Parent Company Information (Tables)

12 Months Ended

Dec. 31, 2021

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)	2021		2020		2019
Income
Dividends from subsidiaries:
Bank holding companies and related subsidiaries	$	15,621	$	10,352	$	27,820
Interest from subsidiaries	8,362		8,825		9,502
Other income (loss)	(114)		(138)		74
Total income	23,869		19,039		37,396
Expense
Interest on borrowed funds from subsidiaries	54		136		451
Other interest expense	3,383		4,119		5,899
Noninterest expense	1,531		1,651		1,641
Total expense	4,968		5,906		7,991
Income before income taxes and equity in undistributed earnings of subsidiaries	18,901		13,133		29,405
Income tax expense	886		649		341
Income before equity in undistributed earnings of subsidiaries	18,015		12,484		29,064
Equity in undistributed earnings (losses) of subsidiaries:
Bank holding companies and related subsidiaries	14,078		5,372		(1,717)
Nonbank companies and related subsidiaries	(115)		38		83
Total equity in undistributed earnings (losses) of subsidiaries	13,963		5,410		(1,634)
Net income	$	31,978	$	17,894	$	27,430

Balance Sheet

Condensed Balance Sheet
	December 31
(Dollars in millions)	2021		2020
Assets
Cash held at bank subsidiaries	$	5,011	$	5,893
Securities	671		701
Receivables from subsidiaries:
Bank holding companies and related subsidiaries	217,447		206,566
Banks and related subsidiaries	347		213
Nonbank companies and related subsidiaries	368		410
Investments in subsidiaries:
Bank holding companies and related subsidiaries	316,497		305,818
Nonbank companies and related subsidiaries	3,645		3,715
Other assets	8,602		9,850
Total assets	$	552,588	$	533,166
Liabilities and shareholders’ equity
Accrued expenses and other liabilities	$	17,394	$	15,965
Payables to subsidiaries:
Banks and related subsidiaries	107		129
Bank holding companies and related subsidiaries	3		—
Nonbank companies and related subsidiaries	11,564		11,067
Long-term debt	253,454		233,081
Total liabilities	282,522		260,242
Shareholders’ equity	270,066		272,924
Total liabilities and shareholders’ equity	$	552,588	$	533,166

Statement of Cash Flows

Condensed Statement of Cash Flows
(Dollars in millions)	2021		2020		2019
Operating activities
Net income	$	31,978	$	17,894	$	27,430
Reconciliation of net income (loss) to net cash provided by (used in) operating activities:
Equity in undistributed (earnings) losses of subsidiaries	(13,963)		(5,410)		1,634
Other operating activities, net	(7,144)		14,303		16,973
Net cash provided by operating activities	10,871		26,787		46,037
Investing activities
Net purchases of securities	(14)		(4)		(17)
Net payments to subsidiaries	(10,796)		(33,111)		(19,121)
Other investing activities, net	(26)		(7)		7
Net cash used in investing activities	(10,836)		(33,122)		(19,131)
Financing activities
Net increase (decrease) in other advances	503		(422)		(1,625)
Proceeds from issuance of long-term debt	56,106		43,766		29,315
Retirement of long-term debt	(24,544)		(23,168)		(21,039)
Proceeds from issuance of preferred stock and warrants	2,170		2,181		3,643
Redemption of preferred stock	(1,971)		(1,072)		(2,568)
Common stock repurchased	(25,126)		(7,025)		(28,144)
Cash dividends paid	(8,055)		(7,727)		(5,934)
Net cash provided by (used in) financing activities	(917)		6,533		(26,352)
Net increase (decrease) in cash held at bank subsidiaries	(882)		198		554
Cash held at bank subsidiaries at January 1	5,893		5,695		5,141
Cash held at bank subsidiaries at December 31	$	5,011	$	5,893	$	5,695