Parent Company Information (Tables)

12 Months Ended

Dec. 31, 2023

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



Condensed Statement of Income

(Dollars in millions)	2023		2022		2021
Income
Dividends from subsidiaries:
Bank holding companies and related subsidiaries	$	22,384	$	22,250	$	15,621

Interest from subsidiaries	21,314		12,420		8,362
Other income (loss)	(1,012)		(201)		(114)
Total income	42,686		34,469		23,869
Expense
Interest on borrowed funds from subsidiaries	896		236		54
Other interest expense	14,119		7,041		3,383
Noninterest expense	1,699		1,322		1,531
Total expense	16,714		8,599		4,968
Income before income taxes and equity in undistributed earnings of subsidiaries	25,972		25,870		18,901
Income tax expense	838		683		886
Income before equity in undistributed earnings of subsidiaries	25,134		25,187		18,015
Equity in undistributed earnings (losses) of subsidiaries:
Bank holding companies and related subsidiaries	1,203		2,333		14,078
Nonbank companies and related subsidiaries	178		8		(115)
Total equity in undistributed earnings (losses) of subsidiaries	1,381		2,341		13,963
Net income	$	26,515	$	27,528	$	31,978



Condensed Balance Sheet

	December 31
(Dollars in millions)	2023		2022
Assets
Cash held at bank subsidiaries	$	4,559	$	9,609
Securities	644		617
Receivables from subsidiaries:
Bank holding companies and related subsidiaries	249,320		222,584
Banks and related subsidiaries	205		220
Nonbank companies and related subsidiaries	1,255		978
Investments in subsidiaries:
Bank holding companies and related subsidiaries	306,946		301,207
Nonbank companies and related subsidiaries	3,946		3,770
Other assets	6,799		7,156
Total assets	$	573,674	$	546,141
Liabilities and shareholders’ equity

Accrued expenses and other liabilities	$	14,510	$	14,193
Payables to subsidiaries:

Banks and related subsidiaries	207		260
Bank holding companies and related subsidiaries	14		21
Nonbank companies and related subsidiaries	17,756		14,578
Long-term debt	249,541		243,892
Total liabilities	282,028		272,944
Shareholders’ equity	291,646		273,197
Total liabilities and shareholders’ equity	$	573,674	$	546,141



Condensed Statement of Cash Flows

(Dollars in millions)	2023		2022		2021
Operating activities
Net income	$	26,515	$	27,528	$	31,978
Reconciliation of net income (loss) to net cash provided by (used in) operating activities:
Equity in undistributed (earnings) losses of subsidiaries	(1,381)		(2,341)		(13,963)
Other operating activities, net	3,395		(31,777)		(7,144)
Net cash provided by (used in) operating activities	28,529		(6,590)		10,871
Investing activities
Net sales (purchases) of securities	(15)		25		(14)
Net payments to subsidiaries	(21,267)		(6,044)		(10,796)
Other investing activities, net	(43)		(34)		(26)
Net cash used in investing activities	(21,325)		(6,053)		(10,836)
Financing activities

Net increase (decrease) in other advances	2,825		2,853		503
Proceeds from issuance of long-term debt	23,950		44,123		56,106
Retirement of long-term debt	(25,366)		(19,858)		(24,544)
Proceeds from issuance of preferred stock and warrants	—		4,426		2,170
Redemption of preferred stock	—		(654)		(1,971)
Common stock repurchased	(4,576)		(5,073)		(25,126)
Cash dividends paid	(9,087)		(8,576)		(8,055)

Net cash provided by (used in) financing activities	(12,254)		17,241		(917)
Net increase (decrease) in cash held at bank subsidiaries	(5,050)		4,598		(882)
Cash held at bank subsidiaries at January 1	9,609		5,011		5,893
Cash held at bank subsidiaries at December 31	$	4,559	$	9,609	$	5,011