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, 2017
Dec. 31, 2016
Dec. 31, 2015
Interest income      
Loans and leases $ 36,221 $ 33,228 $ 31,918
Debt securities 10,471 9,167 9,178
Federal funds sold and securities borrowed or purchased under agreements to resell 2,390 1,118 988
Trading account assets 4,474 4,423 4,397
Other interest income 4,023 3,121 3,026
Total interest income 57,579 51,057 49,507
Interest expense      
Deposits 1,931 1,015 861
Short-term borrowings 3,538 2,350 2,387
Trading account liabilities 1,204 1,018 1,343
Long-term debt 6,239 5,578 5,958
Total interest expense 12,912 9,961 10,549
Net interest income 44,667 41,096 38,958
Noninterest income      
Card income 5,902 5,851 5,959
Service charges 7,818 7,638 7,381
Investment and brokerage services 13,281 12,745 13,337
Investment banking income 6,011 5,241 5,572
Trading account profits 7,277 6,902 6,473
Mortgage banking income 224 1,853 2,364
Gains on sales of debt securities 255 490 1,138
Other income 1,917 1,885 1,783
Total noninterest income 42,685 42,605 44,007
Total revenue, net of interest expense 87,352 83,701 82,965
Provision for credit losses 3,396 3,597 3,161
Noninterest expense      
Personnel 31,642 31,748 32,751
Occupancy 4,009 4,038 4,093
Equipment 1,692 1,804 2,039
Marketing 1,746 1,703 1,811
Professional fees 1,888 1,971 2,264
Data processing 3,139 3,007 3,115
Telecommunications 699 746 823
Other general operating 9,928 10,066 10,721
Total noninterest expense 54,743 55,083 57,617
Income before income taxes 29,213 25,021 22,187
Income tax expense 10,981 7,199 6,277
Net income 18,232 17,822 15,910
Preferred stock dividends 1,614 1,682 1,483
Net income applicable to common shareholders $ 16,618 $ 16,140 $ 14,427
Per common share information      
Earnings (in dollars per share) $ 1.63 $ 1.57 $ 1.38
Diluted earnings (in dollars per share) 1.56 1.49 1.31
Dividends paid (in dollars per share) $ 0.390 $ 0.25 $ 0.20
Average common shares issued and outstanding (in thousands) (in shares) 10,195,646 10,284,147 10,462,282
Average diluted common shares issued and outstanding (in thousands) (in shares) 10,778,428 11,046,806 11,236,230