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