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