PNC Bank 2007 Annual Report Download - page 74

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CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
Year ended December 31
In millions 2007 2006 2005
Operating Activities
Net income $ 1,467 $ 2,595 $ 1,325
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses 315 124 21
Depreciation, amortization and accretion 332 345 375
Deferred income taxes 78 752 1
Net securities losses 5207 41
Valuation adjustments 24 45 (6)
Net losses (gains) related to BlackRock 127 (2,066)
Undistributed earnings of BlackRock (207) (39)
Excess tax benefits from share-based payment arrangements (15) (29) (4)
Loans held for sale (1,465) 435 (680)
Other short-term investments, including trading securities (552) 156 (613)
Other assets 37 173 315
Accrued expenses and other liabilities (498) 83 (1,326)
Other (64) (622) (129)
Net cash provided (used) by operating activities (416) 2,159 (680)
Investing Activities
Repayment of securities 4,374 3,667 4,261
Sales
Securities 6,056 11,102 13,304
Loans 329 1,110 39
Purchases
Securities (15,884) (15,707) (21,484)
Loans (2,747) (3,072) (2,746)
Net change in
Loans (2,160) (278) (219)
Federal funds sold and resale agreements (1,147) (1,413) 1,775
Net cash received from divestitures 59 26
Net cash paid for acquisitions (2,602) (58) (530)
Purchases of corporate and bank-owned life insurance (117) (425)
Other (800) (288) (222)
Net cash used by investing activities (14,639) (5,362) (5,796)
Financing Activities
Net change in
Noninterest-bearing deposits 230 968 (280)
Interest-bearing deposits 1,769 4,940 3,538
Federal funds purchased 4,119 (1,417) 3,908
Repurchase agreements (62) 359 5
Federal Home Loan Bank short-term borrowings 2,000
Other short-term borrowed funds 514 239 (2,645)
Sales/issuances
Bank notes and senior debt 4,523 1,964 2,285
Subordinated debt 943 494
Federal Home Loan Bank long-term borrowings 4,750 1,000
Other long-term borrowed funds 250 279 641
Treasury stock 253 343 220
Perpetual trust securities 490 489
Repayments/maturities
Bank notes and senior debt (1,590) (2,200) (755)
Subordinated debt (887) (471) (351)
Federal Home Loan Bank long-term borrowings (232) (1,124) (510)
Other long-term borrowed funds (217) (26) (49)
Excess tax benefits from share-based payment arrangements 15 29 4
Acquisition of treasury stock (963) (531) (166)
Cash dividends paid (806) (633) (575)
Net cash provided by financing activities 15,099 3,208 6,764
Net Increase In Cash And Due From Banks 44 5 288
Cash and due from banks at beginning of period 3,523 3,518 3,230
Cash and due from banks at end of period $ 3,567 $ 3,523 $ 3,518
Cash Paid For
Interest $ 2,973 $ 2,376 $ 1,515
Income taxes 659 471 504
Non-cash Items
Issuance of common stock for Mercantile and Yardville acquisitions 4,019
Net increase in investment in BlackRock 180 3,179
Transfer from loans to loans held for sale, net 288 2,280 93
Impact of FSP FAS 13-2, “Accounting for a Change or Projected Change in the Timing of Cash Flows Relating to Income
Taxes Generated by a Leveraged Lease Transaction” 252
See accompanying Notes To Consolidated Financial Statements.
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