Item 6. SELECTED CONSOLIDATED FINANCIAL DATA

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Item 6. SELECTED CONSOLIDATED FINANCIAL DATA

The selected Consolidated Statements of Operations data for the years ended December 31, 2019, 2018 and 2017 and the selected Consolidated Balance Sheet data as of December 31, 2019 and 2018 are derived from our audited Consolidated Financial Statements in Item 8. We derived the selected Consolidated Statements of Operations data for the years ended December 31, 2016 and 2015 and the selected Consolidated Balance Sheet data as of December 31, 2017, 2016, and 2015 from our prior audited Consolidated Financial Statements. Our historical results are not necessarily indicative of the results expected for any future period.

The following selected consolidated financial data should be read in conjunction with Item 7 and our audited Consolidated Financial Statements and Notes in Item 8.



	For the Year Ended December 31,
(in millions, except per-share and ratio data)	2019			2018			2017			2016			2015
OPERATING DATA:
Net interest income		$4,614			$4,532			$4,173			$3,758			$3,402
Noninterest income	1,877			1,596			1,534			1,497			1,422
Total revenue	6,491			6,128			5,707			5,255			4,824
Provision for credit losses	393			326			321			369			302
Noninterest expense	3,847			3,619			3,474			3,352			3,259
Income before income tax expense	2,251			2,183			1,912			1,534			1,263
Income tax expense(1)	460			462			260			489			423
Net income	1,791			1,721			1,652			1,045			840
Net income available to common stockholders	1,718			1,692			1,638			1,031			833
Net income per average common share - basic	3.82			3.54			3.26			1.97			1.55
Net income per average common share - diluted	3.81			3.52			3.25			1.97			1.55
Dividends declared and paid per common share	1.36			0.98			0.64			0.46			0.40
OTHER OPERATING DATA:
Return on average common equity(2)	8.45		%	8.62		%	8.35		%	5.23		%	4.30		%
Return on average tangible common equity(2)	12.64			12.94			12.35			7.74			6.45
Return on average total assets(2)	1.10			1.11			1.10			0.73			0.62
Return on average total tangible assets(2)	1.15			1.16			1.15			0.76			0.65
Efficiency ratio(2)	59.28			59.06			60.87			63.80			67.56
Operating leverage(2)(3)	(0.39		)	3.19			4.98			6.08			0.81
Net interest margin, FTE(4)	3.16			3.22			3.06			2.90			2.79
Effective income tax rate(1)	20.43			21.16			13.62			31.88			33.52
Dividend payout ratio	36			28			20			23			26
Average equity to average assets ratio	13.27			13.02			13.25			13.93			14.46

(1) On December 22, 2017 President Trump signed the 2017 Tax Legislation which reduced the corporate tax rate from 35% to 21% effective January 1, 2018.

(2) See the “Introduction — Key Performance Metrics Used by Management and Non-GAAP Financial Measures” section in Item 7 for definitions of our key performance metrics.

(3) “Operating leverage” represents the period-over-period percent change in total revenue, less the period-over-period percent change in noninterest expense. For the purpose of the 2015 calculation, 2014 total revenue was $5.0 billion and noninterest expense was $3.4 billion.

(4) Net interest margin is presented on an FTE basis using the federal statutory tax rate.



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	As of December 31,
(in millions, except ratio data)	2019			2018			2017			2016			2015
BALANCE SHEET DATA:
Total assets		$165,733			$160,518			$152,336			$149,520			$138,208
Loans held for sale, at fair value	1,946			1,219			497			583			325
Other loans held for sale	1,384			101			221			42			40
Loans and leases	119,088			116,660			110,617			107,669			99,042
Allowance for loan and lease losses	(1,252		)	(1,242		)	(1,236		)	(1,236		)	(1,216		)
Total securities	24,669			25,075			25,733			25,610			24,075
Goodwill	7,044			6,923			6,887			6,876			6,876
Total liabilities	143,532			139,701			132,066			129,773			118,562
Total deposits	125,313			119,575			115,089			109,804			102,539
Federal funds purchased and securities sold under agreements to repurchase	265			1,156			815			1,148			802
Other short-term borrowed funds(1)	9			161			1,111			2,461			2,630
Long-term borrowed funds(1)	14,047			15,925			12,510			13,540			9,886
Total stockholders’ equity	22,201			20,817			20,270			19,747			19,646
OTHER BALANCE SHEET DATA:
Asset Quality Ratios:
Allowance for loan and lease losses as a % of total loans and leases	1.05		%	1.06		%	1.12		%	1.15		%	1.23		%
Allowance for loan and lease losses as a % of nonperforming loans and leases(2)	178			162			142			119			120
Nonperforming loans and leases as a % of total loans and leases(2)	0.59			0.66			0.78			0.97			1.03
Capital Ratios:(3)
CET1 capital ratio	10.0			10.6			11.2			11.2			11.7
Tier 1 capital ratio	11.1			11.3			11.4			11.4			12.0
Total capital ratio	13.0			13.3			13.9			14.0			15.3
Tier 1 leverage ratio	10.0			10.0			10.0			9.9			10.5

(1) Beginning in the first quarter of 2019, borrowed funds balances and the associated interest expense are classified based on original maturity. Prior periods have been adjusted to conform with the current period presentation.

(2) Beginning in the fourth quarter of 2019, nonperforming balances exclude both fully and partially guaranteed residential mortgage loans sold to Ginnie Mae for which we have the right, but not the obligation, to repurchase. Prior periods have been adjusted to exclude partially guaranteed amounts to conform with the current period presentation.

(3) The capital ratios and associated components are prepared using the U.S. Basel III Standardized approach and became fully phased-in on January 1, 2019. The December 31, 2017 capital ratios reflect the retrospective adoption of FASB ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.



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