Financial Summary

Year Ended December 31
(Dollars and Shares in Millions, Except Per Share Data)
  2007     2006     2005   2007
v 2006
  2006
v 2005
Total net revenue (taxable-equivalent basis) $ 13,936 $ 13,636 $ 13,133 2.2 % 3.8 %
Noninterest expense 6,862 6,180 5,863 11.0 5.4
Provision for credit losses 792 544 666 45.6 (18.3 )
Income taxes and taxable-equivalent adjustments 1,958     2,161     2,115 (9.4 ) 2.2
Net Income $ 4,324   $ 4,751   $ 4,489 (9.0 ) 5.8
Net Income applicable to common equity $ 4,264   $ 4,703   $ 4,489 (9.3 ) 4.8

Per Common Share

Earnings per share $ 2.46 $ 2.64 $ 2.45 (6.8 )% 7.8 %
Diluted earnings per share 2.43 2.61 2.42 (6.9 ) 7.9
Dividends declared per share 1.625 1.390 1.230 16.9 13.0
Book value per share 11.60 11.44 11.07 1.4 3.3
Market value per share 31.74 36.19 29.89 (12.3 ) 21.1
Average common shares outstanding 1,735 1,778 1,831 (2.4 ) (2.9 )
Average diluted common shares outstanding 1,758 1,804 1,857 (2.5 ) (2.9 )

Financial Ratios

Return on average assets 1.93 % 2.23 % 2.21 %
Return on average common equity 21.3 23.6 22.5
Net interest margin (taxable-equivalent basis) 3.47 3.65 3.97
Efficiency ratio (a) 49.3 45.4 44.3

Average Balances

Loans $ 147,348 $ 140,601 $ 131,610 4.8 % 6.8 %
Investment securities 41,313 39,961 42,103 3.4 (5.1 )
Earning assets 194,683 186,231 178,425 4.5 4.4
Assets 223,621 213,512 203,198 4.7 5.1
Deposits 121,075 120,589 121,001 .4 (.3 )
Total shareholders’ equity 20,997 20,710 19,953 1.4 3.8

Period End Balances

Loans $ 153,827 $ 143,597 $ 136,462 7.1 % 5.2 %
Allowance for credit losses 2,260 2,256 2,251 (8.8 ) .2
Investment securities 43,116 40,117 39,768 7.5 .9
Assets 237,615 219,232 209,465 8.4 4.7
Deposits 131,445 124,882 124,709 5.3 .1
Shareholders’ equity 21,046 21,197 20,086 (.7 ) 5.5
Regulatory capital ratios
Tier 1 capital 8.3 % 8.8 % 8.2 %
Total risk-based capital 12.2 12.6 12.5
Leverage 7.9 8.2 7.6
Tangible common equity 5.1 5.5 5.9
(a) Computed as noninterest expense divided by the sum of net interest income on a taxable-equivalent basis and noninterest income excluding securities gains (losses), net.