The following Parent Company Only financial statements are provided in accordance with Regulation S-X of the SEC.
| December 31, | ||||||||
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(Dollars in millions) |
2013 | 2012 | ||||||
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Balance sheets |
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Assets: |
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Cash and cash equivalents |
$ | 7,185 | $ | 7,342 | ||||
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Investment in subsidiaries |
43,430 | 46,605 | ||||||
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Loans to subsidiaries |
1,487 | 1,335 | ||||||
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Securities available for sale |
807 | 464 | ||||||
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Other |
976 | 1,432 | ||||||
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Total assets |
53,885 | 57,178 | ||||||
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Liabilities: |
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Senior and subordinated notes |
9,458 | 10,116 | ||||||
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Other borrowings |
1,545 | 5,036 | ||||||
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Other |
1,138 | 1,527 | ||||||
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Total liabilities |
12,141 | 16,679 | ||||||
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Stockholders’ equity: |
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Preferred stock |
0 | 0 | ||||||
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Common stock |
6 | 6 | ||||||
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Additional paid-in-capital, net |
26,526 | 26,188 | ||||||
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Retained earnings |
20,404 | 16,853 | ||||||
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Accumulated other comprehensive income |
(872 | ) | 739 | |||||
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Less: Treasury stock, at cost |
(4,320 | ) | (3,287 | ) | ||||
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Total Stockholders’ equity |
41,744 | 40,499 | ||||||
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Total liabilities and stockholders’ equity |
$ | 53,885 | $ | 57,178 | ||||
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| Year Ended December 31, | ||||||||||||
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(Dollars in millions) |
2013 | 2012 | 2011 | |||||||||
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Statements of income |
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Interest from temporary investments |
$ | 94 | $ | 47 | $ | 26 | ||||||
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Interest expense |
250 | 574 | 515 | |||||||||
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Dividends, principally from bank subsidiaries |
5,950 | 0 | 1,950 | |||||||||
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Non-interest income |
33 | 697 | 29 | |||||||||
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Non-interest expense |
196 | 173 | 361 | |||||||||
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Income before income taxes and equity in undistributed earnings of subsidiaries |
5,631 | (3 | ) | 1,129 | ||||||||
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Income tax (benefit) |
(66 | ) | (168 | ) | (247 | ) | ||||||
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Equity in undistributed earnings of subsidiaries |
(1,305 | ) | 3,569 | 1,877 | ||||||||
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Income from continuing operations, net of tax |
4,392 | 3,734 | 3,253 | |||||||||
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Loss from discontinued operations, net of tax |
(233 | ) | (217 | ) | (106 | ) | ||||||
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Net income |
4,159 | 3,517 | 3,147 | |||||||||
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Dividends and undistributed earnings allocated to participating securities |
(17 | ) | (15 | ) | (26 | ) | ||||||
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Preferred stock dividends |
(53 | ) | (15 | ) | 0 | |||||||
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Net income available to common stockholders |
$ | 4,089 | $ | 3,487 | $ | 3,121 | ||||||
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| Year Ended December 31, | ||||||||||||
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(Dollars in millions) |
2013 | 2012 | 2011 | |||||||||
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Statements of cash flows |
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Operating activities: |
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Net income |
$ | 4,159 | $ | 3,517 | $ | 3,147 | ||||||
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Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
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Dividends (undistributed earnings) from subsidiaries: |
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Continuing operations |
1,305 | (3,569 | ) | (1,877 | ) | |||||||
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Discontinued operations |
233 | 217 | 106 | |||||||||
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Accretion |
(57 | ) | (24 | ) | (2 | ) | ||||||
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Stock plan compensation expense |
143 | 112 | 92 | |||||||||
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Decrease (increase) in other assets |
(818 | ) | 1 | (65 | ) | |||||||
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Increase (decrease) in other liabilities |
(388 | ) | (34 | ) | 18 | |||||||
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Net cash (used in) provided by operating activities |
4,577 | 220 | 1,419 | |||||||||
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Investing activities: |
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(Increase) decrease in investment in subsidiaries |
787 | (9,709 | ) | (46 | ) | |||||||
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Proceeds from maturities of securities available for sale |
46 | 24 | 0 | |||||||||
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Purchase of securities available for sale |
(287 | ) | (351 | ) | (54 | ) | ||||||
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(Increase) decrease in loans to subsidiaries |
(153 | ) | (997 | ) | (1 | ) | ||||||
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Proceeds from issuance of common stock for acquisition |
0 | 2,638 | 0 | |||||||||
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Net cash provided by (used in) investing activities |
393 | (8,395 | ) | (101 | ) | |||||||
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Financing activities: |
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(Decrease) increase in borrowings from subsidiaries |
(3,490 | ) | 555 | 450 | ||||||||
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Issuance of senior notes |
849 | 2,246 | 2,992 | |||||||||
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Maturities of senior notes |
(1,040 | ) | (632 | ) | (855 | ) | ||||||
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Dividends paid—common stock |
(555 | ) | (111 | ) | (91 | ) | ||||||
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Dividends paid—preferred stock |
(53 | ) | (15 | ) | 0 | |||||||
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Purchases of treasury stock |
(1,033 | ) | (43 | ) | (42 | ) | ||||||
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Net proceeds from issuances of common stock |
81 | 3,233 | 40 | |||||||||
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Net proceeds from issuances of preferred stock |
0 | 853 | 0 | |||||||||
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Proceeds from stock-based payment activities |
114 | 80 | 57 | |||||||||
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Net cash (used in) provided by financing activities |
(5,127 | ) | 6,166 | 2,551 | ||||||||
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(Decrease) increase in cash and cash equivalents |
(157 | ) | (2,009 | ) | 3,869 | |||||||
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Cash and cash equivalents at beginning of year |
7,342 | 9,351 | 5,482 | |||||||||
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Cash and cash equivalents at end of year |
$ | 7,185 | $ | 7,342 | $ | 9,351 | ||||||
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