Fifth Third Bank 2003 Annual Report Download - page 22

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Consolidated Statements of Cash Flows
FIFTH THIRD BANCORP AND SUBSIDIARIES
20
For the Years Ended December 31 ($ in millions) 2003 2002 2001
Operating Activities
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,755 1,635 1,094
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Provision for Credit Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399 246 236
Minority Interest in Net Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 38 2
Cumulative Effect of Change in Accounting Principle, Net of Tax . . . . . . . . . . . . . . . . 11 —7
Depreciation, Amortization and Accretion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550 338 236
Provision for Deferred Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 279 254
Realized Securities Gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (150) (125) (43)
Realized Securities Gains – Non-Qualifying Hedges on Mortgage Servicing . . . . . . . . . (3) (86) (151)
Realized Securities Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 11 15
Realized Securities Losses – Non-Qualifying Hedges on Mortgage Servicing . . . . . . . . . —53 8
Proceeds from Sales/Transfers of Residential Mortgage and Other Loans Held for Sale . . 16,280 9,924 8,957
Net Gains on Sales of Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (340) (269) (197)
Net Gains on Divestitures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (40) (34) (43)
Increase in Residential Mortgage and Other Loans Held for Sale . . . . . . . . . . . . . . . . . (10,501) (9,892) (9,281)
Increase in Trading Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (37) (18) —
Decrease (Increase) in Accrued Interest Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 49 (43)
(Increase) Decrease in Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (646) 453 (398)
Increase (Decrease) in Accrued Taxes, Interest and Expenses . . . . . . . . . . . . . . . . . . . . 259 (107) 27
Increase (Decrease) in Other Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399 (286) 223
Net Cash Provided by Operating Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,114 2,209 903
Investing Activities
Proceeds from Sales of Securities Available-for-Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,522 20,605 10,177
Proceeds from Calls, Paydowns and Maturities of Securities Available-for-Sale . . . . . . . . . . 9,264 7,481 14,295
Purchases of Securities Available-for-Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (36,123) (32,278) (23,771)
Proceeds from Calls, Paydowns and Maturities of Securities Held-to-Maturity . . . . . . . . . . 18 517
Purchases of Securities Held-to-Maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (92) (35) —
Decrease (Increase) in Other Short-Term Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 (69) 7
Increase in Loans and Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,651) (5,608) (84)
Decrease in Operating Lease Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214 ——
Purchases of Bank Premises and Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (284) (174) (139)
Proceeds from Disposal of Bank Premises and Equipment. . . . . . . . . . . . . . . . . . . . . . . . . 16 14 15
Net Cash Received (Paid) in Acquisitions/Divestitures . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 55 (125)
Net Cash (Used in) Provided by Investing Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,016) (10,004) 392
Financing Activities
Increase in Core Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,908 4,916 3,855
Increase (Decrease) in Certificates – $100,000 and Over, including Foreign Office . . . . . . 2,978 1,536 (6,815)
Increase in Federal Funds Purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,180 2,204 314
Increase (Decrease) in Short-Term Bank Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 (34) 34
Increase (Decrease) in Other Short-Term Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,093 (304) 661
Proceeds from Issuance of Long-Term Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,095 1,143 6,466
Proceeds from Issuance of Preferred Stock of Subsidiary . . . . . . . . . . . . . . . . . . . . . . . . . . ——425
Repayment of Long-Term Debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,159) (635) (5,555)
Payment of Cash Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (631) (553) (461)
Exercise of Stock Options, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 104 141
Purchases of Treasury Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (655) (720) (15)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) (2) (21)
Net Cash Provided by (Used in) Financing Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,370 7,655 (971)
Increase (Decrease) in Cash and Due from Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 468 (140) 324
Cash and Due from Banks at Beginning of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,891 2,031 1,707
Cash and Due from Banks at End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,359 1,891 2,031
Cash Payments
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,112 1,497 2,334
Federal Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432 456 139
Significant Noncash Transactions
Securitization and Transfer to Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $— 496 1,421
Reclassification of Minority Interest to Long-Term Debt . . . . . . . . . . . . . . . . . . . . . . . . . 482 — —
Conversion of Trust Preferred Securities to Common Stock . . . . . . . . . . . . . . . . . . . . . . . ——172
Consolidation of Special Purpose Entity:
Operating Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,068 ——
Long-Term Debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,109 — —
Other Assets/Liabilities, Net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 — —
See Notes to Consolidated Financial Statements.