Annual report pursuant to Section 13 and 15(d)

Parent Company Information

v3.3.1.900
Parent Company Information
12 Months Ended
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Parent Company Information
 Parent Company Information
The following tables present the Parent Company-only financial information. This financial information is presented in accordance with bank regulatory reporting requirements.
 
 
 
 
 
 
Condensed Statement of Income
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2015
 
2014
 
2013
Income
 

 
 

 
 

Dividends from subsidiaries:
 

 
 

 
 

Bank holding companies and related subsidiaries
$
18,970

 
$
12,400

 
$
8,532

Nonbank companies and related subsidiaries
53

 
149

 
357

Interest from subsidiaries
2,004

 
1,836

 
2,087

Other income (loss)
(623
)
 
72

 
233

Total income
20,404

 
14,457

 
11,209

Expense
 

 
 

 
 

Interest on borrowed funds from related subsidiaries
1,169

 
1,661

 
1,730

Other interest expense
5,098

 
5,552

 
6,379

Noninterest expense
4,747

 
4,471

 
10,938

Total expense
11,014

 
11,684

 
19,047

Income (loss) before income taxes and equity in undistributed earnings of subsidiaries
9,390

 
2,773

 
(7,838
)
Income tax benefit
(3,574
)
 
(4,079
)
 
(7,227
)
Income (loss) before equity in undistributed earnings of subsidiaries
12,964

 
6,852

 
(611
)
Equity in undistributed earnings (losses) of subsidiaries:
 

 
 

 
 

Bank holding companies and related subsidiaries
3,120

 
3,613

 
14,150

Nonbank companies and related subsidiaries
(196
)
 
(5,632
)
 
(2,108
)
Total equity in undistributed earnings (losses) of subsidiaries
2,924

 
(2,019
)
 
12,042

Net income
$
15,888

 
$
4,833

 
$
11,431


 
 
 
 
Condensed Balance Sheet
 
 
 
 
 
 
 
 
December 31
(Dollars in millions)
2015
 
2014
Assets
 

 
 

Cash held at bank subsidiaries (1)
$
98,024

 
$
100,304

Securities
937

 
932

Receivables from subsidiaries:
 
 
 

Bank holding companies and related subsidiaries
23,594

 
23,356

Banks and related subsidiaries
569

 
2,395

Nonbank companies and related subsidiaries
56,426

 
52,251

Investments in subsidiaries:
 

 
 

Bank holding companies and related subsidiaries
272,596

 
270,441

Nonbank companies and related subsidiaries
2,402

 
2,139

Other assets
9,360

 
14,599

Total assets
$
463,908

 
$
466,417

Liabilities and shareholders’ equity
 

 
 

Short-term borrowings
$
15

 
$
46

Accrued expenses and other liabilities
13,900

 
16,872

Payables to subsidiaries:
 

 
 

Banks and related subsidiaries
465

 
2,559

Nonbank companies and related subsidiaries
13,921

 
17,698

Long-term debt
179,402

 
185,771

Total liabilities
207,703

 
222,946

Shareholders’ equity
256,205

 
243,471

Total liabilities and shareholders’ equity
$
463,908

 
$
466,417


(1) 
Balance includes third-party cash held of $28 million and $29 million at December 31, 2015 and 2014.
 
 
 
 
 
 
Condensed Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2015
 
2014
 
2013
Operating activities
 

 
 

 
 

Net income
$
15,888

 
$
4,833

 
$
11,431

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

 
 

 
 

Equity in undistributed (earnings) losses of subsidiaries
(2,924
)
 
2,019

 
(12,042
)
Other operating activities, net
(2,509
)
 
2,143

 
(10,422
)
Net cash provided by (used in) operating activities
10,455

 
8,995

 
(11,033
)
Investing activities
 

 
 

 
 

Net sales (purchases) of securities
15

 
(142
)
 
459

Net payments from (to) subsidiaries
(7,944
)
 
(5,902
)
 
39,336

Other investing activities, net
70

 
19

 
3

Net cash provided by (used in) investing activities
(7,859
)
 
(6,025
)
 
39,798

Financing activities
 

 
 

 
 

Net increase (decrease) in short-term borrowings
(221
)
 
(55
)
 
178

Net increase (decrease) in other advances
(770
)
 
1,264

 
(14,378
)
Proceeds from issuance of long-term debt
26,492

 
29,324

 
30,966

Retirement of long-term debt
(27,393
)
 
(33,854
)
 
(39,320
)
Proceeds from issuance of preferred stock
2,964

 
5,957

 
1,008

Redemption of preferred stock

 

 
(6,461
)
Common stock repurchased
(2,374
)
 
(1,675
)
 
(3,220
)
Cash dividends paid
(3,574
)
 
(2,306
)
 
(1,677
)
Net cash used in financing activities
(4,876
)
 
(1,345
)
 
(32,904
)
Net increase (decrease) in cash held at bank subsidiaries
(2,280
)
 
1,625

 
(4,139
)
Cash held at bank subsidiaries at January 1
100,304

 
98,679

 
102,818

Cash held at bank subsidiaries at December 31
$
98,024

 
$
100,304

 
$
98,679