Annual report pursuant to Section 13 and 15(d)

Parent Company Information

v3.10.0.1
Parent Company Information
12 Months Ended
Dec. 31, 2018
Condensed Financial Information 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)
2018
 
2017
 
2016
Income
 

 
 

 
 

Dividends from subsidiaries:
 

 
 

 
 

Bank holding companies and related subsidiaries
$
28,575

 
$
12,088

 
$
4,127

Nonbank companies and related subsidiaries
91

 
202

 
77

Interest from subsidiaries
8,425

 
7,043

 
2,996

Other income (loss)
(1,025
)
 
28

 
111

Total income
36,066

 
19,361

 
7,311

Expense
 

 
 

 
 

Interest on borrowed funds from related subsidiaries
235

 
189

 
969

Other interest expense
6,425

 
5,555

 
5,096

Noninterest expense
1,600

 
1,672

 
2,704

Total expense
8,260

 
7,416

 
8,769

Income (loss) before income taxes and equity in undistributed earnings of subsidiaries
27,806

 
11,945

 
(1,458
)
Income tax expense (benefit)
(281
)
 
950

 
(2,311
)
Income before equity in undistributed earnings of subsidiaries
28,087

 
10,995

 
853

Equity in undistributed earnings (losses) of subsidiaries:
 

 
 

 
 

Bank holding companies and related subsidiaries
306

 
8,725

 
16,817

Nonbank companies and related subsidiaries
(246
)
 
(1,488
)
 
152

Total equity in undistributed earnings of subsidiaries
60

 
7,237

 
16,969

Net income
$
28,147

 
$
18,232

 
$
17,822


 
 
 
 
Condensed Balance Sheet
 
 
 
 
 
 
 
 
December 31
(Dollars in millions)
2018
 
2017
Assets
 

 
 

Cash held at bank subsidiaries (1)
$
5,141

 
$
4,747

Securities
628

 
596

Receivables from subsidiaries:
 
 
 
Bank holding companies and related subsidiaries
152,905

 
146,566

Banks and related subsidiaries
195

 
146

Nonbank companies and related subsidiaries
969

 
4,745

Investments in subsidiaries:
 
 
 
Bank holding companies and related subsidiaries
293,045

 
296,506

Nonbank companies and related subsidiaries
3,432

 
5,225

Other assets
14,696

 
14,554

Total assets
$
471,011

 
$
473,085

Liabilities and shareholders’ equity
 

 
 

Accrued expenses and other liabilities
$
8,828

 
$
10,286

Payables to subsidiaries:
 
 
 
Banks and related subsidiaries
349

 
359

Nonbank companies and related subsidiaries
13,301

 
9,341

Long-term debt
183,208

 
185,953

Total liabilities
205,686

 
205,939

Shareholders’ equity
265,325

 
267,146

Total liabilities and shareholders’ equity
$
471,011

 
$
473,085

(1) 
Balance includes third-party cash held of $389 million and $193 million at December 31, 2018 and 2017.
 
 
 
 
 
 
Condensed Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2018
 
2017
 
2016
Operating activities
 

 
 

 
 

Net income
$
28,147

 
$
18,232

 
$
17,822

Reconciliation of net income to net cash used in operating activities:
 

 
 

 
 

Equity in undistributed earnings of subsidiaries
(60
)
 
(7,237
)
 
(16,969
)
Other operating activities, net
(3,706
)
 
(2,593
)
 
(2,860
)
Net cash provided by (used in) operating activities
24,381

 
8,402

 
(2,007
)
Investing activities
 

 
 

 
 

Net sales of securities
51

 
312

 

Net payments to subsidiaries
(2,262
)
 
(7,087
)
 
(65,481
)
Other investing activities, net
48

 
(1
)
 
(308
)
Net cash used in investing activities
(2,163
)
 
(6,776
)
 
(65,789
)
Financing activities
 

 
 

 
 

Net decrease in short-term borrowings

 

 
(136
)
Net increase (decrease) in other advances
3,867

 
(6,672
)
 
(44
)
Proceeds from issuance of long-term debt
30,708

 
37,704

 
27,363

Retirement of long-term debt
(29,413
)
 
(29,645
)
 
(30,804
)
Proceeds from issuance of preferred stock
4,515

 

 
2,947

Redemption of preferred stock
(4,512
)
 

 

Common stock repurchased
(20,094
)
 
(12,814
)
 
(5,112
)
Cash dividends paid
(6,895
)
 
(5,700
)
 
(4,194
)
Net cash used in financing activities
(21,824
)
 
(17,127
)
 
(9,980
)
Net increase (decrease) in cash held at bank subsidiaries
394

 
(15,501
)
 
(77,776
)
Cash held at bank subsidiaries at January 1
4,747

 
20,248

 
98,024

Cash held at bank subsidiaries at December 31
$
5,141

 
$
4,747

 
$
20,248