Annual report [Section 13 and 15(d), not S-K Item 405]

Parent Company Information

v3.25.0.1
Parent Company Information
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Parent Company Information Parent Company Information
The following tables present the Parent Company-only financial information.
Condensed Statement of Income
(Dollars in millions) 2024 2023 2022
Income      
Dividends from subsidiaries:      
Bank holding companies and related subsidiaries $ 21,300  $ 22,384  $ 22,250 
Interest from subsidiaries 21,589  21,314  12,420 
Other income (loss) (1,223) (1,012) (201)
Total income 41,666  42,686  34,469 
Expense      
Interest on borrowed funds from subsidiaries 1,108  896  236 
Other interest expense 14,060  14,119  7,041 
Noninterest expense 1,580  1,699  1,322 
Total expense 16,748  16,714  8,599 
Income before income taxes and equity in undistributed earnings of subsidiaries 24,918  25,972  25,870 
Income tax expense 773  838  683 
Income before equity in undistributed earnings of subsidiaries 24,145  25,134  25,187 
Equity in undistributed earnings (losses) of subsidiaries:      
Bank holding companies and related subsidiaries 2,909  1,203  2,333 
Nonbank companies and related subsidiaries 78  178  8 
Total equity in undistributed earnings (losses) of subsidiaries 2,987  1,381  2,341 
Net income $ 27,132  $ 26,515  $ 27,528 
Condensed Balance Sheet
  December 31
(Dollars in millions) 2024 2023
Assets    
Cash held at bank subsidiaries $ 4,613  $ 4,559 
Securities 660  644 
Receivables from subsidiaries:
Bank holding companies and related subsidiaries 231,931  249,320 
Banks and related subsidiaries 146  205 
Nonbank companies and related subsidiaries 985  1,255 
Investments in subsidiaries:
Bank holding companies and related subsidiaries 310,957  306,946 
Nonbank companies and related subsidiaries 3,783  3,946 
Other assets 6,658  6,799 
Total assets $ 559,733  $ 573,674 
Liabilities and shareholders’ equity    
Accrued expenses and other liabilities $ 16,360  $ 14,510 
Payables to subsidiaries:
Banks and related subsidiaries 114  207 
Bank holding companies and related subsidiaries 14  14 
Nonbank companies and related subsidiaries 21,011  17,756 
Long-term debt 226,675  249,541 
Total liabilities 264,174  282,028 
Shareholders’ equity 295,559  291,646 
Total liabilities and shareholders’ equity $ 559,733  $ 573,674 
Condensed Statement of Cash Flows
(Dollars in millions) 2024 2023 2022
Operating activities      
Net income $ 27,132  $ 26,515  $ 27,528 
Reconciliation of net income (loss) to net cash provided by (used in) operating activities:      
Equity in undistributed (earnings) losses of subsidiaries (2,987) (1,381) (2,341)
Other operating activities, net 1,986  3,395  (31,777)
Net cash provided by (used in) operating activities 26,131  28,529  (6,590)
Investing activities      
Net sales (purchases) of securities (17) (15) 25 
Net payments from (to) subsidiaries 16,858  (21,267) (6,044)
Other investing activities, net —  (43) (34)
Net cash provided by (used in) investing activities 16,841  (21,325) (6,053)
Financing activities      
Net increase in other advances 3,542  2,825  2,853 
Proceeds from issuance of long-term debt 17,817  23,950  44,123 
Retirement of long-term debt (36,416) (25,366) (19,858)
Proceeds from issuance of preferred stock and warrants —  —  4,426 
Redemption of preferred stock (5,254) —  (654)
Common stock repurchased (13,104) (4,576) (5,073)
Cash dividends paid (9,503) (9,087) (8,576)
Net cash provided by (used in) financing activities (42,918) (12,254) 17,241 
Net increase (decrease) in cash held at bank subsidiaries 54  (5,050) 4,598 
Cash held at bank subsidiaries at January 1 4,559  9,609  5,011 
Cash held at bank subsidiaries at December 31 $ 4,613  $ 4,559  $ 9,609