| Parent Company Information |
Parent Company Information The following tables present the Parent Company-only financial information.
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Condensed Statement of Income |
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(Dollars in millions) |
2019 |
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2018 |
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2017 |
Income |
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Dividends from subsidiaries: |
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Bank holding companies and related subsidiaries |
$ |
27,820 |
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$ |
28,575 |
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$ |
12,088 |
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Nonbank companies and related subsidiaries |
— |
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91 |
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202 |
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Interest from subsidiaries |
9,502 |
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8,425 |
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7,043 |
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Other income (loss) |
74 |
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(1,025 |
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28 |
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Total income |
37,396 |
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36,066 |
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19,361 |
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Expense |
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Interest on borrowed funds from related subsidiaries |
451 |
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235 |
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189 |
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Other interest expense |
5,899 |
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6,425 |
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5,555 |
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Noninterest expense |
1,641 |
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1,600 |
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1,672 |
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Total expense |
7,991 |
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8,260 |
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7,416 |
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Income before income taxes and equity in undistributed earnings of subsidiaries |
29,405 |
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27,806 |
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11,945 |
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Income tax expense (benefit) |
341 |
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(281 |
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950 |
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Income before equity in undistributed earnings of subsidiaries |
29,064 |
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28,087 |
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10,995 |
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Equity in undistributed earnings (losses) of subsidiaries: |
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Bank holding companies and related subsidiaries |
(1,717 |
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306 |
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8,725 |
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Nonbank companies and related subsidiaries |
83 |
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(246 |
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(1,488 |
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Total equity in undistributed earnings of subsidiaries |
(1,634 |
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60 |
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7,237 |
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Net income |
$ |
27,430 |
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$ |
28,147 |
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$ |
18,232 |
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Condensed Balance Sheet |
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December 31 |
(Dollars in millions) |
2019 |
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2018 |
Assets |
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Cash held at bank subsidiaries (1)
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$ |
5,695 |
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$ |
5,141 |
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Securities |
656 |
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628 |
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Receivables from subsidiaries: |
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Bank holding companies and related subsidiaries |
173,301 |
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152,905 |
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Banks and related subsidiaries |
51 |
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195 |
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Nonbank companies and related subsidiaries |
391 |
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969 |
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Investments in subsidiaries: |
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Bank holding companies and related subsidiaries |
297,465 |
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293,045 |
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Nonbank companies and related subsidiaries |
3,663 |
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3,432 |
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Other assets |
9,438 |
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14,696 |
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Total assets |
$ |
490,660 |
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$ |
471,011 |
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Liabilities and shareholders’ equity |
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Accrued expenses and other liabilities |
$ |
13,381 |
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$ |
8,828 |
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Payables to subsidiaries: |
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Banks and related subsidiaries |
458 |
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349 |
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Nonbank companies and related subsidiaries |
12,102 |
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13,301 |
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Long-term debt |
199,909 |
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183,208 |
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Total liabilities |
225,850 |
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205,686 |
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Shareholders’ equity |
264,810 |
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265,325 |
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Total liabilities and shareholders’ equity |
$ |
490,660 |
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$ |
471,011 |
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(1) |
Balance includes third-party cash held of $4 million and $389 million at December 31, 2019 and 2018.
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Condensed Statement of Cash Flows |
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(Dollars in millions) |
2019 |
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2018 |
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2017 |
Operating activities |
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Net income |
$ |
27,430 |
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$ |
28,147 |
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$ |
18,232 |
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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 |
1,634 |
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(60 |
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(7,237 |
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Other operating activities, net |
16,973 |
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(3,706 |
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(2,593 |
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Net cash provided by operating activities |
46,037 |
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24,381 |
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8,402 |
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Investing activities |
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Net sales (purchases) of securities |
(17 |
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51 |
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312 |
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Net payments to subsidiaries |
(19,121 |
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(2,262 |
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(7,087 |
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Other investing activities, net |
7 |
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48 |
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(1 |
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Net cash used in investing activities |
(19,131 |
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(2,163 |
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(6,776 |
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Financing activities |
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Net increase (decrease) in other advances |
(1,625 |
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3,867 |
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(6,672 |
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Proceeds from issuance of long-term debt |
29,315 |
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30,708 |
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37,704 |
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Retirement of long-term debt |
(21,039 |
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(29,413 |
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(29,645 |
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Proceeds from issuance of preferred stock |
3,643 |
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4,515 |
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— |
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Redemption of preferred stock |
(2,568 |
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(4,512 |
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— |
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Common stock repurchased |
(28,144 |
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(20,094 |
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(12,814 |
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Cash dividends paid |
(5,934 |
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(6,895 |
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(5,700 |
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Net cash used in financing activities |
(26,352 |
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(21,824 |
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(17,127 |
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Net increase (decrease) in cash held at bank subsidiaries |
554 |
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394 |
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(15,501 |
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Cash held at bank subsidiaries at January 1 |
5,141 |
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4,747 |
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20,248 |
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Cash held at bank subsidiaries at December 31 |
$ |
5,695 |
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$ |
5,141 |
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$ |
4,747 |
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