BB&T 2009 Annual Report Download - page 93

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BB&T CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2009, 2008 and 2007
(Dollars in millions)
2009 2008 2007
Cash Flows From Operating Activities:
Net income $ 877 $ 1,529 $ 1,746
Adjustments to reconcile net income to net cash (used in) provided by
operating activities:
Provision for credit losses 2,811 1,445 448
Depreciation 225 198 179
Amortization of intangibles 114 100 104
Equity-based compensation 62 75 70
Discount accretion and premium amortization on long-term debt, net 57 94 121
(Gain) loss on sales of securities, net (199) (107) 3
Net (increase) decrease in trading account securities (260) 633 1,138
Net increase in loans held for sale (31) (591) (383)
Net increase in other assets (1,058) (2,264) (1,505)
Net (decrease) increase in accounts payable and other liabilities (3,390) 4,233 (824)
Decrease (increase) in segregated cash due from banks 109 (171) (55)
Other, net 190 179 70
Net cash (used in) provided by operating activities (493) 5,353 1,112
Cash Flows From Investing Activities:
Proceeds from sales of securities available for sale 17,074 21,044 2,500
Proceeds from maturities, calls and paydowns of securities available for sale 7,918 4,539 5,604
Purchases of securities available for sale (22,102) (36,348) (8,987)
Originations and purchases of loans and leases, net of principal collected (392) (7,894) (6,286)
Net cash acquired (paid) in business combinations 4,475 311 (141)
Purchases of premises and equipment (174) (219) (256)
Proceeds from sales of foreclosed property or other real estate held for sale 404 143 87
Other, net 30 101 17
Net cash provided by (used in) investing activities 7,233 (18,323) (7,462)
Cash Flows From Financing Activities:
Net (decrease) increase in deposits (2,901) 11,325 4,824
Net (decrease) increase in federal funds purchased, securities sold under
repurchase agreements and short-term borrowed funds (2,756) 151 1,004
Proceeds from long-term debt 3,865 5,702 5,831
Repayment of long-term debt (3,728) (6,867) (3,709)
Net proceeds from common stock issued 2,727 160 64
Net proceeds from preferred stock issued —3,134 —
Redemption of common stock —— (254)
Retirement of preferred stock and warrant (3,201) ——
Cash dividends paid on common stock (727) (1,019) (962)
Cash dividends paid on preferred stock (93) ——
Other, net (17) 7 (43)
Net cash (used in) provided by financing activities (6,831) 12,593 6,755
Net (Decrease) Increase in Cash and Cash Equivalents (91) (377) 405
Cash and Cash Equivalents at Beginning of Year 2,740 3,117 2,712
Cash and Cash Equivalents at End of Year $ 2,649 $ 2,740 $ 3,117
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for:
Interest $ 2,126 $ 2,937 $ 3,978
Income taxes 431 730 2,233
Noncash investing and financing activities:
Transfer of loans to foreclosed property 1,551 600 179
Transfer of loans held for sale to loans held for investment —— 264
Common stock issued in business combinations 40 197 411
The accompanying notes are an integral part of these consolidated financial statements.
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