Huntington National Bank 2007 Annual Report Download - page 79

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CONSOLIDATED STATEMENTS OF CASH FLOWS HUNTINGTON BANCSHARES INCORPORATED
(in thousands) 2007 2006 2005
Year Ended December 31,
Operating activities
Net income $ 75,169 $ 461,221 $ 412,091
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses 643,628 65,191 81,299
Depreciation and amortization 127,261 111,649 172,977
Net decrease in current and deferred income taxes (157,169) (357,458) (98,703)
Net (increase) decrease in trading account securities (996,689) 24,784 275,765
Pension contribution —(29,800) (63,600)
Originations of loans held for sale (2,815,854) (2,537,999) (2,572,346)
Principal payments on and proceeds from loans held for sale 2,693,132 2,532,908 2,501,471
Other, net 87,743 (46,037) (34,255)
Net cash (used for) provided by operating activities (342,779) 224,459 674,699
Investing activities
Increase in interest bearing deposits in banks (188,971) (48,681) 7
Net cash (paid) received in acquisitions (80,060) 60,772 —
Proceeds from:
Maturities and calls of investment securities 405,482 604,286 463,001
Sales of investment securities 1,528,480 2,829,529 1,995,764
Purchases of investment securities (1,317,630) (3,015,922) (2,832,258)
Proceeds from sales of loans 108,588 245,635 —
Net loan and lease originations, excluding sales (1,746,814) (338,022) (1,012,345)
Proceeds from sale of operating lease assets 27,591 128,666 280,746
Purchases of premises and equipment (109,450) (47,207) (57,288)
Other, net (32,586) (7,760) 20,415
Net cash (used for) provided by investing activities (1,405,370) 411,296 (1,141,958)
Financing activities
(Decrease) increase in deposits (165,625) 936,766 1,655,736
Increase (decrease) in short-term borrowings 1,464,542 (292,211) 682,027
Proceeds from issuance of subordinated notes 250,010 250,000 —
Maturity/redemption of subordinated notes (46,660) (4,080) —
Proceeds from Federal Home Loan Bank advances 2,853,120 2,517,210 809,589
Maturity/redemption of Federal Home Loan Bank advances (1,492,899) (2,771,417) (925,030)
Proceeds from issuance of long-term debt —935,000 —
Maturity of long-term debt (353,079) (1,158,942) (1,719,403)
Dividends paid on common stock (289,758) (231,117) (200,628)
Repurchases of common stock —(378,835) (231,656)
Other, net 16,997 41,842 (67,960)
Net cash provided by (used for) financing activities 2,236,648 (155,784) 2,675
Increase in cash and cash equivalents 488,499 479,971 (464,584)
Cash and cash equivalents at beginning of period 1,520,747 1,040,776 1,505,360
Cash and cash equivalents at end of period $ 2,009,246 $ 1,520,747 $ 1,040,776
Supplemental disclosures:
Income taxes paid $ 104,645 $ 410,298 $ 230,186
Interest paid 1,434,007 1,024,635 640,679
Non-cash activities
Mortgage loans exchanged for mortgage-backed securities —— 15,058
Common stock dividends accrued, paid in subsequent quarter 76,762 37,166 28,877
Common stock and stock options issued for purchase acquisitions 3,136,537 575,756 —
See Notes to Consolidated Financial Statements.
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