US Bank 2013 Annual Report Download - page 81

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U.S. Bancorp
Consolidated Statement of Cash Flows
Year Ended December 31 (Dollars in Millions) 2013 2012 2011
Operating Activities
Net income attributable to U.S. Bancorp ............................................................. $ 5,836 $ 5,647 $ 4,872
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses ......................................................................... 1,340 1,882 2,343
Depreciation and amortization of premises and equipment ....................................... 297 287 266
Amortization of intangibles ........................................................................ 223 274 299
Provision for deferred income taxes ............................................................... (69) 49 748
(Gain) loss on sale of loans held for sale .......................................................... (1,044) (2,889) (860)
(Gain) loss on sale of securities and other assets ................................................. (74) (242) (25)
Loans originated for sale in the secondary market, net of repayments ............................ (56,698) (81,219) (46,366)
Proceeds from sales of loans held for sale ........................................................ 61,681 82,302 48,094
Other, net .......................................................................................... (46) 1,867 449
Net cash provided by operating activities ...................................................... 11,446 7,958 9,820
Investing Activities
Proceeds from sales of available-for-sale investment securities ..................................... 947 2,060 1,018
Proceeds from maturities of held-to-maturity investment securities .................................. 8,587 6,336 1,404
Proceeds from maturities of available-for-sale investment securities ................................. 10,147 15,374 12,713
Purchases of held-to-maturity investment securities ................................................. (13,218) (10,247) (18,500)
Purchases of available-for-sale investment securities ................................................ (13,146) (16,605) (13,229)
Net increase in loans outstanding .................................................................... (12,331) (15,158) (13,418)
Proceeds from sales of loans ........................................................................ 819 1,895 820
Purchases of loans ................................................................................... (2,468) (2,741) (3,078)
Acquisitions, net of cash acquired ................................................................... (58) 94 636
Other, net ............................................................................................ (303) (1,261) (1,070)
Net cash used in investing activities ............................................................ (21,024) (20,253) (32,704)
Financing Activities
Net increase in deposits ............................................................................. 12,940 18,050 24,846
Net increase (decrease) in short-term borrowings ................................................... 1,306 (4,167) (2,205)
Proceeds from issuance of long-term debt ........................................................... 2,041 4,966 3,611
Principal payments or redemption of long-term debt ................................................ (2,883) (11,415) (3,300)
Proceeds from issuance of preferred stock .......................................................... 487 2,163 676
Proceeds from issuance of common stock ........................................................... 524 395 180
Redemption of preferred stock ....................................................................... (500) – –
Repurchase of common stock ....................................................................... (2,282) (1,856) (514)
Cash dividends paid on preferred stock ............................................................. (254) (204) (118)
Cash dividends paid on common stock .............................................................. (1,576) (1,347) (817)
Net cash provided by financing activities ....................................................... 9,803 6,585 22,359
Change in cash and due from banks ........................................................... 225 (5,710) (525)
Cash and due from banks at beginning of period .................................................... 8,252 13,962 14,487
Cash and due from banks at end of period ..................................................... $ 8,477 $ 8,252 $ 13,962
Supplemental Cash Flow Disclosures
Cash paid for income taxes .......................................................................... $ 812 $ 1,469 $ 495
Cash paid for interest ................................................................................ 1,759 2,218 2,563
Net noncash transfers to foreclosed property ........................................................ 323 564 702
Noncash transfer of investment securities available-for-sale to held-to-maturity ..................... – 11,705 –
Acquisitions
Assets (sold) acquired ............................................................................ $ 126 $ 194 $ 1,761
Liabilities sold (assumed) ......................................................................... (24) (260) (2,100)
Net .............................................................................................. $ 102 $ (66) $ (339)
See Notes to Consolidated Financial Statements.
U.S. BANCORP 79