PNC Bank 2001 Annual Report Download - page 67

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CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
65
Year ended December 31
In millions 2001 2000 1999
OPERATING ACTIVITIES
Net income $377 $1,279 $1,264
Income from discontinued operations (5) (65) (62)
Cumulative effect of accounting change 5
Income from continuing operations 377 1,214 1,202
Adjustments to reconcile income from continuing operations
to net cash provided by operating activities
Provision for credit losses 903 136 163
Depreciation, amortization and accretion 260 340 305
Deferred income taxes (48) 376 97
Securities transactions (128) (29) (25)
Gain on sale of businesses (317)
Valuation adjustments 265 27 195
Change in
Loans held for sale (92) 1,652 175
Other (271) (668) (23)
Net cash provided by operating activities 1,266 3,048 1,772
INVESTING ACTIVITIES
Net change in loans 4,099 (2,215) 348
Repayment of securities 2,445 920 1,303
Sales
Securities 22,144 8,427 7,553
Loans 1,155 551 648
Foreclosed assets 15 24 36
Purchases
Securities (28,598) (8,437) (9,576)
Loans (758) (363)
Net cash received (paid) for divestitures/acquisitions 485 (30) 1,854
Other (131) (301) (139)
Net cash provided (used) by investing activities 856 (1,061) 1,664
FINANCING ACTIVITIES
Net change in
Noninterest-bearing deposits 1,634 329 (1,289)
Interest-bearing deposits (1,994) 1,533 1,328
Federal funds purchased (1,260) 164 891
Repurchase agreements 347 205 (45)
Sale/issuance
Bank notes and senior debt 2,157 2,849 2,416
Federal Home Loan Bank borrowings 3,123 1,781 1,696
Subordinated debt 100 650
Other borrowed funds 35,346 37,060 32,997
Common stock 184 189 141
Repayment/maturity
Bank notes and senior debt (1,915) (3,715) (5,827)
Federal Home Loan Bank borrowings (1,576) (3,539) (1,802)
Subordinated debt (200) (20) (104)
Other borrowed funds (35,752) (37,367) (32,614)
Acquisition of treasury stock (681) (428) (803)
Series F preferred stock tender offer/redemption (301)
Cash dividends paid (569) (546) (520)
Net cash used by financing activities (1,457) (1,405) (2,885)
INCREASE IN CASH AND DUE FROM BANKS 665 582 551
Cash and due from banks at beginning of year 3,662 3,080 2,529
Cash and due from banks at end of year $4,327 $3,662 $3,080
CASH PAID FOR
Interest $1,813 $2,598 $2,237
Income taxes 215 289 344
NON-CASH ITEMS
Transfer of mortgage loans to securities 4,341 710
Transfer to (from) loans from (to) loans held for sale (2,707) 143 (3,378)
Transfer from loans to other assets 11 23 37
See accompanying Notes to Consolidated Financial Statements.