Regions Bank 2009 Annual Report Download - page 131

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31
2009 2008 2007
(In millions)
Operating activities:
Net income (loss) ................................................................. $ (1,031) $ (5,596) $ 1,251
Adjustments to reconcile net cash provided by operating activities:
Provision for loan losses ........................................................ 3,541 2,057 555
Impairment of goodwill ........................................................ — 6,000 —
Depreciation and amortization of premises and equipment ............................. 284 286 264
Impairment of mortgage servicing rights ........................................... — 85 6
Provision for losses on other real estate, net ......................................... 142 88 10
Net amortization (accretion) of securities ........................................... 10 (15) (26)
Net amortization of loans and other assets .......................................... 252 122 259
Net accretion of deposits and borrowings ........................................... (19) (15) (58)
Net securities (gains) losses ..................................................... (69) (92) 9
Net loss (gain) on sale of premises and equipment .................................... — 3 (33)
(Gain) loss on early extinguishment of debt ......................................... (61) 66 —
Other-than-temporary impairments, net ............................................ 75 23 7
Deferred income tax expense (benefit) ............................................. 245 (407) (124)
Excess tax benefits from share-based payments ...................................... (4) — (8)
Originations and purchases of loans held for sale ..................................... (7,409) (3,079) (5,531)
Proceeds from sales of loans held for sale .......................................... 7,650 3,849 8,887
Gain on sale of loans, net ....................................................... (96) (57) (66)
Loss from sale of mortgage servicing rights ......................................... — 15 4
(Increase) decrease in trading account assets ........................................ (1,989) 88 439
Decrease (increase) in other interest-earning assets ................................... 163 (392) 65
(Increase) decrease in interest receivable ........................................... (10) 158 45
Decrease (increase) in other assets ................................................ 462 (584) (2,900)
(Decrease) increase in other liabilities ............................................. (90) (764) 190
Other ....................................................................... (52) 168 42
Net cash from operating activities ............................................ 1,994 2,007 3,287
Investing activities:
Proceeds from sales of securities available for sale ....................................... 5,451 2,142 1,964
Proceeds from maturites of:
Securities available for sale ...................................................... 5,405 3,181 2,496
Securities held to maturity ...................................................... 17 9 14
Purchases of:
Securities available for sale ...................................................... (15,646) (6,848) (2,237)
Securities held to maturity ...................................................... — (5) (41)
Proceeds from sales of loans ......................................................... 330 1,247 1,050
Proceeds from sales of mortgage servicing rights ........................................ — 44 21
Net decrease (increase) in loans ...................................................... 2,783 (6,433) (1,496)
Net purchases of premises and equipment .............................................. (234) (464) (454)
Net cash received from disposition of business .......................................... — — 6
Net cash received from deposits assumed ............................................... 279 894 —
Net cash from investing activities ................................................. (1,615) (6,233) 1,323
Financing activities:
Net increase (decrease) in deposits .................................................... 7,501 (4,757) (6,423)
Net (decrease) increase in short-term borrowings ........................................ (12,154) 4,702 1,453
Proceeds from long-term borrowings .................................................. 2,792 11,606 6,934
Payments on long-term borrowings ................................................... (3,246) (3,955) (4,223)
Net proceeds from issuance of mandatorily convertible preferred stock ....................... 278 — —
Net proceeds from issuance of common stock ........................................... 1,769 — —
Issuance of preferred stock and common stock warrant .................................... — 3,500 —
Cash dividends on common stock ..................................................... (105) (669) (1,036)
Cash dividends on preferred stock .................................................... (194) — —
Purchase of treasury stock .......................................................... — — (1,363)
Proceeds from exercise of stock options and related activity ................................ 14 27 155
Excess tax benefits from share-based payments .......................................... 4 — 8
Net cash from financing activities ................................................ (3,341) 10,454 (4,495)
Decrease in cash and cash equivalents ............................................. (2,962) 6,228 115
Cash and cash equivalents at beginning of year .............................................. 10,973 4,745 4,630
Cash and cash equivalents at end of period ................................................. $ 8,011 $10,973 $ 4,745
See notes to consolidated financial statements.
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