Parent Company Information (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024		2023		2022
Income
Dividends from subsidiaries:
Bank holding companies and related subsidiaries	$	21,300	$	22,384	$	22,250
Interest from subsidiaries	21,589		21,314		12,420
Other income (loss)	(1,223)		(1,012)		(201)
Total income	41,666		42,686		34,469
Expense
Interest on borrowed funds from subsidiaries	1,108		896		236
Other interest expense	14,060		14,119		7,041
Noninterest expense	1,580		1,699		1,322
Total expense	16,748		16,714		8,599
Income before income taxes and equity in undistributed earnings of subsidiaries	24,918		25,972		25,870
Income tax expense	773		838		683
Income before equity in undistributed earnings of subsidiaries	24,145		25,134		25,187
Equity in undistributed earnings (losses) of subsidiaries:
Bank holding companies and related subsidiaries	2,909		1,203		2,333
Nonbank companies and related subsidiaries	78		178		8
Total equity in undistributed earnings (losses) of subsidiaries	2,987		1,381		2,341
Net income	$	27,132	$	26,515	$	27,528

Balance Sheet

Condensed Balance Sheet
	December 31
(Dollars in millions)	2024		2023
Assets
Cash held at bank subsidiaries	$	4,613	$	4,559
Securities	660		644
Receivables from subsidiaries:
Bank holding companies and related subsidiaries	231,931		249,320
Banks and related subsidiaries	146		205
Nonbank companies and related subsidiaries	985		1,255
Investments in subsidiaries:
Bank holding companies and related subsidiaries	310,957		306,946
Nonbank companies and related subsidiaries	3,783		3,946
Other assets	6,658		6,799
Total assets	$	559,733	$	573,674
Liabilities and shareholders’ equity
Accrued expenses and other liabilities	$	16,360	$	14,510
Payables to subsidiaries:
Banks and related subsidiaries	114		207
Bank holding companies and related subsidiaries	14		14
Nonbank companies and related subsidiaries	21,011		17,756
Long-term debt	226,675		249,541
Total liabilities	264,174		282,028
Shareholders’ equity	295,559		291,646
Total liabilities and shareholders’ equity	$	559,733	$	573,674

Statement of Cash Flows

Condensed Statement of Cash Flows
(Dollars in millions)	2024		2023		2022
Operating activities
Net income	$	27,132	$	26,515	$	27,528
Reconciliation of net income (loss) to net cash provided by (used in) operating activities:
Equity in undistributed (earnings) losses of subsidiaries	(2,987)		(1,381)		(2,341)
Other operating activities, net	1,986		3,395		(31,777)
Net cash provided by (used in) operating activities	26,131		28,529		(6,590)
Investing activities
Net sales (purchases) of securities	(17)		(15)		25
Net payments from (to) subsidiaries	16,858		(21,267)		(6,044)
Other investing activities, net	—		(43)		(34)
Net cash provided by (used in) investing activities	16,841		(21,325)		(6,053)
Financing activities
Net increase in other advances	3,542		2,825		2,853
Proceeds from issuance of long-term debt	17,817		23,950		44,123
Retirement of long-term debt	(36,416)		(25,366)		(19,858)
Proceeds from issuance of preferred stock and warrants	—		—		4,426
Redemption of preferred stock	(5,254)		—		(654)
Common stock repurchased	(13,104)		(4,576)		(5,073)
Cash dividends paid	(9,503)		(9,087)		(8,576)
Net cash provided by (used in) financing activities	(42,918)		(12,254)		17,241
Net increase (decrease) in cash held at bank subsidiaries	54		(5,050)		4,598
Cash held at bank subsidiaries at January 1	4,559		9,609		5,011
Cash held at bank subsidiaries at December 31	$	4,613	$	4,559	$	9,609