| Parent Company Information |
Parent Company Information
The following tables present the Parent Company-only financial information. This financial information is presented in accordance with bank regulatory reporting requirements.
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Condensed Statement of Income |
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(Dollars in millions) |
2015 |
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2014 |
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2013 |
Income |
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Dividends from subsidiaries: |
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Bank holding companies and related subsidiaries |
$ |
18,970 |
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$ |
12,400 |
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$ |
8,532 |
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Nonbank companies and related subsidiaries |
53 |
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149 |
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|
357 |
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Interest from subsidiaries |
2,004 |
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1,836 |
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2,087 |
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Other income (loss) |
(623 |
) |
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72 |
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233 |
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Total income |
20,404 |
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14,457 |
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11,209 |
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Expense |
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Interest on borrowed funds from related subsidiaries |
1,169 |
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1,661 |
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1,730 |
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Other interest expense |
5,098 |
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5,552 |
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6,379 |
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Noninterest expense |
4,747 |
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4,471 |
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10,938 |
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Total expense |
11,014 |
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11,684 |
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19,047 |
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Income (loss) before income taxes and equity in undistributed earnings of subsidiaries |
9,390 |
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2,773 |
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(7,838 |
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Income tax benefit |
(3,574 |
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(4,079 |
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(7,227 |
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Income (loss) before equity in undistributed earnings of subsidiaries |
12,964 |
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6,852 |
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(611 |
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Equity in undistributed earnings (losses) of subsidiaries: |
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Bank holding companies and related subsidiaries |
3,120 |
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3,613 |
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14,150 |
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Nonbank companies and related subsidiaries |
(196 |
) |
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(5,632 |
) |
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(2,108 |
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Total equity in undistributed earnings (losses) of subsidiaries |
2,924 |
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(2,019 |
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12,042 |
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Net income |
$ |
15,888 |
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$ |
4,833 |
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$ |
11,431 |
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Condensed Balance Sheet |
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December 31 |
(Dollars in millions) |
2015 |
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2014 |
Assets |
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Cash held at bank subsidiaries (1)
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$ |
98,024 |
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$ |
100,304 |
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Securities |
937 |
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932 |
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Receivables from subsidiaries: |
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Bank holding companies and related subsidiaries |
23,594 |
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23,356 |
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Banks and related subsidiaries |
569 |
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2,395 |
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Nonbank companies and related subsidiaries |
56,426 |
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52,251 |
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Investments in subsidiaries: |
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Bank holding companies and related subsidiaries |
272,596 |
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270,441 |
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Nonbank companies and related subsidiaries |
2,402 |
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2,139 |
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Other assets |
9,360 |
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14,599 |
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Total assets |
$ |
463,908 |
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$ |
466,417 |
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Liabilities and shareholders’ equity |
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Short-term borrowings |
$ |
15 |
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$ |
46 |
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Accrued expenses and other liabilities |
13,900 |
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16,872 |
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Payables to subsidiaries: |
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Banks and related subsidiaries |
465 |
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2,559 |
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Nonbank companies and related subsidiaries |
13,921 |
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17,698 |
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Long-term debt |
179,402 |
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185,771 |
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Total liabilities |
207,703 |
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222,946 |
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Shareholders’ equity |
256,205 |
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243,471 |
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Total liabilities and shareholders’ equity |
$ |
463,908 |
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$ |
466,417 |
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(1) |
Balance includes third-party cash held of $28 million and $29 million at December 31, 2015 and 2014.
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Condensed Statement of Cash Flows |
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(Dollars in millions) |
2015 |
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2014 |
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2013 |
Operating activities |
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Net income |
$ |
15,888 |
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$ |
4,833 |
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$ |
11,431 |
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Reconciliation of net income to net cash provided by (used in) operating activities: |
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Equity in undistributed (earnings) losses of subsidiaries |
(2,924 |
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2,019 |
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(12,042 |
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Other operating activities, net |
(2,509 |
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2,143 |
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(10,422 |
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Net cash provided by (used in) operating activities |
10,455 |
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8,995 |
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(11,033 |
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Investing activities |
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Net sales (purchases) of securities |
15 |
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(142 |
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459 |
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Net payments from (to) subsidiaries |
(7,944 |
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(5,902 |
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39,336 |
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Other investing activities, net |
70 |
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19 |
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3 |
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Net cash provided by (used in) investing activities |
(7,859 |
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(6,025 |
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39,798 |
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Financing activities |
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Net increase (decrease) in short-term borrowings |
(221 |
) |
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(55 |
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178 |
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Net increase (decrease) in other advances |
(770 |
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1,264 |
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(14,378 |
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Proceeds from issuance of long-term debt |
26,492 |
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29,324 |
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30,966 |
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Retirement of long-term debt |
(27,393 |
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(33,854 |
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(39,320 |
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Proceeds from issuance of preferred stock |
2,964 |
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5,957 |
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1,008 |
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Redemption of preferred stock |
— |
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— |
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(6,461 |
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Common stock repurchased |
(2,374 |
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(1,675 |
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(3,220 |
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Cash dividends paid |
(3,574 |
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(2,306 |
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(1,677 |
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Net cash used in financing activities |
(4,876 |
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(1,345 |
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(32,904 |
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Net increase (decrease) in cash held at bank subsidiaries |
(2,280 |
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1,625 |
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(4,139 |
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Cash held at bank subsidiaries at January 1 |
100,304 |
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98,679 |
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102,818 |
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Cash held at bank subsidiaries at December 31 |
$ |
98,024 |
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$ |
100,304 |
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$ |
98,679 |
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