| 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Statement of Income |
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
2018 |
|
2017 |
|
2016 |
Income |
|
|
|
|
|
|
|
|
Dividends from subsidiaries: |
|
|
|
|
|
|
|
|
Bank holding companies and related subsidiaries |
$ |
28,575 |
|
|
$ |
12,088 |
|
|
$ |
4,127 |
|
Nonbank companies and related subsidiaries |
91 |
|
|
202 |
|
|
77 |
|
Interest from subsidiaries |
8,425 |
|
|
7,043 |
|
|
2,996 |
|
Other income (loss) |
(1,025 |
) |
|
28 |
|
|
111 |
|
Total income |
36,066 |
|
|
19,361 |
|
|
7,311 |
|
Expense |
|
|
|
|
|
|
|
|
Interest on borrowed funds from related subsidiaries |
235 |
|
|
189 |
|
|
969 |
|
Other interest expense |
6,425 |
|
|
5,555 |
|
|
5,096 |
|
Noninterest expense |
1,600 |
|
|
1,672 |
|
|
2,704 |
|
Total expense |
8,260 |
|
|
7,416 |
|
|
8,769 |
|
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries |
27,806 |
|
|
11,945 |
|
|
(1,458 |
) |
Income tax expense (benefit) |
(281 |
) |
|
950 |
|
|
(2,311 |
) |
Income before equity in undistributed earnings of subsidiaries |
28,087 |
|
|
10,995 |
|
|
853 |
|
Equity in undistributed earnings (losses) of subsidiaries: |
|
|
|
|
|
|
|
|
Bank holding companies and related subsidiaries |
306 |
|
|
8,725 |
|
|
16,817 |
|
Nonbank companies and related subsidiaries |
(246 |
) |
|
(1,488 |
) |
|
152 |
|
Total equity in undistributed earnings of subsidiaries |
60 |
|
|
7,237 |
|
|
16,969 |
|
Net income |
$ |
28,147 |
|
|
$ |
18,232 |
|
|
$ |
17,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Balance Sheet |
|
|
|
|
|
|
|
|
December 31 |
(Dollars in millions) |
2018 |
|
2017 |
Assets |
|
|
|
|
|
Cash held at bank subsidiaries (1)
|
$ |
5,141 |
|
|
$ |
4,747 |
|
Securities |
628 |
|
|
596 |
|
Receivables from subsidiaries: |
|
|
|
Bank holding companies and related subsidiaries |
152,905 |
|
|
146,566 |
|
Banks and related subsidiaries |
195 |
|
|
146 |
|
Nonbank companies and related subsidiaries |
969 |
|
|
4,745 |
|
Investments in subsidiaries: |
|
|
|
Bank holding companies and related subsidiaries |
293,045 |
|
|
296,506 |
|
Nonbank companies and related subsidiaries |
3,432 |
|
|
5,225 |
|
Other assets |
14,696 |
|
|
14,554 |
|
Total assets |
$ |
471,011 |
|
|
$ |
473,085 |
|
Liabilities and shareholders’ equity |
|
|
|
|
|
Accrued expenses and other liabilities |
$ |
8,828 |
|
|
$ |
10,286 |
|
Payables to subsidiaries: |
|
|
|
Banks and related subsidiaries |
349 |
|
|
359 |
|
Nonbank companies and related subsidiaries |
13,301 |
|
|
9,341 |
|
Long-term debt |
183,208 |
|
|
185,953 |
|
Total liabilities |
205,686 |
|
|
205,939 |
|
Shareholders’ equity |
265,325 |
|
|
267,146 |
|
Total liabilities and shareholders’ equity |
$ |
471,011 |
|
|
$ |
473,085 |
|
|
|
(1) |
Balance includes third-party cash held of $389 million and $193 million at December 31, 2018 and 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Statement of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
2018 |
|
2017 |
|
2016 |
Operating activities |
|
|
|
|
|
|
|
|
Net income |
$ |
28,147 |
|
|
$ |
18,232 |
|
|
$ |
17,822 |
|
Reconciliation of net income to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Equity in undistributed earnings of subsidiaries |
(60 |
) |
|
(7,237 |
) |
|
(16,969 |
) |
Other operating activities, net |
(3,706 |
) |
|
(2,593 |
) |
|
(2,860 |
) |
Net cash provided by (used in) operating activities |
24,381 |
|
|
8,402 |
|
|
(2,007 |
) |
Investing activities |
|
|
|
|
|
|
|
|
Net sales of securities |
51 |
|
|
312 |
|
|
— |
|
Net payments to subsidiaries |
(2,262 |
) |
|
(7,087 |
) |
|
(65,481 |
) |
Other investing activities, net |
48 |
|
|
(1 |
) |
|
(308 |
) |
Net cash used in investing activities |
(2,163 |
) |
|
(6,776 |
) |
|
(65,789 |
) |
Financing activities |
|
|
|
|
|
|
|
|
Net decrease in short-term borrowings |
— |
|
|
— |
|
|
(136 |
) |
Net increase (decrease) in other advances |
3,867 |
|
|
(6,672 |
) |
|
(44 |
) |
Proceeds from issuance of long-term debt |
30,708 |
|
|
37,704 |
|
|
27,363 |
|
Retirement of long-term debt |
(29,413 |
) |
|
(29,645 |
) |
|
(30,804 |
) |
Proceeds from issuance of preferred stock |
4,515 |
|
|
— |
|
|
2,947 |
|
Redemption of preferred stock |
(4,512 |
) |
|
— |
|
|
— |
|
Common stock repurchased |
(20,094 |
) |
|
(12,814 |
) |
|
(5,112 |
) |
Cash dividends paid |
(6,895 |
) |
|
(5,700 |
) |
|
(4,194 |
) |
Net cash used in financing activities |
(21,824 |
) |
|
(17,127 |
) |
|
(9,980 |
) |
Net increase (decrease) in cash held at bank subsidiaries |
394 |
|
|
(15,501 |
) |
|
(77,776 |
) |
Cash held at bank subsidiaries at January 1 |
4,747 |
|
|
20,248 |
|
|
98,024 |
|
Cash held at bank subsidiaries at December 31 |
$ |
5,141 |
|
|
$ |
4,747 |
|
|
$ |
20,248 |
|
|