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 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Interest income        
Loans and leases $ 11,205 $ 12,485 $ 34,454 $ 38,847
Debt securities 1,729 2,605 7,286 8,638
Federal funds sold and securities borrowed or purchased under agreements to resell 584 441 1,698 1,346
Trading account assets 1,500 1,641 4,664 5,180
Other interest income 835 1,037 2,721 3,196
Total interest income 15,853 18,209 50,823 57,207
Interest expense        
Deposits 704 950 2,386 3,103
Short-term borrowings 1,153 848 3,678 2,557
Trading account liabilities 547 635 1,801 2,010
Long-term debt 2,959 3,341 9,043 10,453
Total interest expense 5,363 5,774 16,908 18,123
Net interest income 10,490 12,435 33,915 39,084
Noninterest income        
Card income 1,911 1,982 5,706 5,981
Service charges 2,068 2,212 6,112 7,354
Investment and brokerage services 3,022 2,724 9,132 8,743
Investment banking income 942 1,371 4,204 3,930
Equity investment income 1,446 357 4,133 3,748
Trading account profits 1,604 2,596 6,417 9,059
Mortgage banking income (loss) 1,617 1,755 (10,949) 4,153
Insurance income 190 75 1,203 1,468
Gains on sales of debt securities 737 883 2,182 1,654
Other income 4,511 433 6,729 3,498
Other-than-temporary impairment losses on available-for-sale debt securities:        
Total other-than-temporary impairment losses (114) (156) (271) (1,616)
Less: Portion of other-than-temporary impairment losses recognized in other comprehensive income 29 33 53 766
Net impairment losses recognized in earnings on available-for-sale debt securities (85) (123) (218) (850)
Total noninterest income 17,963 [1] 14,265 [1] 34,651 [1] 48,738 [1]
Total revenue, net of interest expense 28,453 26,700 68,566 87,822
Provision for credit losses 3,407 [1] 5,396 [1] 10,476 [1] 23,306 [1]
Noninterest expense        
Personnel 8,865 8,402 28,204 26,349
Occupancy 1,183 1,150 3,617 3,504
Equipment 616 619 1,815 1,845
Marketing 556 497 1,680 1,479
Professional fees 937 651 2,349 1,812
Amortization of intangibles 377 [1] 426 [1] 1,144 [1] 1,311 [1]
Data processing 626 602 1,964 1,882
Telecommunications 405 361 1,167 1,050
Other general operating 3,872 3,687 15,672 11,162
Goodwill impairment 0 [1] 10,400 [1] 2,603 [1] 10,400 [1]
Merger and restructuring charges 176 421 537 1,450
Total noninterest expense 17,613 27,216 60,752 62,244
Income (loss) before income taxes 7,433 (5,912) (2,662) 2,272
Income tax expense (benefit) 1,201 1,387 (2,117) 3,266
Net income (loss) 6,232 [1] (7,299) [1] (545) [1] (994) [1]
Preferred stock dividends 343 348 954 1,036
Net income (loss) applicable to common shareholders $ 5,889 $ (7,647) $ (1,499) $ (2,030)
Per common share information        
Earnings (loss) $ 0.58 $ (0.77) $ (0.15) $ (0.21)
Diluted earnings (loss) $ 0.56 $ (0.77) $ (0.15) $ (0.21)
Dividends paid $ 0.01 $ 0.01 $ 0.03 $ 0.03
Average common shares issued and outstanding (in thousands) 10,116,284 9,976,351 10,095,859 9,706,951
Average diluted common shares issued and outstanding (in thousands) 10,464,395 9,976,351 10,095,859 9,706,951
[1] There were no material intersegment revenues.