Parent Company Financial Statements

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financial Statements

Parent Company Financial Statements

The following tables present the financial statements of the Parent Company without consolidation of its banking and non-banking subsidiaries, as of and for the years indicated:

STATEMENT OF INCOME - PARENT COMPANY

	Years Ended December 31,
(In millions)	2016			2015			2014
Cash dividends from consolidated banking subsidiary	$	640		$	585		$	1,470
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities	75			171			138
Other, net	92			73			63
Total revenue	807			829			1,671
Interest expense	249			209			193
Other expenses	107			310			55
Total expenses	356			519			248
Income tax benefit	(47		)	(186		)	(83		)
Income before equity in undistributed income of consolidated subsidiaries and unconsolidated entities	498			496			1,506
Equity in undistributed income of consolidated subsidiaries and unconsolidated entities:
Consolidated banking subsidiary	1,629			1,384			360
Consolidated non-banking subsidiaries and unconsolidated entities	16			100			156
Net income	$	2,143		$	1,980		$	2,022

STATEMENT OF CONDITION - PARENT COMPANY

	December 31,
(In millions)	2016		2015
Assets:
Interest-bearing deposits with consolidated banking subsidiary	$	3,635	$	5,735
Trading account assets	325		308
Investment securities available-for-sale	39		35
Investments in subsidiaries:
Consolidated banking subsidiary	22,147		20,584
Consolidated non-banking subsidiaries	2,687		2,816
Unconsolidated entities	297		315
Notes and other receivables from:
Consolidated banking subsidiary	2,743		1,558
Consolidated non-banking subsidiaries and unconsolidated entities	126		275
Other assets	461		478
Total assets	$	32,460	$	32,104
Liabilities:
Accrued expenses and other liabilities	$	514	$	643
Long-term debt	10,727		10,326
Total liabilities	11,241		10,969
Shareholders’ equity	21,219		21,135
Total liabilities and shareholders’ equity	$	32,460	$	32,104

STATEMENT OF CASH FLOWS - PARENT COMPANY

	Years Ended December 31,
(In millions)	2016			2015			2014
Net cash provided by operating activities	$	417		$	926		$	1,767
Investing Activities:
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary	2,100			295			(1,610		)
Investments in consolidated banking and non-banking subsidiaries	(7,600		)	(7,959		)	(1,142		)
Sale or repayment of investment in consolidated banking and non-banking subsidiaries	6,703			7,891			1,011
Business acquisitions	(395		)	—			—
Net cash provided by (used in) investing activities	808			227			(1,741		)
Financing Activities:
Net increase (decrease) in commercial paper	—			(2,485		)	667
Proceeds from issuance of long-term debt, net of issuance costs	1,492			2,983			994
Payments for long-term debt	(1,000		)	—			(750		)
Proceeds from issuance of preferred stock, net of issuance costs	493			742			1,470
Proceeds from exercises of common stock options	—			4			14
Purchases of common stock	(1,365		)	(1,520		)	(1,650		)
Repurchases of common stock for employee tax withholding	(122		)	(222		)	(232		)
Payments for cash dividends	(723		)	(655		)	(539		)
Net cash used in financing activities	(1,225		)	(1,153		)	(26		)
Net change	—			—			—
Cash and due from banks at beginning of year	—			—			—
Cash and due from banks at end of year	$	—		$	—		$	—