v3.25.2
Segment information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment information


15. Segment information
Reportable segments have been determined based upon the Company’s organizational structure which is primarily arranged around the delivery of products and services to similar customer types. The Company's internal profitability reporting system produces financial information, inclusive of net interest income and income before taxes, for each segment. Such information is reviewed by the Company's Chief Executive Officer, who has been identified as the chief operating decision maker, in evaluating operating decisions, business performance and the allocation of resources. The Company's reportable segments are Commercial Bank, Retail Bank and Institutional Services and Wealth Management.
The financial information of the Company's segments was compiled utilizing the accounting policies described in note 21 of Notes to Financial Statements in the Company's 2024 Annual Report. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data.
Information about the Company's reportable segments follows:
Three Months Ended June 30,
Commercial Bank Retail Bank Institutional Services and Wealth ManagementAll Other Total (c)
(Dollars in millions)2025202420252024202520242025202420252024
Net interest income (a)$531 $553 $988 $1,090 $166 $194 $28 $(119)$1,713 $1,718 
Noninterest income205 164 234 204 225 207 19 9 683 584 
Total revenue736 717 1,222 1,294 391 401 47 (110)2,396 2,302 
Provision for credit losses60 77 71 60 2 3 (8)10 125 150 
Salaries and employee benefits150 154 201 191 107 103 355 316 813 764 
Depreciation and amortization11 10 60 63 2 3 51 51 124 127 
Other direct expenses73 68 95 93 26 23 205 222 399 406 
Indirect expense (b)129 127 292 252 82 74 (503)(453)— — 
Income (loss) before taxes313 281 503 635 172 195 (53)(256)935 855 
Income tax expense (benefit)82 76 128 163 44 51 (35)(90)219 200 
Net income (loss)$231 $205 $375 $472 $128 $144 $(18)$(166)$716 $655 
Average total assets$78,497 $81,198 $55,995 $52,950 $4,272 $3,668 $71,497 $74,165 $210,261 $211,981 
Six Months Ended June 30,
Commercial Bank Retail Bank Institutional Services and Wealth ManagementAll Other Total (c)
(Dollars in millions)2025202420252024202520242025202420252024
Net interest income (a)$1,060 $1,101 $1,960 $2,161 $337 $380 $51 $(244)$3,408 $3,398 
Noninterest income378 315 442 401 434 398 40 50 1,294 1,164 
Total revenue1,438 1,416 2,402 2,562 771 778 91 (194)4,702 4,562 
Provision for credit losses96 154 150 128 5 3 4 65 255 350 
Salaries and employee benefits301 300 397 381 213 203 789 713 1,700 1,597 
Depreciation and amortization21 19 122 128 4 5 107 105 254 257 
Other direct expenses140 134 194 193 52 51 411 461 797 839 
Indirect expense (b)252 251 571 496 163 149 (986)(896)— — 
Income (loss) before taxes628 558 968 1,236 334 367 (234)(642)1,696 1,519 
Income tax expense (benefit)166 152 246 318 85 95 (101)(232)396 333 
Net income (loss)$462 $406 $722 $918 $249 $272 $(133)$(410)$1,300 $1,186 
Average total assets$78,927 $81,140 $55,193 $52,591 $4,187 $3,652 $70,989 $74,346 $209,296 $211,729 
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(a)Net interest income is the difference between actual taxable-equivalent interest earned on assets and interest paid on liabilities by a segment and a funding charge (credit) based on the Company's internal funds transfer and pricing methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated $9 million and $13 million for the three-month periods ended June 30, 2025 and 2024, respectively, and $21 million and $25 million for the six-month periods ended June 30, 2025 and 2024, respectively, and is eliminated in "All Other" total revenues.
(b)Indirect expense represents centrally-allocated costs associated with data processing, risk management and other support services provided by the "All Other" category to the Commercial Bank, Retail Bank and Institutional Services and Wealth Management segments.
(c)Intersegment revenues and expenses were not material for the three-month and six-month periods ended June 30, 2025 and 2024.