Fifth Third Bank 2008 Annual Report Download - page 61

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Fifth Third Bancorp 59
For the years ended December 31 ($ in millions) 2008 2007 2006
Operating Activities
Net Income (loss) ($2,113) 1,076 1,188
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for loan and lease losses 4,560 628 343
Cumulative effect of change in accounting principle, net of tax - - (4)
Depreciation, amortization and accretion 8 367 399
Stock-based compensation expense 57 61 77
Benefit for deferred income taxes (1,140) (178) (21)
Realized securities gains (41) (16) (44)
Realized securities losses 127 2 408
Realized securities gains - non-qualifying hedges on mortgage servicing rights (120) (6) (3)
Provision (recovery) for mortgage servicing rights 207 22 (19)
Net (gains) losses on sales of loans (47) 112 4
Capitalized mortgage servicing rights (195) (207) (135)
Loss on recalculation of the timing of tax benefits on leveraged leases 130 --
Impairment charges on goodwill 965 --
Loans originated for sale, net of repayments (11,527) (13,125) (8,671)
Proceeds from sales of loans held for sale 11,273 11,027 8,812
Decrease (increase) in trading securities 134 16 (70)
(Increase) decrease in other assets (454) 86 (1,421)
Increase (decrease) in accrued taxes, interest and expenses 925 194 (31)
Excess tax benefit related to stock-based compensation -(4) -
Increase (decrease) in other liabilities 355 (741) 642
Net Cash Provided by (Used In) Operating Activities 3,104 (686) 1,454
Investing Activities
Proceeds from sales of available-for-sale securities 7,226 2,071 12,568
Proceeds from calls, paydowns and maturities of available-for-sale securities 67,883 13,468 3,033
Purchases of available-for-sale securities (76,317) (15,541) (4,676)
Proceeds from calls, paydowns and maturities of held-to-maturity securities 3 11 38
Purchases of held-to-maturity securities (11) (11) (5)
(Increase) decrease in other short-term investments (2,910) 224 (675)
Net increase in loans and leases (6,553) (6,181) (5,145)
Proceeds from sales of loans 5,216 745 540
Increase in operating lease equipment (142) (172) (77)
Purchases of bank premises and equipment (410) (459) (443)
Proceeds from disposal of bank premises and equipment 34 46 60
Net cash acquired (paid) in business combinations 66 (230) (5)
Net Cash (Used In) Provided by Investing Activities (5,915) (6,029) 5,213
Financing Activities
(Decrease) increase in core deposits (2,820) 2,225 1,467
Increase in certificates - $100,000 and over, including other foreign office 1,927 2,101 479
(Decrease) increase in federal funds purchased (4,352) 3,006 (3,902)
Increase (decrease) in other short-term borrowings 4,478 1,951 (1,462)
Proceeds from issuance of long-term debt 2,157 4,801 3,731
Repayment of long-term debt (2,272) (5,494) (6,441)
Purchases of treasury stock -(1,084) (82)
Issuance of preferred stock, series F, G 4,480 --
Payment of cash dividends (687) (898) (867)
Retirement of preferred shares, series D, E (9) --
Dividends on redemption of preferred shares, series D, E (19) --
Exercise of stock-based awards, net 4 49 43
Excess tax benefit related to stock-based compensation -4-
Other, net 3 9 2
Net Cash Provided by (Used In) Financing Activities 2,890 6,670 (7,032)
Increase (Decrease) in Cash and Due from Banks 79 (45) (365)
Cash and Due from Banks at Beginning of Year 2,660 2,705 3,070
Cash and Due from Banks at End of Year $2,739 2,660 2,705
Supplemental Cash Flow Information
Cash Payments
Interest $2,053 2,996 3,051
Income taxes 416 535 489
Noncash Items
Transfers of loans to securities 790 --
Transfers of portfolio loans to held-for-sale loans 532 1,982 -
Transfers of held-for-sale loans to portfolio loans 1,692 782 138
Business Acquisitions:
Fair value of tangible assets acquired (noncash) 4,368 2,446 6
Goodwill and identifiable intangible assets acquired 1,194 297 17
Liabilities assumed (4,858) (2,513) (18)
Common stock issued (770) --
See Notes to Consolidated Financial Statements.