Annual report pursuant to Section 13 and 15(d)

Parent Company Information

v3.24.0.1
Parent Company Information
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Parent Company Information Parent Company Information
The following tables present the Parent Company-only financial information.
Condensed Statement of Income
(Dollars in millions) 2023 2022 2021
Income      
Dividends from subsidiaries:      
Bank holding companies and related subsidiaries $ 22,384  $ 22,250  $ 15,621 
Interest from subsidiaries 21,314  12,420  8,362 
Other income (loss) (1,012) (201) (114)
Total income 42,686  34,469  23,869 
Expense      
Interest on borrowed funds from subsidiaries 896  236  54 
Other interest expense 14,119  7,041  3,383 
Noninterest expense 1,699  1,322  1,531 
Total expense 16,714  8,599  4,968 
Income before income taxes and equity in undistributed earnings of subsidiaries 25,972  25,870  18,901 
Income tax expense 838  683  886 
Income before equity in undistributed earnings of subsidiaries 25,134  25,187  18,015 
Equity in undistributed earnings (losses) of subsidiaries:      
Bank holding companies and related subsidiaries 1,203  2,333  14,078 
Nonbank companies and related subsidiaries 178  8  (115)
Total equity in undistributed earnings (losses) of subsidiaries 1,381  2,341  13,963 
Net income $ 26,515  $ 27,528  $ 31,978 
Condensed Balance Sheet
  December 31
(Dollars in millions) 2023 2022
Assets    
Cash held at bank subsidiaries $ 4,559  $ 9,609 
Securities 644  617 
Receivables from subsidiaries:
Bank holding companies and related subsidiaries 249,320  222,584 
Banks and related subsidiaries 205  220 
Nonbank companies and related subsidiaries 1,255  978 
Investments in subsidiaries:
Bank holding companies and related subsidiaries 306,946  301,207 
Nonbank companies and related subsidiaries 3,946  3,770 
Other assets 6,799  7,156 
Total assets $ 573,674  $ 546,141 
Liabilities and shareholders’ equity    
Accrued expenses and other liabilities $ 14,510  $ 14,193 
Payables to subsidiaries:
Banks and related subsidiaries 207  260 
Bank holding companies and related subsidiaries 14  21 
Nonbank companies and related subsidiaries 17,756  14,578 
Long-term debt 249,541  243,892 
Total liabilities 282,028  272,944 
Shareholders’ equity 291,646  273,197 
Total liabilities and shareholders’ equity $ 573,674  $ 546,141 
Condensed Statement of Cash Flows
(Dollars in millions) 2023 2022 2021
Operating activities      
Net income $ 26,515  $ 27,528  $ 31,978 
Reconciliation of net income (loss) to net cash provided by (used in) operating activities:      
Equity in undistributed (earnings) losses of subsidiaries (1,381) (2,341) (13,963)
Other operating activities, net 3,395  (31,777) (7,144)
Net cash provided by (used in) operating activities 28,529  (6,590) 10,871 
Investing activities      
Net sales (purchases) of securities (15) 25  (14)
Net payments to subsidiaries (21,267) (6,044) (10,796)
Other investing activities, net (43) (34) (26)
Net cash used in investing activities (21,325) (6,053) (10,836)
Financing activities      
Net increase (decrease) in other advances 2,825  2,853  503 
Proceeds from issuance of long-term debt 23,950  44,123  56,106 
Retirement of long-term debt (25,366) (19,858) (24,544)
Proceeds from issuance of preferred stock and warrants —  4,426  2,170 
Redemption of preferred stock —  (654) (1,971)
Common stock repurchased (4,576) (5,073) (25,126)
Cash dividends paid (9,087) (8,576) (8,055)
Net cash provided by (used in) financing activities (12,254) 17,241  (917)
Net increase (decrease) in cash held at bank subsidiaries (5,050) 4,598  (882)
Cash held at bank subsidiaries at January 1 9,609  5,011  5,893 
Cash held at bank subsidiaries at December 31 $ 4,559  $ 9,609  $ 5,011