Capital One 1996 Annual Report Download - page 45

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Year Ended December 31
(in thousands) 1996 1995 1994
Operating Activities:
Net income $ 155,267 $ 126,511 $ 95,263
Adjustments to reconcile net income to cash
provided by operating activities:
Provision for loan losses 167,246 65,895 30,727
Depreciation and amortization 41,894 33,424 16,173
Stock compensation plans 7,921 4,020 3,715
Increase in interest receivable (23,017) (40,958) (6,322)
Increase in accounts receivable from securitizations (143,141) (122,364) (129,967)
Increase in other assets (27,246) (8,685) (35,645)
Increase in interest payable 6,431 64,667 9,264
Increase (decrease) in other liabilities 89,964 (4,780) 62,406
Net cash provided by operating activities 275,319 117,730 45,614
Investing Activities:
Purchases of securities available for sale (945,027) (403,218) (98,519)
Proceeds from maturities of securities available for sale 490,813 100,000
Proceeds from securitization of consumer loans 2,695,000 3,525,000 2,393,937
Net increase in loans (4,251,269) (4,293,988) (2,796,465)
Recoveries of loans previously charged off 13,300 13,353 11,090
Additions of premises and equipment, net (74,871) (61,623) (58,078)
Net cash used for investing activities (2,072,054) (1,120,476) (548,035)
Financing Activities:
Net increase in interest-bearing deposits 246,985 243,836 452,201
Net (decrease) increase in short-term borrowings (278,820) (1,230,885) 249,224
Issuances of senior and deposit notes 2,105,864 2,469,869 22,000
Maturities of senior and deposit notes (603,500)
Proceeds from exercise of stock options 186 132
Net proceeds from issuance of common stock 3,109 1,257 101,915
Dividends paid (20,573) (15,883)
Capital contributed from Signet 83,006
Net cash provided by financing activities 1,453,251 1,468,326 908,346
(Decrease) increase in cash and cash equivalents (343,484) 465,580 405,925
Cash and cash equivalents at beginning of year 872,460 406,880 955
Cash and cash equivalents at end of year $ 528,976 $ 872,460 $ 406,880
See notes to consolidated financial statements.
Capital One 43
Consolidated Statements of Cash Flow s