| Condensed Financial Information of Parent Company Only Disclosure |
Parent Company Information
The following tables present the Parent Company-only financial information.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Statement of Income |
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
2012 |
|
2011 |
|
2010 |
Income |
|
|
|
|
|
|
|
|
Dividends from subsidiaries: |
|
|
|
|
|
|
|
|
Bank holding companies and related subsidiaries |
$ |
16,213 |
|
|
$ |
10,277 |
|
|
$ |
7,263 |
|
Nonbank companies and related subsidiaries |
542 |
|
|
553 |
|
|
226 |
|
Interest from subsidiaries |
627 |
|
|
869 |
|
|
999 |
|
Other income (loss) (1)
|
(304 |
) |
|
10,603 |
|
|
2,781 |
|
Total income |
17,078 |
|
|
22,302 |
|
|
11,269 |
|
Expense |
|
|
|
|
|
|
|
|
Interest on borrowed funds |
5,376 |
|
|
6,234 |
|
|
4,484 |
|
Noninterest expense (2)
|
11,643 |
|
|
11,861 |
|
|
8,030 |
|
Total expense |
17,019 |
|
|
18,095 |
|
|
12,514 |
|
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries |
59 |
|
|
4,207 |
|
|
(1,245 |
) |
Income tax benefit |
(5,883 |
) |
|
(2,783 |
) |
|
(3,709 |
) |
Income before equity in undistributed earnings of subsidiaries |
5,942 |
|
|
6,990 |
|
|
2,464 |
|
Equity in undistributed earnings (losses) of subsidiaries: |
|
|
|
|
|
|
|
|
Bank holding companies and related subsidiaries |
1,072 |
|
|
6,650 |
|
|
7,647 |
|
Nonbank companies and related subsidiaries |
(2,826 |
) |
|
(12,194 |
) |
|
(12,349 |
) |
Total equity in undistributed losses of subsidiaries |
(1,754 |
) |
|
(5,544 |
) |
|
(4,702 |
) |
Net income (loss) |
$ |
4,188 |
|
|
$ |
1,446 |
|
|
$ |
(2,238 |
) |
Net income (loss) applicable to common shareholders |
$ |
2,760 |
|
|
$ |
85 |
|
|
$ |
(3,595 |
) |
|
|
(1) |
Includes $6.5 billion of gains related to the sale of the Corporation’s investment in CCB in 2011.
|
|
|
(2) |
Includes, in aggregate, $4.1 billion, $6.9 billion and $3.5 billion in 2012, 2011 and 2010 of representations and warranties provision, which is presented as a component of mortgage banking income on the Corporation’s Consolidated Statement of Income, litigation expense and in 2012 an expense related to an agreement with the Federal Reserve and the OCC to cease the Independent Foreclosure Review and replace it with an accelerated remediation process. The Parent Company-only financial information is presented in accordance with bank regulatory reporting requirements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Balance Sheet |
|
|
|
|
|
|
|
|
December 31 |
(Dollars in millions) |
2012 |
|
2011 |
Assets |
|
|
|
|
|
Cash held at bank subsidiaries |
$ |
101,831 |
|
|
$ |
124,991 |
|
Securities |
1,959 |
|
|
515 |
|
Receivables from subsidiaries: |
|
|
|
|
Bank holding companies and related subsidiaries |
33,481 |
|
|
48,679 |
|
Nonbank companies and related subsidiaries |
3,861 |
|
|
7,385 |
|
Investments in subsidiaries: |
|
|
|
|
|
Bank holding companies and related subsidiaries |
185,803 |
|
|
191,278 |
|
Nonbank companies and related subsidiaries |
65,300 |
|
|
53,213 |
|
Other assets |
15,208 |
|
|
11,720 |
|
Total assets |
$ |
407,443 |
|
|
$ |
437,781 |
|
Liabilities and shareholders’ equity |
|
|
|
|
|
Commercial paper and other short-term borrowings |
$ |
100 |
|
|
$ |
401 |
|
Accrued expenses and other liabilities |
34,364 |
|
|
22,419 |
|
Payables to subsidiaries: |
|
|
|
|
|
Bank holding companies and related subsidiaries |
1,396 |
|
|
2,925 |
|
Nonbank companies and related subsidiaries |
688 |
|
|
515 |
|
Long-term debt |
133,939 |
|
|
181,420 |
|
Shareholders’ equity |
236,956 |
|
|
230,101 |
|
Total liabilities and shareholders’ equity |
$ |
407,443 |
|
|
$ |
437,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Statement of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
2012 |
|
2011 |
|
2010 |
Operating activities |
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
4,188 |
|
|
$ |
1,446 |
|
|
$ |
(2,238 |
) |
Reconciliation of net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Equity in undistributed losses of subsidiaries |
1,754 |
|
|
5,544 |
|
|
4,702 |
|
Other operating activities, net |
(3,432 |
) |
|
6,716 |
|
|
(996 |
) |
Net cash provided by operating activities |
2,510 |
|
|
13,706 |
|
|
1,468 |
|
Investing activities |
|
|
|
|
|
|
|
|
Net sales of securities |
13 |
|
|
8,444 |
|
|
5,972 |
|
Net payments from subsidiaries |
12,973 |
|
|
5,780 |
|
|
3,531 |
|
Other investing activities, net |
445 |
|
|
(8 |
) |
|
2,592 |
|
Net cash provided by investing activities |
13,431 |
|
|
14,216 |
|
|
12,095 |
|
Financing activities |
|
|
|
|
|
|
|
|
Net increase (decrease) in commercial paper and other short-term borrowings |
(616 |
) |
|
(13,172 |
) |
|
8,052 |
|
Proceeds from issuance of long-term debt |
17,176 |
|
|
16,047 |
|
|
29,275 |
|
Retirement of long-term debt |
(63,851 |
) |
|
(21,742 |
) |
|
(27,176 |
) |
Proceeds from issuance of preferred stock and warrants |
667 |
|
|
5,000 |
|
|
— |
|
Cash dividends paid |
(1,909 |
) |
|
(1,738 |
) |
|
(1,762 |
) |
Other financing activities, net |
9,432 |
|
|
(4,450 |
) |
|
3,280 |
|
Net cash provided by (used in) financing activities |
(39,101 |
) |
|
(20,055 |
) |
|
11,669 |
|
Net increase (decrease) in cash held at bank subsidiaries |
(23,160 |
) |
|
7,867 |
|
|
25,232 |
|
Cash held at bank subsidiaries at January 1 |
124,991 |
|
|
117,124 |
|
|
91,892 |
|
Cash held at bank subsidiaries at December 31 |
$ |
101,831 |
|
|
$ |
124,991 |
|
|
$ |
117,124 |
|
|