Fifth Third Bank 2009 Annual Report Download - page 69

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Fifth Third Bancorp 67
For the years ended December 31 ($ in millions) 2009 2008 2007
Operating Activities
Net income (loss) $737 (2,113) 1,076
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for loan and lease losses 3,543 4,560 628
Depreciation, amortization and accretion 341 8 367
Stock-based compensation expense 45 57 61
Provision (benefit) for deferred income taxes 184 (1,140) (178)
Realized securities gains (27) (41) (16)
Realized securities gains - non-qualifying hedges on mortgage servicing rights (64) (120) (6)
Realized securities losses 37 127 2
Realized securities losses - non-qualifying hedges on mortgage servicing rights 7 - -
Provision for mortgage servicing rights 24 207 22
Net losses (gains) on sales of loans 60 (47) 112
Capitalized mortgage servicing rights (373) (195) (207)
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 (22,196) (11,527) (13,125)
Proceeds from sales of loans held for sale 21,504 11,273 11,027
Decrease in trading securities 1,000 134 16
Gain on sale of processing business, net of tax (1,052) --
Dividends representing return on equity method investments 22 13 14
Decrease (increase) in other assets 826 (478) 53
(Decrease) increase in accrued taxes, interest and expenses (1,200) 925 194
Excess tax benefit related to stock-based compensation --(4)
Increase (decrease) in other liabilities 376 355 (741)
Net Cash Provided by (Used In) Operating Activities 3,794 3,093 (705)
Investing Activities
Proceeds from sales of available-for-sale securities 3,750 7,226 2,071
Proceeds from calls, paydowns and maturities of available-for-sale securities 117,901 67,883 13,468
Purchases of available-for-sale securities (126,942) (76,317) (15,541)
Proceeds from calls, paydowns and maturities of held-to-maturity securities 3 3 11
Purchases of held-to-maturity securities -(11) (11)
Decrease (increase) in other short-term investments 209 (2,910) 224
Net decrease (increase) in loans and leases 5,497 (6,553) (6,181)
Proceeds from sales of loans 331 5,216 745
Increase in operating lease equipment (75) (142) (172)
Purchases of bank premises and equipment (173) (410) (459)
Proceeds from disposal of bank premises and equipment 20 34 46
Dividends representing return of equity method investments 911 19
Proceeds from sale of processing business 562 --
Net cash (paid) acquired in business combinations (16) 66 (230)
Net Cash Provided by (Used In) Investing Activities 1,076 (5,904) (6,010)
Financing Activities
Increase (decrease) in core deposits 9,550 (2,820) 2,225
(Decrease) increase in certificates - $100,000 and over, including other foreign office (4,159) 1,927 2,101
(Decrease) increase in federal funds purchased (104) (4,352) 3,006
(Decrease) increase in other short-term borrowings (8,544) 4,478 1,951
Proceeds from issuance of long-term debt 527 2,157 4,801
Repayment of long-term debt (3,065) (2,272) (5,494)
Purchases of treasury stock (2) - (1,084)
Issuance of common shares 986 --
Issuance of preferred shares, Series G, F -4,480 -
Exchange of preferred shares, Series G (269) --
Dividends on exchange of preferred shares, Series G 35 --
Payment of cash dividends (247) (687) (898)
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
Excess tax benefit related to stock-based compensation --4
Other, net 1 3 9
Net Cash (Used In) Provided by Financing Activities (5,291) 2,890 6,670
(Decrease) Increase in Cash and Due from Banks (421) 79 (45)
Cash and Due from Banks at Beginning of Year 2,739 2,660 2,705
Cash and Due from Banks at End of Year $2,318 2,739 2,660
Cash Payments
Interest $1,416 2,053 2,996
Income taxes 109 416 535
See Notes to Consolidated Financial Statements. Note 2 contains noncash investing and financing activities.