 11,622 11,919
Investment banking income 5,217 5,520 5,551
Equity investment income 7,360 5,260 10,014
Trading account profits 6,697 10,054 12,235
Mortgage banking income (loss) (8,830) 2,734 8,791
Insurance income 1,346 2,066 2,760
Gains on sales of debt securities 3,374 2,526 4,723
Other income (loss) 6,869 2,384 (14)
Total other-than-temporary impairment losses (360) (2,174) (3,508)
Less: Portion of other-than-temporary impairment losses recognized in other comprehensive income 61 1,207 672
Net impairment losses recognized in earnings on available-for-sale debt securities (299) (967) (2,836)
Total noninterest income 48,838 [1] 58,697 [1] 72,534 [1]
Total revenue, net of interest expense 93,454 [2] 110,220 [2] 119,643 [2]
Provision for credit losses 13,410 [1] 28,435 [1] 48,570 [1]
Noninterest expense      
Personnel 36,965 35,149 31,528
Occupancy 4,748 4,716 4,906
Equipment 2,340 2,452 2,455
Marketing 2,203 1,963 1,933
Professional fees 3,381 2,695 2,281
Amortization of intangibles 1,509 [1] 1,731 [1] 1,978 [1]
Data processing 2,652 2,544 2,500
Telecommunications 1,553 1,416 1,420
Other general operating 21,101 16,222 14,991
Goodwill impairment 3,184 [1] 12,400 [1] 0 [1]
Merger and restructuring charges 638 1,820 2,721
Total noninterest expense 80,274 83,108 66,713
Income (loss) before income taxes (230) (1,323) 4,360
Income tax expense (benefit) (1,676) 915 (1,916)
Net income (loss) 1,446 [1] (2,238) [1] 6,276 [1]
Preferred stock dividends and accretion 1,361 1,357 8,480
Net income (loss) applicable to common shareholders $ 85 $ (3,595) $ (2,204)
Per common share information      
Earnings (loss) $ 0.01 $ (0.37) $ (0.29)
Diluted earnings (loss) $ 0.01 $ (0.37) $ (0.29)
Dividends paid $ 0.04 $ 0.04 $ 0.04
Average common shares issued and outstanding (in thousands) 10,142,625 9,790,472 7,728,570
Average diluted common shares issued and outstanding (in thousands) 10,254,824 9,790,472 7,728,570
[1] There were no material intersegment revenues.
[2] There were no material intercompany revenues between geographic regions for any of the periods presented.