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