Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Income

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Consolidated Statement of Income - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Interest income      
Loans and leases $ 33,228 $ 31,918 $ 34,145
Debt securities 9,167 9,178 9,010
Federal funds sold and securities borrowed or purchased under agreements to resell 1,118 988 1,039
Trading account assets 4,423 4,397 4,561
Other interest income 3,121 3,026 2,959
Total interest income 51,057 49,507 51,714
Interest expense      
Deposits 1,015 861 1,080
Short-term borrowings 2,350 2,387 2,579
Trading account liabilities 1,018 1,343 1,576
Long-term debt 5,578 5,958 5,700
Total interest expense 9,961 10,549 10,935
Net interest income 41,096 38,958 40,779
Noninterest income      
Card income 5,851 5,959 5,944
Service charges 7,638 7,381 7,443
Investment and brokerage services 12,745 13,337 13,284
Investment banking income 5,241 5,572 6,065
Trading account profits 6,902 6,473 6,309
Mortgage banking income 1,853 2,364 1,563
Gains on sales of debt securities 490 1,138 1,481
Other income 1,885 1,783 3,026
Total noninterest income 42,605 44,007 45,115
Total revenue, net of interest expense 83,701 82,965 85,894
Provision for credit losses 3,597 3,161 2,275
Noninterest expense      
Personnel 31,616 32,868 33,787
Occupancy 4,038 4,093 4,260
Equipment 1,804 2,039 2,125
Marketing 1,703 1,811 1,829
Professional fees 1,971 2,264 2,472
Amortization of intangibles 730 834 936
Data processing 3,007 3,115 3,144
Telecommunications 746 823 1,259
Other general operating 9,336 9,887 25,844
Total noninterest expense 54,951 57,734 75,656
Income before income taxes 25,153 22,070 7,963
Income tax expense 7,247 6,234 2,443
Net income 17,906 15,836 5,520
Preferred stock dividends 1,682 1,483 1,044
Net income applicable to common shareholders $ 16,224 $ 14,353 $ 4,476
Per common share information      
Earnings (in dollars per share) $ 1.58 $ 1.37 $ 0.43
Diluted earnings (in dollars per share) 1.50 1.31 0.42
Dividends paid (in dollars per share) $ 0.25 $ 0.20 $ 0.12
Average common shares issued and outstanding (in thousands) (in shares) 10,284,147 10,462,282 10,527,818
Average diluted common shares issued and outstanding (in thousands) (in shares) 11,035,657 11,213,992 10,584,535