Annual report pursuant to Section 13 and 15(d)

Parent Company Information (Tables)

v3.20.4
Parent Company Information (Tables)
12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Statement of Income
The following tables present the Parent Company-only financial information.
Condensed Statement of Income
(Dollars in millions) 2020 2019 2018
Income      
Dividends from subsidiaries:      
Bank holding companies and related subsidiaries $ 10,352  $ 27,820  $ 28,575 
Nonbank companies and related subsidiaries   —  91 
Interest from subsidiaries 8,825  9,502  8,425 
Other income (loss) (138) 74  (1,025)
Total income 19,039  37,396  36,066 
Expense      
Interest on borrowed funds from related subsidiaries 136  451  235 
Other interest expense 4,119  5,899  6,425 
Noninterest expense 1,651  1,641  1,600 
Total expense 5,906  7,991  8,260 
Income before income taxes and equity in undistributed earnings of subsidiaries 13,133  29,405  27,806 
Income tax expense (benefit) 649  341  (281)
Income before equity in undistributed earnings of subsidiaries 12,484  29,064  28,087 
Equity in undistributed earnings (losses) of subsidiaries:      
Bank holding companies and related subsidiaries 5,372  (1,717) 306 
Nonbank companies and related subsidiaries 38  83  (246)
Total equity in undistributed earnings of subsidiaries 5,410  (1,634) 60 
Net income $ 17,894  $ 27,430  $ 28,147 
Balance Sheet
Condensed Balance Sheet
  December 31
(Dollars in millions) 2020 2019
Assets    
Cash held at bank subsidiaries (1)
$ 5,893  $ 5,695 
Securities 701  656 
Receivables from subsidiaries:
Bank holding companies and related subsidiaries 206,566  173,301 
Banks and related subsidiaries 213  51 
Nonbank companies and related subsidiaries 410  391 
Investments in subsidiaries:
Bank holding companies and related subsidiaries 305,818  297,465 
Nonbank companies and related subsidiaries 3,715  3,663 
Other assets 9,850  9,438 
Total assets $ 533,166  $ 490,660 
Liabilities and shareholders’ equity    
Accrued expenses and other liabilities $ 15,965  $ 13,381 
Payables to subsidiaries:
Banks and related subsidiaries 129  458 
Nonbank companies and related subsidiaries 11,067  12,102 
Long-term debt 233,081  199,909 
Total liabilities 260,242  225,850 
Shareholders’ equity 272,924  264,810 
Total liabilities and shareholders’ equity $ 533,166  $ 490,660 
(1)Balance includes third-party cash held of $7 million and $4 million at December 31, 2020 and 2019.
Statement of Cash Flows
Condensed Statement of Cash Flows
(Dollars in millions) 2020 2019 2018
Operating activities      
Net income $ 17,894  $ 27,430  $ 28,147 
Reconciliation of net income to net cash provided by (used in) operating activities:      
Equity in undistributed (earnings) losses of subsidiaries (5,410) 1,634  (60)
Other operating activities, net 14,303  16,973  (3,706)
Net cash provided by operating activities 26,787  46,037  24,381 
Investing activities      
Net sales (purchases) of securities (4) (17) 51 
Net payments to subsidiaries (33,111) (19,121) (2,262)
Other investing activities, net (7) 48 
Net cash used in investing activities (33,122) (19,131) (2,163)
Financing activities      
Net increase (decrease) in other advances (422) (1,625) 3,867 
Proceeds from issuance of long-term debt 43,766  29,315  30,708 
Retirement of long-term debt (23,168) (21,039) (29,413)
Proceeds from issuance of preferred stock 2,181  3,643  4,515 
Redemption of preferred stock (1,072) (2,568) (4,512)
Common stock repurchased (7,025) (28,144) (20,094)
Cash dividends paid (7,727) (5,934) (6,895)
Net cash provided by (used in) financing activities 6,533  (26,352) (21,824)
Net increase in cash held at bank subsidiaries 198  554  394 
Cash held at bank subsidiaries at January 1 5,695  5,141  4,747 
Cash held at bank subsidiaries at December 31 $ 5,893  $ 5,695  $ 5,141