Bank of Montreal 2000 Annual Report Download - page 71

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Consolidated Statement of Cash Flow
Bank of Montreal Group of Companies Annual Report 2000 ■47
For the Year Ended October 31 (Canadian $ in millions) 2000 1999 1998
Cash Flows from Operating Activities
Net income $ 1,857 $ 1,382 $ 1,350
Adjustments to determine net cash flows
Provision for credit losses 358 320 130
Amortization of premises and equipment 402 412 318
Amortization of intangible assets 33 32 35
Amortization of goodwill 54 49 48
Write-down of investment securities 16 93
–
Restructuring charge (43) 128
–
Future income tax expense 131 (82) 16
Net (gain) on sale of investment securities (199) (8) (97)
Change in accrued interest
(Increase) decrease in interest receivable (202) 344 (387)
Increase in interest payable 182 84 137
Net increase (decrease) in deferred loan fees 1(28) 50
Net (increase) decrease in unrealized gains and amounts receivable on derivative contracts (4,402) 2,957 (5,897)
Net increase (decrease) in unrealized losses and amounts payable on derivative contracts 4,313 (3,104) 5,687
Net (increase) decrease in trading securities (4,748) 1,545 4,066
Net increase (decrease) in current income taxes payable (423) 608 (391)
Changes in other items and accruals, net (324) (396) (1,980)
Net Cash Provided by (Used in) Operating Activities (2,994) 4,336 3,085
Cash Flows from Financing Activities
Net increase (decrease) in deposits (905) 12,891 (229)
Net increase (decrease) in securities sold but not yet purchased (1,097) 2,607 (2,461)
Net increase (decrease) in securities sold under repurchase agreements (4,428) (5,581) 8,369
Net increase (decrease) in liabilities of subsidiaries (1,219) 1,282 (1,166)
Proceeds from issuance of securities of a subsidiary 350
––
Proceeds from issuance of subordinated debt 300
–
1,090
Repayment of subordinated debt (150) (10) (235)
Proceeds from issuance of preferred shares
––
650
Redemption of preferred shares
–
(272)
–
Proceeds from issuance of common shares 78 95 76
Common shares repurchased for cancellation (500)
––
Dividends paid (631) (617) (575)
Costs of proposed merger
–
(25)
–
Net Cash Provided by (Used in) Financing Activities (8,202) 10,370 5,519
Cash Flows from Investing Activities
Net (increase) decrease in interest bearing deposits with banks 5,253 (4,849) 12,826
Purchase of investment securities (31,524) (32,497) (55,474)
Maturities of investment securities 24,299 21,173 21,746
Proceeds from sales of investment securities 8,966 9,525 28,081
Net (increase) in loans and loan substitute securities (6,322) (11,193) (15,548)
Proceeds from securitization of assets 1,837 494 9,650
Net (increase) decrease in securities purchased under resale agreements 8,782 2,430 (9,003)
Premises and equipment
–
net purchases (345) (329) (571)
Acquisition of businesses (25) (3)
–
Net Cash Provided by (Used in) Investing Activities 10,921 (15,249) (8,293)
Net Increase (Decrease) in Cash and Cash Equivalents (275) (543) 311
Cash and Cash Equivalents at Beginning of Year 2,419 2,962 2,651
Cash and Cash Equivalents at End of Year $ 2,144 $ 2,419 $ 2,962
Represented by:
Cash and non-interest bearing deposits with Bank of Canada and other banks $ 1,219 $ 1,261 $ 1,478
Cheques and other items in transit, net 925 1,158 1,484
$ 2,144 $ 2,419 $ 2,962
Supplemental Disclosure of Cash Flow Information
Amount of interest paid in the year $ 9,917 $ 8,811 $ 9,960
Amount of income taxes paid in the year 1,123 361 942
The accompanying notes to consolidated financial statements are an integral part of this statement.