US Bank 2015 Annual Report Download - page 89

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U.S. Bancorp
Consolidated Statement of Cash Flows
Year Ended December 31 (Dollars in Millions) 2015 2014 2013
Operating Activities
Net income attributable to U.S. Bancorp ................................................... $ 5,879 $ 5,851 $ 5,836
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses ............................................................. 1,132 1,229 1,340
Depreciation and amortization of premises and equipment .................................. 307 302 297
Amortization of intangibles ............................................................ 174 199 223
(Gain) loss on sale of loans held for sale .................................................. (993) (801) (1,044)
(Gain) loss on sale of securities and other assets .......................................... (403) (595) (74)
Loans originated for sale in the secondary market, net of repayments .......................... (43,312) (30,858) (56,698)
Proceeds from sales of loans held for sale ................................................ 45,211 29,962 61,681
Other, net .......................................................................... 787 43 (115)
Net cash provided by operating activities ............................................... 8,782 5,332 11,446
Investing Activities
Proceeds from sales of available-for-sale investment securities ................................. 690 475 947
Proceeds from maturities of held-to-maturity investment securities .............................. 10,567 9,479 8,587
Proceeds from maturities of available-for-sale investment securities ............................. 13,395 7,212 10,147
Purchases of held-to-maturity investment securities .......................................... (9,234) (15,597) (13,218)
Purchases of available-for-sale investment securities ......................................... (20,502) (21,752) (13,146)
Net increase in loans outstanding ........................................................ (11,788) (12,873) (12,331)
Proceeds from sales of loans ............................................................ 1,723 1,657 819
Purchases of loans .................................................................... (4,475) (2,355) (2,468)
Acquisitions, net of cash acquired ........................................................ – 3,436 (58)
Other, net ........................................................................... (1,526) 506 (303)
Net cash used in investing activities ................................................... (21,150) (29,812) (21,024)
Financing Activities
Net increase in deposits ................................................................ 18,290 15,822 12,940
Net (decrease) increase in short-term borrowings ............................................ (2,016) 2,285 1,306
Proceeds from issuance of long-term debt ................................................. 5,067 16,394 2,041
Principal payments or redemption of long-term debt ......................................... (5,311) (4,128) (2,883)
Proceeds from issuance of preferred stock ................................................. 745 – 487
Proceeds from issuance of common stock ................................................. 295 453 524
Redemption of preferred stock ........................................................... – – (500)
Repurchase of common stock ........................................................... (2,190) (2,200) (2,282)
Cash dividends paid on preferred stock ................................................... (242) (243) (254)
Cash dividends paid on common stock .................................................... (1,777) (1,726) (1,576)
Net cash provided by financing activities ............................................... 12,861 26,657 9,803
Change in cash and due from banks .................................................. 493 2,177 225
Cash and due from banks at beginning of year .............................................. 10,654 8,477 8,252
Cash and due from banks at end of year ............................................... $11,147 $ 10,654 $ 8,477
Supplemental Cash Flow Disclosures
Cash paid for income taxes ............................................................. $ 742 $ 748 $ 812
Cash paid for interest .................................................................. 1,434 1,476 1,759
Net noncash transfers to foreclosed property ............................................... 204 199 323
Acquisitions
Assets (sold) acquired ................................................................ $ – $ 1,376 $ 126
Liabilities sold (assumed) ............................................................. – (4,797) (24)
Net ............................................................................. $ – $ (3,421) $ 102
See Notes to Consolidated Financial Statements.
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