Summary of Quarterly Financial Statements (Unaudited) Summary of Quarterly Financial Statements (Unaudited ) (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Statements

The following quarterly information is unaudited. However, in the opinion of management, the information reflects all adjustments, which are necessary for the fair presentation of the results of operations, for the periods presented.


	2021
(in millions, except per share data)	Fourth Quarter		Third Quarter		Second Quarter		First Quarter
Interest income	$	474	$	489	$	479	$	459
Interest expense	13		14		14		16
Net interest income	461		475		465		443
Provision for credit losses	(25)		(42)		(135)		(182)

Noninterest income	289		280		284		270
Noninterest expenses	486		465		463		447
Provision for income taxes	61		70		93		98
Net income	228		262		328		350
Less:
Income allocated to participating securities	1		1		2		1
Preferred stock dividends	6		6		5		6
Net income attributable to common shares	$	221	$	255	$	321	$	343
Earnings per common share:
Basic	$	1.69	$	1.92	$	2.35	$	2.46
Diluted	1.66		1.90		2.32		2.43
Comprehensive income	223		175		313		181


	2020
(in millions, except per share data)	Fourth Quarter (Recast)		Third Quarter (Recast)		Second Quarter (Recast)		First Quarter (Recast)
Interest income	$	489	$	484	$	511	$	609
Interest expense	20		26		40		96
Net interest income	469		458		471		513
Provision for credit losses	(17)		5		138		411
Net securities gains (losses)	—		—		1		(1)
Noninterest income excluding net securities gains (losses)	265		252		246		238
Noninterest expenses (a)	465		438		434		417
Provision (benefit) for income taxes (a)	65		50		28		(19)
Net income (loss) (a)	221		217		118		(59)
Less:
Income allocated to participating securities	1		—		1		—
Preferred stock dividends	5		8		—		—
Net income (loss) attributable to common shares (a)	$	215	$	209	$	117	$	(59)
Earnings (loss) per common share:
Basic (a)	$	1.54	$	1.49	$	0.85	$	(0.42)
Diluted (a)	1.53		1.48		0.84		(0.42)
Comprehensive income	267		169		97		344

(a)Recast to reflect the retrospective application of the Corporation's election to change the accounting methodology for certain components of defined pension benefit credit. Refer to Note 1 for further information.