Annual report pursuant to Section 13 and 15(d)

Parent Company Information

v3.6.0.2
Parent Company Information
12 Months Ended
Dec. 31, 2016
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)
2016
 
2015
 
2014
Income
 

 
 

 
 

Dividends from subsidiaries:
 

 
 

 
 

Bank holding companies and related subsidiaries
$
4,127

 
$
18,970

 
$
12,400

Nonbank companies and related subsidiaries
77

 
53

 
149

Interest from subsidiaries
2,996

 
2,004

 
1,836

Other income (loss)
111

 
(623
)
 
72

Total income
7,311

 
20,404

 
14,457

Expense
 

 
 

 
 

Interest on borrowed funds from related subsidiaries
969

 
1,169

 
1,661

Other interest expense
5,096

 
5,098

 
5,552

Noninterest expense
2,572

 
4,747

 
4,471

Total expense
8,637

 
11,014

 
11,684

Income (loss) before income taxes and equity in undistributed earnings of subsidiaries
(1,326
)
 
9,390

 
2,773

Income tax benefit
(2,263
)
 
(3,574
)
 
(4,079
)
Income before equity in undistributed earnings of subsidiaries
937

 
12,964

 
6,852

Equity in undistributed earnings (losses) of subsidiaries:
 

 
 

 
 

Bank holding companies and related subsidiaries
16,817

 
3,068

 
4,300

Nonbank companies and related subsidiaries
152

 
(196
)
 
(5,632
)
Total equity in undistributed earnings (losses) of subsidiaries
16,969

 
2,872

 
(1,332
)
Net income
$
17,906

 
$
15,836

 
$
5,520


 
 
 
 
Condensed Balance Sheet
 
 
 
 
 
 
 
 
December 31
(Dollars in millions)
2016
 
2015
Assets
 

 
 

Cash held at bank subsidiaries (1)
$
20,248

 
$
98,024

Securities
909

 
937

Receivables from subsidiaries:
 
 
 

Bank holding companies and related subsidiaries
117,072

 
23,594

Banks and related subsidiaries
171

 
569

Nonbank companies and related subsidiaries
26,500

 
56,426

Investments in subsidiaries:
 

 
 

Bank holding companies and related subsidiaries
287,416

 
272,567

Nonbank companies and related subsidiaries
6,875

 
2,402

Other assets
10,672

 
9,360

Total assets (2)
$
469,863

 
$
463,879

Liabilities and shareholders’ equity
 

 
 

Short-term borrowings
$

 
$
15

Accrued expenses and other liabilities
13,273

 
13,900

Payables to subsidiaries:
 

 
 

Banks and related subsidiaries
352

 
465

Bank holding companies and related subsidiaries
4,013

 

Nonbank companies and related subsidiaries
12,010

 
13,921

Long-term debt
173,375

 
179,402

Total liabilities
203,023

 
207,703

Shareholders’ equity
266,840

 
256,176

Total liabilities and shareholders’ equity
$
469,863

 
$
463,879


(1) 
Balance includes third-party cash held of $342 million and $28 million at December 31, 2016 and 2015.
(2) 
During 2016, the Corporation entered into intercompany arrangements with certain key subsidiaries under which the Corporation transferred certain parent company assets to NB Holdings, Inc.
 
 
 
 
 
 
Condensed Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2016
 
2015
 
2014
Operating activities
 

 
 

 
 

Net income
$
17,906

 
$
15,836

 
$
5,520

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

 
 

 
 

Equity in undistributed (earnings) losses of subsidiaries
(16,969
)
 
(2,872
)
 
1,332

Other operating activities, net
(2,944
)
 
(2,509
)
 
2,143

Net cash provided by (used in) operating activities
(2,007
)
 
10,455

 
8,995

Investing activities
 

 
 

 
 

Net sales (purchases) of securities

 
15

 
(142
)
Net payments to subsidiaries
(65,481
)
 
(7,944
)
 
(5,902
)
Other investing activities, net
(308
)
 
70

 
19

Net cash used in investing activities
(65,789
)
 
(7,859
)
 
(6,025
)
Financing activities
 

 
 

 
 

Net decrease in short-term borrowings
(136
)
 
(221
)
 
(55
)
Net increase (decrease) in other advances
(44
)
 
(770
)
 
1,264

Proceeds from issuance of long-term debt
27,363

 
26,492

 
29,324

Retirement of long-term debt
(30,804
)
 
(27,393
)
 
(33,854
)
Proceeds from issuance of preferred stock
2,947

 
2,964

 
5,957

Common stock repurchased
(5,112
)
 
(2,374
)
 
(1,675
)
Cash dividends paid
(4,194
)
 
(3,574
)
 
(2,306
)
Net cash used in financing activities
(9,980
)
 
(4,876
)
 
(1,345
)
Net increase (decrease) in cash held at bank subsidiaries
(77,776
)
 
(2,280
)
 
1,625

Cash held at bank subsidiaries at January 1
98,024

 
100,304

 
98,679

Cash held at bank subsidiaries at December 31
$
20,248

 
$
98,024

 
$
100,304