Parent Company Financial Information

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Information

Parent Company Financial Information

Parent Company - Condensed Balance Sheets (Dollars in millions)	December 31,
	2019		2018
Assets:
Cash and due from banks	$	361	$	130
Interest-bearing deposits with banks	12,031		7,102
AFS securities at fair value	137		132
Advances to / receivables from subsidiaries:
Banking	1,350		2,608
Nonbank	3,735		4,489
Total advances to / receivables from subsidiaries	5,085		7,097
Investment in subsidiaries:
Banking	64,206		28,070
Nonbank	3,856		1,497
Total investment in subsidiaries	68,062		29,567
Other assets	655		52
Total assets	$	86,331	$	44,080
Liabilities and Shareholders' Equity:
Short-term borrowings	$	603	$	2
Long-term debt	18,130		13,709
Other liabilities	1,040		191
Total liabilities	19,773		13,902
Total shareholders' equity	66,558		30,178
Total liabilities and shareholders' equity	$	86,331	$	44,080

Parent Company - Condensed Income and Comprehensive Income Statements (Dollars in millions)	Year Ended December 31,
	2019		2018		2017
Income:
Dividends from subsidiaries:
Banking	$	1,650	$	2,825	$	1,950
Nonbank	35		147		40
Total dividends from subsidiaries	1,685		2,972		1,990
Interest and other income from subsidiaries	217		164		112
Other income	—		7		2
Total income	1,902		3,143		2,104
Expenses:
Interest expense	475		364		227
Other expenses	250		82		83
Total expenses	725		446		310
Income before income taxes and equity in undistributed earnings of subsidiaries	1,177		2,697		1,794
Income tax benefit	92		52		63
Income before equity in undistributed earnings of subsidiaries	1,269		2,749		1,857
Equity in undistributed earnings of subsidiaries in excess of dividends from subsidiaries	1,968		508		558
Net income	3,237		3,257		2,415
Total OCI	871		(248)		(88)
Total comprehensive income	$	4,108	$	3,009	$	2,327

Parent Company - Statements of Cash Flows (Dollars in millions)	Year Ended December 31,
	2019		2018		2017
Cash Flows From Operating Activities:
Net income	$	3,237	$	3,257	$	2,415
Adjustments to reconcile net income to net cash from operating activities:
Equity in earnings of subsidiaries in excess of dividends from subsidiaries	(1,968)		(508)		(558)
Other, net	84		(28)		—
Net cash from operating activities	1,353		2,721		1,857
Cash Flows From Investing Activities:
Proceeds from maturities, calls, paydowns and sales of AFS securities	157		33		29
Purchases of AFS securities	(79)		(28)		(29)
Proceeds from maturities, calls and paydowns of HTM securities	—		—		—
Purchases of equity securities with readily determinable fair value	(1)		—		—
Investment in subsidiaries	(1)		—		1,100
Advances to subsidiaries	(5,358)		(4,639)		(6,958)
Proceeds from repayment of advances to subsidiaries	8,304		3,665		4,671
Net cash from acquisitions and divestitures	1,903		—		—
Other, net	—		(4)		1
Net cash from investing activities	4,925		(973)		(1,186)
Cash Flows From Financing Activities:
Net change in short-term borrowings	53		(5)		(39)
Net change in long-term debt	370		1,746		1,319
Repurchase of common stock	—		(1,205)		(1,613)
Net proceeds from preferred stock issued	1,683		—		—
Repurchase of preferred stock	(1,725)		—		—
Cash dividends paid on common and preferred stock	(1,459)		(1,378)		(1,179)
Other, net	(40)		(52)		104
Net cash from financing activities	(1,118)		(894)		(1,408)
Net Change in Cash and Cash Equivalents	5,160		854		(737)
Cash and Cash Equivalents at Beginning of Period	7,232		6,378		7,115
Cash and Cash Equivalents End of Period	$	12,392	$	7,232	$	6,378

The transfer of funds in the form of dividends, loans or advances from bank subsidiaries to the Parent Company is restricted. Federal law requires loans to the Parent Company or its affiliates to be secured and at market terms and generally limits loans to the Parent Company or an individual affiliate to 10% of Truist Bank's unimpaired capital and surplus. In the aggregate, loans to the Parent Company and all affiliates cannot exceed 20% of the bank's unimpaired capital and surplus.

Dividend payments to the Parent Company by Truist Bank are subject to regulatory review and statutory limitations and, in some instances, regulatory approval. In general, dividends from Truist Bank to the Parent Company are limited by rules which compare dividends to net income for regulatory-defined periods. Furthermore, dividends are restricted by regulatory minimum capital constraints.