US Bank 2012 Annual Report Download - page 83

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U.S. Bancorp
Consolidated Statement of Cash Flows
Year Ended December 31 (Dollars in Millions) 2012 2011 2010
Operating Activities
Net income attributable to U.S. Bancorp ............................................................. $ 5,647 $ 4,872 $ 3,317
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses .......................................................................... 1,882 2,343 4,356
Depreciation and amortization of premises and equipment ........................................ 287 266 229
Amortization of intangibles ......................................................................... 274 299 367
Provision for deferred income taxes ............................................................... 49 748 (370)
(Gain) loss on sale of loans held for sale ........................................................... (2,889) (860) (1,289)
(Gain) loss on sale of securities and other assets .................................................. (242) (25) 29
Loans originated for sale in the secondary market, net of repayments............................. (81,219) (46,366) (53,614)
Proceeds from sales of loans held for sale ......................................................... 82,302 48,094 50,721
Other, net .......................................................................................... 1,867 449 1,495
Net cash provided by operating activities ....................................................... 7,958 9,820 5,241
Investing Activities
Proceeds from sales of available-for-sale investment securities ...................................... 2,060 1,018 1,212
Proceeds from maturities of held-to-maturity investment securities .................................. 6,336 1,404 167
Proceeds from maturities of available-for-sale investment securities ................................. 15,374 12,713 16,068
Purchases of held-to-maturity investment securities ................................................. (10,247) (18,500) (1,010)
Purchases of available-for-sale investment securities ................................................ (16,605) (13,229) (24,025)
Net increase in loans outstanding .................................................................... (15,158) (13,418) (6,322)
Proceeds from sales of loans ......................................................................... 1,895 820 1,829
Purchases of loans ................................................................................... (2,741) (3,078) (4,278)
Acquisitions, net of cash acquired .................................................................... 94 636 923
Other, net ............................................................................................. (1,261) (1,070) (936)
Net cash used in investing activities ............................................................. (20,253) (32,704) (16,372)
Financing Activities
Net increase in deposits .............................................................................. 18,050 24,846 20,527
Net increase (decrease) in short-term borrowings .................................................... (4,167) (2,205) 592
Proceeds from issuance of long-term debt ........................................................... 4,966 3,611 7,044
Principal payments or redemption of long-term debt ................................................. (11,415) (3,300) (8,394)
Fees paid on exchange of income trust securities for perpetual preferred stock ..................... – – (4)
Proceeds from issuance of preferred stock ........................................................... 2,163 676 –
Proceeds from issuance of common stock ........................................................... 395 180 119
Repurchase of common stock ........................................................................ (1,856) (514) –
Cash dividends paid on preferred stock .............................................................. (204) (118) (89)
Cash dividends paid on common stock .............................................................. (1,347) (817) (383)
Net cash provided by financing activities ....................................................... 6,585 22,359 19,412
Change in cash and due from banks ............................................................ (5,710) (525) 8,281
Cash and due from banks at beginning of period .................................................... 13,962 14,487 6,206
Cash and due from banks at end of period ...................................................... $ 8,252 $ 13,962 $ 14,487
Supplemental Cash Flow Disclosures
Cash paid for income taxes ........................................................................... $ 1,469 $ 495 $ 424
Cash paid for interest ................................................................................. 2,218 2,563 2,631
Net noncash transfers to foreclosed property ........................................................ 564 702 1,384
Noncash transfer of investment securities available-for-sale to held-to-maturity ..................... 11,705 – –
Acquisitions
Assets (sold) acquired.............................................................................. $ 194 $ 1,761 $ (14)
Liabilities sold (assumed) .......................................................................... (260) (2,100) (907)
Net .............................................................................................. $ (66) $ (339) $ (921)
See Notes to Consolidated Financial Statements.
U.S. BANCORP 79