Parent Company

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY

Summarized financial information of the parent company is as follows:

Table 110: Parent Company - Income Statement


Year ended December 31 – in millions	2020		2019		2018
Operating Revenue
Dividends from:
Bank subsidiaries and bank holding company	$	13,701	$	3,570	$	2,639
Non-bank subsidiaries	300		170		157
Interest income	38		169		147
Noninterest income	37		48		(1)
Total operating revenue	14,076		3,957		2,942
Operating Expense
Interest expense	179		325		281
Other expense	91		146		139
Total operating expense	270		471		420
Income before income taxes and equity in undistributed net income of subsidiaries	13,806		3,486		2,522
Equity in undistributed net income of subsidiaries:
Bank subsidiaries and bank holding company	(12,009)		671		1,602
Non-bank subsidiaries	(86)		164		181
Income from continuing operations before taxes	1,711		4,321		4,305
Income tax benefit from continuing operations	$	(1,251)	(221)		(208)
Net income from continuing operations	2,962		4,542		4,513
Dividends from discontinued operations
Bank subsidiaries and bank holding company	126		460		418
Equity in undistributed net income of subsidiaries from discontinued operations:
Bank subsidiaries and bank holding company	5,651		528		524
Income from discontinued operations before taxes	5,777		988		942
Income taxes from discontinued operations	1,222		161		154
Net income from discontinued operations	4,555		827		788
Net income	$	7,517	$	5,369	$	5,301
Other comprehensive income, net of tax:
Net pension and other postretirement benefit plan activity arising during the period	1		(2)		1
Other comprehensive income (loss)	1		(2)		1
Comprehensive income	$	7,518	$	5,367	$	5,302

Table 111: Parent Company - Balance Sheet


December 31 – in millions	2020		2019
Assets
Cash held at banking subsidiary	$	14,882	$	6
Restricted deposits with banking subsidiary	175		175
Nonrestricted interest-earning deposits			7,024

Investments in:
Bank subsidiaries and bank holding company	45,992		41,882
Non-bank subsidiaries	1,984		2,054
Net investment held for sale			6,772
Loans with affiliates	1,021		730
Other assets	1,934		1,512
Total assets	$	65,988	$	60,155
Liabilities
Subordinated debt (a)	$	1,010	$	986
Senior debt (a)	9,567		8,849
Other borrowed funds from affiliates	780		307
Accrued expenses and other liabilities	621		699
Total liabilities	11,978		10,841
Equity
Shareholders’ equity	54,010		49,314
Total liabilities and equity	$	65,988	$	60,155

(a)See Note 10 Borrowed Funds for additional information on contractual rates and maturity dates of senior debt and subordinated debt for parent company.

In connection with certain affiliates’ commercial and residential mortgage servicing operations, the parent company has committed to maintain such affiliates’ net worth above minimum requirements.

Table 112: Parent Company - Interest Paid and Income Tax Refunds (Payments)


Year ended December 31 – in millions	Interest Paid		Income Tax Refunds/(Payments)
2020	$	335	$	29
2019	$	300	$	26
2018	$	288	$	88

Table 113: Parent Company - Statement of Cash Flows


Year ended December 31 – in millions	2020		2019		2018
Operating Activities
Net income	$	7,517	$	5,369	$	5,301
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net earnings of subsidiaries			(1,363)		(2,307)
Return on investment in subsidiaries	6,444

Other	237		218		155
Net cash provided (used) by operating activities	$	14,198	$	4,224	$	3,149
Investing Activities
Net change in loans and securities from affiliates	$	(2,808)	$	664	$	540
Net change in nonrestricted interest-earning deposits	7,024		(2,369)		1,145
Other			(8)		2
Net cash provided (used) by investing activities	$	4,216	$	(1,713)	$	1,687
Financing Activities
Net change in other borrowed funds from affiliates	$	473	$	228	$	(29)
Proceeds from long-term borrowings	1,986		4,180		498
Repayments of long-term borrowings	(1,750)		(1,300)		(553)
Net change in commercial paper					(100)
Preferred stock redemptions	(480)
Common and treasury stock issuances	65		90		69
Acquisition of treasury stock	(1,624)		(3,578)		(2,877)
Preferred stock cash dividends paid	(229)		(236)		(236)
Common stock cash dividends paid	(1,979)		(1,895)		(1,603)
Net cash provided (used) by financing activities	$	(3,538)	$	(2,511)	$	(4,831)
Net increase (decrease) in cash and due from banks	$	14,876			$	5
Net cash provided by operating activities of discontinued operations	11,542		299		264
Net cash activity from continuing operations	3,334		(299)		(259)
Cash and restricted deposits held at banking subsidiary at beginning of year	181		181		176
Cash and restricted deposits held at banking subsidiary at end of year	$	15,057	$	181	$	181