Wells Fargo 2012 Annual Report Download - page 130

Wells Fargo & Company and Subsidiaries
Consolidated Statement of Cash Flows
Year ended December 31,
(in millions) 2012 2011 2010
Cash flows from operating activities:
Net income before noncontrolling interests $ 19,368 16,211 12,663
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses 7,217 7,899 15,753
Changes in fair value of MSRs, MHFS and LHFS carried at fair value (2,307) (295) (1,025)
Depreciation and amortization 2,807 2,208 1,924
Other net (gains) losses (3,661) 3,273 1,345
Stock-based compensation 1,698 1,488 1,232
Excess tax benefits related to stock option payments (226) (79) (98)
Originations of MHFS (483,835) (345,099) (370,175)
Proceeds from sales of and principal collected on mortgages originated for sale 421,623 298,524 355,325
Originations of LHFS (15) (5) (4,596)
Proceeds from sales of and principal collected on LHFS 9,383 11,833 17,828
Purchases of LHFS (7,975) (11,723) (7,470)
Net change in:
Trading assets 105,440 35,149 12,356
Deferred income taxes (1,297) 3,573 4,287
Accrued interest receivable 293 (401) 1,051
Accrued interest payable (84) (362) (268)
Other assets, net 2,064 (11,529) (19,631)
Other accrued expenses and liabilities, net (11,953) 3,000 (1,729)
Net cash provided by operating activities 58,540 13,665 18,772
Cash flows from investing activities:
Net change in:
Federal funds sold, securities purchased under resale agreements
and other short-term investments (92,946) 36,270 (39,752)
Securities available for sale:
Sales proceeds 5,210 23,062 8,668
Prepayments and maturities 59,712 52,618 47,919
Purchases (64,756) (121,235) (53,466)
Loans:
Loans originated by banking subsidiaries, net of principal collected (50,420) (35,686) 15,869
Proceeds from sales (including participations) of loans originated for
investment 6,811 6,555 6,517
Purchases (including participations) of loans (9,040) (8,878) (2,297)
Principal collected on nonbank entities’ loans 25,080 9,782 15,560
Loans originated by nonbank entities (23,555) (7,522) (10,836)
Net cash paid for acquisitions (4,322) (353) (36)
Proceeds from sales of foreclosed assets 9,729 10,655 5,444
Changes in MSRs from purchases and sales 116 (155) (65)
Other, net (1,509) (157) 2,800
Net cash used by investing activities (139,890) (35,044) (3,675)
Cash flows from financing activities:
Net change in:
Deposits 82,762 72,128 23,924
Short-term borrowings 7,699 (6,231) 11,308
Long-term debt:
Proceeds from issuance 27,695 11,687 3,489
Repayment (28,093) (50,555) (63,317)
Preferred stock:
Proceeds from issuance 1,377 2,501 -
Cash dividends paid (892) (844) (737)
Common stock:
Proceeds from issuance 2,091 1,296 1,375
Repurchased (3,918) (2,416) (91)
Cash dividends paid (4,565) (2,537) (1,045)
Common stock warrants repurchased (1) (2) (545)
Excess tax benefits related to stock option payments 226 79 98
Net change in noncontrolling interests (611) (331) (592)
Net cash provided (used) by financing activities 83,770 24,775 (26,133)
Net change in cash and due from banks 2,420 3,396 (11,036)
Cash and due from banks at beginning of year 19,440 16,044 27,080
Cash and due from banks at end of year $ 21,860 19,440 16,044
Supplemental cash flow disclosures:
Cash paid for interest $ 5,245 7,011 8,307
Cash paid for income taxes 8,024 4,875 1,187
The accompanying notes are an integral part of these statements. See Note 1 for noncash activities.
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