Parent Company Information (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Statement of Income

The following tables present the Parent Company-only financial information.

Condensed Statement of Income
(Dollars in millions)	2020		2019		2018
Income
Dividends from subsidiaries:
Bank holding companies and related subsidiaries	$	10,352	$	27,820	$	28,575
Nonbank companies and related subsidiaries	—		—		91
Interest from subsidiaries	8,825		9,502		8,425
Other income (loss)	(138)		74		(1,025)
Total income	19,039		37,396		36,066
Expense
Interest on borrowed funds from related subsidiaries	136		451		235
Other interest expense	4,119		5,899		6,425
Noninterest expense	1,651		1,641		1,600
Total expense	5,906		7,991		8,260
Income before income taxes and equity in undistributed earnings of subsidiaries	13,133		29,405		27,806
Income tax expense (benefit)	649		341		(281)
Income before equity in undistributed earnings of subsidiaries	12,484		29,064		28,087
Equity in undistributed earnings (losses) of subsidiaries:
Bank holding companies and related subsidiaries	5,372		(1,717)		306
Nonbank companies and related subsidiaries	38		83		(246)
Total equity in undistributed earnings of subsidiaries	5,410		(1,634)		60
Net income	$	17,894	$	27,430	$	28,147

Balance Sheet

Condensed Balance Sheet
	December 31
(Dollars in millions)	2020		2019
Assets
Cash held at bank subsidiaries (1)	$	5,893	$	5,695
Securities	701		656
Receivables from subsidiaries:
Bank holding companies and related subsidiaries	206,566		173,301
Banks and related subsidiaries	213		51
Nonbank companies and related subsidiaries	410		391
Investments in subsidiaries:
Bank holding companies and related subsidiaries	305,818		297,465
Nonbank companies and related subsidiaries	3,715		3,663
Other assets	9,850		9,438
Total assets	$	533,166	$	490,660
Liabilities and shareholders’ equity
Accrued expenses and other liabilities	$	15,965	$	13,381
Payables to subsidiaries:
Banks and related subsidiaries	129		458
Nonbank companies and related subsidiaries	11,067		12,102
Long-term debt	233,081		199,909
Total liabilities	260,242		225,850
Shareholders’ equity	272,924		264,810
Total liabilities and shareholders’ equity	$	533,166	$	490,660

(1)Balance includes third-party cash held of $7 million and $4 million at December 31, 2020 and 2019.

Statement of Cash Flows

Condensed Statement of Cash Flows
(Dollars in millions)	2020		2019		2018
Operating activities
Net income	$	17,894	$	27,430	$	28,147
Reconciliation of net income to net cash provided by (used in) operating activities:
Equity in undistributed (earnings) losses of subsidiaries	(5,410)		1,634		(60)
Other operating activities, net	14,303		16,973		(3,706)
Net cash provided by operating activities	26,787		46,037		24,381
Investing activities
Net sales (purchases) of securities	(4)		(17)		51
Net payments to subsidiaries	(33,111)		(19,121)		(2,262)
Other investing activities, net	(7)		7		48
Net cash used in investing activities	(33,122)		(19,131)		(2,163)
Financing activities
Net increase (decrease) in other advances	(422)		(1,625)		3,867
Proceeds from issuance of long-term debt	43,766		29,315		30,708
Retirement of long-term debt	(23,168)		(21,039)		(29,413)
Proceeds from issuance of preferred stock	2,181		3,643		4,515
Redemption of preferred stock	(1,072)		(2,568)		(4,512)
Common stock repurchased	(7,025)		(28,144)		(20,094)
Cash dividends paid	(7,727)		(5,934)		(6,895)
Net cash provided by (used in) financing activities	6,533		(26,352)		(21,824)
Net increase in cash held at bank subsidiaries	198		554		394
Cash held at bank subsidiaries at January 1	5,695		5,141		4,747
Cash held at bank subsidiaries at December 31	$	5,893	$	5,695	$	5,141