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 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Interest income        
Loans and leases $ 9,060 $ 9,744 $ 18,238 $ 19,917
Debt securities 2,548 1,905 5,097 4,651
Federal funds sold and securities borrowed or purchased under agreements to resell 319 360 634 820
Trading account assets 1,181 1,246 2,518 2,598
Other interest income 717 737 1,439 1,467
Total interest income 13,825 13,992 27,926 29,453
Interest expense        
Deposits 366 519 748 1,068
Short-term borrowings 809 943 1,558 1,824
Trading account liabilities 427 448 899 925
Long-term debt 1,674 2,534 3,508 5,242
Total interest expense 3,276 4,444 6,713 9,059
Net interest income 10,549 9,548 21,213 20,394
Noninterest income        
Card income 1,469 1,578 2,879 3,035
Service charges 1,837 1,934 3,636 3,846
Investment and brokerage services 3,143 2,847 6,170 5,723
Investment banking income 1,556 1,146 3,091 2,363
Equity investment income 680 368 1,243 1,133
Trading account profits 1,938 1,764 4,927 3,839
Mortgage banking income 1,178 1,659 2,441 3,271
Gains on sales of debt securities 457 400 525 1,152
Other income (loss) (76) 730 (188) (464)
Other-than-temporary impairment losses on available-for-sale debt securities:        
Total other-than-temporary impairment losses (5) (13) (14) (62)
Less: Portion of other-than-temporary impairment losses recognized in other comprehensive income 1 7 1 16
Net impairment losses recognized in earnings on available-for-sale debt securities (4) (6) (13) (46)
Total noninterest income 12,178 12,420 24,711 23,852
Total revenue, net of interest expense 22,727 21,968 45,924 44,246
Provision for credit losses 1,211 1,773 2,924 4,191
Noninterest expense        
Personnel 8,531 8,729 18,422 18,917
Occupancy 1,109 1,117 2,263 2,259
Equipment 532 546 1,082 1,157
Marketing 437 449 866 914
Professional fees 694 922 1,343 1,705
Amortization of intangibles 274 321 550 640
Data processing 779 692 1,591 1,548
Telecommunications 411 417 820 817
Other general operating 3,251 3,855 8,581 8,232
Total noninterest expense 16,018 17,048 35,518 36,189
Income (loss) before income taxes 5,498 3,147 7,482 3,866
Income tax expense (benefit) 1,486 684 1,987 750
Net income (loss) 4,012 2,463 5,495 3,116
Preferred stock dividends 441 365 814 690
Net income (loss) applicable to common shareholders $ 3,571 $ 2,098 $ 4,681 $ 2,426
Per common share information        
Earnings (dollars per share) $ 0.33 $ 0.19 $ 0.43 $ 0.23
Diluted earnings (dollars per share) $ 0.32 $ 0.19 $ 0.42 $ 0.22
Dividends paid (dollars per share) $ 0.01 $ 0.01 $ 0.02 $ 0.02
Average common shares issued and outstanding (in thousands) 10,775,867 10,775,695 10,787,357 10,714,881
Average diluted common shares issued and outstanding (in thousands) 11,524,510 11,556,011 11,549,693 11,509,945