Bank of America 2006 Annual Report Download - page 105

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Consolidated Statement of Cash Flows
Bank of America Corporation and Subsidiaries
Year Ended December 31
(Dollars in millions) 2006 2005 2004
Operating activities
Net income
$ 21,133
$ 16,465 $ 13,947
Reconciliation of net income to net cash provided by (used in) operating activities:
Provision for credit losses
5,010
4,014 2,769
(Gains) losses on sales of debt securities
443
(1,084) (1,724)
Depreciation and premises improvements amortization
1,114
959 972
Amortization of intangibles
1,755
809 664
Deferred income tax expense (benefit)
1,850
1,695 (519)
Net increase in trading and derivative instruments
(3,870)
(18,911) (13,944)
Net increase in other assets
(17,070)
(104) (11,928)
Net increase (decrease) in accrued expenses and other liabilities
4,517
(8,205) 4,594
Other operating activities, net
(373)
(7,861) 1,647
Net cash provided by (used in) operating activities
14,509
(12,223) (3,522)
Investing activities
Net increase in time deposits placed and other short-term investments
(3,053)
(439) (1,147)
Net (increase) decrease in federal funds sold and securities purchased under agreements to resell
13,020
(58,425) (3,880)
Proceeds from sales of available-for-sale securities
53,446
134,490 117,672
Proceeds from paydowns and maturities of available-for-sale securities
22,417
39,519 26,973
Purchases of available-for-sale securities
(40,905)
(204,476) (243,573)
Proceeds from maturities of held-to-maturity securities
7
283 153
Proceeds from sales of loans and leases
37,812
14,458 4,416
Other changes in loans and leases, net
(145,779)
(71,078) (32,350)
Net purchases of premises and equipment
(748)
(1,228) (863)
Proceeds from sales of foreclosed properties
93
132 198
Investment in China Construction Bank
–
(3,000) –
(Acquisition) divestiture of business activities, net
(2,388)
(49) 4,936
Other investing activities, net
(2,226)
(632) (89)
Net cash used in investing activities
(68,304)
(150,445) (127,554)
Financing activities
Net increase in deposits
38,340
16,100 64,423
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase
(22,454)
120,914 35,752
Net increase in commercial paper and other short-term borrowings
23,709
37,671 37,437
Proceeds from issuance of long-term debt
49,464
21,958 21,289
Retirement of long-term debt
(17,768)
(15,107) (16,904)
Proceeds from issuance of preferred stock
2,850
––
Redemption of preferred stock
(270)
––
Proceeds from issuance of common stock
3,117
2,846 3,712
Common stock repurchased
(14,359)
(5,765) (6,286)
Cash dividends paid
(9,661)
(7,683) (6,468)
Excess tax benefits of share-based payments
477
––
Other financing activities, net
(312)
(117) (91)
Net cash provided by financing activities
53,133
170,817 132,864
Effect of exchange rate changes on cash and cash equivalents
92
(86) 64
Net increase (decrease) in cash and cash equivalents
(570)
8,063 1,852
Cash and cash equivalents at January 1
36,999
28,936 27,084
Cash and cash equivalents at December 31
$ 36,429
$ 36,999 $ 28,936
Supplemental cash flow disclosures
Cash paid for interest
$ 42,355
$ 26,239 $ 13,765
Cash paid for income taxes
7,210
7,049 6,088
The fair values of noncash assets acquired and liabilities assumed in the MBNA merger were $83.3 billion and $50.4 billion.
Approximately 631 million shares of common stock, valued at approximately $28.9 billion were issued in connection with the MBNA merger.
Net transfers of Loans and Leases to loans held-for-sale (included in Other Assets) from the loan portfolio for Asset and Liability Management purposes amounted to $73 million in 2005.
Net transfers of Loans and Leases from loans held-for-sale to the loan portfolio for Asset and Liability Management purposes amounted to $1.1 billion in 2004.
In 2004, the fair values of noncash assets acquired and liabilities assumed in the merger with FleetBoston were $224.5 billion and $182.9 billion.
In 2004, approximately 1.2 billion shares of common stock, valued at approximately $45.6 billion, were issued in connection with the merger with FleetBoston.
See accompanying Notes to Consolidated Financial Statements.
Bank of America 2006
103