Parent Company Financial Statements

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Statements

Parent Company Financial Statements

Condensed Statements of Income (Parent Company Only)
For the years ended December 31 ($ in millions)	2021		2020	2019
Income
Dividends from consolidated nonbank subsidiaries(a)	$	3,040	1,285	2,155
Securities gains, net	1		1	2
Interest	11		17	24
Total income	3,052		1,303	2,181
Expenses
Interest	250		266	267
Other	30		26	65
Total expenses	280		292	332
Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries	2,772		1,011	1,849
Applicable income tax benefit	(62)		(65)	(69)
Income Before Equity in Undistributed Earnings of Subsidiaries	2,834		1,076	1,918
Equity in undistributed earnings	(64)		351	594
Net Income Attributable to Bancorp	$	2,770	1,427	2,512
Other Comprehensive Income	—		—	—
Comprehensive Income Attributable to Bancorp	$	2,770	1,427	2,512

(a)The Bancorp’s indirect banking subsidiary paid dividends to the Bancorp’s direct nonbank subsidiary holding company of $3.0 billion, $1.3 billion and $2.0 billion for the years ended December 31, 2021, 2020 and 2019, respectively. Additionally, a $200 million dividend was paid by MB Financial, Inc. to the Bancorp during the year ended December 31, 2019.

Condensed Balance Sheets (Parent Company Only)
As of December 31 ($ in millions)	2021		2020
Assets
Cash	$	122	120
Other short-term investments	6,234		5,578
Equity securities	49		49
Loans to nonbank subsidiaries	192		350
Investment in nonbank subsidiaries	23,877		25,214
Goodwill	80		80
Other assets	431		479
Total Assets	$	30,985	31,870
Liabilities
Other short-term borrowings	$	361	450
Accrued expenses and other liabilities	487		548
Long-term debt (external)	7,927		7,761
Total Liabilities	$	8,775	8,759
Equity
Common stock	$	2,051	2,051
Preferred stock	2,116		2,116
Capital surplus	3,624		3,635
Retained earnings	20,236		18,384
Accumulated other comprehensive income	1,207		2,601
Treasury stock	(7,024)		(5,676)
Total Equity	22,210		23,111
Total Liabilities and Equity	$	30,985	31,870

Condensed Statements of Cash Flows (Parent Company Only)
For the years ended December 31 ($ in millions)	2021		2020	2019
Operating Activities
Net income	$	2,770	1,427	2,512
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and accretion	7		7	7
(Benefit from) provision for deferred income taxes	(1)		—	(11)
Securities gains, net	(1)		(1)	(2)
Equity in undistributed earnings	64		(351)	(594)
Net change in:
Equity securities	1		—	(49)
Other assets	(40)		(1)	(80)
Accrued expenses and other liabilities	(80)		—	127
Net Cash Provided by Operating Activities	2,720		1,081	1,910
Investing Activities
Net change in:
Other short-term investments	(656)		(855)	(1,081)
Loans to nonbank subsidiaries	158		94	127
Net cash paid on acquisition	—		—	(469)
Net Cash Used in Investing Activities	(498)		(761)	(1,423)
Financing Activities
Net change in other short-term borrowings	(89)		91	106
Dividends paid on common and preferred stock	(897)		(858)	(753)
Proceeds from issuance of long-term debt	498		1,243	2,235
Repayment of long-term debt	(250)		(1,100)	(500)
Issuance of preferred stock	—		346	242
Repurchase of treasury stock and related forward contract	(1,393)		—	(1,763)
Other, net	(89)		(40)	(56)
Net Cash Used in Financing Activities	(2,220)		(318)	(489)
Increase (Decrease) in Cash	2		2	(2)
Cash at Beginning of Period	120		118	120
Cash at End of Period	$	122	120	118