Fifth Third Bank 2008 Annual Report Download - page 100

Download and view the complete annual report

Please find page 100 of the 2008 Fifth Third Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 120

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
98 Fifth Third Bancorp
27. PARENT COMPANY FINANCIAL STATEMENTS
($ in millions)
Condensed Statements of Income (Parent Company Only)
For the years ended December 31 2008 2007 2006
Income
Dividends from subsidiaries $ - 900 605
Interest on loans to subsidiaries 80 75 46
Other - 9 2
Total income 80 984 653
Expenses
Interest 293 162 120
Goodwill impairment 57 - -
Other 24 80 22
Total expenses 374 242 142
Income (Loss) Before Income Taxes and
Change in Undistributed Earnings of
Subsidiaries (294) 742 511
Applicable income tax (benefit) expense 84 (58) (35)
Income (Loss) Before Change in
Undistributed Earnings of Subsidiaries (210) 800 546
(Decrease) increase in undistributed
earnings of subsidiaries (1,903) 276 642
Net Income (Loss) ($2,113) 1,076 1,188
Condensed Balance Sheets (Parent Company Only)
As of December 31 2008 2007
Assets
Cash $61 115
Short-term investments 3,508 1,085
Loans to subsidiaries 1,243 1,201
Investment in subsidiaries 13,453 11,991
Goodwill 80 137
Other assets 959 188
Total Assets $19,304 14,717
Liabilities
Commercial paper and other short-term
borrowings $783 20
Accrued expenses and other liabilities 119 320
Long-term debt 6,325 5,216
Total Liabilities 7,227 5,556
Shareholders’ Equity 12,077 9,161
Total Liabilities and Shareholders’ Equity $19,304 14,717
Condensed Statements of Cash Flows (Parent Company Only)
For the years ended December 31 2008 2007 2006
Operating Activities
Net income (loss) ($2,113) 1,076 1,188
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision (benefit) for deferred income
taxes 11 (7) 1
Increase in other assets (85) (98) (1)
Increase in accrued expenses and other
liabilities 40 132 17
Decrease (increase) in undistributed
earnings of subsidiaries 1,903 (276) (642)
Goodwill impairment 57 --
Other, net (5) 46 (14)
Net Cash (Used in) Provided by
Operating Activities (192) 873 549
Investing Activities
Increase in short-term investments (2,423) (304) (544)
Capital contribution to subsidiaries (2,000) - (25)
Decrease in held-to-maturity and available-
for-sale securities - 6-
(Increase) decrease in loans to subsidiaries (42) (565) (107)
Net cash paid in business combinations (328) --
Net Cash Used in Investing Activities (4,793) (863) (676)
Financing Activities
Increase in other short-term borrowings 763 13 5
Proceeds from issuance of long-term debt 2,126 2,135 748
Repayment of long-term debt (1,714) (209) (13)
Payment of cash dividends (687) (898) (867)
Issuance of preferred stock, series F, G 4,480 --
Exercise of stock-based awards 4 50 43
Retirement of preferred shares, series D, E (9) --
Dividends on redemption of preferred
shares, series D, E (19) --
Purchases of treasury stock - (1,084) (82)
Other, net (13) (30) (8)
Net Cash Provided by (Used in)
Financing Activities 4,931 (23) (174)
Decrease in Cash (54) (13) (301)
Cash at Beginning of Year 115 128 429
Cash at End of Year $61 115 128