Parent Company Information (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
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| Statement of Income |
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) |
2017 |
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2016 |
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2015 |
Income |
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Dividends from subsidiaries: |
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Bank holding companies and related subsidiaries |
$ |
12,088 |
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$ |
4,127 |
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$ |
18,970 |
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Nonbank companies and related subsidiaries |
202 |
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77 |
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53 |
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Interest from subsidiaries |
7,043 |
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2,996 |
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|
2,004 |
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Other income (loss) |
28 |
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111 |
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(623 |
) |
Total income |
19,361 |
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7,311 |
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20,404 |
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Expense |
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Interest on borrowed funds from related subsidiaries |
189 |
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969 |
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1,169 |
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Other interest expense |
5,555 |
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5,096 |
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5,098 |
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Noninterest expense |
1,672 |
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2,704 |
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4,631 |
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Total expense |
7,416 |
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8,769 |
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10,898 |
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Income (loss) before income taxes and equity in undistributed earnings of subsidiaries |
11,945 |
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(1,458 |
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9,506 |
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Income tax expense (benefit) |
950 |
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(2,311 |
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(3,532 |
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Income before equity in undistributed earnings of subsidiaries |
10,995 |
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853 |
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13,038 |
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Equity in undistributed earnings (losses) of subsidiaries: |
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Bank holding companies and related subsidiaries |
8,725 |
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16,817 |
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3,068 |
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Nonbank companies and related subsidiaries |
(1,488 |
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152 |
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(196 |
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Total equity in undistributed earnings (losses) of subsidiaries |
7,237 |
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16,969 |
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2,872 |
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Net income |
$ |
18,232 |
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$ |
17,822 |
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$ |
15,910 |
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| Balance Sheet |
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Condensed Balance Sheet |
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December 31 |
(Dollars in millions) |
2017 |
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2016 |
Assets |
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Cash held at bank subsidiaries (1)
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$ |
4,747 |
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$ |
20,248 |
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Securities |
596 |
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909 |
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Receivables from subsidiaries: |
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Bank holding companies and related subsidiaries |
146,566 |
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117,072 |
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Banks and related subsidiaries |
146 |
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171 |
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Nonbank companies and related subsidiaries |
4,745 |
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26,500 |
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Investments in subsidiaries: |
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Bank holding companies and related subsidiaries |
296,506 |
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287,416 |
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Nonbank companies and related subsidiaries |
5,225 |
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6,875 |
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Other assets |
14,554 |
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11,038 |
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Total assets (2)
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$ |
473,085 |
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$ |
470,229 |
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Liabilities and shareholders’ equity |
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Accrued expenses and other liabilities |
$ |
10,286 |
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$ |
14,284 |
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Payables to subsidiaries: |
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Banks and related subsidiaries |
359 |
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352 |
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Bank holding companies and related subsidiaries |
1 |
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4,013 |
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Nonbank companies and related subsidiaries |
9,340 |
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12,010 |
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Long-term debt |
185,953 |
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173,375 |
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Total liabilities |
205,939 |
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204,034 |
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Shareholders’ equity |
267,146 |
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266,195 |
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Total liabilities and shareholders’ equity |
$ |
473,085 |
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$ |
470,229 |
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(1) |
Balance includes third-party cash held of $193 million and $342 million at December 31, 2017 and 2016.
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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 Corporation.
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| Statement of Cash Flows |
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Condensed Statement of Cash Flows |
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(Dollars in millions) |
2017 |
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2016 |
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2015 |
Operating activities |
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Net income |
$ |
18,232 |
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$ |
17,822 |
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$ |
15,910 |
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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 |
(7,237 |
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(16,969 |
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(2,872 |
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Other operating activities, net |
(2,593 |
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(2,860 |
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(2,583 |
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Net cash provided by (used in) operating activities |
8,402 |
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(2,007 |
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10,455 |
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Investing activities |
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Net sales of securities |
312 |
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— |
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15 |
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Net payments to subsidiaries |
(7,087 |
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(65,481 |
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(7,944 |
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Other investing activities, net |
(1 |
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(308 |
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70 |
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Net cash used in investing activities |
(6,776 |
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(65,789 |
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(7,859 |
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Financing activities |
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Net decrease in short-term borrowings |
— |
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(136 |
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(221 |
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Net decrease in other advances |
(6,672 |
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(44 |
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(770 |
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Proceeds from issuance of long-term debt |
37,704 |
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27,363 |
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26,492 |
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Retirement of long-term debt |
(29,645 |
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(30,804 |
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(27,393 |
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Proceeds from issuance of preferred stock |
— |
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2,947 |
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2,964 |
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Common stock repurchased |
(12,814 |
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(5,112 |
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(2,374 |
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Cash dividends paid |
(5,700 |
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(4,194 |
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(3,574 |
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Net cash used in financing activities |
(17,127 |
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(9,980 |
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(4,876 |
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Net decrease in cash held at bank subsidiaries |
(15,501 |
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(77,776 |
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(2,280 |
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Cash held at bank subsidiaries at January 1 |
20,248 |
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98,024 |
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100,304 |
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Cash held at bank subsidiaries at December 31 |
$ |
4,747 |
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$ |
20,248 |
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$ |
98,024 |
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