Parent Company Information (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
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) |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
Statement of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|