PNC Bank 2006 Annual Report Download - page 81

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CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
Year ended December 31
In millions 2006 2005 2004
Operating Activities
Net income $ 2,595 $ 1,325 $ 1,197
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses 124 21 52
Depreciation, amortization and accretion 345 375 302
Deferred income taxes 752 1 (194)
Net securities losses (gains) 207 41 (55)
Valuation adjustments 45 (6) (37)
Net gains related to BlackRock (2,066)
Undistributed earnings of BlackRock (39)
Excess tax benefits from share-based payment arrangements (29) (4) (3)
Net change in
Loans held for sale 435 (680) (265)
Other short-term investments 156 (613) (1,191)
Accrued expenses and other liabilities 83 (1,326) 2,432
Other 40 186 (1,778)
Net cash provided (used) by operating activities 2,648 (680) 460
Investing Activities
Repayment of securities 3,667 4,261 4,297
Sales
Securities 11,102 13,304 14,206
Loans 1,110 39 151
Foreclosed and other nonperforming assets 14 20 23
Purchases
Securities (15,707) (21,484) (18,094)
Loans (3,072) (2,746) (2,741)
Net change in
Loans (278) (219) (3,228)
Federal funds sold and resale agreements (1,413) 1,775 241
Cash received from divestitures 26 512
Net cash paid for acquisitions (58) (530) (299)
Purchases of corporate and bank-owned life insurance (425)
Other (302) (242) (261)
Net cash used by investing activities (5,362) (5,796) (5,193)
Financing Activities
Net change in
Noninterest-bearing deposits 968 (280) 1,023
Interest-bearing deposits 4,940 3,538 4,724
Federal funds purchased (1,417) 3,908
Repurchase agreements 359 5 265
Commercial paper (10) (2,241) 25
Other short-term borrowed funds 249 (404) 775
Sales/issuances
Bank notes and senior debt 1,964 2,285 500
Subordinated debt 494 504
Other long-term borrowed funds 279 1,641 464
Treasury stock 343 220 159
Repayments/maturities
Bank notes and senior debt (2,200) (755) (900)
Subordinated debt (471) (351) (200)
Other long-term borrowed funds (1,150) (559) (1,489)
Excess tax benefits from share-based payment arrangements 29 43
Acquisition of treasury stock (531) (166) (292)
Cash dividends paid (633) (575) (566)
Net cash provided by financing activities 2,719 6,764 4,995
Net Increase In Cash And Due From Banks 5288 262
Cash and due from banks at beginning of period 3,518 3,230 2,968
Cash and due from banks at end of period $ 3,523 $ 3,518 $ 3,230
Cash Paid For
Interest $ 2,376 $ 1,515 $ 782
Income taxes 471 504 486
Non-cash Items
Investment in BlackRock, net 3,179
Transfer from (to) loans to (from) loans held for sale, net 2,280 93 (32)
Transfer from loans to other assets 13 16 22
See accompanying Notes To Consolidated Financial Statements.
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