Parent Company (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Summarized financial information of the parent company is as follows:

Table 108: Parent Company - Income Statement


Year ended December 31 In millions	2023		2022		2021
Operating Revenue
Dividends from:
Bank subsidiaries and bank holding company	$	2,500	$	3,925	$	3,980
Non-bank subsidiaries	565		280		424
Interest income	638		104		15
Noninterest income (loss)	41		(37)		41
Total operating revenue	3,744		4,272		4,460
Operating Expense
Interest expense	1,269		326		129
Other expense	185		136		245
Total operating expense	1,454		462		374
Income before income taxes and equity in undistributed net income of subsidiaries	2,290		3,810		4,086
Equity in undistributed net income of subsidiaries:
Bank subsidiaries and bank holding company	3,337		1,848		1,085
Non-bank subsidiaries	(161)		455		543
Income before taxes	5,466		6,113		5,714
Income tax expense (benefit)	(112)		72		41
Net income	5,578		6,041		5,673








Other comprehensive income, net of tax:
Net pension and other postretirement benefit plan activity arising during the period	2		1		11
Other comprehensive income	2		1		11
Comprehensive income	$	5,580	$	6,042	$	5,684

Balance Sheet - Parent company

Table 109: Parent Company - Balance Sheet


December 31 – in millions	2023		2022
Assets
Cash held at banking subsidiary	$	6,599	$	4,654
Restricted deposits with banking subsidiary	175		175


Investments in:
Bank subsidiaries and bank holding company	64,104		48,867
Non-bank subsidiaries	3,020		3,170

Loans with affiliates	1,687		1,484
Other assets	1,297		2,057
Total assets	$	76,882	$	60,407
Liabilities
Subordinated debt (a)	$	1,749	$	1,728
Senior debt (a)	22,213		11,379

Accrued expenses and other liabilities	1,815		1,526
Total liabilities	25,777		14,633
Equity
Shareholders’ equity	51,105		45,774
Total liabilities and equity	$	76,882	$	60,407

(a)See Note 9 Borrowed Funds for additional information on contractual rates and maturity dates of senior debt and subordinated debt for parent company.

Interest Paid and Income Tax Refunds (Payments) - Parent company

Table 110: Parent Company - Interest Paid and Income Tax Refunds (Payments)


Year ended December 31 – in millions	Interest Paid		Income Tax Refunds/ (Payments)
2023	$	683	$	1,080
2022	$	314	$	(255)
2021	$	307	$	386

Statement of Cash Flows - Parent company

Table 111: Parent Company - Statement of Cash Flows


Year ended December 31 – in millions	2023		2022		2021
Operating Activities
Net income	$	5,578	$	6,041	$	5,673
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net earnings of subsidiaries	(3,176)		(2,303)		(1,628)


Other	1,276		95		(248)
Net cash provided (used) by operating activities	$	3,678	$	3,833	$	3,797
Investing Activities
Proceeds from available for sale securities					300
Net change in loans and securities from affiliates	$	(9,475)	(531)		$	(1,188)

Net cash paid for acquisition					(11,358)
Other	(5)		(84)		(5)
Net cash provided (used) by investing activities	$	(9,480)	$	(615)	$	(12,251)
Financing Activities
Net change in other borrowed funds from affiliates	$	255	$	(1,138)	$	(435)
Proceeds from long-term borrowings	10,463		4,335		1,692
Repayments of long-term borrowings			(1,500)		(500)

Preferred stock issuances	1,484		2,225		1,484
Preferred stock redemptions	(1,000)		(1,500)
Common and treasury stock issuances	72		68		66
Acquisition of treasury stock	(651)		(3,731)		(1,079)
Preferred stock cash dividends paid	(417)		(301)		(233)
Common stock cash dividends paid	(2,459)		(2,389)		(2,056)
Net cash provided (used) by financing activities	$	7,747	$	(3,931)	$	(1,061)
Net Increase (Decrease) In Cash And Due From Banks	$	1,945	$	(713)	$	(9,515)
Cash and restricted deposits held at banking subsidiary at beginning of year	4,829		5,542		15,057
Cash and restricted deposits held at banking subsidiary at end of year	$	6,774	$	4,829	$	5,542