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)	2018			2017			2016
Cash dividends from consolidated banking subsidiary	$	785		$	2,224		$	640
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities	41			12			75
Other, net	58			127			92
Total revenue	884			2,363			807
Interest expense	381			297			249
Other expenses	115			94			107
Total expenses	496			391			356
Income tax (benefit)	(127		)	(86		)	(47		)
Income before equity in undistributed income of consolidated subsidiaries and unconsolidated entities	515			2,058			498
Equity in undistributed income of consolidated subsidiaries and unconsolidated entities:
Consolidated banking subsidiary	1,950			20			1,629
Consolidated non-banking subsidiaries and unconsolidated entities	134			99			16
Net income	$	2,599		$	2,177		$	2,143

Statement of Condition - Parent Company



	As of December 31,
(In millions)	2018		2017
Assets:
Interest-bearing deposits with consolidated banking subsidiary	$	486	$	532
Trading account assets	357		361
Investment securities available-for-sale	224		43
Investments in subsidiaries:
Consolidated banking subsidiary	26,019		23,080
Consolidated non-banking subsidiaries	6,726		6,762
Unconsolidated entities	106		63
Notes and other receivables from:
Consolidated banking subsidiary	64		273
Consolidated non-banking subsidiaries and unconsolidated entities	2,337		2,843
Other assets	96		263
Total assets	$	36,415	$	34,220
Liabilities:
Accrued expenses and other liabilities	$	685	$	917
Long-term debt	10,940		10,986
Total liabilities	11,625		11,903
Shareholders’ equity	24,790		22,317
Total liabilities and shareholders’ equity	$	36,415	$	34,220

Statement of Cash Flows - Parent Company



	Years Ended December 31,
(In millions)	2018			2017			2016
Net cash provided by operating activities	$	2,250		$	2,047		$	417
Investing Activities:
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary	46			3,103			2,100
Purchases of available-for-sale securities	(224		)	—			—
Investments in consolidated banking and non-banking subsidiaries	(4,883		)	(7,672		)	(7,600		)
Sale or repayment of investment in consolidated banking and non-banking subsidiaries	2,472			4,216			6,703
Business acquisitions	—			—			(395		)
Net increase in investments in unconsolidated affiliates	—			172			—
Net cash (used in) provided by investing activities	(2,589		)	(181		)	808
Financing Activities:
Proceeds from issuance of long-term debt, net of issuance costs	996			748			1,492
Payments for long-term debt	(1,000		)	(450		)	(1,000		)
Proceeds from issuance of preferred stock, net of issuance costs	495			—			493
Proceeds from issuance of common stock, net of issuance costs	1,150			—			—
Repurchases of common stock	(350		)	(1,292		)	(1,365		)
Repurchases of common stock for employee tax withholding	(124		)	(104		)	(122		)
Payments for cash dividends	(828		)	(768		)	(723		)
Net cash provided (used in) financing activities	339			(1,866		)	(1,225		)
Net change	—			—			—
Cash and due from banks at beginning of year	—			—			—
Cash and due from banks at end of year	$	—		$	—		$	—