US Bank 2014 Annual Report Download - page 87

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U.S. Bancorp
Consolidated Statement of Cash Flows
Year Ended December 31 (Dollars in Millions) 2014 2013 2012
Operating Activities
Net income attributable to U.S. Bancorp ............................................................ $ 5,851 $ 5,836 $ 5,647
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses ........................................................................ 1,229 1,340 1,882
Depreciation and amortization of premises and equipment ...................................... 302 297 287
Amortization of intangibles ....................................................................... 199 223 274
(Gain) loss on sale of loans held for sale ......................................................... (801) (1,044) (2,889)
(Gain) loss on sale of securities and other assets ................................................ (595) (74) (242)
Loans originated for sale in the secondary market, net of repayments ........................... (30,858) (56,698) (81,219)
Proceeds from sales of loans held for sale ....................................................... 29,962 61,681 82,302
Other, net ........................................................................................ 43 (115) 1,916
Net cash provided by operating activities ...................................................... 5,332 11,446 7,958
Investing Activities
Proceeds from sales of available-for-sale investment securities ................................... 475 947 2,060
Proceeds from maturities of held-to-maturity investment securities ............................... 9,479 8,587 6,336
Proceeds from maturities of available-for-sale investment securities .............................. 7,212 10,147 15,374
Purchases of held-to-maturity investment securities ............................................... (15,597) (13,218) (10,247)
Purchases of available-for-sale investment securities .............................................. (21,752) (13,146) (16,605)
Net increase in loans outstanding .................................................................. (12,873) (12,331) (15,158)
Proceeds from sales of loans ....................................................................... 1,657 819 1,895
Purchases of loans ................................................................................. (2,355) (2,468) (2,741)
Acquisitions, net of cash acquired .................................................................. 3,436 (58) 94
Other, net ........................................................................................... 506 (303) (1,261)
Net cash used in investing activities ........................................................... (29,812) (21,024) (20,253)
Financing Activities
Net increase in deposits ............................................................................ 15,822 12,940 18,050
Net increase (decrease) in short-term borrowings .................................................. 2,285 1,306 (4,167)
Proceeds from issuance of long-term debt ......................................................... 16,394 2,041 4,966
Principal payments or redemption of long-term debt ............................................... (4,128) (2,883) (11,415)
Proceeds from issuance of preferred stock ......................................................... – 487 2,163
Proceeds from issuance of common stock .......................................................... 453 524 395
Redemption of preferred stock ..................................................................... – (500) –
Repurchase of common stock ...................................................................... (2,200) (2,282) (1,856)
Cash dividends paid on preferred stock ............................................................. (243) (254) (204)
Cash dividends paid on common stock .............................................................. (1,726) (1,576) (1,347)
Net cash provided by financing activities ....................................................... 26,657 9,803 6,585
Change in cash and due from banks ........................................................... 2,177 225 (5,710)
Cash and due from banks at beginning of period .................................................... 8,477 8,252 13,962
Cash and due from banks at end of period ..................................................... $ 10,654 $ 8,477 $ 8,252
Supplemental Cash Flow Disclosures
Cash paid for income taxes ......................................................................... $ 748 $ 812 $ 1,469
Cash paid for interest ............................................................................... 1,476 1,759 2,218
Net noncash transfers to foreclosed property ....................................................... 199 323 564
Noncash transfer of investment securities available-for-sale to held-to-maturity .................. – – 11,705
Acquisitions
Assets (sold) acquired ............................................................................ $ 1,376 $ 126 $ 194
Liabilities sold (assumed) ........................................................................ (4,797) (24) (260)
Net ............................................................................................ $ (3,421) $ 102 $ (66)
See Notes to Consolidated Financial Statements.
U.S. BANCORP The power of potential
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