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