Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statement of Income

v2.4.0.6
Consolidated Statement of Income (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Interest income        
Loans and leases $ 9,744 $ 11,320 $ 19,917 $ 23,249
Debt securities 1,902 2,675 4,627 5,557
Federal funds sold and securities borrowed or purchased under agreements to resell 360 597 820 1,114
Trading account assets 1,246 1,538 2,598 3,164
Other interest income 740 918 1,491 1,886
Total interest income 13,992 17,048 29,453 34,970
Interest expense        
Deposits 519 843 1,068 1,682
Short-term borrowings 943 1,341 1,824 2,525
Trading account liabilities 448 627 925 1,254
Long-term debt 2,534 2,991 5,242 6,084
Total interest expense 4,444 5,802 9,059 11,545
Net interest income 9,548 11,246 20,394 23,425
Noninterest income        
Card income 1,578 1,967 3,035 3,795
Service charges 1,934 2,012 3,846 4,044
Investment and brokerage services 2,847 3,009 5,723 6,110
Investment banking income 1,146 1,684 2,363 3,262
Equity investment income 368 1,212 1,133 2,687
Trading account profits 1,764 2,091 3,839 4,813
Mortgage banking income (loss) 1,659 (13,196) 3,271 (12,566)
Insurance income (loss) 127 400 67 1,013
Gains on sales of debt securities 400 899 1,152 1,445
Other income (loss) 603 1,957 (531) 2,218
Other-than-temporary impairment losses on available-for-sale debt securities:        
Total other-than-temporary impairment losses (13) (63) (62) (157)
Less: Portion of other-than-temporary impairment losses recognized in other comprehensive income 7 18 16 24
Net impairment losses recognized in earnings on available-for-sale debt securities (6) (45) (46) (133)
Total noninterest income 12,420 1,990 23,852 16,688
Total revenue, net of interest expense 21,968 13,236 44,246 40,113
Provision for credit losses 1,773 3,255 4,191 7,069
Noninterest expense        
Personnel 8,729 9,171 18,917 19,339
Occupancy 1,117 1,245 2,259 2,434
Equipment 546 593 1,157 1,199
Marketing 449 560 914 1,124
Professional fees 922 766 1,705 1,412
Amortization of intangibles 321 382 640 767
Data processing 692 643 1,548 1,338
Telecommunications 417 391 817 762
Other general operating 3,855 6,343 8,232 11,800
Goodwill impairment 0 2,603 0 2,603
Merger and restructuring charges 0 159 0 361
Total noninterest expense 17,048 22,856 36,189 43,139
Income (loss) before income taxes 3,147 (12,875) 3,866 (10,095)
Income tax expense (benefit) 684 (4,049) 750 (3,318)
Net income (loss) 2,463 (8,826) 3,116 (6,777)
Preferred stock dividends 365 301 690 611
Net income (loss) applicable to common shareholders $ 2,098 $ (9,127) $ 2,426 $ (7,388)
Per common share information        
Earnings (loss) $ 0.19 $ (0.90) $ 0.23 $ (0.73)
Diluted earnings (loss) $ 0.19 $ (0.90) $ 0.22 $ (0.73)
Dividends paid $ 0.01 $ 0.01 $ 0.02 $ 0.02
Average common shares issued and outstanding (in thousands) 10,775,695 10,094,928 10,714,881 10,085,479
Average diluted common shares issued and outstanding (in thousands) 11,556,011 10,094,928 11,509,945 10,085,479