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