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v3.23.1

Strategic Lines of Business (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Business Segment Financial Results | Business segment financial results were as follows:
| Commercial Bank |  | Retail Bank |  | Wealth Management |  | Finance |  | Other |  | Total
(dollar amounts in millions) |  |  |  |  |
Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 531 |  |  | $ | 222 |  |  | $ | 58 |  |  | $ | (123) |  |  | $ | 20 |  |  | $ | 708 |
Provision for credit losses | 26 |  |  | 6 |  |  | (2) |  |  | — |  |  | — |  |  | 30 |
Noninterest income | 153 |  |  | 28 |  |  | 73 |  |  | 23 |  |  | 5 |  |  | 282 |
Noninterest expenses | 251 |  |  | 165 |  |  | 106 |  |  | 1 |  |  | 28 |  |  | 551 |
Provision (benefit) for income taxes | 87 |  |  | 19 |  |  | 6 |  |  | (25) |  |  | (2) |  |  | 85 |
Net income (loss) | $ | 320 |  |  | $ | 60 |  |  | $ | 21 |  |  | $ | (76) |  |  | $ | (1) |  |  | $ | 324 |
Net credit-related (recoveries) charge-offs | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 50,162 |  |  | $ | 2,916 |  |  | $ | 5,347 |  |  | $ | 20,089 |  |  | $ | 6,624 |  |  | $ | 85,138 |
Loans | 46,065 |  |  | 2,203 |  |  | 5,200 |  |  | — |  |  | — |  |  | 53,468 |
Deposits | 36,396 |  |  | 25,101 |  |  | 4,704 |  |  | 1,523 |  |  | 109 |  |  | 67,833 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.57 | % |  | 0.97 | % |  | 1.62 | % |  | n/m |  | n/m |  | 1.54 | %
Efficiency ratio (b) | 36.74 |  |  | 65.26 |  |  | 81.17 |  |  | n/m |  | n/m |  | 55.53 |
Three Months Ended March 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 356 |  |  | $ | 130 |  |  | $ | 36 |  |  | $ | (64) |  |  | $ | (2) |  |  | $ | 456 |
Provision for credit losses | (23) |  |  | 7 |  |  | 2 |  |  | — |  |  | 3 |  |  | (11) |
Noninterest income | 132 |  |  | 28 |  |  | 72 |  |  | 18 |  |  | (6) |  |  | 244 |
Noninterest expenses | 234 |  |  | 164 |  |  | 83 |  |  | — |  |  | (8) |  |  | 473 |
Provision (benefit) for income taxes | 65 |  |  | (4) |  |  | 6 |  |  | (12) |  |  | (6) |  |  | 49 |
Net income (loss) | $ | 212 |  |  | $ | (9) |  |  | $ | 17 |  |  | $ | (34) |  |  | $ | 3 |  |  | $ | 189 |
Net credit-related charge-offs (recoveries) | $ | 9 |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 45,024 |  |  | $ | 2,807 |  |  | $ | 4,857 |  |  | $ | 19,242 |  |  | $ | 19,220 |  |  | $ | 91,150 |
Loans | 41,545 |  |  | 2,013 |  |  | 4,713 |  |  | — |  |  | 2 |  |  | 48,273 |
Deposits | 46,039 |  |  | 26,861 |  |  | 5,303 |  |  | 680 |  |  | 220 |  |  | 79,103 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 1.71 | % |  | (0.14) | % |  | 1.21 | % |  | n/m |  | n/m |  | 0.84 | %
Efficiency ratio (b) | 47.26 |  |  | 103.82 |  |  | 76.73 |  |  | n/m |  | n/m |  | 66.91 |
(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 net gains (losses) from securities, 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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