Bank of Montreal 1997 Annual Report Download - page 76

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Bank of Montreal 180th Annual Report 199770
Consolidated Statement of Changes in Financial Position
For the Year Ended October 31
(Canadian $ in millions except per share amounts)
1997 1996 1995
Cash Flows from Operating Activities
Net income $ 1,305 $ 1,168 $ 986
Adjustments to determine net cash flows
Provision for credit losses 275 225 275
Amortization of premises and equipment 348 234 215
Amortization of goodwill and intangibles 85 66 61
Deferred income taxes (116) 80 67
Net (gain) on sale of investment securities (52) (71) (46)
Change in accrued interest
(Increase) in interest receivable (318) (48) (238)
Increase (decrease) in interest payable (66) (66) 394
Net increase (decrease) in deferred loan fees (1) 7 (8)
Net (increase) decrease in unrealized gains and amounts receivable on derivative contracts (6,569) 95 28
Net increase in unrealized losses and amounts payable on derivative contracts 6,446 – –
Net (increase) in trading securities (3,813) (5,794) (2,769)
Net increase (decrease) in current income taxes payable 71 (200) 233
Changes in other items and accruals, net 669 (500) 111
Net Cash (Used in) Operating Activities (1,736) (4,804) (691)
Cash Flows from Financing Activities
Net increase in deposits 24,950 9,657 11,364
Net increase (decrease) in securities sold but not yet purchased (3,412) 4,527 1,044
Net increase (decrease) in securities sold under repurchase agreements 5,866 4,052 (2,053)
Net increase (decrease) in liabilities of subsidiaries 570 (974) 227
Proceeds from issuance of subordinated debt 1,000 725 670
Repayment of subordinated debt (535) – (269)
Foreign currency translation of subordinated debt 52 (6) (24)
Proceeds from issuance of preferred shares 400 – –
Foreign currency translation of preferred shares 17 (1) (2)
Proceeds from issuance of common shares 30 22 40
Stock options granted on acquisition of an interest in an associated corporation –22 –
Common shares purchased for cancellation –(162) (103)
Dividends paid (510) (455) (419)
Net Cash Provided by Financing Activities 28,428 17,407 10,475
Cash Flows Used in Investing Activities
Interest-bearing deposits with banks 8,753 2,435 5,533
Net purchases (sales) of investment securities 1,315 (2,698) 3,669
Net increase in loans 14,344 6,620 4,150
Proceeds from sale of credit card receivables (2,000) – –
Net increase (decrease) in securities purchased under resale agreements 4,436 3,576 (4,067)
Premises and equipment – net purchases 539 401 340
Goodwill and valuation intangibles acquired –411 –
Acquisition of an interest in an associated corporation –423 –
Net Cash Used in Investing Activities 27,387 11,168 9,625
Net Increase (Decrease) in Cash and Cash Equivalents (695) 1,435 159
Cash and Cash Equivalents at Beginning of Year 3,346 1,911 1,752
Cash and Cash Equivalents at End of Year $ 2,651 $ 3,346 $ 1,911
Represented by:
Cash and non interest-bearing deposits with Bank of Canada and other banks $ 1,681 $ 1,698 $ 1,795
Cheques and other items in transit, net 970 1,648 116
$ 2,651 $ 3,346 $ 1,911
Supplemental Disclosure of Cash Flow Information
Amount of interest paid in the year $ 7,523 $ 6,947 $ 6,110
Amount of income taxes paid in the year 793 887 371
Cash Income Per Common Share
(note 14)
4.97 4.44 3.67
The accompanying notes to consolidated financial statements are an integral part of this statement.