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79
SunTrust Banks, Inc.
Consolidated Statements of Cash Flows
Year Ended December 31
(Dollars in millions) 2015 2014 2013
Cash Flows from Operating Activities
Net income including income attributable to noncontrolling interest $1,943 $1,785 $1,361
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Gain on sale of subsidiary —(105) —
Depreciation, amortization, and accretion 786 693 708
Origination of mortgage servicing rights (238)(178) (352)
Provisions for credit losses and foreclosed property 176 364 605
Mortgage repurchase (benefit)/provision (12)12 114
Deferred income tax expense 21 99 495
Stock-based compensation 89 67 53
Excess tax benefits from stock-based compensation (20)(6) (4)
Net securities (gains)/losses (21)15 (2)
Net gain on sale of loans held for sale, loans, and other assets (323)(343) (267)
Net decrease/(increase) in loans held for sale 1,625 (1,567) 2,104
Net decrease/(increase) in trading assets 67 (1,529) 770
Net increase in other assets (407)(45) (529)
Net decrease in other liabilities (190)(444) (846)
Net cash provided by/(used in) operating activities 3,496 (1,182) 4,210
Cash Flows from Investing Activities
Proceeds from maturities, calls, and paydowns of securities available for sale 5,680 4,707 5,522
Proceeds from sales of securities available for sale 2,708 2,470 2,063
Purchases of securities available for sale (9,882) (11,039) (9,215)
Proceeds from sales of auction rate securities —59 8
Net increase in loans, including purchases of loans (5,897) (9,843) (8,409)
Proceeds from sales of loans 2,127 4,090 819
Purchases of mortgage servicing rights (117)(130) —
Capital expenditures (186)(147) (200)
Payments related to acquisitions, including contingent consideration (30)(11) (3)
Proceeds from sale of subsidiary —193 —
Proceeds from the sale of other real estate owned and other assets 281 378 472
Net cash used in investing activities (5,316) (9,273) (8,943)
Cash Flows from Financing Activities
Net increase/(decrease) in total deposits 9,263 10,808 (2,557)
Net (decrease)/increase in funds purchased, securities sold under agreements to repurchase,
and other short-term borrowings (4,559) 447 3,245
Proceeds from long-term debt 1,351 2,574 1,564
Repayments of long-term debt (5,684) (53) (155)
Proceeds from the issuance of preferred stock —496 —
Repurchase of common stock (679)(458) (150)
Common and preferred dividends paid (539)(409) (225)
Incentive compensation related activity 37 16 17
Net cash (used in)/provided by financing activities (810)13,421 1,739
Net (decrease)/increase in cash and cash equivalents (2,630) 2,966 (2,994)
Cash and cash equivalents at beginning of period 8,229 5,263 8,257
Cash and cash equivalents at end of period $5,599 $8,229 $5,263
Supplemental Disclosures:
Interest paid $523 $534 $533
Income taxes paid 497 380 168
Income taxes refunded (1)(219) (99)
Loans transferred from loans held for sale to loans 741 44 43
Loans transferred from loans to loans held for sale 1,790 3,280 280
Loans transferred from loans and loans held for sale to other real estate owned 67 148 255
Amortization of deferred gain on sale leaseback of premises 54 53 58
Non-cash impact of the deconsolidation of CLO —282 —
Non-cash impact of debt assumed by purchaser in lease sale 190 177 194
See accompanying Notes to Consolidated Financial Statements.