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, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Interest income        
Loans and leases $ 9,597 $ 11,205 $ 29,514 $ 34,454
Debt securities 2,031 1,729 6,658 7,286
Federal funds sold and securities borrowed or purchased under agreements to resell 353 584 1,173 1,698
Trading account assets 1,189 1,500 3,787 4,664
Other interest income 806 835 2,297 2,721
Total interest income 13,976 15,853 43,429 50,823
Interest expense        
Deposits 484 704 1,552 2,386
Short-term borrowings 893 1,153 2,717 3,678
Trading account liabilities 418 547 1,343 1,801
Long-term debt 2,243 2,959 7,485 9,043
Total interest expense 4,038 5,363 13,097 16,908
Net interest income 9,938 10,490 30,332 33,915
Noninterest income        
Card income 1,538 1,911 4,573 5,706
Service charges 1,934 2,068 5,780 6,112
Investment and brokerage services 2,781 3,022 8,504 9,132
Investment banking income 1,336 942 3,699 4,204
Equity investment income 238 1,446 1,371 4,133
Trading account profits 1,239 1,604 5,078 6,417
Mortgage banking income (loss) 2,019 1,617 5,290 (10,949)
Insurance income (loss) (138) 190 (71) 1,203
Gains on sales of debt securities 339 737 1,491 2,182
Other income (loss) (790) 4,511 (1,321) 6,729
Other-than-temporary impairment losses on available-for-sale debt securities:        
Total other-than-temporary impairment losses (9) (114) (70) (271)
Less: Portion of other-than-temporary impairment losses recognized in other comprehensive income 3 29 18 53
Net impairment losses recognized in earnings on available-for-sale debt securities (6) (85) (52) (218)
Total noninterest income 10,490 17,963 34,342 34,651
Total revenue, net of interest expense 20,428 28,453 64,674 68,566
Provision for credit losses 1,774 3,407 5,965 10,476
Noninterest expense        
Personnel 8,431 8,865 27,348 28,204
Occupancy 1,160 1,183 3,419 3,617
Equipment 561 616 1,718 1,815
Marketing 479 556 1,393 1,680
Professional fees 873 937 2,578 2,349
Amortization of intangibles 315 377 955 1,144
Data processing 640 626 2,188 1,964
Telecommunications 410 405 1,227 1,167
Other general operating 4,675 3,872 12,907 15,672
Goodwill impairment 0 0 0 2,603
Merger and restructuring charges 0 176 0 537
Total noninterest expense 17,544 17,613 53,733 60,752
Income (loss) before income taxes 1,110 7,433 4,976 (2,662)
Income tax expense (benefit) 770 1,201 1,520 (2,117)
Net income (loss) 340 6,232 3,456 (545)
Preferred stock dividends 373 343 1,063 954
Net income (loss) applicable to common shareholders $ (33) $ 5,889 $ 2,393 $ (1,499)
Per common share information        
Earnings (loss) $ 0.00 $ 0.58 $ 0.22 $ (0.15)
Diluted earnings (loss) $ 0.00 $ 0.56 $ 0.22 $ (0.15)
Dividends paid $ 0.01 $ 0.01 $ 0.03 $ 0.03
Average common shares issued and outstanding (in thousands) 10,776,173 10,116,284 10,735,461 10,095,859
Average diluted common shares issued and outstanding (in thousands) 10,776,173 10,464,395 10,826,503 10,095,859