Fifth Third Bank 2009 Annual Report Download - page 112

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
110 Fifth Third Bancorp
29. PARENT COMPANY FINANCIAL STATEMENTS
($ in millions)
Condensed Statements of Income (Parent Company Only)
For the years ended December 31 2009 2008 2007
Income
Dividends from subsidiaries $ - -900
Interest on loans to subsidiaries 39 80 75
Other - -9
Total income 39 80 984
Expenses
Interest 222 293 162
Goodwill impairment - 57 -
Other 20 24 80
Total expenses 242 374 242
Income (Loss) Before Income Taxes and
Change in Undistributed Earnings of
Subsidiaries (203) (294) 742
Applicable income tax benefit 71 84 58
Income (Loss) Before Change in
Undistributed Earnings of Subsidiaries (132) (210) 800
(Decrease) increase in undistributed
earnings of subsidiaries 869 (1,903) 276
Net Income (Loss) $737 (2,113) 1,076
Condensed Balance Sheets (Parent Company Only)
As of December 31 2009 2008
Assets
Cash $2 61
Short-term investments 2,350 3,508
Loans to subsidiaries 1,360 1,243
Investment in subsidiaries 16,105 13,453
Goodwill 80 80
Other assets 381 959
Total Assets $20,278 19,304
Liabilities
Commercial paper and other short-term
borrowings $280 783
Accrued expenses and other liabilities 695 119
Long-term debt 5,806 6,325
Total Liabilities 6,781 7,227
Shareholders’ Equity 13,497 12,077
Total Liabilities and Shareholders’ Equity $20,278 19,304
Condensed Statements of Cash Flows (Parent Company Only)
For the years ended December 31 2009 2008 2007
Operating Activities
Net income (loss) $737 (2,113) 1,076
Adjustments to reconcile net income (loss)
to net cash provided by operating
activities:
Provision (benefit) for deferred income
taxes 211 (7)
Decrease (increase) in other assets 83 (85) (98)
Increase in accrued expenses and other
liabilities 591 40 132
(Decrease) increase in undistributed
earnings of subsidiaries (869) 1,903 (276)
Goodwill impairment -57 -
Other, net (6) (5) 46
Net Cash Provided by (Used in)
Operating Activities 538 (192) 873
Investing Activities
Decrease (increase) in short-term
investments 1,158 (2,423) (304)
Capital contribution to subsidiaries (1,600) (2,000) -
Decrease in held-to-maturity and available-
for-sale securities --6
Increase in loans to subsidiaries (117) (42) (565)
Net cash paid in business combinations -(328) -
Net Cash Used in Investing Activities (559) (4,793) (863)
Financing Activities
(Increase) decrease in other short-term
borrowings (503) 763 13
Proceeds from issuance of long-term debt -2,126 2,135
Repayment of long-term debt (31) (1,714) (209)
Payment of cash dividends (247) (687) (898)
Issuance of preferred stock, series F, G -4,480 -
Issuance of common stock 987 --
Exercise of stock-based awards -450
Dividends on exchange of preferred shares,
Series G 35 --
Exchange of preferred shares, Series G (269) --
Retirement of preferred shares, series D, E -(9) -
Dividends on redemption of preferred
shares, series D, E -(19) -
Purchases of treasury stock -- (1,084)
Other, net (10) (13) (30)
Net Cash (Used in) Provided by
Financing Activities (38) 4,931 (23)
Decrease in Cash (59) (54) (13)
Cash at Beginning of Year 61 115 128
Cash at End of Year $2 61 115