Annual report pursuant to Section 13 and 15(d)

Parent Company Information

v3.22.4
Parent Company Information
 12 Months Ended
Dec. 31, 2022
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) 2022 2021 2020
Income      
Dividends from subsidiaries:      
Bank holding companies and related subsidiaries $ 22,250  $ 15,621  $ 10,352 
Interest from subsidiaries 12,420  8,362  8,825 
Other income (loss) (201) (114) (138)
Total income 34,469  23,869  19,039 
Expense      
Interest on borrowed funds from subsidiaries 236  54  136 
Other interest expense 7,041  3,383  4,119 
Noninterest expense 1,322  1,531  1,651 
Total expense 8,599  4,968  5,906 
Income before income taxes and equity in undistributed earnings of subsidiaries 25,870  18,901  13,133 
Income tax expense 683  886  649 
Income before equity in undistributed earnings of subsidiaries 25,187  18,015  12,484 
Equity in undistributed earnings (losses) of subsidiaries:      
Bank holding companies and related subsidiaries 2,333  14,078  5,372 
Nonbank companies and related subsidiaries 8  (115) 38 
Total equity in undistributed earnings (losses) of subsidiaries 2,341  13,963  5,410 
Net income $ 27,528  $ 31,978  $ 17,894 
Condensed Balance Sheet
  December 31
(Dollars in millions) 2022 2021
Assets    
Cash held at bank subsidiaries $ 9,609  $ 5,011 
Securities 617  671 
Receivables from subsidiaries:
Bank holding companies and related subsidiaries 222,584  217,447 
Banks and related subsidiaries 220  347 
Nonbank companies and related subsidiaries 978  368 
Investments in subsidiaries:
Bank holding companies and related subsidiaries 301,207  316,497 
Nonbank companies and related subsidiaries 3,770  3,645 
Other assets 7,156  8,602 
Total assets $ 546,141  $ 552,588 
Liabilities and shareholders’ equity    
Accrued expenses and other liabilities $ 14,193  $ 17,394 
Payables to subsidiaries:
Banks and related subsidiaries 260  107 
Bank holding companies and related subsidiaries 21  3 
Nonbank companies and related subsidiaries 14,578  11,564 
Long-term debt 243,892  253,454 
Total liabilities 272,944  282,522 
Shareholders’ equity 273,197  270,066 
Total liabilities and shareholders’ equity $ 546,141  $ 552,588 
Condensed Statement of Cash Flows
(Dollars in millions) 2022 2021 2020
Operating activities      
Net income $ 27,528  $ 31,978  $ 17,894 
Reconciliation of net income (loss) to net cash provided by (used in) operating activities:      
Equity in undistributed (earnings) losses of subsidiaries (2,341) (13,963) (5,410)
Other operating activities, net (31,777) (7,144) 14,303 
Net cash provided by (used in) operating activities (6,590) 10,871  26,787 
Investing activities      
Net sales (purchases) of securities 25  (14) (4)
Net payments to subsidiaries (6,044) (10,796) (33,111)
Other investing activities, net (34) (26) (7)
Net cash used in investing activities (6,053) (10,836) (33,122)
Financing activities      
Net increase (decrease) in other advances 2,853  503  (422)
Proceeds from issuance of long-term debt 44,123  56,106  43,766 
Retirement of long-term debt (19,858) (24,544) (23,168)
Proceeds from issuance of preferred stock and warrants 4,426  2,170  2,181 
Redemption of preferred stock (654) (1,971) (1,072)
Common stock repurchased (5,073) (25,126) (7,025)
Cash dividends paid (8,576) (8,055) (7,727)
Net cash provided by (used in) financing activities 17,241  (917) 6,533 
Net increase (decrease) in cash held at bank subsidiaries 4,598  (882) 198 
Cash held at bank subsidiaries at January 1 5,011  5,893  5,695 
Cash held at bank subsidiaries at December 31 $ 9,609  $ 5,011  $ 5,893