| 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) |
2016 |
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2015 |
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2014 |
Income |
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Dividends from subsidiaries: |
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Bank holding companies and related subsidiaries |
$ |
4,127 |
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$ |
18,970 |
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$ |
12,400 |
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Nonbank companies and related subsidiaries |
77 |
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53 |
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149 |
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Interest from subsidiaries |
2,996 |
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2,004 |
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1,836 |
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Other income (loss) |
111 |
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(623 |
) |
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72 |
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Total income |
7,311 |
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20,404 |
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14,457 |
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Expense |
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Interest on borrowed funds from related subsidiaries |
969 |
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1,169 |
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1,661 |
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Other interest expense |
5,096 |
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5,098 |
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5,552 |
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Noninterest expense |
2,572 |
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4,747 |
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4,471 |
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Total expense |
8,637 |
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11,014 |
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11,684 |
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Income (loss) before income taxes and equity in undistributed earnings of subsidiaries |
(1,326 |
) |
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9,390 |
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2,773 |
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Income tax benefit |
(2,263 |
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(3,574 |
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(4,079 |
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Income before equity in undistributed earnings of subsidiaries |
937 |
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12,964 |
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6,852 |
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Equity in undistributed earnings (losses) of subsidiaries: |
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Bank holding companies and related subsidiaries |
16,817 |
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3,068 |
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4,300 |
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Nonbank companies and related subsidiaries |
152 |
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(196 |
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(5,632 |
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Total equity in undistributed earnings (losses) of subsidiaries |
16,969 |
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2,872 |
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(1,332 |
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Net income |
$ |
17,906 |
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$ |
15,836 |
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$ |
5,520 |
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Condensed Balance Sheet |
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December 31 |
(Dollars in millions) |
2016 |
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2015 |
Assets |
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Cash held at bank subsidiaries (1)
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$ |
20,248 |
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$ |
98,024 |
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Securities |
909 |
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937 |
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Receivables from subsidiaries: |
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Bank holding companies and related subsidiaries |
117,072 |
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23,594 |
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Banks and related subsidiaries |
171 |
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569 |
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Nonbank companies and related subsidiaries |
26,500 |
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56,426 |
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Investments in subsidiaries: |
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Bank holding companies and related subsidiaries |
287,416 |
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272,567 |
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Nonbank companies and related subsidiaries |
6,875 |
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2,402 |
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Other assets |
10,672 |
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9,360 |
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Total assets (2)
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$ |
469,863 |
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$ |
463,879 |
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Liabilities and shareholders’ equity |
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Short-term borrowings |
$ |
— |
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$ |
15 |
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Accrued expenses and other liabilities |
13,273 |
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13,900 |
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Payables to subsidiaries: |
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Banks and related subsidiaries |
352 |
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465 |
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Bank holding companies and related subsidiaries |
4,013 |
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— |
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Nonbank companies and related subsidiaries |
12,010 |
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13,921 |
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Long-term debt |
173,375 |
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179,402 |
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Total liabilities |
203,023 |
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207,703 |
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Shareholders’ equity |
266,840 |
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256,176 |
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Total liabilities and shareholders’ equity |
$ |
469,863 |
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$ |
463,879 |
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(1) |
Balance includes third-party cash held of $342 million and $28 million at December 31, 2016 and 2015.
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(2) |
During 2016, the Corporation entered into intercompany arrangements with certain key subsidiaries under which the Corporation transferred certain parent company assets to NB Holdings, Inc. |
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Condensed Statement of Cash Flows |
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(Dollars in millions) |
2016 |
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2015 |
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2014 |
Operating activities |
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Net income |
$ |
17,906 |
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$ |
15,836 |
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$ |
5,520 |
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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 |
(16,969 |
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(2,872 |
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1,332 |
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Other operating activities, net |
(2,944 |
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(2,509 |
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2,143 |
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Net cash provided by (used in) operating activities |
(2,007 |
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10,455 |
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8,995 |
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Investing activities |
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Net sales (purchases) of securities |
— |
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15 |
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(142 |
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Net payments to subsidiaries |
(65,481 |
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(7,944 |
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(5,902 |
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Other investing activities, net |
(308 |
) |
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70 |
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19 |
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Net cash used in investing activities |
(65,789 |
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(7,859 |
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(6,025 |
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Financing activities |
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Net decrease in short-term borrowings |
(136 |
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(221 |
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(55 |
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Net increase (decrease) in other advances |
(44 |
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(770 |
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1,264 |
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Proceeds from issuance of long-term debt |
27,363 |
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26,492 |
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29,324 |
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Retirement of long-term debt |
(30,804 |
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(27,393 |
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(33,854 |
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Proceeds from issuance of preferred stock |
2,947 |
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2,964 |
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5,957 |
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Common stock repurchased |
(5,112 |
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(2,374 |
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(1,675 |
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Cash dividends paid |
(4,194 |
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(3,574 |
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(2,306 |
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Net cash used in financing activities |
(9,980 |
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(4,876 |
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(1,345 |
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Net increase (decrease) in cash held at bank subsidiaries |
(77,776 |
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(2,280 |
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1,625 |
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Cash held at bank subsidiaries at January 1 |
98,024 |
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100,304 |
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98,679 |
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Cash held at bank subsidiaries at December 31 |
$ |
20,248 |
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$ |
98,024 |
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$ |
100,304 |
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