SunTrust 2013 Annual Report Download - page 123

107
SunTrust Banks, Inc.
Consolidated Statements of Cash Flows
Year Ended December 31
(Dollars in millions) 2013 2012 2011
Cash Flows from Operating Activities
Net income including income attributable to noncontrolling interest $1,361 $1,984 $660
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and accretion 708 757 760
Goodwill impairment —7—
Origination of mortgage servicing rights (352) (336) (224)
Provisions for credit losses and foreclosed property 605 1,535 1,664
Mortgage repurchase provision 114 713 502
Deferred income tax expense 495 194 83
Stock option compensation and amortization of restricted stock compensation 34 35 44
Net loss/(gain) on extinguishment of debt —16 (3)
Net securities gains (2) (1,974) (117)
Net gain on sale of loans held for sale, loans, and other assets (267) (1,063) (390)
Gain on pension curtailment —— (88)
Net decrease in loans held for sale 2,104 194 2,234
Net decrease/(increase) in other assets 235 974 (604)
Net (decrease)/increase in other liabilities (827) (1,026) 18
Net cash provided by operating activities 4,208 2,010 4,539
Cash Flows from Investing Activities
Proceeds from maturities, calls, and paydowns of securities available for sale 5,522 7,371 5,557
Proceeds from sales of securities available for sale 2,063 4,300 12,557
Purchases of securities available for sale (9,215) (5,814) (18,872)
Proceeds from maturities, calls, and paydowns of trading securities 23 139
Proceeds from sales of trading securities 8— 102
Net increase in loans, including purchases of loans (8,409) (6,400) (10,575)
Proceeds from sales of loans 819 4,916 270
Capital expenditures (200) (206) (131)
Payments related to acquisitions, including contingent consideration (3) (12) (24)
Proceeds from the sale of other real estate owned and other assets 472 585 735
Net cash (used in)/provided by investing activities (8,941) 4,743 (10,242)
Cash Flows from Financing Activities
Net (decrease)/increase in total deposits (2,557) 4,394 4,878
Net increase/(decrease) in funds purchased, securities sold under agreements
to repurchase, and other short-term borrowings 3,245 (5,972) 6,650
Proceeds from the issuance of long-term debt 1,564 4,000 1,749
Repayment of long-term debt (155) (5,772) (4,571)
Proceeds from the issuance of common stock —— 1,017
Proceeds from the issuance of preferred stock —438 103
Repurchase of preferred stock —— (4,850)
Purchase of outstanding warrants —— (11)
Repurchase of common stock (150) ——
Common and preferred dividends paid (225) (119) (131)
Stock option activity 17 26 —
Net cash provided by/(used in) financing activities 1,739 (3,005) 4,834
Net (decrease)/increase in cash and cash equivalents (2,994) 3,748 (869)
Cash and cash equivalents at beginning of period 8,257 4,509 5,378
Cash and cash equivalents at end of period $5,263 $8,257 $4,509
Supplemental Disclosures:
Interest paid $533 $774 $1,138
Income taxes paid 168 607 68
Income taxes refunded (99) (1) (1)
Loans transferred from loans held for sale to loans 43 71 63
Loans transferred from loans to loans held for sale 280 3,695 754
Loans transferred from loans and loans held for sale to other real estate owned 255 399 725
Amortization of deferred gain on sale/leaseback of premises 58 67 59
Accretion of discount for preferred stock issued to the U.S. Treasury ——80
See Notes to Consolidated Financial Statements.