US Bank 2006 Annual Report Download - page 69

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U.S. Bancorp
Consolidated Statement of Cash Flows
Year Ended December 31 (Dollars in Millions) 2006 2005 2004
OPERATING ACTIVITIES
Net income **************************************************************************** $ 4,751 $ 4,489 $ 4,167
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses************************************************************* 544 666 669
Depreciation and amortization of premises and equipment *********************************** 233 231 244
Amortization of intangibles ************************************************************ 355 458 550
Provision for deferred income taxes ***************************************************** (3) (301) 281
Gain on sales of securities and other assets, net******************************************* (575) (316) (104)
Loans originated for sale in the secondary market, net of repayments ************************** (22,231) (20,054) (16,886)
Proceeds from sales of loans held for sale************************************************ 22,035 19,490 16,737
Other, net ************************************************************************** 320 (1,186) (353)
Net cash provided by operating activities ********************************************** 5,429 3,477 5,305
INVESTING ACTIVITIES
Proceeds from sales of available-for-sale investment securities*********************************** 1,441 5,039 8,216
Proceeds from maturities of investment securities ********************************************* 5,012 10,264 12,261
Purchases of investment securities ********************************************************* (7,080) (13,148) (19,624)
Net increase in loans outstanding ********************************************************** (5,003) (9,095) (6,801)
Proceeds from sales of loans ************************************************************* 616 837 845
Purchases of loans********************************************************************** (2,922) (3,568) (2,719)
Acquisitions, net of cash acquired********************************************************** (600) (1,008) (322)
Other, net ***************************************************************************** (313) (1,159) (451)
Net cash used in investing activities************************************************** (8,849) (11,838) (8,595)
FINANCING ACTIVITIES
Net increase (decrease) in deposits********************************************************* (392) 3,968 1,689
Net increase in short-term borrowings ****************************************************** 6,612 7,116 2,234
Proceeds from issuance of long-term debt *************************************************** 14,255 15,519 13,704
Principal payments or redemption of long-term debt ******************************************* (13,120) (12,848) (12,683)
Proceeds from issuance of preferred stock*************************************************** 948––
Proceeds from issuance of common stock *************************************************** 910 371 581
Repurchase of common stock ************************************************************* (2,798) (1,855) (2,660)
Cash dividends paid on preferred stock ***************************************************** (33) – –
Cash dividends paid on common stock****************************************************** (2,359) (2,245) (1,820)
Net cash provided by financing activities ********************************************** 4,023 10,026 1,045
Change in cash and cash equivalents ************************************************* 603 1,665 (2,245)
Cash and cash equivalents at beginning of year *********************************************** 8,202 6,537 8,782
Cash and cash equivalents at end of year ********************************************* $ 8,805 $ 8,202 $ 6,537
SUPPLEMENTAL CASH FLOW DISCLOSURES
Cash paid for income taxes *************************************************************** $ 2,263 $ 2,131 $ 1,768
Cash paid for interest******************************************************************** 5,339 3,365 2,030
Net noncash transfers to foreclosed property ************************************************* 145 98 104
Acquisitions
Assets acquired ********************************************************************* $ 1,603 $ 1,545 $ 437
Liabilities assumed******************************************************************* (899) (393) (114)
Net **************************************************************************** $ 704 $ 1,152 $ 323
See Notes to Consolidated Financial Statements.
U.S. BANCORP 67