Annual report pursuant to Section 13 and 15(d)

Parent Company Information

v2.4.0.6
Parent Company Information
12 Months Ended
Dec. 31, 2011
Parent Company Information [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
Parent Company Information
The following tables present the Parent Company only financial information.
 
 
 
 
 
 
Condensed Statement of Income
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2011
 
2010
 
2009
Income
 

 
 

 
 

Dividends from subsidiaries:
 

 
 

 
 

Bank holding companies and related subsidiaries
$
10,277

 
$
7,263

 
$
4,100

Nonbank companies and related subsidiaries
553

 
226

 
27

Interest from subsidiaries
869

 
999

 
1,179

Other income (1)
10,603

 
2,781

 
7,784

Total income
22,302

 
11,269

 
13,090

Expense
 

 
 

 
 

Interest on borrowed funds
6,234

 
4,484

 
4,737

Noninterest expense (2)
11,861

 
8,030

 
4,238

Total expense
18,095

 
12,514

 
8,975

Income (loss) before income taxes and equity in undistributed earnings of subsidiaries
4,207

 
(1,245
)
 
4,115

Income tax benefit
(2,783
)
 
(3,709
)
 
(85
)
Income before equity in undistributed earnings of subsidiaries
6,990

 
2,464

 
4,200

Equity in undistributed earnings (losses) of subsidiaries:
 

 
 

 
 

Bank holding companies and related subsidiaries
6,650

 
7,647

 
(21,614
)
Nonbank companies and related subsidiaries
(12,194
)
 
(12,349
)
 
23,690

Total equity in undistributed earnings (losses) of subsidiaries
(5,544
)
 
(4,702
)
 
2,076

Net income (loss)
$
1,446

 
$
(2,238
)
 
$
6,276

Net income (loss) applicable to common shareholders
$
85

 
$
(3,595
)
 
$
(2,204
)
(1) 
Includes $6.5 billion and $7.3 billion of gains related to the sale of the Corporation’s investment in CCB during 2011 and 2009.
(2) 
Includes, in aggregate, $6.9 billion, $3.5 billion and $225 million in 2011, 2010 and 2009 of representations and warranties provision, which is presented as a component of mortgage banking income on the Corporation’s Consolidated Statement of Income, and litigation expense.
 
 
 
 
Condensed Balance Sheet
 
 
 
 
 
 
 
 
December 31
(Dollars in millions)
2011
 
2010
Assets
 

 
 

Cash held at bank subsidiaries
$
124,991

 
$
117,124

Securities
515

 
19,518

Receivables from subsidiaries:
 
 
 

Bank holding companies and related subsidiaries
48,679

 
50,589

Nonbank companies and related subsidiaries
7,385

 
8,320

Investments in subsidiaries:
 

 
 

Bank holding companies and related subsidiaries
191,278

 
188,538

Nonbank companies and related subsidiaries
53,213

 
61,374

Other assets
11,720

 
10,837

Total assets
$
437,781

 
$
456,300

Liabilities and shareholders’ equity
 

 
 

Commercial paper and other short-term borrowings
$
401

 
$
13,899

Accrued expenses and other liabilities
22,419

 
22,803

Payables to subsidiaries:
 

 
 

Bank holding companies and related subsidiaries
2,925

 
4,241

Nonbank companies and related subsidiaries
515

 
513

Long-term debt
181,420

 
186,596

Shareholders’ equity
230,101

 
228,248

Total liabilities and shareholders’ equity
$
437,781

 
$
456,300



 
 
 
 
 
 
Condensed Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2011
 
2010
 
2009
Operating activities
 

 
 

 
 

Net income (loss)
$
1,446

 
$
(2,238
)
 
$
6,276

Reconciliation of net income (loss) to net cash provided by operating activities:
 

 
 

 
 

Equity in undistributed (earnings) losses of subsidiaries
5,544

 
4,702

 
(2,076
)
Other operating activities, net
6,716

 
(996
)
 
4,400

Net cash provided by operating activities
13,706

 
1,468

 
8,600

Investing activities
 

 
 

 
 

Net sales of securities
8,444

 
5,972

 
3,729

Net payments from (to) subsidiaries
5,780

 
3,531

 
(25,437
)
Other investing activities, net
(8
)
 
2,592

 
(17
)
Net cash provided by (used in) investing activities
14,216

 
12,095

 
(21,725
)
Financing activities
 

 
 

 
 

Net increase (decrease) in commercial paper and other short-term borrowings
(13,172
)
 
8,052

 
(20,673
)
Proceeds from issuance of long-term debt
16,047

 
29,275

 
30,347

Retirement of long-term debt
(21,742
)
 
(27,176
)
 
(20,180
)
Proceeds from issuance of preferred stock and warrants
5,000

 

 
49,244

Repayment of preferred stock

 

 
(45,000
)
Proceeds from issuance of common stock

 

 
13,468

Cash dividends paid
(1,738
)
 
(1,762
)
 
(4,863
)
Other financing activities, net
(4,450
)
 
3,280

 
4,149

Net cash provided by (used in) financing activities
(20,055
)
 
11,669

 
6,492

Net increase (decrease) in cash held at bank subsidiaries
7,867

 
25,232

 
(6,633
)
Cash held at bank subsidiaries at January 1
117,124

 
91,892

 
98,525

Cash held at bank subsidiaries at December 31
$
124,991

 
$
117,124

 
$
91,892