|
Note 21
Parent Company Information
The following tables present the Parent Company Only financial information:
Condensed Statement of Income
| Year Ended December 31
|
| (Dollars in millions) |
|
2005
|
|
2004
(Restated)
|
|
2003
(Restated)
|
| Income |
|
| Dividends from subsidiaries: |
|
| Bank subsidiaries |
|
$ |
10,400 |
|
$ |
8,100 |
|
$ |
8,950 |
| Other subsidiaries |
|
|
63 |
| 133 |
| 34 |
| Interest from subsidiaries |
|
|
2,581 |
| 1,085 |
| 610 |
| Other income |
|
|
1,719 |
| 2,463 |
| 2,717 |
|
|
|
|
|
|
|
|
|
| Total income |
|
|
14,763 |
| 11,781 |
| 12,311 |
|
|
|
|
|
|
|
|
|
| Expense |
|
| Interest on borrowed funds |
|
|
3,843 |
| 2,876 |
| 2,153 |
| Noninterest expense |
|
|
2,636 |
| 2,057 |
| 2,310 |
|
|
|
|
|
|
|
|
|
| Total expense |
|
|
6,479 |
| 4,933 |
| 4,463 |
|
|
|
|
|
|
|
|
|
| Income before income taxes and equity in undistributed earnings of subsidiaries |
|
|
8,284 |
| 6,848 |
| 7,848 |
| Income tax benefit |
|
|
791 |
| 360 |
| 596 |
|
|
|
|
|
|
|
|
|
| Income before equity in undistributed earnings of subsidiaries |
|
|
9,075 |
| 7,208 |
| 8,444 |
| Equity in undistributed earnings of subsidiaries: |
|
| Bank subsidiaries |
|
|
6,518 |
| 6,165 |
| 2,224 |
| Other subsidiaries |
|
|
872 |
| 574 |
| 94 |
|
|
|
|
|
|
|
|
|
| Total equity in undistributed earnings of subsidiaries |
|
|
7,390 |
| 6,739 |
| 2,318 |
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
16,465 |
|
$ |
13,947 |
|
$ |
10,762 |
|
|
|
|
|
|
|
|
|
| Net income available to common shareholders |
|
$ |
16,447 |
|
$ |
13,931 |
|
$ |
10,758 |
|
|
|
|
|
|
|
|
|
Condensed Balance Sheet
|
| December 31
|
| (Dollars in millions) |
|
2005
|
|
2004
(Restated)
|
| Assets |
|
| Cash held at bank subsidiaries |
|
$ |
49,670 |
|
$ |
47,138 |
| Securities |
|
|
2,285 |
| 2,694 |
| Receivables from subsidiaries: |
|
| Bank subsidiaries |
|
|
14,581 |
| 10,531 |
| Other subsidiaries |
|
|
18,766 |
| 19,897 |
| Investments in subsidiaries: |
|
| Bank subsidiaries |
|
|
119,210 |
| 114,334 |
| Other subsidiaries |
|
|
2,472 |
| 1,499 |
| Other assets |
|
|
13,685 |
| 14,036 |
|
|
|
|
|
|
| Total assets |
|
$ |
220,669 |
|
$ |
210,129 |
|
|
|
|
|
|
| Liabilities and shareholders’ equity |
|
| Commercial paper and other short-term borrowings |
|
$ |
19,333 |
|
$ |
19,611 |
| Accrued expenses and other liabilities |
|
|
7,228 |
| 7,124 |
| Payables to subsidiaries: |
|
| Bank subsidiaries |
|
|
1,824 |
| 487 |
| Other subsidiaries |
|
|
2,479 |
| 765 |
| Long-term debt |
|
|
88,272 |
| 81,907 |
| Shareholders’ equity |
|
|
101,533 |
| 100,235 |
|
|
|
|
|
|
| Total liabilities and shareholders’ equity |
|
$ |
220,669 |
|
$ |
210,129 |
|
|
|
|
|
|
Condensed Statement of Cash Flows
|
| Year Ended December 31
|
|
| (Dollars in millions) |
|
2005
|
| 2004
(Restated)
|
| 2003
(Restated)
|
|
| Operating activities |
|
| Net income |
|
$ |
16,465 |
|
|
$ |
13,947 |
| $ |
10,762 |
|
| Reconciliation of net income to net cash provided by operating activities: |
|
| Equity in undistributed losses of subsidiaries |
|
|
(7,390) |
| (6,739) |
| (2,318) |
|
| Other operating activities, net |
|
|
(1,035) |
| (1,487) |
| 295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash provided by operating activities |
|
|
8,040 |
|
| 5,721 |
| 8,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investing activities |
|
| Net (purchases) sales of securities |
|
|
403 |
|
| (1,348) |
| (59) |
|
| Net payments from (to) subsidiaries |
|
|
(3,145) |
| 821 |
| (1,160) |
|
| Other investing activities, net |
|
|
(3,001) |
| 3,348 |
| (1,598) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash provided by (used in) investing activities |
|
|
(5,743) |
| 2,821 |
| (2,817) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financing activities |
|
| Net increase (decrease) in commercial paper and other short-term borrowings |
|
|
(292) |
| 15,937 |
| 2,482 |
|
| Proceeds from issuance of long-term debt |
|
|
20,477 |
|
| 19,965 |
| 14,713 |
|
| Retirement of long-term debt |
|
|
(11,053) |
| (9,220) |
| (5,928) |
|
| Proceeds from issuance of common stock |
|
|
3,077 |
|
| 3,939 |
| 4,249 |
|
| Common stock repurchased |
|
|
(5,765) |
| (6,286) |
| (9,766) |
|
| Cash dividends paid |
|
|
(7,683) |
| (6,468) |
| (4,281) |
|
| Other financing activities, net |
|
|
1,474 |
|
| 293 |
| 201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash provided by financing activities |
|
|
235 |
|
| 18,160 |
| 1,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase in cash held at bank subsidiaries |
|
|
2,532 |
|
| 26,702 |
| 7,592 |
|
| Cash held at bank subsidiaries at January 1 |
|
|
47,138 |
|
| 20,436 |
| 12,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash held at bank subsidiaries at December 31 |
|
$ |
49,670 |
|
|
$ |
47,138 |
| $ |
20,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
