Annual report pursuant to Section 13 and 15(d)

Parent Company Information

v3.22.0.1
Parent Company Information
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Parent Company Information Parent Company Information
The following tables present the Parent Company-only financial information.
Condensed Statement of Income
(Dollars in millions) 2021 2020 2019
Income      
Dividends from subsidiaries:      
Bank holding companies and related subsidiaries $ 15,621  $ 10,352  $ 27,820 
Interest from subsidiaries 8,362  8,825  9,502 
Other income (loss) (114) (138) 74 
Total income 23,869  19,039  37,396 
Expense      
Interest on borrowed funds from subsidiaries 54  136  451 
Other interest expense 3,383  4,119  5,899 
Noninterest expense 1,531  1,651  1,641 
Total expense 4,968  5,906  7,991 
Income before income taxes and equity in undistributed earnings of subsidiaries 18,901  13,133  29,405 
Income tax expense 886  649  341 
Income before equity in undistributed earnings of subsidiaries 18,015  12,484  29,064 
Equity in undistributed earnings (losses) of subsidiaries:      
Bank holding companies and related subsidiaries 14,078  5,372  (1,717)
Nonbank companies and related subsidiaries (115) 38  83 
Total equity in undistributed earnings (losses) of subsidiaries 13,963  5,410  (1,634)
Net income $ 31,978  $ 17,894  $ 27,430 
Condensed Balance Sheet
  December 31
(Dollars in millions) 2021 2020
Assets    
Cash held at bank subsidiaries $ 5,011  $ 5,893 
Securities 671  701 
Receivables from subsidiaries:
Bank holding companies and related subsidiaries 217,447  206,566 
Banks and related subsidiaries 347  213 
Nonbank companies and related subsidiaries 368  410 
Investments in subsidiaries:
Bank holding companies and related subsidiaries 316,497  305,818 
Nonbank companies and related subsidiaries 3,645  3,715 
Other assets 8,602  9,850 
Total assets $ 552,588  $ 533,166 
Liabilities and shareholders’ equity    
Accrued expenses and other liabilities $ 17,394  $ 15,965 
Payables to subsidiaries:
Banks and related subsidiaries 107  129 
Bank holding companies and related subsidiaries 3  — 
Nonbank companies and related subsidiaries 11,564  11,067 
Long-term debt 253,454  233,081 
Total liabilities 282,522  260,242 
Shareholders’ equity 270,066  272,924 
Total liabilities and shareholders’ equity $ 552,588  $ 533,166 
Condensed Statement of Cash Flows
(Dollars in millions) 2021 2020 2019
Operating activities      
Net income $ 31,978  $ 17,894  $ 27,430 
Reconciliation of net income (loss) to net cash provided by (used in) operating activities:      
Equity in undistributed (earnings) losses of subsidiaries (13,963) (5,410) 1,634 
Other operating activities, net (7,144) 14,303  16,973 
Net cash provided by operating activities 10,871  26,787  46,037 
Investing activities      
Net purchases of securities (14) (4) (17)
Net payments to subsidiaries (10,796) (33,111) (19,121)
Other investing activities, net (26) (7) 7 
Net cash used in investing activities (10,836) (33,122) (19,131)
Financing activities      
Net increase (decrease) in other advances 503  (422) (1,625)
Proceeds from issuance of long-term debt 56,106  43,766  29,315 
Retirement of long-term debt (24,544) (23,168) (21,039)
Proceeds from issuance of preferred stock and warrants 2,170  2,181  3,643 
Redemption of preferred stock (1,971) (1,072) (2,568)
Common stock repurchased (25,126) (7,025) (28,144)
Cash dividends paid (8,055) (7,727) (5,934)
Net cash provided by (used in) financing activities (917) 6,533  (26,352)
Net increase (decrease) in cash held at bank subsidiaries (882) 198  554 
Cash held at bank subsidiaries at January 1 5,893  5,695  5,141 
Cash held at bank subsidiaries at December 31 $ 5,011  $ 5,893  $ 5,695