SunTrust 2010 Annual Report Download - page 109

SUNTRUST BANKS, INC.
Consolidated Statements of Cash Flows
For the Year Ended December 31
(Dollars in millions) 2010 2009 2008
Cash Flows from Operating Activities:
Net income/(loss) including income attributable to noncontrolling interest $206 ($1,552) $807
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Net gain on sale of businesses -- (198)
Expense recognized on contribution of common stock of Coke -- 183
Gain from ownership in Visa -(112) (86)
Depreciation, amortization and accretion 803 966 824
Goodwill/intangibles impairment -751 415
MSRs impairment recovery -(199) -
Origination of MSRs (289) (682) (486)
Provisions for credit losses and foreclosed property 2,831 4,270 2,552
Deferred income tax benefit (171) (894) (221)
Amortization of restricted stock compensation 42 66 77
Stock option compensation 24 11 20
Excess tax benefits from stock-based compensation -- (5)
Net loss on extinguishment of debt 70 39 12
Net securities gains (191) (98) (1,073)
Net gain on sale/leaseback of premises -- (37)
Net gain on sale of assets (9) (66) (60)
Net decrease/(increase) in loans held for sale 415 (964) 4,192
Contributions to retirement plans (8) (26) (387)
Net (increase)/decrease in other assets (341) 1,523 (2,695)
Net increase/(decrease) in other liabilities 836 9 (218)
Net cash provided by operating activities 4,218 3,042 3,616
Cash Flows from Investing Activities:
Proceeds from maturities, calls and paydowns of securities available for sale 5,597 3,407 1,292
Proceeds from sales of securities available for sale 17,465 19,488 5,738
Purchases of securities available for sale (20,920) (33,793) (8,171)
Proceeds from maturities, calls and paydowns of trading securities 99 148 4,329
Proceeds from sales of trading securities 132 2,113 3,046
Purchases of trading securities -(86) (3,688)
Net (increase)/decrease in loans, including purchases of loans (4,566) 8,609 (5,807)
Proceeds from sales of loans 936 756 882
Proceeds from sale of MSRs 23 - 148
Capital expenditures (252) (212) (222)
Net cash and cash equivalents received for sale of businesses -- 302
Proceeds from sale/redemption of Visa shares -112 86
Contingent consideration and other payments related to acquisitions (10) (25) (27)
Proceeds from the sale/leaseback of premises -- 289
Proceeds from the sale of other assets 777 567 319
Net cash (used in)/provided by investing activities (719) 1,084 (1,484)
Cash Flows from Financing Activities:
Net increase/(decrease) in total deposits 1,182 8,085 (6,150)
Assumption of deposits, net -449 161
Net decrease in funds purchased, securities sold under agreements to
repurchase, and other short-term borrowings (1,295) (4,114) (2,796)
Proceeds from the issuance of long-term debt 500 575 7,834
Repayment of long-term debt (5,246) (10,034) (4,025)
Proceeds from the issuance of preferred stock -- 4,850
Proceeds from the exercise of stock options --26
Excess tax benefits from stock-based compensation --5
Proceeds from the issuance of common stock -1,830 -
Repurchase of preferred stock -(228) -
Common and preferred dividends paid (259) (329) (1,042)
Net cash used in financing activities (5,118) (3,766) (1,137)
Net (decrease)/increase in cash and cash equivalents (1,619) 360 995
Cash and cash equivalents at beginning of period 6,997 6,637 5,642
Cash and cash equivalents at end of period $5,378 $6,997 $6,637
Supplemental Disclosures:
Interest paid $1,537 $2,367 $3,868
Income taxes paid 33 45 341
Income taxes refunded (435) (106) (4)
Loans transferred from loans to loans held for sale 346 125 -
Loans transferred from loans held for sale to loans 213 307 656
Loans transferred from loans and loans held for sale to OREO 1,063 812 754
Issuance of common stock for acquisition of GB&T -- 155
Noncash gain on contribution of Coke common stock -- 183
Unsettled purchases of securities available for sale -- 8,898
Unsettled sales of securities available for sale -- 6,387
Amortization of deferred gain on sale/leaseback of premises 59 59 56
Extinguishment of forward stock purchase contract -174 -
Gain on repurchase of Series A preferred stock -94 -
Total assets of newly consolidated VIEs 2,541 --
See Notes to Consolidated Financial Statements.
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