Parent Company Information (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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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.
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| Condensed Statement of Income |
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| (Dollars in millions) |
2020 |
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2019 |
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2018 |
| Income |
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| Dividends from subsidiaries: |
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| Bank holding companies and related subsidiaries |
$ |
10,352
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$ |
27,820 |
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$ |
28,575 |
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| Nonbank companies and related subsidiaries |
—
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— |
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91 |
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| Interest from subsidiaries |
8,825
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9,502 |
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8,425 |
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| Other income (loss) |
(138) |
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74 |
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(1,025) |
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| Total income |
19,039
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37,396 |
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36,066 |
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| Expense |
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| Interest on borrowed funds from related subsidiaries |
136
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451 |
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235 |
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| Other interest expense |
4,119
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5,899 |
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6,425 |
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| Noninterest expense |
1,651
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1,641 |
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1,600 |
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| Total expense |
5,906
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7,991 |
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8,260 |
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| Income before income taxes and equity in undistributed earnings of subsidiaries |
13,133
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29,405 |
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27,806 |
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| Income tax expense (benefit) |
649
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341 |
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(281) |
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| Income before equity in undistributed earnings of subsidiaries |
12,484
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29,064 |
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28,087 |
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| Equity in undistributed earnings (losses) of subsidiaries: |
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| Bank holding companies and related subsidiaries |
5,372
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(1,717) |
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306 |
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| Nonbank companies and related subsidiaries |
38
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83 |
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(246) |
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| Total equity in undistributed earnings of subsidiaries |
5,410
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(1,634) |
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60 |
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| Net income |
$ |
17,894
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$ |
27,430 |
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$ |
28,147 |
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| Balance Sheet |
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| Condensed Balance Sheet |
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December 31 |
| (Dollars in millions) |
2020 |
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2019 |
| Assets |
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Cash held at bank subsidiaries (1)
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$ |
5,893
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$ |
5,695 |
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| Securities |
701
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656 |
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| Receivables from subsidiaries: |
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| Bank holding companies and related subsidiaries |
206,566
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173,301 |
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| Banks and related subsidiaries |
213
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51 |
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| Nonbank companies and related subsidiaries |
410
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391 |
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| Investments in subsidiaries: |
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| Bank holding companies and related subsidiaries |
305,818
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297,465 |
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| Nonbank companies and related subsidiaries |
3,715
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3,663 |
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| Other assets |
9,850
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9,438 |
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| Total assets |
$ |
533,166
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$ |
490,660 |
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| Liabilities and shareholders’ equity |
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| Accrued expenses and other liabilities |
$ |
15,965
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$ |
13,381 |
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| Payables to subsidiaries: |
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| Banks and related subsidiaries |
129
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458 |
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| Nonbank companies and related subsidiaries |
11,067
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12,102 |
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| Long-term debt |
233,081
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199,909 |
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| Total liabilities |
260,242
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225,850 |
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| Shareholders’ equity |
272,924
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264,810 |
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| Total liabilities and shareholders’ equity |
$ |
533,166
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$ |
490,660 |
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(1)Balance includes third-party cash held of $7 million and $4 million at December 31, 2020 and 2019.
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| Statement of Cash Flows |
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| Condensed Statement of Cash Flows |
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| (Dollars in millions) |
2020 |
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2019 |
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2018 |
| Operating activities |
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| Net income |
$ |
17,894
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$ |
27,430 |
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$ |
28,147 |
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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 |
(5,410) |
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1,634 |
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(60) |
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| Other operating activities, net |
14,303
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16,973 |
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(3,706) |
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| Net cash provided by operating activities |
26,787
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46,037 |
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24,381 |
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| Investing activities |
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| Net sales (purchases) of securities |
(4) |
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(17) |
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51 |
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| Net payments to subsidiaries |
(33,111) |
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(19,121) |
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(2,262) |
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| Other investing activities, net |
(7) |
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7 |
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48 |
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| Net cash used in investing activities |
(33,122) |
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(19,131) |
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(2,163) |
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| Financing activities |
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| Net increase (decrease) in other advances |
(422) |
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(1,625) |
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3,867 |
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| Proceeds from issuance of long-term debt |
43,766
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29,315 |
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30,708 |
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| Retirement of long-term debt |
(23,168) |
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(21,039) |
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(29,413) |
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| Proceeds from issuance of preferred stock |
2,181
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3,643 |
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4,515 |
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| Redemption of preferred stock |
(1,072) |
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(2,568) |
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(4,512) |
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| Common stock repurchased |
(7,025) |
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(28,144) |
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(20,094) |
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| Cash dividends paid |
(7,727) |
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(5,934) |
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(6,895) |
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| Net cash provided by (used in) financing activities |
6,533
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(26,352) |
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(21,824) |
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| Net increase in cash held at bank subsidiaries |
198
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554 |
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394 |
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| Cash held at bank subsidiaries at January 1 |
5,695
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5,141 |
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4,747 |
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| Cash held at bank subsidiaries at December 31 |
$ |
5,893
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$ |
5,695 |
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$ |
5,141 |
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