Annual report pursuant to Section 13 and 15(d)

Prent Company Information (Tables)

v2.4.0.6
Prent Company Information (Tables)
12 Months Ended
Dec. 31, 2012
Parent Company Information [Abstract]  
Statement Of Income
The following tables present the Parent Company-only financial information.
 
 
 
 
 
 
Condensed Statement of Income
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2012
 
2011
 
2010
Income
 

 
 

 
 

Dividends from subsidiaries:
 

 
 

 
 

Bank holding companies and related subsidiaries
$
16,213

 
$
10,277

 
$
7,263

Nonbank companies and related subsidiaries
542

 
553

 
226

Interest from subsidiaries
627

 
869

 
999

Other income (loss) (1)
(304
)
 
10,603

 
2,781

Total income
17,078

 
22,302

 
11,269

Expense
 

 
 

 
 

Interest on borrowed funds
5,376

 
6,234

 
4,484

Noninterest expense (2)
11,643

 
11,861

 
8,030

Total expense
17,019

 
18,095

 
12,514

Income (loss) before income taxes and equity in undistributed earnings of subsidiaries
59

 
4,207

 
(1,245
)
Income tax benefit
(5,883
)
 
(2,783
)
 
(3,709
)
Income before equity in undistributed earnings of subsidiaries
5,942

 
6,990

 
2,464

Equity in undistributed earnings (losses) of subsidiaries:
 

 
 

 
 

Bank holding companies and related subsidiaries
1,072

 
6,650

 
7,647

Nonbank companies and related subsidiaries
(2,826
)
 
(12,194
)
 
(12,349
)
Total equity in undistributed losses of subsidiaries
(1,754
)
 
(5,544
)
 
(4,702
)
Net income (loss)
$
4,188

 
$
1,446

 
$
(2,238
)
Net income (loss) applicable to common shareholders
$
2,760

 
$
85

 
$
(3,595
)
(1) 
Includes $6.5 billion of gains related to the sale of the Corporation’s investment in CCB in 2011.
(2) 
Includes, in aggregate, $4.1 billion, $6.9 billion and $3.5 billion in 2012, 2011 and 2010 of representations and warranties provision, which is presented as a component of mortgage banking income on the Corporation’s Consolidated Statement of Income, litigation expense and in 2012 an expense related to an agreement with the Federal Reserve and the OCC to cease the Independent Foreclosure Review and replace it with an accelerated remediation process. The Parent Company-only financial information is presented in accordance with bank regulatory reporting requirements.
Balance Sheet
 
 
 
 
Condensed Balance Sheet
 
 
 
 
 
 
 
 
December 31
(Dollars in millions)
2012
 
2011
Assets
 

 
 

Cash held at bank subsidiaries
$
101,831

 
$
124,991

Securities
1,959

 
515

Receivables from subsidiaries:
 
 
 

Bank holding companies and related subsidiaries
33,481

 
48,679

Nonbank companies and related subsidiaries
3,861

 
7,385

Investments in subsidiaries:
 

 
 

Bank holding companies and related subsidiaries
185,803

 
191,278

Nonbank companies and related subsidiaries
65,300

 
53,213

Other assets
15,208

 
11,720

Total assets
$
407,443

 
$
437,781

Liabilities and shareholders’ equity
 

 
 

Commercial paper and other short-term borrowings
$
100

 
$
401

Accrued expenses and other liabilities
34,364

 
22,419

Payables to subsidiaries:
 

 
 

Bank holding companies and related subsidiaries
1,396

 
2,925

Nonbank companies and related subsidiaries
688

 
515

Long-term debt
133,939

 
181,420

Shareholders’ equity
236,956

 
230,101

Total liabilities and shareholders’ equity
$
407,443

 
$
437,781

Statement Of Cash Flows
 
 
 
 
 
 
Condensed Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2012
 
2011
 
2010
Operating activities
 

 
 

 
 

Net income (loss)
$
4,188

 
$
1,446

 
$
(2,238
)
Reconciliation of net income (loss) to net cash provided by operating activities:
 

 
 

 
 

Equity in undistributed losses of subsidiaries
1,754

 
5,544

 
4,702

Other operating activities, net
(3,432
)
 
6,716

 
(996
)
Net cash provided by operating activities
2,510

 
13,706

 
1,468

Investing activities
 

 
 

 
 

Net sales of securities
13

 
8,444

 
5,972

Net payments from subsidiaries
12,973

 
5,780

 
3,531

Other investing activities, net
445

 
(8
)
 
2,592

Net cash provided by investing activities
13,431

 
14,216

 
12,095

Financing activities
 

 
 

 
 

Net increase (decrease) in commercial paper and other short-term borrowings
(616
)
 
(13,172
)
 
8,052

Proceeds from issuance of long-term debt
17,176

 
16,047

 
29,275

Retirement of long-term debt
(63,851
)
 
(21,742
)
 
(27,176
)
Proceeds from issuance of preferred stock and warrants
667

 
5,000

 

Cash dividends paid
(1,909
)
 
(1,738
)
 
(1,762
)
Other financing activities, net
9,432

 
(4,450
)
 
3,280

Net cash provided by (used in) financing activities
(39,101
)
 
(20,055
)
 
11,669

Net increase (decrease) in cash held at bank subsidiaries
(23,160
)
 
7,867

 
25,232

Cash held at bank subsidiaries at January 1
124,991

 
117,124

 
91,892

Cash held at bank subsidiaries at December 31
$
101,831

 
$
124,991

 
$
117,124