Fifth Third Bank 2014 Annual Report Download - page 91

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CONSOLIDATED STATEMENTS OF CASH FLOWS
89 Fifth Third Bancorp
For the years ended December 31 ($ in millions) 2014 2013 2012
Operating Activities
Net income $ 1,483 1,826 1,574
A
d
j
ustments to reconcile net income to net cash provided by operating activities:
Provision for loan and lease losses 315 229 303
Depreciation, amortization and accretion 414 507 531
Stock-based compensation expense 83 78 69
Provision for deferred income taxes 79 253 271
Securities gains, net (21) (21) (15)
Securities gains, net - non-qualifying hedges on mortgage servicing rights - (13) (3)
Provision for (recovery of) MSR impairment 65 (192) 103
Net gains on sales of loans and fair value adjustments on loans held for sale (67) (622) (583)
Net losses on disposition and impairment of bank premises and equipment 19 6 21
Loss on extinguishment of debt - 8 169
Proceeds from sales of loans held for sale 5,477 22,047 22,044
Loans originated for sale, net of repayments (4,874) (19,003) (21,439)
Dividends representing return on equity method investments 42 54 45
Gain on sales of Vantiv, Inc. shares and Vantiv, Inc. IPO (148) (336) (272)
Net change in:
Trading securities (16) (131) (28)
Other assets (221) (672) 4
A
ccrued taxes, interest and expenses 1 8 1
Other liabilities (555) 569 (238)
Net Cash Provided by Operating Activities 2,076 4,595 2,557
Investing Activities
Sales:
A
vailable-for-sale securities 5,234 9,328 2,521
Loans 147 657 275
Bank premises and equipment 24 33 13
Repayments / maturities:
A
vailable-for-sale securities 2,265 3,191 4,100
Held-to-maturity securities 20 74 36
Purchases:
A
vailable-for-sale securities (10,691) (16,216) (6,813)
Bank premises and equipment (216) (274) (362)
Proceeds from sales and dividends representing return of equity method investments 279 674 393
Net change in:
Other short-term investments (2,798) (2,695) (640)
Loans and leases (3,136) (4,750) (5,930)
Operating lease equipment (66) (206) (126)
Net Cash Used in Investing Activities (8,938) (10,184) (6,533)
Financing Activities
Net change in:
Core deposits 6,114 6,550 3,529
Certificates - $100,000 and over, including foreign office and other (3,677) 3,208 279
Federal funds purchased (140) (618) 555
Other short-term borrowings 176 (4,900) 3,041
Dividends paid on common stock (423) (393) (309)
Dividends paid on preferred stock (67) (37) (35)
Proceeds from issuance of long-term debt 6,570 5,044 523
Repayment of long-term debt (1,399) (2,225) (3,159)
Repurchases of treasury shares and related forward contracts (654) (1,320) (650)
Issuance of preferred stock 297 1,034 -
Other (22) (17) (20)
Net Cash Provided by Financing Activities 6,775 6,326 3,754
(Decrease) Increase in Cash and Due from Banks (87) 737 (222)
Cash and Due from Banks at Beginning of Period 3,178 2,441 2,663
Cash and Due from Banks at End of Period $ 3,091 3,178 2,441
See Notes to Consolidated Financial Statements. Note 2 contains cash payments related to interest and income taxes in addition to noncash investing and financing activities.