BB&T 2008 Annual Report Download - page 128

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BB&T CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Parent Company
Condensed Statements of Cash Flows
For the Years Ended December 31, 2008, 2007 and 2006
2008 2007 2006
(Dollars in millions)
Cash Flows From Operating Activities:
Net income $ 1,519 $ 1,734 $ 1,528
Adjustments to reconcile net income to net cash provided by operating
activities:
Equity in earnings of subsidiaries (in excess of) less than dividends from
subsidiaries (84) (649) 109
Amortization of intangibles 3 3 2
Discount accretion and premium amortization 4 3 4
Loss on sales of securities 47 — —
Increase in other assets (38) (3) (9)
Increase (decrease) increase in accounts payable and accrued liabilities 7 (39) 29
Other, net 322
Net cash provided by operating activities 1,461 1,051 1,665
Cash Flows From Investing Activities:
Proceeds from sales of securities available for sale 62 32 14
Purchases of securities available for sale (161) (136) (15)
Investment in subsidiaries (3,102) (101) (61)
Advances to subsidiaries (38,168) (3,984) (1,033)
Proceeds from repayment of advances to subsidiaries 37,242 1,491 307
Net cash acquired (paid) in business combinations — 5 (15)
Net cash used in investing activities (4,127) (2,693) (803)
Cash Flows From Financing Activities:
Net increase in long-term debt 716 350 599
Net (decrease) increase in short-term borrowed funds (88) 350 391
Net proceeds from common stock issued 160 64 91
Redemption of common stock — (254) (936)
Proceeds from preferred stock issuance 3,134 — —
Cash dividends paid on common stock (1,019) (962) (863)
Net cash provided by (used in) financing activities 2,903 (452) (718)
Net Increase (Decrease) Increase in Cash and Cash Equivalents 237 (2,094) 144
Cash and Cash Equivalents at Beginning of Year 37 2,131 1,987
Cash and Cash Equivalents at End of Year $ 274 $ 37 $ 2,131
128