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v3.22.2

Strategic Lines of Business (Tables) | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Business Segment Financial Results | Business segment financial results are as follows:
| Commercial Bank |  | Retail Bank |  | Wealth Management |  | Finance |  | Other |  | Total
(dollar amounts in millions) |  |  |  |  |
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 399 |  |  | $ | 147 |  |  | $ | 47 |  |  | $ | (33) |  |  | $ | 1 |  |  | $ | 561 |
Provision for credit losses | 8 |  |  | (2) |  |  | 4 |  |  | — |  |  | — |  |  | 10 |
Noninterest income | 160 |  |  | 32 |  |  | 77 |  |  | 12 |  |  | (13) |  |  | 268 |
Noninterest expenses | 237 |  |  | 173 |  |  | 89 |  |  | — |  |  | (17) |  |  | 482 |
Provision (benefit) for income taxes | 70 |  |  | 2 |  |  | 7 |  |  | (7) |  |  | 4 |  |  | 76 |
Net income (loss) | $ | 244 |  |  | $ | 6 |  |  | $ | 24 |  |  | $ | (14) |  |  | $ | 1 |  |  | $ | 261 |
Net credit-related charge-offs (recoveries) | $ | 2 |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 47,451 |  |  | $ | 2,769 |  |  | $ | 4,963 |  |  | $ | 21,071 |  |  | $ | 12,556 |  |  | $ | 88,810 |
Loans | 43,171 |  |  | 2,015 |  |  | 4,832 |  |  | — |  |  | 9 |  |  | 50,027 |
Deposits | 43,744 |  |  | 27,145 |  |  | 5,966 |  |  | 520 |  |  | 214 |  |  | 77,589 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.00 | % |  | 0.09 | % |  | 1.52 | % |  | n/m |  | n/m |  | 1.18 | %
Efficiency ratio (b) | 42.38 |  |  | 95.87 |  |  | 71.82 |  |  | n/m |  | n/m |  | 58.03 |
Three Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 402 |  |  | $ | 145 |  |  | $ | 43 |  |  | $ | (127) |  |  | $ | 2 |  |  | $ | 465 |
Provision for credit losses | (123) |  |  | (7) |  |  | (4) |  |  | — |  |  | (1) |  |  | (135) |
Noninterest income | 167 |  |  | 30 |  |  | 71 |  |  | 9 |  |  | 7 |  |  | 284 |
Noninterest expenses | 204 |  |  | 173 |  |  | 77 |  |  | 1 |  |  | 8 |  |  | 463 |
Provision (benefit) for income taxes | 111 |  |  | 1 |  |  | 9 |  |  | (26) |  |  | (2) |  |  | 93 |
Net income (loss) | $ | 377 |  |  | $ | 8 |  |  | $ | 32 |  |  | $ | (93) |  |  | $ | 4 |  |  | $ | 328 |
Net credit-related (recoveries) charge-offs | $ | (12) |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (11) |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 44,283 |  |  | $ | 3,395 |  |  | $ | 5,063 |  |  | $ | 17,461 |  |  | $ | 17,658 |  |  | $ | 87,860 |
Loans | 42,350 |  |  | 2,533 |  |  | 4,936 |  |  | — |  |  | 9 |  |  | 49,828 |
Deposits | 43,682 |  |  | 25,573 |  |  | 5,103 |  |  | 944 |  |  | 218 |  |  | 75,520 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 3.21 | % |  | 0.12 | % |  | 2.40 | % |  | n/m |  | n/m |  | 1.50 | %
Efficiency ratio (b) | 35.99 |  |  | 98.06 |  |  | 66.85 |  |  | n/m |  | n/m |  | 61.72 |
(a)Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. (b)Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants. n/m – not meaningful
(dollar amounts in millions) | Commercial Bank |  | Retail Bank |  | Wealth Management |  | Finance |  | Other |  | Total
Six Months Ended June 30, 2022
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 755 |  |  | $ | 277 |  |  | $ | 83 |  |  | $ | (97) |  |  | $ | (1) |  |  | $ | 1,017 |
Provision for credit losses | (15) |  |  | 5 |  |  | 6 |  |  | — |  |  | 3 |  |  | (1) |
Noninterest income | 292 |  |  | 60 |  |  | 149 |  |  | 30 |  |  | (19) |  |  | 512 |
Noninterest expenses | 471 |  |  | 337 |  |  | 172 |  |  | — |  |  | (25) |  |  | 955 |
Provision (benefit) for income taxes | 135 |  |  | (2) |  |  | 13 |  |  | (19) |  |  | (2) |  |  | 125 |
Net income (loss) | $ | 456 |  |  | $ | (3) |  |  | $ | 41 |  |  | $ | (48) |  |  | $ | 4 |  |  | $ | 450 |
Net credit-related charge-offs (recoveries) | $ | 11 |  |  | $ | (1) |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 46,173 |  |  | $ | 2,788 |  |  | $ | 4,911 |  |  | $ | 20,158 |  |  | $ | 15,944 |  |  | $ | 89,974 |
Loans | 42,364 |  |  | 2,014 |  |  | 4,773 |  |  | — |  |  | 4 |  |  | 49,155 |
Deposits | 44,886 |  |  | 27,004 |  |  | 5,636 |  |  | 599 |  |  | 217 |  |  | 78,342 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 1.85 | % |  | (0.02) | % |  | 1.38 | % |  | n/m |  | n/m |  | 1.01 | %
Efficiency ratio (b) | 44.69 |  |  | 99.59 |  |  | 74.14 |  |  | n/m |  | n/m |  | 62.11 |
Six Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 784 |  |  | $ | 278 |  |  | $ | 85 |  |  | $ | (244) |  |  | $ | 5 |  |  | $ | 908 |
Provision for credit losses | (300) |  |  | (1) |  |  | (16) |  |  | — |  |  | — |  |  | (317) |
Noninterest income | 326 |  |  | 58 |  |  | 138 |  |  | 21 |  |  | 11 |  |  | 554 |
Noninterest expenses | 419 |  |  | 322 |  |  | 153 |  |  | 1 |  |  | 15 |  |  | 910 |
Provision (benefit) for income taxes | 224 |  |  | 1 |  |  | 19 |  |  | (51) |  |  | (2) |  |  | 191 |
Net income (loss) | $ | 767 |  |  | $ | 14 |  |  | $ | 67 |  |  | $ | (173) |  |  | $ | 3 |  |  | $ | 678 |
Net credit-related (recoveries) charge-offs | $ | (10) |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (8) |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 44,365 |  |  | $ | 3,428 |  |  | $ | 5,112 |  |  | $ | 17,212 |  |  | $ | 16,101 |  |  | $ | 86,218 |
Loans | 42,625 |  |  | 2,576 |  |  | 4,998 |  |  | — |  |  | 7 |  |  | 50,206 |
Deposits | 42,399 |  |  | 24,951 |  |  | 4,965 |  |  | 964 |  |  | 188 |  |  | 73,467 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 3.38 | % |  | 0.11 | % |  | 2.55 | % |  | n/m |  | n/m |  | 1.59 | %
Efficiency ratio (b) | 37.78 |  |  | 95.00 |  |  | 68.31 |  |  | n/m |  | n/m |  | 62.12 |
(a)Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. (b)Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants. n/m – not meaningful

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