Bank of Montreal 2004 Annual Report Download - page 90

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BMO Financial Group Annual Report 20048686
Consolidated Statement of Cash Flows
For the Year Ended October 31 (Canadian $ in millions) 2004 2003 2002
Cash Flows from Operating Activities
Net income $ 2,351 $ 1,825 $ 1,417
Adjustments to determine net cash flows provided by (used in) operating activities
Write-down of investment securities 63 153 322
Net gain on sale of investment securities (238) (112) (176)
Net increase in trading securities (449) (12,692) (6,227)
Provision for credit losses (103) 455 820
Gain on sale of securitized loans (127) (157) (168)
Change in derivative financial instruments
–
(Increase) decrease in derivative asset (4,232) 892 1,207
–
Increase (decrease) in derivative liability 3,258 (1,380) (1,551)
Amortization of premises and equipment 365 375 396
Amortization of intangible assets 104 116 100
Future income tax expense (benefit) 157 (37) 283
Net increase (decrease) in current income taxes (1,096) 401 (256)
Change in accrued interest
–
(Increase) decrease in interest receivable (30) 87 256
–
Increase (decrease) in interest payable 7(141) (189)
Changes in other items and accruals, net 2,465 1,229 (1,366)
Net Cash Provided by (Used in) Operating Activities 2,495 (8,986) (5,132)
Cash Flows from Financing Activities
Net increase in deposits 2,205 9,713 7,548
Net increase in securities sold but not yet purchased 2,186 601 1,045
Net increase (decrease) in securities sold under repurchase agreements (2,900) (1,031) 7,316
Net increase (decrease) in liabilities of subsidiaries 491 (157) (1,313)
Proceeds from issuance of securities of a subsidiary 595
– –
Repayment of subordinated debt (400) (752) (850)
Proceeds from issuance of preferred shares
––
478
Redemption of preferred shares (400)
– –
Proceeds from issuance of common shares 240 175 81
Proceeds from sale of treasury shares 149
– –
Share issue expense, net of applicable income taxes
––
(7)
Common shares repurchased for cancellation (333) (12)
–
Dividends paid (874) (748) (668)
Net Cash Provided by Financing Activities 959 7,789 13,630
Cash Flows from Investing Activities
Net (increase) decrease in interest bearing deposits with banks 1,974 (1,741) (1,407)
Purchase of investment securities (24,773) (29,348) (37,437)
Maturities of investment securities 12,699 18,999 27,444
Proceeds from sales of investment securities 16,334 9,298 9,928
Net (increase) decrease in loans, customers’ liability under acceptances and loan substitute securities (6,417) 760 (5,303)
Proceeds from securitization of loans 1,382
–
519
Net (increase) decrease in securities purchased under resale agreements (3,872) 2,388 (710)
Proceeds from sale of land (Note 10)
– –
122
Premises and equipment
–
net purchases (305) (254) (384)
Acquisitions (Note 11) (385) (91) (1,028)
Net Cash Provided by (Used in) Investing Activities (3,363) 11 (8,256)
Net Increase (Decrease) in Cash and Cash Equivalents 91 (1,186) 242
Cash and Cash Equivalents at Beginning of Year 2,515 3,701 3,459
Cash and Cash Equivalents at End of Year $ 2,606 $ 2,515 $ 3,701
Represented by:
Cash and non-interest bearing deposits with Bank of Canada and other banks $ 1,558 $ 1,693 $ 1,257
Cheques and other items in transit, net 1,048 822 2,444
$ 2,606 $ 2,515 $ 3,701
Supplemental Disclosure of Cash Flow Information
Amount of interest paid in the year $ 3,728 $ 4,169 $ 4,495
Amount of income taxes paid in the year $ 1,947 $ 324 $ 393
The accompanying notes to consolidated financial statements are an integral part of these statements.
Consolidated Financial Statements
Consolidated Financial Statements