US Bank 2008 Annual Report Download - page 71

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U.S. Bancorp
Consolidated Statement of Cash Flows
Year Ended December 31 (Dollars in Millions) 2008 2007 2006
Operating Activities
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,946 $ 4,324 $ 4,751
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,096 792 544
Depreciation and amortization of premises and equipment . . . . . . . . . . . . . . . . . . . 218 243 233
Amortization of intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355 376 355
Provision for deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,045) (97) (3)
Gain on sales of securities and other assets, net . . . . . . . . . . . . . . . . . . . . . . . . . (804) (570) (575)
Loans originated for sale in the secondary market, net of repayments . . . . . . . . . . . (32,563) (27,395) (22,231)
Proceeds from sales of loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,440 25,389 22,035
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 664 (158) 282
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,307 2,904 5,391
Investing Activities
Proceeds from sales of available-for-sale investment securities . . . . . . . . . . . . . . . . . . 2,134 2,135 1,441
Proceeds from maturities of investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,722 4,211 5,012
Purchases of investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,075) (9,816) (7,080)
Net increase in loans outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14,776) (8,015) (5,003)
Proceeds from sales of loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 421 616
Purchases of loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,577) (2,599) (2,922)
Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,483 (111) (600)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,353) (1,367) (281)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,319) (15,141) (8,817)
Financing Activities
Net increase (decrease) in deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,139 6,255 (392)
Net increase (decrease) in short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . (891) 5,069 6,650
Proceeds from issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,534 22,395 14,255
Principal payments or redemption of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . (16,546) (16,836) (13,120)
Proceeds from issuance of preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,090 – 948
Proceeds from issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 688 427 910
Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (1,983) (2,798)
Cash dividends paid on preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (68) (60) (33)
Cash dividends paid on common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,959) (2,785) (2,359)
Net cash provided by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,987 12,482 4,061
Change in cash and due from banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,025) 245 635
Cash and due from banks at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,884 8,639 8,004
Cash and due from banks at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,859 $ 8,884 $ 8,639
Supplemental Cash Flow Disclosures
Cash paid for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,965 $ 1,878 $ 2,263
Cash paid for interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,891 6,360 5,339
Net noncash transfers to foreclosed property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307 180 145
Acquisitions
Assets acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19,474 $ 635 $ 1,603
Liabilities assumed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18,824) (393) (899)
Net ..................................................... $ 650 $ 242 $ 704
See Notes to Consolidated Financial Statements.
U.S. BANCORP 69