 |
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Cash Flows |
|
|
Year Ended December 31 |
|
|
|
|
|
|
|
|
|
2003 |
|
|
|
2002 |
|
|
|
2001 |
|
|
|
|
|
|
| Operating activities |
|
| Net income |
|
$ |
10,810 |
|
$ |
9,249 |
|
$ |
6,792 |
|
| Reconciliation of net income to net cash provided by (used in) operating activities: |
|
| Provision for credit losses |
|
2,839 |
|
3,697 |
|
4,287 |
|
| Gains on sales of debt securities |
|
(941 |
) |
|
(630 |
) |
|
(475 |
) |
| Business exit costs |
|
- |
|
- |
|
1,305 |
|
| Depreciation and premises improvements amortization |
|
890 |
|
886 |
|
854 |
|
| Amortization of intangibles |
|
217 |
|
218 |
|
878 |
|
| Deferred income tax benefit |
|
(263 |
) |
|
(444 |
) |
|
(385 |
) |
| Net increase in trading and hedging instruments |
|
(8,643 |
) |
|
(12,357 |
) |
|
(19,865 |
) |
| Net (increase) decrease in other assets |
|
7,176 |
|
(6,880 |
) |
|
(14,336 |
) |
| Net increase (decrease) in accrued expenses and other liabilities |
|
12,067 |
|
(11,019 |
) |
|
5,106 |
|
| Other operating activities, net |
|
161 |
|
2,837 |
|
2,221 |
|
|
|
|
|
| Net cash provided by (used in) operating activities |
|
24,313 |
|
(14,443 |
) |
|
(13,618 |
) |
|
|
|
|
| Investing activities |
|
| Net increase in time deposits placed and other short-term investments |
|
(1,238 |
) |
|
(881 |
) |
|
(484 |
) |
| Net increase in federal funds sold and securities purchased under agreements to resell |
|
(31,614 |
) |
|
(16,770 |
) |
|
(53 |
) |
| Proceeds from sales of available-for-sale debt securities |
|
171,711 |
|
137,702 |
|
125,824 |
|
| Proceeds from maturities of available-for-sale debt securities |
|
26,953 |
|
26,777 |
|
11,722 |
|
| Purchases of available-for-sale debt securities |
|
(195,868 |
) |
|
(146,010 |
) |
|
(126,537 |
) |
| Proceeds from maturities of held-to-maturity debt securities |
|
779 |
|
43 |
|
145 |
|
| Proceeds from sales of loans and leases |
|
32,672 |
|
28,068 |
|
10,781 |
|
| Other changes in loans and leases, net |
|
(74,202 |
) |
|
(37,184 |
) |
|
18,201 |
|
| Purchases and originations of mortgage banking assets |
|
(1,637 |
) |
|
(919 |
) |
|
(1,148 |
) |
| Net purchases of premises and equipment |
|
(209 |
) |
|
(939 |
) |
|
(835 |
) |
| Proceeds from sales of foreclosed properties |
|
123 |
|
142 |
|
353 |
|
| Investment in unconsolidated subsidiary |
|
(1,600 |
) |
|
- |
|
- |
|
| Acquisition of business activities, net |
|
(140 |
) |
|
(110 |
) |
|
(417 |
) |
| Other investing activities, net |
|
845 |
|
2,695 |
|
1,007 |
|
|
|
|
|
| Net cash provided by (used in) investing activities |
|
(73,425 |
) |
|
(7,386 |
) |
|
38,559 |
|
|
|
|
|
| Financing activities |
|
| Net increase in deposits |
|
27,655 |
|
12,963 |
|
9,251 |
|
| Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase |
|
12,967 |
|
17,352 |
|
(1,684 |
) |
| Net increase (decrease) in commercial paper and other short-term borrowings |
|
12,894 |
|
3,017 |
|
(19,981 |
) |
| Proceeds from issuance of long-term debt and trust preferred securities |
|
16,963 |
|
10,850 |
|
14,853 |
|
| Retirement of long-term debt and trust preferred securities |
|
(9,282 |
) |
|
(15,364 |
) |
|
(20,619 |
) |
| Proceeds from issuance of common stock |
|
3,970 |
|
2,373 |
|
1,019 |
|
| Common stock repurchased |
|
(9,766 |
) |
|
(7,466 |
) |
|
(4,716 |
) |
| Cash dividends paid |
|
(4,281 |
) |
|
(3,709 |
) |
|
(3,632 |
) |
| Other financing activities, net |
|
(72 |
) |
|
(66 |
) |
|
(51 |
) |
|
|
|
|
| Net cash provided by (used in) financing activities |
|
51,048 |
|
19,950 |
|
(25,560 |
) |
|
|
|
|
| Effect of exchange rate changes on cash and cash equivalents |
|
175 |
|
15 |
|
(57 |
) |
|
|
|
|
| Net increase (decrease) in cash and cash equivalents |
|
2,111 |
|
(1,864 |
) |
|
(676 |
) |
| Cash and cash equivalents at January 1 |
|
24,973 |
|
26,837 |
|
27,513 |
|
|
|
|
|
| Cash and cash equivalents at December 31 |
|
$ |
27,084 |
|
$ |
24,973 |
|
$ |
26,837 |
|
|
|
|
|
| Supplemental cash flow disclosures |
|
| Cash paid for interest |
|
$ |
10,214 |
|
$ |
11,253 |
|
$ |
19,257 |
|
| Cash paid for income taxes |
|
3,870 |
|
3,999 |
|
3,121 |
|
|
|
|
|
|
