Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statement of Income

 v2.3.0.11
Consolidated Statement of Income (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest income        
Loans and leases $ 11,320 $ 12,887 $ 23,249 $ 26,362
Debt securities 2,675 2,917 5,557 6,033
Federal funds sold and securities borrowed or purchased under agreements to resell 597 457 1,114 905
Trading account assets 1,538 1,796 3,164 3,539
Other interest income 918 1,062 1,886 2,159
Total interest income 17,048 19,119 34,970 38,998
Interest expense        
Deposits 843 1,031 1,682 2,153
Short-term borrowings 1,341 891 2,525 1,709
Trading account liabilities 627 715 1,254 1,375
Long-term debt 2,991 3,582 6,084 7,112
Total interest expense 5,802 6,219 11,545 12,349
Net interest income 11,246 12,900 23,425 26,649
Noninterest income        
Card income 1,967 2,023 3,795 3,999
Service charges 2,012 2,576 4,044 5,142
Investment and brokerage services 3,009 2,994 6,110 6,019
Investment banking income 1,684 1,319 3,262 2,559
Equity investment income 1,212 2,766 2,687 3,391
Trading account profits 2,091 1,227 4,813 6,463
Mortgage banking income (loss) (13,196) 898 (12,566) 2,398
Insurance income 400 678 1,013 1,393
Gains on sales of debt securities 899 37 1,445 771
Other income 1,957 1,861 2,218 3,065
Other-than-temporary impairment losses on available-for-sale debt securities:        
Total other-than-temporary impairment losses (63) (462) (157) (1,783)
Less: Portion of other-than-temporary impairment losses recognized in other comprehensive income 18 336 24 1,056
Net impairment losses recognized in earnings on available-for-sale debt securities (45) (126) (133) (727)
Total noninterest income 1,990 16,253 16,688 34,473
Total revenue, net of interest expense 13,236 29,153 40,113 61,122
Provision for credit losses 3,255 8,105 7,069 17,910
Noninterest expense        
Personnel 9,171 8,789 19,339 17,947
Occupancy 1,245 1,182 2,434 2,354
Equipment 593 613 1,199 1,226
Marketing 560 495 1,124 982
Professional fees 766 644 1,412 1,161
Amortization of intangibles 382 439 767 885
Data processing 643 632 1,338 1,280
Telecommunications 391 359 762 689
Other general operating 6,343 3,592 11,800 7,475
Goodwill impairment 2,603   2,603  
Merger and restructuring charges 159 508 361 1,029
Total noninterest expense 22,856 17,253 43,139 35,028
Income before income taxes (12,875) 3,795 (10,095) 8,184
Income tax expense (4,049) 672 (3,318) 1,879
Net income (8,826) 3,123 (6,777) 6,305
Preferred stock dividends 301 340 611 688
Net income applicable to common shareholders $ (9,127) $ 2,783 $ (7,388) $ 5,617
Per common share information        
Earnings $ (0.90) $ 0.28 $ (0.73) $ 0.56
Diluted earnings $ (0.90) $ 0.27 $ (0.73) $ 0.55
Dividends paid $ 0.01 $ 0.01 $ 0.02 $ 0.02
Average common shares issued and outstanding (in thousands) 10,094,928 9,956,773 10,085,479 9,570,166
Average diluted common shares issued and outstanding (in thousands) 10,094,928 10,029,776 10,085,479 10,020,926