Capital One 1999 Annual Report Download - page 70

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51
Year Ended December 31 (In Thousands) 1999 1998 1997
Operating Activities:
Net income $ 363,091 $ 275,231 $ 189,381
Adjustments to reconcile net income to cash
provided by operating activities:
Provision for loan losses 382,948 267,028 262,837
Depreciation and amortization, net 172,623 108,173 72,674
Stock compensation plans 49,236 70,056 24,878
(Increase) decrease in interest receivable (11,720) (141) 26,707
Decrease (increase) in accounts receivable from securitizations 65,208 (133,771) (86,261)
Increase in other assets (157,685) (121,951) (49,964)
Increase (decrease) in interest payable 24,768 22,667 (11,914)
Increase in other liabilities 383,820 293,266 97,914
Net cash provided by operating activities 1,272,289 780,558 526,252
Investing Activities:
Purchases of securities available for sale (871,355) (1,251,713) (1,275,900)
Proceeds from sales of securities available for sale 719,161 112,277 483,592
Proceeds from maturities of securities available for sale 42,995 606,532 450,787
Proceeds from securitizations of consumer loans 2,586,517 4,616,972 2,114,695
Net increase in consumer loans (6,763,580) (6,144,640) (2,875,908)
Recoveries of loans previously charged off 124,673 67,764 27,462
Additions of premises and equipment, net (350,987) (153,024) (51,602)
Net cash used for investing activities (4,512,576) (2,145,832) (1,126,874)
Financing Activities:
Net increase in interest-bearing deposits 1,783,830 686,325 370,632
Net increase in other borrowings 1,038,010 735,288 362,557
Issuances of senior and deposit notes 1,453,059 1,323,700 529,977
Maturities of senior and deposit notes (1,012,639) (1,218,162) (891,436)
Dividends paid (20,653) (20,533) (20,638)
Purchases of treasury stock (107,104) (91,672) (52,314)
Net proceeds from issuances of common stock 14,028 12,143 6,509
Proceeds from exercise of stock options 38,086 629 4,082
Net cash provided by financing activities 3,186,617 1,427,718 309,369
(Decrease) increase in cash and cash equivalents (53,670) 62,444 (291,253)
Cash and cash equivalents at beginning of year 300,167 237,723 528,976
Cash and cash equivalents at end of year $ 246,497 $ 300,167 $ 237,723
See Notes to Consolidated Financial Statements.
consolidated statements of cash flows